The following table presents the quarterly results for our total portfolio and for our open resorts:
| Total Portfolio | |||||||
| Q3 2020 | Q3 2020 | ||||||
| Available room nights | 710,240 | 368,708 | |||||
| Occupancy | 11.1 % | 21.5 % | |||||
| Net Package ADR | $ | 275.71 | $ | 277.24 | |||
| Net Package RevPAR | $ | 30.71 | $ | 59.49 | |||
| (1) | Represents room nights that were actually available for reservation. |
The following table presents quarterly segment results for our total portfolio and for our open resorts:
| Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | |||||||||||||||||||||
| Total Portfolio | Total Portfolio | Total Portfolio | Total Portfolio | |||||||||||||||||||||
| Q3 2020 | Q3 2020 | Q3 2020 | Q3 2020 | Q3 2020 | Q3 2020 | Q3 2020 | Q3 2020 | |||||||||||||||||
| Available room nights | 250,424 | 179,945 | 85,192 | 4,137 | 243,248 | 53,250 | 131,376 | 131,376 | ||||||||||||||||
| Occupancy | 19.7 % | 27.5 % | 1.0 % | 21.4 % | 2.9 % | 13.2 % | 16.6 % | 16.6 % | ||||||||||||||||
| Net Package ADR | $ | 288.40 | $ | 286.05 | $ | 578.90 | $ | 609.65 | $ | 268.25 | $ | 273.99 | $ | 236.94 | $ | 244.74 | ||||||||
| Net Package RevPAR | $ | 56.94 | $ | 78.59 | $ | 6.01 | $ | 130.42 | $ | 7.76 | $ | 36.22 | $ | 39.23 | $ | 40.52 | ||||||||
| (1) | Represents room nights that were actually available for reservation. |
| Three Months Ended |
- Net Loss was
$78.6 million compared to Net Loss of$30.5 million in 2019. Net Loss for the three months endedSeptember 30, 2020 includes a$2.1 million provision for doubtful accounts,$0.9 million of goodwill impairment losses and a$0.2 million gain on insurance proceeds. - Adjusted Net Loss was
$77.0 million compared to Adjusted Net Loss of$30.2 million in 2019 - Owned Resort EBITDA decreased 169.3% versus 2019 to
$(17.9) million - Adjusted EBITDA decreased 265.0% versus 2019 to
$(26.1) million
| Nine Months Ended |
- Net Loss was
$188.6 million compared to Net Income of$13.6 million in 2019. Net Loss for the nine months endedSeptember 30, 2020 includes$42.3 million of goodwill and property and equipment impairment losses, a$1.7 million loss on sale of assets, a$2.1 million provision for doubtful accounts and a$3.2 million gain on insurance proceeds. - Adjusted Net Loss was
$135.9 million compared to Adjusted Net Income of$17.9 million in 2019 - Owned Resort EBITDA decreased 88.0% versus 2019 to
$19.0 million - Adjusted EBITDA decreased 105.5% versus 2019 to
$(7.2) million
"We have made great progress on the reopening front in recent months and couldn’t be more pleased with the underlying demand we are seeing in the leisure traveler. Our business continues to see sequential improvement as additional flight capacity is introduced into our markets and our direct marketing strategy connects with consumers. Importantly, guest response to our Playa Safe Stay safety protocols has been received particularly well, which, combined with our direct marketing efforts, should lead to share gains going forward.
Playa has opened all our resorts in
We are maniacally focused on our cash burn and liquidity, recognizing the reopening was only the first step in the recovery. We remain focused on areas within our control and our sales and operating teams are quickly adapting to the new normal and demand trends, fine tuning along the way to set us up for success during the upcoming high season."
–
| 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 increased 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 Zilara Cancún | |
| Hyatt Zilara Rose Hall | |
| Hyatt Ziva Cancún | |
| Hyatt Ziva Rose Hall | |
| Panama Jack Resorts Cancún | |
| Sanctuary |
|
| Hyatt Zilara Cap Cana | |
| Hyatt Ziva Cap Cana | |
| Secrets Capri | |
| Hyatt Ziva Los Cabos | |
| Dreams |
|
| Hyatt Ziva Puerto Vallarta | |
| Panama Jack Resorts Playa |
|
| Dreams |
We anticipate opening the remainder of our resorts during the fourth quarter of 2020.
Our resorts account for all of our revenue. The suspension of operations at our resorts and the severely reduced occupancy at the resorts that have reopened have 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 ; - 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 temporary voluntary senior executive salary reductions while the majority of our resorts were closed, and our Chief Executive Officer’s voluntary 100% salary reduction remains in place;
- we imposed temporary compensation cuts broadly throughout our corporate workforce and canceled all non-essential corporate travel and spending; and
- 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.
