FAIRFAX,
Va., May 4, 2023 /PRNewswire/ -- Playa Hotels
& Resorts N.V. (the "Company" or "Playa") (NASDAQ: PLYA) today
announced results of operations for the three months ended
March 31, 2023.
Three Months Ended March 31,
2023 Results
- Net Income was $42.7
million compared to $42.7
million in 2022
- Adjusted Net Income(1) was
$49.0 million compared to
$31.8 million in 2022
- Net Package RevPAR increased 24.7% over 2022
to $355.27, driven by a 27.4%
increase in Net Package ADR, partially offset by a 1.6 percentage
point decrease in Occupancy
- Comparable Net Package RevPAR increased 29.5%
over 2022 to $381.06, driven by a 3.9
percentage point increase in Occupancy and a 22.8% increase in Net
Package ADR
- Owned Resort
EBITDA(1) increased 25.0% versus
2022 to $109.4 million
- Owned Resort EBITDA
Margin(1) increased 0.5 percentage
points versus 2022 to 41.9%
- Adjusted EBITDA(1) increased
28.0% versus 2022 to $98.5
million
- Adjusted EBITDA
Margin(1) increased 1.2 percentage
points versus 2022 to 37.3%
- Comparable Adjusted
EBITDA(1) increased 35.2% versus 2022 to
$100.9 million
- Comparable Adjusted EBITDA
Margin(1) increased 1.9 percentage
points versus 2022 to 38.3%
(1) See "Definitions of Non-U.S. GAAP Measures
and Operating Statistics" for a description of how we compute
Adjusted Net Income/(Loss), Owned Resort EBITDA, Owned Resort
EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Comparable
Adjusted EBITDA, Comparable Adjusted EBITDA Margin and other
non-GAAP financial figures included in this press release, as well
as reconciliations of such non-GAAP financial figures to the most
directly comparable financial measures calculated in accordance
with GAAP.
"Momentum carried through our high season, as
broad based strength across our markets led to Occupancy rates
hitting new post-pandemic highs in Mexico and Jamaica. With COVID-related travel
restrictions largely relaxed, robust demand in the MICE segment,
and commodity-related expense pressure subsiding year over year, we
were able to exceed our first quarter expectations and deliver
record quarterly Adjusted EBITDA. The quarter was not without
challenges however, as the sudden appreciation of the Mexican Peso
and the decline in profits from the two Dominican Republic properties we recently
assumed control of were significant headwinds. We remain optimistic
that these challenges will ease through the year and are focused on
executing on areas within our control.
We continue to expect double digit
year-over-year ADR growth in the second quarter, as demand for the
remainder of the year has remained steady despite macroeconomic
concerns. Our MICE business for 2024 is pacing well ahead compared
to the same time last year, providing a strong base of business for
the coming high season.
We believe Playa's stock remains a compelling
value given the strong fundamentals. Accordingly, we repurchased
over $40 million of our stock during
the first quarter of 2023 and nearly another $20 million in April. This brings the total
amount of share repurchases to over $107
million following the re-authorization of our buyback
program in September of 2022."
– Bruce D.
Wardinski, Chairman and CEO of Playa Hotels &
Resorts
Financial and Operating Results
The following tables set forth information with respect to the
operating results of our total portfolio and comparable portfolio
for the three months ended March 31,
2023 and 2022 ($ in thousands):
Total
Portfolio
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
2022
|
|
Change
|
Occupancy
|
70.8 %
|
|
72.4 %
|
|
(1.6)
pts
|
Net Package ADR
(1)
|
$
501.64
|
|
$
393.90
|
|
27.4 %
|
Net Package
RevPAR
|
$
355.27
|
|
$
285.00
|
|
24.7 %
|
Total Net Revenue
(2)
|
$
264,228
|
|
$
213,225
|
|
23.9 %
|
Owned Net Revenue
(3)
|
$
261,009
|
|
$
211,661
|
|
23.3 %
|
Owned Resort
EBITDA
|
$
109,389
|
|
$
87,537
|
|
25.0 %
|
Owned Resort EBITDA
Margin
|
41.9 %
|
|
41.4 %
|
|
0.5 pts
|
Other
corporate
|
$
13,555
|
|
$
11,947
|
|
13.5 %
|
The Playa Collection
Revenue
|
$
726
|
|
$
296
|
|
145.3 %
|
Management Fee
Revenue
|
$
1,929
|
|
$
1,057
|
|
82.5 %
|
Adjusted
EBITDA
|
$
98,489
|
|
$
76,943
|
|
28.0 %
|
Adjusted EBITDA
Margin
|
37.3 %
|
|
36.1 %
|
|
1.2 pts
|
|
Comparable
Portfolio (4)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
2022
|
|
Change
|
Occupancy
|
75.8 %
|
|
71.9 %
|
|
3.9 pts
|
Net Package
ADR
|
$
502.68
|
|
$
409.48
|
|
22.8 %
|
Net Package
RevPAR
|
$
381.06
|
|
$
294.23
|
|
29.5 %
|
Total Net Revenue
(2)
|
$
263,544
|
|
$
204,867
|
|
28.6 %
|
Owned Net Revenue
(3)
|
$
260,325
|
|
$
203,303
|
|
28.0 %
|
Owned Resort
EBITDA
|
$
111,817
|
|
$
85,247
|
|
31.2 %
|
Owned Resort EBITDA
Margin
|
43.0 %
|
|
41.9 %
|
|
1.1 pts
|
Other
corporate
|
$
13,555
|
|
$
11,947
|
|
13.5 %
|
The Playa Collection
Revenue
|
$
726
|
|
$
296
|
|
145.3 %
|
Management Fee
Revenue
|
$
1,929
|
|
$
1,057
|
|
82.5 %
|
Adjusted
EBITDA
|
$
100,917
|
|
$
74,653
|
|
35.2 %
|
Adjusted EBITDA
Margin
|
38.3 %
|
|
36.4 %
|
|
1.9 pts
|
(1) For the three months ended March 31, 2022, Net Package ADR includes
$2.7 million of on-property room
upgrade revenue that was reclassified from non-package revenue to
package revenue to conform with current period
presentation.
