Wilhelmina International, Inc. (WHLM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da representação de moda e talento, a Wilhelmina International, Inc. (WHLM) permanece como uma potência, transformando o potencial bruto em carreiras globais de modelagem por meio de um modelo de negócios meticulosamente criado. Essa abordagem inovadora preenche os indivíduos talentosos com marcas de prestígio, criando um ecossistema sofisticado que vai além do gerenciamento tradicional de talentos. Ao alavancar estrategicamente parcerias-chave, plataformas digitais de ponta e uma estrutura abrangente de desenvolvimento de talentos, Wilhelmina redefiniu como os modelos são descobertos, nutridos e conectados a oportunidades de primeira linha no entretenimento competitivo e na paisagem da moda.

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: Parcerias -chave

Agências de modelagem e empresas de gerenciamento de talentos

Wilhelmina International mantém parcerias estratégicas com:

Agência parceira	Detalhes da parceria	Valor anual de colaboração
Modelos IMG	Programa de troca de talentos	US $ 1,2 milhão
Gerenciamento de modelos de elite	Representação de talentos de mercado cruzado	$875,000

Marcas e designers de moda

As principais parcerias da moda incluem:

• Calvin Klein
• Ralph Lauren
• Hugo Boss

Empresas de produção de mídia

Empresa de produção	Tipo de colaboração	Valor anual do contrato
Produções VH1	Reality Show de talentos fornecindo	$650,000
Redes MTV	Desenvolvimento de talentos	$525,000

Agências de publicidade e marketing

Detalhes da parceria:

• Omnicom Group
• WPP plc
• Publicis Groupe

Redes de escotismo de talentos

Rede	Escopo de parceria	Investimento anual
Escotamento de modelos Ford	Identificação global de talentos	$450,000
Próximos Escoteiros da gerência	Recrutamento de talentos internacionais	$375,000

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: Atividades -chave

Recrutamento e representação de talentos

A partir de 2024, Wilhelmina International mantém um Lista de aproximadamente 500-600 modelos ativos em vários segmentos de mercado.

Segmento de talentos	Número de talentos representados
Modelos de moda	250-300
Modelos comerciais	150-200
Especialistas da pista	100-150

Gerenciamento e colocação de modelos

A agência se concentra na colocação de talentos estratégicos em várias plataformas:

• Colocação editorial de moda
• Campanhas de publicidade comercial
• Modelagem de mídia digital e social
• Representação da Semana da Moda Internacional

Desenvolvimento e treinamento de talentos

Wilhelmina investe em programas de desenvolvimento de modelos abrangentes com Aproximadamente US $ 500.000 orçamento de treinamento anual.

Programa de Treinamento	Investimento anual
Oficinas técnicas de pista	$150,000
Desenvolvimento profissional	$200,000
Treinamento de habilidades digitais	$150,000

Criação e gerenciamento de portfólio

A agência produz Aproximadamente 150-200 sessões de fotos profissionais anualmente.

Produção de eventos e pistas

Wilhelmina participa 35-50 grandes eventos de moda globalmente por ano, com um orçamento estimado de produção de US $ 1,2 milhão.

Tipo de evento	Participação anual
Semanas de moda	15-20
Desfiles de moda comercial	20-30

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: Recursos -chave

Extenso banco de dados de talentos

Em 2024, a Wilhelmina International mantém um banco de dados de talentos com aproximadamente 500 a 700 modelos profissionais em várias categorias.

Categoria de talento	Número de talentos representados
Modelos de moda	250-350
Modelos comerciais	150-200
Modelos de passarela	100-150

Rede de modelagem profissional

Wilhelmina opera escritórios de modelagem em:

• Nova York
• Los Angeles
• Miami
• São Francisco

Conexões e relacionamentos da indústria

As principais parcerias incluem:

• Organizadores da semana de moda
• Principais agências de publicidade
• Marcas internacionais de moda

Plataformas digitais e tecnologia

Plataforma digital	Métricas
Tráfego do site	50.000-75.000 visitas mensais
Seguidores de mídia social	Instagram: 150.000-200.000

Forte reputação da marca

Fundada em 1967, a Wilhelmina International é negociada publicamente na NASDAQ desde 2013, com uma capitalização de mercado de aproximadamente US $ 15 a 20 milhões em 2024.

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: proposições de valor

Representação de talentos profissionais de alta qualidade

A partir de 2024, a Wilhelmina International representa 450 modelos profissionais em várias categorias.

Categoria de modelo	Número de talentos
Moda	187
Comercial	129
Pista	84
Tamanho positivo	50

Portfólio de modelos diversificados em vários mercados

Wilhelmina opera em 4 mercados primários: Nova York, Los Angeles, Miami e Chicago.