In addition, the reduction in the size of our Board of Directors in 2020 to align with the Company’s size and needs has and will continue to 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 tables set forth information with respect to the operating results of our total portfolio and comparable portfolio for the three and nine months ended
Total Portfolio
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||
| Occupancy | 11.1 | % | 75.5 | % | (64.4 | ) | pts | 26.4 | % | 78.5 | % | (52.1 | ) | pts | |||||||||||
| Net Package ADR | $ | 275.71 | $ | 224.60 | 22.8 | % | $ | 294.33 | $ | 263.99 | 11.5 | % | |||||||||||||
| Net Package RevPAR | $ | 30.71 | $ | 169.58 | (81.9 | ) | % | $ | 77.58 | $ | 207.22 | (62.6 | ) | % | |||||||||||
| Total Net Revenue (1) | $ | 27,301 | $ | 126,157 | (78.4 | ) | % | $ | 198,989 | $ | 470,552 | (57.7 | ) | % | |||||||||||
| Owned Net Revenue (2) | $ | 27,035 | $ | 126,060 | (78.6 | ) | % | $ | 198,061 | $ | 468,954 | (57.8 | ) | % | |||||||||||
| Owned Resort EBITDA (3) | $ | (17,919 | ) | $ | 25,873 | (169.3 | ) | % | $ | 18,952 | $ | 157,624 | (88.0 | ) | % | ||||||||||
| Owned Resort EBITDA Margin | (66.3 | ) | % | 20.5 | % | (86.8 | ) | pts | 9.6 | % | 33.6 | % | (24.0 | ) | pts | ||||||||||
| Other corporate | $ | 8,205 | $ | 10,126 | (19.0 | ) | % | $ | 26,782 | $ | 28,519 | (6.1 | ) | % | |||||||||||
| Management Fee Revenue | $ | 8 | $ | 83 | (90.4 | ) | % | $ | 635 | $ | 1,568 | (59.5 | ) | % | |||||||||||
| Adjusted EBITDA (4) | $ | (26,116 | ) | $ | 15,830 | (265.0 | ) | % | $ | (7,195 | ) | $ | 130,673 | (105.5 | ) | % | |||||||||
| Adjusted EBITDA Margin | (95.7 | ) | % | 12.5 | % | (108.2 | ) | pts | (3.6 | ) | % | 27.8 | % | (31.4 | ) | pts | |||||||||
Comparable Portfolio (5)
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||
| Occupancy | 11.8 | % | 76.7 | % | (64.9 | ) | pts | 27.7 | % | 80.8 | % | (53.1 | ) | pts | |||||||||||
| Net Package ADR | $ | 281.95 | $ | 231.37 | 21.9 | % | $ | 297.84 | $ | 271.21 | 9.8 | % | |||||||||||||
| Net Package RevPAR | $ | 33.23 | $ | 177.55 | (81.3 | ) | % | $ | 82.46 | $ | 219.03 | (62.4 | ) | % | |||||||||||
| Total Net Revenue (1) | $ | 21,545 | $ | 108,791 | (80.2 | ) | % | $ | 150,817 | $ | 396,669 | (62.0 | ) | % | |||||||||||
| Owned Net Revenue (2) | $ | 21,279 | $ | 108,694 | (80.4 | ) | % | $ | 149,889 | $ | 395,071 | (62.1 | ) | % | |||||||||||
| Owned Resort EBITDA (3) | $ | (11,854 | ) | $ | 26,077 | (145.5 | ) | % | $ | 18,226 | $ | 139,078 | (86.9 | ) | % | ||||||||||
| Owned Resort EBITDA Margin | (55.7 | ) | % | 24.0 | % | (79.7 | ) | pts | 12.2 | % | 35.2 | % | (23.0 | ) | pts | ||||||||||
| Other corporate | $ | 8,205 | $ | 10,126 | (19.0 | ) | % | $ | 26,782 | $ | 28,519 | (6.1 | ) | % | |||||||||||
| Management Fee Revenue | $ | 8 | $ | 83 | (90.4 | ) | % | $ | 635 | $ | 1,568 | (59.5 | ) | % | |||||||||||
| Adjusted EBITDA (4) | $ | (20,052 | ) | $ | 16,034 | (225.1 | ) | % | $ | (7,921 | ) | $ | 112,127 | (107.1 | ) | % | |||||||||
| Adjusted EBITDA Margin | (93.1 | ) | % | 14.7 | % | (107.8 | ) | pts | (5.3 | ) | % | 28.3 | % | (33.6 | ) | 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 nine months ended |
| Balance Sheet |
As of
The following is a reconciliation of our cash and cash equivalents from
Cash and Cash Equivalents
($ in millions)
| $ | 251.0 | |||
| Less: |
(18.0 | ) | ||
| Less: |
(15.4 | ) | ||
| Less: September Cash Burn (1) | (16.2 | ) | ||
| Less: Hyatt Ziva and Hyatt Zilara Cap Cana Capital Expenditures | (4.0 | ) | ||
| Less: |
(2.9 | ) | ||
| Less: Maintenance Capital Expenditures (2) | (2.2 | ) | ||
| Plus: Business Interruption Insurance Proceeds | 3.2 | |||
| $ | 195.5 | |||
| (1) | Includes |
| (2) | Includes |
| Earnings Call |
The Company will host a conference call to discuss its third 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
| 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 resorts 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 |
Nine Months Ended |
||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||
| Net Package Revenue | |||||||||||
| Comparable Net Package Revenue | $ | 17,337 | $ | 92,649 | $ | 128,153 | $ | 338,885 | |||
| Non-comparable Net Package Revenue | 4,476 | 14,305 | 42,058 | 62,752 | |||||||
| Net Package Revenue | 21,813 | 106,954 | 170,211 | 401,637 | |||||||
| Comparable |
4,200 | 16,059 | 22,029 | 56,216 | |||||||
| Non-comparable |
1,280 | 3,061 | 6,114 | 11,131 | |||||||
| 5,480 | 19,120 | 28,143 | 67,347 | ||||||||
| Management Fee Revenue | |||||||||||
| Comparable Management Fee Revenue | 8 | 83 | 635 | 1,568 | |||||||
| Non-comparable Management Fee Revenue | — | — | — | — | |||||||
| Management Fee Revenue | 8 | 83 | 635 | 1,568 | |||||||
| Total Net Revenue | |||||||||||
| Comparable Total Net Revenue | 21,545 | 108,791 | 150,817 | 396,669 | |||||||
| Non-comparable Total Net Revenue | 5,756 | 17,366 | 48,172 | 73,883 | |||||||
| Total Net Revenue | 27,301 | 126,157 | 198,989 | 470,552 | |||||||
| Compulsory tips | 930 | 5,082 | 6,044 | 16,969 | |||||||
| Cost Reimbursements | 505 | 1,586 | 1,913 | 5,123 | |||||||
| Total revenue | $ | 28,736 | $ | 132,825 | $ | 206,946 | $ | 492,644 | |||
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 or 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 income or expense), and expenses related to capital raising, strategic initiatives and other corporate initiatives, such as expansion into new markets (which are the principal drivers of changes in transaction expenses), are not indicative of the operating performance of our resorts. The other adjustments included in our definition of Adjusted EBITDA relate to items that occur infrequently and therefore would obstruct the comparability of our operating results over reporting periods. For example, revenue from insurance policies, other than business interruption insurance policies, is infrequent in nature, and we believe excluding these expense and revenue items permits investors to better evaluate the core operating performance of our resorts over time. We believe Adjusted EBITDA Margin provides our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful.
