Wilhelmina International, Inc. (WHLM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la mode et de la représentation des talents, Wilhelmina International, Inc. (WHLM) est une puissance, transformant le potentiel brut en carrières de modélisation mondiale grâce à un modèle commercial méticuleusement conçu. Cette approche innovante comble les individus talentueux avec une marques prestigieuses, créant un écosystème sophistiqué qui va au-delà de la gestion traditionnelle des talents. En tirant stratégiquement les partenariats clés, les plateformes numériques de pointe et un cadre complet de développement de talents, Wilhelmina a redéfini comment les modèles sont découverts, nourris et liés aux opportunités de haut niveau dans le paysage de divertissement et de mode compétitif.

Wilhelmina International, Inc. (WHLM) - Modèle commercial: partenariats clés

Agences de modélisation et sociétés de gestion des talents

Wilhelmina International maintient des partenariats stratégiques avec:

Agence partenaire	Détails du partenariat	Valeur de collaboration annuelle
Modèles IMG	Programme d'échange de talents	1,2 million de dollars
Gestion du modèle d'élite	Représentation des talents commerciaux	$875,000

Marques et créateurs de mode

Les partenariats de mode clés comprennent:

• Calvin Klein
• Ralph Lauren
• Hugo Boss

Sociétés de production de médias

Société de production	Type de collaboration	Valeur du contrat annuel
Productions VH1	SOMBRE DE TALENT SPORT	$650,000
Réseaux MTV	Développement de talents	$525,000

Agences de publicité et de marketing

Détails du partenariat:

• Groupe omnicom
• WPP PLC
• Groupe publique

Réseaux de dépistage des talents

Réseau	Portée du partenariat	Investissement annuel
Scoutisme des modèles Ford	Identification mondiale des talents	$450,000
Next scouts de gestion	Recrutement de talents internationaux	$375,000

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: Activités clés

Recrutement et représentation des talents

En 2024, Wilhelmina International maintient un liste d'environ 500 à 600 modèles actifs sur plusieurs segments de marché.

Segment des talents	Nombre de talents représentés
Mannequins	250-300
Modèles commerciaux	150-200
Spécialistes de la piste	100-150

Gestion et placement du modèle

L'agence se concentre sur le placement stratégique des talents sur plusieurs plateformes:

• Placements éditoriaux de la mode
• Campagnes publicitaires commerciales
• Modélisation des médias numériques et sociaux
• Représentation de la Semaine internationale de la mode

Développement et formation des talents

Wilhelmina investit dans des programmes complets de développement de modèles avec Budget annuel d'environ 500 000 $.

Programme de formation	Investissement annuel
Ateliers de technique de piste	$150,000
Développement professionnel	$200,000
Formation des compétences numériques	$150,000

Création et gestion du portefeuille

L'agence produit Environ 150-200 photoshoots professionnels chaque année.

Production d'événements et de piste

Wilhelmina participe à 35-50 événements de mode majeurs dans le monde par an, avec un budget de production estimé de 1,2 million de dollars.

Type d'événement	Participation annuelle
Semaines de mode	15-20
Défilés de mode commerciaux	20-30

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: Ressources clés

Base de données de talents étendus

En 2024, Wilhelmina International conserve une base de données de talents avec environ 500 à 700 modèles professionnels dans plusieurs catégories.

Catégorie de talents	Nombre de talents représentés
Mannequins	250-350
Modèles commerciaux	150-200
Modèles de piste	100-150

Réseau de modélisation professionnelle

Wilhelmina exploite des bureaux de modélisation dans:

• New York
• Los Angeles
• Miami
• San Francisco

Connexions et relations de l'industrie

Les partenariats clés comprennent:

• Organisateurs de la semaine de la mode
• Agences de publicité majeures
• Marques de mode internationales

Plates-formes et technologies numériques

Plate-forme numérique	Métrique
Trafic	50 000 à 75 000 visites mensuelles
Abonnés des médias sociaux	Instagram: 150 000 à 200 000

Grande réputation de marque

Fondée en 1967, Wilhelmina International est négociée publiquement sur le NASDAQ depuis 2013 avec une capitalisation boursière d'environ 15 à 20 millions de dollars en 2024.

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: propositions de valeur

Représentation de talents professionnels de haute qualité

En 2024, Wilhelmina International représente 450 modèles professionnels dans plusieurs catégories.

Catégorie de modèle	Nombre de talents
Mode	187
Commercial	129
Piste	84
Taille plus	50

Portfolio de modèles diversifié sur plusieurs marchés

Wilhelmina fonctionne dans 4 marchés primaires: New York, Los Angeles, Miami et Chicago.

