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    Party City Reports Third Quarter 2021 Results; Total Revenue for Fiscal October 2021 and Provides Fourth Quarter 2021 Business Outlook

    11/9/21 6:50:00 AM ET
    $PRTY
    Diversified Commercial Services
    Miscellaneous
    Get the next $PRTY alert in real time by email

    Total Net Sales of $510.2 million; Comparable Sales increased 7.5% versus prior year and 14.2% versus Q3 2019 driven by strength in core categories

    GAAP Net Loss of $2.8 million; Adjusted EBITDA of $42.9 million

    Strong October Performance across Core and Halloween

    ELMSFORD, N.Y., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Party City Holdco Inc. ((the "Company" or "PRTY", NYSE:PRTY) today announced financial results for the quarter ended September 30, 2021.

    Brad Weston, Chief Executive Officer of Party City, stated, "We are very pleased with our third quarter results that came in at the high end of our expectations. Our performance was again broad based as we continue to be celebration obsessed and take concrete steps to increase relevancy with our customers to ensure we are top of mind when it comes to anything celebratory. To that end, this strong performance continued into October fueled by ongoing strength in our core categories. We are thrilled with our Halloween results driven by the team's excellent execution of our improved Halloween go-to market strategy across all four channels of our business including Party City, Party City.com, Halloween City and Wholesale."

    Mr. Weston added, "As we look to the final quarter of the year, we feel good about our positioning for the holiday season. We will continue to update and improve our product assortments and inventory position, as we expand our relevancy and elevate our customer experience. Given the still dynamic operating environment, we will remain flexible and agile, with our learnings from this year giving us increased confidence in our inflation mitigation strategies and the trajectory of our business."

    Third Quarter Summary:

    • Total net sales were $510.2 million, a decrease of 4.4% compared to the third quarter 2020 primarily driven by the divestiture of a significant portion of our international operations in the first quarter of 2021, partially offset by strong retail sales growth.
    • Total retail sales increased 8.9% versus third quarter 2020 driven by a strong comparable sales increase in our core everyday categories.
    • The total number of corporate Party City stores was 754 as of September 30, 2021 compared to 739 in the prior year period.
    • Brand comparable sales increased 7.5% in the third quarter versus the 13 weeks ended October 3, 2020 and increased 14.2% compared to the 13 weeks ended October 5, 2019.
    • Net third-party wholesale sales decreased 33.6% compared to the third quarter of 2020 principally due to the divestiture of a significant portion of our international operations in the first quarter of 2021. Excluding international operations, net third-party wholesale sales increased 7.8%, driven by strong performance at our Anagram balloon division.
    • Total gross profit margin increased 270 basis points to 36.0% of net sales. Excluding certain items not indicative of core operating performance, gross profit margin improved approximately 175 basis points to 36.3% of net sales driven primarily by the divestiture of international operations and leverage on retail occupancy costs.
    • Operating expenses totaled $163.6 million or $41.4 million lower than the third quarter of 2020 primarily due to impairment of certain indefinite-lived intangible assets recorded in the third quarter of 2020. Excluding certain items not indicative of core operating performance, operating expenses totaled $157.6 million, or 30.9% of net sales, a 230-basis point increase versus prior-year period primarily driven by the divestiture of a significant portion of our international operations.
    • Interest expense was $23.9 million during the third quarter of 2021, compared to $13.4 million during the third quarter of 2020. The increase primarily reflects higher cost debt from the debt refinancing in the first quarter of 2021 and the forgiveness of interest as part of the debt refinancing in the third quarter of 2020.
    • Reported GAAP net loss was $2.8 million, or loss of $0.02 per diluted share.
    • Adjusted net income was $2.9 million, or earnings of $0.02 per diluted share, compared to adjusted net income of $11.0 million, or income of $0.10 per share, in the third quarter of 2020. (See "Non-GAAP Information")
    • Adjusted EBITDA was $42.9 million, versus $49.2 million during the third quarter of 2020. (See "Non-GAAP Information").

    Fiscal October 2021 Update:

    For fiscal October 2021 (for the Company's retail segment, fiscal October 2021 consisted of the five-week period ended November 6, 2021), the Company reported total revenue of $415.5 million, or 13.9% above the same period of last year. Total Retail revenue increased approximately 19.8%. Brand comparable sales increased 16.0% versus prior year driven by continued strength in core categories and higher Halloween sales. During the month of October 2021, the Company operated 754 total Party City locations vs 739 in the prior year period, and 90 temporary Halloween City stores, compared to 25 in 2020.

    Balance Sheet and Cash Flow Highlights:

    As of the end of the third quarter 2021, the Company had $60.7 million in cash and approximately $280.3 million of availability under the ABL Facility and approximately $14.6 million of availability under the Anagram ABL Facility, for total liquidity of $355.6 million.

    The carrying value of the Company's debt as of September 30, 2021 was $1,539.3 million. The principal balance of debt net of cash on September 30, 2021 was $1,374.5 million versus $1,333.7 million in the prior-year period. The principal balance of debt is used for the purpose of all leverage ratio calculations under our debt agreements. The following table reflects both principal amounts as well as net carrying amounts of debt across the Company's debt instruments:

