Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today
announced financial results for the quarter ended March 31, 2021.
Brad Weston, Chief Executive Officer of Party
City, stated, “We delivered continued strong core category
performance and better than expected results in seasonal categories
in the first quarter, fueling top and bottom line performance that
exceeded expectations. Despite operating in a pandemic impacted
environment with fewer in-person celebrations, brand comparable
sales increased 0.4% versus 2019. While social gatherings were
suppressed for a significant portion of the quarter, we were very
encouraged by first quarter results and sales momentum which
continued into April. Importantly, we made good progress advancing
our strategic building blocks that are improving our relevancy as
we continue to inspire joy by making it easy to create
unforgettable memories.”
Mr. Weston added, “As we look to the second
quarter, we are confident in our overall positioning heading into
the summer and graduation season. We are focused on the right
priorities to fortify our industry leadership and are poised to
capitalize on the opportunities that lie ahead as life begins to
return to normal and celebrations gradually resume.”
First Quarter Summary:
- Total revenues were $426.8 million,
an increase of 3.1% on a reported basis and 2.7% on a constant
currency basis, compared to the first quarter 2020. As the Company
closed the previously disclosed sale of a substantial portion of
its international operations at the end of January 2021, first
quarter 2021 performance included one month of international
results versus three months in the prior year period.
- Total Retail sales increased 10.0%
on a reported and constant currency basis driven by a 49.3%
comparable sales increase in core categories versus the 13 weeks
ended April 4, 2020, partially offset by the divestiture of the
international retail business and timing of New Year’s Eve.
- The total number of corporate Party
City stores was 751 as of March 31, 2021 compared to 757 in the
prior year period.
- Brand comparable sales increased
35.9% in the first quarter versus the 13 weeks ended April 4, 2020
and increased 0.4% compared to the 13 weeks ended April 6,
2019.
- Net third-party Wholesale revenues
decreased 15.8% on a reported basis or 16.8% in constant currency,
driven predominately by the divestiture of a significant portion of
our international operations.
- Total gross profit margin increased
735 basis points to 35.7% of net sales. Excluding certain items not
indicative of core operating performance, gross profit margin
improved 200 basis points to 36.0% of net sales mainly due to
favorable product mix and fewer retail sales promotions, partially
offset by increased costs for helium and delivery service.
- Operating expenses totaled $152.2
million or $576.5 million lower than the first quarter of 2020.
Excluding certain items not indicative of core operating
performance, operating expenses totaled $138.8 million, or 32.5% of
net sales, a 320-basis point improvement versus prior-year period
primarily driven by disciplined expense management and leverage on
higher sales.
- Interest expense was $17.2 million
during the first quarter of 2021, compared to $25.1 million during
the first quarter of 2020 mainly due to lower amounts of debt
outstanding.
- Reported GAAP net loss was $14.1
million, or a loss of $0.13 per diluted share.
- Adjusted net loss was $5.4 million,
or a loss of $0.05 per diluted share, compared to adjusted net loss
of $26.4 million, or a loss of $0.28 per share, in the first
quarter of 2020. (See “Non-GAAP Information”)
- Adjusted EBITDA was $32.4 million,
versus $11.9 million during the first quarter of 2020. (See
“Non-GAAP Information”)
Balance Sheet and Cash Flow
Highlights:
As of the end of the first quarter 2021, the
Company had $83.8 million in cash and approximately $129.3 million
of availability under the ABL Facility, for total liquidity of
$213.1 million.
