Playa Hotels & Resorts N.V. Reports First Quarter 2024 Results
Three Months Ended
-
Net Income was
$54.3 million compared to$42.7 million in 2023 -
Adjusted Net Income
(1)
was
$55.2 million compared to$49.0 million in 2023 -
Net Package RevPAR increased 20.2% over 2023 to
$427.17 , driven by a 14.3 percentage point increase in Occupancy and a 0.1% increase in Net Package ADR -
Comparable Net Package RevPAR increased 7.8% over 2023 to
$450.33 , driven by a 2.6 percentage point increase in Occupancy and a 4.4% increase in Net Package ADR -
Owned Resort EBITDA
(1)
increased 13.4% versus 2023 to
$124.0 million - Owned Resort EBITDA Margin (1) increased 1.4 percentage points versus 2023 to 43.3%, and was negatively impacted by approximately 160 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 10 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, Owned Resort EBITDA Margin would have been 44.8%, an increase of 2.9 percentage points compared to 2023
-
Adjusted EBITDA
(1)
increased 15.2% versus 2023 to
$113.5 million , and was negatively impacted by approximately$4.8 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by a$0.4 million benefit from business interruption insurance proceeds and recoverable expenses related to the disruption caused by Hurricane Fiona in ourDominican Republic segment in the second half of 2022 - Adjusted EBITDA Margin (1) increased 1.8 percentage points versus 2023 to 39.1%, and was negatively impacted by approximately 160 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 10 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, Adjusted EBITDA Margin would have been 40.6%, an increase of 3.3 percentage points compared to 2023
-
Comparable Adjusted EBITDA
(1)
increased 8.5% versus 2023 to
$112.6 million - Comparable Adjusted EBITDA Margin (1) increased 0.2 percentage points versus 2023 to 39.8%
(1) See "Definitions of Non-
"Fundamental momentum exceeded our expectations across all of our geographic segments in the first quarter, despite significant headwinds from the timing of Easter in 2024 and the Jamaican travel advisory update from the
All of our segments reported year-over-year increases in occupancy and resort revenue. Our operations teams continued to execute at a high level in the face of ongoing elevated cost pressures, mainly from insurance premiums and wage rates. Underlying resort margin, excluding the impact of foreign exchange rates and business interruption proceeds, increased over 140bps year-over-year in the first quarter at our comparable legacy resorts on ADR growth of 4.4%, reflecting our cost-efficiency efforts in the areas of staffing and procurement.
While we are only midway through the summer travel booking season, our pacing continues to remain strong outside of
On the capital allocation and portfolio optimization front, we have decided to accelerate our renovation work in our Pacific segment to help capitalize on demand in the MICE segment and position our resort in
Despite the challenges in
–
Financial and Operating Results
The following tables set forth information with respect to the operating results of our total portfolio and comparable portfolio for the three months ended
Total Portfolio |
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|
Three Months Ended |
|
|
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|
2024 |
|
2023 |
|
Change |
Occupancy |
85.1 % |
|
70.8 % |
|
14.3 pts |
Net Package ADR |
$ 502.12 |
|
$ 501.64 |
|
0.1 % |
Net Package RevPAR |
$ 427.17 |
|
$ 355.27 |
|
20.2 % |
Total Net Revenue (1) |
$ 290,512 |
|
$ 264,228 |
|
9.9 % |
Owned Net Revenue (2) |
$ 286,538 |
|
$ 261,009 |
|
9.8 % |
Owned Resort EBITDA |
