PLBY (PLBY) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		72,808,102
Entity Central Index Key	0001803914
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenues	$ 28,319	$ 35,203
Costs and expenses:
Cost of sales	(12,507)	(21,777)
Selling and administrative expenses	(22,312)	(41,405)
Impairments	(2,417)	0
Total costs and expenses	(37,236)	(63,182)
Operating loss	(8,917)	(27,979)
Nonoperating (expense) income:
Interest expense	(6,427)	(5,209)
Loss on extinguishment of debt	0	(1,848)
Fair value remeasurement loss	0	(3,018)
Other (expense) income, net	(50)	76
Total nonoperating expense	(6,477)	(9,999)
Loss from continuing operations before income taxes	(15,394)	(37,978)
(Expense) benefit from income taxes	(1,053)	1,670
Net loss from continuing operations	(16,447)	(36,308)
Loss from discontinued operations, net of tax	0	(1,372)
Net loss	(16,447)	(37,680)
Net loss attributable to PLBY Group, Inc.	$ (16,447)	$ (37,680)
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.23)	$ (0.56)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.23)	(0.56)
Net loss per share from discontinued operations, basic (in dollars per share)	0	(0.02)
Net loss per share from discontinued operations, diluted (in dollars per share)	0	(0.02)
Net (loss) income per share, basic (in dollars per share)	(0.23)	(0.58)
Net (loss) income per share, diluted (in dollars per share)	$ (0.23)	$ (0.58)
Weighted-average shares used in computing net loss per share, basic (in shares)	72,677,664	65,159,156
Weighted-average shares used in computing net loss per share, diluted (in shares)	72,677,664	65,159,156

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,447)	$ (37,680)
Other comprehensive loss:
Foreign currency translation adjustment	(1,733)	(1,696)
Other comprehensive loss	(1,733)	(1,696)
Comprehensive loss	$ (18,180)	$ (39,376)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 19,042	$ 28,120
Restricted cash	299	1,587
Receivables, net of allowance for credit losses	6,940	7,496
Inventories, net	8,870	13,000
Prepaid expenses and other current assets	14,139	7,802
Assets held for sale	7,455	11,692
Total current assets	56,745	69,697
Restricted cash	1,654	1,969
Property and equipment, net	12,458	13,514
Operating right-of-use assets	23,111	25,284
Goodwill	53,971	54,899
Other intangible assets, net	157,105	157,901
Contract assets, net of current portion	1,950	8,716
Other noncurrent assets	2,146	2,274
Total assets	309,140	334,254
Current liabilities:
Accounts payable	10,013	14,500
Deferred revenues, current portion	6,566	9,205
Long-term debt, current portion	304	304
Operating lease liabilities, current portion	6,981	6,955
Other current liabilities and accrued expenses	23,829	27,967
Total current liabilities	47,693	58,931
Deferred revenues, net of current portion	5,620	4,641
Long-term debt, net of current portion	193,053	190,115
Deferred tax liabilities, net	10,352	9,304
Operating lease liabilities, net of current portion	22,126	24,621
Other noncurrent liabilities	957	957
Total liabilities	279,801	288,569
Commitments and contingencies (Note 12)
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 March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share, 150,000,000 shares authorized, 74,893,374 shares issued and 72,643,445 shares outstanding as of March 31, 2024; 74,783,683 shares issued and 72,533,754 shares outstanding as of December 31, 2023	7	7
Treasury stock, at cost, 2,249,929 shares as of March 31, 2024 and December 31, 2023	(5,445)	(5,445)
Additional paid-in capital	691,889	690,055
Accumulated other comprehensive loss	(26,643)	(24,910)
Accumulated deficit	(630,261)	(613,814)
Total stockholders’ equity	29,547	45,893
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$ 309,140	$ 334,254

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	0
Preferred stock outstanding (in shares)	0	0
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)	74,893,374	74,783,683
Common stock outstanding (in shares)	72,643,445	72,533,754
Treasury stock (in shares)	2,249,929	2,249,929

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, 2022				50,000	47,037,699
Total 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
Shares issued in connection with employee stock plans (in shares)					215,145
Shares issued pursuant to a license, services and collaboration agreement (in shares)					3,312
Stock-based compensation expense and vesting of restricted stock units	5,920								5,920
Other comprehensive loss	(1,696)											(1,696)
Net loss	(37,680)												(37,680)
Shares outstanding at end of period (in shares) at Mar. 31, 2023				50,000	73,174,547
Total stockholders' equity at end of period at Mar. 31, 2023	183,288				$ 7			(4,445)	684,643			(25,841)	(471,076)
Shares outstanding at beginning of period (in shares) at Dec. 31, 2023				0	72,533,754
Total stockholders' equity at beginning of period at Dec. 31, 2023	45,893				$ 7			(5,445)	690,055			(24,910)	(613,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with employee stock plans (in shares)					109,691
Stock-based compensation expense and vesting of restricted stock units	1,834								1,834
Other comprehensive loss	(1,733)											(1,733)
Net loss	(16,447)												(16,447)
Shares outstanding at end of period (in shares) at Mar. 31, 2024				0	72,643,445
Total stockholders' equity at end of period at Mar. 31, 2024	$ 29,547				$ 7			$ (5,445)	$ 691,889			$ (26,643)	$ (630,261)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net loss	$ (16,447)	$ (37,680)
Net loss from continuing operations	(16,447)	(36,308)
Loss from discontinued operations, net of tax	0	(1,372)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,800	1,689
Stock-based compensation	1,834	5,219
Loss on extinguishment of debt	0	1,848
Impairments	2,417	0
Amortization of right-of-use assets	2,529	1,348
Capitalized paid-in-kind interest	1,904	0
Inventory reserve charges	(248)	6,108
Deferred income taxes	1,032	(3,366)
Fair value remeasurement of liabilities	12	2,826
Other, net	1,299	199
Changes in operating assets and liabilities:
Receivables, net	2,072	1,862
Inventories	4,099	1,543
Contract assets	(31)	457
Prepaid expenses and other assets	352	3,896
Accounts payable	(4,247)	(2,117)
Deferred revenues	(1,614)	(3,164)
Operating lease liabilities	(2,798)	(1,507)
Other, net	(3,716)	(3,013)
Net cash used in operating activities - continuing operations	(9,751)	(22,480)
Net cash provided by operating activities - discontinued operations	0	1,030
Net cash used in operating activities - continuing operations	(9,751)	(21,450)
Cash Flows From Investing Activities
Purchases of property and equipment	(594)	(1,821)
Net cash used in investing activities - continuing operations	(594)	(1,821)
Net cash used in investing activities - discontinued operations	0	(30)
Net cash used in investing activities	(594)	(1,851)
Cash Flows From Financing Activities
Proceeds from issuance of common stock in rights offering, net	0	47,600
Proceeds from issuance of common stock in registered direct offering, net	0	13,890
Repayment of long-term debt	(76)	(45,400)
Net cash (used in) provided by financing activities	(76)	16,090
Effect of exchange rate changes on cash and cash equivalents	(260)	(2)
Net decrease in cash and cash equivalents and restricted cash	(10,681)	(7,213)
Balance, beginning of year	31,676	35,624
Balance, end of period	20,995	28,411
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	19,042	24,928
Restricted cash	1,953	3,483
Total	20,995	28,411
Supplemental Disclosures
Cash paid (refunded) for income taxes	80	(979)
Cash paid for interest	3,591	5,402
Supplemental Disclosure of Non-Cash Activities
Right-of-use assets in exchange for lease liabilities - continuing operations	600	1,192
Right-of-use assets in exchange for lease liabilities - discontinued operations	0	190
Sale of artwork in exchange for receivables	1,504	0
Shares issued for the commitment fee for registered direct offering	0	1,250
Shares issued pursuant to a license, services and collaboration agreement	$ 0	$ 125