         Party City Credit Group  Anagram Holdings, LLC  PCHI Consolidated
         September 30, 2021  September 30, 2021  
    (in Thousands) Principal Amount  Net Carrying Amount  Net Carrying Amount  Net Carrying Amount  
    8.75% Senior Secured First Lien Notes – due 2026 $750,000  $732,124   -  $732,124  
    6.125% Senior Notes – due 2023  22,924   22,820   -   22,820  
    6.625% Senior Notes – due 2026  92,254   91,555   -   91,555  
    First Lien Party City Notes – due 2025  161,669   198,076   -   198,076  
    First Lien Anagram Notes – due 2025  115,804   -   149,676   149,676  
    Second Lien Anagram Notes – due 2026  89,155   -   144,665   144,665  
    Finance lease obligations  13,267   13,267   -   13,267  
    Total long-term obligations  1,245,073   1,057,842   294,341   1,352,183  
    Less: current portion N/A   (1,297)  -   (1,297) 
    Long-term obligations, excluding current portion  1,245,073   1,056,545   294,341   1,350,886  
    Loans and notes payable*  190,150   187,084   -   187,084  
    Less: Cash  (60,740)  (33,050)  (27,691)  (60,741) 
    Principal balance net of cash $1,374,483  $1,210,579  $266,650  $1,477,229  

    *Balance consists of ABL Facility.

    Net cash used in operating activities in the first nine months of 2021 was $73.6 million, compared to net cash used in operating activities of $56.8 million in the prior year period. The increase in cash used is primarily attributable to an increase in seasonal inventory and the related freight, as well as the repayment of rents deferred from 2020. Free cash flowa in the first nine months of 2021 was $111.9 million compared to $(13.8) million in the prior year period, with the improvement driven by higher Adjusted EBITDA due to improved operating results, partially offset by higher capital expenditures.

    aFree cash flow defined as Adjusted EBITDA less capital expenditures (See "Non-GAAP Financial Information").

    Outlook:

    The Company is providing the following fiscal fourth quarter 2021 outlook*. This outlook is subject to potential consumer and marketplace volatility due to the COVID-19 pandemic:

    • Total revenue of $685 to $700 million
    • Brand comparable sales percentage increase of high-teens compared to fourth quarter 2020 and low-teens versus fourth quarter 2019
    • GAAP net income of $39 million to $47 million with an assumed Q4 tax rate of 26%
    • Adjusted EBITDA of $100 to $110 million

    * As previously disclosed, in the fourth quarter of 2020, the 53rd week contributed $40 million in revenue and approximately $12 million in Adjusted EBITDA.

    The table below sets forth a reconciliation from our fourth quarter 2021 forecasted GAAP Net Income to our Adjusted EBITDA.

      Q4 2021 
    (in thousands) High  Low 
    Net Income $46,700 $38,700 
    Provision for Income Taxes  16,400  13,600 
    Interest Expense  23,800  24,200 
    Depreciation and Amortization Expense  16,800  17,200 
    EBITDA $103,700 $93,700 
    EBITDA Add-Backs  6,300  6,300 
    Adjusted EBITDA $110,000 $100,000 

    Conference Call Information

    A conference call to discuss the third quarter 2021 financial results is scheduled for today, November 9, 2021, at 8:30 a.m. Eastern Time, and the Company has posted certain supplemental presentation materials to its investor relations website. Investors and analysts interested in participating in the call are invited to dial 844-757-5731 (U.S. domestic) or 412-542-4126 (international) approximately 10 minutes prior to the start of the call. The conference call will also be webcast at http://investor.partycity.com/. To listen to the live call, please go to the website at least 15 minutes early to register and download any necessary audio software. The webcast will be accessible for one year after the call.

    Website Information

    We routinely post important information for investors on the Investor Relations section of our website, http://investor.partycity.com/. We intend to use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    Non-GAAP Information

    This press release includes non-GAAP measures including Adjusted EBITDA and Adjusted Net Income/Loss. We present these non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis by eliminating items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of our business strategies and (iii) because our credit facilities use Adjusted EBITDA to measure compliance with certain covenants. We also utilized operating expense excluding certain items not indicative of core operating performance. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release. We also evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. We also provide debt principal net of cash, which is calculated by adding Loans and Notes Payable, Current Portion of Long Term Obligations and Long Term Obligations, Excluding Current Portion, subtracting Cash and Cash Equivalents and dividing by Adjusted EBITDA for the trailing twelve month period. We also define free cash flow as Adjusted EBITDA less capital expenditures. We believe providing these non-GAAP measures provides valuable supplemental information regarding our results of operations and leverage, consistent with how we evaluate our performance. In evaluating these non-GAAP financial measures, investors should be aware that in the future the Company may incur expenses or be involved in transactions that are the same as or similar to some of the adjustments in this presentation. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. The Company has provided this information as means to evaluate the results of its core operations. Other companies in the Company's industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP.

    Forward-Looking Statements

    This press release and the commentary in the conference call to be held today each contains forward-looking statements. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance and include Party City's expectations regarding revenues, brand comparable sales, net income, Adjusted EBITDA, Adjusted Net Income, interest expense and capital expenditures. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information, and these statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include: our ability to compete effectively in a competitive industry; fluctuations in commodity prices; our ability to appropriately respond to changing merchandise trends and consumer preferences; successful implementation of our store growth strategy; decreases in our Halloween sales; the impact of COVID-19 on our financial performance; disruption to the transportation system or increases in transportation costs; product recalls or product liability; economic slowdown affecting consumer spending and general economic conditions; loss or actions of third party vendors and loss of the right to use licensed material; disruptions at our manufacturing facilities; and the additional risks and uncertainties set forth in "Risk Factors" in Party City's Annual Report on Form 10-K for the year ended December 31, 2020 and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by any applicable laws, Party City assumes no obligation to publicly update or revise such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments or otherwise.

    About Party City

    Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is a leading player in its category, vertically integrated and unique in its breadth and depth. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company's retail operations include 830 specialty retail party supply stores (including franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.

    Source: Party City Holdco Inc.

