Playboy, Inc.

Greetings and welcome to the PLBY Group's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Matt Chesler. Thank you. You may begin.

Thank you, operator, and good afternoon, everyone. I'd like to remind you that the information discussed today is qualified in its entirety by the Form 8K and Form 10Q filed today by PLBY Group, which may be accessed on the SEC's website and on PLBY Group's website. Today's call is also being webcast, and a replay will be posted to the company's investor relations website. Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made on the basis of PLBY Group's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risk, and could cause the company's actual results to differ from its historical results and forecasts, including those set forth in the company's filings with the SEC, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements. During this call, the company may refer to non-GAAP financial measures.

Such non-GAAP measures are not prepared in accordance with... Ladies and gentlemen, please stand by. We're having some technical difficulties. And Matt, you may proceed. With that, I will hand the call back over to the operator to begin the Q&A session. Operator? Thank you.