$ 124,040 |
|
$ 109,389 |
|
13.4 % |
Owned Resort EBITDA Margin |
43.3 % |
|
41.9 % |
|
1.4 pts |
Other corporate |
$ 14,122 |
|
$ 13,555 |
|
4.2 % |
The Playa Collection Revenue |
$ 1,020 |
|
$ 726 |
|
40.5 % |
Management Fee Revenue |
$ 2,534 |
|
$ 1,929 |
|
31.4 % |
Adjusted EBITDA |
$ 113,472 |
|
$ 98,489 |
|
15.2 % |
Adjusted EBITDA Margin |
39.1 % |
|
37.3 % |
|
1.8 pts |
|
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Comparable Portfolio (3) |
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|
Three Months Ended |
|
|
||
|
2024 |
|
2023 |
|
Change |
Occupancy |
84.9 % |
|
82.3 % |
|
2.6 pts |
Net Package ADR |
$ 530.41 |
|
$ 508.02 |
|
4.4 % |
Net Package RevPAR |
$ 450.33 |
|
$ 417.91 |
|
7.8 % |
Total Net Revenue (1) |
$ 283,086 |
|
$ 262,045 |
|
8.0 % |
Owned Net Revenue (2) |
$ 279,112 |
|
$ 258,826 |
|
7.8 % |
Owned Resort EBITDA |
$ 123,176 |
|
$ 114,670 |
|
7.4 % |
Owned Resort EBITDA Margin |
44.1 % |
|
44.3 % |
|
(0.2) pts |
Other corporate |
$ 14,122 |
|
$ 13,555 |
|
4.2 % |
The Playa Collection Revenue |
$ 1,020 |
|
$ 726 |
|
40.5 % |
Management Fee Revenue |
$ 2,534 |
|
$ 1,929 |
|
31.4 % |
Adjusted EBITDA |
$ 112,608 |
|
$ 103,770 |
|
8.5 % |
Adjusted EBITDA Margin |
39.8 % |
|
39.6 % |
|
0.2 pts |
(1) Total Net Revenue represents revenue from the sale of all-inclusive packages, which include room accommodations, food and beverage services and entertainment activities, net of compulsory tips paid to employees, as well as revenue from other goods, services and amenities not included in the all-inclusive package. Government mandated compulsory tips in the
(2) Owned Net Revenue excludes Management Fee Revenue, other corporate revenue and The Playa Collection revenue (which is a third-party owned and operated membership program).
(3) For the three months ended
Balance Sheet
As of
Earnings Call
The Company will host a conference call to discuss its first quarter results on
About the Company
Playa, through its subsidiaries, is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in
Forward-Looking Statements
This press release contains "forward-looking statements," as defined by federal securities laws. Forward-looking statements reflect our current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in Playa's Annual Report on Form 10-K, filed with the
Definitions of Non-
Occupancy
"Occupancy" represents the total number of rooms sold for a period divided by the total number of rooms available during such period. The total number of rooms available excludes any rooms considered "Out of Order" due to renovation or a temporary problem rendering them inadequate for occupancy for an extended period of time. Occupancy is a useful measure of the utilization of a resort's total available capacity and can be used to gauge demand at a specific resort or group of properties during a given period. Occupancy levels also enable us to optimize Net Package ADR (as defined below) by increasing or decreasing the stated rate for our all-inclusive packages as demand for a resort increases or decreases.
Net Package Average Daily Rate ("Net Package ADR")
"Net Package ADR" represents total Net Package Revenue for a period divided by the total number of rooms sold during such period. Net Package ADR trends and patterns provide useful information concerning the pricing environment and the nature of the guest base of our portfolio or comparable portfolio, as applicable. Net Package ADR is a commonly used performance measure in the all-inclusive segment of the lodging industry and is commonly used to assess the stated rates that guests are willing to pay through various distribution channels.
