Playa Hotels & Resorts N.V. Reports Second Quarter 2024 Results
Three Months Ended
-
Net Income was
$13.2 million compared to$20.6 million in 2023 -
Adjusted Net Income
(1)
was
$15.9 million compared to$21.0 million in 2023 -
Net Package RevPAR increased 3.5% over 2023 to
$323.68 , driven by a 5.8% increase in Net Package ADR, partially offset by a 1.6 percentage point decrease in Occupancy -
Comparable Net Package RevPAR decreased 1.9% over 2023 to
$320.46 , driven by a 2.9 percentage point decrease in Occupancy, partially offset by a 1.9% increase in Net Package ADR -
Owned Resort EBITDA
(1)
decreased 9.7% versus 2023 to
$75.1 million -
Owned Resort EBITDA Margin
(1)
decreased 1.8 percentage points versus 2023 to 33.5%, negatively impacted by approximately 60 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 50 basis points from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona. For the three months ended
June 30, 2023 , Owned Resort EBITDA Margin was positively impacted by 180 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, Owned Resort EBITDA Margin would have been 33.7%, an increase of 0.2 percentage points compared to 2023 -
Adjusted EBITDA
(1)
decreased 11.7% versus 2023 to
$63.7 million , negatively impacted by approximately$1.4 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by$1.0 million from business interruption insurance proceeds and recoverable expenses. For the three months endedJune 30, 2023 , Adjusted EBITDA was positively impacted by$4.3 million from business interruption insurance proceeds and recoverable expenses -
Adjusted EBITDA Margin
(1)
decreased 2.2 percentage points versus 2023 to 28.0%, negatively impacted by approximately 70 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 50 basis points from business interruption insurance proceeds and recoverable expenses. For the three months ended
June 30, 2023 , Adjusted EBITDA Margin was positively impacted by 180 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, Adjusted EBITDA Margin would have been 28.2%, a decrease of 0.2 percentage points compared to 2023 -
Comparable Adjusted EBITDA
(1)
decreased 12.6% versus 2023 to
$51.6 million - Comparable Adjusted EBITDA Margin (1) decreased 3.2 percentage points versus 2023 to 26.8%
Six Months Ended
-
Net Income was
$67.5 million compared to$63.4 million in 2023 -
Adjusted Net Income
(1)
was
$71.1 million compared to$70.0 million in 2023 -
Net Package RevPAR increased 12.5% over 2023 to
$375.43 , driven by an 3.4% increase in Net Package ADR and a 6.3 percentage point increase in Occupancy -
Comparable Net Package RevPAR increased 3.2% over 2023 to
$395.60 , driven by a 4.1% increase in Net Package ADR, partially offset by an 0.7 percentage point decrease in Occupancy -
Owned Resort EBITDA
(1)
increased 3.4% versus 2023 to
$199.1 million -
Owned Resort EBITDA Margin
(1)
increased 0.2 percentage points versus 2023 to 39.0%, negatively impacted by approximately 120 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 30 basis points from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona. For the six months ended
June 30, 2023 , Owned Resort EBITDA Margin was positively impacted by 90 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, our Owned Resort EBITDA Margin would have been 39.9%, an increase of 2.0 percentage points compared to 2023 -
Adjusted EBITDA
(1)
increased 3.8% versus 2023 to
$177.2 million , negatively impacted by approximately$6.3 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by$1.4 million from business interruption insurance proceeds and recoverable expenses. For the six months endedJune 30, 2023 , Adjusted EBITDA was positively impacted by$4.3 million from business interruption insurance proceeds and recoverable expenses -
Adjusted EBITDA Margin
(1)
