Three Months Ended
- Net Loss was
$87.5 million compared to Net Income of$1.0 million in 2019. Net Loss for the three months endedJune 30, 2020 includes$25.3 million of property and equipment impairment losses,$1.7 million of loss on sale of assets and$3.0 million of gain on insurance proceeds. - Adjusted Net Loss was
$60.3 million compared to Adjusted Net Income of$1.3 million in 2019 - Net Package RevPAR decreased 100.0% versus 2019 to 0, driven by a 7,980 basis point decrease in Occupancy, and a 100.0% decrease in Net Package ADR
- Comparable Net Package RevPAR decreased 100.0% versus 2019 to 0, driven by a 8,130 basis point decrease in Occupancy, and a 100.0% decrease in Net Package ADR
- Owned Resort EBITDA decreased 148.2% versus 2019 to
$(23.8) million - Adjusted EBITDA decreased 178.4% versus 2019 to
$(31.4) million
Six Months Ended
- Net Loss was
$110.0 million compared to Net Income of$44.0 million in 2019. Net Loss for the six months endedJune 30, 2020 includes$16.2 million of goodwill impairment losses,$25.3 million of property and equipment impairment losses,$1.7 million of loss on sale of assets and$3.0 million of gain on insurance proceeds. - Adjusted Net Loss was
$58.9 million compared to Adjusted Net Income of$48.1 million in 2019 - Net Package RevPAR decreased 55.6% versus 2019 to
$100.01 , driven by a 4,630 basis point decrease in Occupancy, partially offset by a 5.4% increase in Net Package ADR - Comparable Net Package RevPAR decreased 55.3% versus 2019 to
$107.35 , driven by a 4,710 basis point decrease in Occupancy, partially offset by a 3.6% increase in Net Package ADR - Owned Resort EBITDA decreased 72.0% versus 2019 to
$36.9 million - Adjusted EBITDA decreased 83.5% versus 2019 to
$18.9 million
“Following an unprecedented period where all of our resorts had to temporarily suspend operations, I am extremely excited to begin reopening our resorts and showing travelers what all-inclusive re-imagined looks like! Our Playa Safe Stay program and our global brand affiliations have enabled us to hit the ground running with confidence to capitalize on the market share opportunity at hand as leisure travelers resume vacationing.
The reopening process is underway in all three of the countries where our resorts are located, as we have opened roughly two-thirds of our managed resorts with the remaining resorts expected to come online in the near future. While it is still very early, I am encouraged by the building momentum as the days pass and word of mouth spreads about our guests safely enjoying themselves in a way that was thought to be a relic of the past just a few short months ago. I have no doubt that we will emerge stronger in each of our markets and look forward to the upcoming travel high season.
Above all, I am immensely overjoyed to welcome back thousands of our associates to the resorts to be a part of this unique moment in time. Together, we look forward to delivering our award-winning Service from the Heart to every customer that comes to vacation at our resorts!”
–
COVID Update
The COVID-19 pandemic and the public health measures that have been undertaken in response have had a significant adverse impact on the global economy, the travel and hospitality industries and our business starting in the first quarter of 2020. The effects of the COVID-19 pandemic, including related government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing,” have significantly disrupted global leisure travel, and has adversely impacted global commercial activity, contributing to worldwide economic contraction and rising unemployment. We expect that the continuing economic fallout will create headwinds for leisure travel even after the current government restrictions are lifted.
Due to the spread of the COVID-19 pandemic and the associated restrictions placed on international travel, we temporarily suspended operations at all of our resorts in late
As of
| Resort | Date Reopened |
| Hyatt Ziva Cancún | |
| Hyatt Zilara Cancún | |
| Panama Jack Resorts Cancún | |
| Hyatt Ziva Rose Hall | |
| Hyatt Zilara Rose Hall | |
| Sanctuary |
|
| Hyatt Ziva Cap Cana | |
| Hyatt Zilara Cap Cana | |
The suspension of operations at all of our resorts during the quarter, which account for all of our revenue, has had a significant adverse effect on our liquidity. As of
- we announced on
June 12, 2020 that we had raised$224.0 million of additional capital from affiliates ofDavidson Kempner Capital Management LP (“DK”) in the form of$204.0 million of additional debt financing and$20.0 million of equity financing at a price of$4.10 per share; - we sold the
Jewel Dunn's River Beach Resort & Spa and theJewel Runaway Bay Beach Resort & Waterpark for a total cash consideration of$60.0 million . The transaction closed inMay 2020 and the cash consideration is reflected in our available cash; - we borrowed an additional
$40.0 million under our Revolving Credit Facility inMarch 2020 , increasing the amount outstanding on the facility to$85.0 million ; - the temporary suspension of operations of all of our resorts significantly reduced the variable cost components of our resort-level operating expenses, including resort franchise and franchise-related fees, management fees and expenses related to our resort employees;
- we have deferred all of our non-critical capital expenditures planned for 2020 and intend to spend a minimal amount on emergency capital expenditures;
- we adopted voluntary senior executive salary reductions, including reducing our Chief Executive Officer’s salary by 100%, these reductions are being phased back in during the third quarter with the exception of our Chief Executive Officer;
- we imposed compensation cuts broadly throughout our corporate workforce and canceled all non-essential corporate travel and spending;
- we have temporarily suspended repurchases of our ordinary shares under our share repurchase program until we have more visibility into the longer-term impact of COVID-19 and economic conditions improve; and
- we also significantly reduced marketing expenditures during the second quarter.
In addition, the recent reduction in the size of our Board of Directors to align with the Company’s size and needs will further reduce our expenses.
