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 | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Playa Hotels & Resorts N.V. TABLE OF CONTENTS | ||||||||
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Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Trade and other receivables, net | |||||||||||
Insurance recoverable | |||||||||||
Accounts receivable from related parties | |||||||||||
Inventories | |||||||||||
Prepayments and other assets | |||||||||||
Property and equipment, net | |||||||||||
Derivative financial instruments | |||||||||||
Goodwill, net | |||||||||||
Other intangible 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
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 (gain) on sale of assets | ( | |||||||||||||||||||||||||
Direct and selling, general and administrative expenses | ||||||||||||||||||||||||||
Operating income (loss) | ( | |||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other income (expense) | ( | |||||||||||||||||||||||||
Net (loss) income before tax | ( | ( | ( | |||||||||||||||||||||||
Income tax (provision) benefit | ( | ( | ( | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
(Loss) earnings per share | ||||||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Diluted | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Weighted average number of shares outstanding during the period - Basic | ||||||||||||||||||||||||||
Weighted average number of shares outstanding during the period - Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income, net of taxes | ||||||||||||||||||||||||||
Gain on interest rate swaps | ||||||||||||||||||||||||||
Release of foreign currency translation reserve related to sale of Capri Resort | ||||||||||||||||||||||||||
Pension obligation gain (loss) | ( | ( | ||||||||||||||||||||||||
Total other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
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 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ |
Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Share-based compensation | |||||||||||
Gain on derivative financial instruments | ( | ( | |||||||||
Impairment loss | |||||||||||
Deferred income taxes | ( | ||||||||||
Loss on sale of assets | |||||||||||
Amortization of key money | ( | ( | |||||||||
Recovery of doubtful accounts | ( | ( | |||||||||
Other | |||||||||||
Changes in assets and liabilities: | |||||||||||
Trade and other receivables, net | ( | ( | |||||||||
Insurance recoverable | ( | ||||||||||
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 provided by (used in) operating activities | ( | ||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Purchase of intangibles | ( | ( | |||||||||
Proceeds from the sale of assets, net | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from ordinary shares, net of issuance costs | |||||||||||
Repayments of debt | ( | ( | |||||||||
Repayments of debt from related parties | ( | ||||||||||
Repayments of borrowings on revolving credit facility | ( | ||||||||||
Repurchase of ordinary shares | ( | ||||||||||
Repurchase of ordinary shares for tax withholdings | ( | ||||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Net cash (used in) 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 | $ | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes, net | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||||||||||
Capital expenditures incurred but not yet paid | $ | $ | |||||||||
Repurchase of ordinary shares not yet settled | $ | $ | |||||||||
Intangible assets capitalized but not yet paid | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Par value of vested restricted share awards | $ | $ |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope | The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. | January 2022 | The adoption of ASU No. 2020-04 and ASU 2021-01 in January 2022 had no impact on our Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022, as we have not modified our variable rate debt that is priced using a spread over one-month London Interbank Offered Rate (“LIBOR”). Additionally, our interest rate swaps mature on March 31, 2023, prior to the anticipated discontinuation of the one-month LIBOR rate on June 30, 2023. We do not expect to modify our interest rate swap contracts prior to their maturity date. |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Non-package revenue(1) | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-package revenue | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Non-package revenue(1) | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-package revenue | |||||||||||||||||||||||||||||||||||
Management fees | |||||||||||||||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Leases | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating lease income (1) | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Related Party | Transaction | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
ALG | Package revenue | $ | $ | $ | $ | |||||||||||||||||||||||||||
Sagicor | Cost reimbursements(1) | $ | $ | $ | $ | |||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Hyatt | Franchise fees(2) | $ | $ | $ | $ | |||||||||||||||||||||||||||
Sagicor | Insurance premiums(2) | $ | $ | $ | $ | |||||||||||||||||||||||||||
Chief Executive Officer | Lease expense(3) | $ | $ | $ | $ | |||||||||||||||||||||||||||
DKCM | Interest expense(4) | $ | $ | $ | $ | |||||||||||||||||||||||||||
AMResorts | Management fees(2) | $ | $ | $ | $ | |||||||||||||||||||||||||||
AMResorts | Marketing fees(3) | $ | $ | $ | $ |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested balance at September 30, 2022 | $ |
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component | Volatility (1) | Interest Rate (2) | Dividend Yield | |||||||||||||||||||||||||||
January 4, 2022 | ||||||||||||||||||||||||||||||||
Peer Shareholder Return | % | $ | % | % | % | |||||||||||||||||||||||||||
Growth Rate | % | $ | % | % | % |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested balance at September 30, 2022 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Denominator | |||||||||||||||||||||||
Denominator for basic EPS - weighted-average number of shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Unvested performance share awards | |||||||||||||||||||||||
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 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||||||||
Revolving Credit Facility (1) | LIBOR + | January 27, 2024 | $ | $ | |||||||||||||||||||
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 Senior Secured Credit Facilities (at stated value) | |||||||||||||||||||||||
Unamortized discount | ( | ( | |||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total Senior Secured Credit Facilities, net | $ | $ | |||||||||||||||||||||
Property Loan | |||||||||||||||||||||||
Property Loan (at stated value) | July 1, 2025 | $ | $ | ||||||||||||||||||||
Unamortized discount | ( | ( | |||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total Property Loan, net | $ | $ | |||||||||||||||||||||
Financing lease obligations | $ | $ | |||||||||||||||||||||
Total debt, net | $ | $ |
Debt | Covenant Terms | |||||||
Senior Secured Credit Facility | We are subject to a total net leverage ratio of | |||||||
Term A1 Loan | Same terms as the Senior Secured Credit Facility. | |||||||
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 |
2022 | 2021 | |||||||||||||
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 | ( | ( | ||||||||||||
Change in fair value | ||||||||||||||
Reclassification from AOCI to interest expense | ( | ( | ||||||||||||
OCI related to our cash flow hedges for the three months ended September 30 | ( | ( | ||||||||||||
AOCI from our cash flow hedges as of September 30 (1) | $ | $ |
Derivative Instruments for Ineffective Hedges | Financial Statement Classification | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Interest rate swaps (1) | Interest expense | $ | $ | $ | ( | $ |
Derivative Assets for Ineffective Hedges | Financial Statement Classification | As of September 30, | As of December 31, | |||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Interest rate swaps | Derivative financial instruments | $ | $ |
Derivative Liabilities for Ineffective Hedges | Financial Statement Classification | As of September 30, | As of December 31, | |||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Interest rate swaps | Derivative financial instruments | $ | $ |
Financial Assets | September 30, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ |
Financial Liabilities | December 31, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ |
Carrying Value | Fair Value | |||||||||||||||||||||||||
As of September 30, 2022 | 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, 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 | $ | $ | $ | $ |
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 September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Gross trade and other receivables (1) | $ | $ | |||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Total trade and other receivables, net | $ | $ |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Advances to suppliers | $ | $ | |||||||||
Prepaid income taxes | |||||||||||
Prepaid other taxes (1) | |||||||||||
Key money | |||||||||||
Other assets | |||||||||||
Total prepayments and other assets | $ | $ |
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Total | |||||||||||||||||||||||||
Gross carrying value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
Net carrying value | $ | $ | $ | $ | $ |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Gross carrying value | |||||||||||
Casino and other licenses (1) | $ | $ | |||||||||
Management contract | |||||||||||