increased 0.3 percentage points versus 2023 to 34.2%, negatively impacted by approximately 120 basis points due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts, and positively impacted by 30 basis points from business interruption insurance proceeds and recoverable expenses. For the six months ended
June 30, 2023 , Adjusted EBITDA Margin was positively impacted by 90 basis points from business interruption insurance proceeds and recoverable expenses. Excluding these impacts, our Adjusted EBITDA Margin would have been 35.2%, an increase of 2.1 percentage points compared to 2023 -
Comparable Adjusted EBITDA
(1)
decreased 1.1% versus 2023 to
$145.8 million - Comparable Adjusted EBITDA Margin (1) decreased 1.4 percentage points versus 2023 to 34.2%
(1) See "Definitions of Non-
"Continued execution in the
Demand for the third quarter was significantly impacted by Hurricane Beryl, with the most acute impact being on demand for July in
On the capital allocation and portfolio optimization front, we are progressing on the planned renovation work and intend to pursue opportunities to recycle capital from non-core assets into our most productive resorts. We remain committed to using our free cash flow generation to repurchase our shares as we expect a strong recovery in profits following the completion of our capital projects. We repurchased over
Given the impact from Hurricane Beryl and the construction disruption in the
–
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 and six months ended
Total Portfolio |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Occupancy |
71.9 % |
|
73.5 % |
|
(1.6) pts |
|
78.5 % |
|
72.2 % |
|
6.3 pts |
Net Package ADR |
$ 450.18 |
|
$ 425.52 |
|
5.8 % |
|
$ 478.33 |
|
$ 462.67 |
|
3.4 % |
Net Package RevPAR |
$ 323.68 |
|
$ 312.64 |
|
3.5 % |
|
$ 375.43 |
|
$ 333.84 |
|
12.5 % |
Total Net Revenue (1) |
$ 227,198 |
|
$ 238,764 |
|
(4.8) % |
|
$ 517,710 |
|
$ 502,992 |
|
2.9 % |
Owned Net Revenue (2) |
$ 223,809 |
|
$ 235,212 |
|
(4.8) % |
|
$ 510,347 |
|
$ 496,221 |
|
2.8 % |
Owned Resort EBITDA |
$ 75,081 |
|
$ 83,112 |
|
(9.7) % |
|
$ 199,121 |
|
$ 192,501 |
|
3.4 % |
Owned Resort EBITDA Margin |
33.5 % |
|
35.3 % |
|
(1.8) pts |
|
39.0 % |
|
38.8 % |
|
0.2 pts |
Other corporate |
$ 14,364 |
|
$ 13,940 |
|
3.0 % |
|
$ 28,486 |
|
$ 27,495 |
|
3.6 % |
The Playa Collection Revenue |
$ 1,579 |
|
$ 828 |
|
90.7 % |
|
$ 2,599 |
|
$ 1,554 |
|
67.2 % |
Management Fee Revenue |
$ 1,401 |
|
$ 2,122 |
|
(34.0) % |
|
$ 3,935 |
|
$ 4,051 |
|
(2.9) % |
Adjusted EBITDA |
$ 63,697 |
|
$ 72,122 |
|
(11.7) % |
|
$ 177,169 |
|
$ 170,611 |
|
3.8 % |
Adjusted EBITDA Margin |
28.0 % |
|
30.2 % |
|
(2.2) pts |
|
34.2 % |
|
33.9 % |
|
0.3 pts |
|
|
|
|
|
|
|
|
||||
Comparable Portfolio (3)(4) |
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Occupancy |
73.4 % |
|
76.3 % |
|
(2.9) pts |
|
79.4 % |
|
80.1 % |
|
(0.7) pts |
Net Package ADR |
$ 436.66 |
|
$ 428.37 |
|
1.9 % |
|
$ 498.24 |
|
$ 478.69 |
|
4.1 % |
Net Package RevPAR |
$ 320.46 |
|
$ 326.65 |
|
(1.9) % |
|
$ 395.60 |
|
$ 383.43 |
|
3.2 % |
Total Net Revenue (1) |
$ 192,624 |
|
$ 196,417 |
|
(1.9) % |
|
$ 426,331 |
|
$ 414,096 |
|
3.0 % |
Owned Net Revenue (2) |
$ 189,235 |
|
$ 192,865 |
|
(1.9) % |
|
$ 418,968 |
|
$ 407,325 |
|
2.9 % |
Owned Resort EBITDA |
$ 62,974 |
|
$ 69,987 |
|
(10.0) % |
|
$ 167,744 |
|
$ 169,265 |
|
(0.9) % |
Owned Resort EBITDA Margin |
33.3 % |
|
36.3 % |
|
(3.0) pts |
|
40.0 % |
|
41.6 % |
|
(1.6) pts |
Other corporate |
$ 14,364 |
|
$ 13,940 |
|
3.0 % |
|
$ 28,486 |
|
$ 27,495 |
|
3.6 % |
The Playa Collection Revenue |
$ 1,579 |
|
$ 828 |
|
90.7 % |
|
2,599 |
|
1,554 |
|
67.2 % |
Management Fee Revenue |
$ 1,401 |
|
$ 2,122 |
|
(34.0) % |
|
$ 3,935 |
|
$ 4,051 |
|
(2.9) % |
Adjusted EBITDA |
$ 51,590 |
|
$ 58,997 |
|
(12.6) % |
|
$ 145,792 |
|
$ 147,375 |
|
(1.1) % |
Adjusted EBITDA Margin |
26.8 % |
|
30.0 % |
|
(3.2) pts |
|
34.2 % |
|
35.6 % |
|
(1.4) 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) Our comparable portfolio for the three months ended
(4) Our comparable portfolio for the six months ended
