☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
The | Netherlands | 98-1346104 | |||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
Amsterdam, | the | Netherlands | Not Applicable | ||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Ordinary Shares, €0.10 par value | PLYA | |||||||
Securities registered pursuant to Section 12(g) of the Act: None |
Large | Accelerated | |||||||||||||||||||
☐ | Smaller | ☐ | ||||||||||||||||||
Emerging |
Playa Hotels & Resorts N.V. TABLE OF CONTENTS FISCAL YEAR ENDED DECEMBER 31, | ||||||||
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•Premier Collection of All-Inclusive Resorts in Highly Desirable Locations. We believe that our portfolio represents a premier collection of all-inclusive resorts. Our award-winning resorts are located in prime beachfront locations in popular vacation destinations, including Cancún, Playa del Carmen, Puerto Vallarta and Los Cabos in Mexico, Punta Cana and La Romana in the Dominican Republic and Montego Bay in Jamaica. Guests may conveniently access our resorts from a number of North American and other international gateway markets. •Diversified Portfolio of All-Inclusive Resorts. We currently operate resorts located in four main geographic markets and feature a range of price points, which we believe diversifies our offering, helps foster loyalty among our guests and drives repeat business. We operate resorts under eight distinct brands. Having multiple brands to offer owners and developers is essential to our ability to secure management agreements and attractive acquisitions since having a portfolio of brands mitigates the risks of brand-on-brand supply growth and subsequent cannibalization and expands our addressable market. •Exclusive Focus on the All-Inclusive Model.We believe the all-inclusive resort model is increasing in popularity as more people come to appreciate the benefits of a high-quality vacation experience that offers value, ease of planning and a high degree of cost certainty. Because our guests have pre-purchased their vacation packages, we also have theopportunity to earn incremental revenue if our guests purchase upgrades, premium services and amenities that are not included in the all-inclusive package. •Strong Relationships with Top Brands. Our partnerships with Hyatt, Hilton and Wyndham, three globally recognized hospitality brands, differentiate our resorts from our competitors. The selection of Playa as a strategic partner of Hyatt, Hilton and Wyndham in the development and management of all-inclusive resorts throughout the Caribbean, Mexico and Latin America reflects their confidence and conviction in Playa’s best in-class stewardship of all-inclusive resorts. For the year ended December 31, 2021, $457.9 million, or 88.8%, of our Total Net Revenue (as defined in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations) was generated from resorts under the Hyatt, Hilton and Wyndham brands. Our strategic relationship with Hyatt under our Hyatt Strategic Alliance Agreement, as amended, provides us with a range of benefits, including the right to operate certain of our existing resorts under the Hyatt Ziva and Hyatt Zilara brands (the “Hyatt All-Inclusive Resort Brands”) in certain countries. In 2021, we entered into an omnibus third amendment to our franchise agreements with Hyatt for our Hyatt Ziva and Hyatt Zilara resorts in Mexico and Jamaica which prohibits Hyatt from opening, owning or authorizing other parties (whether under a license or franchise agreement from Hyatt or otherwise) to open or operate Hyatt Ziva and Hyatt Zilara resorts in certain agreed upon geographical areas in proximity to our Hyatt Ziva and Hyatt Zilara resorts for a five year period after the effective date of the amendment. 8 |
Our strategic alliance with Hilton affords us the opportunity to expand into markets in the Caribbean, Mexico, and South and Central America while obtaining access to Hilton’s global portfolio of brands and over 128 million Hilton Honors membersas of December 31, 2021. We have successfully converted two of our resorts into three Hilton all-inclusive resorts, and under our agreement with Hilton we have the potential to convert, develop or manage up to an additional eight resorts in certain locations in the Caribbean, Mexico, and South and Central America by 2025. Our strategic alliance with Wyndham affords us the opportunity to obtain access to Wyndham’s global portfolio of brands and over 92 million loyalty membersas of December 31, 2021 and provides us with an exclusive right to own or operate Wyndham Alltra all-inclusive resorts for a five year period commencing on December 1, 2021 (the “Brand Launch Date”) in Mexico, Jamaica, the Dominican Republic and certain other Caribbean and Latin American destinations (collectively, the “Exclusive Territories”), subject to certain termination rights by Wyndham on the third anniversary of the Brand Launch Date and the extension of our exclusivity right subject to achieving certain development milestones. Our strategic alliance also grants us a right of first offer to manage Wyndham Alltra all-inclusive resorts located outside of the Exclusive Territories during the initial exclusivity period and any extension. During 2021, we successfully converted two of our resorts in Mexico into Wyndham Alltra all-inclusive resorts. •Proprietary Direct Booking Capabilities.To further support the direct booking benefits of partnering with globally recognized brands, we have invested in our own in-house direct booking platform to optimize our customer acquisition costs and build guest loyalty. These investments allowed our resorts to recover faster from the COVID-19 pandemic given the slower pace of recovery in wholesale/third-party channels. Bookings generated on playaresorts.com have increased from $16.9 million in 2018 to $107.1 million in 2021 and accounted for 20.9%of our Owned Net Revenue (as defined in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations) for the year ended December 31, 2021. We will continue to invest in this effort to improve our selling capabilities and adapt to consumer demand. •Integrated and Scalable Operating Platform.We believe we have developed a scalable resort management platform designed to improve operating efficiency at the 20 resorts we currently manage. Our platform enables us to integrate additional resorts we may acquire, manage resorts owned by third-parties and potentially internalize the