QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
The | |||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
the | Not Applicable | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
Title of each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Playa Hotels & Resorts N.V. TABLE OF CONTENTS | ||||||||
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Trade and other receivables, net | |||||||||||
Accounts receivable from related parties | |||||||||||
Inventories | |||||||||||
Prepayments and other assets | |||||||||||
Property and equipment, net | |||||||||||
Assets held for sale | |||||||||||
Goodwill, net | |||||||||||
Other intangible assets | |||||||||||
Deferred tax assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Trade and other payables | $ | $ | |||||||||
Payables to related parties | |||||||||||
Income tax payable | |||||||||||
Debt | |||||||||||
Related party debt | |||||||||||
Derivative financial instruments | |||||||||||
Other liabilities | |||||||||||
Deferred tax liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 7) | |||||||||||
Shareholders' equity | |||||||||||
Ordinary shares (par value € | |||||||||||
Treasury shares (at cost, | ( | ( | |||||||||
Paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Package | $ | $ | $ | $ | ||||||||||||||||||||||
Non-package | ||||||||||||||||||||||||||
Management fees | ( | |||||||||||||||||||||||||
Cost reimbursements | ||||||||||||||||||||||||||
Total revenue | ||||||||||||||||||||||||||
Direct and selling, general and administrative expenses | ||||||||||||||||||||||||||
Direct | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Reimbursed costs | ||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||
Loss on sale of assets | ||||||||||||||||||||||||||
Gain on insurance proceeds | ( | ( | ||||||||||||||||||||||||
Direct and selling, general and administrative expenses | ||||||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other (expense) income | ( | ( | ||||||||||||||||||||||||
Net loss before tax | ( | ( | ( | ( | ||||||||||||||||||||||
Income tax benefit | ||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Losses per share - Basic | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Losses per share - Diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted average number of shares outstanding during the period - Basic | ||||||||||||||||||||||||||
Weighted average number of shares outstanding during the period - Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss), net of taxes | ||||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swaps | ( | |||||||||||||||||||||||||
Release of foreign currency translation reserve related to sale of Capri Resort (see Note 4) | ||||||||||||||||||||||||||
Pension obligation (loss) gain | ( | ( | ||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of tax withholdings | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of tax withholdings | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity issuance, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of tax withholdings | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity issuance, net (see Note 8) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Share-based compensation | |||||||||||
(Gain) loss on derivative financial instruments | ( | ||||||||||
Impairment loss | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Loss on sale of assets | |||||||||||
Amortization of key money | ( | ( | |||||||||
Bad debt expense | ( | ( | |||||||||
Other | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Trade and other receivables, net | ( | ||||||||||
Accounts receivable from related parties | |||||||||||
Inventories | ( | ||||||||||
Prepayments and other assets | |||||||||||
Trade and other payables | ( | ||||||||||
Payables to related parties | ( | ||||||||||
Income tax payable | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Receipt of key money | |||||||||||
Purchase of intangibles | ( | ( | |||||||||
Proceeds from the sale of assets, net | |||||||||||
Net cash provided by investing activities | |||||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from debt issuances, net of discount | |||||||||||
Issuance costs of debt | ( | ||||||||||
Proceeds from ordinary shares, net of issuance costs | |||||||||||
Repayments of debt | ( | ( | |||||||||
Proceeds from borrowings on revolving credit facility | |||||||||||
Repayments of borrowings on revolving credit facility | ( | ( | |||||||||
Repurchase of ordinary shares | ( | ||||||||||
Repurchase of ordinary shares for tax withholdings | ( | ( | |||||||||
Principal payments on lease obligations | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | $ | $ | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | $ | $ | |||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes, net | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Capital expenditures incurred but not yet paid | $ | $ | |||||||||
Intangible assets capitalized but not yet paid | $ | $ | |||||||||
Par value of vested restricted share awards | $ | $ |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. | January 2021 | The adoption of ASU No. 2019-12 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $ |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. | January 2022 | We are currently evaluating the impact of ASU No. 2020-04 on the Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates. |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-package revenue | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Non-package revenue | ( | ||||||||||||||||||||||||||||||||||
Management fees | ( | ( | |||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | ( | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-package revenue | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-package revenue | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Property and equipment, gross | |||||||||||
Land, buildings and improvements | $ | $ | |||||||||
Furniture and other fixed assets | |||||||||||
Construction in progress | |||||||||||
Total property and equipment, gross | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
Three Months Ended June 30, | ||||||||||||||
Leases | 2021 | 2020 | ||||||||||||
Operating lease income (1) | $ | $ |
Six Months Ended June 30, | ||||||||||||||
Leases | 2021 | 2020 | ||||||||||||
Operating lease income (1) | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Related Party | Transaction | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Hyatt | Franchise fees (1) | $ | $ | $ | $ | |||||||||||||||||||||||||||
Sagicor | Insurance premiums (1) | $ | $ | $ | $ | |||||||||||||||||||||||||||
Sagicor | Cost reimbursements | $ | $ | $ | $ | |||||||||||||||||||||||||||
Chief Executive Officer | Lease expense (2) | $ | $ | $ | $ | |||||||||||||||||||||||||||
DKCM | Interest expense | $ | $ | $ | $ |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested balance at June 30, 2021 | $ |
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component | Volatility (1) | Interest Rate (2) | Dividend Yield | |||||||||||||||||||||||||||
January 4, 2021 | ||||||||||||||||||||||||||||||||
Peer Shareholder Return | % | $ | % | % | % | |||||||||||||||||||||||||||
Growth Rate | % | $ | % | % | % |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Unvested balance at June 30, 2021 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator | |||||||||||||||||||||||
Denominator for basic EPS - weighted-average number of shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Unvested restricted share awards | |||||||||||||||||||||||
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding | |||||||||||||||||||||||
EPS - Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
EPS - Diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Outstanding Balance as of | |||||||||||||||||||||||
Interest Rate | Maturity Date | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||
Revolving Credit Facilities | |||||||||||||||||||||||
Revolving Credit Facility (1) | LIBOR + LIBOR + | April 27, 2022 ($ January 27, 2024 ($ | $ | $ | |||||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||||||||
Term Loan (2) | LIBOR + | April 27, 2024 | $ | $ | |||||||||||||||||||
Term A1 Loan | April 27, 2024 | ||||||||||||||||||||||
Term A2 Loan | April 27, 2024 | ||||||||||||||||||||||
Term A3 Loan (3) | LIBOR + | April 27, 2024 | |||||||||||||||||||||
Total Term Loans (at stated value) | |||||||||||||||||||||||
Unamortized discount | ( | ( | |||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total Term Loans, net | $ | $ | |||||||||||||||||||||
Property Loan | |||||||||||||||||||||||
Property Loan (at stated value) | July 1, 2025 | $ | $ | ||||||||||||||||||||
Unamortized discount | ( | ( | |||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total Property Loan, net | $ | $ | |||||||||||||||||||||
$ | $ | ||||||||||||||||||||||
Total debt, net | $ | $ |
Debt | Covenant Terms | |||||||
Existing Credit Agreement | We are required to maintain a minimum liquidity balance of $ If we have more than ▪ ▪ ▪ | |||||||
Term A1 Loan | Same terms as the Existing Credit Agreement. | |||||||
Term A2 Loan | No applicable debt covenants. | |||||||
Term A3 Loan | No applicable debt covenants. | |||||||
Property Loan | No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of |
2021 | 2020 | |||||||||||||
AOCI from our cash flow hedges as of January 1 | $ | $ | ||||||||||||
Change in fair value | ||||||||||||||
Reclassification from AOCI to interest expense | ( | ( | ||||||||||||
OCI related to our cash flow hedges for the three months ended March 31 | ( | |||||||||||||
Change in fair value | ||||||||||||||
Reclassification from AOCI to interest expense | ( | ( | ||||||||||||
OCI related to our cash flow hedges for the three months ended June 30 | ( | ( | ||||||||||||
AOCI from our cash flow hedges as of June 30(1) | $ | $ |
Derivative Liabilities for Ineffective Hedges | Financial Statement Classification | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Interest rate swaps (1) | Interest expense | $ | $ | $ | $ |
Derivative Liabilities for Ineffective Hedges | Financial Statement Classification | As of June 30, | As of December 31, | |||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Interest rate swaps | Derivative financial instruments | $ | $ |
June 30, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ |
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ |
Carrying Value | Fair Value | |||||||||||||||||||||||||
As of June 30, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||||||||||||
Term Loan | $ | $ | $ | $ | ||||||||||||||||||||||
Term A1 Loan | ||||||||||||||||||||||||||
Term A2 Loan | ||||||||||||||||||||||||||
Term A3 Loan | ||||||||||||||||||||||||||
Property Loan | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Carrying Value | Fair Value | |||||||||||||||||||||||||
As of December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||||||||||||
Term Loan | $ | $ | $ | $ | ||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
Term A1 Loan | ||||||||||||||||||||||||||
Term A2 Loan | ||||||||||||||||||||||||||
Term A3 Loan | ||||||||||||||||||||||||||
