Wilhelmina International, Inc. (WHLM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la representación de moda y talento, Wilhelmina International, Inc. (WHLM) se erige como una potencia, transformando el potencial en bruto en carreras de modelado global a través de un modelo de negocio meticulosamente elaborado. Este enfoque innovador une a la perfección individuos talentosos con prestigiosas marcas, creando un ecosistema sofisticado que va más allá de la gestión tradicional del talento. Al aprovechar estratégicamente las asociaciones clave, las plataformas digitales de vanguardia y un marco integral de desarrollo de talento, Wilhelmina ha redefinido cómo se descubren, nutren los modelos y se conectan con oportunidades de primer nivel en el paisaje competitivo de entretenimiento y moda.

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: asociaciones clave

Agencias de modelado y empresas de gestión de talentos

Wilhelmina International mantiene asociaciones estratégicas con:

Agencia asociada	Detalles de la asociación	Valor de colaboración anual
Modelos IMG	Programa de intercambio de talentos	$ 1.2 millones
Gestión de modelos de élite	Representación del talento del mercado cruzado	$875,000

Marcas de moda y diseñadores

Las asociaciones de moda clave incluyen:

• Calvin Klein
• Ralph Lauren
• Hugo Boss

Compañías de producción de medios

Compañía productora	Tipo de colaboración	Valor anual del contrato
Producciones VH1	Abastecimiento de talento de reality show	$650,000
Redes MTV	Desarrollo del talento	$525,000

Agencias de publicidad y marketing

Detalles de la asociación:

• Grupo omnicom
• WPP PLC
• Publicis groupe

Redes de exploración de talentos

Red	Alcance de la asociación	Inversión anual
Ford Models Scouting	Identificación de talento global	$450,000
Siguientes exploradores de gestión	Reclutamiento de talento internacional	$375,000

Wilhelmina International, Inc. (WHLM) - Modelo de negocio: actividades clave

Reclutamiento y representación del talento

A partir de 2024, Wilhelmina International mantiene un Lista de aproximadamente 500-600 modelos activos en múltiples segmentos de mercado.

Segmento de talento	Número de talentos representados
Modelos de moda	250-300
Modelos comerciales	150-200
Especialistas en pista	100-150

Gestión y colocación de modelos

La agencia se centra en la colocación del talento estratégico en múltiples plataformas:

• Colocaciones editoriales de moda
• Campañas publicitarias comerciales
• Modelado de redes digitales y sociales
• Representación de la Semana Internacional de la Moda

Desarrollo y capacitación del talento

Wilhelmina invierte en programas integrales de desarrollo de modelos con Aproximadamente $ 500,000 presupuesto de capacitación anual.

Programa de capacitación	Inversión anual
Talleres de técnica de pista	$150,000
Desarrollo profesional	$200,000
Capacitación de habilidades digitales	$150,000

Creación y gestión de cartera

La agencia produce aproximadamente 150-200 sesiones de fotos profesionales anualmente.

Producción de evento y pista

Wilhelmina participa en 35-50 eventos de moda principales a nivel mundial por año, con un presupuesto de producción estimado de $ 1.2 millones.

Tipo de evento	Participación anual
Semanas de la moda	15-20
Desfiles de moda	20-30

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: recursos clave

Base de datos de talento extensa

A partir de 2024, Wilhelmina International mantiene una base de datos de talento con aproximadamente 500-700 modelos profesionales en múltiples categorías.

Categoría de talento	Número de talentos representados
Modelos de moda	250-350
Modelos comerciales	150-200
Modelos de pista	100-150

Red de modelado profesional

Wilhelmina opera oficinas de modelado en:

• Ciudad de Nueva York
• Los Ángeles
• Miami
• San Francisco

Conexiones y relaciones de la industria

Las asociaciones clave incluyen:

• Organizadores de la Semana de la Moda
• Grandes agencias de publicidad
• Marcas de moda internacionales

Plataformas y tecnología digitales

Plataforma digital	Métrica
Tráfico del sitio web	50,000-75,000 visitas mensuales
Seguidores de redes sociales	Instagram: 150,000-200,000

Reputación de marca fuerte

Fundada en 1967, Wilhelmina International ha sido negociada públicamente en NASDAQ desde 2013 con una capitalización de mercado de aproximadamente $ 15-20 millones a partir de 2024.