(2) 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 Dominican Republic are not
included in this adjustment as they are already excluded from
revenue in accordance with U.S. GAAP. A description of how we
compute Total Net Revenue and a reconciliation of Total Net Revenue
to total revenue can be found in the section "Definitions of
Non-U.S. GAAP Measures and Operating Statistics" below. Total Net
Revenue also includes all Management Fee Revenue.
(3) Owned Net Revenue excludes Management Fee
Revenue, other corporate revenue and The Playa Collection revenue
(which is a third-party owned and operated membership
program).
(4) For the three months ended March 31, 2023, our comparable portfolio excludes
Jewel Palm Beach, which was closed for a majority of the first
quarter of 2023 as we transitioned the management of the resort to
us from a third-party.
Balance Sheet
As of March 31, 2023, we held $281.5
million in cash and cash equivalents, with no restricted
cash. Total interest-bearing debt was $1,097.3 million, comprised of our Term Loan due
2029 (the "2022 Term Loan"). As of March 31, 2023, there was
no balance outstanding on our $225.0
million Revolving Credit Facility. Our interest rate swaps,
which previously mitigated risk related to LIBOR, matured on
March 31, 2023. Effective April 15, 2023, we entered into
two interest rate swaps to mitigate the floating interest rate risk
on our 2022 Term Loan, which incurs interest based on SOFR. The
interest rate swaps each have a fixed notional amount of
$275.0 million and are not for
trading purposes. The fixed rates paid by us on the interest rate
swaps are 4.05% and 3.71%, and the variable rate received resets
monthly to the one-month SOFR rate. The interest rate
swaps mature on April 15, 2025 and April 15, 2026,
respectively.
Earnings Call
The Company will host a conference call to discuss its first
quarter results on Friday, May 5,
2023 at 11:00 a.m. (Eastern Daylight
Time). The conference call can be accessed by dialing
(888) 317-6003 for domestic participants and (412)
317-6061 for international participants. The conference ID
number is 3464074. Additionally, interested parties may
listen to a taped replay of the entire conference call commencing
two hours after the call's completion on Friday, May 5, 2023. This replay will run through
Friday, May 12, 2023. The access
number for a taped replay of the conference call is (877)
344-7529 or (412) 317-0088 using the following
conference ID number: 3586863. There will also be a webcast
of the conference call accessible on the Company's investor
relations website at investors.playaresorts.com.
About the Company
Playa is a leading owner, operator and developer of
all-inclusive resorts in prime beachfront locations in popular
vacation destinations in Mexico
and the Caribbean. As of
March 31, 2023, Playa owned and/or managed a total portfolio
consisting of 26 resorts (9,756 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara
Cancún, Hyatt Ziva Cancún, Wyndham Alltra Cancún, Wyndham Alltra
Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort,
Hyatt Ziva Puerto Vallarta and Hyatt Ziva
Los Cabos. In Jamaica,
Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort
& Spa, Jewel Grande Montego Bay Resort & Spa and Jewel
Paradise Cove Beach Resort & Spa. In the Dominican Republic, Playa owns and manages the
Hilton La Romana All-Inclusive Family Resort, the Hilton La Romana
All-Inclusive Adult Resort, Jewel Palm Beach, Jewel Punta Cana,
Hyatt Zilara Cap Cana and Hyatt Ziva Cap
Cana. Playa also manages nine resorts on behalf of
third-party owners. Playa's strategy is to leverage its globally
recognized brand partnerships and proprietary in-house direct
booking capabilities to capitalize on the growing popularity of the
all-inclusive resort model and reach first-time all-inclusive
resort consumers in a cost-effective manner. We believe that this
strategy should position us to generate attractive returns for our
shareholders, build lasting relationships with our guests, and
enhance the lives of our associates and the communities in which we
operate.
Forward-Looking Statements
This press release contains "forward-looking statements," as
defined by federal securities laws. Forward-looking statements
reflect our current expectations and projections about future
events at the time, and thus involve uncertainty and risk. The
words "believe," "expect," "anticipate," "will," "could," "would,"
"should," "may," "plan," "estimate," "intend," "predict,"
"potential," "continue," and the negatives of these words and other
similar expressions generally identify forward looking statements.
Such forward-looking statements are subject to various risks and
uncertainties, including those described under the section entitled
"Risk Factors" in Playa's Annual Report on Form 10-K, filed with
the SEC on February 23, 2023, as such
factors may be updated from time to time in our periodic filings
with the SEC, which are accessible on the SEC's website at
www.sec.gov. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. These factors should not
be construed as exhaustive and should be read in conjunction with
the other cautionary statements that are included in this release
and in Playa's filings with the SEC. While forward-looking
statements reflect our good faith beliefs, they are not guarantees
of future performance. The Company disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data
or methods, future events or other changes after the date of this
press release, except as required by applicable law. You should not
place undue reliance on any forward-looking statements, which are
based only on information currently available to us (or to third
parties making the forward-looking statements).
Definitions of Non-U.S. GAAP Measures and Operating
Statistics
Occupancy
"Occupancy" represents the total number of rooms sold for a
period divided by the total number of rooms available during such
period. The total number of rooms available excludes any rooms
considered "Out of Order" due to renovation or a temporary problem
rendering them inadequate for occupancy for an extended period of
time. Occupancy is a useful measure of the utilization of a
resort's total available capacity and can be used to gauge demand
at a specific resort or group of properties during a given period.
Occupancy levels also enable us to optimize Net Package ADR (as
defined below) by increasing or decreasing the stated rate for our
all-inclusive packages as demand for a resort increases or
decreases.
Net Package Average Daily Rate ("Net Package
ADR")
"Net Package ADR" represents total Net Package Revenue for a
period divided by the total number of rooms sold during such
period. Net Package ADR trends and patterns provide useful
information concerning the pricing environment and the nature of
the guest base of our portfolio or comparable portfolio, as
applicable. Net Package ADR is a commonly used performance measure
in the all-inclusive segment of the lodging industry and is
commonly used to assess the stated rates that guests are willing to
pay through various distribution channels.
