{"id":391834,"date":"2020-12-02T09:08:07","date_gmt":"2020-12-02T14:08:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=391834"},"modified":"2020-12-02T09:08:07","modified_gmt":"2020-12-02T14:08:07","slug":"playboy-releases-three-and-nine-month-financial-results-through-september-30-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/playboy-releases-three-and-nine-month-financial-results-through-september-30-2020\/","title":{"rendered":"Playboy Releases Three and Nine Month Financial Results Through September 30, 2020"},"content":{"rendered":"

<\/p>\n

Playboy Releases Three and Nine Month Financial Results Through September 30, 2020<\/b><\/p>\n

Third Quarter 2020 Revenue up 86% YOY to $35.0 million, Net Income of $1.3 million <\/i><\/b><\/p>\n

Third Quarter 2020 Adjusted EBITDA up 130% YOY to $7.4 million <\/i><\/b><\/p>\n

YTD Revenue Up 78% YOY, Driven by Growth of Direct-to-Consumer Business<\/i><\/b><\/p>\n

Announces Post-Merger Parent Company Name Change to PLBY Group, Inc., Signaling <\/i><\/b><\/p>\n

Brand and Business Expansion<\/i><\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–
\nPlayboy Enterprises, Inc. (the \u201cCompany\u201d or \u201cPlayboy\u201d), one of the largest and most recognizable lifestyle brands in the world, today provided three and nine month 2020 financial results through September 30, 2020. The Company also today announced a change of its parent company name after the completion of its proposed business combination with Mountain Crest Acquisition Corp (Nasdaq: MCAC) (\u201cMountain Crest\u201d) from Playboy Group, Inc. to PLBY Group, Inc. to reflect its expansion into a leading global pleasure and leisure platform.\n<\/p>\n

\nBen Kohn, CEO of Playboy, commented, \u201cI\u2019m thrilled with our performance for the three and nine month periods through September 2020. Revenue grew 86% year over year in the third quarter reflecting the strength in our Direct-to-Consumer segment as well as robust performance from our Licensing segment, including great traction with our PacSun and Missguided collaboration lines and from our Asia style & apparel business.\u201d\n<\/p>\n

\nKohn continued, \u201cAs we look toward the remainder of 2020, we expect to meet or exceed our recently increased full year 2020 financial projections of $137 million in revenue and $28 million in Adjusted EBITDA1<\/sup> as the fourth quarter is seasonally our strongest, this year being no exception as we\u2019ve experienced a strong Halloween and early holiday shopping season.\u201d\n<\/p>\n

\n\u201cAs we look ahead to 2021, we are encouraged by the strong traction in our digital commerce offerings, our pipeline of licensing deals and recently launched owned-and-operated products, and the recovery of some of our Covid-related losses in our Gaming and Apparel businesses that we anticipate will come back online as those supply chains normalize. In addition, with interest rates at historic lows, and our pro forma net debt anticipated under $100 million at the close of our merger with Mountain Crest, we have begun debt refinancing discussions and expect to benefit from the financial flexibility that comes with the committed capital, a strong balance sheet and a leverage ratio that we anticipate to be under 2x based on our initial anticipated 2021 forward Adjusted EBITDA of $40 million.\u201d\n<\/p>\n

Three and Nine Month 2020 Financial Results Through September 30, 2020 <\/b><\/p>\n

\nThe Company\u2019s third quarter 2020 net revenues were $35.0 million, representing growth of $16.2 million or 86% over the same period in 2019. This growth was primarily driven by Direct-to-Consumer revenue, which increased $15.1 million, and Licensing revenue, which increased $2.0 million, from the year ago period. In the third quarter 2020, the Company generated net income of $1.3 million compared to a net loss of $3.4 million in the same period in 2019, representing a $4.7 million improvement, and Adjusted EBITDA was $7.4 million, up $4.2 million or 130% over the same period in 2019.\n<\/p>\n

\nOn a nine month basis, net revenues were $101.3 million, representing growth of $44.4 million or 78% over the same period in 2019. This growth was primarily driven by Direct-to-Consumer revenue, which increased $40.0 million, and Licensing revenue, which increased $7.0 million, from the year ago period. Net loss for the first nine months of the year improved by $12.8 million, from a net loss of $17.6 million to a net loss of $4.8 million in 2020. Adjusted EBITDA in the first nine months of 2020 was $21.8 million, up $12.3 million or 129% over the same period in 2019.\n<\/p>\n