In addition, the principal balance of debt net
of cash on March 31, 2021 was $1,303.0 million versus $1,760.4
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 CreditGroup |
|
|
|
AnagramHoldings, LLC |
|
PCHIConsolidated |
|
|
March 31, 2021 |
|
|
PrincipalAmount |
|
Net CarryingAmount |
|
|
|
Net CarryingAmount |
|
Net CarryingAmount |
|
8.75%
Senior Secured First Lien Notes – due 2026 |
$ |
750,000 |
|
$ |
730,508 |
|
|
|
$ |
- |
|
$ |
730,508 |
|
6.125%
Senior Notes – due 2023 |
|
22,924 |
|
|
22,792 |
|
|
|
|
- |
|
|
22,792 |
|
6.625%
Senior Notes – due 2026 |
|
92,254 |
|
|
91,483 |
|
|
|
|
- |
|
|
91,483 |
|
First Lien Party City Notes –
due 2025 |
|
161,669 |
|
|
202,657 |
|
|
|
|
- |
|
|
202,657 |
|
First
Lien Anagram Notes – due 2025 |
|
112,979 |
|
|
- |
|
|
|
|
150,568 |
|
|
150,568 |
|
Second
Lien Anagram Notes – due 2026 |
|
86,981 |
|
|
- |
|
|
|
|
148,159 |
|
|
148,159 |
|
Finance
lease obligations |
|
13,687 |
|
|
13,687 |
|
|
|
|
- |
|
|
13,687 |
|
Total
long-term obligations |
|
1,240,494 |
|
|
1,061,127 |
|
|
|
|
298,727 |
|
|
1,359,854 |
|
Less: current portion |
N/A |
|
|
(1,359 |
) |
|
|
|
- |
|
|
(1,359 |
) |
Long-term obligations, excluding current portion |
$ |
1,240,494 |
|
$ |
1,059,768 |
|
|
|
$ |
298,727 |
|
$ |
1,358,495 |
|
Loans
and notes payable |
|
146,275 |
|
|
146,275 |
|
|
|
|
- |
|
|
146,275 |
|
Less:
Cash |
|
(83,806 |
) |
|
(66,796 |
) |
|
|
|
(17,010 |
) |
|
(83,806 |
) |
Principal balance net of cash |
$ |
1,302,963 |
|
$ |
1,139,247 |
|
|
|
$ |
281,717 |
|
$ |
1,420,964 |
|
Net cash used in operating activities in the
first three months of 2021 was $48.8 million, compared to $74.0
million in the prior-year period, driven primarily by higher net
sales, improved operating income and favorable working capital
changes. Free cash flowa in the first three months of 2020 was
$10.2 million compared to $1.1 million in the prior-year period,
driven by higher Adjusted EBITDA, 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
second quarter 2021 outlook. This outlook is subject to potential
consumer and marketplace volatility due to the COVID-19
pandemic:
- Total revenue of $475 to $490
million
- Brand comparable sales increase of
92% to 97% compared to second quarter 2020
- Brand comparable sales increase of
mid to high single digits compared to second quarter 2019
- GAAP net income of $10 to $20
million with an assumed Q2 tax rate of 27%
- Adjusted EBITDA of $60 to $70
million
The table below sets forth a reconciliation from our second
quarter 2021 forecasted GAAP Net Income to our Adjusted EBITDA.
|
|
Q2 2021 |
|
Q2 2021 |
(in thousands) |
|
High |
|
Low |
Net Income |
|
$ |
19,929 |
|
$ |
10,439 |
Provision for Income
Taxes |
|
|
7,371 |
|
|
3,861 |
Interest Expense |
|
|
23,600 |
|
|
24,600 |
Depreciation and Amortization Expense |
|
|
16,200 |
|
|
17,200 |
EBITDA |
|
$ |
67,100 |
|
$ |
56,100 |
EBITDA
Add-Backs |
|
|
2,900 |
|
|
3,900 |
Adjusted EBITDA |
|
$ |
70,000 |
|
$ |
60,000 |
Conference Call Information
A conference call to discuss the second quarter
2021 financial results is scheduled for today, May 10, 2021, at
8:00 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 InformationThis 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. 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 net debt leverage, 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 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 its