Enterprise resource planning system | |||||||||||
Other | |||||||||||
Total gross carrying value | |||||||||||
Accumulated amortization | |||||||||||
Management contract | ( | ( | |||||||||
Enterprise resource planning system | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total accumulated amortization | ( | ( | |||||||||
Net carrying value | |||||||||||
Casino and other licenses (1) | |||||||||||
Management contract | |||||||||||
Enterprise resource planning system | |||||||||||
Other | |||||||||||
Total net carrying value | $ | $ |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Trade payables | $ | $ | |||||||||
Advance deposits (1) | |||||||||||
Withholding and other taxes payable | |||||||||||
Interest payable | |||||||||||
Payroll and related accruals | |||||||||||
Accrued expenses and other payables(2) | |||||||||||
Total trade and other payables | $ | $ |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Pension obligation (1)(2) | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Unfavorable ground lease liability | |||||||||||
Key money | |||||||||||
Other | |||||||||||
Total other liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | $ | $ | $ | |||||||||||||||||||
Pacific Coast | |||||||||||||||||||||||
Dominican Republic | |||||||||||||||||||||||
Jamaica | |||||||||||||||||||||||
Segment Owned Resort EBITDA | |||||||||||||||||||||||
Other corporate (1) | ( | ( | ( | ( | |||||||||||||||||||
Management fees | |||||||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Impairment loss | ( | ||||||||||||||||||||||
(Loss) gain on sale of assets | ( | ( | ( | ||||||||||||||||||||
Other income (expense) | ( | ||||||||||||||||||||||
Repairs from hurricanes and tropical storms | ( | ( | ( | ( | |||||||||||||||||||
Share-based compensation | ( | ( | ( | ( | |||||||||||||||||||
Other tax expense | ( | ( | |||||||||||||||||||||
Transaction expenses | ( | ( | ( | ( | |||||||||||||||||||
Contract termination costs | ( | ( | |||||||||||||||||||||
Severance expense | ( | ||||||||||||||||||||||
Non-service cost components of net periodic pension cost (benefit) (2) | ( | ||||||||||||||||||||||
Net (loss) income before tax | ( | ( | ( | ||||||||||||||||||||
Income tax (provision) benefit | ( | ( | ( | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | $ | ( |
As of September 30, | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
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 | $ | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
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 | |||||||||||||||||||||||||||
Wyndham Alltra Cancún | Cancún, Mexico | Wyndham (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 | |||||||||||||||||||||||||||
Wyndham Alltra Playa del Carmen | Playa del Carmen, Mexico | Wyndham (adults-only) | 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 | The Luxury Collection by Marriott (adults-only) | Playa | 2008; 2015; 2018 | 324 | |||||||||||||||||||||||||||
Jewel Grande Montego Bay Resort & Spa | Montego Bay, Jamaica | Jewel (condo-hotel) | Playa | 2016; 2017 | 129 | |||||||||||||||||||||||||||
The Yucatán Playa del Carmen All-Inclusive Resort | Playa del Carmen, Mexico | Tapestry Collection by Hilton (adults-only) | Playa | 2012 | 60 | |||||||||||||||||||||||||||
Hyatt Ziva Riviera Cancún | Riviera Maya, Mexico | Hyatt Ziva (all ages) | Playa | 2008; 2021 | 438 | |||||||||||||||||||||||||||
Hyatt Zilara Riviera Maya (3) | Riviera Maya, Mexico | Hyatt Zilara (adults-only) | Playa | 2003; 2022 | 291 | |||||||||||||||||||||||||||
Seadust Cancún Family Resort (4) | Cancún, Mexico | Seadust (all ages) | Playa | 2006; 2022 | 502 | |||||||||||||||||||||||||||
Kimpton Hacienda Tres Ríos Resort, Spa & Nature Park (5) | Playa del Carmen, Mexico | Kimpton (all ages) | Playa | 2008; 2023 | 255 | |||||||||||||||||||||||||||
Wyndham Alltra Riviera Nayarit (6) | Nuevo Vallarta, Mexico | Wyndham (all ages) | Playa | 2009; 2022 | 229 | |||||||||||||||||||||||||||
Total Rooms Operated | 2,228 | |||||||||||||||||||||||||||||||
Total Rooms Owned and Operated | 9,352 |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Package | $ | 171,126 | $ | 124,331 | $ | 46,795 | 37.6 | % | |||||||||||||||
Non-package | 29,874 | 25,211 | 4,663 | 18.5 | % | ||||||||||||||||||
Management fees | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Cost reimbursements | 2,836 | 1,072 | 1,764 | 164.6 | % | ||||||||||||||||||
Total revenue | 204,622 | 151,287 | 53,335 | 35.3 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||||||||
Direct | 117,333 | 90,788 | 26,545 | 29.2 | % | ||||||||||||||||||
Selling, general and administrative | 51,686 | 32,055 | 19,631 | 61.2 | % | ||||||||||||||||||
Depreciation and amortization | 19,502 | 19,927 | (425) | (2.1) | % | ||||||||||||||||||
Reimbursed costs | 2,836 | 1,072 | 1,764 | 164.6 | % | ||||||||||||||||||
Loss (gain) on sale of assets | 2 | (4) | 6 | 150.0 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | 191,359 | 143,838 | 47,521 | 33.0 | % | ||||||||||||||||||
Operating income | 13,263 | 7,449 | 5,814 | 78.1 | % | ||||||||||||||||||
Interest expense | (17,832) | (19,047) | 1,215 | 6.4 | % | ||||||||||||||||||
Other income | 2,608 | 587 | 2,021 | 344.3 | % | ||||||||||||||||||
Net loss before tax | (1,961) | (11,011) | 9,050 | 82.2 | % | ||||||||||||||||||
Income tax provision | (268) | (1,360) | 1,092 | 80.3 | % | ||||||||||||||||||
Net loss | $ | (2,229) | $ | (12,371) | $ | 10,142 | 82.0 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 73.8 | % | 59.3 | % | 14.5 | pts | 24.5 | % | |||||||||||||||
Net Package ADR | $ | 343.28 | $ | 310.65 | $ | 32.63 | 10.5 | % | |||||||||||||||
Net Package RevPAR | $ | 253.17 | $ | 184.19 | $ | 68.98 | 37.5 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 165,930 | $ | 120,717 | $ | 45,213 | 37.5 | % | |||||||||||||||
Net Non-package Revenue | 29,630 | 25,002 | 4,628 | 18.5 | % | ||||||||||||||||||
Management Fee Revenue | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Total Net Revenue | 196,346 | 146,392 | 49,954 | 34.1 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 44,874 | $ | 31,770 | $ | 13,104 | 41.2 | % | |||||||||||||||
Adjusted EBITDA Margin | 22.9 | % | 21.7 | % | 1.2 | pts | 5.5 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 76.6 | % | 60.3 | % | 16.3 | pts | 27.0 | % | |||||||||||||||
Net Package ADR | $ | 335.48 | $ | 301.60 | $ | 33.88 | 11.2 | % | |||||||||||||||
Net Package RevPAR | $ | 257.08 | $ | 181.80 | $ | 75.28 | 41.4 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 132,447 | $ | 93,665 | $ | 38,782 | 41.4 | % | |||||||||||||||
Net Non-package Revenue | 23,394 | 19,553 | 3,841 | 19.6 | % | ||||||||||||||||||
Management Fee Revenue | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Total Net Revenue | 156,627 | 113,891 | 42,736 | 37.5 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 33,570 | $ | 21,299 | $ | 12,271 | 57.6 | % | |||||||||||||||
Adjusted EBITDA Margin | 21.4 | % | 18.7 | % | 2.7 | pts | 14.4 | % |
Three Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Net Package Revenue | |||||||||||||||||||||||
Comparable Net Package Revenue | $ | 132,447 | $ | 93,665 | $ | 38,782 | 41.4 | % | |||||||||||||||
Non-comparable Net Package Revenue | 33,483 | 27,052 | 6,431 | 23.8 | % | ||||||||||||||||||
Net Package Revenue | $ | 165,930 | $ | 120,717 | $ | 45,213 | 37.5 | % | |||||||||||||||
Net Non-package Revenue | |||||||||||||||||||||||
Comparable Net Non-package Revenue | 23,394 | 19,553 | 3,841 | 19.6 | % | ||||||||||||||||||
Non-comparable Net Non-package Revenue | 6,236 | 5,449 | 787 | 14.4 | % | ||||||||||||||||||
Net Non-package Revenue | 29,630 | 25,002 | 4,628 | 18.5 | % | ||||||||||||||||||
Management Fee Revenue | |||||||||||||||||||||||
Comparable Management Fee Revenue | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Non-comparable Management Fee Revenue | — | — | — | — | % | ||||||||||||||||||
Management Fee Revenue | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Total Net Revenue | |||||||||||||||||||||||
Comparable Total Net Revenue | 156,627 | 113,891 | 42,736 | 37.5 | % | ||||||||||||||||||
Non-comparable Total Net Revenue | 39,719 | 32,501 | 7,218 | 22.2 | % | ||||||||||||||||||
Total Net Revenue | 196,346 | 146,392 | 49,954 | 34.1 | % | ||||||||||||||||||
Compulsory tips | 5,440 | 3,823 | 1,617 | 42.3 | % | ||||||||||||||||||
Cost Reimbursements | 2,836 | 1,072 | 1,764 | 164.6 | % | ||||||||||||||||||
Total revenue | $ | 204,622 | $ | 151,287 | $ | 53,335 | 35.3 | % |
Three Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Direct expenses | $ | 117,333 | $ | 90,788 | $ | 26,545 | 29.2 | % | |||||||||||||||
Less: compulsory tips | 5,440 | 3,823 | 1,617 | 42.3 | % | ||||||||||||||||||
Net Direct Expenses | $ | 111,893 | $ | 86,965 | $ | 24,928 | 28.7 | % |
Three Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 27,268 | $ | 19,782 | $ | 7,486 | 37.8 | % | |||||||||||||||
Guest costs | 6,515 | 7,185 | (670) | (9.3) | % | ||||||||||||||||||
Salaries and wages | 39,117 | 31,053 | 8,064 | 26.0 | % | ||||||||||||||||||
Repairs and maintenance | 6,534 | 4,545 | 1,989 | 43.8 | % | ||||||||||||||||||
Utilities and sewage | 12,743 | 9,727 | 3,016 | 31.0 | % | ||||||||||||||||||
Licenses and property taxes | 640 | 663 | (23) | (3.5) | % | ||||||||||||||||||
Incentive and management fees | 779 | 373 | 406 | 108.8 | % | ||||||||||||||||||
Franchise / license fees | 9,553 | 7,527 | 2,026 | 26.9 | % | ||||||||||||||||||
Transportation and travel expenses | 1,417 | 1,132 | 285 | 25.2 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,709 | 1,360 | 349 | 25.7 | % | ||||||||||||||||||
Property and equipment rental expense | 936 | 699 | 237 | 33.9 | % | ||||||||||||||||||
Entertainment expenses and decoration | 2,795 | 1,838 | 957 | 52.1 | % | ||||||||||||||||||