\nKohn continued, \u201cThe third quarter was particularly exciting for us as we launched Playboy owned-and-operated Sexual Wellness products, saw strong crossover between our brands with a successful Playboy Midsummer Night\u2019s Dream lingerie collection on Yandy, and made strategic hires in digital product and data science, a key part of our long-term growth plan to drive superior lifetime value of our customers across multiple brands and consumer touchpoints.\u201d\n<\/p>\n

\n\u201cAdditionally, given this strong brand crossover and our robust incubation and M&A pipeline, we\u2019re excited to announce our new corporate positioning as PLBY Group, a signal of our ambition to build the leading platform for pleasure and leisure brands and businesses around the world. We are immensely privileged to have as our cornerstone the original lifestyle brand, Playboy, with its immense global reach and consumer products and experiences that help people around the world enjoy their lives more fully,\u201d Kohn concluded.\n<\/p>\n

\nReflecting its expansion into a leading global pleasure and leisure platform, the Company\u2019s new name following the Mountain Crest merger, PLBY Group, Inc., will serve as a holding company that owns, incubates and acquires brands and businesses in four key addressable markets: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming. Management anticipates that the corporate name change will take effect in the first quarter of 2021.\n<\/p>\n

\nPlease visit the IR section of Mountain Crest Acquisition Corp’s website at www.mcacquisition.com\/<\/a> to access today’s prepared remarks from Playboy management.\n<\/p>\n

About Playboy<\/b><\/p>\n

\nPlayboy is one of the largest and most recognizable global lifestyle platforms in the world, with a strong consumer business focused on four categories comprising The Pleasure Lifestyle: Sexual Wellness, Style & Apparel, Gaming & Lifestyle and Beauty & Grooming. Under its mission of Pleasure for All, the 67-year-old Playboy brand drives more than $3 billion in global consumer spend and sells products across 180 countries. Playboy is one of the most iconic brands in history.\n<\/p>\n

About Mountain Crest Acquisition Corp <\/b><\/p>\n

\nMountain Crest Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Mountain Crest\u2019s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in North America. Visit https:\/\/www.mcacquisition.com\/<\/a>.\n<\/p>\n

Important Information About the Proposed Business Combination and Where to Find It<\/b><\/p>\n

\nIn connection with the proposed business combination described herein (the \u201cBusiness Combination\u201d), Mountain Crest intends to file relevant materials with the Securities and Exchange Commission (the \u201cSEC\u201d), which includes the preliminary proxy statement filed with the SEC on November 10, 2020, and a definitive proxy statement on Schedule 14A, when available. Promptly after filing its definitive proxy statement relating to the proposed business combination with the SEC, Mountain Crest will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the Business Combination. INVESTORS AND STOCKHOLDERS OF MOUNTAIN CREST ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT MOUNTAIN CREST WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MOUNTAIN CREST, PLAYBOY AND THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the Business Combination (when they become available), and any other documents filed with the SEC may be obtained free of charge at the SEC\u2019s website at www.sec.gov<\/a>, or by visiting the investor relations section of https:\/\/www.mcacquisition.com\/<\/a>.\n<\/p>\n

Participants in the Solicitation<\/b><\/p>\n

\nMountain Crest and its directors and executive officers may be deemed participants in the solicitation of proxies from Mountain Crest\u2019s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Mountain Crest, and additional information regarding the interests of such participants are included in the preliminary proxy statement for the proposed Business Combination, and is available at www.sec.gov<\/a>. Information about Mountain Crest\u2019s directors and executive officers and their ownership of Mountain Crest common stock is set forth in Mountain Crest\u2019s prospectus, dated June 4, 2020, and in the preliminary proxy statement, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation is included in the preliminary proxy statement pertaining to the proposed Business Combination, and will be included in a definitive proxy statement on Schedule 14A, when it becomes available. These documents can be obtained free of charge from the sources indicated above.\n<\/p>\n