We cannot predict when the effects of the pandemic will subside, and thus we cannot predict when we will be able to reopen our remaining resorts, whether our resorts will be permitted to remain open or when our business will return to normalized levels. There also can be no guarantee that when the effects of the pandemic subside that there will not be a later resurgence of the virus or that the demand for lodging, and consumer confidence in travel generally, will recover as quickly as other industries. The longer and more severe the pandemic, and the possibility of repeat or cyclical outbreaks of the virus beyond the one currently being experienced, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our indebtedness. See “Part II - Item 1A. Risk Factors” included in our Quarterly Report on Form 10-Q for additional information.
Financial and Operating Results
The following table sets forth information with respect to the operating results of our total portfolio and comparable portfolio for the three and six months ended
Total Portfolio
| Three Months Ended |
Six Months Ended |
||||||||||||||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
| Occupancy | — | % | 79.8 | % | (79.8 | )pts | 33.6 | % | 79.9 | % | (46.3 | )pts | |||||||||
| Net Package ADR | $ | — | $ | 257.66 | (100.0 | )% | $ | 297.28 | $ | 281.93 | 5.4 | % | |||||||||
| Net Package RevPAR | $ | — | $ | 205.55 | (100.0 | )% | $ | 100.01 | $ | 225.37 | (55.6 | )% | |||||||||
| Total Net Revenue (1) | $ | 524 | $ | 155,454 | (99.7 | )% | $ | 171,688 | $ | 344,395 | (50.1 | )% | |||||||||
| Owned Net Revenue (2) | $ | 522 | $ | 154,889 | (99.7 | )% | $ | 171,026 | $ | 342,894 | (50.1 | )% | |||||||||
| Owned Resort EBITDA (3) | $ | (23,798 | ) | $ | 49,394 | (148.2 | ) % | $ | 36,871 | $ | 131,751 | (72.0 | )% | ||||||||
| Owned Resort EBITDA Margin | (4,559.0 | )% | 31.9 | % | (4,590.9 | )pts | 21.6 | % | 38.4 | % | (16.8 | )pts | |||||||||
| Other corporate | $ | 7,606 | $ | 9,887 | (23.1 | ) % | $ | 18,577 | $ | 18,393 | 1.0 | % | |||||||||
| Management Fee Revenue | $ | (18 | ) | $ | 551 | (103.3 | )% | $ | 627 | $ | 1,485 | (57.8 | )% | ||||||||
| Adjusted EBITDA (4) | $ | (31,422 | ) | $ | 40,058 | (178.4 | ) % | $ | 18,921 | $ | 114,843 | (83.5 | )% | ||||||||
| Adjusted EBITDA Margin | (5,996.6 | )% | 25.8 | % | (6,022.4 | )pts | 11.0 | % | 33.3 | % | (22.3 | )pts | |||||||||
Comparable Portfolio (5)
| Three Months Ended |
Six Months Ended |
||||||||||||||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
| Occupancy | — | % | 81.3 | % | (81.3 | )pts | 35.7 | % | 82.8 | % | (47.1 | )pts | |||||||||
| Net Package ADR | $ | — | $ | 265.62 | (100.0 | )% | $ | 300.49 | $ | 289.99 | 3.6 | % | |||||||||
| Net Package RevPAR | $ | — | $ | 215.89 | (100.0 | )% | $ | 107.35 | $ | 240.13 | (55.3 | )% | |||||||||
| Total Net Revenue (1) | $ | 735 | $ | 132,207 | (99.4 | )% | $ | 129,272 | $ | 287,878 | (55.1 | )% | |||||||||
| Owned Net Revenue (2) | $ | 733 | $ | 131,642 | (99.4 | )% | $ | 128,610 | $ | 286,377 | (55.1 | )% | |||||||||
| Owned Resort EBITDA (3) | $ | (17,342 | ) | $ | 44,552 | (138.9 | ) % | $ | 30,080 | $ | 113,002 | (73.4 | )% | ||||||||
| Owned Resort EBITDA Margin | (2,365.9 | )% | 33.8 | % | (2,399.7 | )pts | 23.4 | % | 39.5 | % | (16.1 | )pts | |||||||||
| Other corporate | $ | 7,606 | $ | 9,887 | (23.1 | ) % | $ | 18,577 | $ | 18,393 | 1.0 | % | |||||||||
| Management Fee Revenue | $ | (18 | ) | $ | 551 | (103.3 | )% | $ | 627 | $ | 1,485 | (57.8 | )% | ||||||||
| Adjusted EBITDA (4) | $ | (24,966 | ) | $ | 35,216 | (170.9 | ) % | $ | 12,130 | $ | 96,094 | (87.4 | )% | ||||||||
| Adjusted EBITDA Margin | (3,396.7 | )% | 26.6 | % | (3,423.3 | )pts | 9.4 | % | 33.4 | % | (24.0 | )pts | |||||||||
(1) Total Net Revenue represents revenue from the sale of all-inclusive packages, which include room accommodations, food and beverage services and entertainment activities, net of compulsory tips paid to employees, as well as revenue from other goods, services and amenities not included in the all-inclusive package. Government mandated compulsory tips in the
(2) Owned Net Revenue excludes Management Fee Revenue and MICE (meetings, incentives, conventions and events) revenue.