    PARTY CITY HOLDCO INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share data, unaudited)

      September 30,

    2021
      December 31,

    2020
      September 30,

    2020
     
      (Unaudited)     (Unaudited) 
    ASSETS         
    Current assets:         
    Cash and cash equivalents $60,740  $119,532  $170,562 
    Accounts receivable, net  100,946   90,879   149,825 
    Inventories, net  520,046   412,285   630,357 
    Prepaid expenses and other current assets  85,004   45,905   112,038 
    Income tax receivable  56,361   57,549   — 
    Assets held for sale, net  —   83,110   — 
    Total current assets  823,097   809,260   1,062,782 
    Property, plant and equipment, net  213,959   209,412   206,447 
    Operating lease asset  700,668   700,087   741,524 
    Goodwill  662,163   661,251   669,564 
    Trade names  383,733   384,428   383,666 
    Other intangible assets, net  25,821   32,134   34,505 
    Other assets, net  27,385   9,883   9,521 
    Total assets $2,836,826  $2,806,455  $3,108,009 
    LIABILITIES AND STOCKHOLDERS' EQUITY         
    Current liabilities:         
    Loans and notes payable $187,084  $175,707  $303,894 
    Accounts payable  167,445   118,928   179,938 
    Accrued expenses  178,155   160,605   202,636 
    Liabilities held for sale  —   68,492   — 
    Current portion of operating lease liability  131,653   176,045   194,476 
    Income taxes payable  —   524   — 
    Current portion of long-term obligations  1,297   13,576   14,342 
    Total current liabilities  665,634   713,877   895,286 
    Long-term obligations, excluding current portion  1,350,886   1,329,808   1,334,338 
    Long-term portion of operating lease liability  639,560   654,729   677,183 
    Deferred income tax liabilities, net  43,537   34,705   49,508 
    Other long-term liabilities  34,718   22,815   15,559 
    Total liabilities  2,734,335   2,755,934   2,971,874 
    Commitments and contingencies         
    Stockholders' equity:         
    Common stock (112,194,330, 110,781,613 and 110,573,555 shares outstanding and 123,816,514, 122,061,711 and 121,848,074 shares issued at September 30, 2021, December 31, 2020, and September 30, 2020, respectively)  1,384   1,373   1,371 
    Additional paid-in capital  980,399   971,972   970,145 
    Accumulated deficit  (552,445)  (565,457)  (469,040)
    Accumulated other comprehensive income (loss)  3,128   (29,916)  (38,907)
    Total Party City Holdco Inc. stockholders' equity before common stock held in treasury  432,466   377,972   463,569 
    Less: Common stock held in treasury, at cost (11,622,184, 11,280,098 and 11,274,519 shares at September 30, 2021, December 31, 2020, and June 30, 2020, respectively)  (329,975)  (327,182)  (327,170)
    Total Party City Holdco Inc. stockholders' equity  102,491   50,790   136,399 
    Noncontrolling interests  —   (269)  (264)
    Total stockholders' equity  102,491   50,521   136,135 
    Total liabilities and stockholders' equity $2,836,826  $2,806,455  $3,108,009 



    PARTY CITY HOLDCO INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

    (In thousands, except share and per share data, unaudited)

      Three Months Ended September 30,  Nine Months Ended September 30, 
      2021  2020  2021  2020 
    Net sales* $510,199  $533,775  $1,472,752  $1,202,509 
    Cost of sales  326,501   355,923   919,596   890,587 
    Gross profit  183,698   177,852   553,156   311,922 
    Wholesale selling expenses  7,503   11,950   23,977   37,115 
    Retail operating expenses  105,206   97,100   291,281   250,502 
    General and administrative expenses  45,495   44,986   137,328   174,275 
    Art and development costs  5,440   4,257   15,415   13,095 
    Store impairment and restructuring charges  —   1,926   —   20,818 
    Loss on disposal of assets in international operations  —   —   3,211   — 
    Goodwill, intangibles and long-lived assets impairment  —   44,732   —   581,380 
    Income (loss) from operations  20,054   (27,099)  81,944   (765,263)
    Interest expense, net  23,899   13,422   64,229   63,954 
    Other (income) expense, net  (1,444)  (2,873)  (2,317)  4,287 
    (Gain) on debt refinancing  —   (273,149)  —   (273,149)
    (Loss) income before income taxes  (2,401)  235,501   20,032   (560,355)
    Income tax (benefit) expense  388   (4,164)  7,128   (128,293)
    Net (loss) income  (2,789)  239,665   12,904   (432,062)
    Less: Net (loss) attributable to noncontrolling interests  —   (42)  (54)  (241)
    Net (loss) income attributable to common shareholders of Party City Holdco Inc. $(2,789) $239,707  $12,958  $(431,821)
    Net (loss) income per share attributable to common shareholders of Party City Holdco Inc.–Basic $(0.02) $2.25  $0.12  $(4.41)
    Net (loss) income per share attributable to common shareholders of Party City Holdco Inc.–Diluted $(0.02) $2.24  $0.11  $(4.41)
    Weighted-average number of common shares-Basic  112,037,224   106,709,307   111,431,623   97,872,174 
    Weighted-average number of common shares-Diluted  112,037,224   106,875,631   115,822,121   97,872,174 
    Dividends declared per share $—  $—  $—  $— 
    Comprehensive (loss) income $(5,753) $244,607  $45,989  $(435,235)
    Less: Comprehensive (loss) attributable to noncontrolling interests  (24)  (42)  (54)  (241)
    Comprehensive (loss) income attributable to common shareholders of Party City Holdco Inc. $(5,729) $244,649  $46,043  $(434,994)