\nPlayboy and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Mountain Crest in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the preliminary proxy statement for the proposed Business Combination, and will be included in a definitive proxy statement on Schedule 14A, when it becomes available.\n<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nThis press release includes \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. Mountain Crest\u2019s and Playboy\u2019s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as \u201cexpect,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cbudget,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cbelieves,\u201d \u201cpredicts,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Mountain Crest\u2019s and Playboy\u2019s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.\n<\/p>\n

\nThese forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. In addition, certain financial information, data, projections and statements included herein assume no redemptions by Mountain Crest shareholders in connection with the proposed business combination, and the actual amount of any such redemptions could cause such assumptions and financial information, data, projections and statements to differ materially from those set forth in this release. Most of these factors are outside Mountain Crest\u2019s and Playboy\u2019s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement (the \u201cAgreement\u201d); (2) the outcome of any legal proceedings that may be instituted against Mountain Crest and Playboy following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Mountain Crest and Playboy, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on Playboy\u2019s business and\/or the ability of the parties to complete theproposed business combination; (6) the inability to obtain or maintain the listing of Mountain Crest\u2019s shares of common stock on Nasdaq following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Playboy to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the possibility that Mountain Crest or Playboy may be adversely affected by other economic, business, and\/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to Playboy; (13) risks related to the organic and inorganic growth of Playboy\u2019s business and the timing of expected business milestones; (14) the amount of redemption requests made by Mountain Crest\u2019s stockholders; and (15) other risks and uncertainties indicated from time to time in the final prospectus of Mountain Crest for its initial public offering and the proxy statement relating to the proposed business combination, including those under \u201cRisk Factors\u201d therein, and in Mountain Crest\u2019s other filings with the SEC. Mountain Crest cautions that the foregoing list of factors is not exclusive. Mountain Crest and Playboy caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Mountain Crest and Playboy do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.\n<\/p>\n

Use of Non-GAAP Financial Measures<\/b><\/p>\n

\nSome of the financial information contained in this release, such as Adjusted EBITDA, has not been prepared in accordance with United States generally accepted accounting principles (\u201cGAAP\u201d). Mountain Crest and Playboy believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing Playboy\u2019s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and revenue that are required by GAAP to be recorded in Playboy\u2019s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents historical non-GAAP financial measures in connection with GAAP results. You should review Playboy\u2019s audited and unaudited financial statements and reconciliations of Adjusted EBITDA to historical net income (loss), the closest GAAP measure, which are included in this release and the preliminary proxy statement filed by Mountain Crest on November 10, 2020 with the SEC. However, not all of the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available without unreasonable efforts at this time.\n<\/p>\n

No Offer or Solicitation<\/b><\/p>\n

\nThis press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.\n<\/p>\n

\n

1<\/sup> Adjusted EBITDA is a Non-GAAP financial measure. Please see the tables at the end of this release for a reconciliation of historical Adjusted EBITDA to the most directly comparable GAAP measure and the discussion below under \u201cUse of Non-GAAP Financial Measures.\u201d\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n

(Unaudited)<\/i><\/b><\/p>\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n

September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$ 35,004\n<\/p>\n<\/td>\n

\n\n

\n$ 18,782\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts and expenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of sales\n<\/p>\n<\/td>\n

\n

\n(15,695)\n<\/p>\n<\/td>\n

\n\n

\n(8,565)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling and administrative expenses\n<\/p>\n<\/td>\n

\n

\n(14,827)\n<\/p>\n<\/td>\n

\n\n

\n(9,186)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRelated-party expenses\n<\/p>\n<\/td>\n

\n

\n(257)\n<\/p>\n<\/td>\n

\n\n

\n(250)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal costs and expenses\n<\/p>\n<\/td>\n

\n

\n(30,779)\n<\/p>\n<\/td>\n

\n\n

\n(18,001)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income\n<\/p>\n<\/td>\n

\n

\n4,225\n<\/p>\n<\/td>\n

\n\n

\n781\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNonoperating income (expense):\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment income\n<\/p>\n<\/td>\n

\n

\n2\n<\/p>\n<\/td>\n

\n\n

\n85\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense\n<\/p>\n<\/td>\n

\n

\n(3,417)\n<\/p>\n<\/td>\n

\n\n

\n(3,531)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income (expense), net\n<\/p>\n<\/td>\n

