Company Quick10K Filing
Quick10K
Party City Holdco
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$5.12 94 $480
Financials
10-Q 2019-09-30 Quarter: 2019-09-30
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
Current Reports
8-K 2019-11-12 Other Events
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-09-11 Officers, Regulation FD, Exhibits
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 2019-02-28 Earnings, Officers, 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
Comparables
ORLY O Reilly Automotive 30,036
ATV Acorn 878
SGU Star Group 473
EZPW EZCorp 443
HZO Marinemax 390
JMEI Jumei 279
LOVE Lovesac 236
SPWH Sportsman's Warehouse Holdings 163
FGP Ferrellgas Partners 73
HVT Haverty Furniture Companies 0
PRTY 2019-09-30
Content
Note 1 - Description of Business
Note 2 - Basis of Presentation and Recently Issued Accounting Pronouncements
Note 3 - Store Impairment and Restructuring Charges
Note 4 - Goodwill Impairment
Note 5 - Sale/Leaseback Transaction
Note 6 - Assets and Liabilities Held for Sale
Note 1
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
Exhibits
EX-31.1 d811354dex311.htm
EX-31.2 d811354dex312.htm
EX-32.1 d811354dex321.htm
EX-32.2 d811354dex322.htm

Party City Holdco Earnings 2019-09-30

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 September 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 October 25, 2019, 94,461,576 shares of the Registrant’s common stock were outstanding.
 
 
 
Table of Contents
PARTY CITY HOLDCO INC.
Form
10-Q
September 30, 2019
TABLE OF CONTENTS
         
 
Page
 
PART I
 
 
 
 
 
 
 
 
Item 1. Condensed Consolidated Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
8
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
22
 
 
 
 
 
 
 
 
38
 
 
 
 
 
 
 
 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39
 
 
 
 
 
 
 
 
39
 
 
 
 
 
 
 
 
39
 
 
 
 
 
 
 
 
40
 
 
 
 
 
 
 
2
 
Table of Contents
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
                 
 
September 30,
2019
 
  
December 31,
2018
 
 
(Note 2) (Unaudited)
 
  
(Note 2)
 
ASSETS
 
 
 
  
 
 
Current assets:
   
     
 
Cash and cash equivalents
  $
34,572
    $
58,909
 
Accounts receivable, net
   
168,124
     
146,983
 
Inventories, net
   
760,179
     
756,038
 
Prepaid expenses and other current assets
   
75,919
     
61,905
 
Assets held for sale
   
172,189
     
—  
  
                 
Total current assets
   
1,210,983
     
1,023,835
 
Property, plant and equipment, net
   
241,413
     
321,044
 
Operating lease asset
   
827,817
     
—  
  
Goodwill
   
1,358,137
     
1,656,950
 
Trade names
   
534,611
     
568,031
 
Other intangible assets, net
   
46,258
     
60,164
 
Other assets, net
   
12,578
     
12,323
 
                 
Total assets
  $
4,231,797
    $
3,642,347
 
                 
LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS’ EQUITY
 
 
 
  
 
 
Current liabilities:
   
     
 
Loans and notes payable
  $
461,016
    $
302,751
 
Accounts payable
   
140,112
     
208,149
 
Accrued expenses
   
166,609
     
161,228
 
Liabilities held for sale
 
 
48,618
 
 
 
 
 
Current portion of operating lease liability
   
140,781
     
—  
  
Income taxes payable
   
—
 
 
      
25,993
 
Current portion of long-term obligations
   
13,498
     
13,316
 
                 
Total current liabilities
   
970,634
     
711,437
 
Long-term obligations, excluding current portion
   
1,564,098
     
1,621,963
 
Long-term portion of operating lease liability
   
747,079
     
—  
  
Deferred income tax liabilities, net
   
147,904
     
174,427
 
Other long-term liabilities
   
16,305
     
87,548
 
                 
Total liabilities
   
3,446,020
     
2,595,375
 
Redeemable securities
   
3,351
     
3,351
 
Commitments and contingencies
   
 
      