Net Package Revenue per Available Room ("Net Package
RevPAR")
"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 statistic 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 Non-package
Revenue, Owned Net Revenue, Management Fee Revenue, Cost
Reimbursements and Total Net Revenue
"Net Package Revenue" is derived from the sale of all-inclusive
packages, which include room accommodations and premium room
upgrades, food and beverage services, and entertainment activities,
net of compulsory tips paid to employees. Government mandated
compulsory tips in the Dominican
Republic are not included in this adjustment, as they are
already excluded from revenue. Revenue is recognized, net of
discounts and rebates, when the rooms are occupied and/or the
relevant services have been rendered. Advance deposits received
from guests are deferred and included in trade and other payables
until the rooms are occupied and/or the relevant services have been
rendered, at which point the revenue is recognized.
"Net Non-package Revenue" includes revenue associated with
premium services and amenities that are not included in net package
revenue, such as dining experiences, wines and spirits, and spa
packages, net of compulsory tips paid to employees. Government
mandated compulsory tips in the Dominican
Republic are not included in this adjustment, as they are
already excluded from revenue. Net Non-package Revenue is
recognized after the completion of the sale when the product or
service is transferred to the customer. Food and beverage revenue
not included in a guest's all-inclusive package is recognized when
the goods are consumed.
"Owned Net Revenue" represents Net Package Revenue and Net
Non-package Revenue. Owned Net Revenue represents a key indicator
to assess the overall performance of our business and analyze
trends, such as consumer demand, brand preference and competition.
In analyzing our Owned Net Revenues, our management differentiates
between Net Package Revenue and Net Non-package Revenue. Guests at
our resorts purchase packages at stated rates, which include room
accommodations, food and beverage services and entertainment
activities, in contrast to other lodging business models, which
typically only include the room accommodations in the stated rate.
The amenities at all-inclusive resorts typically include a variety
of buffet and á la carte restaurants, bars, activities, and shows
and entertainment throughout the day.
"Management Fee Revenue" is derived from fees earned for
managing resorts owned by third-parties. The fees earned are
typically composed of a base fee, which is computed as a percentage
of resort revenue, and an incentive fee, which is computed as a
percentage of resort profitability. Management Fee Revenue was a
minor contributor to our operating results for the three
months ended March 31, 2023 and 2022,
but we expect Management Fee Revenue to be a more relevant
indicator to assess the overall performance of our business in the
future to the extent we are successful in entering into more
management contracts.
"Total Net Revenue" represents Net Package Revenue, Net
Non-package Revenue and Management Fee Revenue. "Cost
Reimbursements" is excluded from Total Net Revenue as it is not
considered a key indicator of financial and operating performance.
Cost Reimbursements is derived from the reimbursement of certain
costs incurred by Playa on behalf of resorts managed by Playa and
owned by third parties. This revenue is fully offset by
reimbursable costs and has no net impact on operating income or net
income.
The following table shows a reconciliation of Net Package
Revenue, Net Non-package Revenue, Management Fee Revenue and Total
Net Revenue to total revenue for the three months ended
March 31, 2023 and 2022 ($ in
thousands):
Total
Portfolio
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net Package
Revenue
|
|
|
|
Comparable Net Package
Revenue
|
$
227,174
|
|
$
175,412
|
Non-comparable Net
Package Revenue
|
612
|
|
7,318
|
Net Package
Revenue
|
227,786
|
|
182,730
|
|
|
|
|
Net Non-package
Revenue
|
|
|
|
Comparable Net
Non-package Revenue
|
33,715
|
|
28,102
|
Non-comparable Net
Non-package Revenue
|
72
|
|
1,040
|
Net Non-package
Revenue
|
33,787
|
|
29,142
|
|
|
|
|
Playa Collection
Revenue:
|
|
|
|
Comparable Playa
Collection Revenue
|
726
|
.
|
296
|
Non-Comparable Playa
Collection Revenue
|
—
|
.
|
—
|
Total Playa
Collection Revenue
|
726
|
|
296
|
|
|
|
|
Management Fee
Revenue
|
|
|
|
Comparable Management
Fee Revenue
|
1,929
|
|
1,057
|
Non-comparable
Management Fee Revenue
|
—
|
|
—
|
Management Fee
Revenue
|
1,929
|
|
1,057
|
|
|
|
|
Total Net
Revenue
|
|
|
|
Comparable Total Net
Revenue
|
263,544
|
|
204,867
|
Non-comparable Total
Net Revenue
|
684
|
|
8,358
|
Total Net
Revenue
|
264,228
|
|
213,225
|
Compulsory
tips
|
6,040
|
|
4,397
|
Cost
Reimbursements
|
3,534
|
|
1,952
|
Total
revenue
|
$
273,802
|
|
$
219,574
|
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Owned
Resort EBITDA, and Owned Resort EBITDA Margin
We define EBITDA, a non-U.S. GAAP financial measure, as net
income or loss, determined in accordance with U.S. GAAP, for the
period presented before interest expense, income tax and
depreciation and amortization expense. EBITDA and Adjusted EBITDA
(as defined below) include corporate expenses, which are overhead
costs that are essential to support the operation of the Company,
including the operations and development of our resorts. We define
Adjusted EBITDA, a non-U.S. GAAP financial measure, as EBITDA
further adjusted to exclude the following items:
- Other miscellaneous non-operating income or expense
- Pre-opening expense
- Share-based compensation
- Other tax expense
- Transaction expenses
- Severance expense for employee terminations resulting from
non-recurring or unusual events, such as the departure of an
executive officer or the disposition of a resort
- Gains from property damage insurance proceeds (i.e., property
damage insurance proceeds in excess of repair and clean up costs
incurred)
- Repairs from hurricanes and tropical storms (i.e., significant
repair and clean up costs incurred which are not offset by property
damage insurance proceeds)
- Loss on extinguishment of debt
- Other items which may include, but are not limited to the
following: contract termination fees; gains or losses from legal
settlements; and impairment losses.
