LOS ANGELES - PLBY Group, Inc. (NASDAQ: PLBY), known for its Playboy brand, announced it will restate its financial statements for the second and third quarters of 2023 due to accounting errors. The company expects to decrease its net loss and increase its Adjusted EBITDA for the affected periods, with no anticipated impact on revenue, cash flows, or business operations.
The restatements stem from incorrect accounting treatment of an impaired Chinese license contract and classification of commission expense adjustments related to contract impairments. These errors, identified by the company and its Audit Committee with its independent accounting firm BDO USA, P.C., did not affect any previously filed audited financial statements.
PLBY Group will amend its Quarterly Reports on Form 10-Q/A for the periods ended June 30, 2023, and September 30, 2023, expected to be filed no later than Friday, March 15, 2024. The restated financials will show reduced impairment expenses and deferred revenue, decreased total liabilities, and no changes to revenue or cash flows.
The company will report its fourth quarter and full year 2023 financial results on Wednesday, March 27, 2024, after the U.S. stock market closes. This announcement will include a Shareholder Letter and a webcast-hosted analyst question-and-answer session at 4:30 p.m. Eastern Time.
PLBY Group, a global pleasure and leisure company, emphasizes that the restatement is not due to new accounting guidance, control overrides, or misconduct.
The information is based on a press release statement.
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