Playboy, Inc. (PLBY): auditor change — PLBY Group restates Q2 & Q3 2023 financials on license contract impairment error; reduces net loss, boosts EBITDA

Playboy, Inc.

Restatement corrects impairment of a Chinese license contract; should have reduced deferred revenue, not recorded impairment expense.
Commission expense reversals reclassified from impairment to cost of sales; no impact on revenue, cash flows, or operations.
Amended Q2/Q3 10-Qs expected by March 15; Q4 and FY 2023 results to be reported March 27.
Net loss to decrease, adjusted EBITDA to increase for restated periods; total liabilities to decrease.
Errors did not affect audited annual financials; company cites no misconduct or override of controls.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Playboy, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.C.

Exact text from the filing

The Audit Committee and management also discussed this conclusion with the Company’s independent registered public accounting firm, BDO USA, P.C. In the Company’s Original Second Quarter 2023 Form 10-Q and Original Third Quarter 2023 Form 10-Q, the Company impaired a license contract (which was ultimately terminated in the fourth quarter of 2023) and recorded impairment expense in relation thereto.

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Source: SEC EDGAR

accession 0001803914-24-000005

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