Company Quick10K Filing
Quick10K
Party City Holdco
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$8.05 94 $755
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-17 Officers, Regulation FD, Exhibits
8-K 2019-06-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-24 Officers
8-K 2019-06-06 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-04-12 Officers
8-K 2019-04-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-01 Officers, Exhibits
8-K 2018-11-08 Earnings, Other Events, Exhibits
8-K 2018-08-31 Officers
8-K 2018-08-09 Other Events, Exhibits
8-K 2018-08-06 Earnings, Officers, Exhibits
8-K 2018-08-02 Enter Agreement, Off-BS Arrangement, Shareholder Rights, Exhibits
8-K 2018-07-26 Other Events, Exhibits
8-K 2018-07-23 Earnings, Regulation FD, Exhibits
8-K 2018-06-06 Officers, Shareholder Vote
8-K 2018-05-15 Other Events, Exhibits
8-K 2018-04-12 Officers
8-K 2018-03-09 Earnings, Exhibits
8-K 2018-02-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-08 Regulation FD
8-K 2018-01-09 Officers
SLB Schlumberger Limited 55,780
FLS Flowserve 6,430
SLRC Solar Capital 902
QNST Quinstreet 717
SAFE Safety, Income & Growth 498
NCNA Nucana 456
NWHM New Home 90
PIH 1347 Property Insurance Holdings 30
BEL Belmond 0
ELRE Yinfu Gold 0
PRTY 2019-06-30
Note 1 - Description of Business
Note 2 - Basis of Presentation and Recently Issued Accounting Pronouncements
Note 3 - Store Impairment and Restructuring Charges
Note 4 - Sale/Leaseback Transaction
Note 5 - Inventories
Note 6 - Income Taxes
Note 7 - Changes in Accumulated Other Comprehensive Loss
Note 8 - Capital Stock
Note 9 - Segment Information
Note 10 - Commitments and Contingencies
Note 11 - Derivative Financial Instruments
Note 12 - Fair Value Measurements
Note 13 - Earnings per Share
Note 14 -
Note 15 - Revenue From Contracts with Customers
Note 16 - Cash, Cash Equivalents and Restricted Cash
Note 17 - Leases
Note 18 - Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.5 d743682dex105.htm
EX-10.6 d743682dex106.htm
EX-10.7 d743682dex107.htm
EX-10.8 d743682dex108.htm
EX-31.1 d743682dex311.htm
EX-31.2 d743682dex312.htm
EX-32.1 d743682dex321.htm
EX-32.2 d743682dex322.htm

Party City Holdco Earnings 2019-06-30

PRTY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
    
    
        
    
to
    
    
        
    
Commission file number
001-37344
 
Party City Holdco Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
 
     
Delaware
 
46-0539758
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
     
80 Grasslands Road Elmsford,
NY
 
10523
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Registrant’s telephone number, including area code: 

(914)
 345-2020
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, Par Value:
$0.01/share
 
PRTY
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
 
 
 
Accelerated filer ☐
 
 
Non-accelerated filer
 
 
 
 
 
 
 
 
 
 
 
 
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
 12b-2
of the Exchange Act).    Yes  
    No  
As of July 25, 2019, 94,437,133 shares of the Registrant’s common stock were outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
 
PARTY CITY HOLDCO INC.
Form 10-Q
June 30, 2019
TABLE OF CONTENTS
         
 
Page
 
         
PART I
   
 
         
Item 1. Condensed Consolidated Financial Statements (Unaudited)
   
 
         
   
3
 
   
4
 
   
5
 
   
6
 
   
7
 
   
8
 
   
9
 
   
21
 
   
36
 
   
36
 
         
   
 
         
   
37
 
   
37
 
   
37
 
   
38
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
                 
 
June 30,
2019
   
December 31,
2018
 
 
(Note 2) (Unaudited)
   
(Note 2)
 
ASSETS
   
     
 
Current assets:
   
     
 
Cash and cash equivalents
  $
47,131
    $
58,909
 
Accounts receivable, net
   
140,070
     
146,983
 
Inventories, net
   
788,097
     
756,038
 
Prepaid expenses and other current assets
   
66,707
     
61,905
 
                 
Total current assets
   
1,042,005
     
1,023,835
 
Property, plant and equipment, net
   
257,395
     
321,044
 
Operating lease asset
   
869,345
     
—  
 
Goodwill
   
1,659,653
     
1,656,950
 
Trade names
   
568,014
     
568,031
 
Other intangible assets, net
   
49,663
     
60,164
 
Other assets, net
   
12,894
     
12,323
 
                 
Total assets
  $
4,458,969
    $
3,642,347
 
                 
LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS’ EQUITY
   
     
 