management of the two resorts we own but do not manage. Our platform also enables managers of each of our key functions, including sales, marketing and resort management, to observe, analyze, share and respond to trends throughout our portfolio. As a result, we are able to implement management initiatives on a real-time, portfolio-wide basis. •Advantageous Exposure to Leisure Travel. Our beachfront resort portfolio skews our customer mix to be composed of approximately 90% leisure travelers. We believe that this concentration positions us to recover faster from the effects of the COVID-19 pandemic and market recessions than many of our lodging peers, as historically the leisure segment of the travel market has tended to rebound faster than the business-oriented segment. •Focus on Safety Measures. As we adjusted to a new operating environment during the COVID-19 pandemic, we have experienced the luxury of having expansive footprints, numerous dining outlets, and predominantly outdoor and open designs at the majority of our resorts, which has provided us flexibility to redesign the layout of our resorts with social distancing and safety precautions in mind. Furthermore, we have implemented an enhanced mobile app that incorporates contactless QR codes to augment and facilitate the guest experience at all of our managed properties. We have also incorporated safety practices from our brand partners, government agencies and various health experts to develop our Playa Safe StayTM operating protocols. We believe that our protocols and the association with globally recognized, responsible brands that consumers know and trust are a competitive advantage. •Experienced Leadership with a Proven Track Record. Our senior management team has significant experience in the lodging industry, including operating all-inclusive resorts. •Bruce Wardinski, our Chief Executive Officer has over 30 |
•Selectively Pursue Strategic Growth Opportunities. The all-inclusive segment of the lodging industry is highly fragmented. We believe that we are well positioned to grow our portfolio through acquisitions and partnerships in the all-inclusive segment of the lodging industry. We believe that our extensive experience in all-inclusive resort operations, direct booking strategy, brand relationships, acquisition, expansion, renovation, repositioning and rebranding, established and scalable management platform and ability to offer Nasdaq-listed ordinary shares to potential resort sellers will make us a preferred asset acquirer. |
•Disposition of non-core assets. We continuously monitor, review and optimize our portfolio to align with our strategic vision and maximize our return on invested capital. |
•the costs and administrative burdens associated with compliance with applicable laws and regulations, including, among others, those associated with privacy, marketing and sales, licensing, labor, employment, the environment, and the U.S. Department of the Treasury’s Office of Foreign Asset Control and the U.S. Foreign Corrupt Practices Act (“FCPA”); • |
Name of Resort | Location | Brand and Type | Operator | Year Built; Significant Renovations | Rooms | |||||
Owned Resorts | ||||||||||
Yucatán Peninsula | ||||||||||
Hyatt Ziva Cancún | Cancún, Mexico | Hyatt Ziva (all ages) | Playa | 1975; 1980; 1986; 2002; 2015 | 547 | |||||
Hyatt Zilara Cancún | Cancún, Mexico | Hyatt Zilara (adults-only) | Playa | 2006; 2009; 2013; 2017 | 310 | |||||
Panama Jack Resorts Cancún | Cancún, Mexico | Panama Jack (all ages) | Playa | 1985; 2009; 2017 | 458 | |||||
Hilton Playa del Carmen All-Inclusive Resort(1) | Playa del Carmen, Mexico | Hilton (adults-only) | Playa | 2002; 2009; 2019 | 524 | |||||
Panama Jack Resorts Playa del Carmen | Playa del Carmen, Mexico | Panama Jack (all ages) | Playa | 1996; 2006; 2012; 2017 | 287 | |||||
Secrets Capri | Riviera Maya, Mexico | Secrets (adults-only) | AMResorts | 2003 | 291 | |||||
Dreams Puerto Aventuras | Riviera Maya, Mexico | Dreams (all ages) | AMResorts | 1991; 2009 | 305 | |||||
Pacific Coast | ||||||||||
Hyatt Ziva Los Cabos | Cabo San Lucas, Mexico | Hyatt Ziva (all ages) | Playa | 2007; 2009; 2015 | 591 | |||||
Hyatt Ziva Puerto Vallarta | Puerto Vallarta, Mexico | Hyatt Ziva (all ages) | Playa | 1969; 1990; 2002; 2009; 2014; 2017 | 335 | |||||
Dominican Republic | ||||||||||
Hilton La Romana All-Inclusive Resort(2) | La Romana, Dominican Republic | Hilton (adults-only) | Playa(2) | 1997; 2008; 2019 | 356 | |||||
Hilton La Romana All-Inclusive Resort(2) | La Romana, Dominican Republic | Hilton (all ages) | Playa(2) | 1997; 2008; 2019 | 418 | |||||
Dreams Palm Beach | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 1994; 2008 | 500 | |||||
Dreams Punta Cana | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 2004 | 620 | |||||
Hyatt Ziva Cap Cana | Cap Cana, Dominican Republic | Hyatt Ziva (all ages) | Playa | 2019 | 375 | |||||
Hyatt Zilara Cap Cana | Cap Cana, Dominican Republic | Hyatt Zilara (adults-only) | Playa | 2019 | 375 | |||||
Jamaica | ||||||||||
Hyatt Ziva Rose Hall | Montego Bay, Jamaica | Hyatt Ziva (all ages) | Playa | 2000; 2014; 2017 | 276 | |||||
Hyatt Zilara Rose Hall | Montego Bay, Jamaica | Hyatt Zilara (adults-only) | Playa | 2000; 2014; 2017 | 344 | |||||
Hilton Rose Hall Resort & Spa | Montego Bay, Jamaica | Hilton (all ages) | Playa | 1974; 2008; 2017 | 495 | |||||
Jewel Runaway Bay Beach Resort & Waterpark | Runaway Bay, Jamaica | Jewel (all ages) | Playa | 1960; 1961; 1965; 2007; 2012 | 268 | |||||
Jewel Dunn’s River Beach Resort & Spa | Ocho Rios, Jamaica | Jewel (adults-only) | Playa | 1957; 1970; 1980; 2010 | 250 | |||||
Jewel Paradise Cove Beach Resort & Spa | Runaway Bay, Jamaica | Jewel (adults-only) | Playa | 2013 | 225 | |||||
Jewel Grande Montego Bay Resort & Spa(3) | Montego Bay, Jamaica | Jewel (all ages) | Playa | 2016; 2017 | 88 | |||||
Total Rooms Owned | 8,238 | |||||||||
Managed Resorts | ||||||||||
Sanctuary Cap Cana(4) | Punta Cana, Dominican Republic | Sanctuary (adults-only) | Playa | 2008; 2015; 2018 | 323 | |||||
Jewel Grande Montego Bay Resort & Spa(3) | Montego Bay, Jamaica | Jewel (condo-hotel) | Playa | 2016; 2017 | 129 | |||||
Total Rooms Operated | 452 | |||||||||
Total Rooms Owned and Operated | 8,690 |
Name of Resort | Location | Brand and Type | Operator | Year Built; Significant Renovations | Rooms | |||||||||||||||||||||||||||
Owned Resorts | ||||||||||||||||||||||||||||||||
Yucatán Peninsula | ||||||||||||||||||||||||||||||||