Net Package Revenue per
"Net Package RevPAR" is the product of Net Package ADR and the average daily occupancy percentage. Net Package RevPAR does not reflect the impact of
Net Package Revenue
,
"Net Package Revenue" is derived from the sale of all-inclusive packages, which include room accommodations and premium room upgrades, food and beverage services, and entertainment activities, net of compulsory tips paid to employees. Government mandated compulsory tips in the
"
"Owned Net Revenue" represents Net Package Revenue and Net Non-Package Revenue. Owned Net Revenue represents a key indicator to assess the overall performance of our business and analyze trends, such as consumer demand, brand preference and competition. In analyzing our Owned Net Revenues, our management differentiates between Net Package Revenue and
"Management Fee Revenue" is derived from fees earned for managing resorts owned by third-parties. The fees earned are typically composed of a base fee, which is computed as a percentage of resort revenue, and an incentive fee, which is computed as a percentage of resort profitability. Management Fee Revenue was a minor contributor to our operating results for the three months ended
"Total Net Revenue" represents Net Package Revenue,
The following table shows a reconciliation of Net Package Revenue and
Total Portfolio |
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Three Months Ended |
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|
2024 |
|
2023 |
Net Package Revenue |
|
|
|
Comparable Net Package Revenue |
$ 246,043 |
|
$ 225,824 |
Non-comparable Net Package Revenue |
6,786 |
|
1,962 |
Net Package Revenue |
252,829 |
|
227,786 |
|
|
|
|
|
|
|
|
Comparable |
33,069 |
|
33,002 |
Non-comparable |
640 |
|
221 |
|
33,709 |
|
33,223 |
|
|
|
|
The Playa Collection Revenue |
1,020 |
|
726 |
Management Fee Revenue |
2,534 |
|
1,929 |
Other Revenues |
420 |
|
564 |
|
|
|
|
Total Net Revenue |
|
|
|
Comparable Total Net Revenue |
283,086 |
|
262,045 |
Non-comparable Total Net Revenue |
7,426 |
|
2,183 |
Total Net Revenue |
290,512 |
|
264,228 |
Compulsory tips |
7,234 |
|
6,040 |
Cost Reimbursements |
2,889 |
|
3,534 |
Total revenue |
$ 300,635 |
|
$ 273,802 |
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Owned Resort EBITDA, and Owned Resort EBITDA Margin
We define EBITDA, a non-
- Other miscellaneous non-operating income or expense
- Pre-opening expense
- Losses or gains on sales of assets
- Share-based compensation
- Other tax expense
- Transaction expenses
- Severance expense for employee terminations resulting from non-recurring or unusual events, such as the departure of an executive officer or the disposition of a resort
- Gains from property damage insurance proceeds (i.e., property damage insurance proceeds in excess of repair and clean up costs incurred)
- Repairs from hurricanes and tropical storms (i.e., significant repair and clean up costs incurred which are not offset by property damage insurance proceeds)
- Loss on extinguishment of debt
- Other items which may include, but are not limited to the following: contract termination fees; gains or losses from legal settlements; and impairment losses.
We include the non-service cost components of net periodic pension cost or benefit recorded within other income or expense in the Condensed Consolidated Statements of Operations in our calculation of Adjusted EBITDA as they are considered part of our ongoing resort operations.
"Adjusted EBITDA Margin" represents Adjusted EBITDA as a percentage of Total Net Revenue.
"Owned Resort EBITDA" represents Adjusted EBITDA before corporate expenses, The Playa Collection revenue and Management Fee Revenue.
"Owned Resort EBITDA Margin" represents Owned Resort EBITDA as a percentage of Owned Net Revenue.
Adjusted Net Income
"Adjusted Net Income" is a non-GAAP performance measure. We define Adjusted Net Income as net income attributable to
Adjusted Net Income is not a substitute for net income or any other measure determined in accordance with
Usefulness and Limitation of Non-
We believe that each of Net Package Revenue,
We also believe that Adjusted EBITDA is useful to investors for two principal reasons. First, we believe Adjusted EBITDA assists investors in comparing our performance over various reporting periods on a consistent basis by removing from our operating results the impact of items that do not reflect our core operating performance. For example, changes in foreign exchange rates (which are the principal driver of changes in other income or expense), and expenses related to capital raising, strategic initiatives and other corporate initiatives, such as expansion into new markets (which are the principal drivers of changes in transaction expenses), are not indicative of the operating performance of our resorts. The other adjustments included in our definition of Adjusted EBITDA relate to items that occur infrequently and therefore would obstruct the comparability of our operating results over reporting periods. For example, revenue from insurance policies, other than business interruption insurance policies, is infrequent in nature, and we believe excluding these expense and revenue items permits investors to better evaluate the core operating performance of our resorts over time. We believe Adjusted EBITDA Margin provides our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful.