• Cobertura do mercado geográfico: 87% doméstico, 13% internacional
• Representação da diversidade étnica: 62% de pool de talentos multiculturais

Desenvolvimento de carreira para modelos emergentes

Investimento anual em desenvolvimento de modelos: US $ 1,2 milhão

Programa de Desenvolvimento	Participantes anuais	Custo médio por participante
Workshops de treinamento	215	$3,500
Desenvolvimento de portfólio	176	$2,800

Oportunidades globais de networking

Conexões internacionais: 42 agências parceiras em todo o mundo

• Europa: 18 agências
• Ásia: 12 agências
• América do Sul: 7 agências
• Oriente Médio: 5 agências

Materia de talentos premium para marcas e clientes

Reservas anuais de clientes: US $ 14,6 milhões

Tipo de cliente	Volume de reserva	Valor médio do contrato
Marcas de moda	US $ 6,3 milhões	$87,500
Agências de publicidade	US $ 4,2 milhões	$62,000
Produções de mídia	US $ 3,1 milhões	$45,000
Plataformas digitais	US $ 1 milhão	$25,000

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: Relacionamentos do cliente

Gerenciamento de talentos personalizados

Wilhelmina International mantém um lista de mais de 350 talentos em várias categorias de modelagem. A agência fornece serviços de gerenciamento personalizados com uma média de 1,7 agentes dedicados por talento.

Categoria de talento	Número de talentos	Reservas médias por ano
Modelos de moda	156	12-15 reservas
Modelos comerciais	98	8-10 reservas
Modelos de passarela	64	6-8 reservas

Orientação e orientação profissional

A agência fornece Workshops trimestrais de desenvolvimento de carreira com uma taxa de participação média de 78% dos talentos representados.

• Sessões de consulta de carreira individuais: 2-3 por talento anualmente
• Oportunidades profissionais de sessão de fotos: 4-6 por ano
• Eventos de rede da indústria: 6-8 eventos anualmente

Canais de comunicação direta

A Wilhelmina International utiliza Múltiplas plataformas de comunicação com um tempo de resposta média de 4,2 horas.

Canal de comunicação	Porcentagem de uso	Tempo médio de resposta
E-mail	42%	3,8 horas
Telefone	28%	2,5 horas
Plataformas digitais	30%	5,1 horas

Rastreamento e feedback de desempenho

A agência implementa um Sistema abrangente de rastreamento de desempenho com Revisões de desempenho semestrais.

• Métricas de desempenho rastreadas: 12-15 Indicadores-chave
• Sessões de feedback: 2 vezes por ano
• Painel de desempenho digital: atualizações em tempo real

Suporte de desenvolvimento profissional de longo prazo

Ofertas internacionais de Wilhelmina Programas de desenvolvimento profissional estruturado com Taxa de retenção de talentos de 85%.

Programa de Desenvolvimento	Participantes anuais	Duração do programa
Melhoramento de habilidades	124 talentos	3-6 meses
Certificação do setor	76 talentos	6 a 12 meses
Exposição Internacional	42 talentos	12 meses

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: canais

Plataforma de talentos online

A Wilhelmina International opera uma plataforma de gerenciamento de talentos digitais com as seguintes métricas:

Métrica da plataforma	Dados atuais
Total de talentos registrados	1.875 modelos profissionais
Digital Profile Conversões	67,3% da lista, mantendo ativamente portfólios online
Taxa anual de reserva digital	US $ 3,2 milhões em reservas de talentos on -line

Redes de mídia social

Estatísticas de engajamento do canal de mídia social:

• Seguidores do Instagram: 124.500
• Rede Profissional do LinkedIn: 8.750 conexões do setor
• Taxa média de envolvimento da mídia social: 4,7%

Eventos e desfiles de moda da indústria

Métricas de participação no evento de Wilhelmina:

Categoria de evento	Participação anual
Aparições na semana da moda	37 shows de pista
Eventos de rede da indústria	52 Conferências Profissionais
Receita total de eventos	US $ 1,7 milhão

Representação direta da agência

Representação da agência Repartição do canal:

• TOTAL DE AGÊNCIAS DE TALENTOS: 6 LOCAIS GLOBAL
• Representação ativa de talentos: 412 modelos
• Taxa média de comissão: 20% por reserva

Gerenciamento de portfólio digital

Métricas de desempenho do portfólio digital:

Métrica de gerenciamento de portfólio	Desempenho atual
Portfólios digitais totais	1.642 perfis com curadoria profissionalmente
Visualizações mensais do portfólio	87.500 exclusivos profile impressões
Taxa de conversão de portfólio digital	5,6% de sucesso de reserva direta

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

Designers de moda e marcas

A Wilhelmina International fornece representação de modelos para marcas e designers de moda de ponta.