    *Includes royalties and franchise fees. Prior year amounts conformed to current year presentation



    PARTY CITY HOLDCO INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands, unaudited)

      Nine Months Ended September 30, 
      2021  2020 
    Cash flows (used in) operating activities:      
    Net income (loss) $12,904  $(432,062)
    Adjustments to reconcile net income (loss) to net cash (used in) operating activities:      
    Depreciation and amortization expense  50,293   57,796 
    Amortization of deferred financing costs and original issuance discounts  3,257   3,276 
    Provision for doubtful accounts  1,610   5,746 
    Deferred income tax expense (benefit)  9,116   (76,833)
    Change in operating lease liability/asset  (58,875)  32,121 
    Undistributed (income) loss in equity method investments  (820)  356 
    Loss on disposal of assets  2,796   83 
    Loss on disposal of assets in international operations  3,211   — 
    Non-cash adjustment for store impairment and restructuring charges  —   16,595 
    Goodwill, intangibles and long-lived assets impairment  —   581,380 
    Non-employee equity-based compensation**  —   1,033 
    Stock option expense – time – based  310   671 
    Stock option expense – performance – based  —   7,847 
    Restricted stock unit expense – time-based  1,643   1,568 
    Restricted stock unit – performance-based  2,706   510 
    Directors – non-cash compensation  171   75 
    Gain on debt refinancing  (1,105)  (273,149)
    Changes in operating assets and liabilities:      
    (Increase) in accounts receivable  (17,339)  (8,562)
    (Increase) decrease in inventories  (109,227)  27,959 
    (Increase) in prepaid expenses and other current assets  (49,570)  (64,715)
    Increase in accounts payable, accrued expenses and income taxes payable  75,368   61,478 
    Net cash (used in) operating activities  (73,551)  (56,827)
    Cash flows (used in) investing activities:      
    Cash paid in connection with acquisitions, net of cash acquired  (4,405)  (362)
    Capital expenditures  (49,211)  (32,095)
    Proceeds from disposal of property and equipment  3  82 
    Proceeds from sale of international operations, net of cash disposed  20,556   — 
    Net cash (used in) investing activities  (33,057)  (32,375)
    Cash flows provided by financing activities:      
    Repayment of loans, notes payable and long-term obligations  (844,952)  (122,373)
    Proceeds from loans, notes payable and long-term obligations  882,500   369,785 
    Treasury stock purchases  (2,793)  (85)
    Exercise of stock options  3,621   — 
    Debt issuance costs  (21,437)  (19,955)
    Net cash provided by financing activities  16,939   227,372 
    Effect of exchange rate changes on cash and cash equivalents  100   (2,659)
    Net (decrease) increase in cash and cash equivalents and restricted cash  (89,569)  135,511 
    Change in cash classified within current assets held for sale  31,628   — 
    Cash and cash equivalents and restricted cash at beginning of period  119,681   35,176 
    Cash and cash equivalents and restricted cash at end of period* $61,740  $170,687 
    Supplemental disclosure of cash flow information:      
    Cash paid during the period for interest expense $56,748  $55,999 
    Cash paid during the period for income taxes, net of refunds $5,303  $24,421 

    *Includes $1,000 and $125 of restricted cash for the nine months ended September 30, 2021 and 2020. The Company recorded restricted cash in other assets, net as presented in the consolidated balance sheet at September 30, 2021 and in prepaid expenses and other current assets as presented in the consolidated balance sheets at December 31, 2020 and September 30, 2020.

    ** See Note 17 – Kazzam, LLC of Item 1, "Condensed Consolidated Financial Statements (Unaudited)" in the September 30, 2021 Quarterly Report on Form 10-Q 2021.



    PARTY CITY HOLDCO INC.

    RECONCILIATION OF ADJUSTED EBITDA

    (Unaudited)

      Three Months Ended September 30,  Nine months ended September 30, 
      2021  2020  2021  2020 
    (Dollars in thousands)            
    Net (loss) income $(2,789) $239,665  $12,904  $(432,062)
    Interest expense, net  23,899   13,422   64,229   63,954 
    Income tax expense (benefit)  388   (4,164)  7,128   (128,293)
    Depreciation and amortization  15,433   17,278   50,293   57,796 
    EBITDA  36,931   266,201   134,554   (438,605)
    Store impairment and restructuring charges (a)  —   6,763   —   36,285 
    Inventory restructuring and early lease terminations (j)  520   —   7,157   — 
    Other restructuring, retention and severance (b)  —   2,957   2,082   11,701 
    Goodwill, intangibles and long-lived assets impairment (c)  —   44,732   —   581,380 
    Deferred rent (d)  904   254   2,032   (2,618)
    Closed store expense (e)  603   1,247   3,739   2,882 
    Foreign currency losses/(gains), net  343   (3,312)  (968)  955 
    Stock option expense – time-based  93   111   310   671 
    Stock option expense – performance – based  —   —   —   7,847 
    Restricted stock unit and restricted cash awards expense – performance-based  923   510   2,901   510 
    Restricted stock units – time-based  876   429   1,643   1,568 
    Non-employee equity-based compensation (f)  —   —   —   1,033 
    Undistributed loss (income) in equity method investments  (609)  (59)  (820)  356 
    Corporate development expenses (g)  5   581   5   6,193 
    Non-recurring legal settlements/costs  —   661   —   7,170 
    Loss on sale of property, plant and equipment*  2,687   —   2,798   — 
    COVID - 19 (i)  —   679   1,270   71,059 
    Loss on sale of business  —   —   3,211   — 
    (Gain) on debt repayment/refinancing (k)  (1,332)  (273,149)  (1,106)  (273,149)
    Other*  943   546   2,331   3,034 
    Adjusted EBITDA $42,887  $49,151  $161,139  $18,272 

    * Prior period amounts have been reclassified to conform with current period presentation.