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, digital subscriptions and content, and location-based entertainment, in addition to the sale of direct-to-consumer products through its Honey Birdette brand. We have three reportable segments: Direct-to-Consumer, Licensing and Digital Subscriptions and Content. Refer to Note 16, 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”). The Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, previously included in the Direct-to-Consumer segment in the prior year comparative period, were classified as discontinued operations in the condensed consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for details. 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. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of March 31, 2024, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three months ended March 31, 2024 and 2023 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 March 31, 2024 and our results of operations and cash flows for the three months ended March 31, 2024 and 2023. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three-month periods are also unaudited. The interim condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2023 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 (the “SEC”) on March 29, 2024. 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”), with the previously outstanding Series A Preferred Stock having been exchanged for debt and thereby eliminated in May 2023 upon amendment and restatement of our senior secured debt; 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 receivable is limited due to the wide variety of customers to whom our products are sold and/or licensed. There were no receivables from our customers exceeding 10% of our total as of March 31, 2024 and December 31, 2023. The following table represents revenue from our customers exceeding 10% of our total for the three months ended March 31, 2024 and 2023: Three Months Ended Customer 2024 2023 Customer A (1) * 15 % _________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. *Indicates revenues for the customer did not exceed 10% of our total for the three months ended March 31, 2024. Restricted Cash At March 31, 2024 and December 31, 2023, restricted cash was primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, Honey Birdette’s term deposit in relation to its Sydney office lease, as well as cash held in escrow related to the TLA Sale. 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 the first quarter of 2024. 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 months ended March 31, 2024 decreased by $6.9 million, compared to the three months ended March 31, 2023, and this decline, coupled with investments into our creator platform, drove our operating loss and net loss. For the three months ended March 31, 2024, we reported a net operating loss from continuing operations of $16.4 million and negative operating cash flows from continuing operations of $9.8 million. As of March 31, 2024, we had approximately $19.0 million in unrestricted cash and cash equivalents. We expect our capital expenditures and working capital requirements in 2024 to be largely consistent with 2023, as we continue to invest in our creator platform. We may, however, need additional cash resources to fund our operations until the creator platform achieves a level of revenue that provides for operating profitability. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity or debt financing, or dispose of additional assets, and there can be no assurance that we will be successful in these efforts. If the financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to decrease our planned level of investment in our creator platform or scale back its operations, which could have an adverse impact on our business and financial prospects. We evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern over the next twelve months from the date of filing this Quarterly Report on Form 10-Q. Although consequences of ongoing macroeconomic uncertainty could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors, such as those discussed above, we believe our existing sources of liquidity, along with proceeds from asset dispositions and savings from cost reductions initiatives, will be sufficient 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 of the filing of this Quarterly Report on Form 10-Q. We may seek additional equity or debt financing in the future to satisfy capital requirements, respond to adverse developments such as changes in our circumstances or unforeseen events or conditions, or fund organic or inorganic growth opportunities. However, in the event that additional financing is required from third-party sources, we may not be able to raise it on acceptable terms or at all. As of March 31, 2024, 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 9, 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 9). 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 $1.0 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, excluding $2.0 million of advertising costs related to discontinued operations for the three months ended March 31, 2023. 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. Gift Card Liabilities We account for gift cards sold to customers by recording a liability in other current liabilities and accrued expenses in our consolidated balance sheets at the time of sale, which is recognized as revenue when redeemed or when we have determined the likelihood of redemption to be remote, which is referred to as gift card breakage. Depending on the jurisdiction in which we operate, gift cards sold to customers have expiration dates ranging from three Assets and Liabilities Held for Sale 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 began the sale of artwork assets in the fourth quarter of 2023, but they were not fully disposed of as of March 31, 2024, and as such continued to meet the assets held for sale criteria as of March 31, 2024. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for details. Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustments attributable to Honey Birdette’s operations. Refer to the Condensed Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the three months ended March 31, 2024 and 2023. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements applicable to the Company for the quarter ended March 31, 2024. Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures. In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We do not expect this pronouncement to have a material impact on our financial statements, and are currently evaluating its impact on our disclosures and consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, the amounts reported approximate fair value (Level 1) due to their short-term nature. For debt, based upon the refinancing of our senior secured debt in May 2021, its amendments in 2021 and 2022, and its further amendment and restatement in 2023, we believe that its carrying value at March 31, 2024 and December 31, 2023 approximates fair value, as our debt is variable-rate debt that reprices to current market rates frequently. Refer to Note 9, 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 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): March 31, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (411) $ (411) December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (399) $ (399) There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. Contingent consideration liability relates to the contingent consideration recorded in connection with the 2021 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 March 31, 2024 and December 31, 2023. The fair value of such shares is remeasured each reporting date using the PLBY stock price as of each reporting date. Fair value change as a result of contingent liabilities fair value remeasurement during the three months ended March 31, 2024 and 2023 was immaterial. 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. We recorded $3.0 million of fair value change in nonoperating expense as a result of remeasurement of the fair value of our Series A Preferred Stock during the three months ended March 31, 2023. In May 2023, in connection with the amendment and restatement of our senior secured credit agreement, the outstanding Series A Preferred Stock was exchanged for debt (and thereby eliminated). Refer to Note 9, Debt, for further details. 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 and measured at fair value on a recurring basis for the three months ended March 31, 2024 (in thousands): Contingent Consideration Balance at December 31, 2023 $ 399 Change in fair value 12 Balance at March 31, 2024 $ 411 The increase in the fair value of the contingent consideration for the three months ended March 31, 2024 was primarily due to an increase 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 2 inputs, which include recent purchase offers and market comparables. The assumptions used in measuring fair value of our artwork held for sale are considered Level 2 inputs, which include market prices obtained from recent auctions of similar works of art, or management’s judgment as to their salable value. During the three months ended March 31, 2024, we recorded $2.4 million of impairment charges related to our artwork held for sale. 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 months ended March 31, 2024 and 2023 were immaterial, and the fair value of our digital assets was immaterial as of March 31, 2024 and December 31, 2023. Fair value of digital assets held are predominantly based on Level 1 inputs.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations On April 4, 2023, we completed the sale of all of the membership interests of our wholly-owned subsidiary, Yandy, to an unaffiliated, private, third-party buyer (“Yandy Buyer”). The consideration paid by the Yandy Buyer for the Yandy Sale consisted of $1 million in cash and a $2 million secured promissory note (which note was then settled in the third quarter of 2023 for a cash payment to us of $1.3 million). The Yandy Sale resulted in a loss of $0.3 million before income taxes. Transaction expenses incurred in connection with the sale were immaterial. In connection with the Yandy Sale, on April 4, 2023, we entered into a sublease agreement with Yandy (under its new ownership by Yandy Buyer) for Yandy’s warehouse on substantively the same terms as the original lease. As a result, Yandy’s warehouse right-of-use assets and related lease liabilities, including leasehold improvements associated with the lease, remained on our consolidated balance sheet as of March 31, 2024 and December 31, 2023. On October 3, 2023, we entered into a Stock Purchase Agreement (the “SPA”) with LV Holding, LLC (“TLA Buyer”) for the sale of TLA. We closed the TLA Sale on November 3, 2023. Pursuant to the terms and subject to the conditions set forth in the SPA, TLA Buyer acquired from Playboy Enterprises, Inc., a wholly-owned subsidiary of PLBY Group, Inc. and the holder of all equity of TLA, 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”). We also received approximately $0.8 million as part of a working capital adjustment following the closing of the TLA Sale. Approximately $2.1 million of the Purchase Price was placed into a short-term escrow account at the closing of the TLA Sale in connection with a post-closing working capital adjustment, certain possible indemnification claims payable by TLA and for certain post-closing items to be completed by TLA. As of the date of this Quarterly Report on Form 10-Q, such escrow funds had been released to us in full. The sale resulted in a gain of $7.7 million before income taxes. The Yandy and TLA disposal groups, previously included in the Direct-to-Consumer segment in the prior year comparative period, were classified as discontinued operations in the condensed consolidated statements of operations for the prior year comparative period presented. The following table summarizes the components of loss from discontinued operations, net of tax in the accompanying consolidated statements of operations (in thousands): Three Months Ended Net revenues $ 16,238 Costs and expenses: Cost of sales (8,369) Selling and administrative expenses (9,330) Total costs and expenses (17,699) Operating loss (1,461) Nonoperating income: Other income 40 Total nonoperating income 40 Loss from discontinued operations before income taxes (1,421) Benefit from income taxes 49 Loss from discontinued operations, net of tax $ (1,372) We began the sale of artwork assets in the fourth quarter of 2023, but they were not fully disposed of as of March 31, 2024, and as such continued to meet the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as current assets held for sale in our condensed consolidated balance sheet as of March 31, 2024. During the three months ended March 31, 2024, we recorded $2.4 million of impairment charges related to our artwork held for sale.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 liabilities are classified as deferred revenue in the consolidated balance sheets as of March 31, 2024 and December 31, 2023. The following table summarizes our contract assets and certain contract liabilities (in thousands). This table excludes $4.2 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of December 31, 2022, and $0.3 million of contract liabilities included in assets held for sale in our consolidated balance sheet as of December 31, 2022. March 31, December 31, December 31, Accounts receivable $ 6,940 $ 7,496 $ 14,214 Contract Balances: Contract assets, current portion $ 8,343 $ 1,547 $ 2,559 Contract assets, net of current portion 1,950 8,716 13,680 Contract liabilities, current portion (6,566) (9,205) (10,480) Contract liabilities, net of current portion (5,620) (4,641) (21,406) Contract liabilities, net $ (1,893) $ (3,583) $ (15,647) The following tables provide a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands): Contract Liabilities, Net Balance at December 31, 2023 $ (3,583) Revenues recognized that were included in gross contract liabilities at December 31, 2023 7,186 Contract assets reclassified to accounts receivable in the first quarter of 2024 (4,019) Cash received in advance since prior year and remains in net contract liabilities at period-end (1,477) Balance at March 31, 2024 $ (1,893) Contract Liabilities, Net Balance at December 31, 2022 $ (15,647) Revenues recognized that were included in gross contract liabilities at December 31, 2022 12,032 Contract assets reclassified to accounts receivable in the first quarter of 2023 (7,550) Cash received in advance since prior year and remained in net contract liabilities at period-end (1,540) Contract impairments, modifications and terminations in 2023 (141) Balance at March 31, 2023 $ (12,846) Future Performance Obligations As of March 31, 2024, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $39.7 million, of which $33.2 million related to trademark licensing, $5.7 million related to digital subscriptions and products, and $0.8 million related to direct-to-consumer products. Unrecognized revenue of the trademark licensing revenue stream will be recognized over the next seven years, of which 92% will be recognized in the first five years. Unrecognized revenue of the digital subscriptions and products revenue stream will be recognized over the next five years, of which 47% will 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): Three Months Ended March 31, 2024 Licensing Direct-to-Consumer Digital Other Total Trademark licensing $ 4,085 $ — $ — $ — $ 4,085 Digital subscriptions and products — — 3,804 — 3,804 TV and cable programming — — 1,690 — 1,690 Consumer products — 18,740 — — 18,740 Total revenues $ 4,085 $ 18,740 $ 5,494 $ — $ 28,319 Three Months Ended March 31, 2023 Licensing Direct-to-Consumer Digital Other Total Trademark licensing $ 9,693 $ — $ — $ — $ 9,693 Magazine, digital subscriptions and products — — 2,690 4 2,694 TV and cable programming — — 2,048 — 2,048 Consumer products — 20,768 — — 20,768 Total revenues $ 9,693 $ 20,768 $ 4,738 $ 4 $ 35,203 The following table disaggregates revenue by point in time versus over time (in thousands): Three Months Ended 2024 2023 Point in time $ 20,288 $ 21,343 Over time 8,031 13,860 Total revenues $ 28,319 $ 35,203