The second principal reason that we believe Adjusted EBITDA is useful to investors is that it is considered a key performance indicator by our board of directors (our "Board") and management. In addition, the compensation committee of our Board determines a portion of the annual variable compensation for certain members of our management, including our executive officers, based, in part, on consolidated Adjusted EBITDA. We believe that Adjusted EBITDA is useful to investors because it provides investors with information utilized by our Board and management to assess our performance and may (subject to the limitations described below) enable investors to compare the performance of our portfolio to our competitors.
We believe that Owned Resort EBITDA and Owned Resort EBITDA Margin are useful to investors as they allow investors to measure resort-level performance and profitability by excluding expenses not directly tied to our resorts, such as corporate expenses, and excluding ancillary revenues not derived from our resorts, such as management fee revenue. We believe Owned Resort EBITDA is also helpful to investors that use it in estimating the value of our resort portfolio. Management uses these measures to monitor property-level performance and profitability.
A reconciliation of EBITDA, Adjusted EBITDA and Owned Resort EBITDA to net income or loss as computed under
Adjusted Net Income is non-GAAP performance measure that provides meaningful comparisons of ongoing operating results by removing from net income or loss the impact of items that do not reflect our normalized operations. A reconciliation of net income or loss as computed under
Our non-
Comparable Non-
We believe that presenting Adjusted EBITDA, Owned Resort EBITDA, Total Net Revenue, Net Package Revenue and
Our comparable portfolio for the three months ended
A reconciliation of net income or loss as computed under
Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Owned Resort EBITDA ($ in thousands) |
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The following is a reconciliation of our |
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Three Months Ended |
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|
2024 |
|
2023 |
Net income |
$ 54,341 |
|
$ 42,719 |
Interest expense |
23,128 |
|
29,666 |
Income tax provision |
12,037 |
|
4,816 |
Depreciation and amortization |
18,672 |
|
19,191 |
EBITDA |
108,178 |
|
96,392 |
Other expense (income) (a) |
793 |
|
(232) |
Share-based compensation |
3,759 |
|
3,166 |
Transaction expense (b) |
1,037 |
|
863 |
Repairs from hurricanes and tropical storms (c) |
— |
|
(861) |
(Gain) loss on sale of assets |
(36) |
|
13 |
Non-service cost components of net periodic pension cost |
(259) |
|
(852) |
Adjusted EBITDA |
113,472 |
|
98,489 |
Other corporate (d) |
14,122 |
|
13,555 |
The Playa Collection |
(1,020) |
|
(726) |
Management fees |
(2,534) |
|
(1,929) |
Owned Resort EBITDA |
124,040 |
|
109,389 |
Less: Non-comparable Owned Resort EBITDA |
864 |
|
(5,281) |
Comparable Owned Resort EBITDA(e) |
$ 123,176 |
|
$ 114,670 |
(a) Represents changes in foreign exchange and other miscellaneous non-operating expenses or income.
(b) Represents expenses incurred in connection with corporate initiatives, such as: system implementations, debt refinancing costs; other capital raising efforts; and strategic initiatives, such as the launch of a new resort or possible expansion into new markets.
(c) Includes significant repair and clean-up expenses incurred from natural events which are not expected to be offset by property damage insurance proceeds. It does not include repair and clean-up costs from natural events that are not considered significant.
(d) For the three months ended
(e) Our comparable portfolio for the three months ended
Reconciliation of Net Income to Adjusted Net Income ($ in thousands) |
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The following table reconciles our net income to Adjusted Net Income for the three months ended |
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Three Months Ended |
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|
2024 |
|
2023 |
Net income |
$ 54,341 |
|
$ 42,719 |
Reconciling items |
|
|
|
Transaction expense |
1,037 |
|
863 |
Change in fair value of interest rate swaps (a) |
— |
|
6,335 |
Repairs from hurricanes and tropical storms |
— |
|
(861) |
Total reconciling items before tax |
1,037 |
|
6,337 |
Income tax provision for reconciling items |
(139) |
|
(36) |
Total reconciling items after tax |
898 |
|
6,301 |
Adjusted net income |
$ 55,239 |
|
$ 49,020 |
(a) Represents the change in fair value, excluding interest paid and accrued, of our prior LIBOR-based interest rate swaps recognized as interest expense in our Condensed Consolidated Statements of Operations.