We include the non-service cost components of net periodic
pension cost or benefit recorded within other income or expense in
the Condensed Consolidated Statements of Operations in our
calculation of Adjusted EBITDA as they are considered part of our
ongoing resort operations.
"Adjusted EBITDA Margin" represents Adjusted EBITDA as a
percentage of Total Net Revenue.
"Owned Resort EBITDA" represents Adjusted EBITDA before
corporate expenses and Management Fee Revenue.
"Owned Resort EBITDA Margin" represents Owned Resort EBITDA as a
percentage of Owned Net Revenue.
Adjusted Net Income
"Adjusted Net Income" represents net income or loss attributable
to Playa, determined in accordance with U.S. GAAP, excluding
special items which are not reflective of our core operating
performance, such as one-time expenses related to transaction
expenses.
Usefulness and Limitation of Non-U.S. GAAP
Measures
We believe that each of Net Package Revenue, Net Non-package
Revenue, Owned Net Revenue, Total Net Revenue, Net Package ADR, Net
Package RevPAR and Net Direct Expenses are all useful to investors
as they more accurately reflect our operating results by excluding
compulsory tips. These tips have a margin of zero and do not
represent our operating results.
We also believe that Adjusted EBITDA is useful to investors for
two principal reasons. First, we believe Adjusted EBITDA assists
investors in comparing our performance over various reporting
periods on a consistent basis by removing from our operating
results the impact of items that do not reflect our core operating
performance. For example, changes in foreign exchange rates (which
are the principal driver of changes in other income or expense),
and expenses related to capital raising, strategic initiatives and
other corporate initiatives, such as expansion into new markets
(which are the principal drivers of changes in transaction
expenses), are not indicative of the operating performance of our
resorts. The other adjustments included in our definition of
Adjusted EBITDA relate to items that occur infrequently and
therefore would obstruct the comparability of our operating results
over reporting periods. For example, revenue from insurance
policies, other than business interruption insurance policies, is
infrequent in nature, and we believe excluding these expense and
revenue items permits investors to better evaluate the core
operating performance of our resorts over time. We believe Adjusted
EBITDA Margin provides our investors a useful measurement of
operating profitability for the same reasons we find Adjusted
EBITDA useful.
The second principal reason that we believe Adjusted EBITDA is
useful to investors is that it is considered a key performance
indicator by our board of directors (our "Board") and management.
In addition, the compensation committee of our Board determines a
portion of the annual variable compensation for certain members of
our management, including our executive officers, based, in part,
on consolidated Adjusted EBITDA. We believe that Adjusted EBITDA is
useful to investors because it provides investors with information
utilized by our Board and management to assess our performance and
may (subject to the limitations described below) enable investors
to compare the performance of our portfolio to our
competitors.
We believe that Owned Resort EBITDA and Owned Resort EBITDA
Margin are useful to investors as they allow investors to measure
resort-level performance and profitability by excluding expenses
not directly tied to our resorts, such as corporate expenses, and
excluding ancillary revenues not derived from our resorts, such as
management fee revenue. We believe Owned Resort EBITDA is also
helpful to investors that use it in estimating the value of our
resort portfolio. Management uses these measures to monitor
property-level performance and profitability.
A reconciliation of EBITDA, Adjusted EBITDA and Owned Resort
EBITDA to net income or loss as computed under U.S. GAAP is
presented below.
Adjusted Net Income is non-GAAP performance measure that
provides meaningful comparisons of ongoing operating results, by
removing from net income or loss the impact of items that do not
reflect our normalized operations. A reconciliation of net income
or loss as computed under U.S. GAAP to Adjusted Net Income is
presented below.
Our non-U.S. GAAP financial measures are not substitutes for
revenue, net income or any other measure determined in accordance
with U.S. GAAP. There are limitations to the utility of non-U.S.
GAAP financial measures, such as Adjusted EBITDA. For example,
other companies in our industry may define Adjusted EBITDA
differently than we do. As a result, it may be difficult to use
Adjusted EBITDA or similarly named non-U.S. GAAP financial measures
that other companies publish to compare the performance of those
companies to our performance. Because of these limitations, our
non-U.S. GAAP financial measures should not be considered as a
measure of the income or loss generated by our business or
discretionary cash available for investment in our business, and
investors should carefully consider our U.S. GAAP results
presented.
Comparable Non-U.S. GAAP Measures
We believe that presenting Adjusted EBITDA, Owned Resort EBITDA,
Total Net Revenue, Net Package Revenue and Net Non-package Revenue
on a comparable basis is useful to investors because these measures
include only the results of resorts owned and in operation for the
entirety of the periods presented and thereby eliminate disparities
in results due to the acquisition or disposition of resorts or the
impact of resort closures or re-openings in connection with
redevelopment or renovation projects. As a result, we believe these
measures provide more consistent metrics for comparing the
performance of our operating resorts. We calculate Comparable
Adjusted EBITDA, Comparable Owned Resort EBITDA, Comparable Total
Net Revenue, Comparable Net Package Revenue and Comparable Net
Non-package Revenue as the total amount of each respective measure
less amounts attributable to non-comparable resorts, by which we
mean resorts that were not owned or in operation during some or all
of the relevant reporting period.
Our comparable portfolio for the three months ended March 31, 2023 excludes Jewel Palm Beach, which
was closed for a majority of the first quarter of 2023 as we
transitioned the management of the resort to us from a
third-party.
A reconciliation of net income or loss as computed under U.S.
GAAP to comparable Adjusted EBITDA is presented below. For a
reconciliation of Comparable Net Package Revenue, Comparable Net
Non-package Revenue, Comparable Management Fee Revenue and
Comparable Total Net Revenue to total revenue as computed under
U.S. GAAP, see "Net Package Revenue, Net Non-package Revenue, Owned
Net Revenue, Management Fee Revenue, Cost Reimbursements and Total
Net Revenue" in this section.