ability to maximize the potential of its vertical model, the
ability to drive long-term growth, revenues, brand comparable
sales, net income, Adjusted EBITDA, and Adjusted net income. 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 the 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 833 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)
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
March 31,2020 |
|
|
|
(Note 2)(Unaudited) |
|
|
(Note 2) |
|
|
(Note 2)(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
83,806 |
|
|
$ |
119,532 |
|
|
$ |
194,433 |
|
Accounts receivable, net |
|
|
81,658 |
|
|
|
90,879 |
|
|
|
116,223 |
|
Inventories, net |
|
|
428,316 |
|
|
|
412,285 |
|
|
|
629,875 |
|
Prepaid expenses and other current assets |
|
|
47,803 |
|
|
|
45,905 |
|
|
|
76,698 |
|
Income tax receivable |
|
|
68,632 |
|
|
|
57,549 |
|
|
|
— |
|
Assets held for sale, net |
|
|
— |
|
|
|
83,110 |
|
|
|
— |
|
Total current assets |
|
|
710,215 |
|
|
|
809,260 |
|
|
|
1,017,229 |
|
Property, plant and equipment, net |
|
|
214,698 |
|
|
|
209,412 |
|
|
|
235,577 |
|
Operating lease asset |
|
|
687,214 |
|
|
|
700,087 |
|
|
|
773,775 |
|
Goodwill |
|
|
659,865 |
|
|
|
661,251 |
|
|
|
665,129 |
|
Trade
names |
|
|
383,733 |
|
|
|
384,428 |
|
|
|
394,221 |
|
Other
intangible assets, net |
|
|
29,912 |
|
|
|
32,134 |
|
|
|
41,960 |
|
Other
assets, net |
|
|
9,832 |
|
|
|
9,883 |
|
|
|
6,904 |
|
Total assets |
|
$ |
2,695,469 |
|
|
$ |
2,806,455 |
|
|
$ |
3,134,795 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and notes payable |
|
$ |
142,859 |
|
|
$ |
175,707 |
|
|
$ |
381,422 |
|
Accounts payable |
|
|
127,812 |
|
|
|
118,928 |
|
|
|
96,383 |
|
Accrued expenses |
|
|
146,742 |
|
|
|
160,605 |
|
|
|
154,847 |
|
Liabilities held for sale |
|
|
— |
|
|
|
68,492 |
|
|
|
— |
|
Current portion of operating lease liability |
|
|
150,860 |
|
|
|
176,045 |
|
|
|
153,614 |
|
Income taxes payable |
|
|
— |
|
|
|
524 |
|
|
|
— |
|
Current portion of long-term obligations |
|
|
1,359 |
|
|
|
13,576 |
|
|
|
98,588 |
|
Total current liabilities |
|
|
569,632 |
|
|
|
713,877 |
|
|
|
884,854 |
|
Long-term obligations, excluding current portion |
|
|
1,358,495 |
|
|
|
1,329,808 |
|
|
|
1,474,854 |
|
Long-term portion of operating lease liability |
|
|
628,217 |
|
|
|
654,729 |
|
|
|
707,734 |
|
Deferred
income tax liabilities, net |
|
|
31,036 |
|
|
|
34,705 |
|
|
|
70,943 |
|
Other
long-term liabilities |
|
|
33,195 |
|
|
|
22,815 |
|
|
|
16,036 |
|
Total liabilities |
|
|
2,620,575 |
|
|
|
2,755,934 |
|
|
|
3,154,421 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock (111,258,890, 110,781,613 and 94,491,352 shares
outstanding and122,573,377, 122,061,711 and 121,708,422 shares
issued at March 31, 2021,December 31, 2020, March 31,
2020 respectively) |
|
|
1,383 |
|
|
|
1,373 |
|
|
|
1,211 |
|
Additional paid-in capital |
|
|
976,037 |
|
|
|
971,972 |
|
|
|
933,174 |
|
Accumulated deficit |
|
|
(579,486 |
) |
|
|
(565,457 |
) |
|
|
(578,732 |
) |
Accumulated other comprehensive income (loss) |
|
|
5,134 |
|
|
|
(29,916 |
) |
|
|
(47,947 |
) |
Total Party City Holdco Inc. stockholders’ equity before common
stock held in treasury |
|
|
403,068 |
|
|
|
377,972 |
|
|
|
307,706 |
|
Less: Common stock held in treasury, at cost (11,314,487,
11,280,098 and27,217,070 shares at March 31, 2021,
December 31, 2020, March 31, 2020,respectively) |