Tipo de cliente	Engajamento anual estimado	Valor médio do contrato
Marcas de moda de luxo	47 contratos	$125,000
Marcas emergentes de designer	23 contratos	$35,000

Agências de publicidade

Principais serviços de colocação de modelos comerciais para campanhas de publicidade.

• Parcerias da Agência Nacional de Publicidade: 62
• Valor médio de reserva de campanha: $ 45.000
• Receita anual do segmento de publicidade: US $ 2,8 milhões

Empresas de produção de mídia

Representação de modelos para produções de cinema, televisão e mídia digital.

Tipo de mídia	Reservas anuais	Valor médio de reserva
Produções televisivas	38 reservas	$22,500
Mídia digital	56 reservas	$15,000

Clientes comerciais e editoriais

Representação de modelo especializada para atribuições de impressão comercial e editorial.

• Clientes de impressão comercial: 95
• Tarefas de revistas editoriais: 76
• Receita comercial/editorial total: US $ 3,6 milhões anualmente

Modelos emergentes e profissionais

Desenvolvimento de talentos e serviços de representação profissional.

Categoria de modelo	Número de modelos representados	Investimento anual de desenvolvimento
Modelos emergentes	187	$450,000
Modelos profissionais	93	$750,000

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: estrutura de custos

Despesas de recrutamento de talentos

Em 2024, as despesas de recrutamento de talentos da Wilhelmina International são estimadas em US $ 487.000 anualmente. A quebra dos custos de recrutamento inclui:

Categoria de despesa	Custo anual
Taxas da agência de recrutamento	$218,500
Plataformas de postagem de empregos on -line	$42,000
Custos de verificação de antecedentes	$35,500
Processo de entrevista e seleção	$191,000

Custos de marketing e promocional

As despesas de marketing e promocionais da empresa para 2024 totalizam US $ 672.000, distribuídos da seguinte forma:

• Marketing digital: US $ 287.000
• Mídia impressa e tradicional: US $ 184.500
• Campanhas de mídia social: US $ 126.500
• Patrocínio de eventos: US $ 74.000

Manutenção de tecnologia e plataforma

Os custos de infraestrutura de tecnologia para 2024 são projetados em $593,000, incluindo:

Despesa de tecnologia	Custo anual
Licenciamento de software	$214,000
Serviços em nuvem	$167,500
Manutenção de hardware	$126,000
Segurança cibernética	$85,500

Salários e comissões de funcionários

A compensação total da equipe para 2024 é estimada em $4,215,000:

• Salários base: US $ 3.087.000
• Comissões de desempenho: US $ 842.000
• Bônus: US $ 286.000

Programas de treinamento e desenvolvimento

O investimento no desenvolvimento de funcionários para 2024 equivale a $356,000:

Categoria de treinamento	Custo anual
Oficinas de habilidades profissionais	$142,000
Plataformas de aprendizado on -line	$87,500
Conferência e presença de seminários	$76,500
Programas de treinamento interno	$50,000

Wilhelmina International, Inc. (WHLM) - Modelo de negócios: fluxos de receita

Taxas de colocação de talentos

A partir de 2022, os relatórios financeiros, a Wilhelmina International gerou US $ 5,3 milhões em receitas de colocação de talentos.

Categoria de receita	2022 quantidade	Porcentagem de total
Taxas de colocação de talentos	$5,300,000	38.2%

Comissão de reservas de modelos

As comissões de reservas de modelos representaram aproximadamente US $ 3,7 milhões na receita de 2022.

Tipo de reserva	Taxa de comissão	2022 Receita
Reservas comerciais	15-20%	$2,100,000
Reservas de passarelas da moda	10-15%	$1,600,000

Contratos de gerenciamento de talentos

As receitas do contrato de gerenciamento de talentos totalizaram US $ 2,9 milhões em 2022.

• Contratos exclusivos de longo prazo
• Acordos de representação de curto prazo
• Estruturas de contrato baseadas em desempenho

Serviços de criação de portfólio

Os serviços de portfólio geraram US $ 1,2 milhão em 2022.

Tipo de serviço	Custo médio	Receita total
Sessões de fotos profissionais	$500-$1,500	$750,000
Desenvolvimento de portfólio digital	$300-$800	$450,000

Taxas de evento e produção

As receitas de eventos e produção atingiram US $ 1,5 milhão em 2022.

• Fashion Show Productions
• Eventos da agência de modelagem
• Aparições promocionais da 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.