FAIRFAX, Va., May 07, 2018 (GLOBE NEWSWIRE) -- Playa Hotels & Resorts N.V.(NASDAQ:PLYA) today announced results of operations for the three months ended March 31, 2018.
Three Months Ended March 31, 2018 Results
- Net Income was $21.8 million compared to Net Income of $27.6 million in 2017
- Adjusted Net Income(1) was $35.1 million compared to Adjusted Net Income of $33.6 million in 2017
- Net Package RevPAR increased 1.0% over 2017 to $273.50, driven by Net Package ADR growth of 0.9%
- Owned Resort EBITDA increased 0.4% over 2017 to $82.6 million
- Owned Resort EBITDA Margin decreased 0.4% percentage points over 2017 to 47.9%
- Adjusted EBITDA increased 0.1% over 2017 to $74.6 million
| Three Months Ended March 31, | |||||||||||
| 2018 | 2017 | Change | |||||||||
| 87.6 | 87.4 | 47.9 | 48.3 | 43.1 | 43.7 | ||||||
| (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 in Mexico and Jamaica, 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. |
| (2) | Owned Resort Revenue excludes Management Fee Revenue, Jamaica delayed opening accrual reversal and MICE (meetings, incentives, conventions and events) income. |
| (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-U.S. GAAP Measures and Operating Statistics” below. |
| (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-U.S. GAAP Measures and Operating Statistics” below. |
Balance Sheet
As of March 31, 2018, the Company held $140.1 million in cash and cash equivalents. Total interest-bearing debt was $904.1 million, comprised fully of Term Loan B secured debt due 2024. As of March 31, 2018, there were no amounts outstanding on the Company’s $100.0 million Revolving Credit Facility.
We have spent $74.9 million thus far on the development of our 750-room Hyatt Ziva and Zilara in Cap Cana, Dominican Republic, including purchasing the land. Adjusted net debt excluding cash and the spending on Hyatt Ziva and Zilara in Cap Cana is $689.1 million.
About the Company
Playa Hotels & Resorts N.V. (“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. Playa owns and/or manages a total portfolio consisting of 15 resorts (6,314 rooms) located in Mexico, Jamaica, and the Dominican Republic. Playa owns and manages Hyatt Zilara Cancun, Hyatt Ziva Cancun, Panama Jack Resorts Cancun, Panama Jack Resorts Playa del Carmen, THE Royal Playa del Carmen, Hyatt Ziva Puerto Vallarta and Hyatt Ziva Los Cabos in Mexico; Hyatt Zilara Rose Hall and Hyatt Ziva Rose Hall in Jamaica. Playa also owns five resorts in Mexico and the Dominican Republic that are managed by a third party and Playa manages the Sanctuary Cap Cana, in the Dominican Republic. We believe that the resorts we own, as well as the resorts we manage, are among the finest all-inclusive resorts in the markets they serve. All of our resorts offer guests luxury accommodations, noteworthy architecture, extensive on-site activities and multiple food and beverage options. Our guests also have the opportunity to purchase upgrades from us such as premium rooms, dining experiences, wines and spirits and spa packages.
