PLBY (PLBY) 10-Q/A 13 Mar 24 2023 Q3 Quarterly report (amended) Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Mar. 08, 2024
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39312
Entity Registrant Name	PLBY Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1958714
Entity Address, Address Line One	10960 Wilshire Blvd., Suite 2200
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90024
City Area Code	310
Local Phone Number	424-1800
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PLBY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,643,445
Entity Central Index Key	0001803914
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	true
Amendment Description	EXPLANATORY NOTEThis Amendment No. 1 to the Quarterly Report on Form 10-Q/A (this “Form 10-Q/A”) amends and restates certain items noted below in the Quarterly Report on Form 10-Q of PLBY Group, Inc. (the “Company”) for the quarter ended September 30, 2023, as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2023 (the “Original Filing”).As previously reported in the Company’s Current Report on Form 8-K filed on March 12, 2024, in connection with its completion of its year-end audit procedures for its 2023 fiscal year, the Company identified errors in accounting for the impairment of a license agreement and related commission expense reversals.On March 11, 2024, the Audit Committee of the Board of Directors of the Company, in consultation with management of the Company and the Company’s independent registered public accounting firm, BDO USA, P.C., concluded that certain items of the Company’s previously issued unaudited condensed consolidated interim financial statements as of and for the fiscal periods ended June 30, 2023 and September 30, 2023 included in the Company’s Quarterly Reports on Form 10-Q for such periods should no longer be relied upon and that the Company needed to restate those previously issued financial statements.Contemporaneously with the filing of this Form 10-Q/A, the Company is filing an amendment to its Quarterly Report on Form 10-Q as of and for the period ended June 30, 2023. Internal Control ConsiderationsThe Company’s management previously identified material weaknesses in its internal control over financial reporting, which were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 16, 2023, and in the Company’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2023 and September 30, 2023. For additional information about the nature of the Company’s material weaknesses which contributed to the financial statement restatement described herein, see Part I, Item 4 “Controls and Procedures”, in this Form 10-Q/A.Items Amended in this FilingThis Form 10-Q/A sets forth the Original Filing, as amended, in its entirety; however, this Form 10-Q/A amends and restates the following Items of the Original Filing to the extent necessary to reflect the adjustments set forth in Note 1, under the caption “Restatement of Previously Issued Financial Statements” and to make corresponding revisions to the Company’s financial data cited elsewhere in this Form 10-Q/A.•Part I, Item 1 – Financial Statements•Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I, Item 4 – Controls and ProceduresIn addition, Part II, Item 6 “Exhibits” of this Form 10-Q/A is amended, as the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing (Exhibits 31.1, 31.2, 32.1 and 32.2), and the Company has provided its restated condensed consolidated financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibit 101.Except as described above, no other changes have been made to the Original Filing. This Form 10-Q/A speaks as of the date of the Original Filing and does not reflect events that may have occurred after the date of the Original Filing or modify or update any disclosures that may have been affected by subsequent events. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that occurred or facts that became known to the Company after the date of the Original Filing, and such forward-looking statements should be read in conjunction with the Company’s filings with the SEC, including those subsequent to the filing of the Original Filing.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net revenues	$ 33,282	$ 45,706	$ 103,586	$ 140,647
Costs and expenses:
Cost of sales	(9,894)	(25,302)	(41,330)	(62,833)
Selling and administrative expenses	(25,514)	(34,988)	(99,693)	(113,774)
Contingent consideration fair value remeasurement gain	219	1,371	486	29,310
Impairments	(392)	(277,197)	(146,632)	(283,496)
Gain on sale of aircraft	0	5,802	0	5,802
Other operating expense, net	(740)	0	(491)	0
Total operating expense	(36,321)	(330,314)	(287,660)	(424,991)
Operating loss	(3,039)	(284,608)	(184,074)	(284,344)
Nonoperating (expense) income:
Interest expense	(6,620)	(4,306)	(17,586)	(12,439)
(Loss) gain on extinguishment of debt	0	(220)	6,133	(220)
Fair value remeasurement gain	0	9,149	6,505	10,903
Other income (expense), net	121	(551)	621	(1,030)
Total nonoperating (expense) income	(6,499)	4,072	(4,327)	(2,786)
Loss from continuing operations before income taxes	(9,538)	(280,536)	(188,401)	(287,130)
Benefit from income taxes	1,054	43,653	11,592	46,301
Net loss from continuing operations	(8,484)	(236,883)	(176,809)	(240,829)
Income (loss) from discontinued operations, net of tax	1,319	(27,814)	149	(26,640)
Net loss	(7,165)	(264,697)	(176,660)	(267,469)
Net loss attributable to PLBY Group, Inc.	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.12)	$ (5.05)	$ (2.50)	$ (5.18)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.12)	(5.05)	(2.50)	(5.18)
Net income (loss) per share from discontinued operations, basic (in dollars per share)	0.02	(0.60)	0	(0.58)
Net income (loss) per share from discontinued operations, diluted (in dollars per share)	0.02	(0.60)	0	(0.58)
Net loss per share, basic (in dollars per share)	(0.10)	(5.65)	(2.50)	(5.76)
Net loss per share, diluted (in dollars per share)	$ (0.10)	$ (5.65)	$ (2.50)	$ (5.76)
Weighted-average shares outstanding, basic (in shares)	73,891,105	46,889,983	70,611,492	46,472,607
Weighted-average shares outstanding, diluted (in shares)	73,891,105	46,889,983	70,611,492	46,472,607

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Other comprehensive loss:
Foreign currency translation adjustment	(1,182)	(10,321)	(3,150)	(25,040)
Other comprehensive loss	(1,182)	(10,321)	(3,150)	(25,040)
Comprehensive loss	$ (8,347)	$ (275,018)	$ (179,810)	$ (292,509)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 20,028	$ 31,640
Receivables, net of allowance for credit losses	5,396	14,214
Inventories, net	13,997	20,612
Prepaid expenses and other current assets	15,141	17,221
Assets held for sale	19,533	34,910
Total current assets	74,095	118,597
Restricted cash	1,940	3,809
Property and equipment, net	14,942	13,804
Operating right-of-use assets	28,123	28,082
Goodwill	53,720	123,217
Other intangible assets, net	163,329	236,137
Contract assets, net of current portion	9,070	13,680
Other noncurrent assets	14,552	15,137
Total assets	359,771	552,463
Current liabilities:
Accounts payable	17,055	14,090
Accrued agency fees and commissions	1,199	7,785
Deferred revenues, current portion	6,432	10,480
Long-term debt, current portion	304	2,050
Operating lease liabilities, current portion	6,906	6,278
Other current liabilities and accrued expenses	25,420	25,106
Liabilities held for sale	15,491	27,126
Total current liabilities	72,807	92,915
Deferred revenues, net of current portion	11,133	21,406
Long-term debt, net of current portion	187,905	191,125
Deferred tax liabilities, net	13,517	25,293
Operating lease liabilities, net of current portion	25,790	26,695
Mandatorily redeemable preferred stock, at fair value	0	39,099
Other noncurrent liabilities	1,036	886
Total liabilities	312,188	397,419
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	(208)	(208)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized, 50,000 shares designated Series A preferred stock, of which 0 shares were issued and outstanding as of September 30, 2023; 50,000 shares were issued and outstanding as of December 31, 2022	0	0
Common stock, $0.0001 par value per share, 150,000,000 shares authorized, 74,603,404 shares issued and 73,903,404 shares outstanding as of September 30, 2023; 47,737,699 shares issued and 47,037,699 shares outstanding as of December 31, 2022	7	5
Treasury stock, at cost, 700,000 shares as of September 30, 2023 and December 31, 2022	(4,445)	(4,445)
Additional paid-in capital	689,580	617,233
Accumulated other comprehensive loss	(27,295)	(24,145)
Accumulated deficit	(610,056)	(433,396)
Total stockholders’ equity	47,791	155,252
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$ 359,771	$ 552,463

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares designated (in shares)	50,000	50,000
Preferred stock issued (in shares)	0	50,000
Preferred stock outstanding (in shares)	0	50,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	150,000,000	150,000,000
Common stock issued (in shares)	74,603,404	47,737,699
Common stock outstanding (in shares)	73,903,404	47,037,699
Treasury stock (in shares)	700,000	700,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Rights Offering	Private Placement	Series A Preferred Stock	Common Stock	Common Stock Rights Offering	Common Stock Private Placement	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Rights Offering	Additional Paid-in Capital Private Placement	Accumulated Other Comprehensive Loss	Accumulated Deficit
Shares outstanding at beginning of period (in shares) at Dec. 31, 2021				0	42,296,121
Stockholders' equity at beginning of period at Dec. 31, 2021	$ 422,491				$ 4			$ (4,445)	$ 586,349			$ (3,725)	$ (155,692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with options exercise, net exercised (in shares)					495,052
Shares issued in connection with options exercise, net exercised	1,925								1,925
Shares issued in connection with equity incentive plans (in shares)					2,506,860
Shares issued pursuant to a license, services and collaboration agreement (in shares)					27,599
Shares issued in connection with asset purchase (in shares)					103,570
Shares issued in connection with asset purchase	1,333								1,333
Shares issued in connection with preferred shares agreement (in shares)				50,000
Shares issued in connection with the settlement of the performance holdback contingent consideration relating to the acquisition of GlowUp (in shares)					352,923
Shares issued in connection with the settlement of the performance holdback contingent consideration relating to the acquisition of GlowUp	260								260
Stock-based compensation expense and vesting of restricted stock units	17,141								17,141
Other comprehensive income (loss)	(25,040)											(25,040)
Net loss	(267,469)												(267,469)
Shares outstanding at end of period (in shares) at Sep. 30, 2022				50,000	45,782,125
Total stockholders' equity at end of period at Sep. 30, 2022	150,641				$ 4			(4,445)	607,008			(28,765)	(423,161)
Shares outstanding at beginning of period (in shares) at Jun. 30, 2022				25,000	45,621,763
Stockholders' equity at beginning of period at Jun. 30, 2022	419,888				$ 4			(4,445)	601,237			(18,444)	(158,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with options exercise, net exercised (in shares)					142,021
Shares issued in connection with options exercise, net exercised	476								476
Shares issued in connection with equity incentive plans (in shares)					15,029
Shares issued pursuant to a license, services and collaboration agreement (in shares)					3,312
Shares issued in connection with preferred shares agreement (in shares)				25,000
Stock-based compensation expense and vesting of restricted stock units	5,295								5,295
Other comprehensive income (loss)	(10,321)											(10,321)
Net loss	(264,697)												(264,697)
Shares outstanding at end of period (in shares) at Sep. 30, 2022				50,000	45,782,125
Total stockholders' equity at end of period at Sep. 30, 2022	150,641				$ 4			(4,445)	607,008			(28,765)	(423,161)
Shares outstanding at beginning of period (in shares) at Dec. 31, 2022				50,000	47,037,699
Stockholders' equity at beginning of period at Dec. 31, 2022	155,252				$ 5			(4,445)	617,233			(24,145)	(433,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						19,561,050	6,357,341
Issuance of common stock		$ 47,602	$ 13,890			$ 2				$ 47,600	$ 13,890
Exchange of mandatorily redeemable preferred shares (in shares)				(50,000)
Shares issued in connection with equity incentive plans (in shares)					944,002
Shares issued pursuant to a license, services and collaboration agreement (in shares)					3,312
Shares issued in connection with asset purchase	0
Stock-based compensation expense and vesting of restricted stock units	10,857								10,857
Other comprehensive income (loss)	(3,150)											(3,150)
Net loss	(176,660)												(176,660)
Shares outstanding at end of period (in shares) at Sep. 30, 2023				0	73,903,404
Total stockholders' equity at end of period at Sep. 30, 2023	47,791				$ 7			(4,445)	689,580			(27,295)	(610,056)
Shares outstanding at beginning of period (in shares) at Jun. 30, 2023				0	73,797,250
Stockholders' equity at beginning of period at Jun. 30, 2023	54,838				$ 7			(4,445)	688,280			(26,113)	(602,891)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with equity incentive plans (in shares)					106,154
Stock-based compensation expense and vesting of restricted stock units	1,300								1,300
Other comprehensive income (loss)	(1,182)											(1,182)
Net loss	(7,165)												(7,165)
Shares outstanding at end of period (in shares) at Sep. 30, 2023				0	73,903,404
Total stockholders' equity at end of period at Sep. 30, 2023	$ 47,791				$ 7			$ (4,445)	$ 689,580			$ (27,295)	$ (610,056)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net loss	$ (176,660)	$ (267,469)
Net loss from continuing operations	(176,809)	(240,829)
Income (loss) from discontinued operations, net of tax	149	(26,640)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,332	10,444
Stock-based compensation	8,910	15,829
Fair value measurement of liabilities	(6,991)	(40,213)
(Gain) loss on extinguishment of debt	(6,133)	220
Gain on sale of the aircraft	0	(5,802)
Impairments	146,632	283,496
Inventory reserve charges	6,084	5,902
Amortization of right-of-use assets	5,873	5,357
Deferred income taxes	(11,721)	(48,567)
Other	1,271	(883)
Changes in operating assets and liabilities:
Receivables, net	7,563	1,226
Inventories	3,194	(2,752)
Contract assets	(83)	665
Prepaid expenses and other assets	(922)	(6,982)
Accounts payable	3,038	(5,424)
Accrued agency fees and commissions	(6,601)	3,425
Deferred revenues	(14,402)	(18,948)
Operating lease liabilities	(4,326)	(5,244)
Other	3,338	(8,917)
Net cash used in operating activities from continuing operations	(36,753)	(57,997)
Net cash (used in) provided by operating activities from discontinued operations	(4,616)	1,063
Net cash used in operating activities	(41,369)	(56,934)
Cash Flows From Investing Activities
Purchases of property and equipment	(1,437)	(5,701)
Proceeds from promissory note repayment	1,300	0
Proceeds from sale of aircraft	0	17,196
Proceeds from sale of Yandy	1,000	0
Net cash provided by investing activities - continuing operations	863	11,495
Net cash used in investing activities - discontinued operations	(97)	(404)
Net cash provided by investing activities	766	11,091
Cash Flows From Financing Activities
Proceeds from issuance of common stock in rights offering, net	47,600	0
Proceeds from issuance of common stock in registered direct offering, net	13,890	0
Proceeds from issuance of long-term debt	11,828	0
Net proceeds from issuance of preferred stock	0	48,250
Repayment of long-term debt	(45,552)	(10,452)
Payment of financing costs	(508)	(2,500)
Proceeds from exercise of stock options	0	1,925
Settlement of the performance holdback contingent consideration	0	(151)
Net cash provided by financing activities - continuing operations	27,258	37,072
Effect of exchange rate changes on cash and cash equivalents	(136)	(1,139)
Net decrease in cash and cash equivalents and restricted cash	(13,481)	(9,910)
Balance, beginning of year	35,449	75,486
Balance, end of period	21,968	65,576
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	20,028	60,062
Restricted cash	1,940	5,514
Total	21,968	65,576
Supplemental Disclosures
Cash paid for income taxes	519	4,971
Cash paid for interest	13,981	11,522
Supplemental Disclosure of Non-cash Activities
Right-of-use assets in exchange for lease liabilities - continuing operations	4,334	5,039
Right-of-use assets in exchange for lease liabilities - discontinued operations	1,018	4,359
Shares issued in connection with asset purchase	0	1,333
Shares issued in connection with the settlement of the performance holdback contingent consideration relating to the acquisition of GlowUp	0	260
Shares issued pursuant to a license, services and collaboration agreement	$ 0	$ 950