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 U.S. GAAP net income to
EBITDA, Adjusted EBITDA, Owned Resort EBITDA and Comparable Owned
Resort EBITDA for the three months ended March 31, 2023 and 2022 ($ in
thousands):
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net
income
|
$
42,719
|
|
$
42,747
|
Interest
expense
|
29,666
|
|
9,168
|
Income tax
provision
|
4,816
|
|
1,614
|
Depreciation and
amortization
|
19,191
|
|
19,500
|
EBITDA
|
96,392
|
|
73,029
|
Other (income) expense
(a)
|
(232)
|
|
514
|
Share-based
compensation
|
3,166
|
|
3,356
|
Transaction expense
(b)
|
863
|
|
191
|
Other tax expense
(c)
|
—
|
|
240
|
Repairs from
hurricanes and tropical storms (d)
|
(861)
|
|
—
|
Loss on sale of
assets
|
13
|
|
—
|
Non-service cost
components of net periodic benefit
|
(852)
|
|
(387)
|
Adjusted
EBITDA
|
98,489
|
|
76,943
|
Other corporate
(e)
|
13,555
|
|
11,947
|
The Playa
Collection
|
(726)
|
|
(296)
|
Management
fees
|
(1,929)
|
|
(1,057)
|
Owned Resort
EBITDA
|
109,389
|
|
87,537
|
Less: Non-comparable
Owned Resort EBITDA
|
(2,428)
|
|
2,290
|
Comparable Owned
Resort EBITDA(f)
|
$
111,817
|
|
$
85,247
|
(a) Represents changes in foreign exchange and other
miscellaneous non-operating expenses or income.
(b) Represents expenses incurred in connection with
corporate initiatives, such as: system implementations, debt
refinancing costs; other capital raising efforts; and strategic
initiatives, such as the launch of a new resort or possible
expansion into new markets.
(c) Relates primarily to a Dominican Republic asset
tax, which is an alternative tax to income tax in the Dominican
Republic. We eliminate this expense from Adjusted EBITDA because it
is substantially similar to the income tax provision or benefit we
eliminate from EBITDA.
(d) Includes significant repair and clean-up expenses
incurred from natural events which are not expected to be offset by
property damage insurance proceeds. It does not include repair and
clean-up costs from natural events that are not considered
significant. For the three months ended March 31, 2023, represents a decrease in the
expected repair and clean-up expenses for the Jewel Punta Cana
related to the impact of Hurricane Fiona.
(e) For the three months ended March 31, 2023 and 2022, represents corporate
salaries and benefits of $9.7 million
for 2023 and $8.3 million for 2022,
professional fees of $1.9 million for
2023 and $1.9 million for 2022,
corporate rent and insurance of $1.0
million for 2023 and $1.0
million for 2022, and corporate travel, software licenses,
board fees and other miscellaneous corporate expenses of
$1.0 million for 2023 and
$0.7 million for 2022.
(f) Our comparable portfolio for the three months
ended March 31, 2023 excludes the
Jewel Palm Beach, which was closed for a majority of the first
quarter of 2023 as we transitioned the management of the resort to
us from a third-party.
Playa Hotels & Resorts
N.V.
Reconciliation of Net Income to Adjusted Net
Income
($ in thousands)
The following table reconciles our net income to Adjusted Net
Income for the three months ended March 31,
2023 and 2022 ($ in thousands):
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net
income
|
$
42,719
|
|
$
42,747
|
Reconciling
items
|
|
|
|
Transaction
expense
|
863
|
|
191
|
Change in fair value
of interest rate swaps (a)
|
6,335
|
|
(11,127)
|
Repairs from
hurricanes and tropical storms
|
(861)
|
|
—
|
Total reconciling items
before tax
|
6,337
|
|
(10,936)
|
Income tax provision
for reconciling items
|
(36)
|
|
—
|
Total reconciling
items after tax
|
6,301
|
|
(10,936)
|
Adjusted net
income
|
$
49,020
|
|
$
31,811
|
(a) 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.
The following table presents the impact of Adjusted Net Income
on our diluted earnings or loss per share for the three months
ended March 31, 2023 and 2022 ($
in thousands):
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Adjusted net
income
|
$
49,020
|
|
$
31,811
|
|
|
|
|
Earnings per share -
Diluted
|
$
0.27
|
|
$
0.26
|
Total reconciling
items impact per diluted share
|
0.04
|
|
(0.07)
|
Adjusted earnings
per share - Diluted
|
$
0.31
|
|
$
0.19
|
Playa Hotels &
Resorts N.V.
Condensed
Consolidated Balance Sheet
($ in thousands,
except share data)
(unaudited)
|
|
|
|
|
|
As of March
31,
|
|
As of December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
281,465
|
|
$
283,945
|
Trade and other
receivables, net
|
74,268
|
|
62,946
|
Insurance
recoverable
|
20,586
|
|
34,191
|
Accounts receivable
from related parties
|
11,408
|
|
8,806
|
Inventories
|
20,607
|
|
20,046
|
Prepayments and other
assets
|
40,958
|
|
44,177
|
Property and equipment,
net
|
1,527,188
|
|
1,536,567
|
Derivative financial
instruments
|
—
|
|
3,510
|
Goodwill,
net
|
61,654
|
|
61,654
|
Other intangible
assets
|
6,293
|
|
6,556
|
Deferred tax
assets
|
7,334
|
|
7,422
|
Total
assets
|
$
2,051,761
|
|
$
2,069,820
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Trade and other
payables
|
$
200,694
|
|
$
231,652
|
Payables to related
parties
|
9,144
|
|
6,852
|
Income tax
payable
|
785
|
|
990
|
Debt
|
1,064,391
|
|
1,065,453
|
Other
liabilities
|
31,149
|
|
30,685
|
Deferred tax
liabilities
|
73,064
|
|
69,326
|
Total
liabilities
|
1,379,227
|
|
1,404,958
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity
|
|
|
|
Ordinary shares (par
value €0.10; 500,000,000 shares authorized, 169,423,980 shares
issued and 154,402,852 shares outstanding as of March 31, 2023
and 168,275,504
shares issued and 158,228,508 shares outstanding as of
December 31, 2022)
|
18,822
|
|
18,700
|
Treasury shares (at
cost, 15,021,128 shares as of March 31, 2023 and
10,046,996
shares as of December 31, 2022)
|
(103,843)
|
|
(62,953)
|
Paid-in
capital
|
1,192,134
|
|
1,189,090
|
Accumulated other
comprehensive loss
|
(4,308)
|
|
(6,985)
|
Accumulated
deficit
|
(430,271)
|
|
(472,990)
|
Total shareholders'
equity
|
672,534
|
|
664,862
|
Total liabilities
and shareholders' equity
|
$
2,051,761
|
|
$
2,069,820
|
Playa Hotels &
Resorts N.V.