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2024
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). March 31, December 31, Editorial and other pre-publication costs $ 117 $ 242 Merchandise finished goods 8,753 12,758 Total $ 8,870 $ 13,000 At March 31, 2024 and December 31, 2023, reserves for slow-moving and obsolete inventory amounted to $5.1 million and $5.5 million, respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2024
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 following (in thousands): March 31, December 31, Contract assets, current portion $ 8,343 $ 1,547 Prepaid inventory not yet received 1,531 703 Prepaid software 1,550 1,488 Prepaid insurance 661 858 Promissory note receivable 432 1,632 Other 1,622 1,574 Total $ 14,139 $ 7,802 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 three months ended March 31, 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	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, December 31, Internally developed software $ 11,252 $ 10,812 Leasehold improvements 10,590 10,682 Equipment 3,742 3,747 Furniture and fixtures 1,916 1,932 Construction in progress 648 692 Total property and equipment, gross 28,148 27,865 Less: accumulated depreciation (15,690) (14,351) Total $ 12,458 $ 13,514 The aggregate depreciation expense related to property and equipment, net was $1.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Depreciation expense related to property and equipment attributable to discontinued operations was $0.2 million for the three months ended March 31, 2023.

Other Current Liabilities and A

Other Current Liabilities and Accrued Expenses	3 Months Ended
	Mar. 31, 2024
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 following (in thousands): March 31, December 31, Taxes $ 7,741 $ 8,479 Accrued interest 2,864 3,040 Accrued salaries, wages and employee benefits 2,277 4,157 Accrued creator fees 2,022 2,113 Outstanding gift cards and store credits 1,645 1,618 Other 7,280 8,560 Total $ 23,829 $ 27,967