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business PLBY Group, Inc. (the “Company”, “PLBY”, “we”, “our” or “us”), together with its subsidiaries, through which it conducts business, is a global consumer and lifestyle company marketing the Playboy brand through a wide range of direct-to-consumer products, licensing initiatives, and digital subscriptions and content, in addition to the sale of direct-to-consumer products under its Honey Birdette and Lovers brands. We have three reportable segments: Licensing, Direct-to-Consumer, and Digital Subscriptions and Content. Refer to Note 17, Segments. Basis of Presentation The interim condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). As discussed in Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, the Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”) disposal groups, previously included in the Direct-to-Consumer segment, continued to be classified as discontinued operations in the condensed consolidated statements of operations for all periods presented. Assets and liabilities of these businesses were classified as assets and liabilities held for sale of the condensed consolidated balance sheets for all periods presented. The sale of Yandy was completed on April 4, 2023. A stock purchase agreement for the sale of TLA was entered into on October 3, 2023, and the sale closed on November 3, 2023. Refer to Note 18, Subsequent Events for further details. Restatement of Previously Issued Financial Statements Subsequent to the issuance of the condensed consolidated financial statements as of and for the quarter ended September 30, 2023 included in the Original Filing, the Company identified a correction required to be made in its historical condensed consolidated financial statements and related disclosures as of and for the three and nine months ended September 30, 2023. The correction relates to the accounting treatment of impairment of a license agreement and the classification of commission expense adjustments related to all contract impairments recorded during the three and nine months ended September 30, 2023. In the Company’s Original Filing, the Company impaired a license agreement (which was ultimately terminated in the fourth quarter of 2023) and recorded impairment expense in relation thereto. Additionally, commission expense reversals related to contract impairments were recorded as an offset to the impairment expense. Pursuant to the Company’s completion of its year-end audit procedures for its 2023 fiscal year, the Company determined that the accounting treatment of the license agreement, as described above, was incorrect. Rather than recording impairment expense of $8.3 million and $11.4 million for the three and nine months ended September 30, 2023, respectively, the Company should have reduced its deferred revenue balance which related to the impaired license agreement. In addition, commission expense reversals of $1.0 million and $2.2 million should have been recorded to the Company’s cost of sales for the three and nine months ended September 30, 2023, respectively, rather than offsetting its impairment expense. Additionally, tax expense was increased by $0.4 million and $1.5 million for the three and nine months ended September 30, 2023, respectively, to account for the aforementioned reversal of the impairment expense and changes in jurisdictional location of certain other impairment expenses. The tables below set forth the condensed consolidated financial statements, including as reported, the impacts resulting from the restatement and the as restated amounts for the quarterly period ended September 30, 2023 (in thousands, except per share amounts): Condensed Consolidated Statement of Operations For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Cost of sales $ (10,909) $ 1,015 $ (9,894) Impairments (7,674) 7,282 (392) Total operating expense (44,618) 8,297 (36,321) Operating loss (11,336) 8,297 (3,039) Loss from continuing operations before income taxes (17,835) 8,297 (9,538) Benefit from income taxes 1,442 (388) 1,054 Net loss from continuing operations (16,393) 7,909 (8,484) Net loss (15,074) 7,909 (7,165) Net loss attributable to PLBY Group, Inc. (15,074) 7,909 (7,165) Net loss per share from continuing operations, basic and diluted (0.22) 0.10 (0.12) Net loss per share, basic and diluted (0.20) 0.10 (0.10) Condensed Consolidated Statement of Operations For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Cost of sales $ (43,545) $ 2,215 $ (41,330) Impairments (155,864) 9,232 (146,632) Total operating expense (299,107) 11,447 (287,660) Operating loss (195,521) 11,447 (184,074) Loss from continuing operations before income taxes (199,848) 11,447 (188,401) Benefit from income taxes 13,062 (1,470) 11,592 Net loss from continuing operations (186,786) 9,977 (176,809) Net loss (186,637) 9,977 (176,660) Net loss attributable to PLBY Group, Inc. (186,637) 9,977 (176,660) Net loss per share from continuing operations, basic and diluted (2.65) 0.15 (2.50) Net loss per share, basic and diluted (2.65) 0.15 (2.50) Condensed Consolidated Statement of Comprehensive Loss For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss $ (15,074) $ 7,909 $ (7,165) Comprehensive loss (16,256) 7,909 (8,347) Condensed Consolidated Statement of Comprehensive Loss For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss $ (186,637) $ 9,977 $ (176,660) Comprehensive loss (189,787) 9,977 (179,810) Condensed Consolidated Balance Sheet As of September 30, 2023 As Previously Reported Adjustments As Restated Deferred revenues, net of current portion $ 22,580 $ (11,447) $ 11,133 Deferred tax liabilities, net 12,047 1,470 13,517 Total liabilities 322,165 (9,977) 312,188 Accumulated deficit (620,033) 9,977 (610,056) Total stockholders’ equity 37,814 9,977 47,791 Condensed Consolidated Statements of Stockholders’ Equity For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Accumulated deficit beginning balance $ (604,959) $ 2,068 $ (602,891) Total stockholders' equity beginning balance 52,770 2,068 54,838 Net loss in both Accumulated Deficit and Total columns (15,074) 7,909 (7,165) Accumulated deficit ending balance (620,033) 9,977 (610,056) Total stockholders' equity ending balance 37,814 9,977 47,791 Condensed Consolidated Statements of Stockholders’ Equity For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss in both Accumulated Deficit and Total columns $ (186,637) $ 9,977 $ (176,660) Accumulated deficit ending balance (620,033) 9,977 (610,056) Total stockholders' equity ending balance 37,814 9,977 47,791 Condensed Consolidated Statements of Cash Flows For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Cash Flows From Operating Activities Net loss $ (186,637) $ 9,977 $ (176,660) Net loss from continuing operations (186,786) 9,977 (176,809) Impairments 155,864 (9,232) 146,632 Deferred income taxes (13,191) 1,470 (11,721) Receivables, net (3,884) 11,447 7,563 Accrued agency fees and commissions (4,386) (2,215) (6,601) Deferred revenues (2,955) (11,447) (14,402) Principles of Consolidation The interim condensed consolidated financial statements include our accounts and all majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company follows a monthly reporting calendar, with its fiscal year ending on December 31. Prior to the third quarter of 2022, Honey Birdette (Aust) Pty Limited (“Honey Birdette”), which the Company acquired in August 2021 had different fiscal quarter and year ends than the Company. Honey Birdette followed a fiscal calendar widely used by the retail industry which resulted in a fiscal year consisting of a 52- or 53-week period ending on the Sunday closest to December 31. Honey Birdette’s fiscal year previously consisted of four 13-week quarters, with an extra week added to each fiscal year every five or six years. Honey Birdette’s second fiscal quarter in 2022 consisted of 14 weeks. The difference in prior fiscal periods for Honey Birdette and the Company is immaterial and no related adjustments have been made in the preparation of these unaudited condensed consolidated financial statements. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of September 30, 2023, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial position as of September 30, 2023 and our results of operations and cash flows for the three and nine months ended September 30, 2023 and 2022. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The interim condensed consolidated results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Annual Report on Form 10-K as filed by us with the U.S. Securities and Exchange Commission on March 16, 2023. Reclassifications Certain prior period amounts in the condensed consolidated statements of operations and condensed consolidated balance sheet have been reclassified to conform with the current period presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly assess these estimates, including but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our only authorized and issued preferred stock (our “Series A Preferred Stock”); pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations. Concentrations of Business and Credit Risk We maintain certain cash balances in excess of Federal Deposit Insurance Corporation insured limits. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any credit risk to our cash. Concentration of credit risk with respect to accounts receiva ble is limited due to the wide variety of customers to whom our products are sold and/or license d. The following table represents receivables from our customers exceeding 10% of our total receivables, excluding receivables held for sale: Customer September 30, December 31, Customer A * 31 % The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, Customer 2023 2022 2023 2022 Customer A 16 % 12 % 16 % 11 % Restricted Cash At September 30, 2023 and December 31, 2022, restricted cash was primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, as well as Honey Birdette’s term deposit in relation to certain of its leases. Liquidity Assessment and Management’s Plans Our revenues, results of operations and cash flows have been materially adversely impacted by negative macroeconomic factors beginning in the second quarter of 2022 and continuing through 2023. The persistently challenging macroeconomic and retail environments, including reduced consumer spending and increased price sensitivity in discretionary categories, has significantly impacted our licensees’ performance. Our net revenues from continuing operations for the three and nine months ended September 30, 2023 decreased by $12.4 million and $37.1 million, compared to the three and nine months ended September 30, 2022, respectively, and this decline, coupled with investments into our creator platform, drove our impairment charge, operating loss and net loss. For the three and nine months ended September 30, 2023, we reported a net operating loss from continuing operations of $3.0 million and $184.1 million, respectively, and negative operating cash flows from continuing operations of $36.8 million for the nine months ended September 30, 2023. As of September 30, 2023, we had approximately $20.0 million in unrestricted cash and cash equivalents. As of September 30, 2023, we were in compliance with the covenants under our senior secured credit agreement; however, due to ongoing negative macroeconomic factors and their uncertain impacts on our business, results of operations and cash flows, we could experience further material decreases to net sales and operating cash flows and materially higher operating losses, and may experience difficulty remaining in compliance with such covenants. Refer to Note 10, Debt, for further details regarding the terms of our A&R Credit Agreement and the A&R Term Loans (as such terms are defined in Note 10). Our management is required to perform an initial assessment of an entity’s ability to continue as a going concern. When conditions and events, in the aggregate, raise substantial doubt about an entity’s ability to continue as a going concern, management considers the mitigating effect of its plans to the extent it is probable that the plans will be effectively implemented within the assessment period and, when implemented, it is probable the plans will mitigate the relevant conditions or events and alleviate substantial doubt. Our management’s plans are focused on improving its results of operations, operating cash flows and liquidity through expense reduction initiatives, including increased management of inventory purchasing, headcount, non-essential corporate spend (i.e. systems no longer needed for the streamlined business) and the timing and magnitude of capital expenditures, and capital raising transactions during the balance of fiscal year 2023 and fiscal year 2024. We continue to review our business model to identify actions that are expected to meaningfully reduce pre-tax costs and enable a more efficient and effective organization. Our management believes these plans are probable of being effectively implemented and, when implemented, that it is probable they will mitigate the negative impacts of the current ongoing negative macroeconomic conditions on our business. Consequently, management believes that our cash on hand, cash flows from operations and the proceeds from dispositions of assets will result in adequate cash flows and capital to support our ongoing operations and to meet our obligations as they become due under the A&R Credit Agreement and our other obligations for at least one year following the date these interim financial statements are issued. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Advertising Costs We expense advertising costs as incurred. Advertising expenses were $1.1 million and $3.0 million for the three months ended September 30, 2023 and 2022, respectively, excluding $0.4 million and $1.9 million, respectively, of advertising costs related to discontinued operations. Advertising expenses for the nine months ended September 30, 2023 and 2022 were $4.8 million and $10.9 million, respectively, excluding $2.7 million and $6.8 million, respectively, of advertising costs related to discontinued operations. We also have various arrangements with collaborators pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue. Intangible Assets and Goodwill Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. We periodically perform a quantitative assessment to estimate the fair value of our Playboy-branded trademarks. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the second quarter of 2023, we experienced further declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets, including goodwill, as of June 30, 2023. As a result, w e recognized $65.5 million of impairment charges on the indefinite-lived Playboy-branded trademarks at the impairment date in the second quarter of 2023. Our valuation estimate was most sensitive to changes in royalty rates and the cost of capital. Impairment charges on our goodwill at the impairment date were $66.7 million in the second quarter of 2023. There were no impairment charges to goodwill and Playboy-branded trademarks to be recognized in the third quarter of 2023. In the third quarter of 2022, as a result of macroeconomic factors, we experienced declines in revenue and profitability, causing us to test the recoverability of its goodwill and other intangible assets as of September 1, 2022. The quantitative test performed indicated that the fair value of our indefinite-lived Playboy-branded trademarks was less than their carrying value. Our valuation estimate was most sensitive to changes in royalty rates and the cost of capital. We recognized $116.0 million of impairment charges on our indefinite-lived assets at the impairment date in the third quarter of 2022. A quantitative impairment test performed on goodwill utilized the income approach, under which fair value was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The quantitative test performed indicated that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $117.4 million of impairment charges on our goodwill in the third quarter of 2022, excluding $16.4 million of impairment charges related to discontinued operations. Definite-lived intangible assets include distribution agreements, photo and magazine archives, licensing agreements, and trade names, which we recognized in connection with our business combinations. Because these assets were recognized as identifiable intangible assets in connection with our previous business combinat ions, we do not incur costs to renew or extend their terms. All of our definite-lived intangible assets are amortized using the straight-line method over their useful lives. Impairment of Long-Lived Assets The carrying amounts of long-lived assets, including property and equipment, stores, acquired intangible assets and right-of-use operating lease assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate over their remaining lives. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to their fair value. If the useful life is shorter than originally estimated, we amortize the remaining carrying value over the revised shorter useful life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. We recognized $5.1 million of impairment charges on our trade names at the impairment date in the second quarter of 2023, and $45.8 million of impairment charges on our trade names and certain other assets at the impairment date in the third quarter of 2022, excluding $8.3 million of impairment charges related to discontinued operations. There were no impairment charges to our long-lived assets, including trade names to be recognized in the third quarter of 2023. Assets and Liabilities Held for Sale and Discontinued Operations We classify assets and liabilities as held for sale, collectively referred to as the disposal group, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. We account for discontinued operations when assets and liabilities of a disposal group are classified as held for sale, or have been sold, and only if the disposal represents a strategic shift that has or will have a meaningful effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the consolidated statements of operations for all periods presented. General corporate overhead is not allocated to discontinued operations. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. Recently Adopted Accounting Pronouncements In December 2022, the Financial Accounting Standards Board issued Accounting Standard Update 2022-06 Reference Rate Reform (“Topic 848”) “Deferral of the Sunset Date of Topic 848”, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The standard was effective upon issuance and we may apply the optional expedients and elections in Topic 848 prospectively through December 31, 2024. Upon amendment and restatement of our Credit Agreement on May 10, 2023, LIBOR was replaced with the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York. Refer to Note 10, Debt. The provisions of this pronouncement did not have a material impact on our condensed consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted We do not believe that there were any recently issued, but not yet effective, accounting pronouncements that would have a material effect on our financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. For cash equivalents, receivables and certain other current assets and liabilities at September 30, 2023 and December 31, 2022, the amounts reported approximate fair value due to their short-term nature. For debt, based upon the amendment of our senior secured debt in August 2022, December 2022 and February 2023, as well as its amendment and restatement in May 2023, we believe that its carrying value approximates fair value, as such debt is variable-rate debt that reprices to current market rates frequently. Refer to No te 10, Debt, for additional disclosures about our debt. Our debt is classified within Level 2 of the valuation hierarchy. Liabilities Measured and Recorded at Fair Value on a Non-recurring Basis The following table summarizes the fair value of our financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (349) $ (349) December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (835) $ (835) Mandatorily redeemable preferred stock — — (39,099) (39,099) Total liabilities $ — $ — $ (39,934) $ (39,934) There were no transfers of Level 3 financial instruments during the periods presented. Contingent consideration liability relates to the contingent consideration recorded in connection with the acquisition of GlowUp Digital Inc. (“GlowUp”), which represents the fair value for shares which may be issued and cash which may be paid to the GlowUp sellers, subject to certain indemnification obligations that remained unsettled as of September 30, 2023 and December 31, 2022. We recorded the acquisition-date fair value of the contingent liability as part of the consideration transferred. The fair value of contingent and deferred consideration was estimated using either (i) a Monte Carlo simulation analysis in an option pricing framework, using revenue projections, volatility and stock price as key inputs or (ii) a scenario-based valuation model using probability of payment, certain cost projections, and either discounting (in the case of cash-settled consideration) or stock price (for share-settled consideration) as key inputs. The analysis approach was chosen based on the terms of each purchase agreement and our assessment of appropriate methodology for each case. The contingent payments and value of stock issuances are subsequently remeasured to fair value each reporting date using the same fair value estimation method originally applied with updated estimates and inputs as of September 30, 2023. We recorded $0.2 million and $1.4 million of fair value gain as a result of contingent liabilities fair value remeasurement in selling and administrative expenses for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $29.3 million of fair value gain as a result of contingent liabilities fair value remeasurement for the nine months ended September 30, 2023 and 2022, respectively. We classified financial liabilities associated with the contingent consideration as Level 3 due to the lack of relevant observable inputs. Changes in assumptions described above could have an impact on the payout of contingent consideration. Our Series A Preferred Stock liability, initially valued as of May 16, 2022 (the initial issuance date), and our subsequent Series A Preferred Stock liability, valued as of the August 8, 2022 (the final issuance date), were each calculated using a stochastic interest rate model implemented in a binomial lattice, in order to incorporate the various early redemption features. The fair value option was elected for Series A Preferred Stock liability, as we believe fair value best reflects the expected future economic value. Such liabilities are subsequently remeasured to fair value for each reporting date using the same valuation methodology as originally applied with updated input assumptions. In May 2023, in connection with the amendment and restatement of our Credit Agreement, the outstanding Series A Preferred Stock was exchanged for debt (and thereby eliminated). See Note 10, Debt, for further details. The fair value gain recorded in nonoperating income as a result of remeasurement of the fair value of our Series A Preferred Stock during the nine months ended September 30, 2023 was $6.5 million, and $9.1 million and $10.9 million during the three and nine months ended September 30, 2022, respectively. We classified financial liabilities associated with our Series A Preferred Stock as Level 3 due to the lack of relevant observable inputs. The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the nine months ended September 30, 2023 (in thousands): Contingent Consideration Mandatorily Redeemable Preferred Stock Liability Total Balance at December 31, 2022 $ 835 $ 39,099 $ 39,934 Change in fair value (486) (6,505) (6,991) Exchange of mandatorily redeemable preferred shares — (32,594) (32,594) Balance at September 30, 2023 $ 349 $ — $ 349 The decrease in the fair value of the contingent consideration for the nine months ended September 30, 2023 was primarily due to a decrease in a price per share of our common stock. Assets and Liabilities Held for Sale We initially measure an asset that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. We assess the fair value of an asset less costs to sell each reporting period that it remains classified as held for sale, and report any subsequent changes as an adjustment to the carrying amount of the asset. Assets are not depreciated or amortized while they are classified as held for sale. The assumptions used in measuring fair value of assets and liabilities held for sale are considered Level 3 inputs, which include recent purchase offers and market comparables. During the three and nine months ended September 30, 2023, impairment charges recorded in relation to assets and liabilities held for sale were immaterial. Assets Measured and Recorded at Fair Value on a Non-recurring Basis In addition to liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, our non-financial instruments, which primarily consist of goodwill, intangible assets, including digital assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions. Recognized losses related to the impairment of our digital assets during the three and nine months ended September 30, 2023 were immaterial, and the fair value of our digital assets was immaterial as of September 30, 2023. Recognized losses related to the impairment of our digital assets during the three months ended September 30, 2022 were immaterial. During the nine months ended September 30, 2022 we recognized $4.9 million of losses related to the impairment of our digital assets, which had a fair value of $0.3 million as of December 31, 2022. Fair value of digital assets held is predominantly based on Level 1 inputs. We use an income approach, using discounted cash flow and relief from royalty valuation models with Level 3 inputs, to measure the fair value of our non-financial assets, including goodwill, indefinite-lived trademarks and definite-lived trade names, and liabilities. With respect to goodwill, key assumptions applied in an income approach using the discounted cash flow valuation model include revenue growth rates and discount rates. With respect to indefinite-lived trademarks, key assumptions used in the income approach and the relief from royalty valuation model include revenue growth rates, royalty rates and discount rates. With respect to definite-lived trade names, key assumptions used in the relief from royalty valuation model include revenue growth rates, royalty rates and discount rates. Our cash flow projections represent management’s most recent planning assumptions, which are based on a combination of industry outlooks, views on general economic conditions, our expected pricing plans and expected future savings. Terminal values are determined using a common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant weighted-average cost of capital and long-term growth rates. Changes in key assumptions, namely discount rates, royalty rates, growth rates and projections, could have an impact on the fair value of our non-financial assets and liabilities. At the impairment date in the second quarter of 2023 and the third quarter of 2022, we recorded impairment charges on our intangible assets, including goodwill, indefinite-lived trademarks, trade names and certain other assets of $137.3 million and $279.2 million, respectively. Refer to Note 8, Intangible Assets and Goodwill, for further information.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations As of September 30, 2023, Yandy (which was sold in the second quarter of 2023) and TLA disposal groups met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for all periods presented, as the divestiture of Yandy and TLA in the aggregate represents a strategic shift that has or will have a major effect on our operations and financial results. Their assets and liabilities are classified as current assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. The sale of TLA was closed on November 3, 2023. Refer to Note 18, Subsequent events, for details. The following table summarizes the components of income (loss) from discontinued operations, net of tax in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues $ 9,880 $ 17,918 $ 36,121 $ 57,769 Costs and expenses: Cost of sales (4,252) (11,512) (16,431) (30,939) Selling and administrative expenses (4,313) (10,078) (19,329) (30,060) Impairments — (24,665) — (24,665) Total operating expense (8,565) (46,255) (35,760) (85,664) Operating income (loss) 1,315 (28,337) 361 (27,895) Nonoperating income (expense): Other income (expense), net 9 52 (190) 134 Total nonoperating income (expense) 9 52 (190) 134 Income (loss) from discontinued operations before income taxes 1,324 (28,285) 171 (27,761) (Expense) benefit from income taxes (5) 471 (22) 1,121 Income (loss) from discontinued operations, net of tax $ 1,319 $ (27,814) $ 149 $ (26,640) The major classes of assets and liabilities classified as held for sale in the accompanying condensed consolidated balance sheets were as follows (in thousands): September 30, December 31, Assets Receivables, net of allowance for credit losses $ 183 $ 4,206 Inventories, net 4,684 12,477 Prepaid expenses and other current assets 306 539 Property and equipment, net 1,531 3,571 Operating right-of-use assets 12,131 13,183 Other intangible assets, net 433 471 Other noncurrent assets 265 463 Total assets held for sale $ 19,533 $ 34,910 Liabilities Accounts payable $ 1,760 $ 6,541 Deferred revenues — 282 Operating lease liabilities 11,494 13,682 Other current liabilities and accrued expenses 2,237 6,621 Total liabilities held for sale $ 15,491 $ 27,126