Balance Sheet
As of
Earnings Call
The Company will host a conference call to discuss its second 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 and six months ended
"Total Net Revenue" represents Net Package Revenue,
The following table shows a reconciliation of Net Package Revenue and
Total Portfolio |
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net Package Revenue |
|
|
|
|
|
|
|
Comparable Net Package Revenue |
$ 162,663 |
|
$ 165,809 |
|
$ 365,745 |
|
$ 352,435 |
Non-comparable Net Package Revenue |
28,912 |
|
36,869 |
|
78,659 |
|
78,029 |
Net Package Revenue |
191,575 |
|
202,678 |
|
444,404 |
|
430,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable |
26,572 |
|
27,056 |
|
53,223 |
|
54,890 |
Non-comparable |
5,662 |
|
5,478 |
|
12,720 |
|
10,867 |
|
32,234 |
|
32,534 |
|
65,943 |
|
65,757 |
|
|
|
|
|
|
|
|
The Playa Collection Revenue |
1,579 |
|
828 |
|
2,599 |
|
1,554 |
Management Fee Revenue |
1,401 |
|
2,122 |
|
3,935 |
|
4,051 |
Other Revenues |
409 |
|
602 |
|
829 |
|
1,166 |
|
|
|
|
|
|
|
|
Total Net Revenue |
|
|
|
|
|
|
|
Comparable Total Net Revenue |
192,624 |
|
196,417 |
|
426,331 |
|
414,096 |
Non-comparable Total Net Revenue |
34,574 |
|
42,347 |
|
91,379 |
|
88,896 |
Total Net Revenue |
227,198 |
|
238,764 |
|
517,710 |
|
502,992 |
Compulsory tips |
5,929 |
|
6,268 |
|
13,163 |
|
12,308 |
Cost Reimbursements |
2,348 |
|
3,008 |
|
5,237 |
|
6,542 |
Total revenue |
$ 235,475 |
|
$ 248,040 |
|
$ 536,110 |
|
$ 521,842 |
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
Our comparable portfolio for the six 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)
The following is a reconciliation of our
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
$ 13,170 |
|
$ 20,633 |
|
$ 67,511 |
|
$ 63,352 |
Interest expense |
23,334 |
|
26,119 |
|
46,462 |
|
55,785 |
Income tax provision |
61 |
|
2,832 |
|
12,098 |
|
7,648 |
Depreciation and amortization |
19,045 |
|
19,316 |
|
37,717 |
|
38,507 |
EBITDA |
55,610 |
|
68,900 |
|
163,788 |
|
165,292 |
Other expense (income) (a) |
302 |
|
203 |
|
1,095 |
|
(29) |
Share-based compensation |
3,950 |
|
3,442 |
|
7,709 |
|
6,608 |
Loss on extinguishment of debt |
1,043 |
|
— |
|
1,043 |
|
— |
Transaction expense (b) |
1,791 |
|
502 |
|
2,828 |
|
1,365 |
Other tax expense |
64 |
|
— |
|
64 |
|
— |
Repairs from hurricanes and tropical storms (c) |
— |
|
(31) |
|
— |
|
(892) |
Loss (gain) on sale of assets |
36 |
|
(2) |
|
— |
|
11 |
Non-service cost components of net periodic pension benefit (cost) |
901 |
|
(892) |
|
642 |
|
(1,744) |
Adjusted EBITDA |
63,697 |
|
72,122 |
|
177,169 |
|
170,611 |
Other corporate (d)(e) |
14,364 |
|
13,940 |
|
28,486 |
|
27,495 |
The Playa Collection |
(1,579) |
|
(828) |
|
(2,599) |
|
(1,554) |
Management fees |
(1,401) |
|
(2,122) |
|
(3,935) |
|
(4,051) |
Owned Resort EBITDA |
75,081 |
|
83,112 |
|
199,121 |
|
192,501 |
Less: Non-comparable Owned Resort EBITDA |
12,107 |
|
13,125 |
|
31,377 |
|
23,236 |
Comparable Owned Resort EBITDA(f)(g) |
$ 62,974 |
|
$ 69,987 |
|
$ 167,744 |
|
$ 169,265 |
(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) For the six months ended
(f) Our comparable portfolio for the three months ended
(g) Our comparable portfolio for the six months ended
Reconciliation of Net Income to Adjusted Net Income
($ in thousands)
The following table reconciles our net income to Adjusted Net Income for the three and six months ended
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
$ 13,170 |
|
$ 20,633 |
|
$ 67,511 |
|
$ 63,352 |
Reconciling items |
|
|
|
|
|
|
|
Transaction expense |
1,791 |
|
502 |
|
2,828 |
|
1,365 |
Loss on extinguishment of debt |
1,043 |
|
— |
|
1,043 |
|
— |
Change in fair value of interest rate swaps (a) |
— |
|
— |
|
— |
|
6,335 |
Repairs from hurricanes and tropical storms |
— |
|
(31) |
|
— |
|
(892) |
Total reconciling items before tax |
2,834 |
|
471 |
|
3,871 |
|
6,808 |