\n

\n72\n<\/p>\n<\/td>\n

\n\n

\n(46)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal nonoperating expense\n<\/p>\n<\/td>\n

\n

\n(3,343)\n<\/p>\n<\/td>\n

\n\n

\n(3,492)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome (loss) before income taxes\n<\/p>\n<\/td>\n

\n

\n882\n<\/p>\n<\/td>\n

\n\n

\n(2,711)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBenefit from (provision for) income taxes\n<\/p>\n<\/td>\n

\n

\n384\n<\/p>\n<\/td>\n

\n\n

\n(650)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss) and comprehensive income (loss)\n<\/p>\n<\/td>\n

\n

\n1,266\n<\/p>\n<\/td>\n

\n\n

\n(3,361)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss) attributable to redeemable noncontrolling\n<\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

\ninterest\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss) and comprehensive income (loss) attributable to\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlayboy Enterprises, Inc.\n<\/p>\n<\/td>\n

\n

\n$ 1,266\n<\/p>\n<\/td>\n

\n\n

\n$ (3,361)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n

(Unaudited)<\/i><\/b><\/p>\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n

September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$ 101,335\n<\/p>\n<\/td>\n

\n\n

\n$ 56,871\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts and expenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of sales\n<\/p>\n<\/td>\n

\n

\n(50,548)\n<\/p>\n<\/td>\n

\n\n

\n(25,390)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling and administrative expenses\n<\/p>\n<\/td>\n

\n

\n(41,349)\n<\/p>\n<\/td>\n

\n\n

\n(33,001)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRelated-party expenses\n<\/p>\n<\/td>\n

\n

\n(757)\n<\/p>\n<\/td>\n

\n\n

\n(750)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal costs and expenses\n<\/p>\n<\/td>\n

\n

\n(92,654)\n<\/p>\n<\/td>\n

\n\n

\n(59,141)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income (loss)\n<\/p>\n<\/td>\n

\n

\n8,681\n<\/p>\n<\/td>\n

\n\n

\n(2,270)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNonoperating income (expense):\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment income\n<\/p>\n<\/td>\n

\n

\n30\n<\/p>\n<\/td>\n

\n\n

\n182\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense\n<\/p>\n<\/td>\n

\n

\n(10,073)\n<\/p>\n<\/td>\n

\n\n

\n(10,884)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income (expense), net\n<\/p>\n<\/td>\n

\n

\n73\n<\/p>\n<\/td>\n

\n\n

\n(87)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal nonoperating expense\n<\/p>\n<\/td>\n

\n

\n(9,970)\n<\/p>\n<\/td>\n

\n\n

\n(10,789)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoss before income taxes\n<\/p>\n<\/td>\n

\n

\n(1,289)\n<\/p>\n<\/td>\n

\n\n

\n(13,059)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for income taxes\n<\/p>\n<\/td>\n

\n

\n(3,470)\n<\/p>\n<\/td>\n

\n\n

\n(4,499)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss and comprehensive loss\n<\/p>\n<\/td>\n

\n

\n(4,759)\n<\/p>\n<\/td>\n

\n\n

\n(17,558)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss attributable to redeemable noncontrolling interest\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss and comprehensive loss attributable to Playboy\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEnterprises, Inc.\n<\/p>\n<\/td>\n

\n

\n$ (4,759)\n<\/p>\n<\/td>\n

\n\n

\n$ (17,558)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Condensed Consolidated Balance Sheets<\/b><\/p>\n

(in thousands, except share and per share amounts)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

September 30, <\/b><\/p>\n

2020<\/b><\/p>\n<\/td>\n

\n\n

December 31,<\/b><\/p>\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/p>\n<\/td>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrent assets:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\n

\n$ 15,872\n<\/p>\n<\/td>\n

\n\n

\n$ 27,744\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash\n<\/p>\n<\/td>\n

\n

\n968\n<\/p>\n<\/td>\n

\n\n

\n963\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReceivables, net of allowance for doubtful accounts of $284 and $302, respectively\n<\/p>\n<\/td>\n