Hyatt Ziva Cancún | Cancún, Mexico | Hyatt Ziva (all ages) | Playa | 1975; 1980; 1986; 2002; 2015 | 547 | |||||||||||||||||||||||||||
Hyatt Zilara Cancún | Cancún, Mexico | Hyatt Zilara (adults-only) | Playa | 2006; 2009; 2013; 2017 | 310 | |||||||||||||||||||||||||||
Wyndham Alltra Cancún | Cancún, Mexico | Wyndham (all ages) | Playa | 1985; 2009; 2017 | 458 | |||||||||||||||||||||||||||
Hilton Playa del Carmen All-Inclusive Resort | Playa del Carmen, Mexico | Hilton (adults-only) | Playa | 2002; 2009; 2019 | 524 | |||||||||||||||||||||||||||
Wyndham Alltra Playa del Carmen | Playa del Carmen, Mexico | Wyndham (adults-only) | Playa | 1996; 2006; 2012; 2017 | 287 | |||||||||||||||||||||||||||
Pacific Coast | ||||||||||||||||||||||||||||||||
Hyatt Ziva Los Cabos | Cabo San Lucas, Mexico | Hyatt Ziva (all ages) | Playa | 2007; 2009; 2015 | 591 | |||||||||||||||||||||||||||
Hyatt Ziva Puerto Vallarta | Puerto Vallarta, Mexico | Hyatt Ziva (all ages) | Playa | 1969; 1990; 2002; 2009; 2014; 2017 | 335 | |||||||||||||||||||||||||||
Dominican Republic | ||||||||||||||||||||||||||||||||
Hilton La Romana All-Inclusive Resort | La Romana, Dominican Republic | Hilton (adults-only) | Playa | 1997; 2008; 2019 | 356 | |||||||||||||||||||||||||||
Hilton La Romana All-Inclusive Resort | La Romana, Dominican Republic | Hilton (all ages) | Playa | 1997; 2008; 2019 | 418 | |||||||||||||||||||||||||||
Dreams Palm Beach | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 1994; 2008 | 500 | |||||||||||||||||||||||||||
Dreams Punta Cana | Punta Cana, Dominican Republic | Dreams (all ages) | AMResorts | 2004 | 620 | |||||||||||||||||||||||||||
Hyatt Ziva Cap Cana | Cap Cana, Dominican Republic | Hyatt Ziva (all ages) | Playa | 2019 | 375 | |||||||||||||||||||||||||||
Hyatt Zilara Cap Cana | Cap Cana, Dominican Republic | Hyatt Zilara (adults-only) | Playa | 2019 | 375 | |||||||||||||||||||||||||||
Jamaica | ||||||||||||||||||||||||||||||||
Hyatt Ziva Rose Hall | Montego Bay, Jamaica | Hyatt Ziva (all ages) | Playa | 2000; 2014; 2017 | 276 | |||||||||||||||||||||||||||
Hyatt Zilara Rose Hall | Montego Bay, Jamaica | Hyatt Zilara (adults-only) | Playa | 2000; 2014; 2017 | 344 | |||||||||||||||||||||||||||
Hilton Rose Hall Resort & Spa | Montego Bay, Jamaica | Hilton (all ages) | Playa | 1974; 2008; 2017 | 495 | |||||||||||||||||||||||||||
Jewel Paradise Cove Beach Resort & Spa | Runaway Bay, Jamaica | Jewel (adults-only) | Playa | 2013 | 225 | |||||||||||||||||||||||||||
Jewel Grande Montego Bay Resort & Spa(1) | Montego Bay, Jamaica | Jewel (all ages) | Playa | 2016; 2017 | 88 | |||||||||||||||||||||||||||
Total Rooms Owned | 7,124 | |||||||||||||||||||||||||||||||
Managed Resorts (2) | ||||||||||||||||||||||||||||||||
Sanctuary Cap Cana | Punta Cana, Dominican Republic | Sanctuary (adults-only) | Playa | 2008; 2015; 2018 | 324 | |||||||||||||||||||||||||||
Jewel Grande Montego Bay Resort & Spa | Montego Bay, Jamaica | Jewel (condo-hotel) | Playa | 2016; 2017 | 129 | |||||||||||||||||||||||||||
The Yucatán Playa Del Carmen All-Inclusive Resort | Playa del Carmen, Mexico | Tapestry Collection by Hilton (adults-only) | Playa | 2012 | 60 | |||||||||||||||||||||||||||
Hyatt Ziva Riviera Cancún(3) | Riviera Maya, Mexico | Hyatt Ziva (all ages) | Playa | 2008, 2021 | 438 | |||||||||||||||||||||||||||
Hyatt Zilara Riviera Maya(4) | Riviera Maya, Mexico | Hyatt Zilara (adults-only) | Playa | 2003 | 291 | |||||||||||||||||||||||||||
Total Rooms Operated | 1,242 | |||||||||||||||||||||||||||||||
Total Rooms Owned and Operated | 8,366 |
Total number of shares purchased | Average price paid per share (1) | Total number of shares purchased as part of publicly announced program (2) | Maximum approximate dollar value of shares that may yet be purchased under the program ($ in thousands) (2) | |||||||||||
October 1, 2019 to October 31, 2019 | 139,649 | $ | 7.74 | 139,649 | $ | 88,298 | ||||||||
November 1, 2019 to November 30, 2019 | 184,119 | 7.47 | 184,119 | 86,923 | ||||||||||
December 1, 2019 to December 31, 2019 | 118,535 | 7.85 | 118,535 | 85,992 | ||||||||||
Total | 442,303 | $ | 7.66 | 442,303 | $ | 85,992 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 (1) | 2017 | 2016 | 2015 | |||||||||||||||
Total revenue | $ | 636,477 | $ | 617,013 | $ | 559,545 | $ | 521,491 | $ | 408,345 | |||||||||
Operating income | $ | 25,710 | $ | 90,597 | $ | 88,669 | $ | 84,631 | $ | 58,692 | |||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) | $ | 20,216 | $ | 9,711 | |||||||
Net (loss) income available to ordinary shareholders | $ | (4,357 | ) | $ | 18,977 | $ | (9,042 | ) | $ | (23,460 | ) | $ | (29,946 | ) | |||||
(Losses) earnings per share - Basic (2) | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) | $ | (0.46 | ) | $ | (0.59 | ) | |||||
(Losses) earnings per share - Diluted (2) | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) | $ | (0.46 | ) | $ | (0.59 | ) |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 (1) | 2017 | 2016 | 2015 | |||||||||||||||
Property and equipment, net | $ | 1,929,914 | $ | 1,808,412 | $ | 1,466,326 | $ | 1,400,317 | $ | 1,432,855 | |||||||||
Cash and cash equivalents | $ | 20,931 | $ | 116,353 | $ | 117,229 | $ | 33,512 | $ | 35,460 | |||||||||
Total assets | $ | 2,196,964 | $ | 2,135,158 | $ | 1,737,823 | $ | 1,590,890 | $ | 1,644,024 | |||||||||
Total debt | $ | 1,040,658 | $ | 989,387 | $ | 898,215 | $ | 828,317 | $ | 828,438 | |||||||||
Total liabilities | $ | 1,387,313 | $ | 1,295,317 | $ | 1,138,274 | $ | 1,074,336 | $ | 1,098,034 | |||||||||
Cumulative redeemable preferred shares | $ | — | $ | — | $ | — | $ | 345,951 | $ | 352,275 | |||||||||
Total equity (excluding preferred shares) | $ | 809,651 | $ | 839,841 | $ | 599,549 | $ | 170,603 | $ | 193,715 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 (1) | 2017 | 2016 | 2015 | |||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||
Operating activities | $ | 72,188 | $ | 114,430 | $ | 64,191 | $ | 76,181 | $ | 30,799 | |||||||||
Investing activities | $ | (203,816 | ) | $ | (204,586 | ) | $ | (109,829 | ) | $ | (19,046 | ) | $ | (104,147 | ) | ||||
Financing activities | $ | 36,206 | $ | 89,280 | $ | 119,704 | $ | (55,815 | ) | $ | 69,662 | ||||||||
Capital expenditures | $ | (208,970 | ) | $ | (110,851 | ) | $ | (106,230 | ) | $ | (19,262 | ) | $ | (119,704 | ) |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Revenue | ||||||||||||||
Package | $ | 538,088 | $ | 532,090 | $ | 5,998 | 1.1 | % | ||||||