Income tax provision for reconciling items |
(115) |
|
(95) |
|
(254) |
|
(131) |
Total reconciling items after tax |
2,719 |
|
376 |
|
3,617 |
|
6,677 |
Adjusted net income |
$ 15,889 |
|
$ 21,009 |
|
$ 71,128 |
|
$ 70,029 |
(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 and six months ended
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Adjusted net income |
$ 15,889 |
|
$ 21,009 |
|
$ 71,128 |
|
$ 70,029 |
|
|
|
|
|
|
|
|
Earnings per share - Diluted |
$ 0.10 |
|
$ 0.13 |
|
$ 0.50 |
|
$ 0.40 |
Total reconciling items impact per diluted share |
0.02 |
|
0.01 |
|
0.03 |
|
0.05 |
Adjusted earnings per share - Diluted |
$ 0.12 |
|
$ 0.14 |
|
$ 0.53 |
|
$ 0.45 |
Playa Hotels & Resorts N.V. Condensed Consolidated Balance Sheet ($ in thousands, except share data) (unaudited) |
|||
|
|
|
|
|
As of |
|
As of |
|
2024 |
|
2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ 233,941 |
|
$ 272,520 |
Trade and other receivables, net |
65,541 |
|
74,762 |
Insurance recoverable |
10,931 |
|
9,821 |
Accounts receivable from related parties |
1,346 |
|
5,861 |
Inventories |
18,220 |
|
19,963 |
Prepayments and other assets |
63,152 |
|
54,294 |
Property and equipment, net |
1,424,561 |
|
1,415,572 |
Derivative financial assets |
6,483 |
|
2,966 |
|
60,642 |
|
60,642 |
Other intangible assets |
3,019 |
|
4,357 |
Deferred tax assets |
12,244 |
|
12,967 |
Total assets |
$ 1,900,080 |
|
$ 1,933,725 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Trade and other payables |
$ 150,712 |
|
$ 196,432 |
Payables to related parties |
8,338 |
|
10,743 |
Income tax payable |
16,844 |
|
11,592 |
Debt |
1,073,664 |
|
1,061,376 |
Derivative financial liabilities |
2,470 |
. |
— |
Other liabilities |
32,504 |
|
33,970 |
Deferred tax liabilities |
59,523 |
|
64,815 |
Total liabilities |
1,344,055 |
|
1,378,928 |
Commitments and contingencies |
|
|
|
Shareholders' equity |
|
|
|
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 172,016,422 shares |
19,104 |
|
18,822 |
|
(323,086) |
|
(248,174) |
Paid-in capital |
1,209,602 |
|
1,202,175 |
Accumulated other comprehensive income |
2,032 |
|
1,112 |
Accumulated deficit |
(351,627) |
|
(419,138) |
Total shareholders' equity |
556,025 |
|
554,797 |
Total liabilities and shareholders' equity |
$ 1,900,080 |
|
$ 1,933,725 |
Condensed Consolidated Statements of Operations ($ in thousands, except share data) (unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
|
|
|
|
|
|
|
|
Package |
|
$ 197,056 |
|
$ 208,356 |
|
$ 456,685 |
|
$ 441,924 |
Non-package |
|
32,682 |
|
33,124 |
|
66,825 |
|
66,605 |
The Playa Collection |
|
1,579 |
|
828 |
|
2,599 |
|
1,554 |
Management fees |
|
1,401 |
|
2,122 |
|
3,935 |
|
4,051 |
Cost reimbursements |
|
2,348 |
|
3,008 |
|
5,237 |
|
6,542 |
Other revenues |
|
409 |
|
602 |
|
829 |
|
1,166 |
Total revenue |
|
235,475 |
|
248,040 |
|
536,110 |
|
521,842 |
Direct and selling, general and administrative expenses |
|
|
|
|
|
|
|
|
Direct |
|
127,367 |
|
132,606 |
|
265,346 |
|
261,574 |
Selling, general and administrative |
|
49,794 |
|
47,614 |
|
101,013 |
|
92,741 |
Depreciation and amortization |
|
19,045 |
|
19,316 |
|
37,717 |
|
38,507 |
Reimbursed costs |
|
2,348 |
|
3,008 |
|
5,237 |
|
6,542 |
Loss (gain) on sale of assets |
|
36 |
|
(2) |
|
— |
|
11 |
Business interruption insurance recoveries |
|
(33) |
|
(495) |
|
(50) |
|
(495) |
Gain on insurance proceeds |
|
(992) |
|
(3,794) |
|
(1,362) |
|
(3,794) |
Direct and selling, general and administrative expenses |
|
197,565 |
|
198,253 |
|
407,901 |
|
395,086 |
Operating income |
|
37,910 |
|
49,787 |
|
128,209 |
|
126,756 |
Interest expense |
|
(23,334) |
|
(26,119) |
|
(46,462) |
|
(55,785) |
Loss on extinguishment of debt |
|
(1,043) |
|
— |
|
(1,043) |
|
— |
Other (expense) income |
|
(302) |
|
(203) |
|
(1,095) |
|
29 |
Net income before tax |
|
13,231 |
|
23,465 |
|
79,609 |
|
71,000 |
Income tax provision |
|
(61) |
|
(2,832) |
|
(12,098) |
|