 
  
Stockholders’ equity:
   
     
 
Common stock (94,448,333 and 93,622,934 shares outstanding and 121,629,237 and 120,788,159 shares issued at September 30, 2019 and December 31, 2018, respectively)
   
1,211
     
1,208
 
Additional
paid-in
capital
    
928,749
     
922,476
 
Retained earnings
   
231,597
     
495,777
 
Accumulated other comprehensive loss
   
(52,043
 )    
(49,201
 )
                 
Total Party City Holdco Inc. stockholders’ equity before common stock held in treasury
   
1,109,514
     
1,370,260
 
Less: Common stock held in treasury, at cost (27,180,904 and 27,165,225 shares at September 30, 2019 and December 31, 2018)
   
(327,086
 )    
(326,930
 )
                 
Total Party City Holdco Inc. stockholders’ equity
   
782,428
     
1,043,330
 
Noncontrolling interests
   
(2
 )    
291
 
                 
Total stockholders’ equity
   
782,426
     
1,043,621
 
                 
Total liabilities, redeemable securities and stockholders’ equity
  $
4,231,797
    $
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 LOSS
(Unaudited)
(In thousands, except share and per share data)
                 
 
Three Months Ended
September 30,
 
 
2019
 
  
2018
 
Revenues:
   
     
 
Net sales
  $
538,345
    $
550,840
 
Royalties and franchise fees
   
1,886
     
2,206
 
                 
Total revenues
   
540,231
     
553,046
 
Cost of sales
   
373,413
     
349,641
 
Wholesale selling expenses
   
16,084
     
17,538
 
Retail operating expenses
   
111,595
     
103,833
 
Franchise expenses
   
3,274
     
862
 
General and administrative expenses
   
43,062
     
42,239
 
Art and development costs
   
5,927
     
5,573
 
Development stage expenses
   
2,728
     
1,622
 
Store impairment and restructuring charges
   
2,574
     
—  
  
Goodwill impairment
   
259,100
     
—  
  
                 
Total expenses
   
817,757
     
521,308
 
                 
(Loss) income from operations
   
(277,526
 )    
31,738
 
Interest expense, net
   
29,424
     
27,705
 
Other expense, net
   
2,047
     
5,696
 
                 
Loss before income taxes
   
(308,997
 )    
(1,663
 )
Income tax (benefit) expense
   
(27,252
 )    
777
 
                 
Net loss
   
(281,745
 )    
(2,440
 )
Add: Net loss attributable to redeemable securities holder
   
—  
      
(8
 )
Less: Net loss attributable to noncontrolling interests
   
(212
 )    
(28
 )
                 
Net loss attributable to common shareholders of Party City Holdco Inc.
  $
(281,533
 )   $
(2,420
 )
                 
Net loss per share attributable to common shareholders of Party City Holdco Inc.–Basic
  $
(3.02
 )   $
(0.03
 )
Net loss per share attributable to common shareholders of Party City Holdco Inc.–Diluted
  $
(3.02
 )   $
(0.03
 )
Weighted-average number of common shares-Basic
   
93,346,448
     
96,494,565
 
Weighted-average number of common shares-Diluted
   
93,346,448
     
96,494,565
 
Dividends declared per share
  $
0.00
    $
0.00
 
Comprehensive loss
  $
(288,573
 )   $
(2,003
 )
Add: Comprehensive loss attributable to redeemable securities holder
   
—  
      
(8
 )
Less: Comprehensive loss attributable to noncontrolling interests
   
(213
 )    
(35
 )
                 
Comprehensive loss attributable to common shareholders of Party City Holdco Inc.
  $
(288,360
 )   $
(1,976
 )
                 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
4
 
Table of Contents
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(Unaudited)
(In thousands, except share and per share data)
                 
 
Nine Months Ended
September 30,
 
 
2019
 
  
2018
 
Revenues:
   