The following table presents the impact of Adjusted Net Income on our diluted earnings per share for the three months ended
|
Three Months Ended |
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|
2024 |
|
2023 |
Adjusted net income |
$ 55,239 |
|
$ 49,020 |
|
|
|
|
Earnings per share - Diluted |
$ 0.39 |
|
$ 0.27 |
Total reconciling items impact per diluted share |
0.01 |
|
0.04 |
Adjusted earnings per share - Diluted |
$ 0.40 |
|
$ 0.31 |
Condensed Consolidated Balance Sheet ($ in thousands, except share data) (unaudited) |
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As of |
|
As of |
|
2024 |
|
2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ 285,342 |
|
$ 272,520 |
Trade and other receivables, net |
82,222 |
|
74,762 |
Insurance recoverable |
11,058 |
|
9,821 |
Accounts receivable from related parties |
6,423 |
|
5,861 |
Inventories |
18,690 |
|
19,963 |
Prepayments and other assets |
49,711 |
|
54,294 |
Property and equipment, net |
1,407,248 |
|
1,415,572 |
Derivative financial instruments |
9,707 |
|
2,966 |
|
60,642 |
|
60,642 |
Other intangible assets |
3,441 |
|
4,357 |
Deferred tax assets |
12,514 |
|
12,967 |
Total assets |
$ 1,946,998 |
|
$ 1,933,725 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Trade and other payables |
$ 176,716 |
|
$ 196,432 |
Payables to related parties |
11,710 |
|
10,743 |
Income tax payable |
12,608 |
|
11,592 |
Debt |
1,060,158 |
|
1,061,376 |
Other liabilities |
33,930 |
|
33,970 |
Deferred tax liabilities |
64,891 |
|
64,815 |
Total liabilities |
1,360,013 |
|
1,378,928 |
Commitments and contingencies |
|
|
|
Shareholders' equity |
|
|
|
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 172,016,422 shares
issued and 135,040,042 shares outstanding as of
shares issued and 136,081,891 shares outstanding as of |
19,104 |
|
18,822 |
shares as of |
(280,787) |
|
(248,174) |
Paid-in capital |
1,205,652 |
|
1,202,175 |
Accumulated other comprehensive income |
7,813 |
|
1,112 |
Accumulated deficit |
(364,797) |
|
(419,138) |
Total shareholders' equity |
586,985 |
|
554,797 |
Total liabilities and shareholders' equity |
$ 1,946,998 |
|
$ 1,933,725 |
Condensed Consolidated Statements of Operations ($ in thousands, except share data) (unaudited) |
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Three Months Ended |
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|
|
2024 |
|
2023 |
Revenue |
|
|
|
|
Package |
|
$ 259,629 |
|
$ 233,568 |
Non-package |
|
34,143 |
|
33,481 |
The Playa Collection |
|
1,020 |
|
726 |
Management fees |
|
2,534 |
|
1,929 |
Cost reimbursements |
|
2,889 |
|
3,534 |
Other revenues |
|
420 |
|
564 |
Total revenue |
|
300,635 |
|
273,802 |
Direct and selling, general and administrative expenses |
|
|
|
|
Direct |
|
137,979 |
|
128,968 |
Selling, general and administrative |
|
51,219 |
|
45,127 |
Depreciation and amortization |
|
18,672 |
|
19,191 |
Reimbursed costs |
|
2,889 |
|
3,534 |
(Gain) loss on sale of assets |
|
(36) |
|
13 |
Business interruption insurance recoveries |
|
(17) |
|
— |
Gain on insurance proceeds |
|
(370) |
|
— |
Direct and selling, general and administrative expenses |
|
210,336 |
|
196,833 |
Operating income |
|
90,299 |
|
76,969 |
Interest expense |
|
(23,128) |
|
(29,666) |
Other (expense) income |
|
(793) |
|
232 |
Net income before tax |
|
66,378 |
|
47,535 |
Income tax provision |
|
(12,037) |
|
(4,816) |
Net income |