Property Loan | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Valuation Technique | ||||||||
Financial instruments recorded at fair value | ||||||||
Interest rate swaps | The fair value of the interest rate swaps is estimated based on the expected future cash flows by incorporating the notional amount of the swaps, the contractual period to maturity, and observable market-based inputs, including interest rate curves. The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value of our interest rate swaps is largely dependent on forecasted LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds | |||||||
Financial instruments not recorded at fair value | ||||||||
Term Loans and Property Loan | The fair value of our Term Loans and Property Loan are estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate. | |||||||
Revolving Credit Facility | The valuation technique of our Revolving Credit Facility is consistent with our Term Loans. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Gross trade and other receivables (1) | $ | $ | |||||||||
Allowance for doubtful accounts (2) | ( | ( | |||||||||
Total trade and other receivables, net | $ | $ |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Advances to suppliers | $ | $ | |||||||||
Prepaid income taxes | |||||||||||
Prepaid other taxes (1) | |||||||||||
Key money (2) | |||||||||||
Other assets | |||||||||||
Total prepayments and other assets | $ | $ |
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | |||||||||||||||||||||||||||||
Gross carrying value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
Net carrying value | |||||||||||||||||||||||||||||
Activity during the period | |||||||||||||||||||||||||||||
Impairment losses | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | |||||||||||||||||||||||||||||
Gross carrying value | |||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
Net carrying value | $ | $ | $ | $ | $ |
Reporting Unit | Reportable Segment | Impairment Loss | ||||||||||||
Jewel Runaway Bay Beach Resort & Waterpark | Jamaica | $ | ||||||||||||
Jewel Dunn’s River Beach Resort & Spa | Jamaica | $ | ||||||||||||
Jewel Paradise Cove Beach Resort & Spa | Jamaica | $ |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Gross carrying value | |||||||||||
Casino and other licenses (1) | $ | $ | |||||||||
Management contract | |||||||||||
Enterprise resource planning system (2) | |||||||||||
Other | |||||||||||
Total gross carrying value | |||||||||||
Accumulated amortization | |||||||||||
Management contract | ( | ( | |||||||||
Enterprise resource planning system (2) | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total accumulated amortization | ( | ( | |||||||||
Net carrying value | |||||||||||
Casino and other licenses (1) | |||||||||||
Management contract | |||||||||||
Enterprise resource planning system (2) | |||||||||||
Other | |||||||||||
Total net carrying value | $ | $ |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Trade payables | $ | $ | |||||||||
Advance deposits (1) | |||||||||||
Withholding and other taxes payable | |||||||||||
Interest payable | |||||||||||
Payroll and related accruals | |||||||||||
Accrued expenses and other payables | |||||||||||
Total trade and other payables | $ | $ |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Pension obligation (1)(2) | $ | $ | |||||||||
Unfavorable ground lease liability | |||||||||||
Key money (3) | |||||||||||
Other | |||||||||||
Total other liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Owned net revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | $ | $ | $ | |||||||||||||||||||
Pacific Coast | ( | ||||||||||||||||||||||
Dominican Republic | |||||||||||||||||||||||
Jamaica | |||||||||||||||||||||||
Segment owned net revenue (1) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Management fees | ( | ||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||
Compulsory tips | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | $ | ( | $ | $ | ||||||||||||||||||
Pacific Coast | ( | ||||||||||||||||||||||
Dominican Republic | ( | ||||||||||||||||||||||
Jamaica | ( | ||||||||||||||||||||||
Segment Owned Resort EBITDA | ( | ||||||||||||||||||||||
Other corporate | ( | ( | ( | ( | |||||||||||||||||||
Management fees | ( | ||||||||||||||||||||||
Total Adjusted EBITDA | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Impairment loss | ( | ( | ( | ||||||||||||||||||||
Loss on sale of assets | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income | ( | ( | |||||||||||||||||||||
Share-based compensation | ( | ( | ( | ( | |||||||||||||||||||
Other tax income (expense) | ( | ( | ( | ||||||||||||||||||||
Transaction expenses | ( | ( | ( | ( | |||||||||||||||||||
Severance expense | ( | ( | ( | ||||||||||||||||||||
Non-service cost components of net periodic pension cost (benefit) (1) | ( | ( | |||||||||||||||||||||
Net loss before tax | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( |
As of June 30, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Segment property and equipment, gross | |||||||||||
Yucatán Peninsula | $ | $ | |||||||||
Pacific Coast | |||||||||||
Dominican Republic | |||||||||||
Jamaica | |||||||||||
Total segment property and equipment, gross | |||||||||||
Corporate property and equipment, gross | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Segment capital expenditures | |||||||||||
Yucatán Peninsula | $ | $ | |||||||||
Pacific Coast | |||||||||||
Dominican Republic | |||||||||||
Jamaica | |||||||||||
Total segment capital expenditures (1) | |||||||||||
Corporate | |||||||||||
Total capital expenditures (1) | $ | $ |
Name of Resort | Location | Brand and Type | Operator | Year Built; Significant Renovations | Rooms | |||||||||||||||||||||||||||
Owned Resorts | ||||||||||||||||||||||||||||||||
Yucatán Peninsula | ||||||||||||||||||||||||||||||||
Hyatt Ziva Cancún | Cancún, Mexico | Hyatt Ziva (all ages) | Playa | 1975; 1980; 1986; 2002; 2015 | 547 | |||||||||||||||||||||||||||
Hyatt Zilara Cancún | Cancún, Mexico | Hyatt Zilara (adults-only) | Playa | 2006; 2009; 2013; 2017 | 310 | |||||||||||||||||||||||||||
Panama Jack Resorts Cancún | Cancún, Mexico | Panama Jack (all ages) | Playa | 1985; 2009; 2017 | 458 | |||||||||||||||||||||||||||
Hilton Playa del Carmen All-Inclusive Resort | Playa del Carmen, Mexico | Hilton (adults-only) | Playa | 2002; 2009; 2019 | 524 | |||||||||||||||||||||||||||
Panama Jack Resorts Playa del Carmen | Playa del Carmen, Mexico | Panama Jack (all ages) | Playa | 1996; 2006; 2012; 2017 | 287 | |||||||||||||||||||||||||||
Pacific Coast | ||||||||||||||||||||||||||||||||
Hyatt Ziva Los Cabos | Cabo San Lucas, Mexico | Hyatt Ziva (all ages) | Playa | 2007; 2009; 2015 | 591 | |||||||||||||||||||||||||||
Hyatt Ziva Puerto Vallarta | Puerto Vallarta, Mexico | Hyatt Ziva (all ages) | Playa | 1969; 1990; 2002; 2009; 2014; 2017 | 335 | |||||||||||||||||||||||||||
Dominican Republic | ||||||||||||||||||||||||||||||||
Hilton La Romana All-Inclusive Resort | La Romana, Dominican Republic | Hilton (adults-only) | Playa | 1997; 2008; 2019 | 356 | |||||||||||||||||||||||||||
Hilton La Romana All-Inclusive Resort | La Romana, Dominican Republic | Hilton (all ages) | Playa | 1997; 2008; 2019 | 418 | |||||||||||||||||||||||||||
Dreams Palm Beach | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 1994; 2008 | 500 | |||||||||||||||||||||||||||
Dreams Punta Cana | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 2004 | 620 | |||||||||||||||||||||||||||
Hyatt Ziva Cap Cana | Cap Cana, Dominican Republic | Hyatt Ziva (all ages) | Playa | 2019 | 375 | |||||||||||||||||||||||||||
Hyatt Zilara Cap Cana | Cap Cana, Dominican Republic | Hyatt Zilara (adults-only) | Playa | 2019 | 375 | |||||||||||||||||||||||||||
Jamaica | ||||||||||||||||||||||||||||||||
Hyatt Ziva Rose Hall | Montego Bay, Jamaica | Hyatt Ziva (all ages) | Playa | 2000; 2014; 2017 | 276 | |||||||||||||||||||||||||||
Hyatt Zilara Rose Hall | Montego Bay, Jamaica | Hyatt Zilara (adults-only) | Playa | 2000; 2014; 2017 | 344 | |||||||||||||||||||||||||||
Hilton Rose Hall Resort & Spa | Montego Bay, Jamaica | Hilton (all ages) | Playa | 1974; 2008; 2017 | 495 | |||||||||||||||||||||||||||
Jewel Paradise Cove Beach Resort & Spa | Runaway Bay, Jamaica | Jewel (adults-only) | Playa | 2013 | 225 | |||||||||||||||||||||||||||
Jewel Grande Montego Bay Resort & Spa (1) | Montego Bay, Jamaica | Jewel (all ages) | Playa | 2016; 2017 | 88 | |||||||||||||||||||||||||||
Total Rooms Owned | 7,124 | |||||||||||||||||||||||||||||||
Managed Resorts (2) | ||||||||||||||||||||||||||||||||
Sanctuary Cap Cana | Punta Cana, Dominican Republic | Sanctuary (adults-only) | Playa | 2008; 2015; 2018 | 324 | |||||||||||||||||||||||||||
Jewel Grande Montego Bay Resort & Spa (1) | Montego Bay, Jamaica | Jewel (condo-hotel) | Playa | 2016; 2017 | 129 | |||||||||||||||||||||||||||
The Yucatan Playa Del Carmen All-Inclusive Resort | Playa del Carmen, Mexico | Tapestry Collection by Hilton (adults-only) | Playa | 2012 | 60 | |||||||||||||||||||||||||||
Hyatt Ziva Riviera Cancún (3) | Riviera Maya, Mexico | Hyatt Ziva (all ages) | Playa | 2008, 2021 | 438 | |||||||||||||||||||||||||||
Hyatt Zilara Riviera Maya (4) | Riviera Maya, Mexico | Hyatt Zilara (adults-only) | Playa | 2003 | 291 | |||||||||||||||||||||||||||
Total Rooms Operated | 1,242 | |||||||||||||||||||||||||||||||
Total Rooms Owned and Operated | 8,366 |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Package | $ | 104,780 | $ | 302 | $ | 104,478 | 34,595.4 | % | |||||||||||||||
Non-package | 22,602 | 240 | 22,362 | 9,317.5 | % | ||||||||||||||||||
Management fees | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Cost reimbursements | 969 | 458 | 511 | 111.6 | % | ||||||||||||||||||
Total revenue | 128,803 | 982 | 127,821 | 13,016.4 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||||||||
Direct | 79,534 | 20,380 | 59,154 | 290.3 | % | ||||||||||||||||||
Selling, general and administrative | 28,550 | 19,739 | 8,811 | 44.6 | % | ||||||||||||||||||
Depreciation and amortization | 20,017 | 22,400 | (2,383) | (10.6) | % | ||||||||||||||||||
Reimbursed costs | 969 | 458 | 511 | 111.6 | % | ||||||||||||||||||
Impairment loss | — | 25,268 | (25,268) | (100.0) | % | ||||||||||||||||||
Loss on sale of assets | 375 | 1,729 | (1,354) | (78.3) | % | ||||||||||||||||||
Gain on insurance proceeds | — | (2,950) | 2,950 | (100.0) | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | 129,445 | 87,024 | 42,421 | 48.7 | % | ||||||||||||||||||
Operating loss | (642) | (86,042) | 85,400 | 99.3 | % | ||||||||||||||||||
Interest expense | (18,950) | (20,916) | 1,966 | 9.4 | % | ||||||||||||||||||
Other (expense) income | (628) | 4,853 | (5,481) | (112.9) | % | ||||||||||||||||||
Net loss before tax | (20,220) | (102,105) | 81,885 | 80.2 | % | ||||||||||||||||||
Income tax benefit | 12,452 | 14,647 | (2,195) | (15.0) | % | ||||||||||||||||||
Net loss | $ | (7,768) | $ | (87,458) | $ | 79,690 | 91.1 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 49.9 | % | — | % | 49.9 | pts | — | % | |||||||||||||||
Net Package ADR | $ | 302.71 | $ | — | $ | 302.71 | — | % | |||||||||||||||