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contract Balances Our contract assets relate to our Trademark Licensing revenue stream, where arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract assets were $10.4 million and $16.2 million as of September 30, 2023 and December 31, 2022, respectively. Contract liabilities were $17.6 million and $31.9 million as of September 30, 2023 and December 31, 2022, respectively, which excludes $0.3 million of contract liabilities included in liabilities held for sale in the condensed consolidated balance sheets as of December 31, 2022. The changes in such contract balances during the nine months ended September 30, 2023 primarily relate to (i) $31.5 million of revenues recognized that were included in gross contract liabilities at December 31, 2022, (ii) a $2.7 million increase in contract liabilities due to cash received in advance or consideration to which we are entitled remaining in the net contract liability balance at period-end, (iii) a $11.4 million write-down of contract liabilities due to impairment of a trademark licensing agreement, (iv) $25.1 million of contract assets reclassified into accounts receivable as the result of rights to consideration becoming unconditional, and (v) a $6.6 million decrease in contract assets primarily due to impairment of certain trademark licensing contracts and certain contract modifications and terminations. Contract assets were $16.7 million and $17.4 million as of September 30, 2022 and December 31, 2021, respectively. Accounts receivable as of September 30, 2022 and December 31, 2021 were $12.1 million and $13.3 million, respectively, which excludes assets held for sale of $0.5 million and $0.8 million, respectively. Contract liabilities were $33.5 million and $52.5 million as of September 30, 2022 and December 31, 2021, respectively, which excludes $0.8 million and $1.1 million of contract liabilities included in liabilities held for sale in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. The changes in such contract balances, excluding changes recorded as discontinued operations in the condensed consolidated statements of operations, during the nine months ended September 30, 2022 primarily relate to (i) $41.0 million of revenues recognized that were included in gross contract liabilities at December 31, 2021, (ii) a $2.6 million increase in contract liabilities due to cash received in advance or consideration to which we are entitled remaining in the net contract liability balance at period-end, (iii) $18.5 million of contract assets reclassified into accounts receivable as a result of rights to consideration becoming unconditional, and (iv) a $1.3 million decrease in contract assets due to certain trademark licensing contract modifications and terminations. Future Performance Obligations In the third quarter of 2023, we further updated the revenue recognition for certain of our licensees pursuant to their contract modifications and expected collectability, which resulted in impairment charges of $0.4 million and a write-down of corresponding contract liabilities of $8.3 million. For the nine months ended September 30, 2023, impairments of assets attributable to licensing contracts were $8.5 million, and a write-down of corresponding contract liabilities of $11.4 million. The decrease in revenue from such licensees was $4.0 million and $10.7 million during the three and nine months ended September 30, 2023, respectively, compared to the comparable prior year periods. Due to challenging economic conditions in China, collections from certain Chinese licensees there have slowed significantly. Future contract modifications and collectability issues could further impact the revenue recognized against our ongoing contract assets. As of September 30, 2023, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $176.4 million, of which $169.6 million relates to Trademark Licensing, with $146.2 million attributable to long-term licenses with Chinese licensees, $5.2 million relates to Digital Subscriptions and Products, and $1.6 million relates to other obligations. In October 2023, we terminated licensing agreements with certain Chinese licensees, which comprised $142.7 million of the unrecognized Trademark Licensing revenue under our long-term contracts as of September 30, 2023. Revenue recognized in connection with the contracts that were subsequently terminated was $6.1 million and $19.9 million during the three and nine months ended September 30, 2023, respectively. Unrecognized revenue of our Trademark Licensing revenue stream, excluding revenue from licensing agreements terminated in October 2023 as discussed in Note 1, Basis of Presentation, is expected to be recognized over the next seven years, of which 91% is expected to be recognized in the first five years. Unrecognized revenue of the Digital Subscriptions and Products revenue stream is expected to be recognized over the next five years, of which 42% is expected to be recognized in the first year. Unrecognized revenues under contracts disclosed above do not include contracts for which variable consideration is determined based on the customer’s subsequent sale or usage. Disaggregation of Revenue The following table disaggregates revenue by type (in thousands), excluding revenues from discontinued operations: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 10,931 $ — $ — $ — $ 10,931 $ 30,913 $ — $ — $ — $ 30,913 Digital subscriptions and products — — 3,359 — 3,359 — — 9,145 4 9,149 TV and cable programming — — 1,847 — 1,847 — — 5,911 — 5,911 Consumer products — 17,145 — — 17,145 — 57,613 — — 57,613 Total revenues $ 10,931 $ 17,145 $ 5,206 $ — $ 33,282 $ 30,913 $ 57,613 $ 15,056 $ 4 $ 103,586 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 14,908 $ — $ — $ — $ 14,908 $ 45,345 $ — $ — $ — $ 45,345 Magazine, digital subscriptions and products — — 2,403 42 2,445 — — 7,050 720 7,770 TV and cable programming — — 2,263 — 2,263 — — 7,050 — 7,050 Consumer products — 26,090 — — 26,090 — 80,482 — — 80,482 Total revenues $ 14,908 $ 26,090 $ 4,666 $ 42 $ 45,706 $ 45,345 $ 80,482 $ 14,100 $ 720 $ 140,647 The following table disaggregates revenue by point-in-time versus over time (in thousands), excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Point in time $ 18,306 $ 26,108 $ 60,450 $ 80,639 Over time 14,976 19,598 43,136 60,008 Total revenues $ 33,282 $ 45,706 $ 103,586 $ 140,647

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net The following table sets forth inventories, net, which are stated at the lower of cost (specific cost and first-in, first-out) and net realizable value (in thousands). The table excludes $4.7 million and $12.5 million of inventory, net, which is included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Editorial and other pre-publication costs $ 260 $ 690 Merchandise finished goods 13,737 19,922 Total $ 13,997 $ 20,612 At September 30, 2023 and December 31, 2022, reserves for slow-moving and obsolete inventory related to merchandise finished goods amounted to $4.9 million and $3.6 million, respectively. Reserves for slow-moving and obsolete inventory as of September 30, 2023 exclude an immaterial amount of inventory reserves included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023. Reserves for slow-moving and obsolete inventory as of December 31, 2022 exclude $1.4 million of inventory reserves included in assets held for sale in the condensed consolidated balance sheets as of December 31, 2022. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the items set forth in the table below (in thousands). The table excludes $0.3 million and $0.5 million of assets included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Prepaid taxes $ 2,889 $ 3,150 Deposits 170 205 Prepaid insurance 705 1,074 Contract assets, current portion 1,348 2,559 Prepaid software 2,440 3,714 Prepaid inventory not yet received 5,313 3,397 Prepaid platform fees 434 1,126 Other 1,842 1,996 Total $ 15,141 $ 17,221 In the first quarter of 2023, we significantly restructured our technology expenses, and cost-excessive and under-utilized software packages were either terminated or not renewed upon expiration of applicable agreements. This resulted in a restructuring charge of $4.6 million recorded in selling and administrative expenses in the condensed consolidated results of operations for the nine months ended September 30, 2023, excluding $0.4 million of costs related to discontinued operations, out of which $1.5 million was the accelerated amortization of prepaid software.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consists of the items set forth in the table below (in thousands). The table excludes $1.5 million and $3.6 million of property and equipment, net, included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Leasehold improvements $ 10,480 $ 9,096 Construction in progress 492 782 Equipment 3,665 3,704 Internally developed software 10,778 7,096 Furniture and fixtures 1,954 1,953 Total property and equipment, gross 27,369 22,631 Less: accumulated depreciation (12,427) (8,827) Total $ 14,942 $ 13,804