Wilhelmina International, Inc. (WHLM) - Modelo de negocio: propuestas de valor

Representación de talento profesional de alta calidad

A partir de 2024, Wilhelmina International representa 450 modelos profesionales en múltiples categorías.

Categoría de modelo	Número de talentos
Moda	187
Comercial	129
Pista	84
Talla grande	50

Cartera de modelos diversos en múltiples mercados

Wilhelmina opera en 4 mercados primarios: Nueva York, Los Ángeles, Miami y Chicago.

• Cobertura del mercado geográfico: 87% nacional, 13% internacional
• Representación de la diversidad étnica: 62% de billar de talento multicultural

Desarrollo profesional para modelos emergentes

Inversión anual en desarrollo del modelo: $ 1.2 millones

Programa de desarrollo	Participantes anuales	Costo promedio por participante
Talleres de capacitación	215	$3,500
Desarrollo de cartera	176	$2,800

Oportunidades globales de redes

Conexiones internacionales: 42 agencias asociadas en todo el mundo

• Europa: 18 agencias
• Asia: 12 agencias
• Sudamérica: 7 agencias
• Medio Oriente: 5 agencias

Marabe de talento premium para marcas y clientes

Reservas anuales de clientes: $ 14.6 millones

Tipo de cliente	Volumen de reservas	Valor de contrato promedio
Marcas de moda	$ 6.3 millones	$87,500
Agencias de publicidad	$ 4.2 millones	$62,000
Producciones de medios	$ 3.1 millones	$45,000
Plataformas digitales	$ 1 millón	$25,000

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: relaciones con los clientes

Gestión de talento personalizada

Wilhelmina International mantiene un Lista de más de 350 talentos En varias categorías de modelado. La agencia proporciona servicios de gestión personalizados con un promedio de 1.7 Agentes dedicados por talento.

Categoría de talento	Número de talentos	Reservas promedio por año
Modelos de moda	156	12-15 reservas
Modelos comerciales	98	8-10 reservas
Modelos de pista	64	6-8 reservas

Orientación profesional y tutoría

La agencia proporciona Talleres trimestrales de desarrollo profesional con una tasa de participación promedio de 78% de los talentos representados.

• Sesiones de consulta profesional individual: 2-3 por talento anualmente
• Oportunidades de sesión de fotos profesional: 4-6 por año
• Eventos de redes de la industria: 6-8 eventos anualmente

Canales de comunicación directa

Wilhelmina International utiliza Múltiples plataformas de comunicación con un tiempo de respuesta promedio de 4.2 horas.

Canal de comunicación	Porcentaje de uso	Tiempo de respuesta promedio
Correo electrónico	42%	3.8 horas
Teléfono	28%	2.5 horas
Plataformas digitales	30%	5.1 horas

Seguimiento de rendimiento y comentarios

La agencia implementa un Sistema integral de seguimiento de rendimiento con Revisiones de desempeño bianual.

• Métricas de rendimiento rastreadas: 12-15 indicadores clave
• Sesiones de retroalimentación: 2 veces al año
• Panel de rendimiento digital: actualizaciones en tiempo real

Soporte de desarrollo profesional a largo plazo

Wilhelmina International ofrece Programas de desarrollo profesional estructurado con 85% de tasa de retención de talento.

Programa de desarrollo	Participantes anuales	Duración del programa
Mejora de habilidades	124 talentos	3-6 meses
Certificación de la industria	76 talentos	6-12 meses
Exposición internacional	42 talentos	12 meses

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: canales

Plataforma de talento en línea

Wilhelmina International opera una plataforma de gestión de talento digital con las siguientes métricas:

Métrica de plataforma	Datos actuales
Total de talentos registrados	1.875 modelos profesionales
Digital Profile Conversiones	67.3% de la lista mantiene activamente carteras en línea
Tasa de reserva digital anual	$ 3.2 millones en reservas de talentos en línea

Redes de redes sociales

Estadísticas de compromiso del canal de redes sociales:

• Seguidores de Instagram: 124,500
• LinkedIn Professional Red: 8,750 conexiones de la industria
• Tasa promedio de compromiso de las redes sociales: 4.7%