The second principal reason that we believe Adjusted EBITDA is useful to investors is that it is considered a key performance indicator by our board of directors (our “Board”) and management. In addition, the compensation committee of our Board determines 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 nine 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 |
Nine Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net (loss) income | $ | (78,604 | ) | $ | (30,461 | ) | $ | (188,618 | ) | $ | 13,567 | ||||
| Interest expense | 19,973 | 9,936 | 61,844 | 34,796 | |||||||||||
| Income tax provision (benefit) | 5,299 | 1,530 | (8,237 | ) | (10,025 | ) | |||||||||
| Depreciation and amortization | 22,518 | 29,417 | 69,877 | 77,636 | |||||||||||
| EBITDA | (30,814 | ) | 10,422 | (65,134 | ) | 115,974 | |||||||||
| Other (income) expense (a) | (224 | ) | 2,537 | (1,171 | ) | 2,775 | |||||||||
| Share-based compensation | 1,925 | 1,850 | 7,867 | 6,612 | |||||||||||
| Pre-opening expenses | — | 257 | — | 548 | |||||||||||
| Transaction expense (b) | 541 | 1,253 | 1,416 | 4,493 | |||||||||||
| Severance expense (c) | 1,448 | 6 | 3,892 | 139 | |||||||||||
| Other tax (income) expense (d) | (170 | ) | (318 | ) | 298 | 484 | |||||||||
| Impairment loss (e) | 867 | — | 42,308 | — | |||||||||||
| Loss on sale of assets | — | — | 1,729 | — | |||||||||||
| Non-service cost components of net periodic pension benefit (cost) (f) | 311 | (177 | ) | 1,600 | (352 | ) | |||||||||
| Adjusted EBITDA | (26,116 | ) | 15,830 | (7,195 | ) | 130,673 | |||||||||
| Other corporate | 8,205 | 10,126 | 26,782 | 28,519 | |||||||||||
| Management fee income | (8 | ) | (83 | ) | (635 | ) | (1,568 | ) | |||||||
| Owned Resort EBITDA | (17,919 | ) | 25,873 | 18,952 | 157,624 | ||||||||||
| Less: Non-comparable Owned Resort EBITDA | (6,065 | ) | (204 | ) | 726 | 18,546 | |||||||||
| Comparable Owned Resort EBITDA (g) | $ | (11,854 | ) | $ | 26,077 | $ | 18,226 | $ | 139,078 | ||||||
| (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 nine 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 nine months ended
| Three Months Ended |
Nine Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net (loss) income | $ | (78,604 | ) | $ | (30,461 | ) | $ | (188,618 | ) | $ | 13,567 | ||||
| Reconciling items | |||||||||||||||
| Transaction expense (a) | 541 | 1,253 | 1,416 | 4,493 | |||||||||||
| Change in fair value of interest rate swaps (b) | (1,686 | ) | — | 9,701 | 2,001 | ||||||||||
| Impairment loss (c) | 867 | — | 42,308 | — | |||||||||||
| Severance expense (d) | 1,448 | — | 3,892 | — | |||||||||||
| Amortization of interest rate swaps (e) | — | (912 | ) | — | (1,814 | ) | |||||||||
| Total reconciling items before tax | 1,170 | 341 | 57,317 | 4,680 | |||||||||||
| Income tax benefit (provision) for reconciling items | 404 | (121 | ) | (4,588 | ) | (346 | ) | ||||||||
| Total reconciling items after tax | 1,574 | 220 | 52,729 | 4,334 | |||||||||||
| Adjusted net (loss) income | $ | (77,030 | ) | $ | (30,241 | ) | $ | (135,889 | ) | $ | 17,901 | ||||
| (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 nine months ended
| Three Months Ended |
Nine Months Ended |
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Adjusted net (loss) income | $ | (77,030 | ) | $ | (30,241 | ) | $ | (135,889 | ) | $ | 17,901 | |||
| (Losses) earnings per share - Diluted | $ | (0.58 | ) | $ | (0.23 | ) | $ | (1.44 | ) | $ | 0.10 | |||
| Total reconciling items impact per diluted share | 0.01 | — | 0.40 | 0.03 | ||||||||||
| Adjusted (losses) earnings per share - Diluted | $ | (0.57 | ) | $ | (0.23 | ) | $ | (1.04 | ) | $ | 0.13 | |||
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 | $ | 195,516 | $ | 20,931 | |||
| Restricted cash | 27,586 | — | |||||
| Trade and other receivables, net | 20,871 | 71,250 | |||||
| Accounts receivable from related parties | 2,686 | 5,401 | |||||
| Inventories | 13,319 | 16,649 | |||||
| Prepayments and other assets | 44,486 | 44,691 | |||||
| Property and equipment, net | 1,789,900 | 1,929,914 | |||||
| 63,056 | 78,339 | ||||||