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets Our indefinite-lived intangible assets that are not amortized consisted of $150.8 million and $216.0 million of Playboy-branded trademarks and acquired trade names as of September 30, 2023 and December 31, 2022, respectively. Capitalized trademark costs include costs associated with the acquisition, registration and/or renewal of our trademarks. We expense certain costs associated with the defense of our trademarks. Registration and renewal costs that were capitalized during each of the three and nine months ended September 30, 2023 and 2022 were immaterial. As a result of ongoing impacts to our revenue, including declines in consumer demand and discontinued operations, we recorded non-cash asset impairment charges, at the impairment date in the second quarter of 2023, related to the write-down of goodwill of $66.7 million, to indefinite-lived trademarks of $65.5 million, and to trade names and other assets of $5.1 million. At the impairment date in the third quarter of 2022, we recorded non-cash asset impairment charges related to a write-down of goodwill by $117.4 million (excluding $16.4 million of impairment charges related to discontinued operations), a write-down of indefinite-lived trademarks by $116.0 million, and a write-down of trade names and other assets by $45.8 million (excluding $8.3 million of impairment charges related to discontinued operations). The table below summarizes our intangible assets, net (in thousands). The table excludes $0.4 million and $0.5 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 327 Total amortizable intangible assets, net 12,495 19,796 Total indefinite-lived intangible assets 150,829 216,014 Total $ 163,329 $ 236,137 Impairment charges related to our digital assets, which were comprised of the cryptocurrency “Ethereum” a s of September 30, 2023 and December 31, 2022, were immaterial for the three and nine months ended September 30, 2023. Impairment charges related to our digital assets were immaterial for the three months ended September 30, 2022, and $4.9 million for the nine months ended September 30, 2022. Our amortizable intangible assets, excluding assets classified as held for sale in the condensed consolidated balance sheets, consisted of the following (in thousands): Weighted-Average Life (Years) Gross Carrying Amount Accumulated Amortization Accumulated Impairments* Net Carrying Amount September 30, 2023 Trade names 12 $ 65,409 $ (7,659) $ (45,854) $ 11,896 Distribution agreements 15 3,720 (3,121) — 599 Total $ 69,129 $ (10,780) $ (45,854) $ 12,495 *Includes trade name impairment charges of $5.1 million during the nine months ended September 30, 2023. The table below excludes TLA’s customer lists and Yandy’s trade names as these were included in assets held for sale in the condensed consolidated balance sheets as of December 31, 2022. Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Accumulated Impairments Net Carrying Amount December 31, 2022 Trade names 12 $ 74,625 $ (6,881) $ (48,733) $ 19,011 Distribution agreements 15 3,720 (2,935) — 785 Developed technology 3 2,300 (2,300) — — Total $ 80,645 $ (12,116) $ (48,733) $ 19,796 The aggregate amortization expense for definite-lived intangible assets included in loss from continuing operations was $0.4 million and $2.7 million for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for definite-lived intangible assets attributable to discontinued operations was immaterial for the three months ended September 30, 2023 and 2022. The aggregate amortization expense for definite-lived intangible assets included in the continuing operations was $1.4 million and $6.3 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense for definite-lived intangible assets attributable to discontinued operations was immaterial for the nine months ended September 30, 2023 and 2022. As of September 30, 2023, expected amortization expense relating to definite-lived intangible assets for each of the next five years and thereafter is as follows (in thousands): Remainder of 2023 $ 352 2024 1,409 2025 1,409 2026 1,202 2027 1,161 Thereafter 6,962 Total $ 12,495 Goodwill Changes in the carrying value of goodwill for the nine months ended September 30, 2023 were as follows (in thousands): Gross Goodwill Impairments Net Goodwill Balance at December 31, 2022 $ 257,545 $ (134,328) $ 123,217 Foreign currency translation adjustment in relation to Honey Birdette (2,837) (2,837) Impairments* (66,660) (66,660) Balance at September 30, 2023 $ 254,708 $ (200,988) $ 53,720 *Goodwill impairment charges recorded during the nine months ended September 30, 2023 were $67.5 million. The difference from the amount shown in the table is due to foreign currency translation. Changes in the recorded carrying value of goodwill for the nine months ended September 30, 2023 by reportable segment were as follows: Direct-to-Consumer Licensing Digital Subscriptions and Content Balance at December 31, 2022 $ 90,117 $ — $ 33,100 Foreign currency translation and other adjustments (2,837) — — Impairments* (66,660) — — Balance at September 30, 2023 $ 20,620 $ — $ 33,100 *Goodwill impairment charges recorded during the nine months ended September 30, 2023 were $67.5 million. The difference from the amount shown in the table is due to foreign currency translation.

Other Current Liabilities and A

Other Current Liabilities and Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Other Current Liabilities and Accrued Expenses	Other Current Liabilities and Accrued Expenses Other current liabilities and accrued expenses consisted of the items set forth in the table below (in thousands). The table excludes $2.2 million and $6.6 million of other current liabilities and accrued expenses included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Accrued interest $ 2,898 $ 2,096 Accrued salaries, wages and employee benefits 4,834 3,850 Outstanding gift cards and store credits 1,297 1,571 Inventory in transit 5,272 6,510 Sales taxes 3,793 4,542 Accrued creator fees 1,887 — Other 5,439 6,537 Total $ 25,420 $ 25,106

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth our debt (in thousands): September 30, December 31, Term loan, due 2027 $ 209,848 $ 201,613 Total debt 209,848 201,613 Less: unamortized debt issuance costs (625) (1,822) Less: unamortized debt discount (21,014) (6,616) Total debt, net of unamortized debt issuance costs and debt discount 188,209 193,175 Less: current portion of long-term debt (304) (2,050) Total debt, net of current portion $ 187,905 $ 191,125 On April 4, 2023, we entered into Amendment No. 5 (the “Fifth Amendment”) to our senior secured Credit and Guaranty Agreement, dated as of May 25, 2021 (as previously amended on August 11, 2021, August 8, 2022, December 6, 2022 and February 17, 2023, the “Credit Agreement”, and as further amended by the Fifth Amendment) to permit, among other things, the sale of our wholly-owned subsidiary, Yandy Enterprises, LLC, and that the proceeds of such sale would not be required to prepay the loans under the Credit Agreement (as amended through the Fifth Amendment); provided that at least 30% of the consideration for the Yandy Sale was paid in cash. On May 10, 2023 (the “Restatement Date”), we entered into an amendment and restatement of the Credit Agreement (the “A&R Credit Agreement”) to reduce the interest rate applicable to our senior secured debt and the implied interest rate on our Series A Preferred Stock, exchange (and thereby eliminate) our outstanding Series A Preferred Stock, and obtain additional covenant relief and funding. In connection with the A&R Credit Agreement, Fortress Credit Corp. and its affiliates (together, “Fortress”) became our lender with respect to approximately 90% of the term loans under the A&R Credit Agreement (the “A&R Term Loans”). Fortress exchanged 50,000 shares of our Series A Preferred Stock (representing all of our issued and outstanding preferred stock) for approximately $53.6 million of the A&R Term Loans, and we obtained approximately $11.8 million of additional funding as part of the A&R Term Loans. As a result, our Series A Preferred Stock was eliminated, and the principal balance of the A&R Term Loans under the A&R Credit Agreement became approximately $210.0 million (whereas the original Credit Agreement had an outstanding balance of approximately $156.0 million as of March 31, 2023). In connection with the A&R Credit Agreement, the original Credit Agreement’s term loans were apportioned into approximately $20.6 million of Tranche A term loans (“Tranche A”) and approximately $189.4 million of Tranche B term loans (“Tranche B”, and together with Tranche A comprising the A&R Term Loans). The prior amortization payments applicable to the total term loan under the original Credit Agreement were eliminated. The A&R Credit Agreement only requires the smaller Tranche A be subject to quarterly amortization payments of approximately $76,000 per quarter.The benchmark rate for the A&R Term Loans is the applicable term of secured overnight financing rate as published by the U.S. Federal Reserve Bank of New York (rather than LIBOR, as under the original Credit Agreement). As of the Restatement Date, Tranche A accrues interest at SOFR plus 6.25%, with a SOFR floor of 0.50%. As of the Restatement Date, Tranche B accrues interest at SOFR plus 4.25%, with a SOFR floor of 0.50%. The stated interest rate of Tranche A and Tranche B term loans as of September 30, 2023 was 11.41% and 9.41%, respectively. The stated interest rate of the term loan pursuant to the Credit Agreement as of December 31, 2022 was 11.01%. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of September 30, 2023 was 11.94% and 14.43%, respectively. The effective interest rate of the term loan pursuant to the Credit Agreement as of December 31, 2022 was 12.3%. We obtained additional leverage covenant relief through the first quarter of 2025, with testing of a total net leverage ratio covenant commencing following the quarter ending March 31, 2025, which covenant will be initially set at 7.25:1.00, reducing in 0.25 increments per quarter until the ratio reaches 5.25:1.00 for the quarter ending March 31, 2027. As a result of the amendment and restatement of the Credit Agreement (the “Restatement”) in the second quarter of 2023, we recorded $8.0 million of gain for partial debt extinguishment and capitalized an additional $21.0 million of debt discount while deferring and continuing to amortize an existing discount of $2.6 million, which will be amortized over the remaining term of our senior secured debt and recorded in interest expense in our condensed consolidated statements of operations. As a result of the Restatement, fees of $0.3 million were expensed as incurred and $0.4 million of debt issuance costs were capitalized in the second quarter of 2023. On November 2, 2023, we entered into Amendment No. 1 to the A&R Credit Agreement. Refer to Note 18, Subsequent Events, for the details. Compliance with the financial covenants as of September 30, 2023 and December 31, 2022 was waived pursuant to the terms of the A&R Credit Agreement and the third amendment of the Credit Agreement, respectively. The following table sets forth maturities of the principal amount of our A&R Term Loans as of September 30, 2023 (in thousands): Remainder of 2023 $ 76 2024 304 2025 304 2026 304 2027 208,860 Total $ 209,848

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock Common stock reserved for future issuance consists of the following: September 30, December 31, Shares available for grant under equity incentive plans 3,011,875 492,786 Options issued and outstanding under equity incentive plans 2,389,361 2,599,264 Unvested restricted stock units 922,808 2,058,534 Vested restricted stock units not yet settled 67,479 11,761 Unvested performance-based restricted stock units 808,191 1,089,045 Shares issuable pursuant to a license, services and collaboration agreement 9,936 48,574 Maximum number of shares issuable to Glowup sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 7,458,766 6,549,080

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of September 30, 2023, 7,835,715 shares of common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan (“2021 Plan”) and 6,287,687 shares of common stock were originally reserved for issuance under our 2018 Equity Incentive Plan (“2018 Plan”). Stock Option Activity A summary of the stock option activity under our equity incentive plans is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance – December 31, 2022 2,599,264 $ 8.41 7.2 $ — Granted — — — — Exercised — — — — Forfeited and cancelled (209,903) $ 25.17 — $ — Balance – September 30, 2023 2,389,361 $ 6.94 6.3 $ — Exercisable – September 30, 2023 2,238,745 $ 6.58 6.2 $ — Vested and expected to vest as of September 30,2023 2,389,361 $ 6.94 6.3 $ — There were no options granted during the three or nine months ended September 2023 and 2022. Restricted Stock Units A summary of r estricted stock unit activity under our equity incentive plans is as follows: Number of Awards Weighted- Average Grant Date Fair Value per Share Unvested and outstanding balance at December 31, 2022 2,058,534 $ 12.79 Granted — — Vested (959,031) 12.69 Forfeited (176,695) 20.12 Unvested and outstanding balance at September 30, 2023 922,808 $ 11.49 The total fair value of restricted stock units that vested during the three months ended September 30, 2023 and 2022 was approximately $0.2 million and $0.1 million, respectively. The total fair value of restricted stock units that vested during the nine months ended September 30, 2023 and 2022 was approximately $1.8 million and $3.2 million, respectively. We had 67,479 outstanding and fully vested restricted stock units remained unsettled at September 30, 2023, all of which were settled in October and November 2023. As such, they are excluded from outstanding shares of common stock but are included in weighted-average shares outstanding for the calculation of net loss per share for the three and nine months ended September 30, 2023 and 2022. Performance Stock Units Our performance-based restricted stock units (“PSUs”) vest upon achieving each of certain Company stock price milestones during the contractual vesting period. The stock price milestones vary among grantees and are set forth in each grantee’s PSU grant agreement (for example, achievement of each of the following 30-day volume-weighted average prices for a share of Company common stock: $20, $30, $40 and $50). The vesting of PSUs is subject to each grantee’s continued service to the Company. To determine the value of PSUs for stock-based compensation purposes, the Company uses the Monte Carlo simulation valuation model. The Monte Carlo simulation model utilizes multiple input variables, including a derived service period of 1.88 years for 2021 grants and a weighted-average derived service period of 3.8 years for 2022 grants, to estimate the probability that the market conditions will be achieved and is applied to the trading price of our common stock on the date of grant. For milestones that have not been achieved, such PSUs vest over the derived requisite service period and the fair value of such awards is estimated on the grant date using Monte Carlo simulations. The determination of the grant date fair value of PSUs issued is affected by a number of variables and subjective assumptions, including (i) the fair value of the Company’s common stock, (ii) the expected common stock price volatility over the expected life of the award, (iii) the expected term of the award, (iv) risk-free interest rates, (v) the exercise price, and (vi) the expected dividend yield. Forfeitures are recognized when they occur. A summary of PSU activity under our 2021 Plan is as follows: Number of Weighted- Unvested and outstanding balance at December 31, 2022 1,089,045 $ 12.72 Granted — — Vested — — Forfeited (280,854) 15.32 Unvested and outstanding balance at September 30, 2023 808,191 $ 11.82 Stock-Based Compensation Expense Stock-based compensation expense under our equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of sales (1) $ 643 $ 513 $ 190 $ 2,156 Selling and administrative expenses (2) (103) 4,030 8,720 13,673 Total $ 540 $ 4,543 $ 8,910 $ 15,829 (1) Cost of sales for the nine months ended September 30, 2023 includes a net reversal of $1.0 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license services and collaboration agreement. Stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement and recorded in cost of sales for the three months ended September 30, 2023 was immaterial. Stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement and recorded in cost of sales for the three and nine months ended September 30, 2022 were $0.4 million and $1.1 million, respectively. (2 ) Selling and administrative expenses for the three months ended September 30, 2023 includes a reversal of $2.4 million of stock-based compensation expense due to forfeitures of certain equity grants. Selling and administrative expenses for the nine months ended September 30, 2023 includes $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards, offset by a $2.4 million reduction in stock-based compensation expense due to forfeitures of certain equity grants during the nine months ended September 30, 2023. The expense presented in the table above is net of capitalized stock-based compensation relating to software development costs of $0.8 million and $2.0 million during the three and nine months ended September 30, 2023, respectively, and $0.8 million and $1.4 million during the three and nine months ended September 30, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases As of September 30, 2023 and December 31, 2022, the weighted-average remaining term of our operating leases from continuing operations was 5.4 years and 5.8 years, respectively, and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 6.9% and 5.8%, respectively. Cash payments for amounts included in the measurement of operating lease liabilities attributable to continuing operations were $2.4 million and $1.7 million for the three months ended September 30, 2023 and 2022, respectively, and $6.7 million and $6.5 million for the nine months ended September 30, 2023 and 2022, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities were $1.9 million and $1.2 million for the three months ended September 30, 2023 and 2022, respectively, excluding $0.1 million and $2.2 million, respectively, of right-of-use assets related to assets held for sale. Right-of-use assets obtained in exchange for new operating lease liabilities from continuing operations were $4.3 million and $5.0 million for the nine months ended September 30, 2023 and 2022, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities attributable to discontinued operations for the nine months ended September 30, 2023 and 2022 were $1.0 million and $4.4 million, respectively. In conjunction with the sale of Yandy in the second quarter of 2023, we entered into a sublease agreement with the buyer of Yandy in relation to its warehouse and office space for the remaining term of the lease, which expires in 2031. Net lease cost recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 is summarized in the table below (in thousands). The table excludes TLA’s total net lease cost of $0.4 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $1.5 million and $4.6 million for the three and nine months ended September 30, 2022, respectively, which is included in discontinued operations in the unaudited condensed consolidated statements of operations. Three Months Ended September 30, 2023 2022 Operating lease cost $ 2,054 $ 1,381 Variable lease cost 371 228 Short-term lease cost 387 492 Sublease income (202) (65) Total $ 2,610 $ 2,036 Nine Months Ended September 30, 2023 2022 Operating lease cost $ 5,873 $ 5,146 Variable lease cost 1,116 594 Short-term lease cost 1,678 1,417 Sublease income (467) (194) Total $ 8,200 $ 6,963 Maturities of our operating lease liabilities as of September 30, 2023 were as follows (in thousands): Remainder of 2023 $ 2,340 2024 8,783 2025 7,701 2026 7,211 2027 4,939 Thereafter 9,353 Total undiscounted lease payments 40,327 Less: imputed interest (7,631) Total operating lease liabilities $ 32,696 Operating lease liabilities, current portion $ 6,906 Operating lease liabilities, noncurrent portion $ 25,790 Legal Contingencies From time to time, we may have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. AVS Case In March 2020, our subsidiary Playboy Enterprises International, Inc. (together with its subsidiaries, “PEII”) terminated its license agreement with a licensee, AVS Products, LLC (“AVS”), for AVS’s failure to make required payments to PEII under the agreement, following notice of breach and an opportunity to cure. On February 6, 2021, PEII received a letter from counsel to AVS alleging that the termination of the contract was improper, and that PEII failed to meet its contractual obligations, preventing AVS from fulfilling its obligations under the license agreement. On February 25, 2021, PEII brought suit against AVS in Los Angeles Superior Court to prevent further unauthorized sales of Playboy-branded products and for disgorgement of unlawfully obtained funds. On March 1, 2021, PEII also brought a claim in arbitration against AVS for outstanding and unpaid license fees. PEII and AVS subsequently agreed that the claims PEII brought in arbitration would be alleged in the Los Angeles Superior Court case instead, and on April 23, 2021, the parties entered into and filed a stipulation to that effect with the court. On May 18, 2021, AVS filed a demurrer, asking for the court to remove an individual defendant and dismiss PEII’s request for a permanent injunction. On June 10, 2021, the court denied AVS’s demurrer. AVS filed an opposition to PEII’s motion for a preliminary injunction to enjoin AVS from continuing to sell or market Playboy-branded products on July 2, 2021, which the court denied on July 28, 2021. On August 10, 2021, AVS filed a cross-complaint for breach of contract, breach of the implied covenant of good faith and fair dealing, quantum meruit and declaratory relief. As in its February 2021 letter, AVS alleges its license was wrongfully terminated and that PEII failed to approve AVS’ marketing efforts in a manner that was either timely or that was commensurate with industry practice. AVS is seeking to be excused from having to perform its obligations as a licensee, payment of the value for services rendered by AVS to PEII outside of the license, and damages to be proven at trial. The court heard PEII’s motion for summary judgment on June 6, 2023, and dismissed six out of 10 of AVS’ causes of action. AVS’ contract-related claims remain to be determined at trial, which is set for September 30, 2024. The parties are currently engaged in discovery. We believe AVS’ remaining claims and allegations are without merit, and we will defend this matter vigorously. TNR Case On December 17, 2021, Thai Nippon Rubber Industry Public Limited Company, a manufacturer of condoms and lubricants and a publicly traded Thailand company (“TNR”), filed a complaint in the U.S. District Court for the Central District of California against PEII and its subsidiary Products Licensing, LLC. TNR alleges a variety of claims relating to the termination of a license agreement with TNR and the business relationship between PEII and TNR prior to such termination. TNR alleges, among other things, breach of contract, unfair competition, breach of the implied covenant of good faith and fair dealing, and interference with contractual and business relations due to PEII’s conduct. TNR is seeking over $100 million in damages arising from the loss of expected profits, declines in the value of TNR’s business, unsalable inventory and investment losses. After PEII indicated it would move to dismiss the complaint, TNR received two extensions of time from the court to file an amended complaint. TNR filed its amended complaint on March 16, 2022. On April 25, 2022, PEII filed a motion to dismiss the complaint. That motion was partially granted, and the court dismissed TNR’s claims under California franchise laws without leave to amend. A trial date has been set for May 14, 2024. We believe TNR’s claims and allegations are without merit, and we will defend this matter vigorously.

