PLBY Group, Inc. Files 10-Q/A Amendment

Ticker: PLBY · Form: 10-Q/A · Filed: Mar 13, 2024 · CIK: 1803914

Sentiment: neutral

Topics: PLBY, 10-Q/A, SEC Filing, Financial Amendment, Equity

TL;DR

<b>PLBY Group, Inc. filed an amendment to its Q2 2023 10-Q filing on March 13, 2024, providing updated financial information.</b>

AI Summary

PLBY Group, Inc. (PLBY) filed a Amended Quarterly Report (10-Q/A) with the SEC on March 13, 2024. PLBY Group, Inc. filed a 10-Q/A (Amendment) on March 13, 2024. The filing pertains to the period ending June 30, 2023. The company was formerly known as Mountain Crest Acquisition Corp. and changed its name on February 19, 2020. The filing includes data related to common stock, preferred stock, treasury stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings for various periods. Specific financial data points include details for Q2 2023, Q1 2023, and the full year 2022.

Why It Matters

For investors and stakeholders tracking PLBY Group, Inc., this filing contains several important signals. This amendment provides updated financial details for the period ending June 30, 2023, which is crucial for investors to assess the company's financial health and performance. The filing details changes in equity accounts, including common stock and retained earnings, offering insights into capital structure and profitability trends over specific quarters and years.

Risk Assessment

Risk Level: — PLBY Group, Inc. shows moderate risk based on this filing. The filing is an amendment to a previous 10-Q, indicating a need for correction or clarification, but the nature of the amendment is not detailed enough to assess specific risks.

Analyst Insight

Review the specific changes within the 10-Q/A filing to understand the reasons for the amendment and their potential impact on the company's financial reporting.

Key Numbers

Key Players & Entities

FAQ

When did PLBY Group, Inc. file this 10-Q/A?

PLBY Group, Inc. filed this Amended Quarterly Report (10-Q/A) with the SEC on March 13, 2024.

What is a 10-Q/A filing?

A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by PLBY Group, Inc. (PLBY).

Where can I read the original 10-Q/A filing from PLBY Group, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PLBY Group, Inc..

What are the key takeaways from PLBY Group, Inc.'s 10-Q/A?

PLBY Group, Inc. filed this 10-Q/A on March 13, 2024. Key takeaways: PLBY Group, Inc. filed a 10-Q/A (Amendment) on March 13, 2024.. The filing pertains to the period ending June 30, 2023.. The company was formerly known as Mountain Crest Acquisition Corp. and changed its name on February 19, 2020..

Is PLBY Group, Inc. a risky investment based on this filing?

Based on this 10-Q/A, PLBY Group, Inc. presents a moderate-risk profile. The filing is an amendment to a previous 10-Q, indicating a need for correction or clarification, but the nature of the amendment is not detailed enough to assess specific risks.

What should investors do after reading PLBY Group, Inc.'s 10-Q/A?

Review the specific changes within the 10-Q/A filing to understand the reasons for the amendment and their potential impact on the company's financial reporting. The overall sentiment from this filing is neutral.

How does PLBY Group, Inc. compare to its industry peers?

PLBY Group, Inc. operates in the retail sector, specifically miscellaneous retail. This filing is an amendment to a quarterly report.

Are there regulatory concerns for PLBY Group, Inc.?

The filing is a 10-Q/A, an amendment to a quarterly report filed under the Securities Exchange Act of 1934.

Industry Context

PLBY Group, Inc. operates in the retail sector, specifically miscellaneous retail. This filing is an amendment to a quarterly report.

Regulatory Implications

The filing is a 10-Q/A, an amendment to a quarterly report filed under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Examine the specific details of the 10-Q/A amendment to understand what information was corrected or added.
  2. Analyze the equity section changes to track capital structure evolution.
  3. Compare the amended data with previous filings to identify trends and potential restatements.

Key Dates

Year-Over-Year Comparison

This is an amendment (10-Q/A) to a previous filing, indicating updates or corrections to the financial information originally reported for the period ending June 30, 2023.