| Other intangible assets | 8,528 | 8,408 | |||||
| Deferred tax assets | 1,912 | 21,381 | |||||
| Total assets | $ | 2,167,860 | $ | 2,196,964 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Trade and other payables | $ | 114,137 | $ | 181,603 | |||
| Payables to related parties | 9,283 | 7,620 | |||||
| Income tax payable | 2,386 | 3,252 | |||||
| Debt | 1,252,779 | 1,040,658 | |||||
| Derivative financial instruments | 50,832 | 31,932 | |||||
| Other liabilities | 29,521 | 24,307 | |||||
| Deferred tax liabilities | 71,985 | 97,941 | |||||
| Total liabilities | $ | 1,530,923 | $ | 1,387,313 | |||
| Commitments and contingencies | |||||||
| Shareholders' equity | |||||||
| Ordinary shares (par value €0.10; 500,000,000 shares authorized, 136,695,136 shares issued and 134,496,340 shares outstanding as of |
14,862 | 14,215 | |||||
| (16,642 | ) | (14,088 | ) | ||||
| Paid-in capital | 1,027,866 | 1,001,088 | |||||
| Accumulated other comprehensive loss | (33,609 | ) | (24,642 | ) | |||
| Accumulated deficit | (355,540 | ) | (166,922 | ) | |||
| Total shareholders' equity | 636,937 | 809,651 | |||||
| Total liabilities and shareholders' equity | $ | 2,167,860 | $ | 2,196,964 | |||
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Operations
($ in thousands, except share data)
(unaudited)
| Three Months Ended |
Nine Months Ended |
||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Revenue | |||||||||||||||
| Package | $ | 22,705 | $ | 111,091 | $ | 176,062 | $ | 416,978 | |||||||
| Non-package | 5,518 | 20,065 | 28,336 | 68,975 | |||||||||||
| Management fees | 8 | 83 | 635 | 1,568 | |||||||||||
| Cost reimbursements | 505 | 1,586 | 1,913 | 5,123 | |||||||||||
| Total revenue | 28,736 | 132,825 | 206,946 | 492,644 | |||||||||||
| Direct and selling, general and administrative expenses | |||||||||||||||
| Direct | 35,679 | 87,252 | 153,957 | 273,577 | |||||||||||
| Selling, general and administrative | 22,943 | 30,771 | 76,514 | 94,647 | |||||||||||
| Pre-opening | — | 257 | — | 548 | |||||||||||
| Depreciation and amortization | 22,518 | 29,417 | 69,877 | 77,636 | |||||||||||
| Reimbursed costs | 505 | 1,586 | 1,913 | 5,123 | |||||||||||
| Impairment loss | 867 | — | 42,308 | — | |||||||||||
| Loss on sale of assets | — | — | 1,729 | — | |||||||||||
| Gain on insurance proceeds | (220 | ) | — | (3,170 | ) | — | |||||||||
| Direct and selling, general and administrative expenses | 82,292 | 149,283 | 343,128 | 451,531 | |||||||||||
| Operating (loss) income | (53,556 | ) | (16,458 | ) | (136,182 | ) | 41,113 | ||||||||
| Interest expense | (19,973 | ) | (9,936 | ) | (61,844 | ) | (34,796 | ) | |||||||
| Other income (expense) | 224 | (2,537 | ) | 1,171 | (2,775 | ) | |||||||||
| Net (loss) income before tax | (73,305 | ) | (28,931 | ) | (196,855 | ) | 3,542 | ||||||||
| Income tax (provision) benefit | (5,299 | ) | (1,530 | ) | 8,237 | 10,025 | |||||||||
| Net (loss) income | $ | (78,604 | ) | $ | (30,461 | ) | $ | (188,618 | ) | $ | 13,567 | ||||
| Earnings per share | |||||||||||||||
| (Losses) earnings per share - Basic | $ | (0.58 | ) | $ | (0.23 | ) | $ | (1.44 | ) | $ | 0.10 | ||||
| (Losses) earnings per share - Diluted | $ | (0.58 | ) | $ | (0.23 | ) | $ | (1.44 | ) | $ | 0.10 | ||||
| Weighted average number of shares outstanding during the period - Basic | 134,493,864 | 129,841,264 | 131,426,886 | 130,265,112 | |||||||||||
| Weighted average number of shares outstanding during the period - Diluted | 134,493,864 | 129,841,264 | 131,426,886 | 130,601,247 | |||||||||||
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 | 1.6 | $ | 84.7 | 3.2 % | $ | 2.8 | |||||||
| Term loan (2) | Apr-24 | 3.6 | 1,072.9 | 5.6 % | 58.7 | |||||||||
| Property loan | Jul-25 | 4.8 | 110.0 | 9.3 % | 2.8 | |||||||||
| Total debt | $ | 1,267.6 | 5.8 % | $ | 64.3 | |||||||||
| Less: cash and cash equivalents (3) | 195.5 | |||||||||||||
| Net debt (face) | $ | 1,072.1 | ||||||||||||