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth our debt (in thousands): March 31, December 31, Term loan, due 2027 $ 209,772 $ 209,772 Plus: capitalized payment-in-kind interest 3,752 1,848 Total debt 213,524 211,620 Less: unamortized debt issuance costs (462) (582) Less: unamortized debt discount (19,705) (20,619) Total debt, net of unamortized debt issuance costs and debt discount 193,357 190,419 Less: current portion of long-term debt (304) (304) Total debt, net of current portion $ 193,053 $ 190,115 On May 10, 2023 (the “Restatement Date”), we entered into an amendment and restatement (the “A&R Credit Agreement”) of our prior credit agreement (the “2021 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. For the terms of the 2021 Credit Agreement, as amended, refer to Note 9, Debt, within the notes to our consolidated financial statements set forth in our Annual Report on Form 10-K filed with the SEC on March 29, 2024. 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 on the Restatement Date. In connection with the A&R Credit Agreement, the term loan under the 2021 Credit Agreement was 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 term loan under the 2021 Credit Agreement were eliminated. The A&R Credit Agreement only requires that 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 the Secured Overnight Financing Rate (“SOFR”), as published by the U.S. Federal Reserve Bank of New York (rather than the London Inter-Bank Offered Rate (“LIBOR”), as under the 2021 Credit Agreement). As of the Restatement Date, Tranche A accrued interest at SOFR plus 6.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%. As of the Restatement Date, Tranche B accrued interest at SOFR plus 4.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%. 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. In July 2023, DBD Credit Funding LLC, an affiliate of Fortress, became the administrative agent and collateral agent under the A&R Credit Agreement. In connection with the TLA Sale, on November 2, 2023, we entered into Amendment No. 1 to the A&R Credit Agreement (the “A&R First Amendment”), to permit, among other things: (a) the TLA Sale and the sale of certain other assets (and the proceeds of such sales will not be required to prepay the A&R Term Loans); and (b) the Company to elect, through August 31, 2025, to pay in cash accrued interest equal to the applicable SOFR plus 1.00%, with the remainder of any applicable accrued interest not paid in cash capitalized into the A&R Term Loans. The other terms of the A&R Credit Agreement remained substantially unchanged from those prior to the A&R First Amendment. On March 27, 2024, we entered into Amendment No. 2 to the A&R Credit Agreement (the “A&R Second Amendment”), which provided for, among other things: (a) the amendment of the Total Net Leverage Ratio covenant to (i) suspend testing of such covenant until the quarter ending June 30, 2026, (ii) adjust the Total Net Leverage Ratio financial covenant levels once the covenant testing is resumed, and (iii) add a mechanism for the Total Net Leverage Ratio to be eliminated permanently upon the satisfaction of certain prepayment-related conditions (the date upon which such prepayment-related conditions are satisfied, the “Financial Covenant Sunset Date”); (b) the addition of a covenant to maintain a $7.5 million minimum balance of unrestricted cash and cash equivalents (on a consolidated basis), subject to periodic testing and certification, as well as the ability to cure a below-minimum balance, and which covenant will be in effect (i) from March 27, 2024 until March 31, 2026 and (ii) from and after the Financial Covenant Sunset Date; and (c) that assignments of commitments or loans under the A&R Credit Agreement from existing lenders to certain eligible assignees under the A&R Credit Agreement (i.e. a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933) and which extends credit or buys loans in the ordinary course of business) shall not require consent from us while the minimum cash balance financial covenant is in effect. The other terms of the A&R Credit Agreement prior to the A&R Second Amendment remained substantially unchanged. The stated interest rate of Tranche A and Tranche B term loans as of March 31, 2024 was 11.41% and 9.41%, respectively. The stated interest rate of Tranche A and Tranche B term loans as of December 31, 2023 was 11.41% and 9.41%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of March 31, 2024 was 12.03% and 13.27%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of December 31, 2023 was 12.03% and 13.27%, respectively. The difference between the stated interest rate and effective interest rate for Tranche B as of March 31, 2024 and December 31, 2023 is driven primarily by the amortization of $21.3 million of debt discount which is included in the calculation of the effective interest rate. We were in compliance with applicable financial covenants under the terms of the A&R Credit Agreement and its amendments as of March 31, 2024 and December 31, 2023. The following table sets forth maturities of the principal amount of our A&R Term Loans as of March 31, 2024 (in thousands): Remainder of 2024 $ 228 2025 304 2026 304 2027 212,688 Total $ 213,524

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock Common stock reserved for future issuance consists of the following: March 31, December 31, Shares available for grant under equity incentive plans 3,660,674 739,178 Options issued and outstanding under equity incentive plans 1,997,466 2,291,328 Unvested restricted stock units 2,901,483 3,214,910 Vested restricted stock units not yet settled 218,730 14,994 Unvested performance-based restricted stock units 707,655 707,655 Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 9,735,124 7,217,181 On January 24, 2023, we issued 6,357,341 shares of our common stock in a registered direct offering to a limited number of investors, out of which 489,026 shares of our common stock were issued in relation to the $1.25 million commitment fee for the registered direct offering. We received $15 million in gross proceeds from the registered direct offering, and net proceeds of $13.9 million, after the payment of offering fees and expenses.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of March 31, 2024, 10,737,065 shares of common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan and 6,287,687 shares of common stock were originally reserved for issuance under our 2018 Equity Incentive 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, 2023 2,291,328 $ 2.49 6.4 $ 311 Granted — — — — Exercised — — — — Forfeited, expired and cancelled (293,862) 5.05 — — Balance – March 31, 2024 1,997,466 $ 2.12 7.1 $ 357 Exercisable – March 31, 2024 1,082,892 $ 3.35 5.0 $ — Vested and expected to vest as of March 31, 2024 1,997,466 $ 2.12 7.1 $ 357 There were no options granted in the first quarter of 2024 or 2023. Restricted Stock Units A summary of restricted 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, 2023 3,214,910 $ 2.91 Granted — — Vested (313,427) 7.41 Forfeited — — Unvested and outstanding balance at March 31, 2024 2,901,483 $ 2.42 The total fair value of restricted stock units that vested during the three months ended March 31, 2024 and 2023 was approximately $0.3 million and $0.4 million, respectively. We had 218,730 outstanding and fully vested restricted stock units that remained unsettled at March 31, 2024, all of which are expected to be settled in 2024. 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 months ended March 31, 2024. There was no activity with respect to performance-based restricted stock units during the three months ended March 31, 2024. Performance-based restricted stock units for 707,655 shares were unvested and outstanding as of March 31, 2024 and December 31, 2023. Stock-Based Compensation Expense Stock-based compensation expense under our equity incentive plans was as follows for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Cost of sales (1) $ 633 $ 373 Selling and administrative expenses (2) 1,201 4,846 Total $ 1,834 $ 5,219 _______ (1) Cost of sales includes $0.2 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 for the three months ended March 31, 2023. The contract with such independent contractor expired in the fourth quarter of 2023, and there was no stock-based compensation expense recorded for the three months ended March 31, 2024. (2) Selling and administrative expenses for the three months ended March 31, 2023 include $1.0 million of accelerated amortization of stock-based compensation expense for certain equity awards during the three months ended March 31, 2023. The expense presented in the table above is net of capitalized stock-based compensation relating to software development costs of $0.7 million during the three months ended March 31, 2023. There was no capitalized stock-based compensation relating to software development costs during the three months ended March 31, 2024, as stock-based compensation relating to software development costs eligible to be capitalized in the first quarter of 2024 was immaterial. At March 31, 2024, total unrecognized compensation cost related to unvested stock option awards was $0.6 million and is expected to be recognized over the remaining weighted-average service period of 1.25 years. At March 31, 2024, total unrecognized compensation cost related to unvested performance-based restricted stock units and restricted stock units was $6.1 million and is expected to be recognized over the remaining weighted-average service period of 1.39 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Lease cost associated with operating leases for the three months ended March 31, 2024 and 2023 is included in the table below. As of March 31, 2024 and December 31, 2023, the weighted average remaining term of our operating leases was 4.9 years and 5.2 years, respectively, and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 7.0% and 7.0%, respectively. Cash payments for amounts included in the measurement of operating lease liabilities were $2.4 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities were $0.6 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities attributable to discontinued operations were $0.2 million for the three months ended March 31, 2023. In conjunction with the Yandy Sale 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 unaudited condensed consolidated statements of operations is summarized in the table below (in thousands). The table excludes TLA’s total net lease cost of $1.6 million for the three months ended March 31, 2023, which is included in discontinued operations in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2023. Three Months Ended 2024 2023 Operating lease cost $ 2,085 $ 1,891 Variable lease cost 374 402 Short-term lease cost 403 710 Sublease income (222) (69) Total $ 2,640 $ 2,934 Maturities of our operating lease liabilities as of March 31, 2024 are as follows (in thousands): Amounts Remainder of 2024 $ 6,624 2025 7,882 2026 7,277 2027 4,816 2028 2,453 Thereafter 5,772 Total undiscounted lease payments 34,824 Less: imputed interest (5,717) Total operating lease liabilities $ 29,107 Operating lease liabilities, current portion $ 6,981 Operating lease liabilities, noncurrent portion $ 22,126 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 October 1, 2024. We believe TNR’s claims and allegations are without merit, and we will defend this matter vigorously. New Handong Arbitration On February 8, 2024, PEII and certain of its subsidiaries initiated arbitration in the Hong Kong International Arbitration Centre (the “Arbitration”) against PEII’s terminated China licensee, New Handong Investment (Guangdong) Co., Ltd. (“New Handong”). In October 2023, PEII’s subsidiary terminated its license agreement with New Handong due to ongoing, uncured material breaches by New Handong. PEII and its subsidiaries are seeking damages, including the payment of outstanding guaranteed minimum royalties, the payment of all guaranteed minimum royalties for the remainder of the term of the agreement, and other contractual damages for a variety of breaches, including unauthorized sales of products, underpayment of earned royalties, failing to use approved trademarks and affix official holograms to all products, and the use of unapproved sublicensees, as well as a declaration that the termination of the agreement was lawful and valid and the issuance of a legal order to require New Handong to refrain from any further manufacture, sale, distribution or other use of any Playboy intellectual property or products. While PEII believes it has strong claims against New Handong, and that the facts of the matter support those claims, even in the event PEII were to obtain all the relief it seeks from the Arbitration, PEII can provide no assurance or guarantee that it will be able to enforce the results of the Arbitration against New Handong or recover any or all monetary awards from New Handong.