\n

\n6,581\n<\/p>\n<\/td>\n

\n\n

\n6,153\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventories, net\n<\/p>\n<\/td>\n

\n

\n11,959\n<\/p>\n<\/td>\n

\n\n

\n11,750\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nContract assets, current portion\n<\/p>\n<\/td>\n

\n

\n1,262\n<\/p>\n<\/td>\n

\n\n

\n611\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLicensed programming costs\n<\/p>\n<\/td>\n

\n

\n480\n<\/p>\n<\/td>\n

\n\n

\n502\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock receivable\n<\/p>\n<\/td>\n

\n

\n4,445\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n

\n

\n8,272\n<\/p>\n<\/td>\n

\n\n

\n6,111\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal current assets\n<\/p>\n<\/td>\n

\n

\n49,839\n<\/p>\n<\/td>\n

\n\n

\n53,834\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty and equipment, net\n<\/p>\n<\/td>\n

\n

\n5,222\n<\/p>\n<\/td>\n

\n\n

\n5,932\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrademarks and trade name\n<\/p>\n<\/td>\n

\n

\n336,386\n<\/p>\n<\/td>\n

\n\n

\n335,934\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill\n<\/p>\n<\/td>\n

\n

\n504\n<\/p>\n<\/td>\n

\n\n

\n504\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther intangible assets, net\n<\/p>\n<\/td>\n

\n

\n2,518\n<\/p>\n<\/td>\n

\n\n

\n3,052\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nContract assets, net of current portion\n<\/p>\n<\/td>\n

\n

\n6,940\n<\/p>\n<\/td>\n

\n\n

\n7,391\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther noncurrent assets\n<\/p>\n<\/td>\n

\n

\n12,153\n<\/p>\n<\/td>\n

\n\n

\n12,004\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal assets\n<\/p>\n<\/td>\n

\n

\n$ 413,562\n<\/p>\n<\/td>\n

\n\n

\n$ 418,651\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrent liabilities:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAccounts payable\n<\/p>\n<\/td>\n

\n

\n$ 9,180\n<\/p>\n<\/td>\n

\n\n

\n$ 7,859\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPayables to related parties\n<\/p>\n<\/td>\n

\n

\n7\n<\/p>\n<\/td>\n

\n\n

\n5\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued salaries, wages, and employee benefits\n<\/p>\n<\/td>\n

\n

\n3,998\n<\/p>\n<\/td>\n

\n\n

\n4,603\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred revenues, current portion\n<\/p>\n<\/td>\n

\n

\n15,931\n<\/p>\n<\/td>\n

\n\n

\n9,857\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term debt, current portion\n<\/p>\n<\/td>\n

\n

\n4,052\n<\/p>\n<\/td>\n

\n\n

\n3,182\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nConvertible promissory notes\n<\/p>\n<\/td>\n

\n

\n13,500\n<\/p>\n<\/td>\n

\n\n

\n13,500\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current liabilities and accrued expenses\n<\/p>\n<\/td>\n

\n

\n16,872\n<\/p>\n<\/td>\n

\n\n

\n22,143\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal current liabilities\n<\/p>\n<\/td>\n

\n

\n63,540\n<\/p>\n<\/td>\n

\n\n

\n61,149\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred revenues, net of current portion\n<\/p>\n<\/td>\n

\n

\n34,997\n<\/p>\n<\/td>\n

\n\n

\n41,734\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term debt, net of current portion\n<\/p>\n<\/td>\n

\n

\n156,157\n<\/p>\n<\/td>\n

\n\n

\n157,810\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred tax liabilities, net\n<\/p>\n<\/td>\n

\n

\n74,469\n<\/p>\n<\/td>\n

\n\n

\n72,288\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther noncurrent liabilities\n<\/p>\n<\/td>\n

\n

\n1,568\n<\/p>\n<\/td>\n

\n\n

\n576\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities\n<\/p>\n<\/td>\n

\n

\n330,731\n<\/p>\n<\/td>\n

\n\n

\n333,557\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommitments and contingencies\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRedeemable noncontrolling interest\n<\/p>\n<\/td>\n