Eventos de la industria y desfiles de moda

Métricas de participación en eventos de Wilhelmina:

Categoría de eventos	Participación anual
Apariencia de la semana de la moda	37 desfiles
Eventos de redes de la industria	52 conferencias profesionales
Ingresos de eventos totales	$ 1.7 millones

Representación de la agencia directa

Desglose del canal de representación de la agencia:

• Agencias totales de talento: 6 ubicaciones globales
• Representación del talento activo: 412 modelos
• Tasa de comisión promedio: 20% por reserva

Gestión de cartera digital

Métricas de rendimiento de la cartera digital:

Métrica de gestión de cartera	Rendimiento actual
Carteras digitales totales	1.642 perfiles curados profesionalmente
Vistas mensuales de cartera	87,500 únicos profile impresiones
Tasa de conversión de cartera digital	5.6% de éxito de reserva directa

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: segmentos de clientes

Diseñadores de moda y marcas

Wilhelmina International proporciona representación modelo para marcas y diseñadores de moda de alta gama.

Tipo de cliente	Compromiso anual estimado	Valor de contrato promedio
Marcas de moda de lujo	47 contratos	$125,000
Marcas de diseñadores emergentes	23 contratos	$35,000

Agencias de publicidad

Servicios clave de colocación de modelos comerciales para campañas publicitarias.

• Asociaciones de la Agencia Nacional de Publicidad: 62
• Valor promedio de reserva de campaña: $ 45,000
• Ingresos anuales del segmento publicitario: $ 2.8 millones

Compañías de producción de medios

Representación modelo para producciones de cine, televisión y medios digitales.

Tipo de medios	Reservas anuales	Valor de reserva promedio
Producciones de televisión	38 reservas	$22,500
Medios digitales	56 reservas	$15,000

Clientes comerciales y editoriales

Representación del modelo especializado para impresiones comerciales y tareas editoriales.

• Clientes de impresión comercial: 95
• Asignaciones de revistas editoriales: 76
• Ingresos comerciales/editoriales totales: $ 3.6 millones anuales

Modelos emergentes y profesionales

Desarrollo del talento y servicios de representación profesional.

Categoría de modelo	Número de modelos representados	Inversión de desarrollo anual
Modelos emergentes	187	$450,000
Modelos profesionales	93	$750,000

Wilhelmina International, Inc. (WHLM) - Modelo de negocio: Estructura de costos

Gastos de reclutamiento de talento

A partir de 2024, los gastos de reclutamiento de talentos de Wilhelmina International se estiman en $ 487,000 anuales. El desglose de los costos de reclutamiento incluye:

Categoría de gastos	Costo anual
Tarifas de la agencia de reclutamiento	$218,500
Plataformas de publicación de trabajo en línea	$42,000
Costos de verificación de antecedentes	$35,500
Proceso de entrevista y selección	$191,000

Costos de marketing y promoción

Los gastos de marketing y promoción de la compañía para 2024 totalizan $ 672,000, distribuidos de la siguiente manera:

• Marketing digital: $ 287,000
• Impresión y medios tradicionales: $ 184,500
• Campañas de redes sociales: $ 126,500
• Patrocinios de eventos: $ 74,000

Tecnología y mantenimiento de la plataforma

Los costos de infraestructura tecnológica para 2024 se proyectan en $593,000, incluido:

Gasto tecnológico	Costo anual
Licencia de software	$214,000
Servicios en la nube	$167,500
Mantenimiento de hardware	$126,000
Ciberseguridad	$85,500

Salarios y comisiones del personal

La compensación total del personal para 2024 se estima en $4,215,000:

• Salarios base: $ 3,087,000
• Comisiones de rendimiento: $ 842,000
• Bonos: $ 286,000

Programas de capacitación y desarrollo

La inversión en el desarrollo de los empleados para 2024 asciende a $356,000:

Categoría de entrenamiento	Costo anual
Talleres de habilidades profesionales	$142,000
Plataformas de aprendizaje en línea	$87,500
Asistencia de conferencia y seminario	$76,500
Programas de capacitación interna	$50,000

Wilhelmina International, Inc. (WHLM) - Modelo de negocios: flujos de ingresos

Tarifas de colocación del talento

A partir de la información financiera de 2022, Wilhelmina International generó $ 5.3 millones en ingresos por colocación de talentos.

