Playboy, Inc.

Good afternoon, everyone, and welcome to PLBY Group's second quarter 2023 question and answer session. Hosting today's call are Ben Cohn, Chief Executive Officer, and Mark Crossman, Chief Financial Officer and Chief Operating Officer. To join the queue to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Please ask one question and one follow-up question and then re-queue for additional questions. While we wait for the queue to fill, we remind everyone that the information discussed today is qualified in its entirety by the Form 8-K that has been filed today by PLBY Groups, Inc., which may be accessed on the SEC's website and PLBY Group's website. Today's call is also being webcast, and a replay will be posted on PLBY Group's Investor Relations website. Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made on the basis of PLBY Group's views and assumptions regarding future events and business performance at the time they're made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks, which could cause PLBY Group's actual results to differ from its historical results and forecasts, including those risks set forth in PLBY Group's filings with the SEC, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements. During this call, PLBY Group may refer to non-GAAP financial measures. Such non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release PLBY Group filed with its form 8K today. Ben, do you have any comments before we take the first question?

Thank you, operator, and good afternoon, everyone. We have changed our earnings call format, so starting this quarter, we no longer hold prepared remarks. Instead, we will go right into the Q&A dialogue. We see other companies doing this, and we feel it is a better use of time And it also leans into an open or more open dialogue instead of taking half a conference call to regurgitate what should be in an earnings release. Also in our release, we will leave with a business update for May, and we anticipate sticking with this format going forward. With that, we'll now begin our Q&A session. Operator?

Thank you. Our first question comes from the line of Andrew Yerkwicz with Jefferies. Please proceed with your question.