(3) A description of how we compute Owned Resort EBITDA and a reconciliation of net income to Owned Resort EBITDA can be found in the section “Definitions of Non-
(4) A description of how we compute Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA can be found in the section “Definitions of Non-
(5) For the three and six months ended
Balance Sheet
As of
The following is a reconciliation of our cash and cash equivalents from
Cash and Cash Equivalents
($ in millions)
| $ | 58.9 | |||
| Plus: Jewels Sales Proceeds | 58.2 | |||
| Less: |
(23.0 | ) | ||
| Less: |
(18.3 | ) | ||
| Plus: DK Capital Raise | 224.0 | |||
| Less: Fees & Expenses (3) | (13.5 | ) | ||
| Less: Restricted Cash Reserve (4) | (27.9 | ) | ||
| Less: Cap Cana Capital Expenditures (5) | (6.7 | ) | ||
| Plus: Other (6) | (0.7 | ) | ||
| $ | 251.0 | |||
(1) Includes
(2) Includes
(3) OID, arranger fees, legal fees, recording and notary fees
(4) 12-months debt service and cash operating expenses for
(5) Represents acceleration of remaining payments
(6) Cash receipts, less other expenses, accounts receivable/accounts payable timing
Fourth Amendment to Amended and Restated Credit Agreement
On
- replace the total net leverage ratio requirement of the financial covenant with a minimum liquidity test until
September 30, 2021 (the “Relief Period”); - modify the financial covenant for certain test dates after the Relief Period as follows:
- 6.50x for the period ended
September 30, 2021 ; - 6.00x for the period ended
December 31, 2021 ; and - 4.75x for periods thereafter.
- 6.50x for the period ended
- add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period.
Additional Credit Facility
On
$35.0 million term loan at fixed rate of 11.4777% (the “Term A1 Loan”);$31.0 million term loan at fixed rate of 11.4777% (the “Term A2 Loan”); and$28.0 million term loan at our option of either a base rate plus a margin of 2.00% or LIBOR plus 3.00% (the “Term A3 Loan”). Term A3 Loan is subject to a 1.0% LIBOR floor consistent with the Existing Credit Agreement.
Prior to the maturity date, the Additional Credit Facility does not require principal payments, but does include mandatory prepayment requirements for the Term A3 Loan that are consistent with the Existing Credit Agreement. Mandatory prepayments are required for certain asset sales, casualty events and condemnation events (the “Triggering Events”) that are not reinvested in our business where our total net leverage ratio is above 4.00x. We may not voluntarily prepay any portion of the Additional Credit Facility prior to
In connection with the Additional Credit Facility, we terminated the remaining
Property Loan Agreement
On
During the term of the Property Loan, we are required to deposit certain cash reserves including reserves for cash operating expenses, debt service and certain property improvement plan required work. We will continue to fund the reserves until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive calendar quarters. These reserves are presented as restricted cash on our Condensed Consolidated Balance Sheet, which had a balance of
Earnings Call
The Company will host a conference call to discuss its second quarter results on
About the Company
Playa is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in
Forward-Looking Statements
This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Playa’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various factors that could cause actual outcomes or results to differ materially from those indicated in these statements. including the risks described under the sections entitled “Risk Factors” of Playa’s Annual Report on Form 10-K, filed with the SEC on February 27, 2020 and Quarterly Report on Form 10-Q filed
Definitions of Non-
Occupancy
“Occupancy” represents the total number of rooms sold for a period divided by the total number of rooms available during such period. The total number of rooms available excludes any rooms considered “Out of Order” due to renovation or a temporary problem rendering them inadequate for occupancy for an extended period of time. Occupancy is a useful measure of the utilization of a resort’s total available capacity and can be used to gauge demand at a specific resort or group of properties during a given period. Occupancy levels also enable us to optimize Net Package ADR by increasing or decreasing the stated rate for our all-inclusive packages as demand for a resort increases or decreases.
Net Package Average Daily Rate (“Net Package ADR”)
“Net Package ADR” represents total Net Package Revenue for a period divided by the total number of rooms sold during such period. Net Package ADR trends and patterns provide useful information concerning the pricing environment and the nature of the guest base of our portfolio or comparable portfolio, as applicable. Net Package ADR is a commonly used performance measure in the all-inclusive segment of the lodging industry, and is commonly used to assess the stated rates that guests are willing to pay through various distribution channels.
Net Package Revenue per
“Net Package RevPAR” is the product of Net Package ADR and the average daily occupancy percentage. Net Package RevPAR does not reflect the impact of non-package revenue. Although Net Package RevPAR does not include this additional revenue, it generally is considered the key performance measure in the all-inclusive segment of the lodging industry to identify trend information with respect to net room revenue produced by our portfolio or comparable portfolio, as applicable, and to evaluate operating performance on a consolidated basis or a regional basis, as applicable.
Net Package Revenue,
“Net Package Revenue” is derived from the sale of all-inclusive packages, which include room accommodations, food and beverage services and entertainment activities, net of compulsory tips paid to employees. Government mandated compulsory tips in the
“Net Non-package Revenue” represents all other revenues earned from the operations of our resorts, other than Net Package Revenue, net of compulsory tips paid to employees. Government mandated compulsory tips in the
“Owned Net Revenue” represents Net Package Revenue and
“Management Fee Revenue” is derived from fees earned for managing hotels owned by third-parties. The fees earned are typically composed of a base fee, which is computed as a percentage of revenue, and an incentive fee, which is computed as a percentage of profitability.