Severance Costs

Severance Costs	3 Months Ended
	Mar. 31, 2024
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 more capital-light model. Severance costs are recorded in selling 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 were immaterial during the first quarter of 2024. Severance costs in our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Direct-to-Consumer $ 371 Licensing 17 Digital Subscriptions and Content 39 Corporate 1,211 Total $ 1,638 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, 2023 $ 1,184 Costs incurred and charged to expense 30 Costs paid or otherwise settled (951) Balance at March 31, 2024 $ 263

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2024 and 2023, our provision for income taxes was an expense of $1.1 million and a tax benefit of $1.7 million, respectively. The effective tax rate for the three months ended March 31, 2024 and 2023 was (6.8)% and 4.4%, respectively. The effective tax rate for the three months ended March 31, 2024 differed from the U.S. statutory federal income tax rate of 21% primarily due to impairment charges on artwork held for sale, foreign withholding taxes, the limitations of 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. The effective tax rate for the three months ended March 31, 2023 differed from the U.S. statutory federal income tax rate of 21% primarily due to foreign withholding taxes, Section 162(m) limitations, stock compensation shortfall deductions, 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	3 Months Ended
	Mar. 31, 2024
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) income per share due to their anti-dilutive effect: Three Months Ended 2024 2023 Stock options to purchase common stock 1,997,466 2,584,078 Unvested restricted stock units 2,901,483 1,792,292 Unvested performance-based restricted stock units 707,655 1,089,045

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	Segments We have three reportable segments: Direct-to-Consumer, Licensing and Digital Subscriptions and Content. The Direct-to-Consumer segment derives revenue from sales of consumer products sold by us online direct to customers or at our Honey Birdette brick-and-mortar stores, of which there were 62 stores in three countries as of March 31, 2024. The TLA and Yandy direct-to-consumer businesses sold in 2023 were excluded from the table below and classified as discontinued operations in our condensed consolidated statements of operations for the prior year comparative period presented. The Licensing segment derives revenue from trademark licenses for third-party consumer products and location-based entertainment businesses. At the end of the first quarter of 2023, we entered into a joint venture (the “China JV”) with Charactopia Licensing Limited, the brand management unit of Fung Group. The China JV operates the Playboy consumer products business in mainland China, Hong Kong and Macau. The China JV is intended to reinvigorate our China-market Playboy apparel business through expanding Playboy’s reach and online storefronts by adding new licensees. 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, and sales of creator content offerings and memberships to consumers through the Playboy Club 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 miscellaneous in nature and do not relate to the previously identified reportable segments disclosed herein. These segments do not meet the quantitative threshold for determining reportable segments. 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 2024 2023 Net revenues: Direct-to-Consumer $ 18,740 $ 20,768 Licensing 4,085 9,693 Digital Subscriptions and Content 5,494 4,738 All Other — 4 Total $ 28,319 $ 35,203 Operating (loss) income: Direct-to-Consumer $ (147) $ (15,992) Licensing 2,017 3,565 Digital Subscriptions and Content (99) (609) Corporate (10,698) (14,938) All Other 10 (5) Total $ (8,917) $ (27,979) Geographic Information Revenue by geography is based on where the customer is located. The following tables set forth revenue by geographic area for the months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Net revenues: United States $ 14,160 $ 15,659 Australia 8,134 7,529 China 1,446 6,948 UK 2,700 2,502 Other 1,879 2,565 Total $ 28,319 $ 35,203

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (16,447)	$ (37,680)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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”). The Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, previously included in the Direct-to-Consumer segment in the prior year comparative period, were classified as discontinued operations in the condensed consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for details. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of March 31, 2024, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three months ended March 31, 2024 and 2023 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 March 31, 2024 and our results of operations and cash flows for the three months ended March 31, 2024 and 2023. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three-month periods are also unaudited. The interim condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2023 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 (the “SEC”) on March 29, 2024.
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.
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”), with the previously outstanding Series A Preferred Stock having been exchanged for debt and thereby eliminated in May 2023 upon amendment and restatement of our senior secured debt; 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.
Concentration of Business and Credit Risk	Concentrations of Business and Credit Risk
Restricted Cash	Restricted Cash At March 31, 2024 and December 31, 2023, restricted cash was primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, Honey Birdette’s term deposit in relation to its Sydney office lease, as well as cash held in escrow related to the TLA Sale.
Advertising Cost	Advertising Costs We expense advertising costs as incurred. Advertising expenses were $1.0 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, excluding $2.0 million of advertising costs related to discontinued operations for the three months ended March 31, 2023. 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.
Gift Card Liabilities	Gift Card Liabilities three
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale 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 began the sale of artwork assets in the fourth quarter of 2023, but they were not fully disposed of as of March 31, 2024, and as such continued to meet the assets held for sale criteria as of March 31, 2024. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for details.
Comprehensive Loss	Comprehensive Loss
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements applicable to the Company for the quarter ended March 31, 2024. Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures. In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We do not expect this pronouncement to have a material impact on our financial statements, and are currently evaluating its impact on our disclosures and consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedules of Concentration of Risk	The following table represents revenue from our customers exceeding 10% of our total for the three months ended March 31, 2024 and 2023: Three Months Ended Customer 2024 2023 Customer A (1) * 15 % _________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. *Indicates revenues for the customer did not exceed 10% of our total for the three months ended March 31, 2024.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and 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): March 31, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (411) $ (411) December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (399) $ (399)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 and measured at fair value on a recurring basis for the three months ended March 31, 2024 (in thousands): Contingent Consideration Balance at December 31, 2023 $ 399 Change in fair value 12 Balance at March 31, 2024 $ 411

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the components of loss from discontinued operations, net of tax in the accompanying consolidated statements of operations (in thousands): Three Months Ended Net revenues $ 16,238 Costs and expenses: Cost of sales (8,369) Selling and administrative expenses (9,330) Total costs and expenses (17,699) Operating loss (1,461) Nonoperating income: Other income 40 Total nonoperating income 40 Loss from discontinued operations before income taxes (1,421) Benefit from income taxes 49 Loss from discontinued operations, net of tax $ (1,372)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table summarizes our contract assets and certain contract liabilities (in thousands). This table excludes $4.2 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of December 31, 2022, and $0.3 million of contract liabilities included in assets held for sale in our consolidated balance sheet as of December 31, 2022. March 31, December 31, December 31, Accounts receivable $ 6,940 $ 7,496 $ 14,214 Contract Balances: Contract assets, current portion $ 8,343 $ 1,547 $ 2,559 Contract assets, net of current portion 1,950 8,716 13,680 Contract liabilities, current portion (6,566) (9,205) (10,480) Contract liabilities, net of current portion (5,620) (4,641) (21,406) Contract liabilities, net $ (1,893) $ (3,583) $ (15,647) The following tables provide a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands): Contract Liabilities, Net Balance at December 31, 2023 $ (3,583) Revenues recognized that were included in gross contract liabilities at December 31, 2023 7,186 Contract assets reclassified to accounts receivable in the first quarter of 2024 (4,019) Cash received in advance since prior year and remains in net contract liabilities at period-end (1,477) Balance at March 31, 2024 $ (1,893) Contract Liabilities, Net Balance at December 31, 2022 $ (15,647) Revenues recognized that were included in gross contract liabilities at December 31, 2022 12,032 Contract assets reclassified to accounts receivable in the first quarter of 2023 (7,550) Cash received in advance since prior year and remained in net contract liabilities at period-end (1,540) Contract impairments, modifications and terminations in 2023 (141) Balance at March 31, 2023 $ (12,846)
Revenue from External Customers by Products and Services	The following table disaggregates revenue by type (in thousands): Three Months Ended March 31, 2024 Licensing Direct-to-Consumer Digital Other Total Trademark licensing $ 4,085 $ — $ — $ — $ 4,085 Digital subscriptions and products — — 3,804 — 3,804 TV and cable programming — — 1,690 — 1,690 Consumer products — 18,740 — — 18,740 Total revenues $ 4,085 $ 18,740 $ 5,494 $ — $ 28,319 Three Months Ended March 31, 2023 Licensing Direct-to-Consumer Digital Other Total Trademark licensing $ 9,693 $ — $ — $ — $ 9,693 Magazine, digital subscriptions and products — — 2,690 4 2,694 TV and cable programming — — 2,048 — 2,048 Consumer products — 20,768 — — 20,768 Total revenues $ 9,693 $ 20,768 $ 4,738 $ 4 $ 35,203 The following table disaggregates revenue by point in time versus over time (in thousands): Three Months Ended 2024 2023 Point in time $ 20,288 $ 21,343 Over time 8,031 13,860 Total revenues $ 28,319 $ 35,203