|
|
(327,388 |
) |
|
|
(327,182 |
) |
|
|
(327,170 |
) |
Total Party City Holdco Inc. stockholders’ equity |
|
|
75,680 |
|
|
|
50,790 |
|
|
|
(19,464 |
) |
Noncontrolling interests |
|
|
(786 |
) |
|
|
(269 |
) |
|
|
(162 |
) |
Total stockholders’ equity |
|
|
74,894 |
|
|
|
50,521 |
|
|
|
(19,626 |
) |
Total liabilities and stockholders’ equity |
|
$ |
2,695,469 |
|
|
$ |
2,806,455 |
|
|
$ |
3,134,795 |
|
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 March 31, |
|
|
|
2021 |
|
|
2020 |
|
Net
sales* |
|
$ |
426,807 |
|
|
$ |
414,043 |
|
Cost of
sales |
|
|
274,521 |
|
|
|
296,757 |
|
Gross Profit |
|
|
152,286 |
|
|
|
117,286 |
|
Wholesale selling expenses |
|
|
9,116 |
|
|
|
15,458 |
|
Retail
operating expenses |
|
|
88,896 |
|
|
|
88,166 |
|
General
and administrative expenses |
|
|
46,038 |
|
|
|
65,334 |
|
Art and
development costs |
|
|
4,971 |
|
|
|
5,322 |
|
Store
impairment and restructuring charges |
|
|
— |
|
|
|
17,728 |
|
Loss on
disposal of assets in international operations |
|
|
3,211 |
|
|
|
— |
|
Goodwill, intangibles and long-lived assets impairment |
|
|
— |
|
|
|
536,648 |
|
Income (loss) from operations |
|
|
54 |
|
|
|
(611,370 |
) |
Interest
expense, net |
|
|
17,214 |
|
|
|
25,120 |
|
Other
expense, net |
|
|
427 |
|
|
|
5,676 |
|
(Loss) before income taxes |
|
|
(17,587 |
) |
|
|
(642,166 |
) |
Income
tax (benefit) |
|
|
(3,469 |
) |
|
|
(100,498 |
) |
Net (loss) |
|
|
(14,118 |
) |
|
|
(541,668 |
) |
Less:
Net (loss) attributable to noncontrolling interests |
|
|
(54 |
) |
|
|
(155 |
) |
Net (loss) attributable to common shareholders of Party City Holdco
Inc. |
|
$ |
(14,064 |
) |
|
$ |
(541,513 |
) |
Net
(loss) per share attributable to common shareholders of Party City
Holdco Inc.–Basic |
|
$ |
(0.13 |
) |
|
$ |
(5.80 |
) |
Net
(loss) per share attributable to common shareholders of Party City
Holdco Inc.–Diluted |
|
$ |
(0.13 |
) |
|
$ |
(5.80 |
) |
Weighted-average number of common shares-Basic |
|
|
110,917,349 |
|
|
|
93,395,609 |
|
Weighted-average number of common shares-Diluted |
|
|
110,917,349 |
|
|
|
93,395,609 |
|
Dividends declared per share |
|
$ |
— |
|
|
$ |
— |
|
Comprehensive income (loss) |
|
$ |
20,937 |
|
|
$ |
(553,881 |
) |
Less:
Comprehensive (loss) attributable to noncontrolling interests |
|
|
(84 |
) |
|
|
(155 |
) |
Comprehensive income (loss) attributable to common shareholders of
Party City Holdco Inc. |
|
$ |
21,021 |
|
|
$ |
(553,726 |
) |
*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)
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
Cash
flows used in operating activities: |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(14,118 |
) |
|
$ |
(541,668 |
) |
Adjustments to reconcile net (loss) to net cash (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
17,944 |
|
|
|
17,752 |
|
Amortization of deferred financing costs and original issuance
discounts |
|
|
863 |
|
|
|
1,202 |
|
Provision for doubtful accounts |
|
|
696 |
|
|
|
1,119 |
|
Deferred income tax benefit |
|
|
(3,386 |
) |
|
|
(54,991 |
) |
Change in operating lease liability/asset |
|
|
(37,556 |
) |
|
|
(389 |
) |
Undistributed loss (income) in equity method investments |
|
|
336 |
|
|
|
(144 |
) |
Loss on disposal of assets |
|
|
110 |
|
|
|
40 |
|
Loss on disposal of assets in international operations |
|
|
3,211 |
|
|
|
— |
|
Non-cash adjustment for store impairment and restructuring