“Total Net Revenue” represents Net Package Revenue,
The following table shows a reconciliation of Net Package Revenue,
Total Portfolio
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net Package Revenue | |||||||||||||||
| Comparable Net Package Revenue | $ | 535 | $ | 111,412 | $ | 110,816 | $ | 246,236 | |||||||
| Non-comparable Net Package Revenue | (233 | ) | 19,484 | 37,582 | 48,447 | ||||||||||
| Net Package Revenue | 302 | 130,896 | 148,398 | 294,683 | |||||||||||
| Comparable |
218 | 20,244 | 17,829 | 40,157 | |||||||||||
| Non-comparable |
22 | 3,763 | 4,834 | 8,070 | |||||||||||
| 240 | 24,007 | 22,663 | 48,227 | ||||||||||||
| Management Fee Revenue | |||||||||||||||
| Comparable Management Fee Revenue | (18 | ) | 551 | 627 | 1,485 | ||||||||||
| Non-comparable Management Fee Revenue | — | — | — | — | |||||||||||
| Management Fee Revenue | (18 | ) | 551 | 627 | 1,485 | ||||||||||
| Total Net Revenue | |||||||||||||||
| Comparable Total Net Revenue | 735 | 132,207 | 129,272 | 287,878 | |||||||||||
| Non-comparable Total Net Revenue | (211 | ) | 23,247 | 42,416 | 56,517 | ||||||||||
| Total Net Revenue | 524 | 155,454 | 171,688 | 344,395 | |||||||||||
| Compulsory tips | — | 5,620 | 5,114 | 11,887 | |||||||||||
| Cost Reimbursements | 458 | 2,949 | 1,408 | 3,537 | |||||||||||
| Total revenue | $ | 982 | $ | 164,023 | $ | 178,210 | $ | 359,819 | |||||||
EBITDA, Adjusted EBITDA, Owned Resort EBITDA, Owned Resort EBITDA Margin and Adjusted EBITDA Margin
We define EBITDA, a non-
- Other income or expense
- Pre-opening expense
- Transaction expenses
- Severance expense
- Other tax expense
- Gain on property damage insurance proceeds
- Share-based compensation
- Loss on extinguishment of debt
- Other items which may include, but are not limited to the following: management contract termination fees; gains or losses from legal settlements; repairs from hurricanes and tropical storms and impairment losses.
We include the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations.
“Owned Resort EBITDA” represents Adjusted EBITDA before corporate expenses and Management Fee Revenue.
“Owned Resort EBITDA Margin” represents Owned Resort EBITDA as a percentage of Owned Net Revenue.
“Adjusted EBITDA Margin” represents Adjusted EBITDA as a percentage of Total Net Revenue.
Adjusted Net (Loss) Income
“Adjusted Net (Loss) Income” represents net income or loss attributable to Playa, determined in accordance with
Non-
We believe that each of Net Package Revenue,
We also believe that Adjusted EBITDA is useful to investors for two principal reasons. First, we believe Adjusted EBITDA assists investors in comparing our performance over various reporting periods on a consistent basis by removing from our operating results the impact of items that do not reflect our core operating performance. For example, changes in foreign exchange rates (which are the principal driver of changes in other expense), and expenses related to capital raising, strategic initiatives and other corporate initiatives, such as expansion into new markets (which are the principal drivers of changes in transaction expenses), are not indicative of the operating performance of our resorts. The other adjustments included in our definition of Adjusted EBITDA relate to items that occur infrequently and therefore would obstruct the comparability of our operating results over reporting periods. For example, revenue from insurance policies, other than business interruption insurance policies, is infrequent in nature, and we believe excluding these expense and revenue items permits investors to better evaluate the core operating performance of our resorts over time. We believe Adjusted EBITDA Margin provides our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful.
The second principal reason that we believe Adjusted EBITDA is useful to investors is that it is considered a key performance indicator by our board of directors (our “Board”) and management. In addition, the compensation committee of our Board determines the annual variable compensation for certain members of our management based, in part, on consolidated Adjusted EBITDA. We believe that Adjusted EBITDA is useful to investors because it provides investors with information utilized by our Board and management to assess our performance and may (subject to the limitations described below) enable investors to compare the performance of our portfolio to our competitors.
Adjusted Net (Loss) Income is non-GAAP performance measure that provides meaningful comparisons of ongoing operating results, by removing from net income the impact of items that do not reflect our normalized operations.
Our non-
Comparable Non-
We believe that presenting Adjusted EBITDA, Total Net Revenue, Net Package Revenue and
Our comparable resorts for the three and six months ended
A reconciliation of net income as computed under
Playa Hotels & Resorts N.V.
Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Owned Resort EBITDA
($ in thousands)
The following is a reconciliation of our
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net (loss) income | $ | (87,458 | ) | $ | 1,040 | $ | (110,014 | ) | $ | 44,028 | |||||
| Interest expense | 20,916 | 10,666 | 41,871 | 24,860 | |||||||||||
| Income tax benefit | (14,647 | ) | (1,008 | ) | (13,536 | ) | (11,555 | ) | |||||||
| Depreciation and amortization | 22,400 | 25,908 | 47,359 | 48,219 | |||||||||||
| EBITDA | (58,789 | ) | 36,606 | (34,320 | ) | 105,552 | |||||||||
| Other (income) expense (a) | (4,853 | ) | (364 | ) | (947 | ) | 238 | ||||||||
| Share-based compensation | 2,719 | 2,014 | 5,942 | 4,762 | |||||||||||
| Pre-opening expenses | — | 202 | — | 291 | |||||||||||
| Transaction expense (b) | 289 | 1,273 | 875 | 3,240 | |||||||||||
| Severance expense (c) | 1,246 | 133 | 2,444 | 133 | |||||||||||
| Other tax expense (d) | 231 | 443 | 468 | 802 | |||||||||||
| Impairment loss (e) | 25,268 | — | 41,441 | — | |||||||||||
| Loss on sale of assets | 1,729 | — | 1,729 | — | |||||||||||
| Non-service cost components of net periodic pension benefit (cost) (f) | 738 | (249 | ) | 1,289 | (175 | ) | |||||||||
| Adjusted EBITDA | (31,422 | ) | 40,058 | 18,921 | 114,843 | ||||||||||
| Other corporate | 7,606 | 9,887 | 18,577 | 18,393 | |||||||||||
| Management fee income | 18 | (551 | ) | (627 | ) | (1,485 | ) | ||||||||
| Owned Resort EBITDA | (23,798 | ) | 49,394 | 36,871 | 131,751 | ||||||||||
| Less: Non-comparable Owned Resort EBITDA | (6,456 | ) | 4,842 | 6,791 | 18,749 | ||||||||||
| Comparable Owned Resort EBITDA (g) | $ | (17,342 | ) | $ | 44,552 | $ | 30,080 | $ | 113,002 | ||||||
(a) Represents changes in foreign exchange and other miscellaneous expenses or income.