Non-package | 90,157 | 83,190 | 6,967 | 8.4 | % | |||||||||
Management fees | 1,820 | 755 | 1,065 | 141.1 | % | |||||||||
Cost reimbursements | 6,412 | 978 | 5,434 | 555.6 | % | |||||||||
Total revenue | 636,477 | 617,013 | 19,464 | 3.2 | % | |||||||||
Direct and selling, general and administrative expenses | ||||||||||||||
Direct | 369,050 | 340,080 | 28,970 | 8.5 | % | |||||||||
Selling, general and administrative | 125,788 | 115,975 | 9,813 | 8.5 | % | |||||||||
Pre-opening | 1,452 | 321 | 1,131 | 352.3 | % | |||||||||
Depreciation and amortization | 101,897 | 73,278 | 28,619 | 39.1 | % | |||||||||
Reimbursed costs | 6,412 | 978 | 5,434 | 555.6 | % | |||||||||
Impairment loss | 6,168 | — | 6,168 | 100.0 | % | |||||||||
Gain on insurance proceeds | — | (4,216 | ) | 4,216 | (100.0 | )% | ||||||||
Direct and selling, general and administrative expenses | 610,767 | 526,416 | 84,351 | 16.0 | % | |||||||||
Operating income | 25,710 | 90,597 | (64,887 | ) | (71.6 | )% | ||||||||
Interest expense | (44,087 | ) | (62,243 | ) | 18,156 | (29.2 | )% | |||||||
Other (expense) income | (3,200 | ) | 2,822 | (6,022 | ) | (213.4 | )% | |||||||
Net (loss) income before tax | (21,577 | ) | 31,176 | (52,753 | ) | (169.2 | )% | |||||||
Income tax benefit (provision) | 17,220 | (12,199 | ) | 29,419 | (241.2 | )% | ||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (23,334 | ) | (123.0 | )% |
Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Package | $ | 437,950 | $ | 229,447 | $ | 208,503 | 90.9 | % | |||||||||||||||
Non-package | 88,592 | 40,746 | 47,846 | 117.4 | % | ||||||||||||||||||
Management fees | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||
Cost reimbursements | 5,806 | 2,189 | 3,617 | 165.2 | % | ||||||||||||||||||
Total revenue | 534,639 | 273,189 | 261,450 | 95.7 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||||||||
Direct | 326,979 | 209,832 | 117,147 | 55.8 | % | ||||||||||||||||||
Selling, general and administrative | 119,895 | 104,188 | 15,707 | 15.1 | % | ||||||||||||||||||
Depreciation and amortization | 81,508 | 92,570 | (11,062) | (11.9) | % | ||||||||||||||||||
Reimbursed costs | 5,806 | 2,189 | 3,617 | 165.2 | % | ||||||||||||||||||
Impairment loss | 24,011 | 55,619 | (31,608) | (56.8) | % | ||||||||||||||||||
Loss on sale of assets | 676 | 2,021 | (1,345) | (66.6) | % | ||||||||||||||||||
Gain on insurance proceeds | — | (2,993) | 2,993 | 100.0 | % | ||||||||||||||||||
Direct and selling, general and administrative expenses | 558,875 | 463,426 | 95,449 | 20.6 | % | ||||||||||||||||||
Operating loss | (24,236) | (190,237) | 166,001 | 87.3 | % | ||||||||||||||||||
Interest expense | (71,378) | (81,942) | 10,564 | 12.9 | % | ||||||||||||||||||
Other expense | (1,471) | (1,164) | (307) | (26.4) | % | ||||||||||||||||||
Net loss before tax | (97,085) | (273,343) | 176,258 | 64.5 | % | ||||||||||||||||||
Income tax benefit | 7,403 | 10,973 | (3,570) | (32.5) | % | ||||||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | 172,688 | 65.8 | % |
Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 51.6 | % | 26.9 | % | 24.7 | pts | 91.8 | % | |||||||||||||||
Net Package ADR | $ | 309.94 | $ | 284.84 | $ | 25.10 | 8.8 | % | |||||||||||||||
Net Package RevPAR | $ | 159.88 | $ | 76.61 | $ | 83.27 | 108.7 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 425,760 | $ | 221,659 | $ | 204,101 | 92.1 | % | |||||||||||||||
Net Non-package Revenue | 87,746 | 40,473 | 47,273 | 116.8 | % | ||||||||||||||||||
Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||
Total Net Revenue | 515,797 | 262,939 | 252,858 | 96.2 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 99,171 | $ | (21,173) | $ | 120,344 | 568.4 | % | |||||||||||||||
Adjusted EBITDA Margin | 19.2 | % | (8.1) | % | 27.3 | pts | 337.0 | % |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Occupancy | 77.3 | % | 81.8 | % | (4.5 | )pts | (5.5 | )% | ||||||
Net Package ADR | $ | 256.53 | $ | 251.76 | $ | 4.77 | 1.9 | % | ||||||
Net Package RevPAR | $ | 198.28 | $ | 205.83 | $ | (7.55 | ) | (3.7 | )% | |||||
($ in thousands) | ||||||||||||||
Net Package Revenue | $ | 517,592 | $ | 514,810 | $ | 2,782 | 0.5 | % | ||||||
Net Non-package Revenue | 87,779 | 83,044 | 4,735 | 5.7 | % | |||||||||
Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | |||||||||
Total Net Revenue | 607,191 | 598,609 | 8,582 | 1.4 | % | |||||||||
Adjusted EBITDA | $ | 150,694 | $ | 179,031 | $ | (28,337 | ) | (15.8 | )% | |||||
Adjusted EBITDA Margin | 24.8 | % | 29.9 | % | (5.1 | )pts | (17.1 | )% |
Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 52.7 | % | 26.3 | % | 26.4 | pts | 100.4 | % | |||||||||||||||
Net Package ADR | $ | 310.49 | $ | 292.84 | $ | 17.65 | 6.0 | % | |||||||||||||||
Net Package RevPAR | $ | 163.53 | $ | 76.96 | $ | 86.57 | 112.5 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 425,218 | $ | 199,821 | $ | 225,397 | 112.8 | % | |||||||||||||||
Net Non-package Revenue | 87,112 | 36,226 | 50,886 | 140.5 | % | ||||||||||||||||||
Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||
Total Net Revenue | 514,621 | 236,854 | 277,767 | 117.3 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 100,058 | $ | (21,798) | $ | 121,856 | 559.0 | % | |||||||||||||||
Adjusted EBITDA Margin | 19.4 | % | (9.2) | % | 28.6 | pts | 310.9 | % |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Occupancy | 79.3 | % | 82.0 | % | (2.7 | )pts | (3.3 | )% | ||||||
Net Package ADR | $ | 264.63 | $ | 264.71 | $ | (0.08 | ) | — | % | |||||
Net Package RevPAR | $ | 209.84 | $ | 217.12 | $ | (7.28 | ) | (3.4 | )% | |||||
($ in thousands) | ||||||||||||||
Net Package Revenue | $ | 372,458 | $ | 385,224 | $ | (12,766 | ) | (3.3 | )% | |||||
Net Non-package Revenue | 62,459 | 63,419 | (960 | ) | (1.5 | )% | ||||||||
Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | |||||||||
Total Net Revenue | 436,737 | 449,398 | (12,661 | ) | (2.8 | )% | ||||||||
Adjusted EBITDA | $ | 112,436 | $ | 128,790 | $ | (16,354 | ) | (12.7 | )% | |||||
Adjusted EBITDA Margin | 25.7 | % | 28.7 | % | (3.0 | )pts | (10.5 | )% |
Year Ended December 31, | Increase/Decrease | Year Ended December 31, | Increase/Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Net Package Revenue | Net Package Revenue | ||||||||||||||||||||||||||||||||||||
Comparable Net Package Revenue | $ | 372,458 | $ | 385,224 | $ | (12,766 | ) | (3.3 | )% | Comparable Net Package Revenue | $ | 425,218 | $ | 199,821 | $ | 225,397 | 112.8 | % | |||||||||||||||||||