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2024
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). March 31, December 31, Editorial and other pre-publication costs $ 117 $ 242 Merchandise finished goods 8,753 12,758 Total $ 8,870 $ 13,000

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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 following (in thousands): March 31, December 31, Contract assets, current portion $ 8,343 $ 1,547 Prepaid inventory not yet received 1,531 703 Prepaid software 1,550 1,488 Prepaid insurance 661 858 Promissory note receivable 432 1,632 Other 1,622 1,574 Total $ 14,139 $ 7,802

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consists of the following (in thousands): March 31, December 31, Internally developed software $ 11,252 $ 10,812 Leasehold improvements 10,590 10,682 Equipment 3,742 3,747 Furniture and fixtures 1,916 1,932 Construction in progress 648 692 Total property and equipment, gross 28,148 27,865 Less: accumulated depreciation (15,690) (14,351) Total $ 12,458 $ 13,514

Other Current Liabilities and_2

Other Current Liabilities and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities and Accrued Expenses	Other current liabilities and accrued expenses consisted of the following (in thousands): March 31, December 31, Taxes $ 7,741 $ 8,479 Accrued interest 2,864 3,040 Accrued salaries, wages and employee benefits 2,277 4,157 Accrued creator fees 2,022 2,113 Outstanding gift cards and store credits 1,645 1,618 Other 7,280 8,560 Total $ 23,829 $ 27,967

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table sets forth our debt (in thousands): March 31, December 31, Term loan, due 2027 $ 209,772 $ 209,772 Plus: capitalized payment-in-kind interest 3,752 1,848 Total debt 213,524 211,620 Less: unamortized debt issuance costs (462) (582) Less: unamortized debt discount (19,705) (20,619) Total debt, net of unamortized debt issuance costs and debt discount 193,357 190,419 Less: current portion of long-term debt (304) (304) Total debt, net of current portion $ 193,053 $ 190,115
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 March 31, 2024 (in thousands): Remainder of 2024 $ 228 2025 304 2026 304 2027 212,688 Total $ 213,524

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consists of the following: March 31, December 31, Shares available for grant under equity incentive plans 3,660,674 739,178 Options issued and outstanding under equity incentive plans 1,997,466 2,291,328 Unvested restricted stock units 2,901,483 3,214,910 Vested restricted stock units not yet settled 218,730 14,994 Unvested performance-based restricted stock units 707,655 707,655 Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 9,735,124 7,217,181

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 2,291,328 $ 2.49 6.4 $ 311 Granted — — — — Exercised — — — — Forfeited, expired and cancelled (293,862) 5.05 — — Balance – March 31, 2024 1,997,466 $ 2.12 7.1 $ 357 Exercisable – March 31, 2024 1,082,892 $ 3.35 5.0 $ — Vested and expected to vest as of March 31, 2024 1,997,466 $ 2.12 7.1 $ 357
Schedule of restricted stock unit activity	A summary of restricted 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, 2023 3,214,910 $ 2.91 Granted — — Vested (313,427) 7.41 Forfeited — — Unvested and outstanding balance at March 31, 2024 2,901,483 $ 2.42
Schedule of allocated share-based compensation expense	Stock-based compensation expense under our equity incentive plans was as follows for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Cost of sales (1) $ 633 $ 373 Selling and administrative expenses (2) 1,201 4,846 Total $ 1,834 $ 5,219 _______ (1) Cost of sales includes $0.2 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 for the three months ended March 31, 2023. The contract with such independent contractor expired in the fourth quarter of 2023, and there was no stock-based compensation expense recorded for the three months ended March 31, 2024. (2) Selling and administrative expenses for the three months ended March 31, 2023 include $1.0 million of accelerated amortization of stock-based compensation expense for certain equity awards during the three months ended March 31, 2023.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Net Lease Cost	Net lease cost recognized in our unaudited condensed consolidated statements of operations is summarized in the table below (in thousands). The table excludes TLA’s total net lease cost of $1.6 million for the three months ended March 31, 2023, which is included in discontinued operations in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2023. Three Months Ended 2024 2023 Operating lease cost $ 2,085 $ 1,891 Variable lease cost 374 402 Short-term lease cost 403 710 Sublease income (222) (69) Total $ 2,640 $ 2,934
Schedule of Maturities of Operating Lease Liabilities	Maturities of our operating lease liabilities as of March 31, 2024 are as follows (in thousands): Amounts Remainder of 2024 $ 6,624 2025 7,882 2026 7,277 2027 4,816 2028 2,453 Thereafter 5,772 Total undiscounted lease payments 34,824 Less: imputed interest (5,717) Total operating lease liabilities $ 29,107 Operating lease liabilities, current portion $ 6,981 Operating lease liabilities, noncurrent portion $ 22,126

Severance Costs (Tables)

Severance Costs (Tables)	3 Months Ended
	Mar. 31, 2024
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 Direct-to-Consumer $ 371 Licensing 17 Digital Subscriptions and Content 39 Corporate 1,211 Total $ 1,638 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, 2023 $ 1,184 Costs incurred and charged to expense 30 Costs paid or otherwise settled (951) Balance at March 31, 2024 $ 263

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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) income per share due to their anti-dilutive effect: Three Months Ended 2024 2023 Stock options to purchase common stock 1,997,466 2,584,078 Unvested restricted stock units 2,901,483 1,792,292 Unvested performance-based restricted stock units 707,655 1,089,045

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table sets forth financial information by reportable segment (in thousands): Three Months Ended 2024 2023 Net revenues: Direct-to-Consumer $ 18,740 $ 20,768 Licensing 4,085 9,693 Digital Subscriptions and Content 5,494 4,738 All Other — 4 Total $ 28,319 $ 35,203 Operating (loss) income: Direct-to-Consumer $ (147) $ (15,992) Licensing 2,017 3,565 Digital Subscriptions and Content (99) (609) Corporate (10,698) (14,938) All Other 10 (5) Total $ (8,917) $ (27,979)
Revenue from External Customers by Geographic Areas	The following tables set forth revenue by geographic area for the months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Net revenues: United States $ 14,160 $ 15,659 Australia 8,134 7,529 China 1,446 6,948 UK 2,700 2,502 Other 1,879 2,565 Total $ 28,319 $ 35,203

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2023
Revenue Benchmark | Customer Concentration Risk | Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	15%

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Liquidity Assessment and Management's Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Increase (decrease) in revenue	$ (6,900)
Net loss from continuing operations	(16,447)	$ (36,308)
Net cash used in operating activities from continuing operations	(9,751)	(22,480)
Cash and cash equivalents	$ 19,042	$ 24,928	$ 28,120