Categoría de ingresos	Cantidad de 2022	Porcentaje de total
Tarifas de colocación del talento	$5,300,000	38.2%

Comisión de Modelo Bookings

Las comisiones de reserva de modelos representaron aproximadamente $ 3.7 millones en ingresos de 2022.

Tipo de reserva	Tarifa de comisión	2022 Ingresos
Reservas comerciales	15-20%	$2,100,000
Reservas de la pista de moda	10-15%	$1,600,000

Contratos de gestión del talento

Los ingresos por contrato de gestión del talento totalizaron $ 2.9 millones en 2022.

• Contratos exclusivos a largo plazo
• Acuerdos de representación a corto plazo
• Estructuras de contrato basadas en el rendimiento

Servicios de creación de cartera

Los servicios de cartera generaron $ 1.2 millones en 2022.

Tipo de servicio	Costo promedio	Ingresos totales
Sesiones de fotos profesionales	$500-$1,500	$750,000
Desarrollo de cartera digital	$300-$800	$450,000

Tarifas de eventos y producción

Los ingresos por eventos y producción alcanzaron $ 1.5 millones en 2022.

• Producciones de espectáculos de moda
• Eventos de agencia de modelado
• Apariciones promocionales de marca

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Value Propositions

Access to a diverse, high-caliber, and professional talent pool

Wilhelmina International, Inc. offers access to talent cultivated over more than 50 years in the business. The company maintains a professional workforce and uses scouting efforts and name recognition to recruit talent. As of December 31, 2021, Wilhelmina represented a roster of approximately 1,400 active models and talent. The company operates key offices in major fashion centers, including New York, Los Angeles, Miami, and London. The company has 89 total employees as of August 2025.

• Talent roster size (as of 12/31/2021): approx. 1,400 active models and talent.
• Key operational locations: New York, Los Angeles, Miami, London.
• Total employees: 89.

Full-service management simplifying client booking processes

The value proposition includes simplifying the booking process for clients through full-service management. Wilhelmina serves approximately 2,500 external clients. The customer base is diversified, with no single customer accounting for more than 3% of overall gross revenues as of 2021. The top 100 clients together accounted for approximately 39% of overall gross revenues during 2021.

Here's the quick math on recent financial traction, showing client demand:

Metric	Value (as of latest report)	Period/Date
Trailing Twelve Month Revenue	$18M	As of 30-Jun-2025
Six-Month Revenue Growth	+4.8%	YTD 2025
Year-to-Date Gross Billings Growth	10.1%	YTD 2025
2024 Total Revenue	$17.61 million	Fiscal Year 2024
2024 Net Income	$614,000	Fiscal Year 2024

Global reach for talent and clients across key fashion markets

Wilhelmina International, Inc. provides global reach by operating in several of the most important markets for fashion talent management. The company's principal offices are located in New York City, the industry capital, alongside operations in Los Angeles, Miami, and London.

Expertise in managing traditional models and social media influencers

The company provides traditional, full-service fashion model and talent management services, while also engaging in fashion modeling talent and social media influencer services. The top-line traction is evident in the growth figures. Double-digit gross billings growth of 10.1% Year-to-Date 2025 shows strong demand across their managed segments.

Maximizing talent earnings through lucrative contract negotiation

The agency works diligently to secure lucrative contracts for its talent. Management shows confidence in the equity, executing a share repurchase of $0.89M in Q1 2025. The operating margin in Q2 2025 was 2.2%, compressed from 8.6% in the prior year, driven by rising personnel and operating costs. The cash balance as of December 31, 2024, stood at $8.5 million.

• Share repurchase executed in Q1 2025: $0.89M.
• Operating Cash Used in First Half 2025: $2.06M.
• Cash Balance (12/31/2024): $8.5 million.

Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Customer Relationships

You're looking at how Wilhelmina International, Inc. (WHLM) keeps its key relationships strong, which is the lifeblood of any talent agency. It's all about personal touch at scale, balancing the needs of the talent with the demands of the corporate bookers.

Dedicated, high-touch personal management for talent

The core relationship is the one-on-one management provided to the talent roster. This isn't just about booking; it's about career stewardship. As of December 31, 2024, Wilhelmina International, Inc. represented a roster of approximately 1,700 active models and talent. This level of representation requires focused attention from agents and managers to maintain the quality of service.