Severance Costs

Severance Costs	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Severance Costs	Severance Costs We incurred severance costs during 2023 due to the reduction of headcount, as we shift our business to a capital-light model. Severance costs are recorded in selling, general and administrative expenses in the condensed consolidated statements of operations, with an immaterial amount recorded in cost of sales, and in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets. Severance costs in our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Direct-to-Consumer $ 6 $ 10 $ 1,133 $ 10 Corporate — 635 1,221 776 Digital Subscriptions and Content 308 72 347 654 Licensing — 35 53 43 Total $ 314 $ 752 $ 2,754 $ 1,483 The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets (in thousands): Employee Separation Costs Balance at December 31, 2022 $ 1,192 Costs incurred and charged to expense 2,883 Costs paid or otherwise settled (3,023) Balance at September 30, 2023 $ 1,052

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended September 30, 2023 and 2022 was 11.1% and 15.6%, respectively. The effective tax rate for the nine months ended September 30, 2023 and 2022 was 6.2% and 16.1%, respectively. The effective tax rate for the three and nine months ended September 30, 2023 differed from the U.S. statutory federal income tax rate of 21% primarily due to foreign withholding taxes, the limitations of the Internal Revenue Code Section 162(m) (“Section 162(m)”), stock compensation shortfall deductions and the release of valuation allowance due to a reduction in net deferred tax liabilities of indefinite lived intangibles, and the effective tax rate for the nine months ended September 30, 2023 was also impacted by the impairment of intangible assets. The effective tax rate for the three and nine months ended September 30, 2022 differed from the U.S. statutory federal income tax rate of 21% primarily due to impairment of intangible assets, foreign withholding taxes, Section 162(m) limitations, stock compensation windfall deductions, contingent consideration fair market value adjustment related to prior acquisitions, foreign income taxes, and the release of valuation allowance due to a reduction in net deferred tax liabilities of indefinite-lived intangibles.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options to purchase common stock 2,389,361 2,673,556 2,389,361 2,673,556 Unvested restricted stock units 922,808 2,190,840 922,808 2,190,840 Unvested performance-based restricted stock units 808,191 1,089,045 808,191 1,089,045 Total 4,120,360 5,953,441 4,120,360 5,953,441

Segments

Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segments	Segments We have three reportable segments: Licensing, Direct-to-Consumer, and Digital Subscriptions and Content. The Licensing segment derives revenue from trademark licenses for third-party consumer products and location-based entertainment businesses. The Direct-to-Consumer segment derives revenue from sales of consumer products sold through third-party retailers, online direct-to-customer or brick-and-mortar through our lingerie business, Honey Birdette, with 57 stores in three countries as of September 30, 2023. The TLA and Yandy direct-to-consumer businesses met the criteria for discontinued operations classification as of September 30, 2023 (see Note 3, Assets and Liabilities Held for Sale and Discontinued Operations). Therefore, they were excluded from the table below and classified as discontinued operations in our condensed consolidated statements of operations for all periods presented. The Digital Subscriptions and Content segment derives revenue from the subscription of Playboy programming that is distributed through various channels, including websites and domestic and international television, from sales of tokenized digital art and collectibles, and sales of creator content offerings to consumers on playboy.com . Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. Total asset information is not included in the tables below as it is not provided to and reviewed by our CODM. The “All Other” line items in the tables below are primarily attributable to revenues and costs related to the fulfillment of magazine subscription obligations in the prior year comparative periods, which do not meet the quantitative threshold for determining reportable segments. We discontinued publishing Playboy magazine in the first quarter of 2020. The “Corporate” line item in the tables below includes certain operating expenses that are not allocated to the reporting segments presented to our CODM. These expenses include legal, human resources, accounting/finance, information technology and facilities. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies. The following table sets forth financial information by reportable segment (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (As Restated) (As Restated) Net revenues: Licensing $ 10,931 $ 14,908 $ 30,913 $ 45,345 Direct-to-Consumer 17,145 26,090 57,613 80,482 Digital Subscriptions and Content 5,206 4,666 15,056 14,100 All Other — 42 4 720 Total $ 33,282 $ 45,706 $ 103,586 $ 140,647 Operating (loss) income: Licensing $ 9,346 $ (105,403) $ (52,218) $ (84,699) Direct-to-Consumer (1,614) (164,852) (91,672) (166,568) Digital Subscriptions and Content (1,884) (3,013) (1,491) (12,855) Corporate (8,887) (11,405) (38,681) (20,890) All Other — 65 (12) 668 Total $ (3,039) $ (284,608) $ (184,074) $ (284,344) Geographic Information Revenue by geography is based on where the customer is located. The following table sets forth revenue by geographic area (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues: United States $ 14,932 $ 18,847 $ 45,566 $ 56,946 China 6,544 10,656 20,967 32,386 Australia 7,727 10,556 22,863 33,136 UK 2,279 3,097 7,724 9,150 Other 1,800 2,550 6,466 9,029 Total $ 33,282 $ 45,706 $ 103,586 $ 140,647

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 3, 2023, we entered into a Stock Purchase Agreement (the “SPA”) with LV Holding, LLC (“Buyer”) for the sale of TLA (the “Transaction”). We closed the Transaction on November 3, 2023. Pursuant to the terms and subject to the conditions set forth in the SPA, Buyer agreed to acquire from Playboy Enterprises, Inc., a wholly-owned subsidiary of PLBY Group, Inc. and the holder of all equity of TLA (“Seller”), all of the issued and outstanding equity interests of TLA, which held and operated the Lovers business, for approximately $13.5 million in cash (the “Purchase Price”). Approximately $2.1 million of the Purchase Price was placed into a short-term escrow account at the closing of the Transaction in connection with a post-closing working capital adjustment, certain possible indemnification claims payable by the Seller and for certain post-closing items to be completed by Seller.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Unaudited Interim Condensed Consolidated Financial Statements	Basis of Presentation The interim condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). As discussed in Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, the Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”) disposal groups, previously included in the Direct-to-Consumer segment, continued to be classified as discontinued operations in the condensed consolidated statements of operations for all periods presented. Assets and liabilities of these businesses were classified as assets and liabilities held for sale of the condensed consolidated balance sheets for all periods presented. The sale of Yandy was completed on April 4, 2023. A stock purchase agreement for the sale of TLA was entered into on October 3, 2023, and the sale closed on November 3, 2023. Refer to Note 18, Subsequent Events for further details. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of September 30, 2023, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial position as of September 30, 2023 and our results of operations and cash flows for the three and nine months ended September 30, 2023 and 2022. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The interim condensed consolidated results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Annual Report on Form 10-K as filed by us with the U.S. Securities and Exchange Commission on March 16, 2023.
Principles of Consolidation	Principles of Consolidation The interim condensed consolidated financial statements include our accounts and all majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company follows a monthly reporting calendar, with its fiscal year ending on December 31. Prior to the third quarter of 2022, Honey Birdette (Aust) Pty Limited (“Honey Birdette”), which the Company acquired in August 2021 had different fiscal quarter and year ends than the Company. Honey Birdette followed a fiscal calendar widely used by the retail industry which resulted in a fiscal year consisting of a 52- or 53-week period ending on the Sunday closest to December 31. Honey Birdette’s fiscal year previously consisted of four 13-week quarters, with an extra week added to each fiscal year every five or six years. Honey Birdette’s second fiscal quarter in 2022 consisted of 14 weeks. The difference in prior fiscal periods for Honey Birdette and the Company is immaterial and no related adjustments have been made in the preparation of these unaudited condensed consolidated financial statements.
Reclassifications	Reclassifications Certain prior period amounts in the condensed consolidated statements of operations and condensed consolidated balance sheet have been reclassified to conform with the current period presentation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly assess these estimates, including but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our only authorized and issued preferred stock (our “Series A Preferred Stock”); pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations.
Concentrations of Business and Credit Risk	Concentrations of Business and Credit Risk We maintain certain cash balances in excess of Federal Deposit Insurance Corporation insured limits. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any credit risk to our cash. Concentration of credit risk with respect to accounts receiva ble is limited due to the wide variety of customers to whom our products are sold and/or license
Restricted Cash	Restricted Cash
Advertising Costs	Advertising Costs We expense advertising costs as incurred. Advertising expenses were $1.1 million and $3.0 million for the three months ended September 30, 2023 and 2022, respectively, excluding $0.4 million and $1.9 million, respectively, of advertising costs related to discontinued operations. Advertising expenses for the nine months ended September 30, 2023 and 2022 were $4.8 million and $10.9 million, respectively, excluding $2.7 million and $6.8 million, respectively, of advertising costs related to discontinued operations. We also have various arrangements with collaborators pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue.
Intangible Assets and Goodwill	Intangible Assets and Goodwill Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. We periodically perform a quantitative assessment to estimate the fair value of our Playboy-branded trademarks. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the second quarter of 2023, we experienced further declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets, including goodwill, as of June 30, 2023. As a result, w e recognized $65.5 million of impairment charges on the indefinite-lived Playboy-branded trademarks at the impairment date in the second quarter of 2023. Our valuation estimate was most sensitive to changes in royalty rates and the cost of capital. Impairment charges on our goodwill at the impairment date were $66.7 million in the second quarter of 2023. There were no impairment charges to goodwill and Playboy-branded trademarks to be recognized in the third quarter of 2023. In the third quarter of 2022, as a result of macroeconomic factors, we experienced declines in revenue and profitability, causing us to test the recoverability of its goodwill and other intangible assets as of September 1, 2022. The quantitative test performed indicated that the fair value of our indefinite-lived Playboy-branded trademarks was less than their carrying value. Our valuation estimate was most sensitive to changes in royalty rates and the cost of capital. We recognized $116.0 million of impairment charges on our indefinite-lived assets at the impairment date in the third quarter of 2022. A quantitative impairment test performed on goodwill utilized the income approach, under which fair value was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The quantitative test performed indicated that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $117.4 million of impairment charges on our goodwill in the third quarter of 2022, excluding $16.4 million of impairment charges related to discontinued operations. Definite-lived intangible assets include distribution agreements, photo and magazine archives, licensing agreements, and trade names, which we recognized in connection with our business combinations. Because these assets were recognized as identifiable intangible assets in connection with our previous business combinat ions, we do not incur costs to renew or extend their terms. All of our definite-lived intangible assets are amortized using the straight-line method over their useful lives.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The carrying amounts of long-lived assets, including property and equipment, stores, acquired intangible assets and right-of-use operating lease assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate over their remaining lives. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to their fair value. If the useful life is shorter than originally estimated, we amortize the remaining carrying value over the revised shorter useful life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. We recognized $5.1 million of impairment charges on our trade names at the impairment date in the second quarter of 2023, and $45.8 million of impairment charges on our trade names and certain other assets at the impairment date in the third quarter of 2022, excluding $8.3 million of impairment charges related to discontinued operations. There were no impairment charges to our long-lived assets, including trade names to be recognized in the third quarter of 2023.
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations We classify assets and liabilities as held for sale, collectively referred to as the disposal group, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. We account for discontinued operations when assets and liabilities of a disposal group are classified as held for sale, or have been sold, and only if the disposal represents a strategic shift that has or will have a meaningful effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the consolidated statements of operations for all periods presented. General corporate overhead is not allocated to discontinued operations. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2022, the Financial Accounting Standards Board issued Accounting Standard Update 2022-06 Reference Rate Reform (“Topic 848”) “Deferral of the Sunset Date of Topic 848”, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The standard was effective upon issuance and we may apply the optional expedients and elections in Topic 848 prospectively through December 31, 2024. Upon amendment and restatement of our Credit Agreement on May 10, 2023, LIBOR was replaced with the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York. Refer to Note 10, Debt. The provisions of this pronouncement did not have a material impact on our condensed consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted We do not believe that there were any recently issued, but not yet effective, accounting pronouncements that would have a material effect on our financial statements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedules of Concentration of Risks	The following table represents receivables from our customers exceeding 10% of our total receivables, excluding receivables held for sale: Customer September 30, December 31, Customer A * 31 % The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, Customer 2023 2022 2023 2022 Customer A 16 % 12 % 16 % 11 %
Schedule of Condensed Consolidated Financial Statements Impacts Resulting from Restatement	The tables below set forth the condensed consolidated financial statements, including as reported, the impacts resulting from the restatement and the as restated amounts for the quarterly period ended September 30, 2023 (in thousands, except per share amounts): Condensed Consolidated Statement of Operations For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Cost of sales $ (10,909) $ 1,015 $ (9,894) Impairments (7,674) 7,282 (392) Total operating expense (44,618) 8,297 (36,321) Operating loss (11,336) 8,297 (3,039) Loss from continuing operations before income taxes (17,835) 8,297 (9,538) Benefit from income taxes 1,442 (388) 1,054 Net loss from continuing operations (16,393) 7,909 (8,484) Net loss (15,074) 7,909 (7,165) Net loss attributable to PLBY Group, Inc. (15,074) 7,909 (7,165) Net loss per share from continuing operations, basic and diluted (0.22) 0.10 (0.12) Net loss per share, basic and diluted (0.20) 0.10 (0.10) Condensed Consolidated Statement of Operations For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Cost of sales $ (43,545) $ 2,215 $ (41,330) Impairments (155,864) 9,232 (146,632) Total operating expense (299,107) 11,447 (287,660) Operating loss (195,521) 11,447 (184,074) Loss from continuing operations before income taxes (199,848) 11,447 (188,401) Benefit from income taxes 13,062 (1,470) 11,592 Net loss from continuing operations (186,786) 9,977 (176,809) Net loss (186,637) 9,977 (176,660) Net loss attributable to PLBY Group, Inc. (186,637) 9,977 (176,660) Net loss per share from continuing operations, basic and diluted (2.65) 0.15 (2.50) Net loss per share, basic and diluted (2.65) 0.15 (2.50) Condensed Consolidated Statement of Comprehensive Loss For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss $ (15,074) $ 7,909 $ (7,165) Comprehensive loss (16,256) 7,909 (8,347) Condensed Consolidated Statement of Comprehensive Loss For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss $ (186,637) $ 9,977 $ (176,660) Comprehensive loss (189,787) 9,977 (179,810) Condensed Consolidated Balance Sheet As of September 30, 2023 As Previously Reported Adjustments As Restated Deferred revenues, net of current portion $ 22,580 $ (11,447) $ 11,133 Deferred tax liabilities, net 12,047 1,470 13,517 Total liabilities 322,165 (9,977) 312,188 Accumulated deficit (620,033) 9,977 (610,056) Total stockholders’ equity 37,814 9,977 47,791 Condensed Consolidated Statements of Stockholders’ Equity For the three months ended September 30, 2023 As Previously Reported Adjustments As Restated Accumulated deficit beginning balance $ (604,959) $ 2,068 $ (602,891) Total stockholders' equity beginning balance 52,770 2,068 54,838 Net loss in both Accumulated Deficit and Total columns (15,074) 7,909 (7,165) Accumulated deficit ending balance (620,033) 9,977 (610,056) Total stockholders' equity ending balance 37,814 9,977 47,791 Condensed Consolidated Statements of Stockholders’ Equity For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Net loss in both Accumulated Deficit and Total columns $ (186,637) $ 9,977 $ (176,660) Accumulated deficit ending balance (620,033) 9,977 (610,056) Total stockholders' equity ending balance 37,814 9,977 47,791 Condensed Consolidated Statements of Cash Flows For the nine months ended September 30, 2023 As Previously Reported Adjustments As Restated Cash Flows From Operating Activities Net loss $ (186,637) $ 9,977 $ (176,660) Net loss from continuing operations (186,786) 9,977 (176,809) Impairments 155,864 (9,232) 146,632 Deferred income taxes (13,191) 1,470 (11,721) Receivables, net (3,884) 11,447 7,563 Accrued agency fees and commissions (4,386) (2,215) (6,601) Deferred revenues (2,955) (11,447) (14,402)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Liabilities Measured on Recurring Basis	The following table summarizes the fair value of our financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (349) $ (349) December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (835) $ (835) Mandatorily redeemable preferred stock — — (39,099) (39,099) Total liabilities $ — $ — $ (39,934) $ (39,934)
Schedule of Fair Value Liabilities Activity	The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the nine months ended September 30, 2023 (in thousands): Contingent Consideration Mandatorily Redeemable Preferred Stock Liability Total Balance at December 31, 2022 $ 835 $ 39,099 $ 39,934 Change in fair value (486) (6,505) (6,991) Exchange of mandatorily redeemable preferred shares — (32,594) (32,594) Balance at September 30, 2023 $ 349 $ — $ 349