|
$ 54,341 |
|
$ 42,719 |
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic |
|
$ 0.40 |
|
$ 0.27 |
Diluted |
|
$ 0.39 |
|
$ 0.27 |
Weighted average number of shares outstanding during the period - Basic |
|
136,651,696 |
|
157,314,177 |
Weighted average number of shares outstanding during the period - Diluted |
|
138,009,859 |
|
158,772,453 |
Consolidated Debt Summary - As of ($ in millions) |
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Maturity |
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|
|
Applicable Rate |
|
LTM Interest (6) |
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Debt |
|
Date |
|
# of Years |
|
Balance |
|
|
||
Revolving Credit Facility (1) |
|
Jan-28 |
|
3.75 |
|
$ — |
|
— % |
|
$ 0.9 |
Term Loan (2)(3) |
|
Jan-29 |
|
4.75 |
|
1,086.3 |
|
8.58 % |
|
96.2 |
Total debt (4) |
|
|
|
|
|
$ 1,086.3 |
|
8.58 % |
|
$ 97.1 |
Less: cash and cash equivalents (5) |
|
|
|
|
|
(285.3) |
|
|
|
|
Net debt |
|
|
|
|
|
$ 801.0 |
|
|
|
|
(1) Undrawn balances bear interest between 0.25% and 0.50% depending on certain leverage ratios. We had
(2) Prior to our debt refinancing in
(3) Effective
(4) Excludes
(5) Represents cash balances on hand as of
(6) Represents last twelve months' cash paid for interest on the outstanding balance of our Term Loan due 2029. The impact of amortization of deferred financing costs and discounts, capitalized interest and the change in fair market value of our interest rate swaps is excluded.
Reportable Segment Operating Statistics - Three Months Ended |
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Occupancy |
|
Net Package ADR |
|
Net Package RevPAR |
|
Owned Net Revenue |
|
Owned Resort EBITDA |
|
Owned Resort EBITDA Margin |
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Total Portfolio |
Rooms |
|
2024 |
2023 |
Pts Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
Pts Change |
Yucatán Peninsula |
2,126 |
|
87.0 % |
83.8 % |
3.2 pts |
|
$ 507.77 |
$ 494.08 |
2.8 % |
|
$ 441.54 |
$ 414.21 |
6.6 % |
|
$ 95,988 |
$ 88,748 |
8.2 % |
|
$ 40,053 |
$ 37,936 |
5.6 % |
|
41.7 % |
42.7 % |
(1.0) pts |
|
926 |
|
86.7 % |
79.3 % |
7.4 pts |
|
$ 526.87 |
$ 541.73 |
(2.7) % |
|
$ 456.59 |
$ 429.80 |
6.2 % |
|
44,296 |
40,515 |
9.3 % |
|
19,141 |
17,523 |
9.2 % |
|
43.2 % |
43.3 % |
(0.1) pts |
|
2,024 |
|
83.7 % |
51.1 % |
32.6 pts |
|
$ 468.26 |
$ 490.55 |
(4.5) % |
|
$ 392.07 |
$ 250.47 |
56.5 % |
|
81,612 |
68,769 |
18.7 % |
|
37,770 |
26,849 |
40.7 % |
|
46.3 % |
39.0 % |
7.3 pts |
|
1,428 |
|
83.1 % |
82.5 % |
0.6 pts |
|
$ 524.92 |
$ 500.78 |
4.8 % |
|
$ 436.46 |
$ 413.24 |
5.6 % |
|
64,642 |
62,977 |
2.6 % |
|
27,076 |
27,081 |
— % |
|
41.9 % |
43.0 % |
(1.1) pts |
Total Portfolio |
6,504 |
|
85.1 % |
70.8 % |
14.3 pts |
|
$ 502.12 |
$ 501.64 |
0.1 % |
|
$ 427.17 |
$ 355.27 |
20.2 % |
|
$ 286,538 |
$ 261,009 |
9.8 % |
|
$ 124,040 |
$ 109,389 |
13.4 % |
|
43.3 % |
41.9 % |
1.4 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
Net Package ADR |
|
Net Package RevPAR |
|
Owned Net Revenue |
|
Owned Resort EBITDA |
|
Owned Resort EBITDA Margin |
||||||||||||
Comparable Portfolio |
Rooms |
|
2024 |
2023 |
Pts Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
Pts Change |
Yucatán Peninsula |
2,126 |
|
87.0 % |
83.8 % |
3.2 pts |
|
$ 507.77 |
$ 494.08 |
2.8 % |
|
$ 441.54 |
$ 414.21 |
6.6 % |
|
$ 95,988 |
$ 88,748 |
8.2 % |
|
$ 40,053 |
$ 37,936 |
5.6 % |
|
41.7 % |