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising costs	$ 1	$ 2.3
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		$ 2

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Gift Card Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	$ 6,566		$ 9,205	$ 10,480
Gift Card
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	1,600		$ 1,600	$ 1,600
Revenue recognized	$ 100	$ 300
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	3 years
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	5 years

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (411)	$ (399)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (411)	$ (399)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Discontinued Operations, Disposed of by Sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges	$ 2.4
Series A Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value change as remeasurement of fair value of preferred stock		$ 3

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value Of Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 0	$ (3,018)
Level 3 | Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	399
Change in fair value	12
Balance at end of period	$ 411

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale and Discontinued Operations - Narrative (Details) - USD ($) $ in Millions			3 Months Ended
	Nov. 03, 2023	Apr. 04, 2023	Mar. 31, 2024	Sep. 30, 2023
Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes		$ (0.3)
Yandy | Secured Promissory Note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term loan, amount borrowed		2
Proceeds from note receivable				$ 1.3
TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes	$ 7.7
Escrow deposit	2.1
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 2.4
Discontinued Operations, Disposed of by Sale | Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of interest in subsidiary		$ 1
Discontinued Operations, Disposed of by Sale | TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	13.5
Working capital adjustment	$ 0.8

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale and Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Nonoperating income:
Loss from discontinued operations, net of tax	$ 0	$ (1,372)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		16,238
Costs and expenses:
Cost of sales		(8,369)
Selling and administrative expenses		(9,330)
Total costs and expenses		(17,699)
Operating loss		(1,461)
Nonoperating income:
Other income		40
Total nonoperating income		40
Loss from discontinued operations before income taxes		(1,421)
Benefit from income taxes		49
Loss from discontinued operations, net of tax		$ (1,372)

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable included in assets held for sale	$ 4.2
Contract liabilities included in assets held for sale	$ 0.3

Revenue Recognition - Contrac_2

Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 6,940	$ 7,496		$ 14,214
Contract Balances:
Contract assets, current portion	8,343	1,547		2,559
Contract assets, net of current portion	1,950	8,716		13,680
Contract liabilities, current portion	(6,566)	(9,205)		(10,480)
Contract liabilities, net of current portion	(5,620)	(4,641)		(21,406)
Contract liabilities, net	$ (1,893)	$ (3,583)	$ (12,846)	$ (15,647)

Revenue Recognition - Roll-Forw

Revenue Recognition - Roll-Forward of Netted Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract Liabilities, Net
Balance at beginning of period	$ (3,583)	$ (15,647)
Revenue recognized	7,186	12,032
Contract assets reclassified to accounts receivable	(4,019)	(7,550)
Cash received in advance since prior year and remained in net contract liabilities at period-end	(1,477)	(1,540)
Contract impairments, modifications and terminations		(141)
Balance at end of period	$ (1,893)	$ (12,846)

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 39.7
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 33.2
Trademark licensing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	7 years
Trademark licensing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years
Revenue, remaining performance obligation, percentage	92%
Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.7
Digital subscriptions and products | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Digital subscriptions and products | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years
Digital subscriptions and products | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	47%
Direct-to-consumer products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0.8

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Net revenues	$ 28,319	$ 35,203
Point in time
Revenue from External Customer [Line Items]
Net revenues	20,288	21,343
Over time
Revenue from External Customer [Line Items]
Net revenues	8,031	13,860
Trademark licensing
Revenue from External Customer [Line Items]
Net revenues	4,085	9,693
Digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues	3,804
Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues		2,694
TV and cable programming
Revenue from External Customer [Line Items]
Net revenues	1,690	2,048
Consumer products
Revenue from External Customer [Line Items]
Net revenues	18,740	20,768
Other
Revenue from External Customer [Line Items]
Net revenues	0	4
Other | Trademark licensing
Revenue from External Customer [Line Items]
Net revenues	0	0
Other | Digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues	0
Other | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues		4
Other | TV and cable programming
Revenue from External Customer [Line Items]
Net revenues	0	0
Other | Consumer products
Revenue from External Customer [Line Items]
Net revenues	0	0
Licensing | Operating Segments
Revenue from External Customer [Line Items]
Net revenues	4,085	9,693
Licensing | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Net revenues	4,085	9,693
Licensing | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues	0
Licensing | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues		0
Licensing | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Net revenues	0	0
Licensing | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Net revenues	0	0
Direct-to-Consumer | Operating Segments
Revenue from External Customer [Line Items]
Net revenues	18,740	20,768
Direct-to-Consumer | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Net revenues	0	0
Direct-to-Consumer | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues	0
Direct-to-Consumer | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues		0
Direct-to-Consumer | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Net revenues	0	0
Direct-to-Consumer | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Net revenues	18,740	20,768
Digital Subscriptions and Content | Operating Segments
Revenue from External Customer [Line Items]
Net revenues	5,494	4,738
Digital Subscriptions and Content | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Net revenues	0	0
Digital Subscriptions and Content | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues	3,804
Digital Subscriptions and Content | Operating Segments | Magazine, digital subscriptions and products
Revenue from External Customer [Line Items]
Net revenues		2,690
Digital Subscriptions and Content | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Net revenues	1,690	2,048
Digital Subscriptions and Content | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Net revenues	$ 0	$ 0

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Editorial and other pre-publication costs	$ 117	$ 242
Merchandise finished goods	8,753	12,758
Total	8,870	13,000
Inventory reserves	$ 5,100	$ 5,500

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract assets, current portion		$ 8,343	$ 1,547
Prepaid inventory not yet received		1,531	703
Prepaid software		1,550	1,488
Prepaid insurance		661	858
Promissory note receivable		432	1,632
Other		1,622	1,574
Total		$ 14,139	$ 7,802
Restructuring charges	$ 4,600
Amortization of prepaid software	1,500
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 400

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 28,148		$ 27,865
Less: accumulated depreciation	(15,690)		(14,351)
Total	12,458		13,514
Depreciation and amortization	1,400	$ 1,200
Depreciation, discontinued operations		$ 200
Internally developed software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	11,252		10,812
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,590		10,682
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,742		3,747
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,916		1,932
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 648		$ 692

Other Current Liabilities and_3

Other Current Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Taxes	$ 7,741	$ 8,479
Accrued interest	2,864	3,040
Accrued salaries, wages and employee benefits	2,277	4,157
Accrued creator fees	2,022	2,113
Outstanding gift cards and store credits	1,645	1,618
Other	7,280	8,560
Total	$ 23,829	$ 27,967

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 213,524	$ 211,620
Less: unamortized debt issuance costs	(462)	(582)
Less: unamortized debt discount	(19,705)	(20,619)
Total debt, net of unamortized debt issuance costs and debt discount	193,357	190,419
Less: current portion of long-term debt	(304)	(304)
Total debt, net of current portion	193,053	190,115
Term loan
Debt Instrument [Line Items]
Total debt	213,524
Term loan | Term loan, due 2027
Debt Instrument [Line Items]
Total debt	209,772	209,772
Plus: capitalized payment-in-kind interest
Debt Instrument [Line Items]
Total debt	$ 3,752	$ 1,848