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the components of income (loss) from discontinued operations, net of tax in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues $ 9,880 $ 17,918 $ 36,121 $ 57,769 Costs and expenses: Cost of sales (4,252) (11,512) (16,431) (30,939) Selling and administrative expenses (4,313) (10,078) (19,329) (30,060) Impairments — (24,665) — (24,665) Total operating expense (8,565) (46,255) (35,760) (85,664) Operating income (loss) 1,315 (28,337) 361 (27,895) Nonoperating income (expense): Other income (expense), net 9 52 (190) 134 Total nonoperating income (expense) 9 52 (190) 134 Income (loss) from discontinued operations before income taxes 1,324 (28,285) 171 (27,761) (Expense) benefit from income taxes (5) 471 (22) 1,121 Income (loss) from discontinued operations, net of tax $ 1,319 $ (27,814) $ 149 $ (26,640) The major classes of assets and liabilities classified as held for sale in the accompanying condensed consolidated balance sheets were as follows (in thousands): September 30, December 31, Assets Receivables, net of allowance for credit losses $ 183 $ 4,206 Inventories, net 4,684 12,477 Prepaid expenses and other current assets 306 539 Property and equipment, net 1,531 3,571 Operating right-of-use assets 12,131 13,183 Other intangible assets, net 433 471 Other noncurrent assets 265 463 Total assets held for sale $ 19,533 $ 34,910 Liabilities Accounts payable $ 1,760 $ 6,541 Deferred revenues — 282 Operating lease liabilities 11,494 13,682 Other current liabilities and accrued expenses 2,237 6,621 Total liabilities held for sale $ 15,491 $ 27,126

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Products and Services	The following table disaggregates revenue by type (in thousands), excluding revenues from discontinued operations: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 10,931 $ — $ — $ — $ 10,931 $ 30,913 $ — $ — $ — $ 30,913 Digital subscriptions and products — — 3,359 — 3,359 — — 9,145 4 9,149 TV and cable programming — — 1,847 — 1,847 — — 5,911 — 5,911 Consumer products — 17,145 — — 17,145 — 57,613 — — 57,613 Total revenues $ 10,931 $ 17,145 $ 5,206 $ — $ 33,282 $ 30,913 $ 57,613 $ 15,056 $ 4 $ 103,586 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 14,908 $ — $ — $ — $ 14,908 $ 45,345 $ — $ — $ — $ 45,345 Magazine, digital subscriptions and products — — 2,403 42 2,445 — — 7,050 720 7,770 TV and cable programming — — 2,263 — 2,263 — — 7,050 — 7,050 Consumer products — 26,090 — — 26,090 — 80,482 — — 80,482 Total revenues $ 14,908 $ 26,090 $ 4,666 $ 42 $ 45,706 $ 45,345 $ 80,482 $ 14,100 $ 720 $ 140,647 The following table disaggregates revenue by point-in-time versus over time (in thousands), excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Point in time $ 18,306 $ 26,108 $ 60,450 $ 80,639 Over time 14,976 19,598 43,136 60,008 Total revenues $ 33,282 $ 45,706 $ 103,586 $ 140,647

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The following table sets forth inventories, net, which are stated at the lower of cost (specific cost and first-in, first-out) and net realizable value (in thousands). The table excludes $4.7 million and $12.5 million of inventory, net, which is included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Editorial and other pre-publication costs $ 260 $ 690 Merchandise finished goods 13,737 19,922 Total $ 13,997 $ 20,612

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the items set forth in the table below (in thousands). The table excludes $0.3 million and $0.5 million of assets included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Prepaid taxes $ 2,889 $ 3,150 Deposits 170 205 Prepaid insurance 705 1,074 Contract assets, current portion 1,348 2,559 Prepaid software 2,440 3,714 Prepaid inventory not yet received 5,313 3,397 Prepaid platform fees 434 1,126 Other 1,842 1,996 Total $ 15,141 $ 17,221

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consists of the items set forth in the table below (in thousands). The table excludes $1.5 million and $3.6 million of property and equipment, net, included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Leasehold improvements $ 10,480 $ 9,096 Construction in progress 492 782 Equipment 3,665 3,704 Internally developed software 10,778 7,096 Furniture and fixtures 1,954 1,953 Total property and equipment, gross 27,369 22,631 Less: accumulated depreciation (12,427) (8,827) Total $ 14,942 $ 13,804

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The table below summarizes our intangible assets, net (in thousands). The table excludes $0.4 million and $0.5 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 327 Total amortizable intangible assets, net 12,495 19,796 Total indefinite-lived intangible assets 150,829 216,014 Total $ 163,329 $ 236,137 Our amortizable intangible assets, excluding assets classified as held for sale in the condensed consolidated balance sheets, consisted of the following (in thousands): Weighted-Average Life (Years) Gross Carrying Amount Accumulated Amortization Accumulated Impairments* Net Carrying Amount September 30, 2023 Trade names 12 $ 65,409 $ (7,659) $ (45,854) $ 11,896 Distribution agreements 15 3,720 (3,121) — 599 Total $ 69,129 $ (10,780) $ (45,854) $ 12,495 *Includes trade name impairment charges of $5.1 million during the nine months ended September 30, 2023. The table below excludes TLA’s customer lists and Yandy’s trade names as these were included in assets held for sale in the condensed consolidated balance sheets as of December 31, 2022. Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Accumulated Impairments Net Carrying Amount December 31, 2022 Trade names 12 $ 74,625 $ (6,881) $ (48,733) $ 19,011 Distribution agreements 15 3,720 (2,935) — 785 Developed technology 3 2,300 (2,300) — — Total $ 80,645 $ (12,116) $ (48,733) $ 19,796
Schedule of Indefinite-Lived Intangible Assets	The table below summarizes our intangible assets, net (in thousands). The table excludes $0.4 million and $0.5 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 327 Total amortizable intangible assets, net 12,495 19,796 Total indefinite-lived intangible assets 150,829 216,014 Total $ 163,329 $ 236,137
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2023, expected amortization expense relating to definite-lived intangible assets for each of the next five years and thereafter is as follows (in thousands): Remainder of 2023 $ 352 2024 1,409 2025 1,409 2026 1,202 2027 1,161 Thereafter 6,962 Total $ 12,495
Schedule of Goodwill	Changes in the carrying value of goodwill for the nine months ended September 30, 2023 were as follows (in thousands): Gross Goodwill Impairments Net Goodwill Balance at December 31, 2022 $ 257,545 $ (134,328) $ 123,217 Foreign currency translation adjustment in relation to Honey Birdette (2,837) (2,837) Impairments* (66,660) (66,660) Balance at September 30, 2023 $ 254,708 $ (200,988) $ 53,720 *Goodwill impairment charges recorded during the nine months ended September 30, 2023 were $67.5 million. The difference from the amount shown in the table is due to foreign currency translation. Changes in the recorded carrying value of goodwill for the nine months ended September 30, 2023 by reportable segment were as follows: Direct-to-Consumer Licensing Digital Subscriptions and Content Balance at December 31, 2022 $ 90,117 $ — $ 33,100 Foreign currency translation and other adjustments (2,837) — — Impairments* (66,660) — — Balance at September 30, 2023 $ 20,620 $ — $ 33,100 *Goodwill impairment charges recorded during the nine months ended September 30, 2023 were $67.5 million. The difference from the amount shown in the table is due to foreign currency translation.

Other Current Liabilities and_2

Other Current Liabilities and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities and Accrued Expenses	Other current liabilities and accrued expenses consisted of the items set forth in the table below (in thousands). The table excludes $2.2 million and $6.6 million of other current liabilities and accrued expenses included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Accrued interest $ 2,898 $ 2,096 Accrued salaries, wages and employee benefits 4,834 3,850 Outstanding gift cards and store credits 1,297 1,571 Inventory in transit 5,272 6,510 Sales taxes 3,793 4,542 Accrued creator fees 1,887 — Other 5,439 6,537 Total $ 25,420 $ 25,106

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table sets forth our debt (in thousands): September 30, December 31, Term loan, due 2027 $ 209,848 $ 201,613 Total debt 209,848 201,613 Less: unamortized debt issuance costs (625) (1,822) Less: unamortized debt discount (21,014) (6,616) Total debt, net of unamortized debt issuance costs and debt discount 188,209 193,175 Less: current portion of long-term debt (304) (2,050) Total debt, net of current portion $ 187,905 $ 191,125
Schedule of Maturities of the Principal Amount of Debt	The following table sets forth maturities of the principal amount of our A&R Term Loans as of September 30, 2023 (in thousands): Remainder of 2023 $ 76 2024 304 2025 304 2026 304 2027 208,860 Total $ 209,848

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consists of the following: September 30, December 31, Shares available for grant under equity incentive plans 3,011,875 492,786 Options issued and outstanding under equity incentive plans 2,389,361 2,599,264 Unvested restricted stock units 922,808 2,058,534 Vested restricted stock units not yet settled 67,479 11,761 Unvested performance-based restricted stock units 808,191 1,089,045 Shares issuable pursuant to a license, services and collaboration agreement 9,936 48,574 Maximum number of shares issuable to Glowup sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 7,458,766 6,549,080

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the stock option activity under our equity incentive plans is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance – December 31, 2022 2,599,264 $ 8.41 7.2 $ — Granted — — — — Exercised — — — — Forfeited and cancelled (209,903) $ 25.17 — $ — Balance – September 30, 2023 2,389,361 $ 6.94 6.3 $ — Exercisable – September 30, 2023 2,238,745 $ 6.58 6.2 $ — Vested and expected to vest as of September 30,2023 2,389,361 $ 6.94 6.3 $ —
Schedule of Restricted Stock Unit Activity	A summary of r estricted stock unit activity under our equity incentive plans is as follows: Number of Awards Weighted- Average Grant Date Fair Value per Share Unvested and outstanding balance at December 31, 2022 2,058,534 $ 12.79 Granted — — Vested (959,031) 12.69 Forfeited (176,695) 20.12 Unvested and outstanding balance at September 30, 2023 922,808 $ 11.49
Schedule of Performance Stock Unit Activity	A summary of PSU activity under our 2021 Plan is as follows: Number of Weighted- Unvested and outstanding balance at December 31, 2022 1,089,045 $ 12.72 Granted — — Vested — — Forfeited (280,854) 15.32 Unvested and outstanding balance at September 30, 2023 808,191 $ 11.82
Schedule of Allocated Share-based Compensation Expense	Stock-based compensation expense under our equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of sales (1) $ 643 $ 513 $ 190 $ 2,156 Selling and administrative expenses (2) (103) 4,030 8,720 13,673 Total $ 540 $ 4,543 $ 8,910 $ 15,829 (1) Cost of sales for the nine months ended September 30, 2023 includes a net reversal of $1.0 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license services and collaboration agreement. Stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement and recorded in cost of sales for the three months ended September 30, 2023 was immaterial. Stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement and recorded in cost of sales for the three and nine months ended September 30, 2022 were $0.4 million and $1.1 million, respectively. (2 ) Selling and administrative expenses for the three months ended September 30, 2023 includes a reversal of $2.4 million of stock-based compensation expense due to forfeitures of certain equity grants. Selling and administrative expenses for the nine months ended September 30, 2023 includes $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards, offset by a $2.4 million reduction in stock-based compensation expense due to forfeitures of certain equity grants during the nine months ended September 30, 2023.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Costs	Net lease cost recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 is summarized in the table below (in thousands). The table excludes TLA’s total net lease cost of $0.4 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $1.5 million and $4.6 million for the three and nine months ended September 30, 2022, respectively, which is included in discontinued operations in the unaudited condensed consolidated statements of operations. Three Months Ended September 30, 2023 2022 Operating lease cost $ 2,054 $ 1,381 Variable lease cost 371 228 Short-term lease cost 387 492 Sublease income (202) (65) Total $ 2,610 $ 2,036 Nine Months Ended September 30, 2023 2022 Operating lease cost $ 5,873 $ 5,146 Variable lease cost 1,116 594 Short-term lease cost 1,678 1,417 Sublease income (467) (194) Total $ 8,200 $ 6,963
Maturities of Operating Lease Liabilities	Maturities of our operating lease liabilities as of September 30, 2023 were as follows (in thousands): Remainder of 2023 $ 2,340 2024 8,783 2025 7,701 2026 7,211 2027 4,939 Thereafter 9,353 Total undiscounted lease payments 40,327 Less: imputed interest (7,631) Total operating lease liabilities $ 32,696 Operating lease liabilities, current portion $ 6,906 Operating lease liabilities, noncurrent portion $ 25,790

Severance Costs (Tables)