Non-comparable Net Package Revenue | 145,134 | 129,586 | 15,548 | 12.0 | % | Non-comparable Net Package Revenue | 542 | 21,838 | (21,296) | (97.5) | % | ||||||||||||||||||||||||||
Net Package Revenue | 517,592 | 514,810 | 2,782 | 0.5 | % | Net Package Revenue | 425,760 | 221,659 | 204,101 | 92.1 | % | ||||||||||||||||||||||||||
Net Non-package Revenue | Net Non-package Revenue | ||||||||||||||||||||||||||||||||||||
Comparable Net Non-package Revenue | 62,459 | 63,419 | (960 | ) | (1.5 | )% | Comparable Net Non-package Revenue | 87,112 | 36,226 | 50,886 | 140.5 | % | |||||||||||||||||||||||||
Non-comparable Net Non-package Revenue | 25,320 | 19,625 | 5,695 | 29.0 | % | Non-comparable Net Non-package Revenue | 634 | 4,247 | (3,613) | (85.1) | % | ||||||||||||||||||||||||||
Net Non-package Revenue | 87,779 | 83,044 | 4,735 | 5.7 | % | Net Non-package Revenue | 87,746 | 40,473 | 47,273 | 116.8 | % | ||||||||||||||||||||||||||
Management Fee Revenue | Management Fee Revenue | ||||||||||||||||||||||||||||||||||||
Comparable Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | Comparable Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||||||||||
Non-comparable Management Fee Revenue | — | — | — | — | % | Non-comparable Management Fee Revenue | — | — | — | — | % | ||||||||||||||||||||||||||
Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||||||||||
Total Net Revenue | Total Net Revenue | ||||||||||||||||||||||||||||||||||||
Comparable Total Net Revenue | 436,737 | 449,398 | (12,661 | ) | (2.8 | )% | Comparable Total Net Revenue | 514,621 | 236,854 | 277,767 | 117.3 | % | |||||||||||||||||||||||||
Non-comparable Total Net Revenue | 170,454 | 149,211 | 21,243 | 14.2 | % | Non-comparable Total Net Revenue | 1,176 | 26,085 | (24,909) | (95.5) | % | ||||||||||||||||||||||||||
Total Net Revenue | 607,191 | 598,609 | 8,582 | 1.4 | % | Total Net Revenue | 515,797 | 262,939 | 252,858 | 96.2 | % | ||||||||||||||||||||||||||
Compulsory tips | 22,874 | 17,426 | 5,448 | 31.3 | % | Compulsory tips | 13,036 | 8,061 | 4,975 | 61.7 | % | ||||||||||||||||||||||||||
Cost Reimbursements | 6,412 | 978 | 5,434 | 555.6 | % | Cost Reimbursements | 5,806 | 2,189 | 3,617 | 165.2 | % | ||||||||||||||||||||||||||
Total revenue | $ | 636,477 | $ | 617,013 | $ | 19,464 | 3.2 | % | Total revenue | $ | 534,639 | $ | 273,189 | $ | 261,450 | 95.7 | % |
Year Ended December 31, | Increase/Decrease | Year Ended December 31, | Increase/Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Direct expenses | $ | 369,050 | $ | 340,080 | $ | 28,970 | 8.5 | % | Direct expenses | $ | 326,979 | $ | 209,832 | $ | 117,147 | 55.8 | % | ||||||||||||||||||||
Less: compulsory tips | 22,874 | 17,426 | 5,448 | 31.3 | % | Less: compulsory tips | 13,036 | 8,061 | 4,975 | 61.7 | % | ||||||||||||||||||||||||||
Net Direct Expenses | $ | 346,176 | $ | 322,654 | $ | 23,522 | 7.3 | % | Net Direct Expenses | $ | 313,943 | $ | 201,771 | $ | 112,172 | 55.6 | % |
Year Ended December 31, | Increase/Decrease | Year Ended December 31, | Increase/Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Food and beverages | $ | 84,564 | $ | 79,445 | $ | 5,119 | 6.4 | % | Food and beverages | $ | 68,885 | $ | 36,155 | $ | 32,730 | 90.5 | % | ||||||||||||||||||||
Guest costs | Guest costs | 24,558 | 9,555 | 15,003 | 157.0 | % | |||||||||||||||||||||||||||||||
Salary and wages | 130,882 | 117,209 | 13,673 | 11.7 | % | Salary and wages | 117,282 | 87,119 | 30,163 | 34.6 | % | ||||||||||||||||||||||||||
Repairs and maintenance | 17,136 | 15,826 | 1,310 | 8.3 | % | Repairs and maintenance | 16,629 | 11,699 | 4,930 | 42.1 | % | ||||||||||||||||||||||||||
Utilities and sewerage | 37,791 | 35,344 | 2,447 | 6.9 | % | Utilities and sewerage | 35,481 | 25,094 | 10,387 | 41.4 | % | ||||||||||||||||||||||||||
Licenses and property taxes | 3,010 | 3,118 | (108 | ) | (3.5 | )% | Licenses and property taxes | 2,992 | 3,224 | (232) | (7.2) | % | |||||||||||||||||||||||||
Incentive and management fees | 6,366 | 10,848 | (4,482 | ) | (41.3 | )% | Incentive and management fees | 1,492 | 1,162 | 330 | 28.4 | % | |||||||||||||||||||||||||
Franchise/license fees | 21,881 | 18,839 | 3,042 | 16.1 | % | Franchise/license fees | 24,192 | 12,874 | 11,318 | 87.9 | % | ||||||||||||||||||||||||||
Transportation and travel expenses | 4,825 | 4,464 | 361 | 8.1 | % | Transportation and travel expenses | 4,281 | 2,844 | 1,437 | 50.5 | % | ||||||||||||||||||||||||||
Laundry and cleaning expenses | 4,753 | 4,322 | 431 | 10.0 | % | Laundry and cleaning expenses | 4,672 | 3,022 | 1,650 | 54.6 | % | ||||||||||||||||||||||||||
Property and equipment rental expense | 3,305 | 5,169 | (1,864 | ) | (36.1 | )% | Property and equipment rental expense | 2,335 | 1,090 | 1,245 | 114.2 | % | |||||||||||||||||||||||||
Entertainment expenses and decoration | 7,684 | 7,336 | 348 | 4.7 | % | Entertainment expenses and decoration | 6,917 | 3,948 | 2,969 | 75.2 | % | ||||||||||||||||||||||||||
Office supplies | 1,511 | 2,346 | (835 | ) | (35.6 | )% | Office supplies | 996 | 623 | 373 | 59.9 | % | |||||||||||||||||||||||||
Other operational expenses | 22,468 | 18,388 | 4,080 | 22.2 | % | Other operational expenses | 3,231 | 3,362 | (131) | (3.9) | % | ||||||||||||||||||||||||||
Total Net Direct Expenses | $ | 346,176 | $ | 322,654 | $ | 23,522 | 7.3 | % | Total Net Direct Expenses | $ | 313,943 | $ | 201,771 | $ | 112,172 | 55.6 | % |
Year Ended December 31, | Increase/Decrease | Year Ended December 31, | Increase/Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Food and beverages | $ | 54,921 | $ | 56,291 | $ | (1,370 | ) | (2.4 | )% | Food and beverages | $ | 68,739 | $ | 32,356 | $ | 36,383 | 112.4 | % | |||||||||||||||||||
Resort salary and wages | 102,927 | 99,352 | 3,575 | 3.6 | % | ||||||||||||||||||||||||||||||||
Guest costs | Guest costs | 24,253 | 8,525 | 15,728 | 184.5 | % | |||||||||||||||||||||||||||||||
Salary and wages | Salary and wages | 115,245 | 78,317 | 36,928 | 47.2 | % | |||||||||||||||||||||||||||||||
Repairs and maintenance | 11,105 | 11,027 | 78 | 0.7 | % | Repairs and maintenance | 16,508 | 9,742 | 6,766 | 69.5 | % | ||||||||||||||||||||||||||
Utility expenses | 24,583 | 24,257 | 326 | 1.3 | % | ||||||||||||||||||||||||||||||||
Utilities and sewerage | Utilities and sewerage | 35,295 | 22,974 | 12,321 | 53.6 | % | |||||||||||||||||||||||||||||||
Licenses and property taxes | 1,822 | 1,729 | 93 | 5.4 | % | Licenses and property taxes | 2,854 | 2,936 | (82) | (2.8) | % | ||||||||||||||||||||||||||