| (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 11.4777%. The effective interest rate on our term loans was 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 | 19.7 | % | 85.3 | % | (65.6 | ) | pts | $ | 288.40 | $ | 225.21 | 28.1 | % | $ | 56.94 | $ | 192.00 | (70.3 | ) | % | $ | 17,351 | $ | 50,996 | (66.0 | ) | % | $ | (1,820 | ) | $ | 13,777 | (113.2 | ) | % | (10.5 | ) | % | 27.0 | % | (37.5 | ) | pts | |||||||||||||||||
| 926 | 1.0 | % | 76.1 | % | (75.1 | ) | pts | $ | 578.90 | $ | 236.24 | 145.0 | % | $ | 6.01 | $ | 179.66 | (96.7 | ) | % | 773 | 17,404 | (95.6 | ) | % | (2,330 | ) | 4,495 | (151.8 | ) | % | (301.4 | ) | % | 25.8 | % | (327.2 | ) | pts | ||||||||||||||||||||||
| 2,644 | 2.9 | % | 54.9 | % | (52.0 | ) | pts | $ | 268.25 | $ | 156.30 | 71.6 | % | $ | 7.76 | $ | 85.85 | (91.0 | ) | % | 2,453 | 14,585 | (83.2 | ) | % | (6,296 | ) | (1,201 | ) | 424.2 | % | (256.7 | ) | % | (8.2 | ) | % | (248.5 | ) | pts | |||||||||||||||||||||
| 1,428 | 16.6 | % | 78.3 | % | (61.7 | ) | pts | $ | 236.94 | $ | 254.72 | (7.0 | ) | % | $ | 39.23 | $ | 199.40 | (80.3 | ) | % | 6,458 | 43,075 | (85.0 | ) | % | (7,473 | ) | 8,802 | (184.9 | ) | % | (115.7 | ) | % | 20.4 | % | (136.1 | ) | pts | |||||||||||||||||||||
| Total Portfolio | 7,720 | 11.1 | % | 75.5 | % | (64.4 | ) | pts | $ | 275.71 | $ | 224.60 | 22.8 | % | $ | 30.71 | $ | 169.58 | (81.9 | ) | % | $ | 27,035 | $ | 126,060 | (78.6 | ) | % | $ | (17,919 | ) | $ | 25,873 | (169.3 | ) | % | (66.3 | ) | % | 20.5 | % | (86.8 | ) | pts | |||||||||||||||||
| Occupancy ( |
Net Package ADR ( |
Net Package RevPAR ( |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio ( |
Available Room Nights | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 1,956 | 27.5 | % | 85.3 | % | (57.8 | ) | pts | $ | 286.05 | $ | 225.21 | 27.0 | % | $ | 78.59 | $ | 192.00 | (59.1 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| 45 | 21.4 | % | 76.1 | % | (54.7 | ) | pts | $ | 609.65 | $ | 236.24 | 158.1 | % | $ | 130.42 | $ | 179.66 | (27.4 | ) | % | |||||||||||||||||||||||||||||||||||||||||
| 579 | 13.2 | % | 54.9 | % | (41.7 | ) | pts | $ | 273.99 | $ | 156.30 | 75.3 | % | $ | 36.22 | $ | 85.85 | (57.8 | ) | % | |||||||||||||||||||||||||||||||||||||||||
| 1,428 | 16.6 | % | 78.3 | % | (61.7 | ) | pts | $ | 244.74 | $ | 254.72 | (3.9 | ) | % | $ | 40.52 | $ | 199.40 | (79.7 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 4,008 | 21.5 | % | 75.5 | % | (54.0 | ) | pts | $ | 277.24 | $ | 224.60 | 23.4 | % | $ | 59.49 | $ | 169.58 | (64.9 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| 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 | 19.2 | % | 85.2 | % | (66.0 | ) | pts | $ | 296.16 | $ | 227.14 | 30.4 | % | $ | 56.91 | $ | 193.56 | (70.6 | ) | % | $ | 13,884 | $ | 44,825 | (69.0 | ) | % | $ | (1,157 | ) | $ | 13,423 | (108.6 | ) | % | (8.3 | ) | % | 29.9 | % | (38.2 | ) | pts | |||||||||||||||||
| 926 | 1.0 | % | 76.1 | % | (75.1 | ) | pts | $ | 578.90 | $ | 236.24 | 145.0 | % | $ | 6.01 | $ | 179.66 | (96.7 | ) | % | 773 | 17,404 | (95.6 | ) | % | (2,330 | ) | 4,495 | (151.8 | ) | % | (301.4 | ) | % | 25.8 | % | (327.2 | ) | pts | ||||||||||||||||||||||
| 1,120 | — | % | 59.6 | % | (59.6 | ) | pts | $ | — | $ | 153.45 | (100.0 | ) | % | $ | — | $ | 91.53 | (100.0 | ) | % | 81 | 11,933 | (99.3 | ) | % | (1,599 | ) | 811 | (297.2 | ) | % | (1,974.1 | ) | % | 6.8 | % | (1,980.9 | ) | pts | |||||||||||||||||||||
| 1,428 | 16.6 | % | 77.5 | % | (60.9 | ) | pts | $ | 244.74 | $ | 282.45 | (13.4 | ) | % | $ | 40.52 | $ | 219.00 | (81.5 | ) | % | 6,541 | 34,532 | (81.1 | ) | % | (6,768 | ) | 7,348 | (192.1 | ) | % | (103.5 | ) | % | 21.3 | % | (124.8 | ) | pts | |||||||||||||||||||||
| Total Comparable Portfolio | 5,672 | 11.8 | % | 76.7 | % | (64.9 | ) | pts | $ | 281.95 | $ | 231.37 | 21.9 | % | $ | 33.23 | $ | 177.55 | (81.3 | ) | % | $ | 21,279 | $ | 108,694 | (80.4 | ) | % | $ | (11,854 | ) | $ | 26,077 | (145.5 | ) | % | (55.7 | ) | % | 24.0 | % | (79.7 | ) | pts | |||||||||||||||||
| Occupancy ( |
Net Package ADR ( |
Net Package RevPAR ( |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Portfolio ( |