    PARTY CITY HOLDCO INC.

    RECONCILIATION OF ADJUSTED EBITDA, Continued

    (In thousands, unaudited)

       Three Months Ended September 30, 2021 EBITDA Adjustments    
     September 30, 2021

    GAAP

    Basis (as

    reported)
      Inventory restructuring and early lease terminations (j)  Net gain on debt repayment (k)  Corporate

    development

    expenses (g)
      Stock Option

    Expense/Non-

    Employee Equity

    Compensation/

    Restricted

    stock units
      Deferred

    Rent (d)
      Other

    restructuring,

    retention and

    severance (b)
      Closed

    store

    expense (e)
      COVID-

    19 (i)
      Foreign

    currency

    gains
      Other  September 30,

    2021

    Non-GAAP

    basis
     
    Net sales$510,199                                $510,199 
    Cost of sales 326,501   (520)           (945)                 325,036 
    Gross profit 183,698                                 185,163 
    Wholesale selling expenses 7,503                                 7,503 
    Retail operating expenses 105,206                     (612)        (908)  103,686 
    General and administrative expenses 45,495            (1,892)  41      9         (2,639)  41,014 
    Art and development costs 5,440                                 5,440 
    Income from operations 20,054                                 27,520 
    Interest expense, net 23,899                              (33)  23,866 
    Other (income) expense, net (1,444)     1,332   (5)                 (343)  559   99 
    (Loss) income before income taxes (2,401)                                3,555 
    Interest expense, net 23,899                                 23,899 
    Depreciation and amortization 15,433                                 15,433 
    EBITDA 36,931                                 42,887 
    Adjustments to EBITDA 5,956   (520)  1,332   (5)  (1,892)  (904)  —   (603)  —   (343)  (3,021)  — 
    Adjusted EBITDA$42,887  $(520) $1,332  $(5) $(1,892) $(904) $—  $(603) $—  $(343) $(3,021) $42,887 



    PARTY CITY HOLDCO INC.

    RECONCILIATION OF ADJUSTED EBITDA, Continued

    (In thousands, unaudited)

         Three Months Ended September 30, 2020 EBITDA Adjustments    
      September 30, 2020

    GAAP

    Basis (as

    reported)
      Goodwill, intangibles and long-lived assets impairment (c)  Store

    impairment

    and

    restructuring

    charges (a)
      Gain on debt refinancing (k)  Corporate

    development

    expenses (g)
      Legal  Stock Option

    Expense/Non-

    Employee Equity

    Compensation/

    Restricted

    stock units –

    time-based
      Deferred

    Rent (d)
      Other

    restructuring,

    retention and

    severance (b)
      Closed

    store

    expense (e)
      COVID-

    19 (i)
      Foreign

    currency

    losses
      Other  September 30,

    2020

    Non-GAAP

    basis
     
    Net sales $533,775                                      $533,775 
    Cost of sales  355,923      (4,837)              (80)        (1,266)     (469)  349,271 
    Gross profit  177,852                                       184,504 
    Wholesale selling expenses  11,950                                       11,950 
    Retail operating expenses  97,100                     (224)     (1,225)  (1,745)        93,906 
    General and administrative expenses  44,986            (370)  (661)  (1,050)  50   (2,957)  (22)  2,332         42,308 
    Art and development costs  4,257                                       4,257 
    Store impairment and restructuring charges  1,926      (1,926)                                — 
    Goodwill, intangibles and long-lived assets impairment  44,732   (44,732)                                   — 
    (Loss) from operations  (27,099)                                      32,083 
    Interest expense, net  13,422                                       13,422 
    Other (income) expense, net  (2,873)           (211)                    3,312   (18)  210 
    (Gain) on debt refinancing  (273,149)        273,149                              — 
    Income (loss) before income taxes  235,501                                       18,451 
    Interest expense, net  13,422                                       13,422 
    Depreciation and amortization  17,278                                       17,278 
    EBITDA  266,201                                       49,151 
    Adjustments to EBITDA  (217,050)  (44,732)  (6,763)  273,149   (581)  (661)  (1,050)  (254)  (2,957)  (1,247)  (679)  3,312   (487)  — 
    Adjusted EBITDA $49,151  $(44,732) $(6,763) $273,149  $(581) $(661) $(1,050) $(254) $(2,957) $(1,247) $(679) $3,312  $(487) $49,151 



    PARTY CITY HOLDCO INC

    RECONCILIATION OF ADJUSTED EBITDA, Continued

    (In thousands, unaudited)

         Nine Months Ended September 30, 2021 EBITDA Adjustments    
      September 30, 2021

    GAAP

    Basis (as

    reported)
      Inventory restructuring and early lease terminations (j)  Net gain on debt repayment (k)  Corporate