Severance Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Severance costs in our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Direct-to-Consumer $ 6 $ 10 $ 1,133 $ 10 Corporate — 635 1,221 776 Digital Subscriptions and Content 308 72 347 654 Licensing — 35 53 43 Total $ 314 $ 752 $ 2,754 $ 1,483 The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets (in thousands): Employee Separation Costs Balance at December 31, 2022 $ 1,192 Costs incurred and charged to expense 2,883 Costs paid or otherwise settled (3,023) Balance at September 30, 2023 $ 1,052

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options to purchase common stock 2,389,361 2,673,556 2,389,361 2,673,556 Unvested restricted stock units 922,808 2,190,840 922,808 2,190,840 Unvested performance-based restricted stock units 808,191 1,089,045 808,191 1,089,045 Total 4,120,360 5,953,441 4,120,360 5,953,441

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table sets forth financial information by reportable segment (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (As Restated) (As Restated) Net revenues: Licensing $ 10,931 $ 14,908 $ 30,913 $ 45,345 Direct-to-Consumer 17,145 26,090 57,613 80,482 Digital Subscriptions and Content 5,206 4,666 15,056 14,100 All Other — 42 4 720 Total $ 33,282 $ 45,706 $ 103,586 $ 140,647 Operating (loss) income: Licensing $ 9,346 $ (105,403) $ (52,218) $ (84,699) Direct-to-Consumer (1,614) (164,852) (91,672) (166,568) Digital Subscriptions and Content (1,884) (3,013) (1,491) (12,855) Corporate (8,887) (11,405) (38,681) (20,890) All Other — 65 (12) 668 Total $ (3,039) $ (284,608) $ (184,074) $ (284,344)
Revenue from by Geographic Area	The following table sets forth revenue by geographic area (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues: United States $ 14,932 $ 18,847 $ 45,566 $ 56,946 China 6,544 10,656 20,967 32,386 Australia 7,727 10,556 22,863 33,136 UK 2,279 3,097 7,724 9,150 Other 1,800 2,550 6,466 9,029 Total $ 33,282 $ 45,706 $ 103,586 $ 140,647

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Restatement of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Write-down of contract liabilities			$ 11,400
Deferred revenues, net of current portion	$ 11,133		11,133		$ 21,406
Cost of sales	9,894	$ 25,302	41,330	$ 62,833
Income tax expense (benefit)	(1,054)	$ (43,653)	(11,592)	$ (46,301)
Trademark licensing
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Write-down of contract liabilities	8,300		11,400
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenues, net of current portion	(11,447)		(11,447)
Cost of sales	(1,015)		(2,215)
Income tax expense (benefit)	388		1,470
Adjustments | Trademark licensing
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Write-down of contract liabilities	$ 8,300		$ 11,400

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Consolidated Statement of Operations Restatement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ (9,894)	$ (25,302)	$ (41,330)	$ (62,833)
Impairments	(392)	(277,197)	(146,632)	(283,496)
Total operating expense	(36,321)	(330,314)	(287,660)	(424,991)
Operating loss	(3,039)	(284,608)	(184,074)	(284,344)
Loss from continuing operations before income taxes	(9,538)	(280,536)	(188,401)	(287,130)
Benefit from income taxes	1,054	43,653	11,592	46,301
Net loss from continuing operations	(8,484)	(236,883)	(176,809)	(240,829)
Net loss	(7,165)	(264,697)	(176,660)	(267,469)
Net loss attributable to PLBY Group, Inc.	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.12)	$ (5.05)	$ (2.50)	$ (5.18)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.12)	(5.05)	(2.50)	(5.18)
Net loss per share, basic (in dollars per share)	(0.10)	(5.65)	(2.50)	(5.76)
Net loss per share, diluted (in dollars per share)	$ (0.10)	$ (5.65)	$ (2.50)	$ (5.76)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ (10,909)		$ (43,545)
Impairments	(7,674)		(155,864)
Total operating expense	(44,618)		(299,107)
Operating loss	(11,336)		(195,521)
Loss from continuing operations before income taxes	(17,835)		(199,848)
Benefit from income taxes	1,442		13,062
Net loss from continuing operations	(16,393)		(186,786)
Net loss	(15,074)		(186,637)
Net loss attributable to PLBY Group, Inc.	$ (15,074)		$ (186,637)
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.22)		$ (2.65)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.22)		(2.65)
Net loss per share, basic (in dollars per share)	(0.20)		(2.65)
Net loss per share, diluted (in dollars per share)	$ (0.20)		$ (2.65)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 1,015		$ 2,215
Impairments	7,282		9,232
Total operating expense	8,297		11,447
Operating loss	8,297		11,447
Loss from continuing operations before income taxes	8,297		11,447
Benefit from income taxes	(388)		(1,470)
Net loss from continuing operations	7,909		9,977
Net loss	7,909		9,977
Net loss attributable to PLBY Group, Inc.	$ 7,909		$ 9,977
Net loss per share from continuing operations, basic (in dollars per share)	$ 0.10		$ 0.15
Net loss per share from continuing operations, diluted (in dollars per share)	0.10		0.15
Net loss per share, basic (in dollars per share)	0.10		0.15
Net loss per share, diluted (in dollars per share)	$ 0.10		$ 0.15

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Consolidated Statement of Comprehensive Loss Restatement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Comprehensive loss	(8,347)	$ (275,018)	(179,810)	$ (292,509)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(15,074)		(186,637)
Comprehensive loss	(16,256)		(189,787)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	7,909		9,977
Comprehensive loss	$ 7,909		$ 9,977

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Consolidated Balance Sheet Restatement (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenues, net of current portion	$ 11,133		$ 21,406
Deferred tax liabilities, net	13,517		25,293
Total liabilities	312,188		397,419
Accumulated deficit	(610,056)		(433,396)
Total stockholders' equity	47,791	$ 54,838	$ 155,252	$ 150,641	$ 419,888	$ 422,491
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenues, net of current portion	22,580
Deferred tax liabilities, net	12,047
Total liabilities	322,165
Accumulated deficit	(620,033)
Total stockholders' equity	37,814	52,770
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenues, net of current portion	(11,447)
Deferred tax liabilities, net	1,470
Total liabilities	(9,977)
Accumulated deficit	9,977
Total stockholders' equity	$ 9,977	$ 2,068

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Consolidated Statements of Stockholders' Equity Restatement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Total stockholders' equity	47,791	150,641	47,791	150,641	$ 54,838	$ 155,252	$ 419,888	$ 422,491
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(7,165)	(264,697)	(176,660)	(267,469)
Total stockholders' equity	(610,056)	$ (423,161)	(610,056)	$ (423,161)	(602,891)	$ (433,396)	$ (158,464)	$ (155,692)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(15,074)		(186,637)
Total stockholders' equity	37,814		37,814		52,770
As Previously Reported | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(15,074)		(186,637)
Total stockholders' equity	(620,033)		(620,033)		(604,959)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	7,909		9,977
Total stockholders' equity	9,977		9,977		2,068
Adjustments | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	7,909		9,977
Total stockholders' equity	$ 9,977		$ 9,977		$ 2,068

Basis of Presentation and Su_10

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Consolidated Statements of Cash Flows Restatement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (7,165)	$ (264,697)	$ (176,660)	$ (267,469)
Net loss from continuing operations	(8,484)	(236,883)	(176,809)	(240,829)
Impairments	392	$ 277,197	146,632	283,496
Deferred income taxes			(11,721)	(48,567)
Receivables, net			7,563	1,226
Accrued agency fees and commissions			(6,601)	3,425
Deferred revenues			(14,402)	$ (18,948)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(15,074)		(186,637)
Net loss from continuing operations	(16,393)		(186,786)
Impairments	7,674		155,864
Deferred income taxes			(13,191)
Receivables, net			(3,884)
Accrued agency fees and commissions			(4,386)
Deferred revenues			(2,955)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	7,909		9,977
Net loss from continuing operations	7,909		9,977
Impairments	$ (7,282)		(9,232)
Deferred income taxes			1,470
Receivables, net			11,447
Accrued agency fees and commissions			(2,215)
Deferred revenues			$ (11,447)

Basis of Presentation and Su_11

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details) - Customer Concentration Risk - Customer A	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Receivables
Concentration Risk [Line Items]
Concentration risk, percentage					31%
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	16%	12%	16%	11%

Basis of Presentation and Su_12

Basis of Presentation and Summary of Significant Accounting Policies - Liquidity Assessment and Management's Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Increase (decrease) in revenue	$ (12,400)		$ (37,100)
Operating (loss) income	(3,039)	$ (284,608)	(184,074)	$ (284,344)
Net cash used in operating activities from continuing operations			(36,753)	(57,997)
Cash and cash equivalents	$ 20,028	$ 60,062	$ 20,028	$ 60,062	$ 31,640

Basis of Presentation and Su_13

Basis of Presentation and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising expenses	$ 1.1	$ 3	$ 4.8	$ 10.9
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising costs related to discontinued operations	$ 0.4	$ 1.9	$ 2.7	$ 6.8

Basis of Presentation and Su_14

Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets	$ 0	$ 65,500,000	$ 116,000,000
Impairments	0	66,700,000	117,400,000	$ 66,660,000
Impairment of definite-lived intangible assets	0
Trade names
Finite-Lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets	$ 5,100,000	$ 5,100,000	45,800,000
Trade Names and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets			45,800,000
Discontinued Operations, Disposed of by Sale
Finite-Lived Intangible Assets [Line Items]
Impairments			16,400,000
Discontinued Operations, Disposed of by Sale | Trade Names and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets			$ 8,300,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mandatorily redeemable preferred stock	$ 0	$ (39,099)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	(349)	(835)
Mandatorily redeemable preferred stock		(39,099)
Total liabilities		(39,934)
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Mandatorily redeemable preferred stock		0
Total liabilities		0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Mandatorily redeemable preferred stock		0
Total liabilities		0
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (349)	(835)
Mandatorily redeemable preferred stock		(39,099)
Total liabilities		$ (39,934)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value remeasurement of contingent consideration	$ (219)		$ (1,371)	$ (486)	$ (29,310)
Digital asset impairments	0		0	0	4,900
Digital assets	5			5		$ 327
Goodwill and intangible asset impairment		$ 137,300	279,200
Series A Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value remeasurement of contingent consideration			9,100	6,500	10,900
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value remeasurement of contingent consideration	$ 200		$ 1,400	$ 500	$ 29,300

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value Of Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 0	$ 9,149	$ 6,505	$ 10,903
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022			39,934
Change in fair value			(6,991)
Exchange of mandatorily redeemable preferred shares			(32,594)
Balance at September 30, 2023	349		349
Level 3 | Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022			835
Change in fair value			(486)
Balance at September 30, 2023	349		349
Level 3 | Preferred Stock Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022			39,099
Change in fair value			(6,505)
Exchange of mandatorily redeemable preferred shares			(32,594)
Balance at September 30, 2023	$ 0		$ 0

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale and Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Nonoperating income (expense):
Income (loss) from discontinued operations, net of tax	$ 1,319	$ (27,814)	$ 149	$ (26,640)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	9,880	17,918	36,121	57,769
Costs and expenses:
Cost of sales	(4,252)	(11,512)	(16,431)	(30,939)
Selling and administrative expenses	(4,313)	(10,078)	(19,329)	(30,060)
Impairments	0	(24,665)	0	(24,665)
Total operating expense	(8,565)	(46,255)	(35,760)	(85,664)
Operating income (loss)	1,315	(28,337)	361	(27,895)
Nonoperating income (expense):
Other income (expense), net	9	52	(190)	134
Total nonoperating income (expense)	9	52	(190)	134
Income (loss) from discontinued operations before income taxes	1,324	(28,285)	171	(27,761)
(Expense) benefit from income taxes	(5)	471	(22)	1,121
Income (loss) from discontinued operations, net of tax	$ 1,319	$ (27,814)	$ 149	$ (26,640)

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale and Discontinued Operations - Assets and Liabilities Classified as Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets
Receivables, net of allowance for credit losses	$ 183	$ 4,206	$ 500	$ 800
Inventories, net	4,684	12,477
Prepaid expenses and other current assets	306	539
Property and equipment, net	1,531	3,571
Operating right-of-use assets	12,131	13,183
Other intangible assets, net	433	471
Other noncurrent assets	265	463
Total assets held for sale	19,533	34,910
Liabilities
Accounts payable	1,760	6,541
Deferred revenues	0	282	$ 800	$ 1,100
Operating lease liabilities	11,494	13,682
Other current liabilities and accrued expenses	2,237	6,621
Total liabilities held for sale	$ 15,491	$ 27,126

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Contract assets	$ 10,400	$ 16,700	$ 16,200	$ 17,400
Contract liabilities	17,600	33,500	31,900	52,500
Revenue recognized	31,500	41,000
Contract liabilities increase due to cash received	2,700	2,600
Write-down of contract liabilities	11,400
Contract assets reclassified into accounts receivable	25,100	18,500
Contract assets decrease, licensing contract modification	6,600	1,300
Accounts receivable		12,100		13,300
Disposal Group, Held-for-sale, Not Discontinued Operations
Revenue from External Customer [Line Items]
Deferred revenues	0	800	282	1,100
Receivables, net of allowance for credit losses	$ 183	$ 500	$ 4,206	$ 800

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Write-down of contract liabilities				$ 11,400
Revenue, remaining performance obligation, amount		$ 176,400		176,400
Net revenues		33,282	$ 45,706	103,586	$ 140,647
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Write-down of contract liabilities		8,300		11,400
Revenue, remaining performance obligation, amount		169,600		169,600
Net revenues		10,931	14,908	30,913	45,345
Trademark licensing | Chinese Licensees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount		146,200		146,200
Net revenues		6,100		19,900
Trademark licensing | Chinese Licensees | Subsequent Event
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount terminated	$ 142,700
Magazine, digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount		5,200		5,200
Net revenues			$ 2,445		$ 7,770
Other Obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount		1,600		1,600
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Impairments		400		8,500
Decrease in revenue due to impairment		$ 4,000		$ 10,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)		7 years		7 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Trademark licensing | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)		5 years		5 years
Revenue, remaining performance obligation (as a percent)		91%		91%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Magazine, digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)		5 years		5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Magazine, digital subscriptions and products | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)		1 year		1 year
Revenue, remaining performance obligation (as a percent)		42%		42%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from External Customer [Line Items]
Total revenues	$ 33,282	$ 45,706	$ 103,586	$ 140,647
Transferred at Point in Time
Revenue from External Customer [Line Items]
Total revenues	18,306	26,108	60,450	80,639
Transferred over Time
Revenue from External Customer [Line Items]
Total revenues	14,976	19,598	43,136	60,008
Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	10,931	14,908	30,913	45,345
Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	3,359		9,149
Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues		2,445		7,770
TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	1,847	2,263	5,911	7,050
Consumer products
Revenue from External Customer [Line Items]
Total revenues	17,145	26,090	57,613	80,482
All Other
Revenue from External Customer [Line Items]
Total revenues	0	42	4	720
All Other | Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
All Other | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0		4
All Other | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues		42		720
All Other | TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
All Other | Consumer products
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Licensing | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	10,931	14,908	30,913	45,345
Licensing | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	10,931	14,908	30,913	45,345
Licensing | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0		0
Licensing | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues		0		0
Licensing | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Licensing | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Direct-to-Consumer | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	17,145	26,090	57,613	80,482
Direct-to-Consumer | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Direct-to-Consumer | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0		0
Direct-to-Consumer | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues		0		0
Direct-to-Consumer | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Direct-to-Consumer | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total revenues	17,145	26,090	57,613	80,482
Digital Subscriptions and Content | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	5,206	4,666	15,056	14,100
Digital Subscriptions and Content | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Digital Subscriptions and Content | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	3,359		9,145
Digital Subscriptions and Content | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues		2,403		7,050
Digital Subscriptions and Content | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	1,847	2,263	5,911	7,050
Digital Subscriptions and Content | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Editorial and other pre-publication costs	$ 260	$ 690
Merchandise finished goods	13,737	19,922
Total	13,997	20,612
Inventory reserves	4,900	3,600
Disposal Group, Held-for-sale, Not Discontinued Operations
Inventory [Line Items]
Inventories, net	$ 4,684	12,477
Inventory reserves		$ 1,400