Net Package RevPAR | $ | 150.98 | $ | — | $ | 150.98 | — | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 101,615 | $ | 302 | $ | 101,313 | 33,547.4 | % | |||||||||||||||
Net Non-package Revenue | 22,357 | 240 | 22,117 | 9,215.4 | % | ||||||||||||||||||
Management Fee Revenue | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Total Net Revenue | 124,424 | 524 | 123,900 | 23,645.0 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 22,915 | $ | (31,422) | $ | 54,337 | 172.9 | % | |||||||||||||||
Adjusted EBITDA Margin | 18.4 | % | (5,996.6) | % | 6,015.0 | pts | 100.3 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 51.8 | % | — | % | 51.8 | pts | — | % | |||||||||||||||
Net Package ADR | $ | 302.89 | $ | — | $ | 302.89 | — | % | |||||||||||||||
Net Package RevPAR | $ | 156.84 | $ | — | $ | 156.84 | — | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 101,677 | $ | 292 | $ | 101,385 | 34,720.9 | % | |||||||||||||||
Net Non-package Revenue | 22,332 | 224 | 22,108 | 9,869.6 | % | ||||||||||||||||||
Management Fee Revenue | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Total Net Revenue | 124,461 | 498 | 123,963 | 24,892.2 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 23,593 | $ | (28,653) | $ | 52,246 | 182.3 | % | |||||||||||||||
Adjusted EBITDA Margin | 19.0 | % | (5,753.6) | % | 5,772.6 | pts | 100.3 | % |
Three Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Net Package Revenue | |||||||||||||||||||||||
Comparable Net Package Revenue | $ | 101,677 | $ | 292 | $ | 101,385 | 34,720.9 | % | |||||||||||||||
Non-comparable Net Package Revenue | (62) | 10 | (72) | (720.0) | % | ||||||||||||||||||
Net Package Revenue | 101,615 | 302 | 101,313 | 33,547.4 | % | ||||||||||||||||||
Net Non-package Revenue | |||||||||||||||||||||||
Comparable Net Non-package Revenue | 22,332 | 224 | 22,108 | 9,869.6 | % | ||||||||||||||||||
Non-comparable Net Non-package Revenue | 25 | 16 | 9 | 56.3 | % | ||||||||||||||||||
Net Non-package Revenue | 22,357 | 240 | 22,117 | 9,215.4 | % | ||||||||||||||||||
Management Fee Revenue | |||||||||||||||||||||||
Comparable Management Fee Revenue | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Non-comparable Management Fee Revenue | — | — | — | — | % | ||||||||||||||||||
Management Fee Revenue | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Total Net Revenue | |||||||||||||||||||||||
Comparable Total Net Revenue | 124,461 | 498 | 123,963 | 24,892.2 | % | ||||||||||||||||||
Non-comparable Total Net Revenue | (37) | 26 | (63) | (242.3) | % | ||||||||||||||||||
Total Net Revenue | 124,424 | 524 | 123,900 | 23,645.0 | % | ||||||||||||||||||
Compulsory tips | 3,410 | — | 3,410 | — | % | ||||||||||||||||||
Cost Reimbursements | 969 | 458 | 511 | 111.6 | % | ||||||||||||||||||
Total revenue | $ | 128,803 | $ | 982 | $ | 127,821 | 13,016.4 | % |
Three Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Direct expenses | $ | 79,534 | $ | 20,380 | $ | 59,154 | 290.3 | % | |||||||||||||||
Less: compulsory tips | 3,410 | — | 3,410 | — | % | ||||||||||||||||||
Net Direct Expenses | $ | 76,124 | $ | 20,380 | $ | 55,744 | 273.5 | % |
Three Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 16,517 | $ | 702 | $ | 15,815 | 2,252.8 | % | |||||||||||||||
Salaries and wages | 28,387 | 11,393 | 16,994 | 149.2 | % | ||||||||||||||||||
Repairs and maintenance | 3,983 | 1,478 | 2,505 | 169.5 | % | ||||||||||||||||||
Utilities and sewerage | 8,632 | 3,312 | 5,320 | 160.6 | % | ||||||||||||||||||
Licenses and property taxes | 750 | 898 | (148) | (16.5) | % | ||||||||||||||||||
Incentive and management fees | 287 | (256) | 543 | 212.1 | % | ||||||||||||||||||
Franchise / license fees | 5,737 | 1,227 | 4,510 | 367.6 | % | ||||||||||||||||||
Transportation and travel expenses | 997 | 74 | 923 | 1,247.3 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,074 | 270 | 804 | 297.8 | % | ||||||||||||||||||
Property and equipment rental expense | 454 | (31) | 485 | 1,564.5 | % | ||||||||||||||||||
Entertainment expenses and decoration | 1,706 | 14 | 1,692 | 12,085.7 | % | ||||||||||||||||||
Office supplies | 239 | 59 | 180 | 305.1 | % | ||||||||||||||||||
Other operational expenses | 7,361 | 1,240 | 6,121 | 493.6 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 76,124 | $ | 20,380 | $ | 55,744 | 273.5 | % |
Three Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 16,517 | $ | 642 | $ | 15,875 | 2,472.7 | % | |||||||||||||||
Salaries and wages | 27,992 | 10,751 | 17,241 | 160.4 | % | ||||||||||||||||||
Repairs and maintenance | 3,939 | 1,236 | 2,703 | 218.7 | % | ||||||||||||||||||
Utilities and sewerage | 8,570 | 2,999 | 5,571 | 185.8 | % | ||||||||||||||||||
Licenses and property taxes | 686 | 829 | (143) | (17.2) | % | ||||||||||||||||||
Incentive and management fees | 287 | (171) | 458 | 267.8 | % | ||||||||||||||||||
Franchise / license fees | 5,737 | 1,227 | 4,510 | 367.6 | % | ||||||||||||||||||
Transportation and travel expenses | 991 | 62 | 929 | 1,498.4 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,073 | 259 | 814 | 314.3 | % | ||||||||||||||||||
Property and equipment rental expense | 453 | (25) | 478 | 1,912.0 | % | ||||||||||||||||||
Entertainment expenses and decoration | 1,707 | 14 | 1,693 | 12,092.9 | % | ||||||||||||||||||
Office supplies | 238 | 57 | 181 | 317.5 | % | ||||||||||||||||||
Other operational expenses | 7,134 | 1,198 | 5,936 | 495.5 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 75,324 | $ | 19,078 | $ | 56,246 | 294.8 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Package | $ | 168,674 | $ | 153,357 | $ | 15,317 | 10.0 | % | |||||||||||||||
Non-package | 35,597 | 22,818 | 12,779 | 56.0 | % | ||||||||||||||||||
Management fees | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Cost reimbursements | 1,482 | 1,408 | 74 | 5.3 | % | ||||||||||||||||||
Total revenue | 206,549 | 178,210 | 28,339 | 15.9 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||||||||
Direct | 139,755 | 118,278 | 21,477 | 18.2 | % | ||||||||||||||||||
Selling, general and administrative | 53,218 | 53,571 | (353) | (0.7) | % | ||||||||||||||||||
Depreciation and amortization | 40,900 | 47,359 | (6,459) | (13.6) | % | ||||||||||||||||||
Reimbursed costs | 1,482 | 1,408 | 74 | 5.3 | % | ||||||||||||||||||
Impairment loss | 24,011 | 41,441 | (17,430) | (42.1) | % | ||||||||||||||||||
Loss on sale of assets | 648 | 1,729 | (1,081) | (62.5) | % | ||||||||||||||||||
Gain on insurance proceeds | — | (2,950) | 2,950 | (100.0) | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | 260,014 | 260,836 | (822) | (0.3) | % | ||||||||||||||||||
Operating loss | (53,465) | (82,626) | 29,161 | 35.3 | % | ||||||||||||||||||
Interest expense | (37,117) | (41,871) | 4,754 | 11.4 | % | ||||||||||||||||||
Other (expense) income | (1,334) | 947 | (2,281) | (240.9) | % | ||||||||||||||||||
Net loss before tax | (91,916) | (123,550) | 31,634 | 25.6 | % | ||||||||||||||||||
Income tax benefit | 14,403 | 13,536 | 867 | 6.4 | % | ||||||||||||||||||
Net loss | $ | (77,513) | $ | (110,014) | $ | 32,501 | 29.5 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 40.7 | % | 33.6 | % | 7.1 | pts | 21.1 | % | |||||||||||||||
Net Package ADR | $ | 297.31 | $ | 297.28 | $ | 0.03 | 0.0 | % | |||||||||||||||
Net Package RevPAR | $ | 121.05 | $ | 100.01 | $ | 21.04 | 21.0 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 163,698 | $ | 148,398 | $ | 15,300 | 10.3 | % | |||||||||||||||
Net Non-package Revenue | 35,226 | 22,663 | 12,563 | 55.4 | % | ||||||||||||||||||
Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Total Net Revenue | 199,720 | 171,688 | 28,032 | 16.3 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 20,410 | $ | 18,921 | $ | 1,489 | 7.9 | % | |||||||||||||||
Adjusted EBITDA Margin | 10.2 | % | 11.0 | % | (0.8) | pts | (7.3) | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 42.4 | % | 32.6 | % | 9.8 | pts | 30.1 | % | |||||||||||||||
Net Package ADR | $ | 298.50 | $ | 305.14 | $ | (6.64) | (2.2) | % | |||||||||||||||
Net Package RevPAR | $ | 126.50 | $ | 99.55 | $ | 26.95 | 27.1 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 163,117 | $ | 129,067 | $ | 34,050 | 26.4 | % | |||||||||||||||
Net Non-package Revenue | 34,639 | 19,696 | 14,943 | 75.9 | % | ||||||||||||||||||
Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Total Net Revenue | 198,552 | 149,390 | 49,162 | 32.9 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 21,269 | $ | 14,269 | $ | 7,000 | 49.1 | % | |||||||||||||||
Adjusted EBITDA Margin | 10.7 | % | 9.6 | % | 1.1 | pts | 11.5 | % |
Six Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Net Package Revenue | |||||||||||||||||||||||
Comparable Net Package Revenue | $ | 163,117 | $ | 129,067 | $ | 34,050 | 26.4 | % | |||||||||||||||
Non-comparable Net Package Revenue | 581 | 19,331 | (18,750) | (97.0) | % | ||||||||||||||||||
Net Package Revenue | 163,698 | 148,398 | 15,300 | 10.3 | % | ||||||||||||||||||
Net Non-package Revenue | |||||||||||||||||||||||
Comparable Net Non-package Revenue | 34,639 | 19,696 | 14,943 | 75.9 | % | ||||||||||||||||||
Non-comparable Net Non-package Revenue | 587 | 2,967 | (2,380) | (80.2) | % | ||||||||||||||||||
Net Non-package Revenue | 35,226 | 22,663 | 12,563 | 55.4 | % | ||||||||||||||||||
Management Fee Revenue | |||||||||||||||||||||||
Comparable Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Non-comparable Management Fee Revenue | — | — | — | — | % | ||||||||||||||||||
Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Total Net Revenue | |||||||||||||||||||||||
Comparable Total Net Revenue | 198,552 | 149,390 | 49,162 | 32.9 | % | ||||||||||||||||||
Non-comparable Total Net Revenue | 1,168 | 22,298 | (21,130) | (94.8) | % | ||||||||||||||||||
Total Net Revenue | 199,720 | 171,688 | 28,032 | 16.3 | % | ||||||||||||||||||
Compulsory tips | 5,347 | 5,114 | 233 | 4.6 | % | ||||||||||||||||||
Cost Reimbursements | 1,482 | 1,408 | 74 | 5.3 | % | ||||||||||||||||||
Total revenue | $ | 206,549 | $ | 178,210 | $ | 28,339 | 15.9 | % |
Six Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Direct expenses | $ | 139,755 | $ | 118,278 | $ | 21,477 | 18.2 | % | |||||||||||||||
Less: compulsory tips | 5,347 | 5,114 | 233 | 4.6 | % | ||||||||||||||||||
Net Direct Expenses | $ | 134,408 | $ | 113,164 | $ | 21,244 | 18.8 | % |
Six Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 26,812 | $ | 21,592 | $ | 5,220 | 24.2 | % | |||||||||||||||
Salaries and wages | 53,424 | 49,008 | 4,416 | 9.0 | % | ||||||||||||||||||
Repairs and maintenance | 6,923 | 5,661 | 1,262 | 22.3 | % | ||||||||||||||||||
Utilities and sewerage | 15,996 | 12,975 | 3,021 | 23.3 | % | ||||||||||||||||||
Licenses and property taxes | 1,555 | 1,697 | (142) | (8.4) | % | ||||||||||||||||||
Incentive and management fees | 433 | 1,424 | (991) | (69.6) | % | ||||||||||||||||||
Franchise / license fees | 9,986 | 8,235 | 1,751 | 21.3 | % | ||||||||||||||||||
Transportation and travel expenses | 1,920 | 1,449 | 471 | 32.5 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,953 | 1,475 | 478 | 32.4 | % | ||||||||||||||||||
Property and equipment rental expense | 629 | 802 | (173) | (21.6) | % | ||||||||||||||||||
Entertainment expenses and decoration | 2,609 | 2,036 | 573 | 28.1 | % | ||||||||||||||||||