(b) Represents expenses incurred in connection with corporate initiatives, such as: debt refinancing costs; other capital raising efforts; the redesign and build-out of our internal controls and strategic initiatives, such as the launch of a new resort or possible expansion into new markets.
(c) Represents expenses incurred for employee terminations.
(d) Relates primarily to a
(e) Represents the property and equipment impairment loss related to the sale of Jewel Dunn’s
(f) Represents the non-service cost components of net periodic pension benefit (cost) recorded within other income (expense) in the Condensed Consolidated Statement of Operations. Previously, these amounts were presented within direct expense. We include these benefits (costs) for the purposes of calculating Adjusted EBITDA as they are considered part of our ongoing resort operations.
(g) Comparable resorts for the three and six months ended
Playa Hotels & Resorts N.V.
Reconciliation of Net Income to Adjusted Net Income
($ in thousands)
The following table reconciles our net (loss) income to Adjusted Net (Loss) Income for the three and six months ended
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net (loss) income | $ | (87,458 | ) | $ | 1,040 | $ | (110,014 | ) | $ | 44,028 | |||||
| Reconciling items | |||||||||||||||
| Transaction expense (a) | 289 | 1,273 | 875 | 3,240 | |||||||||||
| Change in fair value of interest rate swaps (b) | 5,018 | — | 11,387 | 2,001 | |||||||||||
| Impairment loss (c) | 25,268 | — | 41,441 | — | |||||||||||
| Severance expense (d) | 1,246 | — | 2,444 | — | |||||||||||
| Amortization of interest rate swaps (e) | — | (902 | ) | — | (902 | ) | |||||||||
| Total reconciling items before tax | 31,821 | 371 | 56,147 | 4,339 | |||||||||||
| Income tax provision for reconciling items | (4,707 | ) | (140 | ) | (4,992 | ) | (225 | ) | |||||||
| Total reconciling items after tax | 27,114 | 231 | 51,155 | 4,114 | |||||||||||
| Adjusted net (loss) income | $ | (60,344 | ) | $ | 1,271 | $ | (58,859 | ) | $ | 48,142 | |||||
(a) Represents expenses incurred in connection with corporate initiatives, such as: debt refinancing costs; other capital raising efforts; the redesign and build-out of our internal controls and strategic initiatives, such as the launch of a new resort or possible expansion into new markets.
(b) Represents the change in fair value, excluding interest paid and accrued, of our interest rate swaps recognized as interest expense in our Condensed Consolidated Statements of Operations.
(c) Represents the property and equipment impairment loss related to the sale of Jewel Dunn’s
(d) Represents expenses incurred for employee terminations.
(e) Represents the non-cash amortization of the change in fair value of our interest rate swaps recorded in interest expense prior to our adoption of hedge accounting on
The following table presents the impact of Adjusted Net (Loss) Income on our diluted earnings per share for the three and six months ended
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Adjusted net (loss) income | $ | (60,344 | ) | $ | 1,271 | $ | (58,859 | ) | $ | 48,142 | |||||
| (Losses) earnings per share - Diluted | $ | (0.67 | ) | $ | 0.01 | $ | (0.85 | ) | $ | 0.34 | |||||
| Total reconciling items impact per diluted share | 0.21 | — | 0.39 | 0.03 | |||||||||||
| Adjusted (losses) earnings per share - Diluted | $ | (0.46 | ) | $ | 0.01 | $ | (0.46 | ) | $ | 0.37 | |||||
Playa Hotels & Resorts N.V.
Condensed Consolidated Balance Sheet
($ in thousands, except share data)
(unaudited)
| As of |
As of |
||||||
| 2020 | 2019 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 251,022 | $ | 20,931 | |||
| Restricted cash | 27,919 | — | |||||
| Trade and other receivables, net | 26,867 | 71,250 | |||||
| Accounts receivable from related parties | 2,933 | 5,401 | |||||
| Inventories | 14,239 | 16,649 | |||||
| Prepayments and other assets | 45,963 | 44,691 | |||||
| Property and equipment, net | 1,805,242 | 1,929,914 | |||||
| 62,166 | 78,339 | ||||||
| Other intangible assets | 8,555 | 8,408 | |||||
| Deferred tax assets | 22,358 | 21,381 | |||||
| Total assets | $ | 2,267,264 | $ | 2,196,964 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Trade and other payables | $ | 121,238 | $ | 181,603 | |||
| Payables to related parties | 9,260 | 7,620 | |||||
| Income tax payable | 1,813 | 3,252 | |||||
| Debt | 1,251,877 | 1,040,658 | |||||