\n

\n(208)\n<\/p>\n<\/td>\n

\n\n

\n(208)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStockholders\u2019 equity:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon stock, $0.01 par value; 10,000,000 shares authorized at September 30, 2020 and December 31, 2019; 5,646,993 shares issued and 3,681,185 shares outstanding at September 30, 2020 and December 31, 2019\n<\/p>\n<\/td>\n

\n

\n36\n<\/p>\n<\/td>\n

\n\n

\n36\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTreasury stock, at cost: 1,965,808 shares at September 30, 2020 and December 31, 2019\n<\/p>\n<\/td>\n

\n

\n(38,455)\n<\/p>\n<\/td>\n

\n\n

\n(38,455)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital\n<\/p>\n<\/td>\n

\n

\n198,962\n<\/p>\n<\/td>\n

\n\n

\n196,466\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated deficit\n<\/p>\n<\/td>\n

\n

\n(77,504)\n<\/p>\n<\/td>\n

\n\n

\n(72,745)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal stockholders\u2019 equity\n<\/p>\n<\/td>\n

\n

\n83,039\n<\/p>\n<\/td>\n

\n\n

\n85,302\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities, redeemable noncontrolling interest, and stockholders\u2019 equity\n<\/p>\n<\/td>\n

\n

\n$ 413,562\n<\/p>\n<\/td>\n

\n\n

\n$ 418,651\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Condensed Consolidated Balance Sheets<\/b><\/p>\n

(in thousands, except share and per share amounts)<\/i><\/b><\/p>\n

Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n

(Unaudited) <\/i><\/b><\/p>\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

Nine Months Ended <\/b><\/p>\n

September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss\n<\/p>\n<\/td>\n

\n

\n$ (4,759)\n<\/p>\n<\/td>\n

\n\n

\n$(17,558)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments to reconcile net loss to net cash used in operating activities:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of property and equipment\n<\/p>\n<\/td>\n

\n

\n1,169\n<\/p>\n<\/td>\n

\n\n

\n1,602\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation\n<\/p>\n<\/td>\n

\n

\n2,496\n<\/p>\n<\/td>\n

\n\n

\n6,655\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of other intangible assets\n<\/p>\n<\/td>\n

\n

\n534\n<\/p>\n<\/td>\n

\n\n

\n828\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of deferred financing fees\n<\/p>\n<\/td>\n

\n

\n89\n<\/p>\n<\/td>\n

\n\n

\n15\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoss (gain) on disposals of assets\n<\/p>\n<\/td>\n

\n

\n8\n<\/p>\n<\/td>\n

\n\n

\n(20)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income taxes\n<\/p>\n<\/td>\n

\n

\n2,181\n<\/p>\n<\/td>\n

\n\n

\n485\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncrease in trademarks and trade name\n<\/p>\n<\/td>\n

\n

\n(452)\n<\/p>\n<\/td>\n

\n\n

\n(408)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDecrease (increase) in licensed programming costs\n<\/p>\n<\/td>\n

\n

\n22\n<\/p>\n<\/td>\n

\n\n

\n(124)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChanges in operating assets and liabilities:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReceivables, net\n<\/p>\n<\/td>\n

\n

\n(428)\n<\/p>\n<\/td>\n

\n\n

\n2,246\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventories, net\n<\/p>\n<\/td>\n

\n

\n(209)\n<\/p>\n<\/td>\n

\n\n

\n(18)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nContract assets\n<\/p>\n<\/td>\n

\n

\n(200)\n<\/p>\n<\/td>\n

\n\n

\n271\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses and other assets\n<\/p>\n<\/td>\n

\n

\n(2,310)\n<\/p>\n<\/td>\n

\n\n

\n(694)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable\n<\/p>\n<\/td>\n

\n

\n1,321\n<\/p>\n<\/td>\n

\n\n

\n(524)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPayable to related party\n<\/p>\n<\/td>\n

\n

\n2\n<\/p>\n<\/td>\n

\n\n

\n(3,261)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued salaries, wages, and employee benefits\n<\/p>\n<\/td>\n

\n

\n(605)\n<\/p>\n<\/td>\n

\n\n

\n(582)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred revenues\n<\/p>\n<\/td>\n