Condensed
Consolidated Statements of Operations
($ in thousands,
except share data)
(unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
Package
|
$
233,568
|
|
$
186,815
|
Non-package
|
34,045
|
|
29,454
|
The Playa
Collection
|
726
|
|
296
|
Management
fees
|
1,929
|
|
1,057
|
Cost
reimbursements
|
3,534
|
|
1,952
|
Total
revenue
|
273,802
|
|
219,574
|
Direct and selling,
general and administrative expenses
|
|
|
|
Direct
|
128,968
|
|
106,840
|
Selling, general and
administrative
|
45,127
|
|
37,239
|
Depreciation and
amortization
|
19,191
|
|
19,500
|
Reimbursed
costs
|
3,534
|
|
1,952
|
Loss on sale of
assets
|
13
|
|
—
|
Direct and selling,
general and administrative expenses
|
196,833
|
|
165,531
|
Operating
income
|
76,969
|
|
54,043
|
Interest
expense
|
(29,666)
|
|
(9,168)
|
Other income
(expense)
|
232
|
|
(514)
|
Net income before
tax
|
47,535
|
|
44,361
|
Income tax
provision
|
(4,816)
|
|
(1,614)
|
Net
income
|
$
42,719
|
|
$
42,747
|
|
|
|
|
Earnings per
share
|
|
|
|
Basic
|
$
0.27
|
|
$
0.26
|
Diluted
|
$
0.27
|
|
$
0.26
|
Weighted average number
of shares outstanding during the period - Basic
|
157,314,177
|
|
165,743,382
|
Weighted average number
of shares outstanding during the period - Diluted
|
158,772,453
|
|
166,888,129
|
Playa Hotels &
Resorts N.V.
Consolidated Debt
Summary - As of March 31, 2023
($ in
millions)
|
|
|
|
Maturity
|
|
|
|
Applicable
Rate
|
|
LTM
Interest (6)
|
Debt
|
|
Date
|
|
# of
Years
|
|
Balance
|
|
|
Revolving Credit
Facility (1)
|
|
Jan-28
|
|
4.8
|
|
$
—
|
|
— %
|
|
$
0.6
|
Term Loan
(2)(3)
|
|
Jan-29
|
|
5.8
|
|
1,097.3
|
|
8.99 %
|
|
57.7
|
Term Loan (Additional
$93.3 million)
|
|
—
|
|
—
|
|
—
|
|
— %
|
|
9.2
|
Property
Loan
|
|
—
|
|
—
|
|
—
|
|
— %
|
|
11.2
|
Total
debt (4)
|
|
|
|
|
|
$
1,097.3
|
|
8.99 %
|
|
$
78.7
|
Less: cash and cash
equivalents (5)
|
|
|
|
|
|
(281.5)
|
|
|
|
|
Net
debt
|
|
|
|
|
|
$
815.8
|
|
|
|
|
(1) Undrawn balances bear interest between 0.25% and
0.50% depending on certain leverage ratios. We had $225.0 million and $85.0
million available as of March 31, 2023 and 2022,
respectively.
(2) Prior to our debt refinancing in December 2022, we incurred interest based on
LIBOR + 275 bps (where LIBOR was subject to a 1.0% floor). Our 2022
Term Loan incurs interest based on SOFR + 425 bps (where SOFR is
subject to a 0.50% floor). The effective interest rate for the 2022
Term Loan was 8.99% as of March 31, 2023.
(3) Effective April 15, 2023, we entered into
two interest rate swaps to mitigate the floating interest rate risk
on our 2022 Term Loan. The interest rate swaps each have a fixed
notional amount of $275.0 million and
are not for trading purposes. The fixed rates paid by us on the
interest rate swaps are 4.05% and 3.71%, and the variable rate
received resets monthly to the one-month SOFR rate. The
interest rate swaps mature on April 15, 2025 and
April 15, 2026, respectively.
(4) Excludes $31.0 million of unamortized discounts,
$7.5 million of unamortized
deferred financing costs, and a $5.6 million financing lease obligation as
of March 31, 2023.
(5) Represents cash balances on hand as of
March 31, 2023.
(6) Represents last twelve months' cash paid for
interest on the outstanding balance of our 2022 Term Loan as well
as our prior term loans and property loan that were outstanding
prior to our 2022 debt refinancing. It also includes call premiums
incurred as a result of the repayment of the prior term loan and
property loan in December 2022. The
impact of amortization of deferred financing costs and discounts,
capitalized interest and the change in fair market value of our
interest rate swaps is excluded.
Playa Hotels &
Resorts N.V.