| Derivative financial instruments | 55,477 | 31,932 | |||||
| Other liabilities | 30,696 | 24,307 | |||||
| Deferred tax liabilities | 86,345 | 97,941 | |||||
| Total liabilities | $ | 1,556,706 | $ | 1,387,313 | |||
| Commitments and contingencies | |||||||
| Shareholders' equity | |||||||
| Ordinary shares (par value €0.10; 500,000,000 shares authorized, 136,684,273 shares issued and 134,485,477 shares outstanding as of shares issued and 129,121,576 shares outstanding as of |
14,861 | 14,215 | |||||
of |
(16,642 | ) | (14,088 | ) | |||
| Paid-in capital | 1,025,942 | 1,001,088 | |||||
| Accumulated other comprehensive loss | (36,667 | ) | (24,642 | ) | |||
| Accumulated deficit | (276,936 | ) | (166,922 | ) | |||
| Total shareholders' equity | 710,558 | 809,651 | |||||
| Total liabilities and shareholders' equity | $ | 2,267,264 | $ | 2,196,964 | |||
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Operations
($ in thousands, except share data)
(unaudited)
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Revenue | |||||||||||||||
| Package | $ | 302 | $ | 136,095 | $ | 153,357 | $ | 305,887 | |||||||
| Non-package | 240 | 24,428 | 22,818 | 48,910 | |||||||||||
| Management fees | (18 | ) | 551 | 627 | 1,485 | ||||||||||
| Cost reimbursements | 458 | 2,949 | 1,408 | 3,537 | |||||||||||
| Total revenue | 982 | 164,023 | 178,210 | 359,819 | |||||||||||
| Direct and selling, general and administrative expenses | |||||||||||||||
| Direct | 20,380 | 92,582 | 118,278 | 186,325 | |||||||||||
| Selling, general and administrative | 19,739 | 32,048 | 53,571 | 63,876 | |||||||||||
| Pre-opening | — | 202 | — | 291 | |||||||||||
| Depreciation and amortization | 22,400 | 25,908 | 47,359 | 48,219 | |||||||||||
| Reimbursed costs | 458 | 2,949 | 1,408 | 3,537 | |||||||||||
| Impairment loss | 25,268 | — | 41,441 | — | |||||||||||
| Loss on sale of assets | 1,729 | — | 1,729 | — | |||||||||||
| Gain on insurance proceeds | (2,950 | ) | — | (2,950 | ) | — | |||||||||
| Direct and selling, general and administrative expenses | 87,024 | 153,689 | 260,836 | 302,248 | |||||||||||
| Operating (loss) income | (86,042 | ) | 10,334 | (82,626 | ) | 57,571 | |||||||||
| Interest expense | (20,916 | ) | (10,666 | ) | (41,871 | ) | (24,860 | ) | |||||||
| Other income (expense) | 4,853 | 364 | 947 | (238 | ) | ||||||||||
| Net (loss) income before tax | (102,105 | ) | 32 | (123,550 | ) | 32,473 | |||||||||
| Income tax benefit | 14,647 | 1,008 | 13,536 | 11,555 | |||||||||||
| Net (loss) income | $ | (87,458 | ) | $ | 1,040 | $ | (110,014 | ) | $ | 44,028 | |||||
| Earnings per share | |||||||||||||||
| (Losses) earnings per share - Basic | $ | (0.67 | ) | $ | 0.01 | $ | (0.85 | ) | $ | 0.34 | |||||
| (Losses) earnings per share - Diluted | $ | (0.67 | ) | $ | 0.01 | $ | (0.85 | ) | $ | 0.34 | |||||
| Weighted average number of shares outstanding during the period - Basic | 130,466,383 | 130,421,695 | 129,876,545 | 130,480,549 | |||||||||||
| Weighted average number of shares outstanding during the period - Diluted | 130,466,383 | 130,815,177 | 129,876,545 | 130,789,467 | |||||||||||
Playa Hotels & Resorts N.V.
Consolidated Debt Summary - As of
($ in millions)
| Maturity | Applicable Rate |
LTM Interest (4) |
||||||||||||||
| Debt | Date | # of Years | Balance | |||||||||||||
| Revolving credit facility (1) | Apr-22 | 1.8 | $ | 84.7 | 3.2 | % | $ | 2.3 | ||||||||
| Term loan (2) | Apr-24 | 3.8 | 1,075.4 | 5.6 | % | 55.5 | ||||||||||
| Property loan | Jul-25 | 5.0 | 110.0 | 9.3 | % | 0.2 | ||||||||||
| Total debt | $ | 1,270.1 | 5.8 | % | $ | 58.0 | ||||||||||
| Less: cash and cash equivalents (3) | 251.0 | |||||||||||||||
| Net debt (face) | $ | 1,019.1 | ||||||||||||||
| Less: |
264.0 | |||||||||||||||
| Adjusted net debt | $ | 755.1 | ||||||||||||||
(1) As of
(2) The interest rate on our terms loan consists of multiple rate structures including L+275 bps with a LIBOR floor of 1%, L+300 bps with a LIBOR floor of 1% and a fixed interest rate of 11.48%. The effective interest rate on our term loans were 5.61% as of
(3) Based on cash balances on hand as of
(4) Represents last twelve months interest expense and commitment fee. The impact of amortization of deferred financing costs and discounts, capitalized interest and the change in fair market value of our interest rate swaps before we elected hedge accounting is excluded.
Playa Hotels & Resorts N.V.