charges |
|
|
— |
|
|
|
16,277 |
|
Goodwill, intangibles and long-lived assets impairment |
|
|
— |
|
|
|
536,648 |
|
Non-employee equity-based compensation** |
|
|
— |
|
|
|
1,033 |
|
Stock option expense – time – based |
|
|
113 |
|
|
|
354 |
|
Restricted stock unit expense – time-based |
|
|
352 |
|
|
|
621 |
|
Restricted stock unit – performance-based |
|
|
708 |
|
|
|
— |
|
Directors – non-cash compensation |
|
|
57 |
|
|
|
75 |
|
Net loss on debt repayment |
|
|
226 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease in accounts receivable |
|
|
2,952 |
|
|
|
27,635 |
|
(Increase) decrease in inventories |
|
|
(17,565 |
) |
|
|
23,205 |
|
(Increase) in prepaid expenses and other current assets |
|
|
(8,768 |
) |
|
|
(26,661 |
) |
Increase (decrease) in accounts payable, accrued expenses and
income taxes payable |
|
|
5,014 |
|
|
|
(76,138 |
) |
Net cash (used in) operating activities |
|
|
(48,811 |
) |
|
|
(74,030 |
) |
Cash
flows (used in) investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(22,184 |
) |
|
|
(10,726 |
) |
Proceeds from disposal of property and equipment |
|
|
— |
|
|
|
7 |
|
Proceeds from sale of international operations, net of cash
disposed |
|
|
20,556 |
|
|
|
— |
|
Net cash (used in) investing activities |
|
|
(1,628 |
) |
|
|
(10,719 |
) |
Cash
flows (used in) provided by financing activities: |
|
|
|
|
|
|
|
|
Repayment of loans, notes payable and long-term obligations |
|
|
(792,849 |
) |
|
|
(3,932 |
) |
Proceeds from loans, notes payable and long-term obligations |
|
|
794,750 |
|
|
|
253,030 |
|
Treasury stock purchases |
|
|
(206 |
) |
|
|
(85 |
) |
Exercise of stock options |
|
|
2,855 |
|
|
|
— |
|
Debt issuance costs |
|
|
(21,437 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(16,887 |
) |
|
|
249,013 |
|
Effect
of exchange rate changes on cash and cash equivalents |
|
|
(177 |
) |
|
|
(4,863 |
) |
Net (decrease) increase in cash and cash equivalents and restricted
cash |
|
|
(67,503 |
) |
|
|
159,401 |
|
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* |
|
$ |
83,806 |
|
|
$ |
194,577 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
20,309 |
|
|
$ |
35,927 |
|
Cash paid during the period for income taxes, net of refunds |
|
$ |
127 |
|
|
$ |
11,368 |
|
*Includes $144 of restricted cash for the three months ended
March 31, 2020. There was no restricted cash as of March 31, 2021.
The Company records restricted cash in prepaid expenses and other
current asset as presented in the consolidated balance sheets at
December 31, 2020 and March 31, 2020.
** See Note 17 – Kazzam, LLC of Item 1, “Condensed Consolidated
Financial Statements (Unaudited)” in the March 31, 2021 Quarterly
Report on Form 10-Q 2021.
PARTY CITY HOLDCO INC.RECONCILIATION OF
ADJUSTED EBITDA(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(14,118 |
) |
|
$ |
(541,668 |
) |
Interest expense, net |
|
|
17,214 |
|
|
|
25,120 |
|
Income tax (benefit) |
|
|
(3,469 |
) |
|
|
(100,498 |
) |
Depreciation and amortization |
|
|
17,944 |
|
|
|
17,752 |
|
EBITDA |
|
|
17,571 |
|
|
|
(599,294 |
) |
Store impairment and restructuring charges (a) |
|
|
— |
|
|
|
27,761 |
|
Early lease terminations |
|
|
3,138 |
|
|
|
— |
|
Other restructuring, retention and severance (b) |
|
|
2,051 |
|
|
|
3,047 |
|
Goodwill, intangibles and long-lived assets impairment (c) |
|
|
— |
|
|
|
536,648 |
|
Deferred rent (d) |
|
|
1,526 |