\n

\n(663)\n<\/p>\n<\/td>\n

\n\n

\n8,967\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities and accrued expenses\n<\/p>\n<\/td>\n

\n

\n(4,279)\n<\/p>\n<\/td>\n

\n\n

\n(916)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash used in operating activities\n<\/p>\n<\/td>\n

\n

\n(6,083)\n<\/p>\n<\/td>\n

\n\n

\n(3,036)\n<\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPurchases of property and equipment\n<\/p>\n<\/td>\n

\n

\n(474)\n<\/p>\n<\/td>\n

\n\n

\n(3,915)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from disposals of property and equipment\n<\/p>\n<\/td>\n

\n

\n7\n<\/p>\n<\/td>\n

\n\n

\n21\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock receivable\n<\/p>\n<\/td>\n

\n

\n(4,445)\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash used in investing activities\n<\/p>\n<\/td>\n

\n

\n(4,912)\n<\/p>\n<\/td>\n

\n\n

\n(3,894)\n<\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRepayment of long-term debt\n<\/p>\n<\/td>\n

\n

\n(775)\n<\/p>\n<\/td>\n

\n\n

\n(3,044)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPayment of financing costs\n<\/p>\n<\/td>\n

\n

\n(97)\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash used in financing activities\n<\/p>\n<\/td>\n

\n

\n(872)\n<\/p>\n<\/td>\n

\n\n

\n(3,044)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet decrease in cash and cash equivalents and restricted cash\n<\/p>\n<\/td>\n

\n

\n(11,867)\n<\/p>\n<\/td>\n

\n\n

\n(9,974)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBalance, beginning of period\n<\/p>\n<\/td>\n

\n

\n28,707\n<\/p>\n<\/td>\n

\n\n

\n34,545\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBalance, end of period\n<\/p>\n<\/td>\n

\n

\n$ 16,840\n<\/p>\n<\/td>\n

\n\n

\n$ 24,571\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents and restricted cash consist of: <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\n

\n$ 15,872\n<\/p>\n<\/td>\n

\n\n

\n$ 23,610\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash\n<\/p>\n<\/td>\n

\n

\n968\n<\/p>\n<\/td>\n

\n\n

\n961\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n$ 16,840\n<\/p>\n<\/td>\n

\n\n

\n$ 24,571\n<\/p>\n<\/td>\n<\/tr>\n

\n

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash paid for income taxes\n<\/p>\n<\/td>\n

\n

\n$ 3,331\n<\/p>\n<\/td>\n

\n\n

\n$ 3,754\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash paid for interest\n<\/p>\n<\/td>\n

\n

\n$ 10,175\n<\/p>\n<\/td>\n

\n\n

\n$ 8,305\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

GAAP Net Income to Adjusted EBITDA Reconciliation <\/b><\/p>\n

(Unaudited)<\/i><\/b><\/p>\n

(in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended
\n
September 30,<\/b><\/p>\n<\/td>\n

\n\n

Nine Months Ended
\n
September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2019<\/b><\/p>\n<\/td>\n

\n\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss)<\/b><\/p>\n<\/td>\n

\n

\n$ 1,266\n<\/p>\n<\/td>\n

\n\n

\n$ (3,361)\n<\/p>\n<\/td>\n

\n\n

\n$ (4,759)\n<\/p>\n<\/td>\n

\n\n

\n$ (17,558)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted for:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense\n<\/p>\n<\/td>\n

\n

\n3,417\n<\/p>\n<\/td>\n

\n\n

\n3,531\n<\/p>\n<\/td>\n

\n\n

\n10,073\n<\/p>\n<\/td>\n

\n\n

\n10,884\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for (benefit from) income taxes\n<\/p>\n<\/td>\n

\n

\n(384)\n<\/p>\n<\/td>\n

\n\n

\n650\n<\/p>\n<\/td>\n

\n\n

\n3,470\n<\/p>\n<\/td>\n

\n\n

\n4,499\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization\n<\/p>\n<\/td>\n

\n

\n530\n<\/p>\n<\/td>\n

\n\n

\n1,062\n<\/p>\n<\/td>\n

\n\n

\n1,703\n<\/p>\n<\/td>\n

\n\n

\n2,430\n<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n4,829\n<\/p>\n<\/td>\n