• The company has developed a professional workforce with years of talent management experience.
• The agency emphasizes creating long-standing client relationships spanning over 55 years.

Professional, long-term relationships with major corporate clients

For the corporate side, Wilhelmina International, Inc. serves a broad base, but a significant portion of revenue comes from its top-tier clients. The company serves approximately 3,000 external clients. To be fair, this diversification is a strength, as no single customer accounted for more than 1.5% of overall gross revenues in 2024. Still, the top 100 clients were responsible for about 39.1% of overall revenues during 2024.

Here's a snapshot of the client and talent base metrics from the latest available filings:

Metric	Value (As of Late 2024/Early 2025)	Context/Date
Active Models and Talent Roster	1,700	As of December 31, 2024
Total External Clients Served	3,000	2024 Data
Top 100 Clients Revenue Share	39.1%	2024 Data
Largest Single Customer Revenue Share	Less than 1.5%	2024 Data
Trailing 12-Month Revenue	$18M	As of June 30, 2025

Direct negotiation of model fees and service charges

The primary revenue mechanism is directly tied to these negotiations. Wilhelmina's main service revenue comes from model fees and service charges paid by the client for bookings that the Company directly negotiates. This direct involvement solidifies the relationship with the client, as they are dealing with the agency's representatives for the talent.

Ongoing career support and portfolio development for talent

The commitment to talent extends beyond the immediate booking. This involves continuous portfolio development and career guidance, which is critical for retaining high-value talent. The company's inferred mission includes Empowering Talent: identifying, nurturing, and promoting diverse talent within the modeling and entertainment industries. The financial performance reflects this activity; the revenue increase of 2.3% for the year ended December 31, 2024, compared to 2023, was primarily due to increased commissions from model bookings.

Standardized service agreements and contract management

To manage the relationships across 3,000 clients and 1,700 talents, standardized processes are necessary. Wilhelmina International, Inc. relies on professional services, meaning salary and service costs are the largest part of operating expenses, comprising payroll, related costs, and travel, meals, and entertainment. The company also generates revenue from license fees, which include franchise revenues from independently owned model agencies using the Wilhelmina trademark and various services provided by the Company. License fees were unchanged for the year ended December 31, 2024, compared to 2023.

The structure supporting these relationships is reflected in the shareholder base as well; as of March 27, 2025, there were 4,919,844 shares of common stock outstanding held by 436 holders of record.

Finance: review Q3 2025 operating expense breakdown against Q2 2025 by Monday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Channels

You're mapping out how Wilhelmina International, Inc. gets its value proposition-talent management and representation-to its customers. The channels are a mix of established physical presence and digital reach, which is key for a global talent agency.

Physical offices in major fashion and media hubs (NY, LA, Miami, London)

Wilhelmina International, Inc. maintains a physical footprint in key global markets, which is crucial for in-person scouting, client meetings, and local market penetration. The corporate headquarters are in Dallas, Texas, but the operational hubs are where the fashion and media action is.

Here's a look at the distribution of their full-time employees across these key operational centers as of December 31, 2024:

Location	Employee Count (as of 12/31/2024)	Role Context
New York, NY	46	Primary operational hub and one of the most important markets for fashion talent management.
Los Angeles, CA	21	Key market for film, television, commercials, and lifestyle talent.
London, England	11	International presence in a major fashion capital.
Miami Beach, FL	9	Significant operational office in a growing media market.
Dallas, TX	2	Corporate headquarters location.

The company expects to roll previous leases for model apartments in New York, Miami, and London over on a month-to-month basis under the same terms. The company utilizes a portion of Newcastle Capital Management, L.P.'s facilities in Dallas for $2,500 per month.

Company website and digital platforms for client access

The primary digital gateway is the company website, http://www.wilhelmina.com/. This platform serves as a portfolio showcase for talent and a point of contact for clients. Financially, the company reported trailing 12-month revenue of $18M as of June 30, 2025, and Q2 2025 revenue was $4.6M. The company serves approximately 3,000 external clients, with the top 100 clients accounting for approximately 39.1% of overall revenues in 2024.

The digital channel supports the core business of fashion model management, which is organized into divisions called "boards."