|
|
|
(1,384 |
) |
Closed store expense (e) |
|
|
1,593 |
|
|
|
1,235 |
|
Foreign currency losses/(gains), net |
|
|
(539 |
) |
|
|
4,255 |
|
Stock option expense – time-based |
|
|
113 |
|
|
|
354 |
|
Restricted stock unit and restricted cash awards expense –
performance-based |
|
|
817 |
|
|
|
— |
|
Restricted stock units – time-based |
|
|
352 |
|
|
|
621 |
|
Non-employee equity-based compensation (f) |
|
|
— |
|
|
|
1,033 |
|
Undistributed loss (income) in equity method investments |
|
|
336 |
|
|
|
(144 |
) |
Corporate development expenses (g) |
|
|
— |
|
|
|
2,969 |
|
Non-recurring legal settlements/costs |
|
|
— |
|
|
|
6,321 |
|
COVID - 19 (l) |
|
|
615 |
|
|
|
26,180 |
|
Loss on disposal of assets |
|
|
3,211 |
|
|
|
— |
|
Net loss on debt repayment |
|
|
226 |
|
|
|
— |
|
Other |
|
|
1,409 |
|
|
|
2,272 |
|
Adjusted EBITDA |
|
$ |
32,419 |
|
|
$ |
11,874 |
|
PARTY CITY HOLDCO INC.RECONCILIATION OF
ADJUSTED EBITDA, Continued(In thousands,
unaudited)
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 EBITDA
Adjustments |
|
|
|
|
|
|
|
March 31,2021GAAPBasis
(asreported) |
|
|
|
Early leaseterminations |
|
|
Net loss ondebtrepayment |
|
|
Stock
OptionExpense/Non-Employee EquityCompensation/Restrictedstock
units |
|
|
DeferredRent (d) |
|
|
Otherrestructuring,retention
andseverance (b) |
|
|
Closedstoreexpense
(e) |
|
|
COVID-19 (l) |
|
|
Foreigncurrencylosses |
|
|
Other |
|
|
March
31,2021Non-GAAPbasis |
|
Net
sales |
|
$ |
426,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
426,807 |
|
Cost of
sales |
|
|
274,521 |
|
|
|
|
(1,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124 |
|
|
|
273,263 |
|
Gross Profit |
|
|
152,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153,544 |
|
Wholesale selling expenses |
|
|
9,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,116 |
|
Retail
operating expenses |
|
|
88,896 |
|
|
|
|
(1,756 |
) |
|
|
|
|
|
|
|
|
|
|
(1,568 |
) |
|
|
|
|
|
|
(1,562 |
) |
|
|
(590 |
) |
|
|
|
|
|
|
(718 |
) |
|
|
82,703 |
|
General
and administrative expenses |
|
|
46,038 |
|
|
|
|
|
|
|
|
|
|
|
|
(1,282 |
) |
|
|
42 |
|
|
|
(2,052 |
) |
|
|
(31 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
(650 |
) |
|
|
42,041 |
|
Art and
development costs |
|
|
4,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,971 |
|
Loss on
disposal of assets in international operations |
|
|
3,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,211 |
) |
|
|
— |
|
Income from operations |
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,713 |
|
Interest
expense, net |
|
|
17,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(54 |
) |
|
|
17,160 |
|
Other
expense, net |
|
|
427 |
|
|
|
|
|
|
|
|
(226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
539 |
|
|
|
(449 |
) |
|
|
292 |
|
(Loss) before Income Taxes |
|
|
(17,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,739 |
) |
Interest
expense, net |
|
|
17,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,214 |
|
Depreciation and amortization |
|
|
17,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,944 |
|
EBITDA |
|
|
17,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,419 |
|
Adjustments to EBITDA |
|
|
14,848 |
|
|
|
|
(3,138 |
) |
|
|
(226 |
) |
|
|
(1,282 |
) |
|
|
(1,526 |
) |
|
|
(2,052 |
) |
|
|
(1,593 |
) |
|
|
(615 |
) |
|
|
539 |
|
|
|
(4,957 |
) |
|
|
(0 |
) |
Adjusted EBITDA |
|
$ |
32,419 |
|
|
|
$ |
(3,138 |
) |
|
$ |