Office supplies | 379 | 296 | 83 | 28.0 | % | ||||||||||||||||||
Other operational expenses | 1,508 | 785 | 723 | 92.1 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 111,893 | $ | 86,965 | $ | 24,928 | 28.7 | % |
Three Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 21,325 | $ | 14,971 | $ | 6,354 | 42.4 | % | |||||||||||||||
Guest costs | 4,791 | 5,314 | (523) | (9.8) | % | ||||||||||||||||||
Salaries and wages | 32,070 | 25,903 | 6,167 | 23.8 | % | ||||||||||||||||||
Repairs and maintenance | 5,661 | 3,932 | 1,729 | 44.0 | % | ||||||||||||||||||
Utilities and sewage | 9,866 | 7,300 | 2,566 | 35.2 | % | ||||||||||||||||||
Licenses and property taxes | 452 | 504 | (52) | (10.3) | % | ||||||||||||||||||
Incentive and management fees | 779 | 373 | 406 | 108.8 | % | ||||||||||||||||||
Franchise / license fees | 7,333 | 5,975 | 1,358 | 22.7 | % | ||||||||||||||||||
Transportation and travel expenses | 808 | 684 | 124 | 18.1 | % | ||||||||||||||||||
Laundry and cleaning expenses | 1,339 | 1,064 | 275 | 25.8 | % | ||||||||||||||||||
Property and equipment rental expense | 474 | 351 | 123 | 35.0 | % | ||||||||||||||||||
Entertainment expenses and decoration | 2,389 | 1,589 | 800 | 50.3 | % | ||||||||||||||||||
Office supplies | 303 | 237 | 66 | 27.8 | % | ||||||||||||||||||
Other operational expenses | 1,028 | 603 | 425 | 70.5 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 88,618 | $ | 68,800 | $ | 19,818 | 28.8 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Package | $ | 535,917 | $ | 293,005 | $ | 242,912 | 82.9 | % | |||||||||||||||
Non-package | 99,492 | 60,808 | 38,684 | 63.6 | % | ||||||||||||||||||
Management fees | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Cost reimbursements | 6,868 | 2,554 | 4,314 | 168.9 | % | ||||||||||||||||||
Total revenue | 645,463 | 357,836 | 287,627 | 80.4 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||||||||
Direct | 343,298 | 230,543 | 112,755 | 48.9 | % | ||||||||||||||||||
Selling, general and administrative | 130,403 | 85,273 | 45,130 | 52.9 | % | ||||||||||||||||||
Depreciation and amortization | 58,630 | 60,827 | (2,197) | (3.6) | % | ||||||||||||||||||
Reimbursed costs | 6,868 | 2,554 | 4,314 | 168.9 | % | ||||||||||||||||||
Impairment loss | — | 24,011 | (24,011) | (100.0) | % | ||||||||||||||||||
Loss on sale of assets | 11 | 644 | (633) | (98.3) | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | 539,210 | 403,852 | 135,358 | 33.5 | % | ||||||||||||||||||
Operating income (loss) | 106,253 | (46,016) | 152,269 | 330.9 | % | ||||||||||||||||||
Interest expense | (39,892) | (56,164) | 16,272 | 29.0 | % | ||||||||||||||||||
Other income (expense) | 7,850 | (747) | 8,597 | 1,150.9 | % | ||||||||||||||||||
Net income (loss) before tax | 74,211 | (102,927) | 177,138 | 172.1 | % | ||||||||||||||||||
Income tax (provision) benefit | (3,168) | 13,043 | (16,211) | (124.3) | % | ||||||||||||||||||
Net income (loss) | $ | 71,043 | $ | (89,884) | $ | 160,927 | 179.0 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 73.7 | % | 46.8 | % | 26.9 | pts | 57.5 | % | |||||||||||||||
Net Package ADR | $ | 363.88 | $ | 302.83 | $ | 61.05 | 20.2 | % | |||||||||||||||
Net Package RevPAR | $ | 268.35 | $ | 141.66 | $ | 126.69 | 89.4 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 521,897 | $ | 284,414 | $ | 237,483 | 83.5 | % | |||||||||||||||
Net Non-package Revenue | 98,577 | 60,229 | 38,348 | 63.7 | % | ||||||||||||||||||
Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Total Net Revenue | 623,660 | 346,112 | 277,548 | 80.2 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 183,521 | $ | 52,180 | $ | 131,341 | 251.7 | % | |||||||||||||||
Adjusted EBITDA Margin | 29.4 | % | 15.1 | % | 14.3 | pts | 94.7 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 74.6 | % | 48.8 | % | 25.8 | pts | 52.9 | % | |||||||||||||||
Net Package ADR | $ | 354.99 | $ | 294.95 | $ | 60.04 | 20.4 | % | |||||||||||||||
Net Package RevPAR | $ | 264.79 | $ | 144.02 | $ | 120.77 | 83.9 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 404,816 | $ | 220,182 | $ | 184,634 | 83.9 | % | |||||||||||||||
Net Non-package Revenue | 76,651 | 47,290 | 29,361 | 62.1 | % | ||||||||||||||||||
Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Total Net Revenue | 484,653 | 268,941 | 215,712 | 80.2 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 131,263 | $ | 32,244 | $ | 99,019 | 307.1 | % | |||||||||||||||
Adjusted EBITDA Margin | 27.1 | % | 12.0 | % | 15.1 | pts | 125.8 | % |
Nine Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Net Package Revenue | |||||||||||||||||||||||
Comparable Net Package Revenue | $ | 404,816 | $ | 220,182 | $ | 184,634 | 83.9 | % | |||||||||||||||
Non-comparable Net Package Revenue | 117,081 | 64,232 | 52,849 | 82.3 | % | ||||||||||||||||||
Net Package Revenue | 521,897 | 284,414 | 237,483 | 83.5 | % | ||||||||||||||||||
Net Non-package Revenue | |||||||||||||||||||||||
Comparable Net Non-package Revenue | 76,651 | 47,290 | 29,361 | 62.1 | % | ||||||||||||||||||
Non-comparable Net Non-package Revenue | 21,926 | 12,939 | 8,987 | 69.5 | % | ||||||||||||||||||
Net Non-package Revenue | 98,577 | 60,229 | 38,348 | 63.7 | % | ||||||||||||||||||
Management Fee Revenue | |||||||||||||||||||||||
Comparable Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Non-comparable Management Fee Revenue | — | — | — | — | % | ||||||||||||||||||
Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Total Net Revenue | |||||||||||||||||||||||
Comparable Total Net Revenue | 484,653 | 268,941 | 215,712 | 80.2 | % | ||||||||||||||||||
Non-comparable Total Net Revenue | 139,007 | 77,171 | 61,836 | 80.1 | % | ||||||||||||||||||
Total Net Revenue | 623,660 | 346,112 | 277,548 | 80.2 | % | ||||||||||||||||||
Compulsory tips | 14,935 | 9,170 | 5,765 | 62.9 | % | ||||||||||||||||||
Cost Reimbursements | 6,868 | 2,554 | 4,314 | 168.9 | % | ||||||||||||||||||
Total revenue | $ | 645,463 | $ | 357,836 | $ | 287,627 | 80.4 | % |
Nine Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Direct expenses | $ | 343,298 | $ | 230,543 | $ | 112,755 | 48.9 | % | |||||||||||||||
Less: compulsory tips | 14,935 | 9,170 | 5,765 | 62.9 | % | ||||||||||||||||||
Net Direct Expenses | $ | 328,363 | $ | 221,373 | $ | 106,990 | 48.3 | % |
Nine Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 78,711 | $ | 46,594 | $ | 32,117 | 68.9 | % | |||||||||||||||
Guest costs | 22,102 | 17,590 | 4,512 | 25.7 | % | ||||||||||||||||||
Salaries and wages | 114,684 | 84,477 | 30,207 | 35.8 | % | ||||||||||||||||||
Repairs and maintenance | 17,134 | 11,468 | 5,666 | 49.4 | % | ||||||||||||||||||
Utilities and sewage | 35,178 | 25,723 | 9,455 | 36.8 | % | ||||||||||||||||||
Licenses and property taxes | 1,853 | 2,218 | (365) | (16.5) | % | ||||||||||||||||||
Incentive and management fees | 2,763 | 806 | 1,957 | 242.8 | % | ||||||||||||||||||
Franchise / license fees | 29,886 | 17,513 | 12,373 | 70.7 | % | ||||||||||||||||||
Transportation and travel expenses | 4,103 | 3,052 | 1,051 | 34.4 | % | ||||||||||||||||||
Laundry and cleaning expenses | 4,647 | 3,313 | 1,334 | 40.3 | % | ||||||||||||||||||
Property and equipment rental expense | 4,071 | 1,328 | 2,743 | 206.6 | % | ||||||||||||||||||
Entertainment expenses and decoration | 8,102 | 4,447 | 3,655 | 82.2 | % | ||||||||||||||||||
Office supplies | 1,014 | 703 | 311 | 44.2 | % | ||||||||||||||||||
Other operational expenses | 4,115 | 2,141 | 1,974 | 92.2 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 328,363 | $ | 221,373 | $ | 106,990 | 48.3 | % |
Nine Months Ended September 30, | Increase/Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Food and beverages | $ | 59,902 | $ | 35,008 | $ | 24,894 | 71.1 | % | |||||||||||||||
Guest costs | 16,036 | 12,976 | 3,060 | 23.6 | % | ||||||||||||||||||
Salaries and wages | 94,124 | 68,930 | 25,194 | 36.6 | % | ||||||||||||||||||
Repairs and maintenance | 14,682 | 9,757 | 4,925 | 50.5 | % | ||||||||||||||||||
Utilities and sewage | 27,133 | 19,598 | 7,535 | 38.4 | % | ||||||||||||||||||
Licenses and property taxes | 1,275 | 1,742 | (467) | (26.8) | % | ||||||||||||||||||
Incentive and management fees | 2,763 | 764 | 1,999 | 261.6 | % | ||||||||||||||||||
Franchise / license fees | 22,291 | 13,877 | 8,414 | 60.6 | % | ||||||||||||||||||
Transportation and travel expenses | 2,315 | 1,825 | 490 | 26.8 | % | ||||||||||||||||||
Laundry and cleaning expenses | 3,545 | 2,567 | 978 | 38.1 | % | ||||||||||||||||||
Property and equipment rental expense | 1,961 | 656 | 1,305 | 198.9 | % | ||||||||||||||||||
Entertainment expenses and decoration | 6,923 | 3,809 | 3,114 | 81.8 | % | ||||||||||||||||||
Office supplies | 781 | 554 | 227 | 41.0 | % | ||||||||||||||||||
Other operational expenses | 2,803 | 1,631 | 1,172 | 71.9 | % | ||||||||||||||||||
Total Net Direct Expenses | $ | 256,534 | $ | 173,694 | $ | 82,840 | 47.7 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Owned Net Revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | 65,594 | $ | 51,209 | $ | 14,385 | 28.1 | % | |||||||||||||||
Pacific Coast | 30,301 | 21,982 | 8,319 | 37.8 | % | ||||||||||||||||||
Dominican Republic | 55,190 | 42,794 | 12,396 | 29.0 | % | ||||||||||||||||||
Jamaica | 43,759 | 29,502 | 14,257 | 48.3 | % | ||||||||||||||||||
Segment Owned Net Revenue | 194,844 | 145,487 | 49,357 | 33.9 | % | ||||||||||||||||||
Other | 716 | 232 | 484 | 208.6 | % | ||||||||||||||||||
Management fees | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Total Net Revenue | $ | 196,346 | $ | 146,392 | $ | 49,954 | 34.1 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | 21,617 | $ | 17,518 | $ | 4,099 | 23.4 | % | |||||||||||||||
Pacific Coast | 10,512 | 6,429 | 4,083 | 63.5 | % | ||||||||||||||||||