Office supplies | 407 | 309 | 98 | 31.7 | % | ||||||||||||||||||
Other operational expenses | 11,761 | 6,501 | 5,260 | 80.9 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 134,408 | $ | 113,164 | $ | 21,244 | 18.8 | % |
Six Months Ended June 30, | Increase/Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 26,678 | $ | 19,263 | $ | 7,415 | 38.5 | % | |||||||||||||||
Salaries and wages | 51,378 | 45,352 | 6,026 | 13.3 | % | ||||||||||||||||||
Repairs and maintenance | 6,802 | 4,750 | 2,052 | 43.2 | % | ||||||||||||||||||
Utilities and sewerage | 15,810 | 11,669 | 4,141 | 35.5 | % | ||||||||||||||||||
Licenses and property taxes | 1,430 | 1,583 | (153) | (9.7) | % | ||||||||||||||||||
Incentive and management fees | 391 | 1,233 | (842) | (68.3) | % | ||||||||||||||||||
Franchise / license fees | 9,986 | 8,243 | 1,743 | 21.1 | % | ||||||||||||||||||
Transportation and travel expenses | 1,888 | 1,336 | 552 | 41.3 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,945 | 1,277 | 668 | 52.3 | % | ||||||||||||||||||
Property and equipment rental expense | 618 | 756 | (138) | (18.3) | % | ||||||||||||||||||
Entertainment expenses and decoration | 2,591 | 1,839 | 752 | 40.9 | % | ||||||||||||||||||
Office supplies | 403 | 289 | 114 | 39.4 | % | ||||||||||||||||||
Other operational expenses | 11,202 | 5,845 | 5,357 | 91.7 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 131,122 | $ | 103,435 | $ | 27,687 | 26.8 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Owned Net Revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | 45,067 | $ | 21 | $ | 45,046 | 214,504.8 | % | |||||||||||||||
Pacific Coast | 20,514 | (74) | 20,588 | 27,821.6 | % | ||||||||||||||||||
Dominican Republic | 33,888 | 11 | 33,877 | 307,972.7 | % | ||||||||||||||||||
Jamaica | 24,134 | 564 | 23,570 | 4,179.1 | % | ||||||||||||||||||
Segment Owned Net Revenue | 123,603 | 522 | 123,081 | 23,578.7 | % | ||||||||||||||||||
Other | 369 | 20 | 349 | 1,745.0 | % | ||||||||||||||||||
Management fees | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Total Net Revenue | $ | 124,424 | $ | 524 | $ | 123,900 | 23,645.0 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | 13,022 | $ | (8,004) | $ | 21,026 | 262.7 | % | |||||||||||||||
Pacific Coast | 7,078 | (2,816) | 9,894 | 351.3 | % | ||||||||||||||||||
Dominican Republic | 7,926 | (4,881) | 12,807 | 262.4 | % | ||||||||||||||||||
Jamaica | 4,072 | (8,097) | 12,169 | 150.3 | % | ||||||||||||||||||
Segment Owned Resort EBITDA | 32,098 | (23,798) | 55,896 | 234.9 | % | ||||||||||||||||||
Other corporate | (9,635) | (7,606) | (2,029) | 26.7 | % | ||||||||||||||||||
Management fees | 452 | (18) | 470 | 2,611.1 | % | ||||||||||||||||||
Total Adjusted EBITDA | $ | 22,915 | $ | (31,422) | $ | 54,337 | 172.9 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 52.0 | % | — | % | 52.0 | % | — | % | |||||||||||||||
Net Package ADR | $ | 328.38 | $ | — | $ | 328.38 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 170.77 | $ | — | $ | 170.77 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 37,264 | $ | (167) | $ | 37,431 | 22,413.8 | % | |||||||||||||||
Net Non-package Revenue | 7,803 | 188 | 7,615 | 4,050.5 | % | ||||||||||||||||||
Owned Net Revenue | 45,067 | 21 | 45,046 | 214,504.8 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 13,022 | $ | (8,004) | $ | 21,026 | 262.7 | % | |||||||||||||||
Owned Resort EBITDA Margin | 28.9 | % | (38,114.3) | % | 38,143.2 | pts | 100.1 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 58.7 | % | — | % | 58.7 | % | — | % | |||||||||||||||
Net Package ADR | $ | 328.51 | $ | — | $ | 328.51 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 192.68 | $ | — | $ | 192.68 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 37,278 | $ | (144) | $ | 37,422 | 25,987.5 | % | |||||||||||||||
Net Non-package Revenue | 7,753 | 78 | 7,675 | 9,839.7 | % | ||||||||||||||||||
Owned Net Revenue | 45,031 | (66) | 45,097 | 68,328.8 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 13,813 | $ | (6,633) | $ | 20,446 | 308.2 | % | |||||||||||||||
Owned Resort EBITDA Margin | 30.7 | % | (10,050.0) | % | 10,080.7 | % | 100.3 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 59.8 | % | — | % | 59.8 | % | — | % | |||||||||||||||
Net Package ADR | $ | 339.20 | $ | — | $ | 339.20 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 202.93 | $ | — | $ | 202.93 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 17,100 | $ | (89) | $ | 17,189 | 19,313.5 | % | |||||||||||||||
Net Non-package Revenue | 3,414 | 15 | 3,399 | 22,660.0 | % | ||||||||||||||||||
Owned Net Revenue | 20,514 | (74) | 20,588 | 27,821.6 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 7,078 | $ | (2,816) | $ | 9,894 | 351.3 | % | |||||||||||||||
Owned Resort EBITDA Margin | 34.5 | % | (3,805.4) | % | 3,839.9 | pts | 100.9 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 45.0 | % | — | % | 45.0 | % | — | % | |||||||||||||||
Net Package ADR | $ | 257.73 | $ | — | $ | 257.73 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 115.90 | $ | — | $ | 115.90 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 27,885 | $ | (178) | $ | 28,063 | 15,765.7 | % | |||||||||||||||
Net Non-package Revenue | 6,003 | 189 | 5,814 | 3,076.2 | % | ||||||||||||||||||
Owned Net Revenue | 33,888 | 11 | 33,877 | 307,972.7 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 7,926 | $ | (4,881) | $ | 12,807 | 262.4 | % | |||||||||||||||
Owned Resort EBITDA Margin | 23.4 | % | (44,372.7) | % | 44,396.1 | pts | 100.1 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 48.9 | % | — | % | 48.9 | % | — | % | |||||||||||||||
Net Package ADR | $ | 304.51 | $ | — | $ | 304.51 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 149.03 | $ | — | $ | 149.03 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 19,366 | $ | 736 | $ | 18,630 | 2,531.3 | % | |||||||||||||||
Net Non-package Revenue | 4,768 | (172) | 4,940 | 2,872.1 | % | ||||||||||||||||||
Owned Net Revenue | 24,134 | 564 | 23,570 | 4,179.1 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 4,072 | $ | (8,097) | $ | 12,169 | 150.3 | % | |||||||||||||||
Owned Resort EBITDA Margin | 16.9 | % | (1,435.6) | % | 1,452.5 | pts | 101.2 | % |
Three Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 48.9 | % | — | % | 48.9 | % | — | % | |||||||||||||||
Net Package ADR | $ | 305.26 | $ | — | $ | 305.26 | $ | — | |||||||||||||||
Net Package RevPAR | $ | 149.40 | $ | — | $ | 149.40 | $ | — | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 19,414 | $ | 703 | $ | 18,711 | 2,661.6 | % | |||||||||||||||
Net Non-package Revenue | 4,793 | (78) | 4,871 | 6,244.9 | % | ||||||||||||||||||
Owned Net Revenue | 24,207 | 625 | 23,582 | 3,773.1 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 3,959 | $ | (6,699) | $ | 10,658 | 159.1 | % | |||||||||||||||
Owned Resort EBITDA Margin | 16.4 | % | (1,071.8) | % | 1,088.2 | pts | 101.5 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Owned Net Revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | 78,670 | $ | 62,338 | $ | 16,332 | 26.2 | % | |||||||||||||||
Pacific Coast | 29,135 | 21,081 | 8,054 | 38.2 | % | ||||||||||||||||||
Dominican Republic | 54,769 | 35,607 | 19,162 | 53.8 | % | ||||||||||||||||||
Jamaica | 35,856 | 52,000 | (16,144) | (31.0) | % | ||||||||||||||||||
Segment Owned Net Revenue | 198,430 | 171,026 | 27,404 | 16.0 | % | ||||||||||||||||||
Other | 494 | 35 | 459 | 1,311.4 | % | ||||||||||||||||||
Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Total Net Revenue | $ | 199,720 | $ | 171,688 | $ | 28,032 | 16.3 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | 20,196 | $ | 16,931 | $ | 3,265 | 19.3 | % | |||||||||||||||
Pacific Coast | 7,563 | 6,056 | 1,507 | 24.9 | % | ||||||||||||||||||
Dominican Republic | 9,592 | 2,908 | 6,684 | 229.8 | % | ||||||||||||||||||
Jamaica | 1,292 | 10,976 | (9,684) | (88.2) | % | ||||||||||||||||||
Segment Owned Resort EBITDA | 38,643 | 36,871 | 1,772 | 4.8 | % | ||||||||||||||||||
Other corporate | (19,029) | (18,577) | (452) | 2.4 | % | ||||||||||||||||||
Management Fee Revenue | 796 | 627 | 169 | 27.0 | % | ||||||||||||||||||
Total Adjusted EBITDA | $ | 20,410 | $ | 18,921 | $ | 1,489 | 7.9 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 46.8 | % | 37.0 | % | 9.8 | pts | 26.5 | % | |||||||||||||||
Net Package ADR | $ | 311.22 | $ | 298.32 | $ | 12.90 | 4.3 | % | |||||||||||||||
Net Package RevPAR | $ | 145.60 | $ | 110.45 | $ | 35.15 | 31.8 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 65,175 | $ | 54,719 | $ | 10,456 | 19.1 | % | |||||||||||||||
Net Non-package Revenue | 13,495 | 7,619 | 5,876 | 77.1 | % | ||||||||||||||||||
Owned Net Revenue | 78,670 | 62,338 | 16,332 | 26.2 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 20,196 | $ | 16,931 | $ | 3,265 | 19.3 | % | |||||||||||||||
Owned Resort EBITDA Margin | 25.7 | % | 27.2 | % | (1.5) | pts | (5.5) | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 53.3 | % | 36.4 | % | 16.9 | pts | 46.4 | % | |||||||||||||||
Net Package ADR | $ | 314.43 | $ | 319.16 | $ | (4.73) | (1.5) | % | |||||||||||||||
Net Package RevPAR | $ | 167.73 | $ | 116.05 | $ | 51.68 | 44.5 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 64,543 | $ | 44,902 | $ | 19,641 | 43.7 | % | |||||||||||||||
Net Non-package Revenue | 12,980 | 6,035 | 6,945 | 115.1 | % | ||||||||||||||||||
Owned Net Revenue | 77,523 | 50,937 | 26,586 | 52.2 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 21,498 | $ | 15,088 | $ | 6,410 | 42.5 | % | |||||||||||||||
Owned Resort EBITDA Margin | 27.7 | % | 29.6 | % | (1.9) | pts | (6.4) | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 44.0 | % | 31.2 | % | 12.8 | pts | 41.0 | % | |||||||||||||||
Net Package ADR | $ | 330.29 | $ | 342.58 | $ | (12.29) | (3.6) | % | |||||||||||||||
Net Package RevPAR | $ | 145.39 | $ | 106.93 | $ | 38.46 | 36.0 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 24,368 | $ | 18,021 | $ | 6,347 | 35.2 | % | |||||||||||||||
Net Non-package Revenue | 4,767 | 3,060 | 1,707 | 55.8 | % | ||||||||||||||||||
Owned Net Revenue | 29,135 | 21,081 | 8,054 | 38.2 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 7,563 | $ | 6,056 | $ | 1,507 | 24.9 | % | |||||||||||||||
Owned Resort EBITDA Margin | 26.0 | % | 28.7 | % | (2.7) | pts | (9.4) | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 35.5 | % | 28.6 | % | 6.9 | pts | 24.1 | % | |||||||||||||||
Net Package ADR | $ | 266.65 | $ | 226.04 | $ | 40.61 | 18.0 | % | |||||||||||||||
Net Package RevPAR | $ | 94.73 | $ | 64.74 | $ | 29.99 | 46.3 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 45,334 | $ | 31,152 | $ | 14,182 | 45.5 | % | |||||||||||||||
Net Non-package Revenue | 9,435 | 4,455 | 4,980 | 111.8 | % | ||||||||||||||||||
Owned Net Revenue | 54,769 | 35,607 | 19,162 | 53.8 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 9,592 | $ | 2,908 | $ | 6,684 | 229.8 | % | |||||||||||||||
Owned Resort EBITDA Margin | 17.5 | % | 8.2 | % | 9.3 | pts | 113.4 | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 37.7 | % | 37.0 | % | 0.7 | pts | 1.9 | % | |||||||||||||||
Net Package ADR | $ | 295.96 | $ | 355.09 | $ | (59.13) | (16.7) | % | |||||||||||||||