\n\n

\n1,882\n<\/p>\n<\/td>\n

\n\n

\n10,487\n<\/p>\n<\/td>\n

\n\n

\n255\n<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted for:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation\n<\/p>\n<\/td>\n

\n

\n407\n<\/p>\n<\/td>\n

\n\n

\n627\n<\/p>\n<\/td>\n

\n\n

\n2,496\n<\/p>\n<\/td>\n

\n\n

\n6,655\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReduction in force expenses\n<\/p>\n<\/td>\n

\n

\n24\n<\/p>\n<\/td>\n

\n\n

\n136\n<\/p>\n<\/td>\n

\n\n

\n2,801\n<\/p>\n<\/td>\n

\n\n

\n1,184\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-recurring items\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n\n

\n379\n<\/p>\n<\/td>\n

\n\n

\n3,230\n<\/p>\n<\/td>\n

\n\n

\n762\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nManagement fees and expenses\n<\/p>\n<\/td>\n

\n

\n257\n<\/p>\n<\/td>\n

\n\n

\n250\n<\/p>\n<\/td>\n

\n\n

\n757\n<\/p>\n<\/td>\n

\n\n

\n750\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNonoperating expenses (income)\n<\/p>\n<\/td>\n

\n

\n153\n<\/p>\n<\/td>\n

\n\n

\n(39)\n<\/p>\n<\/td>\n

\n\n

\n124\n<\/p>\n<\/td>\n

\n\n

\n(95)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction expenses\n<\/p>\n<\/td>\n

\n

\n1,764\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n\n

\n1,880\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA<\/b><\/p>\n<\/td>\n

\n

\n$ 7,434\n<\/p>\n<\/td>\n

\n\n

\n$ 3,235\n<\/p>\n<\/td>\n

\n\n

\n$ 21,775\n<\/p>\n<\/td>\n

\n\n

\n$ 9,511\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201202005626\/en\/<\/a><\/span><\/p>\n

Investors
\n<\/b>
PlayboyIR@icrinc.com
\n<\/a>
<\/b><\/span>
Media
\n<\/b>
PlayboyPR@icrinc.com<\/a><\/b><\/span><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Home Goods Other Retail Finance Specialty Banking Professional Services Fashion Retail<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Playboy Releases Three and Nine Month Financial Results Through September 30, 2020 Third Quarter 2020 Revenue up 86% YOY to $35.0 million, Net Income of $1.3 million Third Quarter 2020 Adjusted EBITDA up 130% YOY to $7.4 million YTD Revenue Up 78% YOY, Driven by Growth of Direct-to-Consumer Business Announces Post-Merger Parent Company Name Change to PLBY Group, Inc., Signaling Brand and Business Expansion LOS ANGELES–(BUSINESS WIRE)– Playboy Enterprises, Inc. (the \u201cCompany\u201d or \u201cPlayboy\u201d), one of the largest and most recognizable lifestyle brands in the world, today provided three and nine month 2020 financial results through September 30, 2020. The Company also today announced a change of its parent company name after the completion of its proposed business combination with … <\/p>\n

Continue reading “Playboy Releases Three and Nine Month Financial Results Through September 30, 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-391834","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPlayboy Releases Three and Nine Month Financial Results Through September 30, 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/playboy-releases-three-and-nine-month-financial-results-through-september-30-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playboy Releases Three and Nine Month Financial Results Through September 30, 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Playboy Releases Three and Nine Month Financial Results Through September 30, 2020 Third Quarter 2020 Revenue up 86% YOY to $35.0 million, Net Income of $1.3 million Third Quarter 2020 Adjusted EBITDA up 130% YOY to $7.4 million YTD Revenue Up 78% YOY, Driven by Growth of Direct-to-Consumer Business Announces Post-Merger Parent Company Name Change to PLBY Group, Inc., Signaling Brand and Business Expansion LOS ANGELES–(BUSINESS WIRE)– Playboy Enterprises, Inc. (the \u201cCompany\u201d or \u201cPlayboy\u201d), one of the largest and most recognizable lifestyle brands in the world, today provided three and nine month 2020 financial results through September 30, 2020. 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