Reportable Segment
Operating Statistics - Three Months Ended March 31, 2023 and
2022
|
|
|
|
|
Occupancy
|
|
Net Package
ADR
|
|
Net Package
RevPAR
|
|
Owned Net
Revenue
|
|
Owned Resort
EBITDA
|
|
Owned Resort EBITDA
Margin
|
Total
Portfolio
|
Rooms
|
|
2023
|
2022
|
Pts
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
Pts
Change
|
Yucatán
Peninsula
|
2,126
|
|
83.8 %
|
71.9 %
|
11.9
pts
|
|
$ 494.08
|
$ 436.51
|
13.2 %
|
|
$ 414.21
|
$ 313.83
|
32.0 %
|
|
$ 88,748
|
$ 68,629
|
29.3 %
|
|
$ 37,936
|
$ 29,458
|
28.8 %
|
|
42.7 %
|
42.9 %
|
(0.2)
pts
|
Pacific
Coast
|
926
|
|
79.3 %
|
66.6 %
|
12.7
pts
|
|
$ 541.73
|
$ 459.90
|
17.8 %
|
|
$ 429.80
|
$ 306.41
|
40.3 %
|
|
40,515
|
29,104
|
39.2 %
|
|
17,523
|
12,544
|
39.7 %
|
|
43.3 %
|
43.1 %
|
0.2
pts
|
Dominican
Republic
|
2,644
|
|
51.1 %
|
77.3 %
|
(26.2) pts
|
|
$ 490.55
|
$ 330.61
|
48.4 %
|
|
$ 250.47
|
$ 255.58
|
(2.0) %
|
|
68,769
|
69,664
|
(1.3) %
|
|
26,849
|
28,377
|
(5.4) %
|
|
39.0 %
|
40.7 %
|
(1.7)
pts
|
Jamaica
|
1,428
|
|
82.5 %
|
67.6 %
|
14.9
pts
|
|
$ 500.78
|
$ 418.26
|
19.7 %
|
|
$ 413.24
|
$ 282.67
|
46.2 %
|
|
62,977
|
44,264
|
42.3 %
|
|
27,081
|
17,158
|
57.8 %
|
|
43.0 %
|
38.8 %
|
4.2
pts
|
Total
Portfolio
|
7,124
|
|
70.8 %
|
72.4 %
|
(1.6)
pts
|
|
$
501.64
|
$
393.90
|
27.4 %
|
|
$
355.27
|
$
285.00
|
24.7 %
|
|
$
261,009
|
$
211,661
|
23.3 %
|
|
$
109,389
|
$
87,537
|
25.0 %
|
|
41.9 %
|
41.4 %
|
0.5
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
Net Package
ADR
|
|
Net Package
RevPAR
|
|
Owned Net
Revenue
|
|
Owned Resort
EBITDA
|
|
Owned Resort EBITDA
Margin
|
Comparable
Portfolio
|
Rooms
|
|
2023
|
2022
|
Pts
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
Pts
Change
|
Yucatán
Peninsula
|
2,126
|
|
83.8 %
|
71.9 %
|
11.9
pts
|
|
$ 494.08
|
$ 436.51
|
13.2 %
|
|
$ 414.21
|
$ 313.83
|
32.0 %
|
|
$ 88,748
|
$ 68,629
|
29.3 %
|
|
$ 37,936
|
$ 29,458
|
28.8 %
|
|
42.7 %
|
42.9 %
|
(0.2)
pts
|
Pacific
Coast
|
926
|
|
79.3 %
|
66.6 %
|
12.7
pts
|
|
$ 541.73
|
$ 459.90
|
17.8 %
|
|
$ 429.80
|
$ 306.41
|
40.3 %
|
|
40,515
|
29,104
|
39.2 %
|
|
17,523
|
12,544
|
39.7 %
|
|
43.3 %
|
43.1 %
|
0.2
pts
|
Dominican
Republic
|
2,144
|
|
61.8 %
|
76.9 %
|
(15.1) pts
|
|
$ 494.31
|
$ 360.44
|
37.1 %
|
|
$ 305.71
|
$ 277.26
|
10.3 %
|
|
68,085
|
61,306
|
11.1 %
|
|
29,277
|
26,087
|
12.2 %
|
|
43.0 %
|
42.6 %
|
0.4
pts
|
Jamaica
|
1,428
|
|
82.5 %
|
67.6 %
|
14.9
pts
|
|
$ 500.78
|
$ 418.26
|
19.7 %
|
|
$ 413.24
|
$ 282.67
|
46.2 %
|
|
62,977
|
44,264
|
42.3 %
|
|
27,081
|
17,158
|
57.8 %
|
|
43.0 %
|
38.8 %
|
4.2
pts
|
Total Comparable
Portfolio
|
6,624
|
|
75.8 %
|
71.9 %
|
3.9
pts
|
|
$
502.68
|
$
409.48
|
22.8 %
|
|
$
381.06
|
$
294.23
|
29.5 %
|
|
$
260,325
|
$
203,303
|
28.0 %
|
|
$
111,817
|
$
85,247
|
31.2 %
|
|
43.0 %
|
41.9 %
|
1.1
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights
Yucatán Peninsula
- Owned Net Revenue for the three months ended
March 31, 2023 increased $20.1 million, or 29.3%, compared to the three
months ended March 31, 2022. The
increase was due to the following:
-
- an increase in Occupancy of 11.9 percentage points compared to
the three months ended March 31,
2022, driven by an increase in demand from Canadian, Mexican
and United States sourced
guests;
- a 13.2% increase in Net Package ADR as a result of a higher
meetings, incentives, conventions and events ("MICE") group
contribution to our guest mix; and
- an increase in Net Non-package Revenue of $0.9 million, or 10.6%, compared to the three
months ended March 31, 2022. Net
Non-package Revenue includes a decrease of $0.7 million due to the expiration of our
Extended Stay Program in late 2022 as COVID-19-related travel
restrictions were no longer in effect. Excluding this impact, Net
Non-package Revenue per sold room increased 2.7% compared to the
three months ended March 31,
2022.
- Owned Resort EBITDA for the three months ended
March 31, 2023 increased $8.5 million, or 28.8%, compared to the three
months ended March 31, 2022. The
increase was a result of leveraging a majority of our direct
expenses given the Net Package ADR growth, which was partially
offset by Occupancy-related increases in resort operating expenses,
union-negotiated wage and benefit increases, and a negative impact
from the appreciation of the Mexican Peso compared to the three
months ended March 31, 2022.