42.7 % |
(1.0) pts |
|
926 |
|
86.7 % |
79.3 % |
7.4 pts |
|
$ 526.87 |
$ 541.73 |
(2.7) % |
|
$ 456.59 |
$ 429.80 |
6.2 % |
|
44,296 |
40,515 |
9.3 % |
|
19,141 |
17,523 |
9.2 % |
|
43.2 % |
43.3 % |
(0.1) pts |
|
1,524 |
|
82.6 % |
81.6 % |
1.0 pts |
|
$ 571.09 |
$ 514.96 |
10.9 % |
|
$ 471.77 |
$ 420.24 |
12.3 % |
|
74,186 |
66,586 |
11.4 % |
|
36,906 |
32,130 |
14.9 % |
|
49.7 % |
48.3 % |
1.4 pts |
|
1,428 |
|
83.1 % |
82.5 % |
0.6 pts |
|
$ 524.92 |
$ 500.78 |
4.8 % |
|
$ 436.46 |
$ 413.24 |
5.6 % |
|
64,642 |
62,977 |
2.6 % |
|
27,076 |
27,081 |
— % |
|
41.9 % |
43.0 % |
(1.1) pts |
Total Comparable Portfolio |
6,004 |
|
84.9 % |
82.3 % |
2.6 pts |
|
$ 530.41 |
$ 508.02 |
4.4 % |
|
$ 450.33 |
$ 417.91 |
7.8 % |
|
$ 279,112 |
$ 258,826 |
7.8 % |
|
$ 123,176 |
$ 114,670 |
7.4 % |
|
44.1 % |
44.3 % |
(0.2) pts |
Highlights
Yucatán Peninsula
-
Owned Net Revenue for the three months ended
March 31, 2024 increased$7.2 million , or 8.2%, compared to the three months endedMarch 31, 2023 and was driven by:- an increase in Occupancy of 3.2 percentage points;
- an increase in Net Package ADR of 2.8%; and
- an increase in
Net Non -package Revenue of$1.1 million , or 11.3%.Net Non -package Revenue per sold room increased 6.1%, primarily driven by a higher meetings, incentives, conventions and events ("MICE") group contribution to our guest mix.
-
Owned Resort EBITDA for the three months ended
March 31, 2024 increased$2.1 million , or 5.6%, compared to the three months endedMarch 31, 2023 , and was driven by:- an increase in Net Package ADR, which allowed us to leverage a majority of our direct expenses, as well as efficiency measures taken in the areas of procurement and staffing, partially offset by
- an unfavorable impact of
$3.3 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts; - an increase in labor and related expenses, which were partially due to union-negotiated and government-mandated wage benefit increases; and
- an increase in insurance premiums.
- an unfavorable impact of
- Our Owned Resort EBITDA Margin for the three months ended
March 31, 2024 was 41.7%, a decrease of 1.0 percentage point compared to the three months endedMarch 31, 2023 . Owned Resort EBITDA Margin was negatively impacted by 340 basis points due to the appreciation of the Mexican Peso and by 30 basis points from increases in labor and related expenses, which were partially due to union-negotiated and government-mandated wage and benefit increases compared to the three months endedMarch 31, 2023 . Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin for the three months endedMarch 31, 2024 would have been 45.1%, an increase of 2.4 percentage points compared to the three months endedMarch 31, 2023 .
- an increase in Net Package ADR, which allowed us to leverage a majority of our direct expenses, as well as efficiency measures taken in the areas of procurement and staffing, partially offset by
-
Owned Net Revenue for the three months ended
March 31, 2024 increased$3.8 million , or 9.3%, compared to the three months endedMarch 31, 2023 , and was driven by:- an increase in Occupancy of 7.4 percentage points;
- an increase in
Net Non -package Revenue of$1.1 million , or 24.0%, primarily driven by a higher MICE group contribution to our guest mix;Net Non -package Revenue per sold room increased 12.3%; partially offset by
- a decrease in Net Package ADR of 2.7%.
