PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a
leading pleasure and leisure lifestyle company and owner of
Playboy, one of the most recognizable and iconic brands in the
world, announced today that it will restate its quarterly unaudited
condensed consolidated financial statements for the second and
third quarters of 2023. The Company also announced that it will
report its fourth quarter and full year 2023 financial results on
Wednesday, March 27, 2024, after the U.S. stock market closes.
The Company and its Audit Committee, in
consultation with the Company’s independent registered public
accounting firm, BDO USA, P.C., identified errors in the Company’s
accounting treatment of an impaired Chinese license contract in the
second and third quarters of 2023 (which contract was ultimately
terminated in the fourth quarter of 2023) and the classification of
commission expense adjustments related to contract impairments
recorded during such quarters.
The Company currently anticipates that
correction of such errors and restatement of its second and third
quarter 2023 financial statements will:
- reduce a portion of impairment expense and reduce deferred
revenue in the restated periods;
- decrease the Company’s net loss for the restated periods;
- increase the Company’s reported Adjusted EBITDA for the
restated periods;
- decrease the Company’s total liabilities for the restated
periods;
- have no effect on revenue or the cash flows of the Company for
any period;
- have no effect on the Company’s liquidity position; and
- have no effect on the Company’s future operations.
In both the second and third quarters of 2023,
the Company took impairment charges on a license contract, which
were recorded in the statements of operations for each quarter. The
Company believes that the impairment should have impacted its
deferred revenue on the balance sheet rather than being recorded in
the statements of operations for the applicable quarters. In
addition, commission expense reversals should have been recorded as
a reduction of the Company’s cost of sales for the applicable
quarters, rather than offsetting its impairment expense for such
quarters. Such errors did not impact any previously filed audited
financial statements.
In connection with the restatements, the Company
will file amended Quarterly Reports on Form 10-Q/A for the
quarterly periods ended June 30, 2023 and September 30, 2023 with
the U.S. Securities and Exchange Commission as soon as practicable,
which the Company expects will be no later than Friday, March 15,
2024. The changes to be reflected in such amended Quarterly Reports
are not the result of a change in published accounting guidance
during the relevant time periods or any override of controls or
misconduct, nor has the Company’s Audit Committee been informed of
any issues related to an override of controls or misconduct.
Given the significant resources needed to
prepare the amended Quarterly Reports, the Company expects to
announce its 2023 fourth quarter and annual results and file its
Annual Report on Form 10-K on Wednesday, March 27, 2024, within the
extension period. The Company will publish a Shareholder Letter,
which includes remarks from the Company’s Chief Executive Officer,
Ben Kohn, and then, at 4:30 p.m. Eastern Time, will host an analyst
question-and-answer session, which will be webcast. This format
allows the webcast to be conversational and more focused on top
questions rather than on prepared remarks. The Shareholder Letter
and webcast will be accessible at
https://www.plbygroup.com/investors.
About PLBY Group, Inc.PLBY
Group, Inc. is a global pleasure and leisure company connecting
consumers with products, content, and experiences that help them
lead more fulfilling lives. PLBY Group’s flagship consumer brand,
Playboy, is one of the most recognizable brands in the world, with
products and content available in approximately 180 countries. PLBY
Group’s mission — to create a culture where all people can pursue
pleasure — builds upon seven decades of creating groundbreaking
media and hospitality experiences and fighting for cultural
progress rooted in the core values of equality, freedom of
expression and the idea that pleasure is a fundamental human right.
Learn more at http://www.plbygroup.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The Company’s
actual results may differ from their expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to financial reporting and
performance, as well as potential financial impacts of corrections
of the Company’s financial reporting and performance.
These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from those discussed in the
forward-looking statements. Factors that may cause such differences
include, but are not limited to: (1) the inability to maintain the
listing of the Company’s shares of common stock on Nasdaq; (2) the
risk that the Company’s completed or proposed transactions disrupt
the Company’s current plans and/or operations, including the risk
that the Company does not complete any such proposed transactions
or achieve the expected benefits from any transactions; (3) the
ability to recognize the anticipated benefits of corporate
transactions, commercial collaborations, commercialization of
digital assets, cost reduction initiatives and proposed
transactions, which may be affected by, among other things,
competition, the ability of the Company to grow and manage growth
profitably, and the Company's ability to retain its key employees;
(4) costs related to being a public company, corporate
transactions, commercial collaborations and proposed transactions;
(5) changes in applicable laws or regulations; (6) the possibility
that the Company may be adversely affected by global hostilities,
supply chain delays, inflation, interest rates, foreign currency
exchange rates or other economic, business, and/or competitive
factors; (7) risks relating to the correction of the Company’s
previously reported financial information or uncertainty of its
projected financial information, including changes in our estimates
of cash flows and the fair value of certain of the Company’s
intangible assets, including goodwill; (8) risks related to the
organic and inorganic growth of the Company’s businesses, and the
timing of expected business milestones; (9) changing demand or
shopping patterns for the Company’s products and services; (10)
failure of licensees, suppliers or other third-parties to fulfill
their obligations to the Company; (11) the Company’s ability to
comply with the terms of its indebtedness and other obligations;
(12) changes in financing markets or the inability of the Company
to obtain financing on attractive terms; and (13) other risks and
uncertainties indicated from time to time in the Company’s annual
report on Form 10-K, including those under “Risk Factors” therein,
and in the Company’s other filings with the Securities and Exchange
Commission. The Company cautions that the foregoing list of factors
is not exclusive, and readers should not place undue reliance upon
any forward-looking statements, which speak only as of the date
which they were made. The Company does not undertake any obligation
to update or revise any forward-looking statements to reflect any
change in its expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Contact:
Investors: investors@plbygroup.comMedia:
press@plbygroup.com
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