2020 ANNUAL REPORT
PARTYCITY.COM CORPORATE INFO
BOARD OF DIRECTORS CORPORATE OFFICES as of April 26, 2021 80 Grasslands Road Elmsford, NY 10523 Norman S. Matthews Jennifer Fleiss Non-Executive Chairman Director ANNUAL MEETING & Director John A. Frascotti The Annual Meeting of Joel Alsfine Director Shareholders of Party City Director Holdco Inc. will be held James M. Harrison on Thursday, June 10, 2021, Steven J. Collins Director & Vice Chairman at 8:30 a.m. (eastern time) Director via an online Virtual 2020 Lisa K. Klinger Shareholder Meeting James G. Conroy Director Director NAVIGATING. TRANSFER AGENT Michelle Millstone-Shroff AND REGISTRAR William S. Creekmuir Director ComputerShare PIVOTING. Director Bradley M. Weston EVOLVING. Sarah Dodds-Brown Chief Executive Officer & Director STOCK Director Since the Company’s initial PRIORITIZING. public offering on April 16, 2015, shares of Party City INNOVATING. EXECUTIVE MANAGEMENT have been quoted on the NYSE, and currently trade ELEVATING. Bradley M. Weston under the symbol “PRTY” Chief Executive Officer & Director INDEPENDENT TRANSFORMING. Todd E. Vogensen REGISTERED PUBLIC Chief Financial Officer ACCOUNTING FIRM Ernst & Young LLP Sean C. Thompson New York, New York Chief Commercial Officer
Denise M. Kulikowsky INVESTOR RELATIONS Chief Human Resources Officer [email protected] MAKING JOY EASY.
1 FROM OUR CEO
Dear Shareholders, Customers and Employees: Key Financial Highlights of 2020 I write this annual letter after completing my first year as CEO of Party City Holdco. I am very encouraged by all that we have Total revenues decreased accomplished during my first year at the helm and look forward 21.2 on a reported basis to the next phase of our transformation. and 21.3 on a constant currency basis AT PARTY CITY, OUR PURPOSE IS TO INSPIRE JOY BY MAKING IT EASY TO North American digitally CREATE UNFORGETTABLE MEMORIES. enabled sales increased by 35. when including Despite the pandemic-impacted backdrop in 2020, we remained uy Online Pick p In Store, more committed to this mission than ever. curbside pickup and delivery
To that end, I am very pleased with how our organization navigated Ad usted E IT A was the year, swiftly pivoting to meet the evolving needs of our customers, 5.5 million and Ad usted all while prioritizing the health and safety of our associates and Loss Per Share was 0. customers during the pandemic. Throughout the year, we made important strides on our strategic initiatives, innovating and elevating ebt was reduced by our customer experience while also significantly improving our 30 million as we successfully financial position and flexibility. completed our debt e change offering in July 2020 2020 was certainly a year without precedent. Our full-year results reflect the significant impact of the pandemic to the business, The sale of a substantial portion including three months where we operated in a closed store of our Amscan International environment or with limited stores opened. business, reflected a continued rationali ation of the business Operationally, we made important progress on our five strategic to narrow our focus on our core priorities of 1) developing a more relevant in-store experience, North American vertical model 2) winning in balloons, 3) addressing value perception in key categories, 4) improving in-store customer engagement, and espite COVI 1 impacts on 5) building on our omni-channel platform. These strategies are having our business, generated higher a demonstrable impact on our business, and we will build on this operating cash flow in 2020 progress going forward as we continue to stabilize our retail business. versus prior year period