The celebration of the day on which you 'came out' as Homosexual/Bisexual. The date can be defined by the individual as when they believe they truly came out - for some it will be when they came out to their parents, for others an older relative, work colleagues, etc.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.