Dominican Republic | 14,014 | 11,267 | 2,747 | 24.4 | % | ||||||||||||||||||
Jamaica | 11,267 | 5,632 | 5,635 | 100.1 | % | ||||||||||||||||||
Segment Owned Resort EBITDA | 57,410 | 40,846 | 16,564 | 40.6 | % | ||||||||||||||||||
Other corporate (1) | (13,322) | (9,749) | (3,573) | (36.6) | % | ||||||||||||||||||
Management fees | 786 | 673 | 113 | 16.8 | % | ||||||||||||||||||
Total Adjusted EBITDA | $ | 44,874 | $ | 31,770 | $ | 13,104 | 41.2 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 77.0 | % | 64.7 | % | 12.3 | pts | 19.0 | % | |||||||||||||||
Net Package ADR | $ | 376.40 | $ | 336.35 | $ | 40.05 | 11.9 | % | |||||||||||||||
Net Package RevPAR | $ | 289.87 | $ | 217.75 | $ | 72.12 | 33.1 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 56,696 | $ | 42,589 | $ | 14,107 | 33.1 | % | |||||||||||||||
Net Non-package Revenue | 8,898 | 8,620 | 278 | 3.2 | % | ||||||||||||||||||
Owned Net Revenue | 65,594 | 51,209 | 14,385 | 28.1 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 21,617 | $ | 17,518 | $ | 4,099 | 23.4 | % | |||||||||||||||
Owned Resort EBITDA Margin | 33.0 | % | 34.2 | % | (1.2) | pts | (3.5) | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 72.3 | % | 60.5 | % | 11.8 | pts | 19.5 | % | |||||||||||||||
Net Package ADR | $ | 439.41 | $ | 372.39 | $ | 67.02 | 18.0 | % | |||||||||||||||
Net Package RevPAR | $ | 317.58 | $ | 225.43 | $ | 92.15 | 40.9 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 27,055 | $ | 19,205 | $ | 7,850 | 40.9 | % | |||||||||||||||
Net Non-package Revenue | 3,246 | 2,777 | 469 | 16.9 | % | ||||||||||||||||||
Owned Net Revenue | 30,301 | 21,982 | 8,319 | 37.8 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 10,512 | $ | 6,429 | $ | 4,083 | 63.5 | % | |||||||||||||||
Owned Resort EBITDA Margin | 34.7 | % | 29.2 | % | 5.5 | pts | 18.8 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 70.7 | % | 55.4 | % | 15.3 | pts | 27.6 | % | |||||||||||||||
Net Package ADR | $ | 266.96 | $ | 260.61 | $ | 6.35 | 2.4 | % | |||||||||||||||
Net Package RevPAR | $ | 188.75 | $ | 144.26 | $ | 44.49 | 30.8 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 45,913 | $ | 35,092 | $ | 10,821 | 30.8 | % | |||||||||||||||
Net Non-package Revenue | 9,277 | 7,702 | 1,575 | 20.4 | % | ||||||||||||||||||
Owned Net Revenue | 55,190 | 42,794 | 12,396 | 29.0 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 14,014 | $ | 11,267 | $ | 2,747 | 24.4 | % | |||||||||||||||
Owned Resort EBITDA Margin | 25.4 | % | 26.3 | % | (0.9) | pts | (3.4) | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 81.0 | % | 54.9 | % | 26.1 | pts | 47.5 | % | |||||||||||||||
Net Package ADR | $ | 149.00 | $ | 142.01 | 6.99 | 4.9 | % | ||||||||||||||||
Net Package RevPAR | $ | 120.63 | $ | 78.03 | 42.60 | 54.6 | % | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 12,430 | $ | 8,040 | 4,390 | 54.6 | % | ||||||||||||||||
Net Non-package Revenue | 3,041 | 2,253 | 788 | 35.0 | % | ||||||||||||||||||
Owned Net Revenue | 15,471 | 10,293 | 5,178 | 50.3 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 2,710 | $ | 796 | 1,914 | 240.5 | % | ||||||||||||||||
Owned Resort EBITDA Margin | 17.5 | % | 7.7 | % | 9.8 | pts | 127.3 | % |
Three Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 75.5 | % | 57.7 | % | 17.8 | pts | 30.8 | % | |||||||||||||||
Net Package ADR | $ | 365.65 | $ | 314.62 | $ | 51.03 | 16.2 | % | |||||||||||||||
Net Package RevPAR | $ | 276.05 | $ | 181.39 | $ | 94.66 | 52.2 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 36,266 | $ | 23,831 | $ | 12,435 | 52.2 | % | |||||||||||||||
Net Non-package Revenue | 7,493 | 5,671 | 1,822 | 32.1 | % | ||||||||||||||||||
Owned Net Revenue | 43,759 | 29,502 | 14,257 | 48.3 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 11,267 | $ | 5,632 | $ | 5,635 | 100.1 | % | |||||||||||||||
Owned Resort EBITDA Margin | 25.7 | % | 19.1 | % | 6.6 | pts | 34.6 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Owned Net Revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | 204,200 | $ | 129,879 | $ | 74,321 | 57.2 | % | |||||||||||||||
Pacific Coast | 92,901 | 51,117 | 41,784 | 81.7 | % | ||||||||||||||||||
Dominican Republic | 189,714 | 97,563 | 92,151 | 94.5 | % | ||||||||||||||||||
Jamaica | 131,781 | 65,358 | 66,423 | 101.6 | % | ||||||||||||||||||
Segment Owned Net Revenue | 618,596 | 343,917 | 274,679 | 79.9 | % | ||||||||||||||||||
Other | 1,878 | 726 | 1,152 | 158.7 | % | ||||||||||||||||||
Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Total Net Revenue | $ | 623,660 | $ | 346,112 | $ | 277,548 | 80.2 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Owned Resort EBITDA | |||||||||||||||||||||||
Yucatán Peninsula | $ | 77,049 | $ | 37,714 | $ | 39,335 | 104.3 | % | |||||||||||||||
Pacific Coast | 36,966 | 13,992 | 22,974 | 164.2 | % | ||||||||||||||||||
Dominican Republic | 63,138 | 20,859 | 42,279 | 202.7 | % | ||||||||||||||||||
Jamaica | 40,567 | 6,924 | 33,643 | 485.9 | % | ||||||||||||||||||
Segment Owned Resort EBITDA | 217,720 | 79,489 | 138,231 | 173.9 | % | ||||||||||||||||||
Other corporate (1) | (37,385) | (28,778) | (8,607) | (29.9) | % | ||||||||||||||||||
Management Fee Revenue | 3,186 | 1,469 | 1,717 | 116.9 | % | ||||||||||||||||||
Total Adjusted EBITDA | $ | 183,521 | $ | 52,180 | $ | 131,341 | 251.7 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 74.6 | % | 52.2 | % | 22.4 | pts | 42.9 | % | |||||||||||||||
Net Package ADR | $ | 404.05 | $ | 320.69 | $ | 83.36 | 26.0 | % | |||||||||||||||
Net Package RevPAR | $ | 301.62 | $ | 167.54 | $ | 134.08 | 80.0 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 175,058 | $ | 107,764 | $ | 67,294 | 62.4 | % | |||||||||||||||
Net Non-package Revenue | 29,142 | 22,115 | 7,027 | 31.8 | % | ||||||||||||||||||
Owned Net Revenue | 204,200 | 129,879 | 74,321 | 57.2 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 77,049 | $ | 37,714 | $ | 39,335 | 104.3 | % | |||||||||||||||
Owned Resort EBITDA Margin | 37.7 | % | 29.0 | % | 8.7 | pts | 30.0 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 74.6 | % | 57.2 | % | 17.4 | pts | 30.4 | % | |||||||||||||||
Net Package ADR | $ | 404.05 | $ | 322.79 | $ | 81.26 | 25.2 | % | |||||||||||||||
Net Package RevPAR | $ | 301.62 | $ | 184.59 | $ | 117.03 | 63.4 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 175,058 | $ | 107,133 | $ | 67,925 | 63.4 | % | |||||||||||||||
Net Non-package Revenue | 29,140 | 21,563 | 7,577 | 35.1 | % | ||||||||||||||||||
Owned Net Revenue | 204,198 | 128,696 | 75,502 | 58.7 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 76,864 | $ | 38,956 | $ | 37,908 | 97.3 | % | |||||||||||||||
Owned Resort EBITDA Margin | 37.6 | % | 30.3 | % | 7.3 | pts | 24.1 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 71.4 | % | 49.6 | % | 21.8 | pts | 44.0 | % | |||||||||||||||
Net Package ADR | $ | 449.66 | $ | 347.61 | $ | 102.05 | 29.4 | % | |||||||||||||||
Net Package RevPAR | $ | 321.25 | $ | 172.36 | $ | 148.89 | 86.4 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 81,211 | $ | 43,572 | $ | 37,639 | 86.4 | % | |||||||||||||||
Net Non-package Revenue | 11,690 | 7,545 | 4,145 | 54.9 | % | ||||||||||||||||||
Owned Net Revenue | 92,901 | 51,117 | 41,784 | 81.7 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 36,966 | $ | 13,992 | $ | 22,974 | 164.2 | % | |||||||||||||||
Owned Resort EBITDA Margin | 39.8 | % | 27.4 | % | 12.4 | pts | 45.3 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 74.2 | % | 42.2 | % | 32.0 | pts | 75.8 | % | |||||||||||||||
Net Package ADR | $ | 295.01 | $ | 263.98 | $ | 31.03 | 11.8 | % | |||||||||||||||
Net Package RevPAR | $ | 218.78 | $ | 111.42 | $ | 107.36 | 96.4 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 157,918 | $ | 80,426 | $ | 77,492 | 96.4 | % | |||||||||||||||
Net Non-package Revenue | 31,796 | 17,137 | 14,659 | 85.5 | % | ||||||||||||||||||
Owned Net Revenue | 189,714 | 97,563 | 92,151 | 94.5 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 63,138 | $ | 20,859 | $ | 42,279 | 202.7 | % | |||||||||||||||
Owned Resort EBITDA Margin | 33.3 | % | 21.4 | % | 11.9 | pts | 55.6 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 79.0 | % | 38.0 | % | 41.0 | pts | 107.9 | % | |||||||||||||||
Net Package ADR | $ | 169.15 | $ | 144.88 | $ | 24.27 | 16.8 | % | |||||||||||||||
Net Package RevPAR | $ | 133.56 | $ | 55.03 | $ | 78.53 | 142.7 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 40,837 | $ | 16,825 | $ | 24,012 | 142.7 | % | |||||||||||||||
Net Non-package Revenue | 9,872 | 4,750 | 5,122 | 107.8 | % | ||||||||||||||||||
Owned Net Revenue | 50,709 | 21,575 | 29,134 | 135.0 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 11,065 | $ | (319) | $ | 11,384 | 3,568.7 | % | |||||||||||||||
Owned Resort EBITDA Margin | 21.8 | % | (1.5) | % | 23.3 | pts | 1,553.3 | % |
Nine Months Ended September 30, | Increase / Decrease | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Occupancy | 73.1 | % | 44.4 | % | 28.7 | pts | 64.6 | % | |||||||||||||||
Net Package ADR | $ | 377.83 | $ | 304.13 | $ | 73.70 | 24.2 | % | |||||||||||||||
Net Package RevPAR | $ | 276.29 | $ | 135.06 | $ | 141.23 | 104.6 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 107,710 | $ | 52,652 | $ | 55,058 | 104.6 | % | |||||||||||||||
Net Non-package Revenue | 24,071 | 12,706 | 11,365 | 89.4 | % | ||||||||||||||||||
Owned Net Revenue | 131,781 | 65,358 | 66,423 | 101.6 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 40,567 | $ | 6,924 | $ | 33,643 | 485.9 | % | |||||||||||||||
Owned Resort EBITDA Margin | 30.8 | % | 10.6 | % | 20.2 | pts | 190.6 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss) income | $ | (2,229) | $ | (12,371) | $ | 71,043 | $ | (89,884) | |||||||||||||||
Interest expense | 17,832 | 19,047 | 39,892 | 56,164 | |||||||||||||||||||