    development

    expenses (g)
      Stock Option

    Expense/Non-

    Employee Equity

    Compensation/

    Restricted

    stock units
      Deferred

    Rent (d)
      Other

    restructuring,

    retention and

    severance (b)
      Closed

    store

    expense (e)
      COVID-

    19 (i)
      Foreign

    currency

    gains
      Other  September 30,

    2021

    Non-GAAP

    basis
     
    Net sales $1,472,752                                $1,472,752 
    Cost of sales  919,596   (4,214)           (945)              124   914,561 
    Gross profit  553,156                                 558,191 
    Wholesale selling expenses  23,977                                 23,977 
    Retail operating expenses  291,281   (2,943)           (1,212)     (3,690)  (1,053)     (1,626)  280,757 
    General and administrative expenses  137,328            (4,854)  125   (2,082)  (49)  (217)     (3,328)  126,923 
    Art and development costs  15,415                                 15,415 
    Loss on disposal of assets in international operations  3,211                              (3,211)  — 
    Income from operations  81,944                                 111,119 
    Interest expense, net  64,229                              (138)  64,091 
    Other (income) expense, net  (2,317)     1,106   (5)                 968   659   411 
    Income before Income Taxes  20,032                                 46,617 
    Interest expense, net  64,229                                 64,229 
    Depreciation and amortization  50,293                                 50,293 
    EBITDA  134,554                                 161,139 
    Adjustments to EBITDA  26,585   (7,157)  1,106   (5)  (4,854)  (2,032)  (2,082)  (3,739)  (1,270)  968   (7,520)  — 
    Adjusted EBITDA $161,139  $(7,157) $1,106  $(5) $(4,854) $(2,032) $(2,082) $(3,739) $(1,270) $968  $(7,520) $161,139 



    PARTY CITY HOLDCO INC.

    RECONCILIATION OF ADJUSTED EBITDA, Continued

    (In thousands, unaudited)

         Nine Months Ended September 30, 2020 EBITDA Adjustments    
      September 30, 2020

    GAAP

    Basis (as

    reported)
      Goodwill, intangibles and long-lived assets impairment (c)  Store

    impairment

    and

    restructuring

    charges (a)
      Gain on debt refinancing

    (k)
     Corporate

    development

    expenses (g)
      Legal  Stock Option

    Expense/Non-

    Employee Equity

    Compensation/

    Restricted

    stock units

    (f)(g)
      Deferred

    Rent (d)
      Other

    restructuring,

    retention and

    severance (b)
      Closed

    store

    expense (e)
      COVID-

    19 (i)
      Foreign

    currency

    loss
      Other  September 30,

    2020

    Non-GAAP

    basis
     
    Net sales $1,202,509                                     $1,202,509 
    Cost of sales  890,587      (15,467)             (214)  (4,437)     (42,446)     (898)  827,125 
    Gross profit  311,922                                      375,384 
    Wholesale selling expenses  37,115           (1,840)                 (623)        34,652 
    Retail operating expenses  250,502                    2,685      (2,733)  (16,312)        234,142 
    General and administrative expenses  174,275           (3,502)  (7,170)  (10,596)  147   (7,264)  (149)  (11,678)        134,063 
    Art and development costs  13,095                                      13,095 
    Store impairment and restructuring charges  20,818      (20,818)                               — 
    Goodwill, intangibles and long-lived assets impairment  581,380   (581,380)                                  — 
    (Loss) from operations  (765,263)                                     (40,568)
    Interest expense, net  63,954                                      63,954 
    Other (income) expense, net  4,287           (851)     (1,033)              (955)  (2,492)  (1,044)
    (Gain) on debt refinancing  (273,149)        273,149                             — 
    (Loss) before income taxes  (560,355)                                     (103,478)
    Interest expense, net  63,954                                      63,954 
    Depreciation and amortization  57,796                                      57,796 
    EBITDA  (438,605)                                     18,272 
    Adjustments to EBITDA  456,877   (581,380)  (36,285)  273,149  (6,193)  (7,170)  (11,629)  2,618   (11,701)  (2,882)  (71,059)  (955)  (3,390)  — 
    Adjusted EBITDA $18,272  $(581,380) $(36,285) $273,149 $(6,193) $(7,170) $(11,629) $2,618  $(11,701) $(2,882) $(71,059) $(955) $(3,390) $18,272 



    PARTY CITY HOLDCO INC.

    RECONCILIATION OF ADJUSTED NET INCOME

    (Unaudited)

      Three Months Ended September 30,  Nine months ended September 30, 
      2021  2020  2021  2020 
    (Dollars in thousands, except per share amounts)            
    (Loss) income before income taxes $(2,401) $235,501  $20,032  $(560,355)
    Intangible asset amortization  2,177   2,899   7,008   8,444 
    Amortization of deferred financing costs and original issuance discounts  1,320   875   3,257   3,276 
    Store impairment and restructuring charges (a)  —   1,321   —   29,475 
    Other restructuring charges (b)  —   2,622   1,967   10,139 
    Goodwill, intangibles and long-lived assets impairment (c)  —   44,732   —   581,380 
    Non-employee equity-based compensation (f)  —   —   —   1,033 
    Non-recurring legal settlements/costs  —   605   —   7,026 
    Stock option expense – time-based  93   110   310   671 
    Stock option expense – performance – based  —   —   —   7,847 
    Loss on sale of assets  2,642   —   2,642   — 
    (Gain) on debt repayment/refinancing (k)  —   (273,149)  —   (273,149)
    Restricted stock unit and restricted cash awards expense – performance-based  930   —   2,901   — 
    COVID - 19 (i)  —   733   1,270   71,113 
    Loss on sale of business  —   —   3,211   — 
    Inventory disposals  —   —   926   — 
    Adjusted income (loss) before income taxes  4,761   16,249   43,524   (113,100)
    Adjusted income tax expense (benefit) (h)  1,902   5,234   11,966   (36,416)
    Adjusted net income (loss) $2,859  $11,015  $31,558  $(76,684)
    Adjusted net income (loss) per common share – diluted $0.02  $0.10  $0.27  $(0.78)
    Weighted-average number of common shares-diluted  116,467,755   106,875,631   115,822,121   97,872,174 

    (a)    The Company performed a comprehensive review of its store locations aimed at improving the overall productivity of such locations ("store optimization program"). After careful consideration and evaluation of the store locations, the Company made the decision to accelerate the optimization of its store portfolio with the closure of stores, which are primarily located in close proximity to other Party City stores. For further detail, refer to Note 3 – Store Impairment and Restructuring Charges of Item 1, "Condensed Consolidated Financial Statements (Unaudited)" in the September 30, 2021 Quarterly Report on Form 10-Q 2021.