Incentive and management fees | 6,463 | 7,927 | (1,464 | ) | (18.5 | )% | Incentive and management fees | 1,450 | 580 | 870 | 150.0 | % | |||||||||||||||||||||||||
Franchise/license fees | 17,421 | 16,298 | 1,123 | 6.9 | % | Franchise/license fees | 24,192 | 12,882 | 11,310 | 87.8 | % | ||||||||||||||||||||||||||
Transportation and travel expenses | 3,471 | 3,190 | 281 | 8.8 | % | Transportation and travel expenses | 4,249 | 2,525 | 1,724 | 68.3 | % | ||||||||||||||||||||||||||
Laundry and cleaning expenses | 2,481 | 2,620 | (139 | ) | (5.3 | )% | Laundry and cleaning expenses | 4,664 | 2,731 | 1,933 | 70.8 | % | |||||||||||||||||||||||||
Property and equipment rental expense | 2,516 | 4,244 | (1,728 | ) | (40.7 | )% | Property and equipment rental expense | 2,324 | 995 | 1,329 | 133.6 | % | |||||||||||||||||||||||||
Entertainment expenses | 6,231 | 5,981 | 250 | 4.2 | % | ||||||||||||||||||||||||||||||||
Entertainment expenses and decoration | Entertainment expenses and decoration | 6,899 | 3,496 | 3,403 | 97.3 | % | |||||||||||||||||||||||||||||||
Office supplies | 1,183 | 1,967 | (784 | ) | (39.9 | )% | Office supplies | 993 | 588 | 405 | 68.9 | % | |||||||||||||||||||||||||
Other operational expenses | 12,398 | 13,567 | (1,169 | ) | (8.6 | )% | Other operational expenses | 2,988 | 2,760 | 228 | 8.3 | % | |||||||||||||||||||||||||
Total Net Direct Expenses | $ | 247,522 | $ | 248,450 | $ | (928 | ) | (0.4 | )% | Total Net Direct Expenses | $ | 310,653 | $ | 181,407 | $ | 129,246 | 71.2 | % |
•Net Non-package Revenue •Owned Net Revenue •Management Fee Revenue •Total Net Revenue •Occupancy •Net Package ADR •Net Package RevPAR •Net Direct Expenses •EBITDA •Adjusted EBITDA • |
•Owned Resort EBITDA •Owned Resort EBITDA Margin • |
•Pre-opening expense • |
Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Owned Net Revenue | |||||||||||||||||||||||
Yucatán Peninsula | $ | 188,911 | $ | 109,629 | $ | 79,282 | 72.3 | % | |||||||||||||||
Pacific Coast | 76,811 | 33,065 | 43,746 | 132.3 | % | ||||||||||||||||||
Dominican Republic | 149,774 | 49,898 | 99,876 | 200.2 | % | ||||||||||||||||||
Jamaica | 97,036 | 69,173 | 27,863 | 40.3 | % | ||||||||||||||||||
Segment Owned Net Revenue | 512,532 | 261,765 | 250,767 | 95.8 | % | ||||||||||||||||||
Other | 974 | 367 | 607 | 165.4 | % | ||||||||||||||||||
Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||
Total Net Revenue | $ | 515,797 | $ | 262,939 | $ | 252,858 | 96.2 | % |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Owned Net Revenue | ||||||||||||||
Yucatán Peninsula | $ | 235,788 | $ | 259,393 | $ | (23,605 | ) | (9.1 | )% | |||||
Pacific Coast | 85,219 | 86,317 | (1,098 | ) | (1.3 | )% | ||||||||
Dominican Republic | 90,783 | 125,137 | (34,354 | ) | (27.5 | )% | ||||||||
Jamaica | 193,558 | 126,702 | 66,856 | 52.8 | % | |||||||||
Segment Owned Net Revenue | 605,348 | 597,549 | 7,799 | 1.3 | % | |||||||||
Other | 23 | 305 | (282 | ) | (92.5 | )% | ||||||||
Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | |||||||||
Total Net Revenue | $ | 607,191 | $ | 598,609 | $ | 8,582 | 1.4 | % |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Owned Resort EBITDA | Owned Resort EBITDA | ||||||||||||||||||||||||||||||||||||
Yucatán Peninsula | $ | 82,534 | $ | 107,884 | $ | (25,350 | ) | (23.5 | )% | Yucatán Peninsula | $ | 59,538 | $ | 17,783 | $ | 41,755 | 234.8 | % | |||||||||||||||||||
Pacific Coast | 31,618 | 31,038 | 580 | 1.9 | % | Pacific Coast | 23,776 | 4,281 | 19,495 | 455.4 | % | ||||||||||||||||||||||||||
Dominican Republic | 16,596 | 41,228 | (24,632 | ) | (59.7 | )% | Dominican Republic | 38,141 | (6,694) | 44,835 | 669.8 | % | |||||||||||||||||||||||||
Jamaica | 55,175 | 32,912 | 22,263 | 67.6 | % | Jamaica | 14,826 | (1,284) | 16,110 | 1,254.7 | % | ||||||||||||||||||||||||||
Segment Owned Resort EBITDA | 185,923 | 213,062 | (27,139 | ) | (12.7 | )% | Segment Owned Resort EBITDA | 136,281 | 14,086 | 122,195 | 867.5 | % | |||||||||||||||||||||||||
Other corporate | (37,049 | ) | (34,786 | ) | (2,263 | ) | 6.5 | % | Other corporate | (39,401) | (36,066) | (3,335) | (9.2) | % | |||||||||||||||||||||||
Management Fee Revenue | 1,820 | 755 | 1,065 | 141.1 | % | Management Fee Revenue | 2,291 | 807 | 1,484 | 183.9 | % | ||||||||||||||||||||||||||
Total Adjusted EBITDA | $ | 150,694 | $ | 179,031 | $ | (28,337 | ) | (15.8 | )% | Total Adjusted EBITDA | $ | 99,171 | $ | (21,173) | $ | 120,344 | 568.4 | % |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Occupancy | 84.9 | % | 86.2 | % | (1.3 | )pts | (1.5 | )% | Occupancy | 56.0 | % | 33.2 | % | 22.8 | pts | 68.7 | % | ||||||||||||||||||||
Net Package ADR | $ | 256.81 | $ | 269.49 | $ | (12.68 | ) | (4.7 | )% | Net Package ADR | $ | 335.48 | $ | 283.15 | $ | 52.33 | 18.5 | % | |||||||||||||||||||
Net Package RevPAR | $ | 218.14 | $ | 232.35 | $ | (14.21 | ) | (6.1 | )% | Net Package RevPAR | $ | 187.92 | $ | 93.94 | $ | 93.98 | 100.0 | % | |||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||||
Net Package Revenue | $ | 205,813 | $ | 229,660 | $ | (23,847 | ) | (10.4 | )% | Net Package Revenue | $ | 157,633 | $ | 93,585 | $ | 64,048 | 68.4 | % | |||||||||||||||||||
Net Non-package Revenue | 29,975 | 29,733 | 242 | 0.8 | % | Net Non-package Revenue | 31,278 | 16,044 | 15,234 | 95.0 | % | ||||||||||||||||||||||||||
Owned Net Revenue | 235,788 | 259,393 | (23,605 | ) | (9.1 | )% | Owned Net Revenue | 188,911 | 109,629 | 79,282 | 72.3 | % | |||||||||||||||||||||||||
Owned Resort EBITDA | $ | 82,534 | $ | 107,884 | $ | (25,350 | ) | (23.5 | )% | Owned Resort EBITDA | $ | 59,538 | $ | 17,783 | $ | 41,755 | 234.8 | % | |||||||||||||||||||
Owned Resort EBITDA Margin | 35.0 | % | 41.6 | % | (6.6 | )pts | (15.9 | )% | Owned Resort EBITDA Margin | 31.5 | % | 16.2 | % | 15.3 | pts | 94.4 | % |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Occupancy | 85.5 | % | 86.5 | % | (1.0 | )pts | (1.2 | )% | Occupancy | 60.0 | % | 34.5 | % | 25.5 | pts | 73.9 | % | ||||||||||||||||||||
Net Package ADR | $ | 256.94 | $ | 267.50 | $ | (10.56 | ) | (3.9 | )% | Net Package ADR | $ | 337.15 | $ | 302.39 | $ | 34.76 | 11.5 | % | |||||||||||||||||||
Net Package RevPAR | $ | 219.58 | $ | 231.43 | $ | (11.85 | ) | (5.1 | )% | Net Package RevPAR | $ | 202.35 | $ | 104.22 | $ | 98.13 | 94.2 | % | |||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||||
Net Package Revenue | $ | 176,083 | $ | 185,416 | $ | (9,333 | ) | (5.0 | )% | Net Package Revenue | $ | 157,020 | $ | 81,093 | $ | 75,927 | 93.6 | % | |||||||||||||||||||