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid taxes	$ 2,889	$ 3,150
Deposits	170	205
Prepaid insurance	705	1,074
Contract assets, current portion	1,348	2,559
Prepaid software	2,440	3,714
Prepaid inventory not yet received	5,313	3,397
Prepaid platform fees	434	1,126
Other	1,842	1,996
Total	15,141	17,221
Restructuring and other charges	4,600
Amortization of prepaid software	1,500
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid expenses and other current assets	306	$ 539
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and other charges	$ 400

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 27,369		$ 27,369		$ 22,631
Less: accumulated depreciation	(12,427)		(12,427)		(8,827)
Total	14,942		14,942		13,804
Depreciation and amortization	1,600	$ 2,500	4,100	$ 4,400
Depreciation, discontinued operations	0	$ 0	0	$ 0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,480		10,480		9,096
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	492		492		782
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,665		3,665		3,704
Internally developed software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,778		10,778		7,096
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,954		1,954		1,953
Disposal Group, Held-for-sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,531		$ 1,531		$ 3,571

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	$ 150,829,000			$ 150,829,000		$ 216,014,000
Impairments	0	$ 66,700,000	$ 117,400,000	66,660,000
Impairment of indefinite-lived intangible assets	0	65,500,000	116,000,000
Impairment of definite-lived intangible assets	0
Digital asset impairments	0		0	0	$ 4,900,000
Amortization	400,000		2,700,000	1,400,000	$ 6,300,000
Goodwill impairment and foreign currency translation				67,500,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Indefinite-lived Intangible Assets [Line Items]
Other intangible assets, net	433,000			433,000		471,000
Trade names
Indefinite-lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets	5,100,000	5,100,000	45,800,000
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	$ 150,800,000			$ 150,800,000		$ 216,000,000
Impairment of indefinite-lived intangible assets		$ 65,500,000
Trade names
Indefinite-lived Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets			$ 116,000,000

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Digital assets	$ 5	$ 327
Total amortizable intangible assets, net	12,495	19,796
Total indefinite-lived intangible assets	150,829	216,014
Total	$ 163,329	$ 236,137

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary Of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,129	$ 80,645
Accumulated Amortization	(10,780)	(12,116)
Accumulated Impairments	(45,854)	(48,733)
Net Carrying Amount	$ 12,495	$ 19,796
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (Years)	12 years	12 years
Gross Carrying Amount	$ 65,409	$ 74,625
Accumulated Amortization	(7,659)	(6,881)
Accumulated Impairments	(45,854)	(48,733)
Net Carrying Amount	$ 11,896	$ 19,011
Distribution agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (Years)	15 years	15 years
Gross Carrying Amount	$ 3,720	$ 3,720
Accumulated Amortization	(3,121)	(2,935)
Accumulated Impairments	0	0
Net Carrying Amount	$ 599	$ 785
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (Years)		3 years
Gross Carrying Amount		$ 2,300
Accumulated Amortization		(2,300)
Accumulated Impairments		0
Net Carrying Amount		$ 0

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Estimated Future Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 352
2024	1,409
2025	1,409
2026	1,202
2027	1,161
Thereafter	6,962
Net Carrying Amount	$ 12,495	$ 19,796

Intangible Assets and Goodwil_6

Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Goodwill [Roll Forward]
Gross Goodwill, Beginning Balance				$ 257,545,000
Impairments, Beginning Balance				(134,328,000)
Net Goodwill, Beginning Balance				123,217,000
Impairments	$ 0	$ (66,700,000)	$ (117,400,000)	(66,660,000)
Gross Goodwill, Ending Balance	254,708,000			254,708,000
Impairments, Ending Balance	(200,988,000)			(200,988,000)
Net Goodwill, Ending Balance	53,720,000			53,720,000
Direct-to-Consumer
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance				90,117,000
Foreign currency translation adjustment in relation to Honey Birdette				(2,837,000)
Impairments				(66,660,000)
Net Goodwill, Ending Balance	20,620,000			20,620,000
Licensing
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance				0
Foreign currency translation adjustment in relation to Honey Birdette				0
Impairments				0
Net Goodwill, Ending Balance	0			0
Digital Subscriptions and Content
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance				33,100,000
Foreign currency translation adjustment in relation to Honey Birdette				0
Impairments				0
Net Goodwill, Ending Balance	$ 33,100,000			33,100,000
Honey Birdette
Goodwill [Roll Forward]
Foreign currency translation adjustment in relation to Honey Birdette				$ (2,837,000)

Other Current Liabilities and_3

Other Current Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued interest	$ 2,898	$ 2,096
Accrued salaries, wages and employee benefits	4,834	3,850
Outstanding gift cards and store credits	1,297	1,571
Inventory in transit	5,272	6,510
Sales taxes	3,793	4,542
Accrued creator fees	1,887	0
Other	5,439	6,537
Total	25,420	25,106
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current liabilities and accrued expenses	$ 2,237	$ 6,621

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 209,848	$ 201,613
Less: unamortized debt issuance costs	(625)	(1,822)
Less: unamortized debt discount	(21,014)	(6,616)
Total debt, net of unamortized debt issuance costs and debt discount	188,209	193,175
Less: current portion of long-term debt	(304)	(2,050)
Total debt, net of current portion	187,905	191,125
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	209,848
Term Loan | Term loan, due 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 209,848	$ 201,613

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 10, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 04, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Minimum consideration paid in cash, percent						30%
Long-term debt, gross		$ 209,848		$ 209,848				$ 201,613
(Loss) gain on extinguishment of debt		0	$ (220)	6,133	$ (220)
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 209,848		$ 209,848
A&R Term Loans | Term Loan
Debt Instrument [Line Items]
Percent of term loans	90%
Preferred stock exchanged (in shares)	50,000
Term loan, amount borrowed	$ 53,600
Term loan, additional funding	11,800
Long-term debt, gross	$ 210,000
Net leverage ratio reduction per quarter	0.25
(Loss) gain on extinguishment of debt	$ 8,000
Additional debt discount capitalized	21,000
Existing debt discount	2,600
Refinancing fees expensed	300
Debt issuance costs capitalized	$ 400
A&R Term Loans | Term Loan | Debt Covenant One
Debt Instrument [Line Items]
Total net leverage ratio	7.25
A&R Term Loans | Term Loan | Debt Covenant Two
Debt Instrument [Line Items]
Total net leverage ratio	5.25
New Credit Agreement | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross							$ 156,000
A&R Term Loans, Tranche A | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 20,600
Quarterly amortization payments	$ 76
Stated interest rate (as a percent)		11.41%		11.41%
Effective interest rate (as a percent)		11.94%		11.94%
A&R Term Loans, Tranche A | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	6.25%
Interest rate floor (as a percent)	0.50%
A&R Term Loans, Tranche B | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 189,400
Stated interest rate (as a percent)		9.41%		9.41%
Effective interest rate (as a percent)		14.43%		14.43%
A&R Term Loans, Tranche B | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%
Interest rate floor (as a percent)	0.50%
Term loan, due 2027 | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 209,848		$ 209,848				$ 201,613
Stated interest rate (as a percent)								11.01%
Effective interest rate (as a percent)								12.30%

Debt - Term Loan Maturities (De

Debt - Term Loan Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 209,848	$ 201,613
Term Loan
Debt Instrument [Line Items]
Remainder of 2023	76
2024	304
2025	304
2026	304
2027	208,860
Total	$ 209,848

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	7,458,766	6,549,080
Shares available for grant under equity incentive plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	3,011,875	492,786
Options issued and outstanding under equity incentive plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	2,389,361	2,599,264
Unvested restricted stock units
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	922,808	2,058,534
Vested restricted stock units not yet settled
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	67,479	11,761
Unvested performance-based restricted stock units
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	808,191	1,089,045
Shares issuable pursuant to a license, services and collaboration agreement
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	9,936	48,574
Maximum number of shares issuable to Glowup sellers pursuant to acquisition indemnity holdback
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	249,116	249,116

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	7,458,766		7,458,766		6,549,080
Share-based compensation expense	$ 540	$ 4,543	$ 8,910	$ 15,829
Internally developed software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 800	800	$ 2,000	1,400
Vested restricted stock units not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	67,479		67,479		11,761
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested	$ 200	$ 100	$ 1,800	$ 3,200
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)					3 years 9 months 18 days	1 year 10 months 17 days
Unrecognized compensation expense	9,400		$ 9,400
Unrecognized compensation expense, period for recognition, years			1 year 11 months 12 days
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 700		$ 700
Unrecognized compensation expense, period for recognition, years			6 months 14 days
2021 Equity and incentive compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	7,835,715		7,835,715
2018 Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	6,287,687		6,287,687

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Employee stock option - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	2,599,264
Granted (in shares)	0
Exercised (in shares)	0
Forfeited and cancelled (in shares)	(209,903)
Ending balance (in shares)	2,389,361	2,599,264
Exercisable (in shares)	2,238,745
Vested and expected to vest, number of options (in shares)	2,389,361
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 8.41
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	25.17
Ending balance (in dollars per share)	6.94	$ 8.41
Exercisable (in dollars per share)	6.58
Vested and expected to vest, weighted-average exercise price (in dollars per share)	$ 6.94
Weighted- Average Remaining Contractual Term (years)
Weighted average remaining contractual term (in years)	6 years 3 months 18 days	7 years 2 months 12 days
Weighted average remaining contractual term, exercisable (in years)	6 years 2 months 12 days
Vested and expected to vest, weighted-average remaining contractual term (in years)	6 years 3 months 18 days
Aggregate Intrinsic Value (in thousands)
Beginning aggregate intrinsic value	$ 0
Exercised, aggregate intrinsic value	0
Ending aggregate intrinsic value	0	$ 0
Exercisable aggregate intrinsic value	0
Vested and expected to vest, aggregate intrinsic value	$ 0

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	1,089,045
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(280,854)
Ending balance (in shares) | shares	808,191
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 12.72
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	15.32
Ending balance (in dollars per share) | $ / shares	$ 11.82
Unvested restricted stock units
Number of Awards
Beginning balance (in shares) | shares	2,058,534
Granted (in shares) | shares	0
Vested (in shares) | shares	(959,031)
Forfeited (in shares) | shares	(176,695)
Ending balance (in shares) | shares	922,808
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 12.79
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	12.69
Forfeited (in dollars per share) | $ / shares	20.12
Ending balance (in dollars per share) | $ / shares	$ 11.49

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Performance Stock Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	1,089,045
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(280,854)
Ending balance (in shares) | shares	808,191
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 12.72
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	15.32
Ending balance (in dollars per share) | $ / shares	$ 11.82

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 540	$ 4,543	$ 8,910	$ 15,829
Reversal of stock-based compensation expense due to forfeitures	2,400		2,400
Accelerated amortization of stock-based compensation expense			2,300
Internally developed software
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	800	800	2,000	1,400
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	643	513	190	2,156
Cost of sales | Independent Contractor
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense		400	(1,000)	1,100
Selling and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ (103)	$ 4,030	$ 8,720	$ 13,673

Commitment and Contingencies -

Commitment and Contingencies - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Weighted average remaining term of operating lease	5 years 4 months 24 days		5 years 4 months 24 days		5 years 9 months 18 days
Weighted average discount rate	6.90%		6.90%		5.80%
Cash payments for amounts included in the measurement of operating lease liabilities	$ 2,400	$ 1,700	$ 6,700	$ 6,500
Right-of-use assets in exchange for lease liabilities - continuing operations	1,900	1,200	4,334	5,039
Right-of-use assets in exchange for lease liabilities - discontinued operations			1,018	4,359
Lease cost	2,610	2,036	8,200	6,963
TLA
Business Acquisition [Line Items]
Lease cost	400	1,500	3,500	4,600
Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Right-of-use assets in exchange for lease liabilities - discontinued operations	$ 100	$ 2,200	$ 1,000	$ 4,400

Commitment and Contingencies _2

Commitment and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2,054	$ 1,381	$ 5,873	$ 5,146
Variable lease cost	371	228	1,116	594
Short-term lease cost	387	492	1,678	1,417
Sublease income	(202)	(65)	(467)	(194)
Total	$ 2,610	$ 2,036	$ 8,200	$ 6,963

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 2,340
2024	8,783
2025	7,701
2026	7,211
2027	4,939
Thereafter	9,353
Total undiscounted lease payments	40,327
Less: imputed interest	(7,631)
Total operating lease liabilities	32,696
Operating lease liabilities, current portion	6,906	$ 6,278
Operating lease liabilities, noncurrent portion	$ 25,790	$ 26,695

Commitment and Contingencies _4

Commitment and Contingencies - Legal Contingencies (Details) $ in Millions	Dec. 17, 2021 USD ($)
Pending Litigation | TNR Vs. The Company
Loss Contingencies [Line Items]
Damages sought	$ 100

Severance Costs (Details)

Severance Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 314	$ 752	$ 2,754	$ 1,483
Restructuring Reserve [Roll Forward]
Costs incurred and charged to expense			4,600
Employee Separation Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2022			1,192
Costs incurred and charged to expense			2,883
Costs paid or otherwise settled			(3,023)
Balance at September 30, 2023	1,052		1,052
Operating Segments | Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Severance costs	6	10	1,133	10
Operating Segments | Digital Subscriptions and Content
Restructuring Cost and Reserve [Line Items]
Severance costs	308	72	347	654
Operating Segments | Licensing
Restructuring Cost and Reserve [Line Items]
Severance costs	0	35	53	43
Corporate
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0	$ 635	$ 1,221	$ 776

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate percentage, expense (benefit)	11.10%	15.60%	6.20%	16.10%

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,120,360	5,953,441	4,120,360	5,953,441
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,389,361	2,673,556	2,389,361	2,673,556
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	922,808	2,190,840	922,808	2,190,840
Unvested performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	808,191	1,089,045	808,191	1,089,045

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) store country	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment store country	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Net revenues	$ 33,282	$ 45,706	$ 103,586	$ 140,647
Operating (loss) income	(3,039)	(284,608)	(184,074)	(284,344)
Operating Segments | Licensing
Segment Reporting Information [Line Items]
Net revenues	10,931	14,908	30,913	45,345
Operating (loss) income	9,346	(105,403)	(52,218)	(84,699)
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Net revenues	17,145	26,090	57,613	80,482
Operating (loss) income	(1,614)	(164,852)	(91,672)	(166,568)
Operating Segments | Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Net revenues	5,206	4,666	15,056	14,100
Operating (loss) income	(1,884)	(3,013)	(1,491)	(12,855)
Corporate
Segment Reporting Information [Line Items]
Operating (loss) income	(8,887)	(11,405)	(38,681)	(20,890)
All Other
Segment Reporting Information [Line Items]
Net revenues	0	42	4	720
Operating (loss) income	$ 0	$ 65	$ (12)	$ 668
Honey Birdette
Segment Reporting Information [Line Items]
Number of stores | store	57		57
Number of countries | country	3		3

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 33,282	$ 45,706	$ 103,586	$ 140,647
United States
Segment Reporting Information [Line Items]
Total revenues	14,932	18,847	45,566	56,946
China
Segment Reporting Information [Line Items]
Total revenues	6,544	10,656	20,967	32,386
Australia
Segment Reporting Information [Line Items]
Total revenues	7,727	10,556	22,863	33,136
UK
Segment Reporting Information [Line Items]
Total revenues	2,279	3,097	7,724	9,150
Other
Segment Reporting Information [Line Items]
Total revenues	$ 1,800	$ 2,550	$ 6,466	$ 9,029

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Nov. 02, 2023	Nov. 03, 2023
Term loan, due 2027 | Term Loan | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	1%
TLA
Subsequent Event [Line Items]
Consideration		$ 13.5
Escrow deposit		$ 2.1