(226 |
) |
|
$ |
(1,282 |
) |
|
$ |
(1,526 |
) |
|
$ |
(2,052 |
) |
|
$ |
(1,593 |
) |
|
$ |
(615 |
) |
|
$ |
539 |
|
|
$ |
(4,957 |
) |
|
$ |
32,419 |
|
PARTY CITY HOLDCO INC.RECONCILIATION OF
ADJUSTED EBITDA, Continued(In thousands,
unaudited)
|
|
|
|
|
|
Three Months Ended March 31, 2020 EBITDA
Adjustments |
|
|
|
|
|
|
|
March 31, 2020GAAPBasis
(asreported) |
|
|
Goodwill,intangiblesand long-lived assets
impairment(c) |
|
|
Storeimpairmentandrestructuringcharges
(a) |
|
|
Corporatedevelopmentexpenses
(h) |
|
|
Legal |
|
|
Stock
OptionExpense/Non-Employee EquityCompensation/Restrictedstock
units(f)(g)(i)(m) |
|
|
DeferredRent (d) |
|
|
Otherrestructuring,retention
andseverance (b) |
|
|
Closedstoreexpense
(e) |
|
|
COVID-19 (l) |
|
|
Foreigncurrencygains |
|
|
Other |
|
|
March
31,2020Non-GAAPbasis |
|
Net
sales |
|
$ |
414,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
414,043 |
|
Cost of
sales |
|
|
296,757 |
|
|
|
|
|
|
|
(10,033 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,804 |
) |
|
|
|
|
|
|
(429 |
) |
|
|
273,491 |
|
Gross Profit |
|
|
117,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,552 |
|
Wholesale selling expenses |
|
|
15,458 |
|
|
|
|
|
|
|
|
|
|
|
(736 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(114 |
) |
|
|
|
|
|
|
|
|
|
|
14,608 |
|
Retail
operating expenses |
|
|
88,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,336 |
|
|
|
|
|
|
|
(1,166 |
) |
|
|
(10,178 |
) |
|
|
|
|
|
|
|
|
|
|
78,158 |
|
General
and administrative expenses |
|
|
65,334 |
|
|
|
|
|
|
|
|
|
|
|
(2,129 |
) |
|
|
(6,321 |
) |
|
|
(975 |
) |
|
|
48 |
|
|
|
(3,047 |
) |
|
|
(69 |
) |
|
|
(3,084 |
) |
|
|
|
|
|
|
|
|
|
|
49,757 |
|
Art and
development costs |
|
|
5,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,322 |
|
Store
impairment and restructuring charges |
|
|
17,728 |
|
|
|
|
|
|
|
(17,728 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Goodwill, intangibles and long-lived assets impairment |
|
|
536,648 |
|
|
|
(536,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
(Loss)
from operations |
|
|
(611,370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,293 |
) |
Interest expense, net |
|
|
25,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,120 |
|
Other expense, net |
|
|
5,676 |
|
|
|
|
|
|
|
|
|
|
|
(104 |
) |
|
|
|
|
|
|
(1,033 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,255 |
) |
|
|
(1,699 |
) |
|
|
(1,415 |
) |
(Loss)
before income taxes |
|
|
(642,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,998 |
) |
Interest expense, net |
|
|
25,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,120 |
|
Depreciation and amortization |
|
|
17,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,752 |
|
EBITDA |
|
|
(599,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,874 |
|
Adjustments to EBITDA |
|
|
611,168 |
|
|
|
(536,648 |
) |
|
|
(27,761 |
) |
|
|
(2,969 |
) |
|
|
(6,321 |
) |
|
|
(2,008 |
) |
|
|
1,384 |
|
|
|
(3,047 |
) |
|
|
(1,235 |
) |
|
|
(26,180 |
) |
|
|
(4,255 |
) |
|
|
(2,128 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
11,874 |
|
|
$ |
(536,648 |
) |
|
$ |
(27,761 |
) |
|
$ |
(2,969 |
) |
|
$ |
(6,321 |
) |
|
$ |
(2,008 |
) |
|
$ |
1,384 |
|
|
$ |
(3,047 |
) |
|
$ |
(1,235 |
) |
|
$ |
(26,180 |
) |
|
$ |
(4,255 |
) |
|
$ |
(2,128 |
) |
|
$ |
11,874 |
|
Note: Due to rounding, certain numbers may not add up precisely
to the totals provided.