Net Package RevPAR | $ | 111.51 | $ | 131.43 | $ | (19.92) | (15.2) | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 28,821 | $ | 44,506 | $ | (15,685) | (35.2) | % | |||||||||||||||
Net Non-package Revenue | 7,035 | 7,494 | (459) | (6.1) | % | ||||||||||||||||||
Owned Net Revenue | 35,856 | 52,000 | (16,144) | (31.0) | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 1,292 | $ | 10,976 | $ | (9,684) | (88.2) | % | |||||||||||||||
Owned Resort EBITDA Margin | 3.6 | % | 21.1 | % | (17.5) | pts | (82.9) | % |
Six Months Ended June 30, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 37.7 | % | 35.3 | % | 2.4 | pts | 6.8 | % | |||||||||||||||
Net Package ADR | $ | 296.48 | $ | 380.91 | $ | (84.43) | (22.2) | % | |||||||||||||||
Net Package RevPAR | $ | 111.70 | $ | 134.64 | $ | (22.94) | (17.0) | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 28,872 | $ | 34,992 | (6,120) | (17.5) | % | ||||||||||||||||
Net Non-package Revenue | 6,963 | 6,111 | 852 | 13.9 | % | ||||||||||||||||||
Owned Net Revenue | 35,835 | 41,103 | (5,268) | (12.8) | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 849 | $ | 8,167 | $ | (7,318) | (89.6) | % | |||||||||||||||
Owned Resort EBITDA Margin | 2.4 | % | 19.9 | % | (17.5) | pts | (87.9) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (7,768) | $ | (87,458) | $ | (77,513) | $ | (110,014) | |||||||||||||||
Interest expense | 18,950 | 20,916 | 37,117 | 41,871 | |||||||||||||||||||
Income tax benefit | (12,452) | (14,647) | (14,403) | (13,536) | |||||||||||||||||||
Depreciation and amortization | 20,017 | 22,400 | 40,900 | 47,359 | |||||||||||||||||||
EBITDA | 18,747 | (58,789) | (13,899) | (34,320) | |||||||||||||||||||
Other expense (income) (a) | 628 | (4,853) | 1,334 | (947) | |||||||||||||||||||
Share-based compensation | 3,450 | 2,719 | 6,629 | 5,942 | |||||||||||||||||||
Transaction expense (b) | 139 | 289 | 718 | 875 | |||||||||||||||||||
Severance expense (c) | — | 1,246 | 1,287 | 2,444 | |||||||||||||||||||
Other tax expense (d) | (2) | 231 | 161 | 468 | |||||||||||||||||||
Impairment loss | — | 25,268 | 24,011 | 41,441 | |||||||||||||||||||
Loss on sale of assets | 375 | 1,729 | 648 | 1,729 | |||||||||||||||||||
Non-service cost components of net periodic pension (cost) benefit (e) | (422) | 738 | (479) | 1,289 | |||||||||||||||||||
Adjusted EBITDA | 22,915 | (31,422) | 20,410 | 18,921 | |||||||||||||||||||
Other corporate | 9,635 | 7,606 | 19,029 | 18,577 | |||||||||||||||||||
Management fee income | (452) | 18 | (796) | (627) | |||||||||||||||||||
Owned Resort EBITDA | 32,098 | (23,798) | 38,643 | 36,871 | |||||||||||||||||||
Less: Non-comparable Owned Resort EBITDA | (678) | (2,769) | (859) | 4,652 | |||||||||||||||||||
Comparable Owned Resort EBITDA (f) | $ | 32,776 | $ | (21,029) | $ | 39,502 | $ | 32,219 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash used in operating activities | $ | (13,578) | $ | (28,396) | |||||||
Net cash provided by investing activities | $ | 80,560 | $ | 58,862 | |||||||
Net cash provided by financing activities | $ | 23,520 | $ | 227,544 |
Exhibit Number | Exhibit Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from Playa Hotels & Resorts N.V.’s Quarterly Report on Form 10-Q for the period ended June 30, 2021, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Loss (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Playa Hotels & Resorts N.V. | ||||||||||||||
Date: | August 4, 2021 | By: | /s/ Bruce D. Wardinski | |||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Playa Hotels & Resorts N.V. | ||||||||||||||
Date: | August 4, 2021 | By: | /s/ Ryan Hymel | |||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | August 4, 2021 | /s/ Bruce D. Wardinski | ||||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | August 4, 2021 | /s/ Ryan Hymel | ||||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | August 4, 2021 | /s/ Bruce D. Wardinski | ||||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | August 4, 2021 | /s/ Ryan Hymel | ||||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) |
Jun. 30, 2021
€ / shares
shares
|
Jun. 30, 2021
$ / shares
shares
|
Dec. 31, 2020
€ / shares
shares
|
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Ordinary shares, par value (in euros per share) | (per share) | € 0.10 | $ 0.10 | € 0.10 |
Ordinary shares, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, issued (in shares) | 166,417,879 | 166,417,879 | 136,770,086 |
Ordinary shares, outstanding (in shares) | 164,209,875 | 164,209,875 | 134,571,290 |
Treasury shares, at cost (in shares) | 2,208,004 | 2,208,004 | 2,198,796 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue | ||||
Total revenue | $ 128,803 | $ 982 | $ 206,549 | $ 178,210 |
Direct and selling, general and administrative expenses | ||||
Direct | 79,534 | 20,380 | 139,755 | 118,278 |
Selling, general and administrative | 28,550 | 19,739 | 53,218 | 53,571 |
Depreciation and amortization | 20,017 | 22,400 | 40,900 | 47,359 |
Reimbursed costs | 969 | 458 | 1,482 | 1,408 |
Impairment loss | 0 | 25,268 | 24,011 | 41,441 |
Loss on sale of assets | 375 | 1,729 | 648 | 1,729 |
Gain on insurance proceeds | 0 | (2,950) | 0 | (2,950) |
Direct and selling, general and administrative expenses | 129,445 | 87,024 | 260,014 | 260,836 |
Operating loss | (642) | (86,042) | (53,465) | (82,626) |
Interest expense | (18,950) | (20,916) | (37,117) | (41,871) |
Other (expense) income | (628) | 4,853 | (1,334) | 947 |
Net loss before tax | (20,220) | (102,105) | (91,916) | (123,550) |
Income tax benefit | 12,452 | 14,647 | 14,403 | 13,536 |
Net loss | $ (7,768) | $ (87,458) | $ (77,513) | $ (110,014) |
Earnings per share | ||||
Losses per share - Basic (in dollars per share) | $ (0.05) | $ (0.67) | $ (0.48) | $ (0.85) |
Losses per share - Diluted (in dollars per share) | $ (0.05) | $ (0.67) | $ (0.48) | $ (0.85) |
Weighted average number of shares outstanding during the period - Basic (in shares) | 164,119,693 | 130,466,383 | 162,482,673 | 129,876,545 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 164,119,693 | 130,466,383 | 162,482,673 | 129,876,545 |
Package | ||||
Revenue | ||||
Total revenue | $ 104,780 | $ 302 | $ 168,674 | $ 153,357 |
Non-package | ||||
Revenue | ||||
Total revenue | 22,602 | 240 | 35,597 | 22,818 |
Management fees | ||||
Revenue | ||||
Total revenue | 452 | (18) | 796 | 627 |
Cost reimbursements | ||||
Revenue | ||||
Total revenue | $ 969 | $ 458 | $ 1,482 | $ 1,408 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (7,768) | $ (87,458) | $ (77,513) | $ (110,014) |
Other comprehensive income (loss), net of taxes | ||||
Unrealized gain (loss) on interest rate swaps | 2,926 | 2,926 | 5,820 | (12,122) |
Release of foreign currency translation reserve related to sale of Capri Resort (see Note 4) | 140 | 0 | 140 | 0 |
Pension obligation (loss) gain | (82) | 152 | (93) | 97 |
Total other comprehensive income (loss) | 2,984 | 3,078 | 5,867 | (12,025) |
Comprehensive loss | $ (4,784) | $ (84,380) | $ (71,646) | $ (122,039) |
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative effect of accounting changes, net of tax |
Cumulative Effect, Period of Adoption, Adjusted Balance |
Ordinary Shares |
Ordinary Shares
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Treasury Shares |
Treasury Shares
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Paid-In Capital |
Paid-In Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Accumulated Deficit |
Accumulated Deficit
Cumulative effect of accounting changes, net of tax
|
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | $ 809,651 | $ 14,215 | $ (14,088) | $ 1,001,088 | $ (24,642) | $ (166,922) | $ 3,400 | |||||||
Shareholders' Equity | ||||||||||||||
Net loss | (22,556) | (22,556) | ||||||||||||
Other comprehensive income (loss) | (15,103) | (15,103) | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 493,226 | 4,500 | ||||||||||||
Share-based compensation, net of tax withholdings | 3,189 | $ 55 | $ (34) | 3,168 | ||||||||||
Repurchase of ordinary shares (in shares) | (340,109) | 340,109 | ||||||||||||
Repurchase of ordinary shares | (2,500) | $ (2,500) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 129,274,693 | 2,190,704 | ||||||||||||
Ending balance at Mar. 31, 2020 | 772,681 | $ 14,270 | $ (16,622) | 1,004,256 | (39,745) | (189,478) | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | 809,651 | $ 14,215 | $ (14,088) | 1,001,088 | (24,642) | (166,922) | 3,400 | |||||||
Shareholders' Equity | ||||||||||||||
Net loss | (110,014) | |||||||||||||
Other comprehensive income (loss) | (12,025) | |||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 134,485,477 | 2,198,796 | ||||||||||||
Ending balance at Jun. 30, 2020 | 710,558 | $ 14,861 | $ (16,642) | 1,025,942 | (36,667) | (276,936) | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | $ 809,651 | $ 14,215 | $ (14,088) | 1,001,088 | (24,642) | (166,922) | 3,400 | |||||||
Shareholders' Equity | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201902Member | |||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Ending balance at Dec. 31, 2020 | $ 568,136 | $ (3,408) | $ 564,728 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | $ 1,030,148 | (30,949) | $ (30,949) | (429,292) | (3,408) | $ (432,700) |
Beginning balance (in shares) at Mar. 31, 2020 | 129,274,693 | 2,190,704 | ||||||||||||
Beginning balance at Mar. 31, 2020 | 772,681 | $ 14,270 | $ (16,622) | 1,004,256 | (39,745) | (189,478) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (87,458) | (87,458) | ||||||||||||
Other comprehensive income (loss) | 3,078 | 3,078 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 332,735 | 8,092 | ||||||||||||
Share-based compensation, net of tax withholdings | 2,699 | $ 38 | $ (20) | 2,681 | ||||||||||
Equity issuance, net (in shares) | 4,878,049 | |||||||||||||
Equity issuance, net | 19,558 | $ 553 | 19,005 | |||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 134,485,477 | 2,198,796 | ||||||||||||
Ending balance at Jun. 30, 2020 | 710,558 | $ 14,861 | $ (16,642) | 1,025,942 | (36,667) | (276,936) | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Beginning balance at Dec. 31, 2020 | 568,136 | (3,408) | 564,728 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | 1,030,148 | (30,949) | (30,949) | (429,292) | (3,408) | (432,700) |
Shareholders' Equity | ||||||||||||||
Net loss | (69,745) | (69,745) | ||||||||||||
Other comprehensive income (loss) | 2,883 | 2,883 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 708,285 | 9,208 | ||||||||||||
Share-based compensation, net of tax withholdings | 3,124 | $ 87 | $ (55) | 3,092 | ||||||||||
Equity issuance, net (in shares) | 28,750,000 | |||||||||||||
Equity issuance, net | 137,716 | $ 3,512 | 134,204 | |||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 164,029,575 | 2,208,004 | ||||||||||||
Ending balance at Mar. 31, 2021 | 638,706 | $ 18,470 | $ (16,697) | 1,167,444 | (28,066) | (502,445) | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Beginning balance at Dec. 31, 2020 | 568,136 | $ (3,408) | $ 564,728 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | $ 1,030,148 | (30,949) | $ (30,949) | (429,292) | $ (3,408) | $ (432,700) |