-
Owned Resort EBITDA for the three months ended
March 31, 2024 increased$1.6 million , or 9.2%, compared to the three months endedMarch 31, 2023 and was driven by:- an increase in Occupancy and
Net Non -package Revenue, as well as efficiency measures taken in the areas of procurement and staffing, partially offset by- an unfavorable impact of
$1.5 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts; - an increase in labor and related expenses, which were partially due to union-negotiated and government-mandated wage and benefit increases; and
- an increase in insurance premiums.
- an unfavorable impact of
- Our Owned Resort EBITDA Margin for the three months ended
March 31, 2024 was 43.2%, a decrease of 0.1 percentage points compared to the three months endedMarch 31, 2023 . Owned Resort EBITDA Margin was negatively impacted by 330 basis points due to the appreciation of the Mexican Peso and by 90 basis points from increases in labor and related expenses, which were partially due to union-negotiated and government-mandated wage and benefit increases compared to the three months endedMarch 31, 2023 . Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin would have been 46.5%, an increase of 3.2 percentage points compared to the three months endedMarch 31, 2023 .
- an increase in Occupancy and
-
Comparable Owned Net Revenue for the three months ended
March 31, 2024 increased$7.6 million , or 11.4%, compared to the three months endedMarch 31, 2023 . The increase was due to the following:- an increase in Occupancy of 1.0 percentage point; and
- an increase in Comparable Net Package ADR of 10.9%; partially offset by
- a decrease in Comparable
Net Non -package Revenue of$0.2 million , or 2.1%, compared to the three months endedMarch 31, 2023 .- Comparable
Net Non -package Revenue per sold room decreased 4.4% compared to the three months endedMarch 31, 2023 driven by a lower MICE group contribution to our guest mix.
- Comparable
-
Comparable Owned Resort EBITDA for the three months ended
March 31, 2024 increased$4.8 million , or 14.9%, compared to the three months endedMarch 31, 2023 , and includes a$0.4 million benefit from business interruption insurance proceeds and recoverable expense related to Hurricane Fiona in theDominican Republic during the second half of 2022. The benefit was partially offset by increased insurance premiums compared to the three months endedMarch 31, 2023 .- Our Comparable Owned Resort EBITDA Margin for the three months ended
March 31, 2024 was 49.7%, an increase of 1.4 percentage points compared to the three months endedMarch 31, 2023 , and includes a favorable impact of 50 basis points from business interruption proceeds and recoverable expenses related to Hurricane Fiona. Excluding the aforementioned business interruption benefit, Comparable Owned Resort EBITDA Margin for the three months endedMarch 31, 2024 was 49.2%, an increase of 0.9 percentage points compared to the three months endedMarch 31, 2023 .
- Our Comparable Owned Resort EBITDA Margin for the three months ended
-
Owned Net Revenue for the three months ended
March 31, 2024 increased$1.7 million , or 2.6%, compared to the three months endedMarch 31, 2023 . The increase was due to the following:- an increase in Occupancy of 0.6 percentage points;
- an increase in Net Package ADR of 4.8%; partially offset by
- a decrease in
Net Non -package Revenue of$1.9 million , or 19.7%.Net Non -package Revenue per sold room decreased 21.2% as a result of a lower MICE group contribution to our guest mix.
-
Owned Resort EBITDA for the three months ended
March 31, 2024 was flat compared to the three months endedMarch 31, 2023 .- Our Owned Resort EBITDA Margin for the three months ended
March 31, 2024 decreased 1.1 percentage points, or 2.6%, compared to the three months endedMarch 31, 2023 due to a decrease inNet Non -package Revenue and a negative impact of 160 basis points from increases in labor and related expenses, which were partially due to union-negotiated and government-mandated wage and benefit increases compared to the three months endedMarch 31, 2023 .
- Our Owned Resort EBITDA Margin for the three months ended
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