    (b)    Amounts expensed principally relate to severance due to organizational changes.

    (c)    As a result of a sustained decline in market capitalization and reduced fair value of certain intangibles and long-lived assets, the Company recognized non-cash pre-tax goodwill and intangibles impairment charges.

    (d)    The "deferred rent" adjustment reflects the difference between accounting for rent and landlord incentives in accordance with GAAP and the Company's actual cash outlay.

    (e)    Charges incurred related to closing and relocating stores in the ordinary course of business.

    (f)    The acquisition of Ampology's interest in Kazzam, LLC in an equity transaction. See Note 17 – Kazzam, LLC of Item 1 in the September 30, 2021 Quarterly Report on Form 10-Q.

    (g)    Primarily represents costs for Kazzam (See Note 17 – Kazzam, LLC of Item 1 in the September 30, 2021 Quarterly Report on Form 10-Q for further discussion).

    (h)    Represents income tax expense/benefit after excluding the specific tax impacts for each of the pre-tax adjustments. The tax impacts for each of the adjustments were determined by applying to the pre-tax adjustments the effective income tax rates for the specific legal entities in which the adjustments were recorded.

    (i)    Represents COVID-19 expenses for employees on temporary furlough for whom the Company provides health benefits; non-payroll expenses including advertising, occupancy and other store expenses.

    (j)    Costs incurred for early lease terminations and a merchandise transformation project to transition and optimize stores to the reduced SKU assortment levels.

    (k)    The Company recognized net gain on debt repayment in 2021. The Company recognized a gain on debt refinancing transactions in 2020.





    PARTY CITY HOLDCO INC.

    SEGMENT INFORMATION

    (In thousands, except percentages, unaudited)

      Three Months Ended September 30,
      2021   2020
      Dollars in

    Thousands
      Percentage of

    Net sales
     Dollars in

    Thousands
      Percentage of

    Net sales
    Net sales:              
    Wholesale $279,634   54.8 % $346,621   64.9 %
    Eliminations  (168,308)  (33.0)   (179,049)  (33.5) 
    Net wholesale  111,326   21.8    167,572   31.4  
    Retail*  398,873   78.2    366,203   68.6  
    Total net sales $510,199   100.0 % $533,775   100.0 %

    *Retail net sales include royalties and franchise fees. Prior year amount conformed to current year presentation.

      Nine months ended September 30,
      2021  2020
      Dollars in

    Thousands
      Percentage of

    Net sales
     Dollars in

    Thousands
      Percentage of

    Net sales
    Net sales:              
    Wholesale $722,732   49.1 % $692,715   57.6 %
    Eliminations  (425,947)  (28.9)   (345,167)  (28.7) 
    Net wholesale  296,785   20.2    347,548   28.9  
    Retail*  1,175,967   79.8    854,961   71.1  
    Total net sales $1,472,752   100.0 % $1,202,509   100.0 %

    *Retail net sales include royalties and franchise fees. Prior year amount conformed to current year presentation.

      Three Months Ended September 30,
      2021   2020
      Dollars in

    Thousands
      Percentage

    of Net Sales
       Dollars in

    Thousands
      Percentage

    of Net Sales
      
    Retail gross profit* $161,822   40.6 % $135,539   37.0 %
    Wholesale gross profit  21,876   19.7    42,313   25.3  
    Total gross profit $183,698   36.0 % $177,852   33.3 %

    *Retail gross profit include royalties and franchise fees. Prior year amount conformed to current year presentation.

      Nine months ended September 30,
      2021   2020
      Dollars in Thousands  Percentage of Net Sales   Dollars in Thousands  Percentage of Net Sales  
    Retail gross profit* $478,565   40.7 % $257,035   30.1 %
    Wholesale gross profit  74,591   25.1    50,538   14.5  
    Total gross profit $553,156   37.6 % $307,573   25.6 %

    *Retail gross profit include royalties and franchise fees. Prior year amount conformed to current year presentation.



    PARTY CITY HOLDCO INC.

    OPERATING METRICS

      Three months ended September 30,  LTM 
      2021  2020  2021 
              
    Store Count         
    Corporate Stores:         
    Beginning of period  749   757   739 
    New stores opened  4   1   12 
    Acquired  6   2   10 
    Closed  (5)  (21)  (7)
    End of period  754   739   754 
    Franchise Stores         
    Beginning of period  82   96   90 
    New stores opened —   —  — 
    Sold to Party City  (6)  (1)  (10)
    Closed —   (5)  (4)
    End of period  76   90   76 
    Grand Total  830   829   830 



      Three months ended September 30, Nine months ended September 30,
      2021  2020  2021  2020 
             
    Wholesale Share of Shelf (a) 80.2% 81.1% 80.9% 81.4%
    Manufacturing Share of Shelf (b) 28.2% 29.6% 30.3% 30.2%
             
             
             
      Three months ended September 30, Nine months ended September 30,
      2021  2020  2021  2020 
             
    Brand comparable sales (c) 7.5% 8.3% 43.7% -21.8%

    (a)  Wholesale share of shelf represents the percentage of our retail product cost of sales supplied by our wholesale operations.

    (b)    Manufacturing share of shelf represents the percentage of our retail product cost of sales manufactured by the company.

    (c)    Party City brand comparable sales include North American e-commerce sales.