Available Room Nights | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 1,432 | 29.5 | % | 85.2 | % | (55.7 | ) | pts | $ | 293.18 | $ | 227.14 | 29.1 | % | $ | 86.47 | $ | 193.56 | (55.3 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| 45 | 21.4 | % | 76.1 | % | (54.7 | ) | pts | $ | 609.65 | $ | 236.24 | 158.1 | % | $ | 130.42 | $ | 179.66 | (27.4 | ) | % | |||||||||||||||||||||||||||||||||||||||||
| — | — | % | 59.6 | % | (59.6 | ) | pts | $ | — | $ | 153.45 | (100.0 | ) | % | $ | — | $ | 91.53 | (100.0 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| 1,428 | 16.6 | % | 77.5 | % | (60.9 | ) | pts | $ | 244.74 | $ | 282.45 | (13.4 | ) | % | $ | 40.52 | $ | 219.00 | (81.5 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| Total Comparable Portfolio | 2,905 | 23.0 | % | 76.7 | % | (53.7 | ) | pts | $ | 280.60 | $ | 231.37 | 21.3 | % | $ | 64.56 | $ | 177.55 | (63.6 | ) | % | ||||||||||||||||||||||||||||||||||||||||
| (1) | Represents room nights that were actually available for reservation. |
| Highlights The decreases listed below are a result of the temporary suspension or reduced occupancy at all of our resorts in the third quarter in response to the COVID-19 pandemic. |
Yucatán Peninsula
- Comparable Net Package RevPAR decreased 70.6% over the same period in the prior year, driven by a decrease in Occupancy of 6,600 basis points and partially offset by an increase in Net Package ADR of 30.4%. Comparable Owned Net Revenue during the third quarter includes a
$1 .4 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be$10 .1 million, representing a decrease of 74.1% for the three months endedSeptember 30, 2020 . Comparable Net Package ADR would be$260.61 and Comparable Net Package RevPAR would be$50.08 , representing an increase of 14.7% and a decrease of 74.1%, respectively for the three months endedSeptember 30, 2020 . - Total segment Owned Net Revenue during the third quarter includes a
$2.0 million favorable VAT tax adjustment. Excluding this adjustment, Net Package Revenue would be$12 .2 million, representing a decrease of 72.4% for the three months endedSeptember 30, 2020 . Net Package ADR would be$247.49 and Net Package RevPAR would be$48.86 , representing an increase of 9.9% and a decrease of 74.6%, respectively for the three months endedSeptember 30, 2020 . - Comparable Owned Resort EBITDA decreased
$14.6 million , or 108.6%, over the prior year.
Pacific Coast
- Comparable Net Package RevPAR decreased 96.7% over the same period in the prior year, driven by a decrease in Occupancy of 7,510 basis points and partially offset by an increase Net Package ADR of 145.0%. Owned Net Revenue during the third quarter includes a
$0 .3 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Owned Net Revenue and Net Package ADR. Excluding this adjustment, Owned Net Revenue would be$0.2 million representing a decrease of 98.8% for the three months endedSeptember 30, 2020 . Net Package ADR would be$203.13 and Net Package RevPAR would be$2.11 , representing a decrease of 14.0% and a decrease of 98.8%, respectively for the three months endedSeptember 30, 2020 . - Comparable Owned Resort EBITDA decreased
$6.8 million , or 151.8%, over the prior year.
Dominican Republic
- Comparable Net Package RevPAR decreased 100.0% over the same period in prior year, driven by a decrease in Occupancy of 5,960 basis points and a decrease in Net Package ADR of 100.0%.
- Comparable Owned Resort EBITDA decreased
$2.4 million , or 297.2%, over the prior year.
Jamaica
- Comparable Net Package RevPAR decreased 81.5% over the same period in prior year, driven by a decrease in Net Package ADR of 13.4% and a decrease in Occupancy of 6,090 basis points. Comparable Owned Net Revenue during the third quarter includes a
$0.5 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be$4.8 million representing a decrease of 83.3% for the three months endedSeptember 30, 2020 . Comparable Net Package ADR would be$221.32 and Comparable Net Package RevPAR would be$36.64 , representing a decrease of 21.6% and a decrease of 83.3%, respectively for the three months endedSeptember 30, 2020 . - Comparable Owned Resort EBITDA decreased
$14.1 million , or 192.1%, over the prior year.
Playa Hotels & Resorts N.V.