Shareholders' Equity | ||||||||||||||
Net loss | (77,513) | |||||||||||||
Other comprehensive income (loss) | 5,867 | |||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 164,209,875 | 2,208,004 | ||||||||||||
Ending balance at Jun. 30, 2021 | 637,372 | $ 18,492 | $ (16,697) | 1,170,872 | (25,082) | (510,213) | ||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 164,029,575 | 2,208,004 | ||||||||||||
Beginning balance at Mar. 31, 2021 | 638,706 | $ 18,470 | $ (16,697) | 1,167,444 | (28,066) | (502,445) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (7,768) | (7,768) | ||||||||||||
Other comprehensive income (loss) | 2,984 | 2,984 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 180,300 | |||||||||||||
Share-based compensation, net of tax withholdings | 3,450 | $ 22 | 3,428 | |||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 164,209,875 | 2,208,004 | ||||||||||||
Ending balance at Jun. 30, 2021 | $ 637,372 | $ 18,492 | $ (16,697) | $ 1,170,872 | $ (25,082) | $ (510,213) |
Organization, operations and basis of presentation |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, operations and basis of presentation | Organization, operations and basis of presentation Background Playa Hotels & Resorts N.V. (“Playa” or the “Company”) is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. We own and/or manage a portfolio of 22 resorts located in Mexico, the Dominican Republic and Jamaica. Unless otherwise indicated or the context requires otherwise, references in our condensed consolidated financial statements (our “Condensed Consolidated Financial Statements”) to “we,” “our,” “us” and similar expressions refer to Playa and its subsidiaries. COVID-19 impact Due to the spread of the coronavirus (“COVID-19”) global pandemic, and in response to related governmental restrictions and advisories, reductions in scheduled commercial airline service, and potential health risks to our employees and guests, we temporarily suspended operations at all of our resorts from late March through June 2020. Our resorts began reopening in July, in stages, based on incremental easing of government restrictions and advisories and increases in scheduled commercial airline service. As of June 30, 2021, all of our resorts are open. We also implemented additional safety measures at our resorts to mitigate the potential health risks of COVID-19. We cannot predict when our business will return to normalized levels because we cannot predict when all effects of the pandemic will subside. The longer and more severe the pandemic, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our debt. Basis of preparation, presentation and measurement Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (the “Annual Report”). In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2021. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated.
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Significant accounting policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant accounting policies | Significant accounting policies Standards adopted
Standards not yet adopted
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 15) ($ in thousands):
Contract assets and liabilities We do not have any material contract assets as of June 30, 2021 and December 31, 2020 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.
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Property and equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | Property and equipment The balance of property and equipment, net is as follows ($ in thousands):
________ (1) Includes the gross balance of our financing lease right-of-use asset, which was $2.3 million as of June 30, 2021 and December 31, 2020 (see Note 11). Depreciation expense for property and equipment was $40.2 million and $46.7 million for the six months ended June 30, 2021 and 2020, respectively. Depreciation expense was $19.7 million and $22.0 million for the three months ended June 30, 2021 and 2020, respectively. Sale of assets Capri Resort On March 31, 2021, we entered into an agreement to sell our equity interest in the Capri Resort, which is reported within our Yucatán Peninsula reportable segment, for $55.0 million in cash consideration. Upon entering into the agreement, we classified the resort and related deferred tax liabilities as held for sale and recorded an impairment loss of $24.0 million based on the sale price. The sale price is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy (see Note 13). The impairment is recorded within impairment loss in the Condensed Consolidated Statements of Operations. On June 24, 2021, we completed the sale, received total cash consideration of $55.2 million, after customary closing costs, and recognized a loss of $0.5 million within loss on sale of assets in the Condensed Consolidated Statements of Operations. In accordance with our Existing Credit Agreement (as defined in Note 11), we utilized 50% of the net proceeds from the sale of $24.4 million, after deducting incremental expenses, to repay a portion of our Term Loan on June 29, 2021. The remaining net proceeds, after deducting capital expenditures incurred across our portfolio for up to 18 months following the sale, will be used to repay our Term Loan and Term A3 Loan in December 2022. Dreams Puerto Aventuras On February 5, 2021, we completed the sale of the Dreams Puerto Aventuras, which is reported in our Yucatán Peninsula reportable segment, for $34.5 million in cash consideration. Upon closing, we received total cash consideration of $34.3 million, after customary closing costs, and recognized a gain of less than $0.1 million within loss on sale of assets in the Condensed Consolidated Statements of Operations. A portion of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan and Term A3 Loan in February 2023. Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark On May 22, 2020, we completed the sale of the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, which were reported within our Jamaica reportable segment, for $60.0 million in cash consideration. Upon classification as held for sale, we recorded an impairment loss of $25.3 million based on the sale price of the properties, which is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy. Upon closing, we received total cash consideration of $58.7 million, after customary closing costs, and recognized a $1.8 million loss within loss on sale of assets in the Condensed Consolidated Statements of Operations. A portion of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan in May 2022. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of to three years. The following table presents our rental income for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant's net sales.
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Income taxes |
6 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We file tax returns for our entities in key jurisdictions including Mexico, Dominican Republic, Jamaica and the United States. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a general tax rate of 25%. Our other operating subsidiaries are subject to tax rates up to 30%. We recorded income tax benefits of $12.5 million and $14.4 million for the three months and six months ended June 30, 2021, respectively. The income tax benefit recognized in both periods includes the impact of certain discrete adjustments related to the sale of our resorts and our valuation allowance. In connection with the sale of the Capri Resort (see Note 4), we recognized a $5.6 million income tax benefit from the write-off of existing deferred tax liabilities and a $1.2 million income tax expense due to capital gains for the three months ended June 30, 2021. For the six months ended June 30, 2021, we recognized a net $5.5 million income tax benefit from the sale of the Dreams Puerto Aventuras and the Capri Resort, which represents the aggregate tax impact of capital gains, impairment and elimination of existing deferred tax balances. We continually monitor the realizability of our deferred tax assets, which consist primarily of net operating loss carryforwards. After considering the residual economic effects of the COVID-19 pandemic (see Note 1) and the timing of reversals of deferred tax liabilities, we recognized an additional $0.7 million and $3.7 million of valuation allowances against the deferred tax assets of our Mexico and Jamaica entities during the three and six months ended June 30, 2021, respectively. In July 2021, we signed an outstanding Advanced Pricing Agreement (“APA”) for one of our Dominican Republic entities and all of our Dominican Republic entities had effective APAs as of the date of this filing. All APAs are set to expire during the third quarter, but we expect to renegotiate and finalize terms in 2021, which is reflected in our estimated annual effective tax rate calculation. We had no uncertain tax positions or unrecognized tax benefits as of June 30, 2021. We expect no significant changes in unrecognized tax benefits over the next twelve months.
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Related party transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | Related party transactions Relationship with Hyatt Hyatt Hotels Corporation (“Hyatt”) is considered a related party due to its ownership of our ordinary shares by its affiliated entities and representation on our Board of Directors. We pay Hyatt fees associated with the franchise agreements of our resorts operating under the all-ages Hyatt Ziva and adults-only Hyatt Zilara brands and receive reimbursements for guests that pay for their stay using the World of Hyatt® guest loyalty program. Relationship with Sagicor Sagicor Financial Corporation Limited and its affiliated entities (collectively “Sagicor”) is considered a related party due to its ownership of our ordinary shares and representation on our Board of Directors. We pay Sagicor for insurance coverage for one of our Jamaica properties. Sagicor is also a part owner of the Jewel Grande Montego Bay Resort & Spa and compensates us as manager of the property. Relationship with Davidson Kempner Capital Management L.P. Davidson Kempner Capital Management L.P. (DKCM) is the investment manager of multiple affiliated funds and is considered a related party due to the funds' ownership of our ordinary shares following the equity raise in January 2021 (see Note 8). The affiliated funds managed by DKCM are also the lenders to our Property Loan and Additional Credit Facility, which consists of our Term A1, Term A2 and Term A3 loans (see Note 11). We pay DKCM periodic interest payments related to the outstanding debt. Lease with our Chief Executive Officer One of our offices is owned by our Chief Executive Officer and we sublease the space at that location from a third party. Transactions with related parties Transactions between us and related parties during the three and six months ended June 30, 2021 and 2020 were as follows ($ in thousands):
________ (1)Included in direct expense in the Condensed Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense. (2)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.