PARTY CITY HOLDCO INC.RECONCILIATION OF
ADJUSTED NET INCOME(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
(Dollars in thousands,
except per share amounts) |
|
|
|
|
|
|
|
|
(Loss) before income
taxes |
|
$ |
(17,587 |
) |
|
$ |
(642,166 |
) |
Intangible asset amortization |
|
|
2,477 |
|
|
|
2,866 |
|
Amortization of deferred financing costs and original
issuance discounts |
|
|
863 |
|
|
|
1,202 |
|
Store impairment and restructuring charges (a) |
|
|
— |
|
|
|
27,973 |
|
Other restructuring charges (b) |
|
|
1,936 |
|
|
|
922 |
|
Goodwill, intangibles and long-lived assets impairment (c) |
|
|
— |
|
|
|
536,648 |
|
Non-employee equity-based compensation (f) |
|
|
— |
|
|
|
1,033 |
|
Non-recurring legal settlements/costs |
|
|
— |
|
|
|
6,321 |
|
Stock option expense – time-based |
|
|
113 |
|
|
|
354 |
|
Restricted stock unit expense – performance-based |
|
|
817 |
|
|
|
— |
|
COVID - 19 (l) |
|
|
615 |
|
|
|
26,180 |
|
Loss on disposal of assets |
|
|
3,211 |
|
|
|
— |
|
Inventory disposals |
|
|
764 |
|
|
|
— |
|
Adjusted (loss) before
income taxes |
|
|
(6,791 |
) |
|
|
(38,667 |
) |
Adjusted income tax (benefit) (h) |
|
|
(1,382 |
) |
|
|
(12,284 |
) |
Adjusted net
(loss) |
|
$ |
(5,409 |
) |
|
$ |
(26,383 |
) |
Adjusted net (loss) per
common share – diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.28 |
) |
Weighted-average number of common
shares-diluted |
|
|
110,917,349 |
|
|
|
93,395,609 |
|
(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 this 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, the Company recognized a non-cash
pre-tax goodwill and intangibles impairment charge at March 31,
2020. |
(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 in Item 1 for further discussion. |
(g) |
Primarily represents costs for
Kazzam (see Note 17 – Kazzam, LLC in Item 1 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. |
(l) |
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. |
PARTY CITY HOLDCO INC.SEGMENT
INFORMATION(In thousands, except percentages,
unaudited)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
|
Dollars inThousands |
|
|
Percentage ofTotal Revenues |
|
Dollars inThousands |
|
|
Percentage ofTotal Revenues |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
212,137 |
|
|
|
49.7 |
|
% |
|
$ |
214,798 |
|
|
|
51.9 |
|
% |
Eliminations |
|
|
(118,612 |
) |
|
|
(27.8 |
) |
|
|
|
(103,731 |
) |
|
|
(25.1 |
) |
|
Net wholesale |
|
|
93,525 |
|
|
|
21.9 |
|
|
|
|
111,067 |
|
|
|
26.8 |
|
|
Retail* |
|
|
333,282 |
|
|
|
78.1 |
|
|
|
|
302,976 |
|
|
|
73.2 |
|
|
Total revenues |
|
$ |
426,807 |
|
|
|
100.0 |
|
% |
|
$ |
414,043 |
|
|
|
100.0 |
|
% |
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
|
Dollars inThousands |
|
|
Percentage ofNet Sales |
|
|
|
Dollars inThousands |
|
|
Percentage ofNet Sales |
|
|
Retail Gross Profit |
|
$ |
123,178 |
|
|
|
37.0 |
|
% |
|
$ |
95,943 |
|
|
|
31.7 |
|
% |
Wholesale Gross Profit |
|
|
29,108 |
|
|
|
31.1 |
|
|
|
|
21,343 |
|
|
|
19.2 |
|
|
Total
Gross Profit |
|
$ |
152,286 |
|
|
|
35.7 |
|
% |
|
$ |
117,286 |
|
|
|
28.3 |
|
% |
*Includes royalties and franchise fees. Prior year amount
conformed to current year presentation.
PARTY CITY HOLDCO INC.OPERATING
METRICS
|
|
Three Months Ended March 31, |
|
|
LTM |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Stores: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
746 |
|
|
|
777 |
|
|
|
757 |
|
New stores opened |
|
|
5 |
|
|
|
— |
|
|
|
10 |
|
Acquired |
|
|
— |
|
|
|
— |
|
|
|
6 |
|
Closed |
|
|
— |
|
|
|
(20 |
) |
|
|
(22 |
) |
End of period |
|
|
751 |
|
|
|
757 |
|
|
|
751 |
|
Franchise Stores |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
85 |
|
|
|
98 |
|
|
|
98 |
|
New stores opened |
|
|
— |
|
|
|
— |
|
|
— |
|
Sold to Party City |
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
Closed |
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
End of period |
|
|
82 |
|
|
|
97 |
|
|
|
83 |
|
Grand Total |
|
|
833 |
|
|
|
854 |
|
|
|
834 |
|
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Wholesale Share of
Shelf (a) |
|
81.5% |
|
|
81.3% |
|
Manufacturing Share of
Shelf (b) |
|
33.0% |
|
|
29.0% |
|
(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
InvestorRelations@partycity.com
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