Reportable Segment Operating Statistics - Nine 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 | 31.2 | % | 84.9 | % | (53.7 | ) | pts | $ | 296.21 | $ | 261.93 | 13.1 | % | $ | 92.48 | $ | 222.42 | (58.4 | ) | % | $ | 79,689 | $ | 180,981 | (56.0 | ) | % | $ | 15,111 | $ | 67,087 | (77.5 | ) | % | 19.0 | % | 37.1 | % | (18.1 | ) | pts | |||||||||||||||||
| 926 | 21.1 | % | 76.2 | % | (55.1 | ) | pts | $ | 346.49 | $ | 292.73 | 18.4 | % | $ | 73.05 | $ | 222.92 | (67.2 | ) | % | 21,854 | 65,061 | (66.4 | ) | % | 3,726 | 25,451 | (85.4 | ) | % | 17.0 | % | 39.1 | % | (22.1 | ) | pts | ||||||||||||||||||||||
| 2,644 | 20.0 | % | 66.9 | % | (46.9 | ) | pts | $ | 228.09 | $ | 196.91 | 15.8 | % | $ | 45.61 | $ | 131.77 | (65.4 | ) | % | 38,060 | 70,226 | (45.8 | ) | % | (3,388 | ) | 17,305 | (119.6 | ) | % | (8.9 | ) | % | 24.6 | % | (33.5 | ) | pts | ||||||||||||||||||||
| 1,428 | 31.3 | % | 80.6 | % | (49.3 | ) | pts | $ | 337.62 | $ | 300.38 | 12.4 | % | $ | 105.66 | $ | 242.26 | (56.4 | ) | % | 58,458 | 152,686 | (61.7 | ) | % | 3,503 | 47,781 | (92.7 | ) | % | 6.0 | % | 31.3 | % | (25.3 | ) | pts | ||||||||||||||||||||||
| Total Portfolio | 7,720 | 26.4 | % | 78.5 | % | (52.1 | ) | pts | $ | 294.33 | $ | 263.99 | 11.5 | % | $ | 77.58 | $ | 207.22 | (62.6 | ) | % | $ | 198,061 | $ | 468,954 | (57.8 | ) | % | $ | 18,952 | $ | 157,624 | (88.0 | ) | % | 9.6 | % | 33.6 | % | (24.0 | ) | pts | |||||||||||||||||
| Occupancy ( |
Net Package ADR ( |
Net Package RevPAR ( |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio ( |
Available Room Nights | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Yucatán Peninsula | 1,507 | 56.4 | % | 84.9 | % | (28.5 | ) | pts | $ | 296.43 | $ | 261.93 | 13.2 | % | $ | 167.21 | $ | 222.42 | (24.8 | ) | % | ||||||||||||||||||||||||||||||||||||||
| 304 | 64.3 | % | 76.2 | % | (11.9 | ) | pts | $ | 348.67 | $ | 292.73 | 19.1 | % | $ | 224.21 | $ | 222.92 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
| 973 | 54.3 | % | 66.9 | % | (12.6 | ) | pts | $ | 229.60 | $ | 196.91 | 16.6 | % | $ | 124.74 | $ | 131.77 | (5.3 | ) | % | |||||||||||||||||||||||||||||||||||||||
| 1,068 | 50.3 | % | 80.6 | % | (30.3 | ) | pts | $ | 333.77 | $ | 300.38 | 11.1 | % | $ | 167.81 | $ | 242.26 | (30.7 | ) | % | |||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 3,852 | 54.8 | % | 78.5 | % | (23.7 | ) | pts | $ | 294.02 | $ | 263.99 | 11.4 | % | $ | 161.14 | $ | 207.22 | (22.2 | ) | % | ||||||||||||||||||||||||||||||||||||||
| 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 | 31.3 | % | 85.4 | % | (54.1 | ) | pts | $ | 296.33 | $ | 262.09 | 13.1 | % | $ | 92.68 | $ | 223.78 | (58.6 | ) | % | $ | 64,238 | $ | 152,977 | (58.0 | ) | % | $ | 11,913 | $ | 57,695 | (79.4 | ) | % | 18.5 | % | 37.7 | % | (19.2 | ) | pts | |||||||||||||||||
| 926 | 21.1 | % | 76.2 | % | (55.1 | ) | pts | $ | 346.49 | $ | 292.73 | 18.4 | % | $ | 73.05 | $ | 222.92 | (67.2 | ) | % | 21,854 | 65,061 | (66.4 | ) | % | 3,726 | 25,451 | (85.4 | ) | % | 17.0 | % | 39.1 | % | (22.1 | ) | pts | ||||||||||||||||||||||
| 1,120 | 24.4 | % | 76.1 | % | (51.7 | ) | pts | $ | 180.29 | $ | 197.27 | (8.6 | ) | % | $ | 43.95 | $ | 150.12 | (70.7 | ) | % | 16,153 | 55,449 | (70.9 | ) | % | 1,188 | 16,787 | (92.9 | ) | % | 7.4 | % | 30.3 | % | (22.9 | ) | pts | |||||||||||||||||||||
| 1,428 | 29.0 | % | 80.3 | % | (51.3 | ) | pts | $ | 354.84 | $ | 327.96 | 8.2 | % | $ | 103.04 | $ | 263.34 | (60.9 | ) | % | 47,644 | 121,584 | (60.8 | ) | % | 1,399 | 39,145 | (96.4 | ) | % | 2.9 | % | 32.2 | % | (29.3 | ) | pts | ||||||||||||||||||||||
| Total Comparable Portfolio | 5,672 | 27.7 | % | 80.8 | % | (53.1 | ) | pts | $ | 297.84 | $ | 271.21 | 9.8 | % | $ | 82.46 | $ | 219.03 | (62.4 | ) | % | $ | 149,889 | $ | 395,071 | (62.1 | ) | % | $ | 18,226 | $ | 139,078 | (86.9 | ) | % | 12.2 | % | 35.2 | % | (23.0 | ) | pts | |||||||||||||||||
| Occupancy ( |
Net Package ADR ( |
Net Package RevPAR ( |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Portfolio ( |
Available Room Nights | 2020 | 2019 | Pts Change |
2020 | 2019 | % Change |
2020 | 2019 | % Change |
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| Yucatán Peninsula | 1,170 | 58.8 | % | 85.4 | % | (26.6 | ) | pts | $ | 296.10 | $ | 262.09 | 13.0 | % | $ | 173.98 | $ | 223.78 | (22.3 | ) | % | ||||||||||||||||||||||||||||||||||||||
| 304 | 64.3 | % | 76.2 | % | (11.9 | ) | pts | $ | 348.67 | $ | 292.73 | 19.1 | % | $ | 224.21 | $ | 222.92 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
