Playa Hotels & Resorts N.V. (the “Company” or “Playa”) (NASDAQ: PLYA) today announced results of operations for the three and six months ended June 30, 2023.
Three Months Ended June 30, 2023 Results
Net Income was $20.6 million compared to $30.5 million in 2022
Adjusted Net Income(1) was $21.0 million compared to $24.9 million in 2022
Net Package RevPAR increased 13.6% over 2022 to $312.64, driven by a 16.1% increase in Net Package ADR, partially offset by a 1.6 percentage point decrease in Occupancy
Owned Resort EBITDA(1) increased 14.2% versus 2022 to $83.1 million
Owned Resort EBITDA Margin(1) increased 1.0 percentage points versus 2022 to 35.3%
Adjusted EBITDA(1) increased 16.9% versus 2022 to $72.1 million, inclusive of a $4.3 million benefit from business interruption insurance related to Hurricane Fiona that impacted the Dominican Republic in the second half of 2022
Adjusted EBITDA Margin(1) increased 1.4 percentage points versus 2022 to 30.2%
Six Months Ended June 30, 2023 Results
Net Income was $63.4 million compared to $73.3 million in 2022
Adjusted Net Income(1) was $70.0 million compared to $56.7 million in 2022
Net Package RevPAR increased 19.2% over 2022 to $333.84, driven by a 21.8% increase in Net Package ADR, partially offset by a 1.5% percentage point decrease in Occupancy
Comparable Net Package RevPAR increased 22.6% over 2022 to $355.71, driven by a 1.6% percentage point increase in Occupancy and a 20.1% increase in Net Package ADR
Owned Resort EBITDA(1) increased 20.1% versus 2022 to $192.5 million
Owned Resort EBITDA Margin(1) increased 1.0 percentage points versus 2022 to 38.8%
Adjusted EBITDA(1) increased 23.1% versus 2022 to $170.6 million, inclusive of a $4.3 million benefit from business interruption insurance related to Hurricane Fiona that impacted the Dominican Republic in the second half of 2022
Adjusted EBITDA Margin(1) increased 1.5% percentage points versus 2022 to 33.9%
Comparable Adjusted EBITDA(1) increased 29.7% versus 2022 to $175.2 million
Comparable Adjusted EBITDA Margin(1) increased 2.3% percentage points versus 2022 to 35.1%
(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.
Balance Sheet
As of June 30, 2023, we held $268.8 million in cash and cash equivalents, with no restricted cash. Total interest- bearing debt was $1,094.5 million, comprised of our Term Loan due 2029 (the “Term Loan due 2029”). As of June 30, 2023, there was no balance outstanding on our $225.0 million Revolving Credit Facility. Effective April 15, 2023, we entered into two interest rate swaps to mitigate the floating interest rate risk on our Term Loan due 2029, 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 second quarter results on Friday, August 4, 2023 at 8:00 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 5071660. Additionally, interested parties may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on Friday, August 4, 2023. This replay will run through Friday, August 11, 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: 7836389.
There will also be a webcast of the conference call accessible on the Company’s investor relations website at investors.playaresorts.com.