-
- Owned Resort EBITDA Margin for the three months ended
March 31, 2023 was 42.7%, a decrease
of 0.2 percentage points compared to the three months ended
March 31, 2022. Owned Resort EBITDA
Margin was negatively impacted by 370 basis points due to the
appreciation of the Mexican Peso compared to the three months ended
March 31, 2022. Excluding the impact
of foreign exchange rate appreciation, Owned Resort EBITDA Margin
would have been 46.4%, an increase of 3.5 percentage points
compared to the three months ended March 31,
2022.
Pacific Coast
- Owned Net Revenue for the three months ended
March 31, 2023 increased $11.4 million, or 39.2%, compared to the three
months ended March 31, 2022. The
increase was due to the following:
-
- an increase in Occupancy of 12.7 percentage points compared to
the three months ended March 31,
2022, driven by an increase in demand from Mexican and
Canadian sourced guests;
- a 17.8% increase in Net Package ADR as a result of a higher
MICE group contribution to our guest mix; and
- an increase in Net Non-package Revenue of $1.1 million, or 31.5%, compared to the three
months ended March 31, 2022. Net
Non-package Revenue includes a decrease of $0.4 million due to the expiration of our
Extended Stay Program in late 2022 as COVID-19-related travel
restrictions were no longer in effect. Excluding this impact, Net
Non-package Revenue per sold room increased 23.2% compared to the
three months ended March 31,
2022.
- Owned Resort EBITDA for the three months ended
March 31, 2023 increased $5.0 million, or 39.7%, compared to the three
months ended March 31, 2022. The
increase was a result of leveraging a majority of our direct
expenses given the Net Package ADR growth, which was partially
offset by Occupancy-related increases in resort operating expenses,
union-negotiated wage and benefit increases, and a negative impact
from the appreciation of the Mexican Peso compared to the three
months ended March 31, 2022.
-
- Owned Resort EBITDA Margin for the three months ended
March 31, 2023 was 43.3%, an
increase of 0.2 percentage points compared to three months ended
March 31, 2022. Owned Resort EBITDA
Margin was negatively impacted by 350 basis points due to the
appreciation of the Mexican Peso compared to the three months ended
March 31, 2022. Excluding the impact
of foreign exchange rate appreciation, Owned Resort EBITDA Margin
would have been 46.8%, an increase of 3.7 percentage points
compared to the three months ended March 31,
2022.
Dominican
Republic
- Comparable Owned Net Revenue for the three months ended
March 31, 2023 increased $6.8 million, or 11.1%, compared to the three
months ended March 31, 2022. The
increase was due to the following:
-
- a 37.1% increase in Comparable Net Package ADR due to a lower
mix of sold rooms at the Jewel Punta Cana during the three months
ended March 31, 2023, when we
transitioned management to us from a third-party. Excluding this
resort, Net Package ADR increased 20.1%;
- a decrease in Occupancy of 15.1 percentage points compared to
the three months ended March 31, 2022
as a result of reduced Occupancy at the Jewel Punta Cana, as we
transitioned the management of the resort to us from a third-party;
and
- an increase in Comparable Net Non-package Revenue of
$1.3 million, or 16.5%, compared to
the three months ended March 31,
2022. Comparable Net Non-package Revenue includes:
-
- a decrease of $0.5 million due to
the expiration of our Extended Stay Program in late 2022 as
COVID-19-related travel restrictions were no longer in effect.
- a decrease in Net Non-package Revenue as a result of reduced
Occupancy at the Jewel Punta Cana during the three months ended
March 31, 2023. Excluding this
resort, Net Non-package Revenue increased 39.6%.
- Comparable Owned Resort EBITDA for the three months
ended March 31, 2023 increased
$3.2 million, or 12.2%, compared to
the three months ended March 31,
2022. The increase was a result of leveraging a majority of
our direct expenses given the Net Package ADR growth as compared to
the three months ended March 31,
2022. Excluding Jewel Punta Cana, Comparable Owned Resort
EBITDA for the three months ended March 31,
2023 increased 38.4% compared to the three months ended
March 31, 2022.
-
- Comparable Owned Resort EBITDA Margin for the three
months ended March 31, 2023 was
43.0%, an increase of 0.4 percentage points compared to the three
months ended March 31, 2022.
Comparable Owned Resort EBITDA Margin was negatively impacted by
530 basis points due to reduced occupancies at the Jewel Punta
Cana. Excluding this resort, Comparable Owned Resort EBITDA Margin
for the three months ended March 31,
2023 was 48.3%, an increase of 2.8 percentage points
compared to the three months ended March 31,
2022.
Jamaica
- Owned Net Revenue for the three months ended
March 31, 2023 increased $18.7 million, or 42.3%, compared to the
three months ended March 31, 2022.
The increase was due to the following:
-
- an increase in Occupancy of 14.9 percentage points compared to
the three months ended March 31,
2022, driven by an increase in demand from United States and Canadian sourced
guests;
- a 19.7% increase in Net Package ADR as a result of a higher
MICE group contribution to our guest mix; and
- an increase in Net Non-package Revenue of $1.9 million, or 24.3%, compared to the three
months ended March 31, 2022. Net
Non-package Revenue includes a decrease of $0.6 million due to the expiration of our
Extended Stay Program in late 2022 as COVID-19-related travel
restrictions were no longer in effect. Excluding this impact, Net
Non-package Revenue per sold room increased 9.5% compared to the
three months ended March 31,
2022.
- Owned Resort EBITDA for the three months ended
March 31, 2023 increased $9.9 million, or 57.8%, compared to the three
months ended March 31, 2022. The
increase was a result of leveraging a majority of our direct
expenses given the Net Package ADR growth, partially offset by
Occupancy-related increases in resort operating expenses compared
to the three months ended March 31,
2022.
-
- Owned Resort EBITDA Margin for the three months ended
March 31, 2023 increased 4.2
percentage points, or 10.8%, compared to the three months ended
March 31, 2022. Owned Resort EBITDA
Margin was negatively impacted by 110 basis points due to the
timing of sales and marketing expenses and franchise fees compared
to the three months ended March 31,
2022.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/playa-hotels--resorts-nv-reports-first-quarter-2023-results-301816230.html
SOURCE Playa Management USA,
LLC