(7,648) |
Net income |
|
$ 13,170 |
|
$ 20,633 |
|
$ 67,511 |
|
$ 63,352 |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ 0.10 |
|
$ 0.14 |
|
$ 0.50 |
|
$ 0.41 |
Diluted |
|
$ 0.10 |
|
$ 0.13 |
|
$ 0.50 |
|
$ 0.40 |
Weighted average number of shares outstanding during the period - Basic |
|
132,426,621 |
|
151,955,076 |
|
134,539,159 |
|
154,619,822 |
Weighted average number of shares outstanding during the period - Diluted |
|
133,867,472 |
|
154,192,223 |
|
135,957,007 |
|
156,511,568 |
Consolidated Debt Summary - As of ($ in millions) |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
Maturity |
|
|
|
Applicable Rate |
|
LTM Interest (6) |
||
Debt |
|
Date |
|
# of Years |
|
Balance |
|
|
||
Revolving Credit Facility (1) |
|
Jan-28 |
|
3.5 |
|
$ — |
|
— % |
|
$ 0.8 |
Term Loan (2)(3) |
|
Jan-29 |
|
4.5 |
|
1,083.5 |
|
8.09 % |
|
93.5 |
Total debt (4) |
|
|
|
|
|
$ 1,083.5 |
|
8.09 % |
|
$ 94.3 |
Less: cash and cash equivalents (5) |
|
|
|
|
|
(233.9) |
|
|
|
|
Net debt |
|
|
|
|
|
$ 849.6 |
|
|
|
|
(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 |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Occupancy |
|
Net Package ADR |
|
Net Package RevPAR |
|
Owned Net Revenue |
|
Owned Resort EBITDA |
|
Owned Resort EBITDA Margin |
||||||||||||
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 |
|
76.7 % |
76.7 % |
— pts |
|
$ 456.38 |
$ 441.82 |
3.3 % |
|
$ 349.97 |
$ 338.95 |
3.3 % |
|
$ 77,088 |
$ 74,891 |
2.9 % |
|
$ 25,711 |
$ 24,327 |
5.7 % |
|
33.4 % |
32.5 % |
0.9 pts |
|
926 |
|
62.9 % |
71.8 % |
(8.9) pts |
|
$ 544.98 |
$ 543.17 |
0.3 % |
|
$ 343.00 |
$ 389.86 |
(12.0) % |
|
34,576 |
37,776 |
(8.5) % |
|
12,124 |
14,883 |
(18.5) % |
|
35.1 % |
39.4 % |
(4.3) pts |
|
2,024 |
|
70.8 % |
66.6 % |
4.2 pts |
|
$ 428.29 |
$ 346.62 |
23.6 % |
|
$ 303.27 |
$ 230.90 |
31.3 % |
|
65,657 |
65,127 |
0.8 % |
|
24,155 |
21,979 |
9.9 % |
|
36.8 % |
33.7 % |
3.1 pts |
|
1,428 |
|
72.1 % |
82.4 % |
(10.3) pts |
|
$ 417.18 |
$ 454.59 |
(8.2) % |
|
$ 300.95 |
$ 374.72 |
(19.7) % |
|
46,488 |
57,418 |
(19.0) % |
|
13,091 |
21,923 |
(40.3) % |
|
28.2 % |
38.2 % |
(10.0) pts |
Total Portfolio |
6,504 |
|
71.9 % |
73.5 % |
(1.6) pts |
|
$ 450.18 |
$ 425.52 |
5.8 % |
|
$ 323.68 |
$ 312.64 |
3.5 % |
|
$ 223,809 |
$ 235,212 |
(4.8) % |
|
$ 75,081 |
$ 83,112 |
(9.7) % |
|
33.5 % |
35.3 % |
(1.8) 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 |
|
76.7 % |
76.7 % |
— pts |
|
$ 456.38 |
$ 441.82 |
3.3 % |
|
$ 349.97 |
$ 338.95 |
3.3 % |
|
$ 77,088 |
$ 74,891 |
2.9 % |
|
$ 25,711 |
$ 24,327 |
5.7 % |
|
33.4 % |
32.5 % |
0.9 pts |
|
— |
|
— % |
— % |
— pts |
|
$ — |
$ — |
— % |
|
$ — |
$ — |
— % |
|
— |
— |
— % |
|
— |
— |
— % |
|
— % |
— % |
— pts |
|
2,024 |
|
70.8 % |
71.4 % |
(0.6) pts |
|
$ 428.23 |
$ 391.86 |
9.3 % |
|
$ 303.22 |
$ 279.82 |
8.4 % |
|
65,659 |
60,556 |
8.4 % |
|
24,172 |
23,737 |
1.8 % |
|
36.8 % |
39.2 % |
(2.4) pts |
|
1,428 |
|
72.1 % |
82.4 % |
(10.3) pts |
|
$ 417.18 |
$ 454.59 |
(8.2) % |
|
$ 300.95 |
$ 374.72 |
(19.7) % |
|
46,488 |
57,418 |
(19.0) % |
|
13,091 |
21,923 |
(40.3) % |
|
28.2 % |
38.2 % |
(10.0) pts |
Total Comparable Portfolio |
5,578 |
|
73.4 % |
76.3 % |
(2.9) pts |
|
$ 436.66 |
$ 428.37 |
1.9 % |
|
$ 320.46 |
$ 326.65 |
(1.9) % |
|
$ 189,235 |
$ 192,865 |
(1.9) % |
|
$ 62,974 |
$ 69,987 |
(10.0) % |
|
33.3 % |
36.3 % |
(3.0) pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights
Yucatán Peninsula
-
Owned Net Revenue for the three months ended
June 30, 2024 increased$2.2 million , or 2.9%, compared to the three months endedJune 30, 2023 and was driven by:- an increase in Net Package ADR of 3.3%; and
- an increase in
Net Non -package Revenue of$0.1 million , or 0.7%;Net Non -package Revenue per sold room increased 0.8%, primarily driven by a higher meetings, incentives, conventions and events ("MICE") group contribution to our guest mix; while
- Occupancy was flat compared to the three months ended
June 30, 2023 .