Current liabilities:
   
     
 
Loans and notes payable
  $
307,379
    $
302,751
 
Accounts payable
   
159,515
     
208,149
 
Accrued expenses
   
151,459
     
161,228
 
Current portion of operating lease liability
   
145,472
     
—  
 
Income taxes payable
   
10,279
     
25,993
 
Current portion of long-term obligations
   
76,251
     
13,316
 
                 
Total current liabilities
   
850,355
     
711,437
 
Long-term obligations, excluding current portion
   
1,565,315
     
1,621,963
 
Long-term portion of operating lease liability
   
793,976
     
—  
 
Deferred income tax liabilities, net
   
163,657
     
174,427
 
Other long-term liabilities
   
13,228
     
87,548
 
                 
Total liabilities
   
3,386,531
     
2,595,375
 
 
 
 
 
 
 
 
 
 
Redeemable securities
   
3,351
     
3,351
 
Commitments and contingencies
               
Stockholders’ equity:
   
     
 
Common stock (94,501,055 and 93,622,934 shares outstanding and 121,681,959 and 120,788,159 shares issued at June 30, 2019 and December 31, 2018, respectively)
   
1,210
     
1,208
 
Additional
paid-in
capital
   
926,838
     
922,476
 
Retained earnings
   
513,130
     
495,777
 
Accumulated other comprehensive loss
   
(45,216
)    
(49,201
)
                 
Total Party City Holdco Inc. stockholders’ equity before common stock held in treasury
   
1,395,962
     
1,370,260
 
Less: Common stock held in treasury, at cost (27,180,904 and 27,165,225 shares at June 30, 2019 and December 31, 2018)
   
(327,086
)    
(326,930
)
                 
Total Party City Holdco Inc. stockholders’ equity
   
1,068,876
     
1,043,330
 
Noncontrolling interests
   
211
     
291
 
                 
Total stockholders’ equity
   
1,069,087
     
1,043,621
 
                 
Total liabilities, redeemable securities and stockholders’ equity
  $
4,458,969
    $
3,642,347
 
                 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
3
 
 
 
Table of Contents
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)
                 
 
Three Months Ended
June 30,
 
 
2019
   
2018
 
Revenues:
   
     
 
Net sales
  $
561,702
    $
558,101
 
Royalties and franchise fees
   
2,189
     
2,910
 
                 
Total revenues
   
563,891
     
561,011
 
 
 
 
 
 
 
 
Cost of sales
   
353,056
     
329,477
 
Wholesale selling expenses
   
16,884
     
17,256
 
Retail operating expenses
   
96,143
     
92,094
 
Franchise expenses
   
3,236
     
3,980
 
General and administrative expenses
   
41,510
     
45,326
 
Art and development costs
   
5,712
     
5,732
 
Development stage expenses
   
3,012
     
1,695
 
Gain on sale/leaseback transaction
 
 
(58,381
)
 
 
—  
 
Store impairment and restructuring charges
   
5,234
     
—  
 
                 
 
   
466,406
     
495,560
 
                 
Income from operations
   
97,485
     
65,451
 
Interest expense, net
   
30,176
     
25,501
 
Other expense, net
   
3,342
     
2,532
 
                 
Income before income taxes
   
63,967
     
37,418
 
Income tax expense
   
15,962
     
9,370
 
                 
Net income
   
48,005
     
28,048
 
Add: Net income attributable to redeemable securities holder
   
—  
     
410
 
Less: Net loss attributable to noncontrolling interests
   
(69
)    
(29
)
                 
Net income attributable to common shareholders of Party City Holdco Inc.
  $
48,074
    $
28,487
 
                 
Net income per share attributable to common shareholders of Party City Holdco Inc.–Basic
  $
0.52
    $
0.30
 
Net income per share attributable to common shareholders of Party City Holdco Inc.–Diluted
  $
0.51
    $
0.29
 
Weighted-average number of common shares-Basic
   
93,293,176
     
96,453,884
 
Weighted-average number of common shares-Diluted
   
93,703,546
     
97,688,233
 
Dividends declared per share
  $
0.00
    $
0.00
 
 
 
 
 
 
 
 
 