    Contact:
    ICR
    Farah Soi and Rachel Schacter
    203-682-8200
    [email protected]

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    • Telsey Advisory Group reiterated coverage on Party City Holdco with a new price target

      Telsey Advisory Group reiterated coverage of Party City Holdco with a rating of Market Perform and set a new price target of $9.00 from $10.00 previously

      11/10/21 5:11:24 AM ET
      $PRTY
      Diversified Commercial Services
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    • Telsey Advisory Group reiterated coverage on Party City Holdco with a new price target

      Telsey Advisory Group reiterated coverage of Party City Holdco with a rating of Market Perform and set a new price target of $10.00 from $11.00 previously

      8/6/21 5:38:16 AM ET
      $PRTY
      Diversified Commercial Services
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    • Credit Suisse reiterated coverage on Party City Holdco with a new price target

      Credit Suisse reiterated coverage of Party City Holdco with a rating of Outperform and set a new price target of $10.00 from $9.00 previously

      5/11/21 11:10:31 AM ET
      $PRTY
      Diversified Commercial Services
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    $PRTY
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    • Party City Reports Third Quarter 2022 Results and Updates 2022 Business Outlook

      Total Net Sales of $502.2 million down 1.6% versus last year; Comparable Sales decreased 3.2% versus prior year and increased 11.2% versus 2019 October Retail sales of $390.5 million; Comparable Sales approximately flat versus 2021 WOODCLIFF LAKE, N.J., Nov. 08, 2022 (GLOBE NEWSWIRE) --  Party City Holdco Inc. ((the "Company" or "PRTY", NYSE:PRTY) today announced financial results for the quarter ended September 30, 2022. Brad Weston, Chief Executive Officer, stated, "We delivered third quarter results that were broadly in line with our expectations against a macro backdrop that has our core customer facing significant inflationary pressures. Despite the transitory cost headwinds that c

      11/8/22 6:55:00 AM ET
      $PRTY
      Diversified Commercial Services
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    • Party City to Report Third Quarter 2022 Financial Results on November 8, 2022

      ELMSFORD, N.Y., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Party City Holdco Inc. (NYSE:PRTY) today announced that its third quarter 2022 financial results will be released prior to market open on Tuesday, November 8, 2022. The Company will host a conference call at 8:30 a.m. Eastern Time on that day to discuss the detailed financial results. Investors and analysts interested in participating in the call are invited to dial 844-200-6205, access code 525476 (international callers please dial 929-526-1599) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.partycity.com. About Party City Party City Holdco

      10/25/22 7:00:00 AM ET
      $PRTY
      Diversified Commercial Services
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    • Party City Reports Second Quarter 2022 Results and Updates 2022 Business Outlook

      Total Net Sales of $527.4 million; Comparable Sales decreased 5.6% versus prior year and increased 12.2% versus 2019 GAAP Net Income of $162.2 million; Adjusted EBITDA of $45.8 million ELMSFORD, N.Y., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Party City Holdco Inc. ((the "Company" or "PRTY", NYSE:PRTY) today announced financial results for the quarter ended June 30, 2022. Brad Weston, Chief Executive Officer of Party City, stated, "Our second quarter topline results were largely as expected as we lapped a strong Q2 last year while cost headwinds, which are predominantly transitory in nature, pressured profitability. We are seeing benefits from the transformation work we have accomplished over

      8/8/22 6:55:00 AM ET
      $PRTY
      Diversified Commercial Services
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    $PRTY
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    • Regis Corporation Appoints Lockie Andrews to Its Board of Directors

      Regis Corporation (NYSE:RGS), a leader in the haircare industry, whose primary business is franchising technology-enabled hair salons, today announces the appointment of Lockie Andrews to its Board of Directors, effective September 10, 2021. Ms. Andrews is the Head of eCommerce and Digital Operations at Party City (NYSE:PRTY) leading the enterprise's web, mobile, app and digital sales and operations as well as the development of next-generation marketing and digital technology. Prior to joining Party City, she was the Chief Information Officer and Chief Digital Officer of UNTUCKit. Ms. Andrews is also the founder of Catalyst Consulting, a boutique advisory firm specializing in "all things

      9/10/21 6:00:00 AM ET
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      $RGS
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    • Public Storage Advances Board Refreshment

      GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) (the “Company”) today announced that it has appointed Michelle (“Meka”) Millstone-Shroff and Rebecca Owen to its Board of Trustees (the “Board”) and has named David Neithercut as Lead Independent Trustee. In addition, Public Storage announced the establishment of an advisory Long-Term Planning Committee (the “Committee”) of its Board of Trustees focused on Public Storage’s long-term planning, strategy, growth, capital allocation priorities and capital structure management. Ms. Millstone-Shroff formerly served as the Chief Customer Experience Officer at Bed Bath & Beyond and President and Chief Operating Officer for buy

      1/5/21 6:30:00 AM ET
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      $PSA
      $BBBY
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    $PRTY
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    • SEC Form SC 13D filed by Party City Holdco Inc.

      SC 13D - Party City Holdco Inc. (0001592058) (Subject)

      10/23/23 5:18:25 PM ET
      $PRTY
      Diversified Commercial Services
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    • SEC Form SC 13D filed by Party City Holdco Inc.

      SC 13D - Party City Holdco Inc. (0001592058) (Subject)

      10/23/23 4:32:50 PM ET
      $PRTY
      Diversified Commercial Services
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    • SEC Form SC 13D filed by Party City Holdco Inc.

      SC 13D - Party City Holdco Inc. (0001592058) (Subject)

      10/23/23 4:15:15 PM ET
      $PRTY
      Diversified Commercial Services
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