-
Owned Resort EBITDA for the three months ended
June 30, 2024 increased$1.4 million , or 5.7%, compared to the three months endedJune 30, 2023 and was driven by:- an increase in Net Package ADR compared to the three months ended
June 30, 2023 in addition to expense efficiency measures put in place to lower direct expenses; partially offset by - an unfavorable impact of
$0.9 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts; and - an increase in labor and related expenses, which were partially due to union-negotiated and government-mandated wage benefit increases.
- Owned Resort EBITDA Margin for the three months ended
June 30, 2024 was 33.4%, an increase of 0.9 percentage points compared to the three months endedJune 30, 2023 . Owned Resort EBITDA Margin was negatively impacted by 120 basis points due to the appreciation of the Mexican Peso and by 160 basis points from increases in labor and related expenses compared to the three months endedJune 30, 2023 . Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin for the three months endedJune 30, 2024 would have been 34.5%, an increase of 2.0 percentage points compared to the three months endedJune 30, 2023 .
- an increase in Net Package ADR compared to the three months ended
-
Owned Net Revenue for the three months ended
June 30, 2024 decreased$3.2 million , or 8.5%, compared to the three months endedJune 30, 2023 and was driven by:- a decrease in Occupancy of 8.9 percentage points due to the renovation work at the resorts in this segment; partially offset by
- an increase in
Net Non -package Revenue of$0.7 million , or 15.2%.Net Non -package Revenue per sold room increased 31.4%, partially driven by higher MICE group contribution to our guest mix as well as a decrease in sold rooms compared to the three months endedJune 30, 2023 ; and
- an increase in Net Package ADR of 0.3%.
-
Owned Resort EBITDA for the three months ended
June 30, 2024 decreased$2.8 million , or 18.5%, compared to the three months endedJune 30, 2023 and was driven by:- a decrease in Occupancy compared to three months ended
June 30, 2023 ; in addition to - an unfavorable impact of
$0.5 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts. - Owned Resort EBITDA Margin for the three months ended
June 30, 2024 was 35.1%, a decrease of 4.3 percentage points compared to the three months endedJune 30, 2023 . Owned Resort EBITDA Margin was negatively impacted by 130 basis points due to the appreciation of the Mexican Peso. Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin would have been 36.4%, a decrease of 3.0 percentage points compared to the three months endedJune 30, 2023 .
- a decrease in Occupancy compared to three months ended
-
Comparable Owned Net Revenue for the three months ended
June 30, 2024 increased$5.1 million , or 8.4%, compared to the three months endedJune 30, 2023 . The increase was due to the following:- an increase in Comparable Net Package ADR of 9.3%; and
- an increase in Comparable
Net Non -package Revenue of$0.8 million , or 8.8%.- Comparable
Net Non -package Revenue per sold room increased 9.7% compared to the three months endedJune 30, 2023 , primarily driven by a higher MICE group contribution to our guest mix and the addition of a new non-package food and beverage outlet at one of the resorts in this segment; partially offset by
- Comparable
- a decrease in Occupancy of 0.6 percentage points.
-
Comparable Owned Resort EBITDA for the three months ended
June 30, 2024 increased$0.4 million , or 1.8%, compared to the three months endedJune 30, 2023 , and includes a$1.0 million benefit from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona in theDominican Republic . Comparable Owned Resort EBITDA for the three months endedJune 30, 2023 includes a$4.3 million benefit from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona in theDominican Republic . Excluding the aforementioned business interruption benefits from both periods, Comparable Owned Resort EBITDA for the three months endedJune 30, 2024 would have been an increase of$3.7 million compared to the three months endedJune 30, 2023 , primarily driven by an increase in Net Package Revenue.- Comparable Owned Resort EBITDA Margin for the three months ended
June 30, 2024 was 36.8%, a decrease of 2.4 percentage points compared to the three months endedJune 30, 2023 , and includes a favorable impact of 150 basis points from business interruption proceeds and recoverable expenses related to Hurricane Fiona, which decreased 560 basis points compared to a 710 basis points benefit during the three months endedJune 30, 2023 . Excluding the aforementioned business interruption benefit, Comparable Owned Resort EBITDA Margin for the three months endedJune 30, 2024 would have been 35.3%, an increase of 3.2 percentage points compared to the three months endedJune 30, 2023 .
- Comparable Owned Resort EBITDA Margin for the three months ended
-
Owned Net Revenue for the three months ended
June 30, 2024 decreased$10 .9 million, or 19.0%, compared to the three months endedJune 30, 2023 . The decrease was due to the following, which was heavily impacted by the travel advisory issued forJamaica by the United States Government onJanuary 24, 2024 :- a decrease in Occupancy of 10.3 percentage points;
- a decrease in Net Package ADR of 8.2%; and
- a decrease in
Net Non -package Revenue of$1.3 million , or 15.4%.Net Non -package Revenue per sold room decreased 3.3% as a result of a lower MICE group contribution to our guest mix.
-
Owned Resort EBITDA for the three months ended June 30, 2024 decreased
$8.8 million compared to the three months endedJune 30, 2023 .- Owned Resort EBITDA Margin for the three months ended
June 30, 2024 decreased 10.0 percentage points, or 26.2%, compared to the three months endedJune 30, 2023 primarily driven by the impact from the travel advisory issued forJamaica and inclusive of a negative impact of 60 basis points due to increases in labor and related expenses compared to the three months endedJune 30, 2023 .