Filing Stats: 4,894 words · 20 min read · ~16 pages · Grade level 18.2 · Accepted 2024-03-13 16:51:43

Key Financial Figures

Filing Documents

, Item 1 – Financial Statements

Part I, Item 1 – Financial Statements

, Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations

Part I, Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 4 – Controls and Procedures

Part I, Item 4 – Controls and Procedures In addition, Part II, Item 6 "Exhibits" of this Form 10-Q/A is amended, as the Company's Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing (Exhibits 31.1, 31.2, 32.1 and 32.2), and the Company has provided its restated condensed consolidated financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibit 101. Except as described above, no other changes have been made to the Original Filing. This Form 10-Q/A speaks as of the date of the Original Filing and does not reflect events that may have occurred after the date of the Original Filing or modify or update any disclosures that may have been affected by subsequent events. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that occurred or facts that became known to the Company after the date of the Original Filing, and such forward-looking statements should be read in conjunction with the Company's filings with the SEC, including those subsequent to the filing of the Original Filing. TABLE OF CONTENTS Page

- Financial Information

Part I - Financial Information

Unaudited Condensed Consolidated Financial Statement s

Item 1. Unaudited Condensed Consolidated Financial Statement s Condensed Consolidated Statements of Operations (As Restated) 1 Condensed Consolidated Statements of Comprehensive Loss (As Restated) 2 Condensed Consolidated Balance Sheets (As Restated) 3 Condensed Consolidated Statements of Stockholders' Equity (As Restated) 4 Condensed Consolidated Statements of Cash Flows (As Restated) 6 Notes to the Unaudited Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 49

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements. PLBY Group, Inc. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (As Restated) (As Restated) Net revenues $ 35,101 $ 47,881 $ 70,304 $ 94,941 Costs and expenses: Cost of sales ( 9,659 ) ( 19,545 ) ( 31,436 ) ( 37,531 ) Selling and administrative expenses ( 32,592 ) ( 38,613 ) ( 74,179 ) ( 78,786 ) Contingent consideration fair value remeasurement gain 75 8,641 267 27,939 Impairments ( 146,240 ) ( 3,940 ) ( 146,240 ) ( 6,299 ) Other operating income, net 259 — 249 — Total operating expense ( 188,157 ) ( 53,457 ) ( 251,339 ) ( 94,677 ) Operating (loss) income ( 153,056 ) ( 5,576 ) ( 181,035 ) 264 Nonoperating income (expense): Interest expense ( 5,757 ) ( 4,083 ) ( 10,966 ) ( 8,133 ) Gain on extinguishment of debt 7,980 — 6,133 — Fair value remeasurement gain 9,523 1,754 6,505 1,754 Other income (expense), net 175 ( 347 ) 250 ( 479 ) Total nonoperating income (expense) 11,921 ( 2,676 ) 1,922 ( 6,858 ) Loss from continuing operations before income taxes ( 141,135 ) ( 8,252 ) ( 179,113 ) ( 6,594 ) Benefit from income taxes 8,868 140 10,538 2,648 Net loss from continuing operations ( 132,267 ) ( 8,112 ) ( 168,575 ) ( 3,946 ) Income (loss) from discontinued operations, net of tax 452 ( 203 ) ( 920 ) 1,174 Net loss ( 131,815 ) ( 8,315 ) ( 169,495 ) ( 2,772 ) Net loss attributable to PLBY Group, Inc. $ ( 131,815 ) $ ( 8,315 ) $ ( 169,495 ) $ ( 2,772 ) Net loss per share from continuing operations, basic and diluted $ ( 1.77 ) $ ( 0.17 ) $ ( 2.41 ) $ ( 0.09 ) Net income (loss) per share from discontinued operations, basic and diluted 0.01 — ( 0.01 ) 0.03 Net loss per share, basic and diluted $ ( 1.76 ) $ ( 0.17 ) $ ( 2.42 ) $ ( 0.06 ) Weighted-average shares outstanding, basic and diluted 74,916,379 46,604,046 70,129,055 46,258,833 The accom

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