 
Comprehensive income
  $
48,327
    $
18,825
 
Add: Comprehensive income attributable to redeemable securities holder
   
—  
     
410
 
Less: Comprehensive loss attributable to noncontrolling interests
   
(89
)    
(55
)
                 
Comprehensive income attributable to common shareholders of Party City Holdco Inc.
  $
48,416
    $
19,290
 
                 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
4
 
 
 
Table of Contents
 
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)
                 
 
Six Months Ended
June 30,
 
 
2019
   
2018
 
Revenues:
   
     
 
Net sales
  $
1,072,804
    $
1,063,209
 
Royalties and franchise fees
   
4,203
     
5,626
 
                 
Total revenues
   
1,077,007
     
1,068,835
 
 
   
     
 
Cost of sales
   
692,098
     
646,443
 
Wholesale selling expenses
   
34,845
     
36,043
 
Retail operating expenses
   
191,161
     
181,186
 
Franchise expenses
   
6,539
     
7,762
 
General and administrative expenses
   
83,435
     
93,991
 
Art and development costs
   
11,641
     
11,705
 
Development stage expenses
   
5,238
     
3,998
 
Gain on sale/leaseback transaction
 
 
(58,381
)
 
 
—  
 
Store impairment and restructuring charges
   
23,243
     
—  
 
                 
 
   
989,819
     
981,128
 
                 
Income from operations
   
87,188
     
87,707
 
Interest expense, net
   
59,433
     
48,776
 
Other expense, net
   
4,596
     
3,380
 
                 
Income before income taxes
   
23,159
     
35,551
 
Income tax expense
   
5,443
     
8,666
 
                 
Net income
   
17,716
     
26,885
 
Add: Net income attributable to redeemable securities holder
   
—  
     
410
 
Less: Net loss attributable to noncontrolling interests
   
(140
)    
(59
)
                 
Net income attributable to common shareholders of Party City Holdco Inc.
  $
17,856
    $
27,354
 
                 
Net income per share attributable to common shareholders of Party City Holdco Inc.
Basic
  $
0.19
    $
0.28
 
Net income per share attributable to common shareholders of Party City Holdco Inc.
Diluted
  $
0.19
    $
0.28
 
Weighted-average number of common shares-Basic
   
93,233,865
     
96,426,235
 
Weighted-average number of common shares-Diluted
   
93,791,763
     
97,669,309
 
Dividends declared per share
  $
0.00
    $
0.00
 
 
 
 
 
 
 
 
 
 
Comprehensive income
  $
21,690
    $
22,892
 
Add: Comprehensive income attributable to redeemable securities holder
   
—  
     
410
 
Less: Comprehensive loss attributable to noncontrolling interests
   
(151
)    
(73
)
                 
Comprehensive income attributable to common shareholders of Party City Holdco Inc.
  $
21,841
    $
23,375
 
                 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
5
 
 
 
Table of Contents
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands)
Three months ended June 30, 2019 and June 30, 2018:
                                                                         
 
Common
Stock
   
Additional
Paid-in

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Loss
   
Total Party
City Holdco
Inc.
Stockholders’
Equity
Before
Common 
Stock Held
In
Treasury
   
Common
Stock Held 
In
Treasury
   
Total Party
City Holdco
Inc.
Stockholders’
Equity
   
Non-
Controlling
Interests
   
Total
Stockholders’
Equity
 
Balance at March 31, 2019
 
$
1,210
   
$
925,233
   
$
465,056
   
$
(45,558
)
 
$
1,345,941
   
$
(327,086
)
 
$
1,018,855
   
$
300
   
$
1,019,155
 
Net income (loss)
   
—  
     
  
     
48,074
     
—  
     
48,074
     
—  
     
48,074
     
(69
)
   
48,005
 
Stock option expense
   
—  
     
371
     
—  
     
—  
     
371
     
—  
     
371
     
—  
     
371
 
Restricted stock units – time-based
   
—  
     
541
     
—  
     
—  
     
541
     
—  
     
541
     
—  
     
541
 
Restricted stock units – performance-based
   
—  
     
476
     
—  
     
—  
     
476
     
—  
     
476
     
—  
     
476
 
Director – non-cash compensation
   
—  
     
88
     
—  
     
—  
     
88
     
—  
     
88
     
—  
     
88
 
Warrant expense
   
—  
     
129
     
—  
     
—  
     
129
     
—  
     
129
     
—  
     
129
 
Foreign currency adjustments
   
—  
     
—  
     
—  
     
556
     
556
     
—  
     
556
     
(20
)
   