Income tax provision (benefit) | 268 | 1,360 | 3,168 | (13,043) | |||||||||||||||||||
Depreciation and amortization | 19,502 | 19,927 | 58,630 | 60,827 | |||||||||||||||||||
EBITDA | 35,373 | 27,963 | 172,733 | 14,064 | |||||||||||||||||||
Other (income) expense (a) | (2,608) | (587) | (7,850) | 747 | |||||||||||||||||||
Share-based compensation | 2,777 | 3,270 | 9,043 | 9,899 | |||||||||||||||||||
Transaction expense (b) | 582 | 210 | 1,384 | 928 | |||||||||||||||||||
Severance expense | — | — | — | 1,287 | |||||||||||||||||||
Other tax expense (c) | — | 67 | — | 228 | |||||||||||||||||||
Contract termination fees | — | 400 | — | 400 | |||||||||||||||||||
Impairment loss | — | — | — | 24,011 | |||||||||||||||||||
Loss (gain) on sale of assets | 2 | (4) | 11 | 644 | |||||||||||||||||||
Repairs from hurricanes and tropical storms (d) | 8,850 | 435 | 8,850 | 435 | |||||||||||||||||||
Non-service cost components of net periodic (cost) benefit | (102) | 16 | (650) | (463) | |||||||||||||||||||
Adjusted EBITDA | 44,874 | 31,770 | 183,521 | 52,180 | |||||||||||||||||||
Other corporate (e)(f) | 13,322 | 9,749 | 37,385 | 28,778 | |||||||||||||||||||
Management fee income | (786) | (673) | (3,186) | (1,469) | |||||||||||||||||||
Owned Resort EBITDA | 57,410 | 40,846 | 217,720 | 79,489 | |||||||||||||||||||
Less: Non-comparable Owned Resort EBITDA | 11,304 | 10,471 | 52,258 | 19,936 | |||||||||||||||||||
Comparable Owned Resort EBITDA(g) | $ | 46,106 | $ | 30,375 | $ | 165,462 | $ | 59,553 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by (used in) operating activities | $ | 136,742 | $ | (14,034) | |||||||
Net cash (used in) provided by investing activities | $ | (21,743) | $ | 76,965 | |||||||
Net cash (used in) provided by financing activities | $ | (36,888) | $ | 20,292 | |||||||
Increase in cash, cash equivalents, and restricted cash | $ | 78,111 | $ | 83,223 |
Total number of shares purchased | Average price paid per share(1) | Total number of shares purchased as part of publicly announced program(2) | Maximum approximate dollar value of shares that may yet be purchased under the program ($ in thousands)(2) | |||||||||||||||||||||||
July 1, 2022 to July 31, 2022 | — | $ | — | — | $ | 83,492 | ||||||||||||||||||||
August 1, 2022 to August 31, 2022 | — | — | — | 83,492 | ||||||||||||||||||||||
September 1, 2022 to September 30, 2022 | 973,931 | 5.93 | 973,931 | 94,227 | ||||||||||||||||||||||
Total | 973,931 | $ | 5.93 | 973,931 | $ | 94,227 |
Exhibit Number | Exhibit Description | |||||||
3.1 | ||||||||
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 September 30, 2022, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income (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: | November 3, 2022 | By: | /s/ Bruce D. Wardinski | |||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Playa Hotels & Resorts N.V. | ||||||||||||||
Date: | November 3, 2022 | By: | /s/ Ryan Hymel | |||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Appendix | An appendix to these rules. | ||||
Article | An article of these rules. | ||||
Articles of Association | The Company's articles of association. | ||||
Audit Committee | The audit committee established by the Board. | ||||
Board | The Company's board of directors. | ||||
Board Meeting | A meeting of the Board. | ||||
Chief Executive Officer | The Company's chief executive officer. | ||||
Committee | The Audit Committee, the Compensation Committee and the Nominating Committee and any other permanent or ad hoc committee established by the Board. | ||||
Committee Charter | The charter concerning the organization, decision-making and other internal matters of the relevant Committee. | ||||
Company | Playa Hotels & Resorts N.V. | ||||
Company Group | The Company and its subsidiaries. | ||||
Company Secretary | The person who is appointed as the Company's company secretary. | ||||
Compensation Committee | The compensation committee established by the Board. | ||||
Conflict of Interests | A direct or indirect personal interest of a Director which conflicts with the interests of the Company and of the business connected with it. | ||||
DCGC | The Dutch Corporate Governance Code. | ||||
Director | A member of the Board. | ||||
Executive Director | An executive Director. | ||||
General Meeting | The Company's general meeting of shareholders. |
Lead Independent Director | The chairman of the Board for purposes of Dutch law and the DCGC. | ||||
NASDAQ | The NASDAQ Stock Market. | ||||
Nominating Committee | The nominating and governance committee established by the Board. | ||||
Non-Executive Director | A Director other than an Executive Director. | ||||
Simple Majority | More than half of the votes cast. |
Date: | November 3, 2022 | /s/ Bruce D. Wardinski | ||||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | November 3, 2022 | /s/ Ryan Hymel | ||||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | November 3, 2022 | /s/ Bruce D. Wardinski | ||||||||||||
Bruce D. Wardinski | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | November 3, 2022 | /s/ Ryan Hymel | ||||||||||||
Ryan Hymel | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
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Condensed Consolidated Balance Sheets (Parenthetical) - € / shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in euros per share) | € 0.10 | € 0.10 |
Ordinary shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Ordinary shares, issued (in shares) | 168,240,253 | 166,646,284 |
Ordinary shares, outstanding (in shares) | 165,058,318 | 164,438,280 |
Treasury shares, at cost (in shares) | 3,181,935 | 2,208,004 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue | ||||
Total revenue | $ 204,622 | $ 151,287 | $ 645,463 | $ 357,836 |
Direct and selling, general and administrative expenses | ||||
Direct | 117,333 | 90,788 | 343,298 | 230,543 |
Selling, general and administrative | 51,686 | 32,055 | 130,403 | 85,273 |
Depreciation and amortization | 19,502 | 19,927 | 58,630 | 60,827 |
Reimbursed costs | 2,836 | 1,072 | 6,868 | 2,554 |
Impairment loss | 0 | 0 | 0 | 24,011 |
Loss (gain) on sale of assets | 2 | (4) | 11 | 644 |
Direct and selling, general and administrative expenses | 191,359 | 143,838 | 539,210 | 403,852 |
Operating income (loss) | 13,263 | 7,449 | 106,253 | (46,016) |
Interest expense | (17,832) | (19,047) | (39,892) | (56,164) |
Other income (expense) | 2,608 | 587 | 7,850 | (747) |
Net (loss) income before tax | (1,961) | (11,011) | 74,211 | (102,927) |
Income tax (provision) benefit | (268) | (1,360) | (3,168) | 13,043 |
Net (loss) income | $ (2,229) | $ (12,371) | $ 71,043 | $ (89,884) |
(Loss) earnings per share | ||||
Earnings (loss) per share - Basic (in dollars per share) | $ (0.01) | $ (0.08) | $ 0.43 | $ (0.55) |
Earnings (loss) per share - Diluted (in dollars per share) | $ (0.01) | $ (0.08) | $ 0.43 | $ (0.55) |
Weighted average number of shares outstanding during the period - Basic (in shares) | 165,979,839 | 164,218,262 | 165,873,539 | 163,067,561 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 165,979,839 | 164,218,262 | 167,124,242 | 163,067,561 |
Package | ||||
Revenue | ||||
Total revenue | $ 171,126 | $ 124,331 | $ 535,917 | $ 293,005 |
Non-package | ||||
Revenue | ||||
Total revenue | 29,874 | 25,211 | 99,492 | 60,808 |
Management fees | ||||
Revenue | ||||
Total revenue | 786 | 673 | 3,186 | 1,469 |
Cost reimbursements | ||||
Revenue | ||||
Total revenue | $ 2,836 | $ 1,072 | $ 6,868 | $ 2,554 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (2,229) | $ (12,371) | $ 71,043 | $ (89,884) |
Other comprehensive income, net of taxes | ||||
Gain on interest rate swaps | 2,958 | 2,958 | 8,778 | 8,778 |
Release of foreign currency translation reserve related to sale of Capri Resort | 0 | 0 | 0 | 140 |
Pension obligation gain (loss) | 155 | 38 | (195) | (55) |
Total other comprehensive income | 3,113 | 2,996 | 8,583 | 8,863 |
Comprehensive income (loss) | $ 884 | $ (9,375) | $ 79,626 | $ (81,021) |
Organization, operations and basis of presentation |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
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 25 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. 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, 2021, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 (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 nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2022. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated.
|
Significant accounting policies |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant accounting policies | Significant accounting policies Share repurchase program and treasury shares From time to time, our Board of Directors (the “Board”) may authorize repurchases of our outstanding ordinary shares. Shares repurchased under Board-authorized repurchase programs are currently held in treasury for general corporate purposes. Treasury shares are accounted for on the trade date under the cost method and recorded as treasury shares on the Condensed Consolidated Balance Sheet as a reduction to shareholders' equity. Standards adopted
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Revenue |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
________ (1) Non-package revenue within Other includes licensing, marketing and other support fees earned from The Playa Collection, which is a third-party owned and operated membership program. Our revenues from The Playa Collection were $0.6 million and $1.3 million for the three and nine months ended September 30, 2022, respectively. Contract assets and liabilities We do not have any material contract assets as of September 30, 2022 and December 31, 2021 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.