Net Non-package Revenue | 25,193 | 24,339 | 854 | 3.5 | % | Net Non-package Revenue | 30,726 | 13,317 | 17,409 | 130.7 | % | ||||||||||||||||||||||||||
Owned Net Revenue | 201,276 | 209,755 | (8,479 | ) | (4.0 | )% | Owned Net Revenue | 187,746 | 94,410 | 93,336 | 98.9 | % | |||||||||||||||||||||||||
Owned Resort EBITDA | $ | 72,897 | $ | 84,395 | $ | (11,498 | ) | (13.6 | )% | Owned Resort EBITDA | $ | 60,914 | $ | 18,608 | $ | 42,306 | 227.4 | % | |||||||||||||||||||
Owned Resort EBITDA Margin | 36.2 | % | 40.2 | % | (4.0 | )pts | (10.0 | )% | Owned Resort EBITDA Margin | 32.4 | % | 19.7 | % | 12.7 | pts | 64.5 | % |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Occupancy | 76.4 | % | 76.5 | % | (0.1 | )pts | (0.1 | )% | Occupancy | 53.7 | % | 25.8 | % | 27.9 | pts | 108.1 | % | ||||||||||||||||||||
Net Package ADR | $ | 284.99 | $ | 280.43 | $ | 4.56 | 1.6 | % | Net Package ADR | $ | 362.28 | $ | 315.24 | $ | 47.04 | 14.9 | % | ||||||||||||||||||||
Net Package RevPAR | $ | 217.84 | $ | 214.53 | $ | 3.31 | 1.5 | % | Net Package RevPAR | $ | 194.53 | $ | 81.38 | $ | 113.15 | 139.0 | % | ||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||||
Net Package Revenue | $ | 73,627 | $ | 72,510 | $ | 1,117 | 1.5 | % | Net Package Revenue | $ | 65,751 | $ | 27,582 | $ | 38,169 | 138.4 | % | ||||||||||||||||||||
Net Non-package Revenue | 11,592 | 13,807 | (2,215 | ) | (16.0 | )% | Net Non-package Revenue | 11,060 | 5,483 | 5,577 | 101.7 | % | |||||||||||||||||||||||||
Owned Net Revenue | 85,219 | 86,317 | (1,098 | ) | (1.3 | )% | Owned Net Revenue | 76,811 | 33,065 | 43,746 | 132.3 | % | |||||||||||||||||||||||||
Owned Resort EBITDA | $ | 31,618 | $ | 31,038 | $ | 580 | 1.9 | % | Owned Resort EBITDA | $ | 23,776 | $ | 4,281 | $ | 19,495 | 455.4 | % | ||||||||||||||||||||
Owned Resort EBITDA Margin | 37.1 | % | 36.0 | % | 1.1 | pts | 3.1 | % | Owned Resort EBITDA Margin | 31.0 | % | 12.9 | % | 18.1 | pts | 140.3 | % |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Occupancy | 64.1 | % | 82.2 | % | (18.1 | )pts | (22.0 | )% | ||||||
Net Package ADR | $ | 190.64 | $ | 186.36 | $ | 4.28 | 2.3 | % | ||||||
Net Package RevPAR | $ | 122.26 | $ | 153.13 | $ | (30.87 | ) | (20.2 | )% | |||||
($ in thousands) | ||||||||||||||
Net Package Revenue | $ | 75,716 | $ | 104,858 | $ | (29,142 | ) | (27.8 | )% | |||||
Net Non-package Revenue | 15,067 | 20,279 | (5,212 | ) | (25.7 | )% | ||||||||
Owned Net Revenue | 90,783 | 125,137 | (34,354 | ) | (27.5 | )% | ||||||||
Owned Resort EBITDA | $ | 16,596 | $ | 41,228 | $ | (24,632 | ) | (59.7 | )% | |||||
Owned Resort EBITDA Margin | 18.3 | % | 32.9 | % | (14.6 | )pts | (44.4 | )% |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Occupancy | 72.2 | % | 82.2 | % | (10.0 | )pts | (12.2 | )% | Occupancy | 49.0 | % | 18.7 | % | 30.3 | pts | 162.0 | % | ||||||||||||||||||||
Net Package ADR | $ | 185.87 | $ | 188.56 | $ | (2.69 | ) | (1.4 | )% | Net Package ADR | $ | 262.86 | $ | 237.34 | $ | 25.52 | 10.8 | % | |||||||||||||||||||
Net Package RevPAR | $ | 134.21 | $ | 155.00 | $ | (20.79 | ) | (13.4 | )% | Net Package RevPAR | $ | 128.73 | $ | 44.46 | $ | 84.27 | 189.5 | % | |||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||||
Net Package Revenue | $ | 54,867 | $ | 63,366 | $ | (8,499 | ) | (13.4 | )% | Net Package Revenue | $ | 124,231 | $ | 42,542 | $ | 81,689 | 192.0 | % | |||||||||||||||||||
Net Non-package Revenue | 11,741 | 13,035 | (1,294 | ) | (9.9 | )% | Net Non-package Revenue | 25,543 | 7,356 | 18,187 | 247.2 | % | |||||||||||||||||||||||||
Owned Net Revenue | 66,608 | 76,401 | (9,793 | ) | (12.8 | )% | Owned Net Revenue | 149,774 | 49,898 | 99,876 | 200.2 | % | |||||||||||||||||||||||||
Owned Resort EBITDA | $ | 17,773 | $ | 24,909 | $ | (7,136 | ) | (28.6 | )% | Owned Resort EBITDA | $ | 38,141 | $ | (6,694) | $ | 44,835 | 669.8 | % | |||||||||||||||||||
Owned Resort EBITDA Margin | 26.7 | % | 32.6 | % | (5.9 | )pts | (18.1 | )% | Owned Resort EBITDA Margin | 25.5 | % | (13.4) | % | 38.9 | pts | 290.3 | % |
Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Occupancy | 47.9 | % | 30.1 | % | 17.8 | pts | 59.1 | % | |||||||||||||||
Net Package ADR | $ | 312.97 | $ | 320.30 | $ | (7.33) | (2.3) | % | |||||||||||||||
Net Package RevPAR | $ | 149.93 | $ | 96.36 | $ | 53.57 | 55.6 | % | |||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Package Revenue | $ | 78,145 | $ | 57,950 | $ | 20,195 | 34.8 | % | |||||||||||||||
Net Non-package Revenue | 18,891 | 11,223 | 7,668 | 68.3 | % | ||||||||||||||||||
Owned Net Revenue | 97,036 | 69,173 | 27,863 | 40.3 | % | ||||||||||||||||||
Owned Resort EBITDA | $ | 14,826 | $ | (1,284) | $ | 16,110 | 1,254.7 | % | |||||||||||||||
Owned Resort EBITDA Margin | 15.3 | % | (1.9) | % | 17.2 | pts | 905.3 | % |
Year Ended December 31, | Increase / Decrease | |||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Occupancy | 79.0 | % | 75.8 | % | 3.2 | pts | 4.2 | % | ||||||
Net Package ADR | $ | 289.70 | $ | 290.17 | $ | (0.47 | ) | (0.2 | )% | |||||
Net Package RevPAR | $ | 228.89 | $ | 219.97 | $ | 8.92 | 4.1 | % | ||||||
($ in thousands) | ||||||||||||||
Net Package Revenue | $ | 162,436 | $ | 107,782 | $ | 54,654 | 50.7 | % | ||||||
Net Non-package Revenue | 31,122 | 18,920 | 12,202 | 64.5 | % | |||||||||
Owned Net Revenue | 193,558 | 126,702 | 66,856 | 52.8 | % | |||||||||
Owned Resort EBITDA | $ | 55,175 | $ | 32,912 | $ | 22,263 | 67.6 | % | ||||||
Owned Resort EBITDA Margin | 28.5 | % | 26.0 | % | 2.5 | pts | 9.6 | % |
Year Ended December 31, | Increase / Decrease | Year Ended December 31, | Increase / Decrease | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||
Occupancy | 74.5 | % | 74.0 | % | 0.5 | pts | 0.7 | % | Occupancy | 47.9 | % | 28.2 | % | 19.7 | pts | 69.9 | % | ||||||||||||||||||||
Net Package ADR | $ | 402.54 | $ | 381.67 | $ | 20.87 | 5.5 | % | Net Package ADR | $ | 313.25 | $ | 329.62 | $ | (16.37) | (5.0) | % | ||||||||||||||||||||
Net Package RevPAR | $ | 299.96 | $ | 282.51 | $ | 17.45 | 6.2 | % | Net Package RevPAR | $ | 150.06 | $ | 93.00 | $ | 57.06 | 61.4 | % | ||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||||
Net Package Revenue | $ | 67,881 | $ | 63,932 | $ | 3,949 | 6.2 | % | Net Package Revenue | $ | 78,216 | $ | 48,604 | $ | 29,612 | 60.9 | % | ||||||||||||||||||||
Net Non-package Revenue | 13,910 | 11,933 | 1,977 | 16.6 | % | Net Non-package Revenue | 18,809 | 9,703 | 9,106 | 93.8 | % | ||||||||||||||||||||||||||