- Owned Resort EBITDA Margin for the three months ended
Reportable Segment Operating Statistics - Six Months Ended |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Occupancy |
|
Net Package ADR |
|
Net Package RevPAR |
|
Owned Net Revenue |
|
Owned Resort EBITDA |
|
Owned Resort EBITDA Margin |
||||||||||||
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 |
|
81.8 % |
80.3 % |
1.5 pts |
|
$ 483.69 |
$ 468.96 |
3.1 % |
|
$ 395.75 |
$ 376.37 |
5.1 % |
|
$ 173,076 |
$ 163,639 |
5.8 % |
|
$ 65,764 |
$ 62,263 |
5.6 % |
|
38.0 % |
38.0 % |
— pts |
|
926 |
|
74.8 % |
75.5 % |
(0.7) pts |
|
$ 534.49 |
$ 542.42 |
(1.5) % |
|
$ 399.80 |
$ 409.72 |
(2.4) % |
|
78,872 |
78,291 |
0.7 % |
|
31,265 |
32,406 |
(3.5) % |
|
39.6 % |
41.4 % |
(1.8) pts |
|
2,024 |
|
77.3 % |
58.9 % |
18.4 pts |
|
$ 449.94 |
$ 408.68 |
10.1 % |
|
$ 347.67 |
$ 240.63 |
44.5 % |
|
147,269 |
133,896 |
10.0 % |
|
61,925 |
48,828 |
26.8 % |
|
42.0 % |
36.5 % |
5.5 pts |
|
1,428 |
|
77.6 % |
82.5 % |
(4.9) pts |
|
$ 474.87 |
$ 477.57 |
(0.6) % |
|
$ 368.70 |
$ 393.87 |
(6.4) % |
|
111,130 |
120,395 |
(7.7) % |
|
40,167 |
49,004 |
(18.0) % |
|
36.1 % |
40.7 % |
(4.6) pts |
Total Portfolio |
6,504 |
|
78.5 % |
72.2 % |
6.3 pts |
|
$ 478.33 |
$ 462.67 |
3.4 % |
|
$ 375.43 |
$ 333.84 |
12.5 % |
|
$ 510,347 |
$ 496,221 |
2.8 % |
|
$ 199,121 |
$ 192,501 |
3.4 % |
|
39.0 % |
38.8 % |
0.2 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 |
|
81.8 % |
80.3 % |
1.5 pts |
|
$ 483.69 |
$ 468.96 |
3.1 % |
|
$ 395.75 |
$ 376.37 |
5.1 % |
|
$ 173,076 |
$ 163,639 |
5.8 % |
|
$ 65,764 |
$ 62,263 |
5.6 % |
|
38.0 % |
38.0 % |
— pts |
|
— |
|
— % |
— % |
— pts |
|
$ — |
$ — |
— % |
|
$ — |
$ — |
— % |
|
— |
— |
— % |
|
— |
— |
— % |
|
— % |
— % |
— pts |
|
1,524 |
|
77.8 % |
77.7 % |
0.1 pts |
|
$ 541.47 |
$ 493.83 |
9.6 % |
|
$ 421.06 |
$ 383.55 |
9.8 % |
|
134,762 |
123,291 |
9.3 % |
|
61,813 |
57,998 |
6.6 % |
|
45.9 % |
47.0 % |
(1.1) pts |
|
1,428 |
|
77.6 % |
82.5 % |
(4.9) pts |
|
$ 474.87 |
$ 477.57 |
(0.6) % |
|
$ 368.70 |
$ 393.87 |
(6.4) % |
|
111,130 |
120,395 |
(7.7) % |
|
40,167 |
49,004 |
(18.0) % |
|
36.1 % |
40.7 % |
(4.6) pts |
Total Comparable Portfolio |
5,078 |
|
79.4 % |
80.1 % |
(0.7) pts |
|
$ 498.24 |
$ 478.69 |
4.1 % |
|
$ 395.60 |
$ 383.43 |
3.2 % |
|
$ 418,968 |
$ 407,325 |
2.9 % |
|
$ 167,744 |
$ 169,265 |
(0.9) % |
|
40.0 % |
41.6 % |
(1.6) pts |
Highlights
Yucatán Peninsula
-
Owned Net Revenue for the six months ended
June 30, 2024 increased$9 .4 million, or 5.8%, compared to the six months endedJune 30, 2023 . The increase was due to the following:- an increase in Occupancy of 1.5 percentage points;
- an increase in Net Package ADR of 3.1%; and
- an increase in
Net Non -package Revenue of$1.1 million , or 6.0%.Net Non -package Revenue per sold room increased 3.4%, primarily driven by a higher MICE group contribution to our guest mix.
-
Owned Resort EBITDA for the six months ended
June 30, 2024 increased$3.5 million , or 5.6%, compared to the six months endedJune 30, 2023 and was driven by:- an increase in Net Package ADR in addition to expense efficiency measures put in place to lower direct expenses; partially offset by
- an unfavorable impact of
$4.2 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.