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Property and equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | Property and equipment The balance of property and equipment, net is as follows ($ in thousands):
________ (1) Includes the gross balance of our financing lease right-of-use assets, which was $6.3 million as of September 30, 2022 and December 31, 2021. Depreciation expense was $19.1 million and $19.6 million for the three months ended September 30, 2022 and 2021, respectively, and $57.5 million and $59.8 million for the nine months ended September 30, 2022 and 2021, respectively. Hurricane Fiona On September 19, 2022, Hurricane Fiona, a Category 1 hurricane, made landfall on the eastern coast of the Dominican Republic and caused non-structural damage to the Hyatt Ziva and Hyatt Zilara Cap Cana, Hilton La Romana All-Inclusive Resort, Dreams Punta Cana and Dreams Palm Beach resorts. The Hyatt Ziva and Hyatt Zilara Cap Cana and Hilton La Romana All-Inclusive Resort were temporarily closed in late September for necessary clean-up and repairs and are expected to reopen in the fourth quarter of 2022. Our insurance policies provide coverage for business interruption, including lost profits, and reimbursement for costs related to the property damages and losses we have incurred. As a result of Hurricane Fiona, we expect to incur $50.2 million of clean-up and repair expenses and losses on the write off of property and equipment and inventory, which were offset with our expected property damage insurance recoveries of $41.3 million. The net expense due to property damage is recorded within selling, general and administrative expense in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022. We expect to receive our insurance proceeds for our property damage and business interruption claims in late 2022 and early 2023. Our managed property in the Dominican Republic, Sanctuary Cap Cana, also sustained damage from Hurricane Fiona and was temporarily closed in late September for necessary clean-up and repairs. We expect the resort to reopen in the first quarter of 2023. Sale of Capri Resort On March 31, 2021, we entered into an agreement to sell our equity interest in the Capri Resort, which was 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. 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 (gain) on sale of assets in the Condensed Consolidated Statements of Operations. We utilized 50% of the Capri Resort's net proceeds of $24.4 million, after deducting incremental expenses, to repay a portion of our Term Loan on June 29, 2021. Any remaining net proceeds, after deducting capital expenditures incurred across our portfolio for up to 18 months following the sale, are required to be used to repay our Term Loan and Term A3 Loan in December 2022. Sale of Dreams Puerto Aventuras On February 5, 2021, we completed the sale of the Dreams Puerto Aventuras. Upon closing, we received total cash consideration of $34.3 million, after customary closing costs. The net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan and Term A3 Loan in February 2023. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of to three years. The following table presents our rental income for the three and nine months ended September 30, 2022 and 2021 ($ 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 |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We file tax returns for our entities in key jurisdictions including Mexico, Dominican Republic, Jamaica, the United States, and the Netherlands. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a Dutch general tax rate of 25.8%. Our other operating subsidiaries are subject to tax rates up to 30% in the jurisdictions in which they are domiciled. All of our outstanding Advanced Pricing Agreements (“APAs”) for our Dominican Republic entities expired as of December 31, 2021. We are currently in the process of renegotiating the terms of our APAs and expect that the terms will be finalized before the end of 2022. This is reflected in our estimated annual effective tax rate calculation. We had no uncertain tax positions or unrecognized tax benefits as of September 30, 2022. We expect no significant changes in unrecognized tax benefits over the next twelve months. We regularly assess the realizability of our deferred tax assets by evaluating historical and projected future operating results, the reversal of existing temporary differences, taxable income in permitted carry back years, and the availability of tax planning strategies. As of September 30, 2022, a valuation allowance has been maintained as a reserve on substantially all of our net deferred tax assets due to the uncertainty of realization of our loss carry forwards and other deferred tax assets. If our operating results continue to improve and our projections show continued utilization of tax attributes, we may consider that as significant positive evidence and our future reassessment may result in the determination that all or a portion of the valuation allowance is no longer required. The exact timing and amount of the valuation allowance releases are ultimately contingent upon the level of profitability achieved in future periods.
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Related party transactions |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | Related party transactions Relationship with Hyatt and AMResorts Hyatt Hotels Corporation (“Hyatt”) is considered a related party due to its ownership of our ordinary shares by its affiliated entities. Hyatt also had representation on our Board of Directors until August 18, 2021. 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. Hyatt also owns Apple Leisure Group (“ALG”), the brand management platform AMResorts, and various tour operators and travel agencies. We pay AMResorts and its affiliates, as operators of two of our resorts, management and marketing fees, and sell all-inclusive packages through ALG’s tour operators and travel agencies. 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 employee insurance coverage at 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 DKCM funds’ ownership of our ordinary shares. 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 nine months ended September 30, 2022 and 2021 were as follows ($ in thousands):
________ (1)Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2)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. (3)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations. (4)Includes interest expense and amortization of deferred financing costs and discounts.
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Commitments and contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
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. With the exception of Playa Dominican Resort B.V., Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V., our Dutch companies file as a fiscal unity. 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. In 2015, the local taxing authorities in Mexico challenged $3.4 million of value added tax (“VAT”) receivable that was recognized in connection with the renovation of the Hyatt Ziva Cancún. During the second quarter of 2022, the tax authorities ruled in our favor resulting in receipt of the VAT and an additional $6.2 million for interest and inflation since the date the VAT refund was requested. The gain of $6.2 million is reported within other income (expense) in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. In 2019, an appeal was filed by the Mexican Energy Regulatory Commission against the electricity rates that were charged to certain of our resorts in Mexico. During the third quarter of 2022, we received a favorable outcome resulting in the receipt of $4.3 million, of which $0.6 million related to VAT. The gain of $3.7 million is reported within other income (expense) in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022.
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Ordinary shares |
9 Months Ended |
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Sep. 30, 2022 | |
Equity [Abstract] | |
Ordinary shares | Ordinary shares In December 2018, our Board established a $100.0 million share repurchase program, pursuant to which we may repurchase our outstanding ordinary shares as market conditions and our liquidity warrant. Our Board reauthorized and renewed the repurchase authorization in September 2022 so that there was again $100.0 million available under the program. The repurchase program is subject to certain limitations under Dutch law, including the existing repurchase authorization granted by our shareholders. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the three months ended September 30, 2022, we repurchased 973,931 ordinary shares under the program at an average price of $5.93 per share. As of September 30, 2022, we had approximately $94.2 million remaining under our share repurchase program. As of September 30, 2022, our ordinary share capital consisted of 165,058,318 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 3,630,917 restricted shares and performance share awards and 25,326 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 September 30, 2022, there were 3,541,789 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, 2022 to September 30, 2022 is as follows:
Performance share awards consist of ordinary shares that may become earned and vested at the end of a year performance period based on the achievement of performance targets adopted by our Compensation Committee. Our performance shares have market conditions where 50% of the performance share awards will vest based on the total shareholder return (“TSR”) of our ordinary shares relative to those of our peer group and 50% will vest based on the compound annual growth rate of the price of our ordinary shares. The peer shareholder return component may vest between 0% and 150% of target, with the award capped at 100% of target should Playa's TSR be negative. The growth rate component 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 our historical share prices. (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, 2022 to September 30, 2022 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 loss per share (“EPS”) are as follows ($ in thousands, except share data):
For the three and nine months ended September 30, 2022, unvested performance share awards in the amounts of 1,329,123 and 187,500 shares, respectively, were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2021, unvested performance share awards of 1,027,519 were not included in the computation of diluted EPS as their effect would have been anti-dilutive. The performance targets of our unvested performance share awards were partially achieved as of September 30, 2022 and 2021. For the three months ended September 30, 2022, unvested restricted share awards of 2,327,120 were not included in the computation of diluted EPS as their effect would have been anti-dilutive. We had no anti-dilutive unvested restricted share awards for the nine months ended September 30, 2022. For the three and nine months ended September 30, 2021, unvested restricted share awards of 3,225,332 were not included in the computation of diluted EPS as their effect would have been anti-dilutive.
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Debt |
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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 an available balance of $68.0 million and $85.0 million as of September 30, 2022 and December 31, 2021, respectively. (2)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.87% and 3.75% as of September 30, 2022 and December 31, 2021, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.50% and 4.00% as of September 30, 2022 and December 31, 2021, respectively. On May 20, 2022, we repaid $24.9 million of the outstanding balance on our Term Loan in addition to our quarterly principal payments as a result of the sale of the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark in May 2020. The repayment represented 100% of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for 24 months following the sale. Financial maintenance covenants We were in compliance with all applicable covenants as of September 30, 2022. 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 Our two interest rate swaps mitigate the interest rate risk inherent to our floating rate debt, including the Revolving Credit Facility and Term Loan. The interest rate swaps are not for trading purposes and have fixed notional values of $200.0 million and $600.00 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 $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023. Our interest rate swaps are designated as cash flow hedges, but were deemed ineffective due to the decrease in interest rates. All changes in fair value are recognized through interest expense in the Condensed Consolidated Statements of Operations. The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Income (Loss) and Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) As of September 30, 2022, the total amount expected to be reclassified from AOCI to interest expense during the remaining six month term is $5.9 million, which represents prior losses recognized in AOCI when our interest rate swaps were deemed effective hedges.
________ (1) Includes the loss or (gain) from the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative. The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of September 30, 2022 and December 31, 2021 ($ in thousands):
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Fair value of financial instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 and December 31, 2021. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements. The following tables present our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 ($ in thousands):
The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of September 30, 2022 and December 31, 2021 ($ 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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Other balance sheet items |
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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 September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The opening balance as of January 1, 2021 was $28.3 million. We have not experienced any significant write-offs to our accounts receivable during the three and nine months ended September 30, 2022 and 2021. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities. Goodwill We recognized no goodwill impairment losses on our reporting units nor any additions to goodwill during the three and nine months ended September 30, 2022. 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 September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
Other intangible assets Other intangible assets as of September 30, 2022 and December 31, 2021 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. Amortization expense for intangible assets was $0.4 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $1.1 million and $1.0 million for the nine months ended September 30, 2022 and 2021, respectively. Trade and other payables The following summarizes the balances of trade and other payables as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The opening balance as of January 1, 2021 was $29.7 million. (2) As of September 30, 2022, accrued expenses and other payables includes approximately $1.6 million related to share repurchases not yet settled and $49.6 million of unpaid clean up and repair expenses related to Hurricane Fiona. Other liabilities The following summarizes the balances of other liabilities as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The service cost component of net periodic pension cost was $0.2 million for the three months ended September 30, 2022 and 2021. The service cost component of net periodic pension cost was $0.6 million for the nine months ended September 30, 2022 and 2021. The costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended September 30, 2022 and 2021, the non-service cost components of net periodic pension cost were $0.2 million and nominal, respectively. For the nine months ended September 30, 2022 and 2021, the non-service cost components were $0.7 million and $0.5 million, respectively. The costs are recorded within other income (expense) in the Condensed Consolidated Statements of Operations.