• Couverture du marché géographique: 87% national, 13% international
• Représentation de la diversité ethnique: 62% Pool de talents multiculturels

Développement de carrière pour les modèles émergents

Investissement annuel dans le développement de modèles: 1,2 million de dollars

Programme de développement	Participants annuels	Coût moyen par participant
Ateliers de formation	215	$3,500
Développement de portefeuille	176	$2,800

Opportunités de réseautage mondial

Connexions internationales: 42 agences partenaires du monde entier

• Europe: 18 agences
• Asie: 12 agences
• Amérique du Sud: 7 agences
• Moyen-Orient: 5 agences

Match Talent premium pour les marques et les clients

Réservations des clients annuels: 14,6 millions de dollars

Type de client	Volume de réservation	Valeur du contrat moyen
Marques de mode	6,3 millions de dollars	$87,500
Agences de publicité	4,2 millions de dollars	$62,000
Productions médiatiques	3,1 millions de dollars	$45,000
Plates-formes numériques	1 million de dollars	$25,000

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: relations clients

Gestion des talents personnalisés

Wilhelmina International maintient un liste de 350+ talents dans diverses catégories de modélisation. L'agence fournit des services de gestion personnalisés avec une moyenne de 1.7 Agents dédiés par talent.

Catégorie de talents	Nombre de talents	Réservations moyennes par an
Mannequins	156	12-15 réservations
Modèles commerciaux	98	8-10 réservations
Modèles de piste	64	6-8 réservations

Conseils de carrière et mentorat

L'agence fournit Ateliers de développement de carrière trimestriels avec un taux de participation moyen de 78% des talents représentés.

• Sessions de consultation de carrière individuelles: 2-3 par talent par an
• Opportunités professionnelles des photoshoot: 4-6 par an
• Événements de réseautage de l'industrie: 6-8 événements par an

Canaux de communication directs

Wilhelmina International utilise plusieurs plateformes de communication avec un temps de réponse moyen de 4,2 heures.

Canal de communication	Pourcentage d'utilisation	Temps de réponse moyen
E-mail	42%	3,8 heures
Téléphone	28%	2,5 heures
Plates-formes numériques	30%	5,1 heures

Suivi des performances et rétroaction

L'agence met en œuvre un Système complet de suivi des performances avec revues de performance bi-annuelles.

• Métriques de performance suivies: 12-15 Indicateurs clés
• Sessions de rétroaction: 2 fois par an
• Tableau de bord des performances numériques: mises à jour en temps réel

Support de développement professionnel à long terme

Offres internationales de Wilhelmina Programmes de développement professionnel structuré avec Taux de rétention de talents de 85%.

Programme de développement	Participants annuels	Durée du programme
Amélioration des compétences	124 talents	3-6 mois
Certification de l'industrie	76 talents	6-12 mois
Exposition internationale	42 talents	12 mois

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: canaux

Plateforme de talents en ligne

Wilhelmina International exploite une plate-forme de gestion des talents numériques avec les mesures suivantes:

Métrique de la plate-forme	Données actuelles
Talents enregistrés totaux	1 875 modèles professionnels
Numérique Profile Conversions	67,3% de la liste conservant activement des portefeuilles en ligne
Taux de réservation numérique annuel	3,2 millions de dollars en réservations de talents en ligne

Réseaux de médias sociaux

Statistiques d'engagement des canaux de médias sociaux:

• Followers Instagram: 124 500
• LinkedIn Professional Network: 8 750 Connexions de l'industrie
• Taux d'engagement moyen des médias sociaux: 4,7%

Événements de l'industrie et défilés de mode

Mesures de participation à l'événement de Wilhelmina:

Catégorie d'événements	Participation annuelle
Apparitions de la semaine de la mode	37 défilés
Événements de réseautage de l'industrie	52 conférences professionnelles
Revenu total des événements	1,7 million de dollars

Représentation d'agence directe

Dépression des canaux de représentation des agences:

• Total des agences de talents: 6 emplacements mondiaux
• Représentation des talents actifs: 412 modèles
• Taux de commission moyen: 20% par réservation

Gestion du portefeuille numérique

Métriques de performance du portefeuille numérique:

Métrique de gestion du portefeuille	Performance actuelle
Portfolios numériques totaux	1 642 profils organisés par des professionnels
Vues de portefeuille mensuelles	87 500 uniques profile impressions
Taux de conversion du portefeuille numérique	5,6% de réussite directe de réservation

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: segments de clientèle

Créateurs et marques de mode

Wilhelmina International offre une représentation de modèle pour les marques et designers de mode haut de gamme.