     
 
Net sales
  $
1,611,149
    $
1,614,049
 
Royalties and franchise fees
   
6,089
     
7,832
 
                 
Total revenues
   
1,617,238
     
1,621,881
 
Cost of sales
   
1,065,511
     
996,084
 
Wholesale selling expenses
   
50,929
     
53,581
 
Retail operating expenses
   
302,756
     
285,019
 
Franchise expenses
   
9,813
     
8,624
 
General and administrative expenses
   
126,497
     
136,230
 
Art and development costs
   
17,568
     
17,278
 
Development stage expenses
   
7,966
     
5,620
 
Gain on sale/leaseback transaction
   
(58,381
 )    
—  
  
Store impairment and restructuring charges
   
25,817
     
—  
  
Goodwill impairment
   
259,100
     
—  
  
                 
Total expense
    
1,807,576
     
1,502,436
 
                 
(Loss) 
i
ncome from operations
   
(190,338
)    
119,445
 
Interest expense, net
   
88,857
     
76,481
 
Other expense, net
   
6,643
     
9,076
 
                 
(Loss) income before income taxes
   
(285,838
 )    
33,888
 
Income tax (benefit) expense
   
(21,809
 )    
9,443
 
                 
Net (loss) income
   
(264,029
 )    
24,445
 
Add: Net income attributable to redeemable securities holder
   
—  
      
402
 
Less: Net loss attributable to noncontrolling interests
   
(352
 )    
(87
 )
                 
Net (loss) income attributable to common shareholders of Party City Holdco Inc.
  $
(263,677
 )   $
24,934
 
                 
Net (loss) income per share attributable to common shareholders of Party City Holdco Inc.–Basic
  $
(2.83
 )   $
0.26
 
Net (loss) income per share attributable to common shareholders of Party City Holdco Inc.–Diluted
  $
(2.83
 )   $
0.26
 
Weighted-average number of common shares-Basic
   
93,271,392
     
96,449,011
 
Weighted-average number of common shares-Diluted
   
93,271,392
     
97,684,290
 
Dividends declared per share
  $
0.00
    $
0.00
 
Comprehensive (loss) income
  $
(266,883
 )   $
20,889
 
Add: Comprehensive income attributable to redeemable securities holder
   
—  
      
402
 
Less: Comprehensive loss attributable to noncontrolling interests
   
(364
)    
(108
 )
                 
Comprehensive (loss) income attributable to common shareholders of Party City Holdco Inc.
  $
(266,519
 )   $
21,399
 
                 
 
 
 
 
 
 
 
 
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 September 30, 2019 and September 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 June 30, 2019
 
$
  1,210
 
 
$
926,838
 
 
$
  513,130
 
 
$
  (45,216
)
 
$
1,395,962
 
 
$
  (327,086
)
 
$
  1,068,876
 
 
$
211
 
 
$
  1,069,087
 
Net loss
 
 
—  
 
 
 
—  
 
 
 
(281,533
)
 
 
—  
 
 
 
(281,533
)
 
 
—  
 
 
 
(281,533
)
 
 
(212
)
 
 
(281,745
)
Stock option expense
 
 
—  
 
 
 
409
 
 
 
—  
 
 
 
—  
 
 
 
409
 
 
 
—  
 
 
 
409
 
 
 
—  
 
 
 
409
 
Restricted stock units – time-
 

based
 
 
—  
 
 
 
610
 
 
 
—  
 
 
 
—  
 
 
 
610
 
 
 
—  
 
 
 
610
 
 
 
—  
 
 
 
610
 
Restricted stock units – performance-based
 
 
—  
 
 
 
560
 
 
 
—  
 
 
 
—  
 
 
 
560
 
 
 
—  
 
 
 
560
 
 
 
—  
 
 
 
560
 
Director –
non-cash

compensation
 
 
—  
 
 
 
148
 
 
 
—  
 
 
 
—  
 
 
 