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Business segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business segments | Business segments 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 nine months ended September 30, 2022 and 2021, 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 (provision) benefit, and depreciation and amortization expense (“Adjusted EBITDA”) and the performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fee income (“Owned Resort EBITDA”). Adjusted EBITDA and Owned Resort EBITDA should not be considered alternatives to net (loss) income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. We define Adjusted EBITDA as net (loss) income, determined in accordance with U.S. GAAP, for the periods presented, before interest expense, income tax (provision) benefit, and depreciation and amortization expense, further adjusted to exclude the following items: (a) impairment loss; (b) loss (gain) on sale of assets; (c) other income (expense); (d) repairs from hurricanes and tropical storms; (e) share-based compensation; (f) other tax expense; (g) transaction expenses; (h) contract termination costs and (i) severance expenses. Adjusted EBITDA includes corporate expenses, which are overhead costs that are essential to support the operation of the Company, including the operations and development of our resorts. 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 nine months ended September 30, 2022 and 2021 ($ 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) income for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) Other corporate includes revenue generated by The Playa Collection of $0.6 million and $1.3 million for the three and nine months ended September 30, 2022, respectively. (2) Represents the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of September 30, 2022 and December 31, 2021 ($ in thousands):
The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) Represents gross additions to property and equipment
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Subsequent events |
9 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events In preparing the interim Condensed Consolidated Financial Statements, we have evaluated subsequent events through November 3, 2022, which is the date the financial statements were issued. On October 12, 2022, we paid $4.5 million of key money to the owner of one of our managed resorts. During the period from October 1, 2022 through October 31, 2022, we purchased 2,671,010 shares at an average price of $5.73 per share. As of October 31, 2022, we had $78.9 million remaining under our share repurchase program.
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Significant accounting policies (Policies) |
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Share repurchase program and treasury shares | Share repurchase program and treasury shares From time to time, our Board of Directors (the “Board”) may authorize repurchases of our outstanding ordinary shares. Shares repurchased under Board-authorized repurchase programs are currently held in treasury for general corporate purposes. Treasury shares are accounted for on the trade date under the cost method and recorded as treasury shares on the Condensed Consolidated Balance Sheet as a reduction to shareholders' equity.
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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, 2021, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 (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 nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2022. 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 | Standards adopted
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Contract assets and liabilities | Contract assets and liabilities We do not have any material contract assets as of September 30, 2022 and December 31, 2021 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 | Standards adopted
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Revenue (Tables) |
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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):
________ (1) Non-package revenue within Other includes licensing, marketing and other support fees earned from The Playa Collection, which is a third-party owned and operated membership program. Our revenues from The Playa Collection were $0.6 million and $1.3 million for the three and nine months ended September 30, 2022, respectively.
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Property and equipment (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Property and Equipment, Net | The balance of property and equipment, net is as follows ($ in thousands):
________ (1) Includes the gross balance of our financing lease right-of-use assets, which was $6.3 million as of September 30, 2022 and December 31, 2021.
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Schedule of Rental Income | The following table presents our rental income for the three and nine months ended September 30, 2022 and 2021 ($ 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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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Transactions between us and related parties during the three and nine months ended September 30, 2022 and 2021 were as follows ($ in thousands):
________ (1)Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2)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. (3)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations. (4)Includes interest expense and amortization of deferred financing costs and discounts
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Share-based compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Share Awards | A summary of our restricted share awards from January 1, 2022 to September 30, 2022 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 our historical share prices. (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, 2022 to September 30, 2022 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 loss 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 an available balance of $68.0 million and $85.0 million as of September 30, 2022 and December 31, 2021, respectively. (2)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.87% and 3.75% as of September 30, 2022 and December 31, 2021, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.50% and 4.00% as of September 30, 2022 and December 31, 2021, respectively. A summary of our applicable covenants and restrictions is as follows:
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Derivative financial instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations Operations | The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Income (Loss) and Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) As of September 30, 2022, the total amount expected to be reclassified from AOCI to interest expense during the remaining six month term is $5.9 million, which represents prior losses recognized in AOCI when our interest rate swaps were deemed effective hedges.
________ (1) Includes the loss or (gain) from the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative.
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Schedule of Location and Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet | The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of September 30, 2022 and December 31, 2021 ($ in thousands):
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Fair value of financial instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis | The following tables present our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 ($ 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 September 30, 2022 and December 31, 2021 ($ 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The opening balance as of January 1, 2021 was $28.3 million.
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Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities.
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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 September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
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Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets as of September 30, 2022 and December 31, 2021 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.
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Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets as of September 30, 2022 and December 31, 2021 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.
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Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The opening balance as of January 1, 2021 was $29.7 million. (2) As of September 30, 2022, accrued expenses and other payables includes approximately $1.6 million related to share repurchases not yet settled and $49.6 million of unpaid clean up and repair expenses related to Hurricane Fiona.
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Schedule of Other Liabilities | The following summarizes the balances of other liabilities as of September 30, 2022 and December 31, 2021 ($ in thousands):
________ (1) The service cost component of net periodic pension cost was $0.2 million for the three months ended September 30, 2022 and 2021. The service cost component of net periodic pension cost was $0.6 million for the nine months ended September 30, 2022 and 2021. The costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended September 30, 2022 and 2021, the non-service cost components of net periodic pension cost were $0.2 million and nominal, respectively. For the nine months ended September 30, 2022 and 2021, the non-service cost components were $0.7 million and $0.5 million, respectively. The costs are recorded within other income (expense) in the Condensed Consolidated Statements of Operations.
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Business segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2022 and 2021 ($ 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) income for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) Other corporate includes revenue generated by The Playa Collection of $0.6 million and $1.3 million for the three and nine months ended September 30, 2022, respectively. (2) Represents the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of September 30, 2022 and December 31, 2021 ($ in thousands):
The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the nine months ended September 30, 2022 and 2021 ($ in thousands):
________ (1) Represents gross additions to property and equipment
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Organization, operations and basis of presentation - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
resort
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of resorts in portfolio | 25 |
Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Property, Plant and Equipment [Abstract] | ||||
Operating lease income | $ 1,045 | $ 796 | $ 3,347 | $ 2,189 |
Commitment and contingencies - Narrative (Details) - Foreign Tax Authority - Mexican Tax Authority - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2015 |
|
Income Tax Contingency [Line Items] | |||
Value added tax receivable | $ 3,400 | ||
Gain (loss) on value added tax refund, interest and inflation | $ 6,200 | ||
Gain (loss) related to litigation settlement, including value added tax refund | $ 4,300 | ||
Gain (loss) on value added tax refund | 600 | ||
Gain (loss) related to litigation settlement | $ 3,700 |
Ordinary shares - Narrative (Details) |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022
€ / shares
$ / shares
shares
|
Sep. 30, 2022
USD ($)
shares
|
Dec. 31, 2021
€ / shares
shares
|
Dec. 31, 2018
USD ($)
|
|
Class of Stock [Line Items] | ||||
Amount of ordinary shares reauthorized for repurchase | $ | $ 100,000,000 | |||
Repurchase of ordinary shares (in shares) | 973,931 | |||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 5.93 | |||
Remaining authorized amount under share repurchase program | $ | $ 94,200,000 | |||
Ordinary shares, outstanding (in shares) | 165,058,318 | 164,438,280 | ||
Ordinary shares, par value (in euros per share) | € / shares | $ 0.10 | € 0.10 | ||
Restricted Shares and Performance Share Awards | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 3,630,917 | |||
Restricted Share Units | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 25,326 |
Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jan. 04, 2022 |
Sep. 30, 2022 |
|
Peer Shareholder Return | ||
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 | $ 1,689 | |
Volatility | 67.79% | |
Interest Rate | 1.01% | |
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 | $ 1,346 | |
Volatility | 67.79% | |
Interest Rate | 1.01% | |