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Commitments and contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, and workers’ compensation and other employee claims. Most occurrences involving liability and claims of negligence are covered by insurance with solvent insurance carriers. We recognize a liability when we believe the loss is probable and reasonably estimable. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material effect on our Condensed Consolidated Financial Statements. The Dutch corporate income tax act provides the option of a fiscal unity, which is a consolidated tax regime wherein the profits and losses of group companies can be offset against each other. Our Dutch companies file as a fiscal unity, with the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V. Playa Resorts Holding B.V. is the head of our Dutch fiscal unity and is jointly and severally liable for the tax liabilities of the fiscal unity as a whole.
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Ordinary shares |
6 Months Ended |
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Jun. 30, 2021 | |
Equity [Abstract] | |
Ordinary shares | Ordinary shares On January 11, 2021, we issued 28,750,000 ordinary shares with a par value of €0.10 per share in connection with a public equity offering. We received $137.7 million in cash consideration, net of underwriting discounts and customary closing costs. As of June 30, 2021, our ordinary share capital consisted of 164,209,875 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 4,244,706 restricted shares and performance share awards and 27,501 restricted share units were outstanding under the 2017 Plan (as defined in Note 9). The holders of restricted shares and performance share awards are entitled to vote, but not dispose of, such shares until they vest. The holders of restricted share units are neither entitled to vote nor dispose of such shares until they vest.
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Share-based compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation We adopted our 2017 Omnibus Incentive Plan (the “2017 Plan”) to attract and retain independent directors, executive officers and other key employees and service providers. As of June 30, 2021, there were 4,841,947 shares available for future grants under the 2017 Plan. Restricted share awards consist of restricted shares and restricted share units that are granted to eligible employees, executives, and board members and consist of ordinary shares (or the right to receive ordinary shares). A summary of our restricted share awards from January 1, 2021 to June 30, 2021 is as follows:
Performance share awards consist of ordinary shares that may become earned and vested at the end of a three-year performance period based on the achievement of performance targets adopted by our Compensation Committee. On January 4, 2021, we issued 1,027,519 performance share awards with market conditions where 50% of the performance awards will vest based on the total shareholder return of our ordinary shares relative to those of our peer group (“Relative TSR Awards”) and 50% will vest based on the compound annual growth rate of the price of our ordinary shares (“Absolute TSR Awards”). The Relative TSR Awards may vest between 0% and 150% of target, with the award capped at 100% of target should Playa’s TSR be negative. The Absolute TSR Awards may vest up to 100% of target. The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands):
________ (1) Expected volatility was determined based on the historical share prices in our industry. (2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period. A summary of our performance share awards from January 1, 2021 to June 30, 2021 is as follows:
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Earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share Basic and diluted earnings or losses per share (“EPS”) are as follows ($ in thousands, except share data):
For the three and six months ended June 30, 2021 and 2020, 1,027,519 and 1,200,714 shares of unvested performance-based equity awards, respectively, were not included in the computation of diluted EPS after assumed conversions as their effect would have been anti-dilutive. The performance targets of our unvested performance-based equity awards were partially achieved as of June 30, 2021, but were not achieved as of June 30, 2020. For the three and six months ended June 30, 2021 and 2020, 3,244,688 and 2,326,993 shares of unvested restricted share awards were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the three and six months ended June 30, 2021 and 2020, outstanding earnout warrants to acquire a total of 2,987,770 ordinary shares were not included in the computation of diluted EPS after assumed conversions because the warrants were not exercisable as of the end of the respective reporting period.
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Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Our debt consists of the following ($ in thousands):
________ (1)Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had available balances of $85.0 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2)One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both June 30, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3)LIBOR is subject to a 1.0% floor. The interest rate was 4.00% as of both June 30, 2021 and December 31, 2020. Fifth Amendment to Amended and Restated Credit Agreement On February 5, 2021, we entered into the Fifth Amendment to the Amended & Restated Credit Agreement (the “Fifth Amendment”, and collectively with the unamended terms of the Senior Secured Credit Facility, the “Existing Credit Agreement”). The terms of the Senior Secured Credit Facility remain in effect except for the following terms modified by the Fifth Amendment: i.extend the maturity date for $68.0 million of the $85.0 million revolving credit facility through January 2024. The remaining $17.0 million matures in April 2022; ii.repaid the $84.7 million outstanding balance on our Revolving Credit Facility as a condition to maturity extension; iii.increase the interest rate on the extended portion of our revolving credit facility to LIBOR plus an applicable margin of 4.00%; iv.extend the replacement of the total net leverage ratio requirement of the financial covenant with a minimum liquidity balance through March 31, 2022 (the “Relief Period”); v.further modify the financial covenant for certain test dates after the Relief Period; and vi.add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. Second Amendment to Additional Credit Facility On February 5, 2021, we entered into the Second Amendment to the Additional Credit Facility (the “Second Amendment”). The terms of the Additional Credit Facility remain in effect except for the following terms modified by the Second Amendment: i.extend the Relief Period through March 31, 2022; ii.further modify the financial covenant for certain test dates after the Relief Period; and iii.add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. Financial maintenance covenants We were in compliance with all applicable covenants as of June 30, 2021. A summary of our applicable covenants and restrictions is as follows:
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Derivative financial instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments Effective March 29, 2018, we entered into two interest rate swaps to mitigate the interest rate risk inherent to our floating rate debt. The interest rate swaps are not for trading purposes and have fixed notional values of $200.0 million and $600.0 million. The fixed rate paid by us is 2.85% and the variable rate received resets monthly to the one-month LIBOR rate, which results in us fixing LIBOR at 2.85% on $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023. Our interest rate swaps are designated as cash flow hedges, but are deemed ineffective due to the decrease in interest rates. All changes in fair value are recognized through interest expense in the Condensed Consolidated Statements of Operations. The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) As of June 30, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million.
________ (1) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative. The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of June 30, 2021 and December 31, 2020 ($ in thousands):
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Fair value of financial instruments |
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Fair value of financial instruments | Fair value of financial instruments The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. U.S. GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of observability of inputs used in measuring fair value as follows: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Unadjusted quoted prices for similar assets or liabilities in active markets, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. •Level 3: Inputs are unobservable and reflect our judgments about assumptions that market participants would use in pricing an asset or liability. We believe the carrying value of our financial instruments, excluding our debt, approximate their fair values as of June 30, 2021 and December 31, 2020. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements. The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 ($ in thousands):
The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of June 30, 2021 and December 31, 2020 ($ in thousands):
The following table summarizes the valuation techniques used to estimate the fair value of our financial instruments measured at fair value on a recurring basis and our financial instruments not measured at fair value:
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other balance sheet items | Other balance sheet items Trade and other receivables, net The following summarizes the balances of trade and other receivables, net as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. We have not experienced any significant write-offs to our accounts receivable during the three and six months ended June 30, 2021 and 2020. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities. (2) Represents a cash deposit related to the Sanctuary Cap Cana management contract. In April 2021, we entered into an agreement to classify this deposit as key money. Goodwill The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of June 30, 2021 and December 31, 2020 are as follows ($ in thousands):
As a result of COVID-19 and the temporary suspension of operations at our resorts (see Note 1), the forecasted future cash flows of our reporting units materially decreased during the first quarter of 2020. We performed an interim quantitative impairment analysis as of March 31, 2020 and recognized goodwill impairment losses at the following reporting units for the three months ended March 31, 2020 as we determined that their carrying values exceeded their fair value ($ in thousands):
We recognized no goodwill impairment losses on our reporting units during the three and six months ended June 30, 2021. Other intangible assets Other intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following ($ in thousands):
________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years. Amortization expense for intangible assets was $0.7 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively, and $0.4 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. Trade and other payables The following summarizes the balances of trade and other payables as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) The opening balance as of January 1, 2020 was $53.8 million. Other liabilities The following summarizes the balances of other liabilities as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) For the six months ended June 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.4 million and $0.4 million, respectively. For the three months ended June 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the six months ended June 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.5 million and $1.3 million, respectively. For the three months ended June 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.4 million and $0.7 million, respectively. These costs are recorded within other (expense) income in the Condensed Consolidated Statements of Operations. (3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations. We received $8.5 million of additional key money in 2020.
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Segment information |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information We consider each one of our owned resorts to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual resorts. Our operating segments meet the aggregation criteria and thus, we present four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. For the three and six months ended June 30, 2021 and 2020, we have excluded the immaterial amounts of management fees, cost reimbursements and other from our segment reporting. Our operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by our Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, all of whom represent our chief operating decision maker (“CODM”). Financial information for each reportable segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The performance of our business is evaluated primarily on adjusted earnings before interest expense, income tax benefit, and depreciation and amortization expense (“Adjusted EBITDA”), which should not be considered an alternative to net loss or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. The performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fee income (“Owned Resort EBITDA”). We define Adjusted EBITDA as net loss, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax benefit, and depreciation and amortization expense, further adjusted to exclude the following items: (a) impairment loss; (b) loss on sale of assets; (c) other (expense) income; (d) share-based compensation; (e) other tax income (expense); (f) transaction expenses; and (g) severance expenses. There are limitations to using financial measures such as Adjusted EBITDA and Owned Resort EBITDA. For example, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named financial measures that other companies publish to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business or discretionary cash available for investment in our business and investors should carefully consider our U.S. GAAP results presented in our Condensed Consolidated Financial Statements. The following table presents segment owned net revenue and a reconciliation to total revenue for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Segment owned net revenue represents total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net loss for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Represents the non-service cost components of net periodic pension cost (benefit) recorded within other (expense) income in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of June 30, 2021 and December 31, 2020 ($ in thousands):
The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Represents gross additions to property and equipment
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Subsequent events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent eventsIn preparing the interim Condensed Consolidated Financial Statements, there were no subsequent events since June 30, 2021 |
Significant accounting policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation, presentation and measurement | Basis of preparation, presentation and measurement Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (the “Annual Report”). In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2021. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated.
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Standards adopted and Standards not yet adopted | Standards adopted
Standards not yet adopted
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Contract assets and liabilities | Contract assets and liabilities We do not have any material contract assets as of June 30, 2021 and December 31, 2020 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.
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Significant accounting policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Standards Adopted and Standards Not Yet Adopted | Standards adopted
Standards not yet adopted
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 15) ($ in thousands):
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Property and equipment (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment, Net | The balance of property and equipment, net is as follows ($ in thousands):
________ (1) Includes the gross balance of our financing lease right-of-use asset, which was $2.3 million as of June 30, 2021 and December 31, 2020 (see Note 11).
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Schedule of Rental Income | The following table presents our rental income for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant's net sales.
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Related party transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Transactions between us and related parties during the three and six months ended June 30, 2021 and 2020 were as follows ($ in thousands):
________ (1)Included in direct expense in the Condensed Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense. (2)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.
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Share-based compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Share Awards | A summary of our restricted share awards from January 1, 2021 to June 30, 2021 is as follows:
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Summary of Key Inputs Used in Monte-Carlo Simulation | The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands):
________ (1) Expected volatility was determined based on the historical share prices in our industry. (2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period.
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Summary of Performance Share Awards | A summary of our performance share awards from January 1, 2021 to June 30, 2021 is as follows:
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Earnings per share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted EPS | Basic and diluted earnings or losses per share (“EPS”) are as follows ($ in thousands, except share data):
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Debt Components and Covenants | Our debt consists of the following ($ in thousands):
________ (1)Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had available balances of $85.0 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2)One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both June 30, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3)LIBOR is subject to a 1.0% floor. The interest rate was 4.00% as of both June 30, 2021 and December 31, 2020. A summary of our applicable covenants and restrictions is as follows:
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Derivative financial instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations Operations | The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) As of June 30, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million.