Network of independently owned licensed model agencies

Wilhelmina International, Inc. engages in the licensing of the Wilhelmina name and trademark to third-parties, which includes independently owned model agencies. This channel generates license fees, which are a component of their revenue streams. The 'Wilhelmina' trademark is vital to this business because licensees pay for the right to use it. While the exact number of current licensees isn't explicitly stated for 2025, this structure allows for brand extension without direct operational overhead in every local market.

Direct outreach and referrals to advertising and media agencies

The company leverages an extensive network of relationships with top fashion houses, advertising agencies, and media outlets. Direct outreach and relationship management are fundamental, as service revenues are primarily derived from model fees and service charges paid by clients for bookings negotiated by Wilhelmina International, Inc. They also receive commissions on bookings by third-party agencies. This network supports the 3,000 external clients they serve.

Social media platforms for talent promotion and scouting

Wilhelmina International, Inc. actively manages social media influencers and maintains a presence on major platforms to promote talent and aid in scouting efforts. The company is listed with presence on platforms including Instagram, Facebook, and YouTube. This digital scouting complements the traditional recruitment tools, name recognition, and licensing network used to recruit talent. The company also represents talent for brand campaigns and endorsements through its Aperture division, which includes influencers. As of August 11, 2025, the stock price was $2.97 with a market capitalization of $14.6M.

You should track the Q3 2025 revenue release to see if the $4.6M Q2 figure represents a seasonal peak or a new run rate. Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Customer Segments

You're looking at the client base for Wilhelmina International, Inc. (WHLM) as of late 2025, based on their most recently reported fiscal performance ending December 31, 2024. The business serves several distinct groups that require high-caliber talent for their campaigns and productions.

The scale of the operation serving these segments is reflected in the 2024 financials. Wilhelmina International, Inc. reported total revenues of $17.61 million for the fiscal year 2024, a 2.31% increase from the prior year. The company, which operates with 89 employees as of the last report, manages talent across offices in New York, Los Angeles, Miami, London, and São Paulo to service these clients globally.

Financial Metric (FY Ended Dec 31, 2024)	Amount/Value	Context
Total Revenue	$17.61 million	Revenue generated from services provided to all customer segments.
Net Income	$614,000	Profitability derived from servicing these client groups.
Operating Expenses	$16.91 million	Costs associated with managing talent and servicing clients.
Cash Balance (as of 12/31/2024)	$8.5 million	Liquidity available to support operations across all segments.
Outstanding Shares	6,363,000	Total shares outstanding as of early 2025 filings.

Wilhelmina International, Inc. connects its talent roster with clients across the industry spectrum. The primary customer segments procuring talent services include:

• Fashion and beauty retailers and designers
• Advertising agencies and branded consumer goods companies
• Print and electronic media (magazines, catalogs)
• Corporate clients seeking talent for product endorsements

The talent Wilhelmina International, Inc. represents-models, entertainers, athletes, and social media influencers-are the core offering that drives revenue from these paying segments. The company's operations focus on matching this talent to opportunities within these client groups.

Specifically, the company works with fashion houses, production companies, and digital platforms to place talent in various assignments. The services provided to these segments include scouting, contract negotiation, and brand partnerships.

• Fashion and beauty retailers and designers
• Advertising agencies and branded consumer goods companies
• Print and electronic media (magazines, catalogs)
• Corporate clients seeking talent for product endorsements

The management of models, entertainers, athletes, and social media influencers is the service delivered to the paying segments listed above. For instance, the company manages social media influencer services for clients like advertising agencies and branded consumer goods companies.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Wilhelmina International, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward personnel and the overhead required to maintain a global presence in high-demand markets. Honestly, managing these fixed and semi-variable costs against fluctuating booking revenues is the constant balancing act here.

Labor is clearly the largest component. For the full year 2024, the Labor Expense, a significant cost, was $12.139 million. This reflects the investment in talent management staff across divisions. This trend of rising personnel costs continued into 2025; Salaries and service costs, which rose 8.1% year-to-date in H1 2025, are putting pressure on margins, as seen by the operating margin compression in Q2 2025. This increase was driven by personnel hires and payroll adjustments intended to better align staffing with regional needs.