Reportable Segment Operating Statistics - Three Months Ended
| Occupancy | Net Package ADR | Net Package RevPAR | Owned Net Revenue | Owned Resort EBITDA | Owned Resort EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | Rooms | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | Pts Change |
|||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 2,722 | — | % | 84.4 | % | (84.4 | )pts | $ | — | $ | 256.75 | (100.0 | )% | $ | — | $ | 216.78 | (100.0 | )% | $ | 21 | $ | 59,772 | (100.0 | )% | $ | (8,004 | ) | $ | 21,151 | (137.8 | )% | (38,114.3 | )% | 35.4 | % | (38,149.7 | )pts | ||||||||||||||
| 926 | — | % | 76.6 | % | (76.6 | )pts | $ | — | $ | 295.48 | (100.0 | )% | $ | — | $ | 226.37 | (100.0 | )% | (74 | ) | 22,087 | (100.3 | )% | (2,816 | ) | 8,569 | (132.9 | )% | 3,805.4 | % | 38.8 | % | 3,766.6 | pts | ||||||||||||||||||
| 2,644 | — | % | 72.6 | % | (72.6 | )pts | $ | — | $ | 182.37 | (100.0 | )% | $ | — | $ | 132.34 | (100.0 | )% | 11 | 22,566 | (100.0 | )% | (4,881 | ) | 5,043 | (196.8 | )% | (44,372.7 | )% | 22.3 | % | (44,395.0 | )pts | |||||||||||||||||||
| 1,428 | — | % | 80.6 | % | (80.6 | )pts | $ | — | $ | 294.39 | (100.0 | )% | $ | — | $ | 237.30 | (100.0 | )% | 564 | 50,464 | (98.9 | )% | (8,097 | ) | 14,631 | (155.3 | )% | (1,435.6 | )% | 29.0 | % | (1,464.6 | )pts | |||||||||||||||||||
| Total Portfolio | 7,720 | — | % | 79.8 | % | (79.8 | )pts | $ | — | $ | 257.66 | (100.0 | )% | $ | — | $ | 205.55 | (100.0 | )% | $ | 522 | $ | 154,889 | (99.7 | )% | $ | (23,798 | ) | $ | 49,394 | (148.2 | )% | (4,559.0 | )% | 31.9 | % | (4,590.9 | )pts | ||||||||||||||
| Occupancy | Net Package ADR | Net Package RevPAR | Owned Net Revenue | Owned Resort EBITDA | Owned Resort EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Portfolio | Rooms | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | Pts Change |
|||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 2,198 | — | % | 84.7 | % | (84.7 | )pts | $ | — | $ | 259.07 | (100.0 | )% | $ | — | $ | 219.39 | (100.0 | )% | $ | 96 | $ | 50,648 | (99.8 | )% | $ | (6,735 | ) | $ | 18,458 | (136.5 | )% | (7,015.6 | )% | 36.4 | % | (7,052.0 | )pts | ||||||||||||||
| 926 | — | % | 76.6 | % | (76.6 | )pts | $ | — | $ | 295.48 | (100.0 | )% | $ | — | $ | 226.37 | (100.0 | )% | (74 | ) | 22,087 | (100.3 | )% | (2,816 | ) | 8,569 | (132.9 | )% | 3,805.4 | % | 38.8 | % | 3,766.6 | pts | ||||||||||||||||||
| 1,120 | — | % | 79.7 | % | (79.7 | )pts | $ | — | $ | 186.98 | (100.0 | )% | $ | — | $ | 149.03 | (100.0 | )% | 86 | 18,924 | (99.5 | )% | (1,092 | ) | 5,751 | (119.0 | )% | (1,269.8 | )% | 30.4 | % | (1,300.2 | )pts | |||||||||||||||||||
| 1,428 | — | % | 80.3 | % | (80.3 | )pts | $ | — | $ | 318.98 | (100.0 | )% | $ | — | $ | 256.12 | (100.0 | )% | 625 | 39,983 | (98.4 | )% | (6,699 | ) | 11,774 | (156.9 | )% | (1,071.8 | )% | 29.4 | % | (1,101.2 | )pts | |||||||||||||||||||
| Total Comparable Portfolio | 5,672 | — | % | 81.3 | % | (81.3 | )pts | $ | — | $ | 265.62 | (100.0 | )% | $ | — | $ | 215.89 | (100.0 | )% | $ | 733 | $ | 131,642 | (99.4 | )% | $ | (17,342 | ) | $ | 44,552 | (138.9 | )% | (2,365.9 | )% | 33.8 | % | (2,399.7 | )pts | ||||||||||||||
Highlights
Yucatán Peninsula
- Comparable Net Package RevPAR decreased 100.0% over the same period in the prior year, driven by a decrease in Net Package ADR of 100.0% and a decrease in Occupancy of 8,470 basis points. These decreases are a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Comparable Owned Resort EBITDA decreased
$25.2 million or 136.5% over the prior year. This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Pacific Coast
- Comparable Net Package RevPAR decreased 100.0% over the same period in the prior year, driven by a decrease in Occupancy of 7,660 basis points and a decrease in Net Package ADR of 100.0%. These decreases are a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Comparable Owned Resort EBITDA decreased
$11.4 million or 132.9% over the prior year. This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Dominican Republic
- Comparable Net Package RevPAR decreased 100.0% over the same period in prior year, driven by a decrease in Occupancy of 7,970 basis points and a decrease in Net Package ADR of 100.0%. These decreases are a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Comparable Owned Resort EBITDA decreased
$6.8 million , or 119.0%, over the prior year. This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Jamaica
- Comparable Net Package RevPAR decreased 100.0% over the same period in prior year, driven by a decrease in Net Package ADR of 100.0% and a decrease in Occupancy of 8,030 basis points. These decreases are a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Comparable Owned Resort EBITDA decreased
$18.5 million , or 156.9%, over the prior year. This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Playa Hotels & Resorts N.V.