536
 
Impact of foreign exchange contracts, net
   
—  
     
—  
     
—  
     
(214
)
   
(214
)
   
—  
     
(214
)
   
—  
     
(214
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
 
$
1,210
   
$
926,838
   
$
513,130
   
$
(45,216
)
 
$
1,395,962
   
$
(327,086
)
 
$
1,068,876
   
$
211
   
$
1,069,087
 
                                                                         
 
 
 
 
 
 
 
 
 
 
                                                                         
 
Common
Stock
   
Additional
Paid-in

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Loss
   
Total Party
City Holdco
Inc.
Stockholders’
Equity
Before
Common
Stock Held
In
Treasury
   
Common
Stock Held 
In
Treasury
   
Total Party
City Holdco
Inc.
Stockholders’
Equity
   
Non-
Controlling
Interests
   
Total
Stockholders’
Equity
 
Balance at March 31, 2018
 
$
1,198
   
$
918,205
   
$
371,385
   
$
(30,600
)
 
$
1,260,188
   
$
(286,733
)
 
$
973,455
   
$
337
   
$
973,792
 
Net income (loss)
   
—  
     
—  
     
28,077
     
—  
     
28,077
     
—  
     
28,077
     
(29
)
   
28,048
 
Net income attributable to redeemable securities
holder
   
—  
     
—  
     
410
     
—  
     
410
     
—  
     
410
     
—  
     
410
 
Stock option expense
   
—  
     
482
     
—  
     
—  
     
482
     
—  
     
482
     
—  
     
482
 
Restricted stock units – time-based
   
—  
     
252
     
—  
     
—  
     
252
     
—  
     
252
     
—  
     
252
 
Restricted stock units – performance-based
   
—  
     
593
     
—  
     
—  
     
593
     
—  
     
593
     
—  
     
593
 
Director – non-cash compensation
   
—  
     
59
     
—  
     
—  
     
59
     
—  
     
59
     
—  
     
59
 
Warrant expense
   
—  
     
65
     
—  
     
—  
     
65
     
—  
     
65
     
—  
     
65
 
Exercise of stock options
   
1
     
189
     
—  
     
—  
     
190
     
—  
     
190
     
—  
     
190
 
Foreign currency adjustments
   
—  
     
—  
     
—  
     
(10,713
)
   
(10,713
)
   
—  
     
(10,713
)
   
(26
)
   
(10,739
)
Impact of foreign exchange contracts, net
   
—  
     
—  
     
—  
     
1,516
     
1,516
     
—  
     
1,516
     
—  
     
1,516
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
 
$
1,199
   
$
919,845
   
$
399,872
   
$
(39,797
)
 
$
1,281,119
   
$
(286,733
)
 
$
994,386
   
$
282
   
$
994,668
 
                                                                         
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
6
 
 
 
Table of Contents
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands)
Six months ended June 30, 2019 and June 30, 2018:
                                                                         
 
Common
Stock
 
 
Additional
Paid-in

Capital
 
 
Retained
Earnings
 
 
Accumulated
Other
Comprehensive
Loss
 
 
Total Party
City Holdco
Inc.
Stockholders’
Equity
Before
Common
Stock Held
In
Treasury
 
 
Common
Stock Held
In
Treasury
 
 
Total Party
City Holdco
Inc.
Stockholders’
Equity
 
 
Non-
Controlling
Interests
 
 
Total
Stockholders’
Equity
 
Balance at December 31, 2018
 
$
1,208
 
 
$
922,476
 
 
$
495,777
 
 
$
(49,201
)
 
$
1,370,260
 
 
$
(326,930
)
 
$
1,043,330
 
 
$
291
 
 
$
1,043,621
 
Cumulative effect of change in
accounting principle, net (see Note 2)
 
 
—  
 
 
 
662
 
 
 
(503
)
 
 
—  
 
 
 
159
 
 
 
—  
 
 
 
159
 
 
 
—  
 
 
 
159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018, as adjusted
 
$
1,208
 
 
$
923,138
 
 
$
495,274
 
 
$
(49,201
)
 
$
1,370,419
 
 
$
(326,930
)
 
$
1,043,489
 
 
$
291
 
 
$
1,043,780
 
Net income (loss)
 
 
—  
 
 
 
—  
 
 
 
17,856
 
 
 
—  
 
 
 
17,856
 
 
 
—  
 
 
 
17,856
 
 
 
(140
)
 
 
17,716
 
Stock option expense