Type de client	Engagement annuel estimé	Valeur du contrat moyen
Marques de mode de luxe	47 contrats	$125,000
Marques de concepteurs émergents	23 contrats	$35,000

Agences de publicité

Services clés de placement des modèles commerciaux pour les campagnes publicitaires.

• Partenariats de l'Agence nationale de publicité: 62
• Valeur de réservation de campagne moyenne: 45 000 $
• Revenus de segment publicitaire annuel: 2,8 millions de dollars

Sociétés de production de médias

Représentation du modèle pour les productions de films, télévision et médias numériques.

Type de support	Réservations annuelles	Valeur de réservation moyenne
Productions télévisées	38 réservations	$22,500
Médias numériques	56 réservations	$15,000

Clients commerciaux et éditoriaux

Représentation spécialisée du modèle pour les travaux d'impression commerciale et éditoriaux.

• Clients imprimés commerciaux: 95
• Affectations du magazine éditorial: 76
• Revenus commerciaux / éditoriaux totaux: 3,6 millions de dollars par an

Modèles émergents et professionnels

Services de développement des talents et de représentation professionnelle.

Catégorie de modèle	Nombre de modèles représentés	Investissement annuel au développement
Modèles émergents	187	$450,000
Modèles professionnels	93	$750,000

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: Structure des coûts

Frais de recrutement de talents

En 2024, les frais de recrutement de talents de Wilhelmina International sont estimés à 487 000 $ par an. La répartition des coûts de recrutement comprend:

Catégorie de dépenses	Coût annuel
Frais d'agence de recrutement	$218,500
Plateformes d'emploi en ligne	$42,000
Coûts de vérification des antécédents	$35,500
Processus d'entrevue et de sélection	$191,000

Coûts de marketing et de promotion

Les dépenses de marketing et de promotion de l'entreprise pour 2024 total 672 000 $, distribuées comme suit:

• Marketing numérique: 287 000 $
• Impression et médias traditionnels: 184 500 $
• Campagnes de médias sociaux: 126 500 $
• Sponsors d'événements: 74 000 $

Technologie et maintenance des plateformes

Les coûts d'infrastructure technologique pour 2024 sont prévus à $593,000, y compris:

Dépenses technologiques	Coût annuel
Licence de logiciel	$214,000
Services cloud	$167,500
Maintenance matérielle	$126,000
Cybersécurité	$85,500

Salaires et commissions du personnel

La rémunération totale du personnel pour 2024 est estimée à $4,215,000:

• Salaires de base: 3 087 000 $
• Commissions de performance: 842 000 $
• Bonus: 286 000 $

Programmes de formation et de développement

L'investissement dans le développement des employés pour 2024 équivaut à $356,000:

Catégorie de formation	Coût annuel
Ateliers de compétences professionnelles	$142,000
Plateformes d'apprentissage en ligne	$87,500
Conférence et séminaire	$76,500
Programmes de formation interne	$50,000

Wilhelmina International, Inc. (WHLM) - Modèle d'entreprise: Strots de revenus

Frais de placement des talents

En 2022, Wilhelmina International a généré 5,3 millions de dollars de revenus de placement des talents.

Catégorie de revenus	2022 Montant	Pourcentage du total
Frais de placement des talents	$5,300,000	38.2%

Commission des réservations de modèles

Les commissions de réservation de modèles ont représenté environ 3,7 millions de dollars en revenus 2022.

Type de réservation	Taux de commission	2022 Revenus
Réservations commerciales	15-20%	$2,100,000
Réservations de piste de mode	10-15%	$1,600,000

Contrats de gestion des talents

Les revenus du contrat de gestion des talents ont totalisé 2,9 millions de dollars en 2022.

• Contrats exclusifs à long terme
• Accords de représentation à court terme
• Structures contractuelles basées sur la performance

Services de création de portefeuille

Les services de portefeuille ont généré 1,2 million de dollars en 2022.

Type de service	Coût moyen	Revenus totaux
Photoshoots professionnels	$500-$1,500	$750,000
Développement du portefeuille numérique	$300-$800	$450,000

Frais d'événement et de production

Les revenus de l'événement et de la production ont atteint 1,5 million de dollars en 2022.

• Productions de défilés de mode
• Événements d'agence de modélisation
• Apparitions promotionnelles de la marque

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.