Reportable Segment Operating Statistics - Six Months Ended
| Occupancy | Net Package ADR | Net Package RevPAR | Owned Net Revenue | Owned Resort EBITDA | Owned Resort EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | Rooms | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | Pts Change |
|||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 2,722 | 37.0 | % | 84.8 | % | (47.8 | )pts | $ | 298.32 | $ | 279.62 | 6.7 | % | $ | 110.45 | $ | 236.98 | (53.4 | )% | $ | 62,338 | $ | 129,985 | (52.0 | )% | $ | 16,931 | $ | 53,310 | (68.2 | )% | 27.2 | % | 41.0 | % | (13.8 | )pts | |||||||||||||||
| 926 | 31.2 | % | 76.2 | % | (45.0 | )pts | $ | 342.58 | $ | 321.38 | 6.6 | % | $ | 106.93 | $ | 244.91 | (56.3 | )% | 21,081 | 47,657 | (55.8 | )% | 6,056 | 20,956 | (71.1 | )% | 28.7 | % | 44.0 | % | (15.3 | )pts | ||||||||||||||||||||
| 2,644 | 28.6 | % | 72.2 | % | (43.6 | )pts | $ | 226.04 | $ | 210.59 | 7.3 | % | $ | 64.74 | $ | 152.10 | (57.4 | )% | 35,607 | 55,641 | (36.0 | )% | 2,908 | 18,506 | (84.3 | )% | 8.2 | % | 33.3 | % | (25.1 | )pts | ||||||||||||||||||||
| 1,428 | 37.0 | % | 81.9 | % | (44.9 | )pts | $ | 355.09 | $ | 322.63 | 10.1 | % | $ | 131.43 | $ | 264.10 | (50.2 | )% | 52,000 | 109,611 | (52.6 | )% | 10,976 | 38,979 | (71.8 | )% | 21.1 | % | 35.6 | % | (14.5 | )pts | ||||||||||||||||||||
| Total Portfolio | 7,720 | 33.6 | % | 79.9 | % | (46.3 | )pts | $ | 297.28 | $ | 281.93 | 5.4 | % | $ | 100.01 | $ | 225.37 | (55.6 | )% | $ | 171,026 | $ | 342,894 | (50.1 | )% | $ | 36,871 | $ | 131,751 | (72.0 | )% | 21.6 | % | 38.4 | % | (16.8 | )pts | |||||||||||||||
| Occupancy | Net Package ADR | Net Package RevPAR | Owned Net Revenue | Owned Resort EBITDA | Owned Resort EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Portfolio | Rooms | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
2020 | 2019 | Pts Change |
|||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 2,198 | 37.4 | % | 85.5 | % | (48.1 | )pts | $ | 296.38 | $ | 279.82 | 5.9 | % | $ | 110.77 | $ | 239.15 | (53.7 | )% | $ | 50,354 | $ | 108,152 | (53.4 | )% | $ | 13,070 | $ | 44,272 | (70.5 | )% | 26.0 | % | 40.9 | % | (14.9 | )pts | |||||||||||||||
| 926 | 31.2 | % | 76.2 | % | (45.0 | )pts | $ | 342.58 | $ | 321.38 | 6.6 | % | $ | 106.93 | $ | 244.91 | (56.3 | )% | 21,081 | 47,657 | (55.8 | )% | 6,056 | 20,956 | (71.1 | )% | 28.7 | % | 44.0 | % | (15.3 | )pts | ||||||||||||||||||||
| 1,120 | 36.7 | % | 84.5 | % | (47.8 | )pts | $ | 180.36 | $ | 213.01 | (15.3 | )% | $ | 66.19 | $ | 179.89 | (63.2 | )% | 16,072 | 43,516 | (63.1 | )% | 2,787 | 15,976 | (82.6 | )% | 17.3 | % | 36.7 | % | (19.4 | )pts | ||||||||||||||||||||
| 1,428 | 35.3 | % | 81.7 | % | (46.4 | )pts | $ | 380.91 | $ | 349.98 | 8.8 | % | $ | 134.64 | $ | 285.95 | (52.9 | )% | 41,103 | 87,052 | (52.8 | )% | 8,167 | 31,798 | (74.3 | )% | 19.9 | % | 36.5 | % | (16.6 | )pts | ||||||||||||||||||||
| Total Comparable Portfolio | 5,672 | 35.7 | % | 82.8 | % | (47.1 | )pts | $ | 300.49 | $ | 289.99 | 3.6 | % | $ | 107.35 | $ | 240.13 | (55.3 | )% | $ | 128,610 | $ | 286,377 | (55.1 | )% | $ | 30,080 | $ | 113,002 | (73.4 | )% | 23.4 | % | 39.5 | % | (16.1 | )pts | |||||||||||||||
Highlights
Yucatán Peninsula
- Comparable Net Package RevPAR decreased 53.7% over the same period in prior year, driven by a decrease in Occupancy of 4,810 basis points and slightly offset by a increase in Net Package ADR of 5.9%. This decrease is a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the six months ended
June 30, 2020 decreased$31.2 million , or 70.5%, compared to the six months endedJune 30 , 2019.This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Pacific Coast
- Comparable Net Package RevPAR decreased 56.3% over the same period in prior year, driven by a decrease in Occupancy of 4,500 basis points an and partially offset by a increase in Net Package ADR of 6.6%. This decrease is a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the six months ended
June 30, 2020 decreased$14.9 million , or 71.1%, compared to the six months endedJune 30, 2019 . This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Dominican Republic
- Comparable Net Package RevPAR decreased 63.2% over the same period in prior year, driven by a decrease in Occupancy of 4,780 basis points and a decrease in Net Package ADR of 15.3%. This decrease is a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the six months ended
June 30, 2020 decreased$13.2 million , or 82.6%, compared to the six months endedJune 30, 2019 . This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic. Additionally, the negative press regarding theDominican Republic in 2019 had a negative impact on results in this segment for the six months endedJune 30, 2020 .
Jamaica
- Comparable Net Package RevPAR decreased 52.9% over the same period in prior year, driven by a decrease in Occupancy of 4,640 basis points and partially offset by a increase in Net Package ADR of 8.8%. This decrease is a result of the temporary suspension of operations at all of our resorts from late
March 2020 throughJune 2020 in response to the COVID-19 pandemic. - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the six months ended
June 30, 2020 decreased$23.6 million , or 74.3%, compared to the six months endedJune 30, 2019 . This decrease is a result of the temporary suspension of operations at all of our resorts from lateMarch 2020 throughJune 2020 in response to the COVID-19 pandemic.
Company Contact
(571) 529-6113