- Owned Resort EBITDA Margin for the six months ended
June 30, 2024 was 38.0%, which was flat compared to the six months endedJune 30, 2023 . Owned Resort EBITDA Margin for the six months endedJune 30, 2024 was negatively impacted by 240 basis points due to the appreciation of the Mexican Peso and 80 basis points from increases in labor and related expenses compared to the six months endedJune 30, 2024 . Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin would have been 40.4%, an increase of 2.4 percentage points compared to the six months endedJune 30, 2023 .
-
Owned Net Revenue for the six months ended
June 30, 2024 increased$0.6 million , or 0.7%, compared to the six months endedJune 30, 2023 . The increase was due to the following:- an increase in
Net Non -package Revenue of$1.9 million , or 19.5%, primarily driven by a higher MICE group contribution to our guest mix;Net Non -package Revenue per sold room increased 20.0%; partially offset by
- a decrease in Occupancy of 0.7 percentage points as a result of renovation work at the resorts in this segment; and
- a decrease in Net Package ADR of 1.5%.
- an increase in
-
Owned Resort EBITDA for the six months ended
June 30, 2024 decreased$1.1 million , or 3.5%, compared to the six months endedJune 30, 2023 and was driven by:- a decrease in Occupancy and Net Package ADR; in addition to
- an unfavorable impact of
$1.9 million due to the appreciation of the Mexican Peso, inclusive of the impact of our foreign currency forward contracts; and - an increase in insurance premiums.
- Owned Resort EBITDA Margin for the six months ended
June 30, 2024 was 39.6%, a decrease of 1.8 percentage points compared to the six months endedJune 30, 2023 . Owned Resort EBITDA Margin was negatively impacted by 190 basis points due to the appreciation of the Mexican Peso compared to the six months endedJune 30, 2023 . Excluding the impact from the appreciation of the Mexican Peso, Owned Resort EBITDA Margin would have been 41.5%, an increase of 0.1 percentage points compared to the six months endedJune 30, 2023 .
-
Comparable Owned Net Revenue for the six months ended
June 30, 2024 increased$11.5 million , or 9.3%, compared to the six months endedJune 30, 2023 . The increase was due to the following:- an increase in Occupancy of 0.1 percentage points; and
- an increase in Comparable Net Package ADR of 9.6%;
- an increase in Comparable
Net Non -package Revenue of$0.5 million , or 2.8%, compared to the three months endedJune 30, 2023 .- Comparable
Net Non -package Revenue per sold room increased 2.1% compared to the three months endedJune 30, 2023 due to the addition of a new non-package food and beverage outlet at one of the resorts in this segment.
- Comparable
-
Comparable Owned Resort EBITDA for the six months ended
June 30, 2024 increased$3.8 million , or 6.6%, compared to the six months endedJune 30, 2023 , and includes a$1.4 million benefit from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona in theDominican Republic . Comparable Owned Resort EBITDA for the six months endedJune 30, 2023 includes a$4.3 million benefit from business interruption insurance proceeds and recoverable expenses related to Hurricane Fiona in theDominican Republic . Excluding the aforementioned business interruption benefit from both periods, Comparable Owned Resort EBITDA for the six months endedJune 30, 2024 would have increased by$6.7 million compared to the six months endedJune 30, 2023 , primarily driven by an increase in Net Package Revenue, which was partially offset by increased insurance premiums.- Comparable Owned Resort EBITDA Margin for the six months ended
June 30, 2024 was 45.9%, a decrease of 1.1 percentage points compared to the six months endedJune 30, 2023 , and includes a favorable impact of 110 basis points from business interruption proceeds and recoverable expenses related to Hurricane Fiona, which decreased 230 basis points compared to a 340 basis points benefit during the six months endedJune 30, 2023 . Excluding the aforementioned business interruption benefit, Comparable Owned Resort EBITDA Margin for the six months endedJune 30, 2024 was 44.8%, an increase of 1.2 percentage points compared to the six months endedJune 30, 2023 .
- Comparable Owned Resort EBITDA Margin for the six months ended
-
Owned Net Revenue for the six months ended
June 30, 2024 decreased$9.3 million , or 7.7%, compared to the six months endedJune 30, 2023 . The decrease was due to the following, which was heavily impacted by the travel advisory issued forJamaica by the United States Government:- a decrease in Occupancy of 4.9 percentage points;
- a decrease in Net Package ADR of 0.6%; and
- a decrease in
Net Non -package Revenue of$3.3 million , or 17.7%.Net Non -package Revenue per sold room decreased 13.0% as a result of lower MICE group contribution to our guest mix.
-
Owned Resort EBITDA for the six months ended
June 30, 2024 decreased$8.8 million , or 18.0%, compared to the six months endedJune 30, 2023 .- Owned Resort EBITDA Margin for the six months ended
June 30, 2024 decreased 4.6 percentage points, or 11.3%, compared to the six months endedJune 30, 2023 primarily driven by the impact from the travel advisory issued forJamaica and includes a negative impact of 120 basis points due to increases in labor and related expenses compared to the six months endedJune 30, 2023 .
- Owned Resort EBITDA Margin for the six months ended
View original content to download multimedia:https://www.prnewswire.com/news-releases/playa-hotels--resorts-nv-reports-second-quarter-2024-results-302214489.html
SOURCE