| 331 | 82.5 | % | 76.1 | % | 6.4 | pts | $ | 180.44 | $ | 197.27 | (8.5 | ) | % | $ | 148.80 | $ | 150.12 | (0.9 | ) | % | |||||||||||||||||||||||||||||||||||||||
| 913 | 45.4 | % | 80.3 | % | (34.9 | ) | pts | $ | 348.65 | $ | 327.96 | 6.3 | % | $ | 158.40 | $ | 263.34 | (39.8 | ) | % | |||||||||||||||||||||||||||||||||||||||
| Total Comparable Portfolio | 2,718 | 57.8 | % | 80.8 | % | (23.0 | ) | pts | $ | 296.40 | $ | 271.21 | 9.3 | % | $ | 171.29 | $ | 219.03 | (21.8 | ) | % | ||||||||||||||||||||||||||||||||||||||
| (1) | Represents room nights that were actually available for reservation. |
| Highlights The decreases listed below are a result of the temporary suspension or reduced occupancy at all of our resorts during fiscal year 2020 in response to the COVID-19 pandemic. |
Yucatán Peninsula
- Comparable Net Package RevPAR decreased 58.6% over the same period in prior year, driven by a decrease in Occupancy of 5,410 basis points and slightly offset by an increase in Net Package ADR of 13.1%. Comparable Owned Net Revenue during the third quarter includes a
$1.4 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be$54.4 million representing a decrease of 59.4% for the nine months endedSeptember 30, 2020 . Comparable Net Package ADR would be$289.00 and Comparable Net Package RevPAR would be$90.39 , representing an increase of 10.3% and a decrease of 59.6%, respectively for the nine months endedSeptember 30, 2020 . - Total segment Owned Net Revenue during the third quarter includes a
$2.0 million favorable VAT tax adjustment. Excluding this adjustment, Net Package Revenue would be$67 .0 million, representing a decrease of 57.8% for the nine months endedSeptember 30, 2020 . Net Package ADR would be$287.53 and Net Package RevPAR would be$89.77 , representing an increase of 9.8% and a decrease of 59.6%, respectively for the nine months endedSeptember 30, 2020 . - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the nine months ended
September 30, 2020 decreased$45.8 million , or 79.4%, compared to the nine months endedSeptember 30, 2019 .
Pacific Coast
- Comparable Net Package RevPAR decreased 67.2% over the same period in prior year, driven by a decrease in Occupancy of 5,510 basis points an and partially offset by an increase in Net Package ADR of 18.4%. Owned Net Revenue during the third quarter includes a
$0.3 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Owned Net Revenue and Net Package ADR. Excluding this adjustment, Owned Net Revenue would be$18.2 million representing a decrease of 67.7% for the nine months endedSeptember 30, 2020 . Net Package ADR would be$340.27 and Net Package RevPAR would be$71.73 , representing an increase of 16.2% and a decrease of 67.8%, respectively for the nine months endedSeptember 30, 2020 . - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the nine months ended
September 30, 2020 decreased$21.7 million , or 85.4%, compared to the nine months endedSeptember 30, 2019 .
Dominican Republic
- Comparable Net Package RevPAR decreased 70.7% over the same period in prior year, driven by a decrease in Occupancy of 5,170 basis points and a decrease in Net Package ADR of 8.6%.
- Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the nine months ended
September 30, 2020 decreased$15.6 million , or 92.9%, compared to the nine months endedSeptember 30, 2019 . Additionally, the negative press regarding theDominican Republic in 2019 had a negative impact on results in this segment for the nine months endedSeptember 30, 2020 .
Jamaica
- Comparable Net Package RevPAR decreased 60.9% over the same period in prior year, driven by a decrease in Occupancy of 5,130 basis points and partially offset by an increase in Net Package ADR of 8.2%. Comparable Owned Net Revenue during the third quarter includes a
$0.5 million favorable VAT tax adjustment followingOECD guidelines for Transfer Pricing forMultinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable adjustment to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be$39.8 million representing a decrease of 61.1% for the nine months endedSeptember 30, 2020 . Comparable Net Package ADR would be$350.35 and Comparable Net Package RevPAR would be$101.73 , representing an increase of 6.8% and a decrease of 61.4%, respectively for the nine months endedSeptember 30, 2020 - Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the nine months ended
September 30, 2020 decreased$37.7 million , or 96.4%, compared to the nine months endedSeptember 30, 2019 .
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