148
 
 
 
—  
 
 
 
148
 
 
 
—  
 
 
 
148
 
Warrant expense
 
 
—  
 
 
 
128
 
 
 
—  
 
 
 
—  
 
 
 
128
 
 
 
—  
 
 
 
128
 
 
 
—  
 
 
 
128
 
Exercise of stock options
 
 
1
 
 
 
56
 
 
 
—  
 
 
 
—  
 
 
 
57
 
 
 
—  
 
 
 
57
 
 
 
—  
 
 
 
57
 
Foreign currency
 
adjustments
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(6,920
)
 
 
(6,920
)
 
 
—  
 
 
 
(6,920
)
 
 
(1
)
 
 
(6,921
)
Impact of foreign exchange contracts, net
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
93
 
 
 
93
 
 
 
—  
 
 
 
93
 
 
 
—  
 
 
 
93
 
                                                                         
Balance at September 30, 2019
 
$
1,211
 
 
$
  928,749
 
 
$
231,597
 
 
$
(52,043
)
 
$
1,109,514
 
 
$
  (327,086
)
 
$
782,428
 
 
$
(2
)
 
$
782,426
 
                                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
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 June 30, 2018
 
$
1,199
 
 
$
919,845
 
 
$
399,872
 
 
$
(39,797
)
 
$
1,281,119
 
 
$
(286,733
)
 
$
994,386
 
 
$
282
 
 
$
994,668
 
Net loss
 
 
—  
 
 
 
—  
 
 
 
(2,412
)
 
 
—  
 
 
 
(2,412
)
 
 
—  
 
 
 
(2,412
)
 
 
(28
)
 
 
(2,440
)
Net loss attributable to
redeemable securities
holder
 
 
—  
 
 
 
—  
 
 
 
(8
)
 
 
—  
 
 
 
(8
)
 
 
—  
 
 
 
(8
)
 
 
—  
 
 
 
(8
)
Stock option expense
 
 
—  
 
 
 
550
 
 
 
—  
 
 
 
—  
 
 
 
550
 
 
 
—  
 
 
 
550
 
 
 
—  
 
 
 
550
 
Restricted stock units – time-based
 
 
1
 
 
 
469
 
 
 
—  
 
 
 
—  
 
 
 
470
 
 
 
—  
 
 
 
470
 
 
 
—  
 
 
 
470
 
Restricted stock units – performance-based
 
 
5
 
 
 
884
 
 
 
—  
 
 
 
—  
 
 
 
889
 
 
 
—  
 
 
 
889
 
 
 
—  
 
 
 
889
 
Director –
non-cash

compensation
 
 
—  
 
 
 
137
 
 
 
—  
 
 
 
—  
 
 
 
137
 
 
 
—  
 
 
 
137
 
 
 
—  
 
 
 
137
 
Warrant expense
 
 
—  
 
 
 
(84
)
 
 
—  
 
 
 
—  
 
 
 
(84
)
 
 
—  
 
 
 
(84
)
 
 
—  
 
 
 
(84
)
Exercise of stock options
 
 
—  
 
 
 
396
 
 
 
—  
 
 
 
—  
 
 
 
396
 
 
 
—  
 
 
 
396
 
 
 
—  
 
 
 
396
 
Foreign currency
 
adjustments
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
419
 
 
 
419
 
 
 
—  
 
 
 
419
 
 
 
(7
)
 
 
412
 
Impact of foreign exchange contracts, net
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
25
 
 
 
—  
 
 
 
25
 
 
 
—  
 
 
 
25
 
                                                                         
Balance at September 30, 2018
 
$
1,205
 
 
$
922,197
 
 
$
397,452
 
 
$
  (39,353
)
 
$
1,281,501
 
 
$
  (286,733
)
 
$
994,768
 
 
$
247
 
 
$
995,015
 
                                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.
 
6
 
PARTY CITY HOLDCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands)
Nine months ended September 30, 2019 and September 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
)