General and Administrative Expense, totaling $4.594 million in 2024, covers the necessary corporate infrastructure. This category, along with office costs, represents a substantial fixed base that Wilhelmina International, Inc. must cover regardless of booking volume. Here's the quick math: if revenues don't keep pace with these fixed costs, profitability shrinks fast.

The physical footprint is expensive, given the markets served. Operating expenses for offices in high-cost cities (NY, LA, London) are a major factor. Office and general expenses saw a year-to-date increase of 12.1% in H1 2025, contrasting with a decrease of 22.7% in Q1 2024, suggesting a recent ramp-up in general office spending. Corporate overhead, which includes some office rent, actually declined by 8.8% in 2024 versus 2023, largely due to cost savings from a change in auditors.

Legal and professional fees are another area to watch. The company continues to face ongoing litigation, specifically mentioning the Shanklin and Pressley litigations. As of the end of 2024, no amounts had been accrued related to these matters, but the risk remains. Still, corporate overhead expenses for Q1 2024 increased by 3.7%, primarily due to increased legal costs during that period.

To give you a clearer picture of the cost base, look at the key expense metrics from the recent filings. This table summarizes some of the major cost drivers and related financial context for Wilhelmina International, Inc. in the 2024 fiscal year.

Expense/Metric Category	Fiscal Year 2024 Amount (Millions USD)	Context/Change
Operating Expenses (Total)	$16.91	Up from $16.48 million in 2023
Selling, General & Admin (SG&A)	$16.73	Reported SG&A for FY 2024
Corporate Overhead	Decreased 8.8%	Year-over-year change for 2024 vs 2023
Office & General Expenses (Q1 2024)	Decreased 22.7%	Change for Q1 2024 vs Q1 2023
Salaries & Service Costs (2024 YoY)	Increased 5.7%	Increase for the year ended December 31, 2024

The high-cost operational footprint requires specific attention to fixed overheads. You should track these key cost drivers:

• Salaries and service costs rising 8.1% year-to-date in H1 2025.
• Office and general expenses rising 8.6% in Q2 2025.
• Corporate overhead declining by 15.5% in Q2 2025 year-over-year.
• Legal/Professional fees impacting Corporate overhead in Q1 2024.

What this estimate hides is the variability in model costs, which are technically a cost of revenue (Model costs were $11.653 million in Q1 2024), but they are intrinsically linked to personnel and booking volume. Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Revenue Streams

You're looking at how Wilhelmina International, Inc. actually brings in the money, which is key for any valuation, especially now. The core of the business is service-based, tied directly to talent bookings.

The main revenue drivers fall into a few clear buckets:

• Model fees and service charges paid directly by clients for bookings.
• Commissions on bookings by third-party agencies.
• License fees from franchise revenues using the Wilhelmina trademark.

For the trailing twelve-month period ending June 30, 2025, Wilhelmina International, Inc. generated approximately $18.03 million in revenue. That's up 6.07% year-over-year from the prior TTM period. For context, the full fiscal year 2024 revenue was reported at $17.61 million, which represented a 2.31% growth over 2023.

The vast majority of this comes from the core fashion model management operations. Within that, the company has two primary sources of service revenue, which are comparable to what competitors charge:

• Commissions paid by models as a percentage of their gross earnings.
• Service charges paid by clients, calculated as a percentage of the models' booking fees.

Here's a quick look at how the revenue components stacked up recently. You can see the service revenue dominates the top line, but license fees provide a small, steady stream:

Revenue Stream Component	FY 2024 (Millions USD)	Q2 2025 (Millions USD)	Six Months Ended June 30, 2025 (Millions USD)
Service Revenues (Model Fees/Commissions/Charges)	17.58	4.544	9.164
License Fees and Other Income	Unchanged vs 2023	0.009	0.016
Total Reported Revenue	17.61	4.55	9.18

To be fair, license fees are a minor component, though they show some growth; Q2 2025 license fees were $9k compared to $7k a year prior. The overall financial health is also supported by non-operating income. Interest income, which contributed to 2024 net income of $614,000, was a notable factor in that year's profitability. For the full year 2024, Interest & Investment Income was $0.35 million, up significantly from $0.08 million in 2023. For the most recent six months ending June 30, 2025, Interest & Investment Income was $0.31 million.

Finance: draft 13-week cash view by Friday.