Dividend Yield | 0.00% |
Earnings per share - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Unvested performance share awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 1,329,123 | 1,027,519 | 187,500 | 1,027,519 |
Unvested restricted share awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 2,327,120 | 3,225,332 | 0 | 3,225,332 |
Derivative financial instruments - Narrative (Details) $ in Millions |
Sep. 30, 2022
USD ($)
derivativeContract
|
---|---|
Term Loan | |
Derivative [Line Items] | |
Notional amount | $ 800.0 |
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 | $ 200.0 |
Interest Rate Swap Two | |
Derivative [Line Items] | |
Notional amount | $ 600.0 |
Derivative financial instruments - Effects on Comprehensive Loss Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 715,842 | $ 679,597 | $ 630,834 | $ 630,058 | $ 631,392 | $ 560,822 | $ 630,834 | $ 560,822 |
Total other comprehensive income | 3,113 | 2,810 | 2,660 | 2,996 | 2,984 | 2,883 | 8,583 | 8,863 |
Ending balance | 713,730 | 715,842 | 679,597 | 623,953 | 630,058 | 631,392 | 713,730 | 623,953 |
Total amount expected to be reclassified from AOCI to interest expense during next twelve months | 5,900 | |||||||
Cash Flow Hedges | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 14,632 | 26,369 | 14,632 | 26,369 | ||||
Change in fair value | 0 | 0 | 0 | 0 | 0 | 0 | ||
Reclassification from AOCI to interest expense | (2,958) | (2,926) | (2,894) | (2,958) | (2,926) | (2,894) | ||
Total other comprehensive income | (2,958) | $ (2,926) | $ (2,894) | (2,958) | $ (2,926) | $ (2,894) | ||
Ending balance | $ 5,854 | $ 17,591 | $ 5,854 | $ 17,591 |
Derivative financial instruments - Effects on Income Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Interest rate swaps | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effects on Income Statement | $ 16 | $ 3,807 | $ (7,776) | $ 10,209 |
Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - Interest rate swaps - Derivative Liabilities for Ineffective Hedges - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 4,979 | $ 0 |
Derivative Financial Instruments, Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 22,543 |
Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair value measurements on a recurring basis: | ||
Financial Assets | $ 4,979 | $ 0 |
Financial Liabilities | 0 | 22,543 |
Fair Value Measurements on a Recurring Basis | Interest rate swaps | ||
Fair value measurements on a recurring basis: | ||
Financial Assets | 4,979 | |
Financial Liabilities | 22,543 | |
Fair Value Measurements on a Recurring Basis | Level 1 | Interest rate swaps | ||
Fair value measurements on a recurring basis: | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | |
Fair Value Measurements on a Recurring Basis | Level 2 | Interest rate swaps | ||
Fair value measurements on a recurring basis: | ||
Financial Assets | 4,979 | |
Financial Liabilities | 22,543 | |
Fair Value Measurements on a Recurring Basis | Level 3 | Interest rate swaps | ||
Fair value measurements on a recurring basis: | ||
Financial Assets | $ 0 | |
Financial Liabilities | $ 0 |
Fair value of financial instruments - Valuation Techniques (Details) |
Sep. 30, 2022 |
---|---|
Interest rate swaps | 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 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Jan. 01, 2021 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Gross trade and other receivables | $ 48,118 | $ 47,382 | |
Allowance for doubtful accounts | (326) | (1,940) | $ (28,300) |
Trade and other receivables, net | 47,792 | 45,442 | |
Allowance for doubtful accounts | $ 326 | $ 1,940 | $ 28,300 |
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 16,300 | $ 8,327 |
Prepaid income taxes | 11,559 | 11,101 |
Prepaid other taxes | $ 4,568 | $ 7,995 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total prepayments and other assets | Total prepayments and other assets |
Operating lease right-of-use assets | $ 3,170 | $ 3,766 |
Key money | 2,295 | 2,376 |
Other assets | 5,317 | 5,075 |
Total prepayments and other assets | $ 43,209 | $ 38,640 |
Other balance sheet items - Schedule of Goodwill (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Goodwill [Roll Forward] | |||
Impairment losses | $ 0 | $ 0 | |
Gross carrying value | 87,610,000 | 87,610,000 | $ 87,610,000 |
Accumulated impairment losses | (25,956,000) | (25,956,000) | (25,956,000) |
Goodwill, total | 61,654,000 | 61,654,000 | 61,654,000 |
Yucatán Peninsula | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 51,731,000 | 51,731,000 | 51,731,000 |
Accumulated impairment losses | (6,168,000) | (6,168,000) | (6,168,000) |
Goodwill, total | 45,563,000 | 45,563,000 | 45,563,000 |
Pacific Coast | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 0 | 0 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill, total | 0 | 0 | 0 |
Dominican Republic | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 0 | 0 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill, total | 0 | 0 | 0 |
Jamaica | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 35,879,000 | 35,879,000 | 35,879,000 |
Accumulated impairment losses | (19,788,000) | (19,788,000) | (19,788,000) |
Goodwill, total | $ 16,091,000 | $ 16,091,000 | $ 16,091,000 |
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Jan. 01, 2021 |
|
Trade and Other Payables [Line Items] | |||||
Trade payables | $ 17,986 | $ 17,986 | $ 23,843 | ||
Advance deposits | 68,089 | 68,089 | 62,644 | $ 29,700 | |
Withholding and other taxes payable | 34,715 | 34,715 | 32,655 | ||
Interest payable | 148 | 148 | 99 | ||
Payroll and related accruals | 25,642 | 25,642 | 23,998 | ||
Accrued expenses and other payables | 71,331 | 71,331 | 16,983 | ||
Total trade and other payables | 217,911 | 217,911 | $ 160,222 | ||
Repurchase of ordinary shares not yet settled | $ 1,621 | $ 0 | |||
Hurricane Fiona | |||||
Trade and Other Payables [Line Items] | |||||
Repair and clean up expense | $ 49,600 |
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Jan. 01, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Pension obligation | $ 7,138,000 | $ 7,138,000 | $ 5,990,000 | |||
Operating lease liabilities | 3,683,000 | 3,683,000 | 4,298,000 | |||
Unfavorable ground lease liability | 1,885,000 | 1,885,000 | 1,967,000 | |||
Key money | 15,619,000 | 15,619,000 | 16,731,000 | |||
Other | 2,146,000 | 2,146,000 | 896,000 | |||
Total other liabilities | 30,471,000 | 30,471,000 | 29,882,000 | |||
Service cost | 200,000 | 600,000 | ||||
Non-service cost components of net periodic pension cost (benefit) | 200,000 | $ 0 | 700,000 | $ 500,000 | ||
Advance deposits | $ 68,089,000 | 68,089,000 | $ 62,644,000 | $ 29,700,000 | ||
Repurchase of ordinary shares not yet settled | $ 1,621,000 | $ 0 |
Business segments - Schedule of Owned Resort EBITDA, Adjusted EBITDA and Reconciliation to Net (Loss) Income (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | $ 44,874,000 | $ 31,770,000 | $ 183,521,000 | $ 52,180,000 | ||||
Management fees | 204,622,000 | 151,287,000 | 645,463,000 | 357,836,000 | ||||
Interest expense | (17,832,000) | (19,047,000) | (39,892,000) | (56,164,000) | ||||
Depreciation and amortization | (19,502,000) | (19,927,000) | (58,630,000) | (60,827,000) | ||||
Impairment loss | 0 | 0 | 0 | (24,011,000) | ||||
(Loss) gain on sale of assets | (2,000) | 4,000 | (11,000) | (644,000) | ||||
Other income (expense) | 2,608,000 | 587,000 | 7,850,000 | (747,000) | ||||
Non-service cost components of net periodic pension cost (benefit) | (200,000) | 0 | (700,000) | (500,000) | ||||
Net (loss) income before tax | (1,961,000) | (11,011,000) | 74,211,000 | (102,927,000) | ||||
Income tax (provision) benefit | (268,000) | (1,360,000) | (3,168,000) | 13,043,000 | ||||
Net (loss) income | (2,229,000) | $ 30,525,000 | $ 42,747,000 | (12,371,000) | $ (7,768,000) | $ (69,745,000) | 71,043,000 | (89,884,000) |
Total revenue | 204,622,000 | 151,287,000 | 645,463,000 | 357,836,000 | ||||
The Playa Collection | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 600,000 | 1,300,000 | ||||||
Total revenue | 600,000 | 1,300,000 | ||||||
Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 786,000 | 673,000 | 3,186,000 | 1,469,000 | ||||
Total revenue | 786,000 | 673,000 | 3,186,000 | 1,469,000 | ||||
Operating Segments | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | 57,410,000 | 40,846,000 | 217,720,000 | 79,489,000 | ||||
Operating Segments | Yucatán Peninsula | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | 21,617,000 | 17,518,000 | 77,049,000 | 37,714,000 | ||||
Management fees | 67,701,000 | 52,806,000 | 210,067,000 | 134,015,000 | ||||
Total revenue | 67,701,000 | 52,806,000 | 210,067,000 | 134,015,000 | ||||
Operating Segments | Yucatán Peninsula | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 35,000 | 0 | 97,000 | 0 | ||||
Total revenue | 35,000 | 0 | 97,000 | 0 | ||||
Operating Segments | Pacific Coast | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | 10,512,000 | 6,429,000 | 36,966,000 | 13,992,000 | ||||
Management fees | 31,200,000 | 22,668,000 | 95,448,000 | 52,770,000 | ||||
Total revenue | 31,200,000 | 22,668,000 | 95,448,000 | 52,770,000 | ||||
Operating Segments | Pacific Coast | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Total revenue | 0 | 0 | 0 | 0 | ||||
Operating Segments | Dominican Republic | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | 14,014,000 | 11,267,000 | 63,138,000 | 20,859,000 | ||||
Management fees | 55,230,000 | 42,832,000 | 189,846,000 | 97,649,000 | ||||
Total revenue | 55,230,000 | 42,832,000 | 189,846,000 | 97,649,000 | ||||
Operating Segments | Dominican Republic | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Total revenue | 0 | 0 | 0 | 0 | ||||
Operating Segments | Jamaica | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | 11,267,000 | 5,632,000 | 40,567,000 | 6,924,000 | ||||
Management fees | 47,445,000 | 31,793,000 | 141,653,000 | 70,623,000 | ||||
Total revenue | 47,445,000 | 31,793,000 | 141,653,000 | 70,623,000 | ||||
Operating Segments | Jamaica | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Total revenue | 0 | 0 | 0 | 0 | ||||
Corporate, Non-Segment | ||||||||
Owned Resort EBITDA | ||||||||
Adjusted EBITDA | (13,322,000) | (9,749,000) | (37,385,000) | (28,778,000) | ||||
Segment Reconciling Items | ||||||||
Owned Resort EBITDA | ||||||||
Interest expense | (17,832,000) | (19,047,000) | (39,892,000) | (56,164,000) | ||||
Depreciation and amortization | (19,502,000) | (19,927,000) | (58,630,000) | (60,827,000) | ||||
Impairment loss | 0 | 0 | 0 | (24,011,000) | ||||
(Loss) gain on sale of assets | (2,000) | 4,000 | (11,000) | (644,000) | ||||
Other income (expense) | 2,608,000 | 587,000 | 7,850,000 | (747,000) | ||||
Repairs from hurricanes and tropical storms | (8,850,000) | (435,000) | (8,850,000) | (435,000) | ||||
Share-based compensation | (2,777,000) | (3,270,000) | (9,043,000) | (9,899,000) | ||||
Other tax expense | 0 | (67,000) | 0 | (228,000) | ||||
Transaction expenses | (582,000) | (210,000) | (1,384,000) | (928,000) | ||||
Contract termination costs | 0 | (400,000) | 0 | (400,000) | ||||
Severance expense | 0 | 0 | 0 | (1,287,000) | ||||
Non-service cost components of net periodic pension cost (benefit) | 102,000 | (16,000) | 650,000 | 463,000 | ||||
Segment Reconciling Items | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 786,000 | 673,000 | 3,186,000 | 1,469,000 | ||||
Total revenue | $ 786,000 | $ 673,000 | $ 3,186,000 | $ 1,469,000 |
Business segments - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 21,505 | $ 8,663 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 20,935 | 8,407 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 6,870 | 2,709 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 3,817 | 536 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 6,249 | 1,874 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 3,999 | 3,288 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 570 | $ 256 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Oct. 12, 2022 |
Oct. 31, 2022 |
Sep. 30, 2022 |
|
Subsequent Event [Line Items] | |||
Repurchase of ordinary shares (in shares) | 973,931 | ||
Average price of shares repurchased (in dollars per share) | $ 5.93 | ||
Remaining authorized amount under share repurchase program | $ 94.2 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Repurchase of ordinary shares (in shares) | 2,671,010 | ||
Average price of shares repurchased (in dollars per share) | $ 5.73 | ||
Remaining authorized amount under share repurchase program | $ 78.9 | ||
Owner Of Managed Resort | Key Money | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Total transactions with related parties | $ 4.5 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2019-12 [Member] |
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