________ (1) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative.
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Schedule of Location and Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet | The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of June 30, 2021 and December 31, 2020 ($ in thousands):
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Fair value of financial instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis | The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 ($ in thousands):
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Schedule of Financial Liabilities Not Measured at Fair Value | The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of June 30, 2021 and December 31, 2020 ($ in thousands):
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Summary of Valuation Techniques | The following table summarizes the valuation techniques used to estimate the fair value of our financial instruments measured at fair value on a recurring basis and our financial instruments not measured at fair value:
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Other balance sheet items (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade and Other Receivables, Net | The following summarizes the balances of trade and other receivables, net as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19.
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Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities. (2) Represents a cash deposit related to the Sanctuary Cap Cana management contract. In April 2021, we entered into an agreement to classify this deposit as key money.
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Schedule of Goodwill | The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of June 30, 2021 and December 31, 2020 are as follows ($ in thousands):
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Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following ($ in thousands):
________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years.
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Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following ($ in thousands):
________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years.
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Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) The opening balance as of January 1, 2020 was $53.8 million.
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Schedule of Other Liabilities | The following summarizes the balances of other liabilities as of June 30, 2021 and December 31, 2020 ($ in thousands):
________ (1) For the six months ended June 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.4 million and $0.4 million, respectively. For the three months ended June 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the six months ended June 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.5 million and $1.3 million, respectively. For the three months ended June 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.4 million and $0.7 million, respectively. These costs are recorded within other (expense) income in the Condensed Consolidated Statements of Operations. (3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations. We received $8.5 million of additional key money in 2020.
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Segment information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following table presents segment owned net revenue and a reconciliation to total revenue for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Segment owned net revenue represents total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net loss for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Represents the non-service cost components of net periodic pension cost (benefit) recorded within other (expense) income in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of June 30, 2021 and December 31, 2020 ($ in thousands):
The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the six months ended June 30, 2021 and 2020 ($ in thousands):
________ (1) Represents gross additions to property and equipment
|
Organization, operations and basis of presentation - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
resort
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of resorts in portfolio | 22 |
Significant accounting policies (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity attributable to parent | $ 637,372 | $ 638,706 | $ 568,136 | $ 710,558 | $ 772,681 | $ 809,651 |
Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity attributable to parent | $ (510,213) | $ (502,445) | (429,292) | $ (276,936) | $ (189,478) | (166,922) |
Cumulative effect of accounting changes, net of tax | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity attributable to parent | (3,408) | |||||
Cumulative effect of accounting changes, net of tax | Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity attributable to parent | $ (3,408) | $ 3,400 |
Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Property, Plant and Equipment [Abstract] | ||||
Operating lease income | $ 787 | $ 0 | $ 1,393 | $ 1,146 |
Income taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Statutory income tax rate | 25.00% | |||
Other operating subsidiaries income tax rate (up to) | 0.30 | |||
Income tax benefit | $ 12,452 | $ 14,647 | $ 14,403 | $ 13,536 |
Increase in income tax benefit from write-off of deferred tax liabilities | 5,600 | |||
Increase in income tax provision due to capital gains on sale of Capri Resorts | 1,200 | |||
Income tax benefit for the sale of Dreams Puerto Aventuras and Capri Resort | (5,500) | |||
Valuation allowance against deferred tax assets | $ 700 | $ 3,700 |
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Affiliated Entity | Hyatt | Franchise fees | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | $ 4,459 | $ 1,048 | $ 7,975 | $ 6,564 |
Affiliated Entity | Sagicor | Insurance premiums | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 203 | 119 | 358 | 533 |
Affiliated Entity | Sagicor | Cost reimbursements | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 858 | 442 | 1,288 | 1,164 |
Affiliated Entity | DKCM | Interest expense | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 5,467 | 0 | 10,871 | 0 |
Chief Executive Officer | Lease expense | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | $ 188 | $ 196 | $ 416 | $ 378 |
Ordinary shares - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 11, 2021
USD ($)
shares
|
Mar. 31, 2021
shares
|
Jun. 30, 2020
shares
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
€ / shares
shares
|
Jun. 30, 2021
$ / shares
shares
|
Jan. 11, 2021
€ / shares
|
Dec. 31, 2020
€ / shares
shares
|
|
Class of Stock [Line Items] | |||||||||
Ordinary shares, par value (in euros per share) | (per share) | € 0.10 | $ 0.10 | € 0.10 | € 0.10 | |||||
Cash consideration, net of underwriting discounts | $ | $ 137,700 | $ 137,716 | $ 19,558 | ||||||
Ordinary shares, outstanding (in shares) | 164,209,875 | 164,209,875 | 134,571,290 | ||||||
Ordinary Shares | |||||||||
Class of Stock [Line Items] | |||||||||
Ordinary shares issued (in shares) | 28,750,000 | 28,750,000 | 4,878,049 | ||||||
Restricted Shares and Performance Share Awards | |||||||||
Class of Stock [Line Items] | |||||||||
Shares outstanding (in shares) | 4,244,706 | 4,244,706 | |||||||
Restricted Share Units | |||||||||
Class of Stock [Line Items] | |||||||||
Shares outstanding (in shares) | 27,501 | 27,501 |
Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jan. 04, 2021 |
Jun. 30, 2021 |
|
Peer Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50.00% | |
Grant Date Fair Value by Component | $ 3,088 | |
Volatility Rate | 57.69% | |
Interest Rate | 0.16% | |
Dividend Yield | 0.00% | |
Growth Rate | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50.00% | 50.00% |
Grant Date Fair Value by Component | $ 2,230 | |
Volatility Rate | 57.69% | |
Interest Rate | 0.16% | |
Dividend Yield | 0.00% |
Derivative financial instruments - Narrative (Details) |
Mar. 29, 2018
USD ($)
derivativeContract
|
---|---|
Term Loan | |
Derivative [Line Items] | |
Notional amount | $ 800,000,000.0 |
Interest rate swaps | |
Derivative [Line Items] | |
Number of interest rate swap contracts | derivativeContract | 2 |
Fixed rate | 2.85% |
Interest Rate Swap One | |
Derivative [Line Items] | |
Notional amount | $ 200,000,000.0 |
Interest Rate Swap Two | |
Derivative [Line Items] | |
Notional amount | $ 600,000,000.0 |
Derivative financial instruments - Effects on Comprehensive Loss Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 638,706 | $ 568,136 | $ 772,681 | $ 809,651 | $ 568,136 | $ 809,651 |
Total other comprehensive income (loss) | 2,984 | 2,883 | 3,078 | (15,103) | 5,867 | (12,025) |
Ending balance | 637,372 | 638,706 | 710,558 | 772,681 | 637,372 | 710,558 |
Total amount expected to be reclassified from AOCI to interest expense during next twelve months | 11,700 | |||||
Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 26,369 | 20,164 | 26,369 | 20,164 | ||
Change in fair value | 0 | 0 | 0 | 16,956 | ||
Reclassification from AOCI to interest expense | (2,926) | (2,894) | (2,926) | (1,908) | ||
Total other comprehensive income (loss) | (2,926) | $ (2,894) | (2,926) | $ 15,048 | ||
Ending balance | $ 20,549 | $ 32,286 | $ 20,549 | $ 32,286 |
Derivative financial instruments - Effects on Income Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest rate swaps | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effects on Income Statement | $ 3,591 | $ 9,774 | $ 6,402 | $ 18,503 |
Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest rate swaps | Derivative Liabilities for Ineffective Hedges | Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 35,924 | $ 46,340 |
Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | $ 35,924 | $ 46,340 |
Fair Value Measurements on a Recurring Basis | Interest rate swap | ||
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | 35,924 | 46,340 |
Fair Value Measurements on a Recurring Basis | Level 1 | Interest rate swap | ||
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Level 2 | Interest rate swap | ||
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | 35,924 | 46,340 |
Fair Value Measurements on a Recurring Basis | Level 3 | Interest rate swap | ||
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | $ 0 | $ 0 |
Fair value of financial instruments - Valuation Techniques (Details) |
Jun. 30, 2021 |
---|---|
Interest rate swap | Forecasted LIBOR | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input threshold | 0.0285 |
Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Jan. 01, 2020 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Gross trade and other receivables | $ 42,451 | $ 28,346 | ||
Allowance for doubtful accounts | (2,756) | (2,913) | $ (73,000) | |
Total trade and other receivables, net | 39,695 | 25,433 | ||
Allowance for doubtful accounts | 2,756 | 2,913 | $ 73,000 | |
Bad debt expense | $ (47) | $ (79) | $ 3,100 |
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 4,019 | $ 8,748 |
Prepaid income taxes | 11,743 | 12,731 |
Prepaid other taxes | $ 12,984 | $ 14,033 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total prepayments and other assets | Total prepayments and other assets |
Operating lease right-of-use assets | $ 3,885 | $ 4,263 |
Contract deposit | 2,430 | 2,700 |
Other assets | 4,330 | 5,163 |
Total prepayments and other assets | $ 39,391 | $ 47,638 |
Other balance sheet items - Schedule of Impairment Loss (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2020 |
Jun. 30, 2021 |
|
Goodwill [Line Items] | |||
Impairment Loss | $ 0 | $ 0 | |
Jamaica | |||
Goodwill [Line Items] | |||
Impairment Loss | $ 0 | ||
Jamaica | Jewel Runaway Bay Beach Resort & Waterpark | |||
Goodwill [Line Items] | |||
Impairment Loss | $ 6,946,000 | ||
Jamaica | Jewel Dunn’s River Beach Resort & Spa | |||
Goodwill [Line Items] | |||
Impairment Loss | 5,126,000 | ||
Jamaica | Jewel Paradise Cove Beach Resort & Spa | |||
Goodwill [Line Items] | |||
Impairment Loss | $ 4,101,000 |
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jan. 01, 2020 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Trade payables | $ 21,909 | $ 23,348 | |
Advance deposits | 39,971 | 29,707 | $ 53,800 |
Withholding and other taxes payable | 34,287 | 37,450 | |
Interest payable | 99 | 618 | |
Payroll and related accruals | 17,819 | 15,668 | |
Accrued expenses and other payables | 24,449 | 16,619 | |
Total trade and other payables | $ 138,534 | $ 123,410 |
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Pension obligation | $ 6,313 | $ 6,313 | $ 6,231 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities | Total other liabilities | ||
Lease liabilities | $ 4,391 | $ 4,391 | $ 4,762 | ||
Unfavorable ground lease liability | 2,044 | 2,044 | 2,090 | ||
Key money | 15,323 | 15,323 | 15,790 | ||
Other | 900 | 900 | 895 | ||
Total other liabilities | 28,971 | 28,971 | 29,768 | ||
Service cost component of net periodic pension cost | 400 | $ 400 | 200 | $ 200 | |
Non-service cost components of net periodic pension cost (benefit) | $ 400 | $ 700 | 500 | 1,300 | |
Receipt of key money | $ 0 | $ 8,500 | $ 8,500 |
Segment information - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 5,445 | $ 9,004 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 5,327 | 8,673 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 1,251 | 2,348 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 307 | 230 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 1,631 | 4,286 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 2,138 | 1,809 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 118 | $ 331 |
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