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Segments
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segments Segments
We have three reportable segments: Licensing, Direct-to-Consumer, and Digital Subscriptions and Content. The Licensing segment derives revenue from trademark licenses for third-party consumer products and location-based entertainment businesses. The Direct-to-Consumer segment derives revenue from sales of consumer products sold through third-party retailers, online direct-to-customer or brick-and-mortar through our lingerie business, Honey Birdette, with 57 stores in three countries as of September 30, 2023. The TLA and Yandy direct-to-consumer businesses met the criteria for discontinued operations classification as of September 30, 2023 (see Note 3, Assets and Liabilities Held for Sale and Discontinued Operations). Therefore, they were excluded from the table below and classified as discontinued operations in our condensed consolidated statements of operations for all periods presented. The Digital Subscriptions and Content segment derives revenue from the subscription of Playboy programming that is distributed through various channels, including websites and domestic and international television, from sales of tokenized digital art and collectibles, and sales of creator content offerings to consumers on playboy.com.
Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. Total asset information is not included in the tables below as it is not provided to and reviewed by our CODM. The “All Other” line items in the tables below are primarily attributable to revenues and costs related to the fulfillment of magazine subscription obligations in the prior year comparative periods, which do not meet the quantitative threshold for determining reportable segments. We discontinued publishing Playboy magazine in the first quarter of 2020. The “Corporate” line item in the tables below includes certain operating expenses that are not allocated to the reporting segments presented to our CODM. These expenses include legal, human resources, accounting/finance, information technology and facilities. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.

The following table sets forth financial information by reportable segment (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
(As Restated)
(As Restated)
Net revenues:
Licensing$10,931 $14,908 $30,913 $45,345 
Direct-to-Consumer17,145 26,090 57,613 80,482 
Digital Subscriptions and Content5,206 4,666 15,056 14,100 
All Other— 42 720 
Total$33,282 $45,706 $103,586 $140,647 
Operating (loss) income:
Licensing$9,346 $(105,403)$(52,218)$(84,699)
Direct-to-Consumer(1,614)(164,852)(91,672)(166,568)
Digital Subscriptions and Content(1,884)(3,013)(1,491)(12,855)
Corporate(8,887)(11,405)(38,681)(20,890)
All Other— 65 (12)668 
Total$(3,039)$(284,608)$(184,074)$(284,344)
Geographic Information
Revenue by geography is based on where the customer is located. The following table sets forth revenue by geographic area (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net revenues:
United States$14,932 $18,847 $45,566 $56,946 
China6,544 10,656 20,967 32,386 
Australia7,727 10,556 22,863 33,136 
UK2,279 3,097 7,724 9,150 
Other1,800 2,550 6,466 9,029 
Total$33,282 $45,706 $103,586 $140,647