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Nov. 02, 2023	May 10, 2023	Mar. 31, 2024	Mar. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt			$ 213,524		$ 211,620
Term loan
Debt Instrument [Line Items]
Total debt			$ 213,524
Term loan | A&R Term Loans
Debt Instrument [Line Items]
Percent of term loans		90%
Preferred stock exchange (in shares)		50,000
Term loan, amount borrowed		$ 53,600
Term loan, additional funding		11,800
Total debt		$ 210,000
Net leverage ration reduction per quarter		0.25
Minimum consolidated cash balance required				$ 7,500
Term loan | A&R Term Loans | Debt Covenant One
Debt Instrument [Line Items]
Total net leverage ratio		7.25
Term loan | A&R Term Loans | Debt Covenant Two
Debt Instrument [Line Items]
Total net leverage ratio		5.25
Term loan | Tranche A
Debt Instrument [Line Items]
Total debt		$ 20,600
Quarterly amortization payments		$ 76
Debt Instrument, SOFR Adjustment		0.10%
Stated interest rate			11.41%		11.41%
Effective interest rate			12.03%		12.03%
Term loan | Tranche A | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		6.25%
Interest rate floor		0.50%
Term loan | Tranche B
Debt Instrument [Line Items]
Total debt		$ 189,400
Debt Instrument, SOFR Adjustment		0.10%
Stated interest rate			9.41%		9.41%
Effective interest rate			13.27%		13.27%
Debt discount capitalized			$ 21,300
Term loan | Tranche B | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		4.25%
Interest rate floor		0.50%
Term loan | Term loan, due 2027
Debt Instrument [Line Items]
Total debt			$ 209,772		$ 209,772
Term loan | Term loan, due 2027 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Debt - Term Loan Maturities (De

Debt - Term Loan Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 213,524	$ 211,620
Term loan
Debt Instrument [Line Items]
Remainder of 2024	228
2025	304
2026	304
2027	212,688
Total	$ 213,524

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	9,735,124	7,217,181
Shares available for grant under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,660,674	739,178
Options issued and outstanding under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,997,466	2,291,328
Unvested restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	2,901,483	3,214,910
Vested restricted stock units not yet settled
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	218,730	14,994
Unvested performance-based restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	707,655	707,655
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	249,116	249,116

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Jan. 24, 2023	Feb. 28, 2023
Private Placement
Class of Stock [Line Items]
Shares sold in offering (in shares)	489,026
Payments of stock issuance costs	$ 1,250
Net proceeds received	$ 13,900
Private Placement | Initial Investment
Class of Stock [Line Items]
Shares sold in offering (in shares)	6,357,341
Net proceeds received	$ 15,000
Rights Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)		19,561,050
Net proceeds received		$ 47,600
Rights Offering | New Credit Agreement
Class of Stock [Line Items]
Principal payment		$ 45,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	9,735,124		7,217,181
Share-based compensation expense	$ 1,834,000	$ 5,219,000
Internally developed software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	700,000
Unvested performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	707,655		707,655
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested	$ 300,000	$ 400,000
Number of outstanding and fully vested restricted stock units, unsettled (in shares)	218,730
Unrecognized compensation cost	$ 6,100,000
Unrecognized compensation cost, period for recognition, years	1 year 4 months 20 days
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 600,000
Unrecognized compensation cost, period for recognition, years	1 year 3 months
2021 Equity And Incentive Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	10,737,065
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

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Employee stock option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	2,291,328
Granted (in shares)	0	0
Exercised (in shares)	0
Forfeited, expired and cancelled (in shares)	(293,862)
Ending balance (in shares)	1,997,466		2,291,328
Exercisable (in shares)	1,082,892
Vested and expected to vest (in shares)	1,997,466
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 2.49
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited, expired and cancelled (in dollars per share)	5.05
Ending balance (in dollars per share)	2.12		$ 2.49
Exercisable (in dollars per share)	3.35
Vested and expected to vest (in dollars per share)	$ 2.12
Weighted- Average Remaining Contractual Term (years)
Weighted average remaining contractual term (in years)	7 years 1 month 6 days		6 years 4 months 24 days
Exercisable term (in years)	5 years
Vested and expected to vest term (in years)	7 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)
Beginning aggregate intrinsic value	$ 311
Ending aggregate intrinsic value	357		$ 311
Exercisable aggregate intrinsic value	0
Vested and expected to vest, aggregate intrinsic value	$ 357

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Unit and Performance Stock Activity (Details) - Restricted stock units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	3,214,910
Granted (in shares) | shares	0
Vested (in shares) | shares	(313,427)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	2,901,483
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 2.91
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	7.41
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 2.42

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Allocated Share-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,834,000	$ 5,219,000
Accelerated amortization of stock-based compensation expense		1,000,000
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	633,000	373,000
Cost of sales | Independent Contractor
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0	200,000
Selling and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,201,000	$ 4,846,000

Commitment and Contingencies -

Commitment and Contingencies - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining term of operating lease	4 years 10 months 24 days		5 years 2 months 12 days
Weighted average discount rate	7%		7%
Operating cash flows from operating leases	$ 2,400	$ 2,200
Right-of-use assets in exchange for lease liabilities - continuing operations	600	1,192
Right-of-use assets in exchange for lease liabilities - discontinued operations	0	190
Lease cost	$ 2,640	2,934
TLA
Lessee, Lease, Description [Line Items]
Lease cost		1,600
Disposal Group, Held-for-sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Right-of-use assets in exchange for lease liabilities - discontinued operations		$ 200

Commitment and Contingencies _2

Commitment and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,085	$ 1,891
Variable lease cost	374	402
Short-term lease cost	403	710
Sublease income	(222)	(69)
Total	$ 2,640	$ 2,934

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 6,624
2025	7,882
2026	7,277
2027	4,816
2028	2,453
Thereafter	5,772
Total undiscounted lease payments	34,824
Less: imputed interest	(5,717)
Total operating lease liabilities	29,107
Operating lease liabilities, current portion	6,981	$ 6,955
Operating lease liabilities, noncurrent portion	$ 22,126	$ 24,621

Commitment and Contingencies _4

Commitment and Contingencies - Legal Contingencies (Details) $ in Millions	Jun. 06, 2023 claim	Dec. 17, 2021 USD ($)	Feb. 25, 2021 claim
AVS Case
Loss Contingencies [Line Items]
Claims dismissed	6
Claims filed			10
TNR Vs. The Company | Pending Litigation
Loss Contingencies [Line Items]
Damages sought | $		$ 100

Severance Costs (Details)

Severance Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0	$ 1,638
Restructuring Reserve [Roll Forward]
Costs incurred and charged to expense		4,600
Employee Separation Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	1,184
Costs incurred and charged to expense	30
Costs paid or otherwise settled	(951)
Balance at March 31, 2024	$ 263
Operating Segments | Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Severance costs		371
Operating Segments | Licensing
Restructuring Cost and Reserve [Line Items]
Severance costs		17
Operating Segments | Digital Subscriptions and Content
Restructuring Cost and Reserve [Line Items]
Severance costs		39
Corporate
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 1,211

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,053	$ (1,670)
Effective tax rate	(6.80%)	4.40%
Statutory federal income tax rate	21%

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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, amount (in shares)	1,997,466	2,584,078
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,901,483	1,792,292
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, amount (in shares)	707,655	1,089,045

Segments - Financial Informatio

Segments - Financial Information by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment country store	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Net revenues	$ 28,319	$ 35,203
Operating (loss) income	(8,917)	(27,979)
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Net revenues	18,740	20,768
Operating (loss) income	(147)	(15,992)
Operating Segments | Licensing
Segment Reporting Information [Line Items]
Net revenues	4,085	9,693
Operating (loss) income	2,017	3,565
Operating Segments | Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Net revenues	5,494	4,738
Operating (loss) income	(99)	(609)
Corporate
Segment Reporting Information [Line Items]
Operating (loss) income	(10,698)	(14,938)
All Other
Segment Reporting Information [Line Items]
Net revenues	0	4
Operating (loss) income	$ 10	$ (5)
Honey Birdette
Segment Reporting Information [Line Items]
Number of stores | store	62
Number of countries | country	3

Segments - Geographic Informati

Segments - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 28,319	$ 35,203
United States
Segment Reporting Information [Line Items]
Total revenues	14,160	15,659
Australia
Segment Reporting Information [Line Items]
Total revenues	8,134	7,529
China
Segment Reporting Information [Line Items]
Total revenues	1,446	6,948
UK
Segment Reporting Information [Line Items]
Total revenues	2,700	2,502
Other
Segment Reporting Information [Line Items]
Total revenues	$ 1,879	$ 2,565