Owned Net Revenue | 81,791 | 75,865 | 5,926 | 7.8 | % | Owned Net Revenue | 97,025 | 58,307 | 38,718 | 66.4 | % | ||||||||||||||||||||||||||
Owned Resort EBITDA | $ | 25,376 | $ | 22,479 | $ | 2,897 | 12.9 | % | Owned Resort EBITDA | $ | 14,337 | $ | (2,734) | $ | 17,071 | 624.4 | % | ||||||||||||||||||||
Owned Resort EBITDA Margin | 31.0 | % | 29.6 | % | 1.4 | pts | 4.7 | % | Owned Resort EBITDA Margin | 14.8 | % | (4.7) | % | 19.5 | pts | 414.9 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) | ||||||||||||||||||||||||
Net loss | Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) | |||||||||||||||||||||||||
Interest expense | 44,087 | 62,243 | 53,661 | Interest expense | 71,378 | 81,942 | 44,087 | |||||||||||||||||||||||||
Income tax (benefit) provision | (17,220 | ) | 12,199 | 9,051 | ||||||||||||||||||||||||||||
Depreciation and amortization | 101,897 | 73,278 | 53,131 | |||||||||||||||||||||||||||||
Income tax benefit | Income tax benefit | (7,403) | (10,973) | (17,220) | ||||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 81,508 | 92,570 | 101,897 | ||||||||||||||||||||||||||||
EBITDA | 124,407 | 166,697 | 115,602 | EBITDA | 55,801 | (98,831) | 124,407 | |||||||||||||||||||||||||
Other expense (income) (a) | 3,200 | (2,822 | ) | 1,078 | ||||||||||||||||||||||||||||
Other expense (a) | Other expense (a) | 1,471 | 1,164 | 3,200 | ||||||||||||||||||||||||||||
Share-based compensation | 8,845 | 6,116 | 3,765 | Share-based compensation | 13,163 | 10,158 | 8,845 | |||||||||||||||||||||||||
Pre-opening expense | 1,452 | 321 | — | Pre-opening expense | — | — | 1,452 | |||||||||||||||||||||||||
Transaction expense (b) | 6,175 | 9,615 | 21,708 | Transaction expense (b) | 1,321 | 2,497 | 6,175 | |||||||||||||||||||||||||
Severance expense (c) | 515 | 333 | 442 | Severance expense (c) | 1,756 | 3,844 | 515 | |||||||||||||||||||||||||
Other tax expense (d) | 577 | 1,633 | 1,778 | Other tax expense (d) | 617 | 613 | 577 | |||||||||||||||||||||||||
Jamaica delayed opening accrual reversal (e) | — | (342 | ) | (203 | ) | |||||||||||||||||||||||||||
Impairment loss (f) | 6,168 | — | — | |||||||||||||||||||||||||||||
Gain on property damage insurance proceeds | — | (2,212 | ) | — | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 25,120 | |||||||||||||||||||||||||||||
Repairs from hurricanes and tropical storms | — | — | 1,807 | |||||||||||||||||||||||||||||
Non-service cost components of net periodic pension cost (g) | (645 | ) | (308 | ) | (232 | ) | ||||||||||||||||||||||||||
Contract termination fees | Contract termination fees | 400 | — | — | ||||||||||||||||||||||||||||
Impairment loss | Impairment loss | 24,011 | 55,619 | 6,168 | ||||||||||||||||||||||||||||
Loss on sale of assets | Loss on sale of assets | 676 | 2,021 | — | ||||||||||||||||||||||||||||
Repairs from hurricanes and tropical storms (e) | Repairs from hurricanes and tropical storms (e) | 475 | 1,542 | — | ||||||||||||||||||||||||||||
Non-service cost components of net periodic pension (cost) benefit (f) | Non-service cost components of net periodic pension (cost) benefit (f) | (520) | 200 | (645) | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 150,694 | $ | 179,031 | $ | 170,865 | Adjusted EBITDA | $ | 99,171 | $ | (21,173) | $ | 150,694 | |||||||||||||||||||
Other corporate | 37,049 | 34,786 | 30,757 | Other corporate | 39,401 | 36,066 | 37,049 | |||||||||||||||||||||||||
Management Fee Revenue | (1,820 | ) | (755 | ) | (140 | ) | Management Fee Revenue | (2,291) | (807) | (1,820) | ||||||||||||||||||||||
Owned Resort EBITDA | $ | 185,923 | $ | 213,062 | $ | 201,482 | Owned Resort EBITDA | $ | 136,281 | $ | 14,086 | $ | 185,923 | |||||||||||||||||||
Less: Non-comparable Owned Resort EBITDA (h) | 38,259 | 50,241 | 42,319 | |||||||||||||||||||||||||||||
Less: Non-comparable Owned Resort EBITDA (g) | Less: Non-comparable Owned Resort EBITDA (g) | (887) | 625 | 18,961 | ||||||||||||||||||||||||||||
Comparable Owned Resort EBITDA | $ | 147,664 | $ | 162,821 | $ | 159,163 | Comparable Owned Resort EBITDA | $ | 137,168 | $ | 13,461 | $ | 166,962 |
(a) Represents changes in foreign exchange and other miscellaneous 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) Represents expenses incurred for employee terminations. (d) Relates primarily to a Dominican Republic asset/revenue tax, which is an alternative tax to income tax in the Dominican Republic. We eliminate this expense from Adjusted EBITDA because it is similar to the income tax provision we eliminate from our calculation of EBITDA. (e) Represents expenses incurred that are not covered by insurance claims nor offset by insurance proceeds. (f) Represents the non-service cost components of net periodic pension (cost) benefit recorded within other expense in the Consolidated Statement of Operations. We include these benefits or costs for calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. (g) Our comparable resorts for the year ended December 31, 2021 exclude the following resorts: Jewel Dunn's River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, which were sold in May 2020, Dreams Puerto Aventuras, which was sold in February 2021, and Capri Resort, which was sold in June 2021. 52 |
1 Year | Due in 1 to 3 years | Due in 3 to 5 years | Due in Over 5 years | Total | ||||||||||||||||||||||||||||
Revolving Credit Facility interest payments (1) | $ | 366 | $ | 374 | $ | — | $ | — | $ | 740 | ||||||||||||||||||||||
Term Loan principal payments | 10,100 | 973,812 | — | — | 983,912 | |||||||||||||||||||||||||||
Term Loan interest payments (2) | 61,512 | 67,204 | — | — | 128,716 | |||||||||||||||||||||||||||
Property Loan principal payments | — | — | 110,000 | — | 110,000 | |||||||||||||||||||||||||||
Property Loan interest payments | 9,440 | 20,661 | 5,992 | — | 36,093 | |||||||||||||||||||||||||||
Repayments of Senior Secured Credit Facilities (3) | 44,015 | 7,260 | — | — | 51,275 | |||||||||||||||||||||||||||
Operating and finance lease obligations | 1,825 | 2,935 | 2,886 | 6,023 | 13,669 | |||||||||||||||||||||||||||
Pension obligation | 574 | 1,253 | 1,484 | 3,742 | 7,053 | |||||||||||||||||||||||||||
Total contractual obligations | $ | 127,832 | $ | 1,073,499 | $ | 120,362 | $ | 9,765 | $ | 1,331,458 |
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 72,188 | $ | 114,430 | |||
Net cash used in investing activities | $ | (203,816 | ) | $ | (204,586 | ) | |
Net cash provided by financing activities | $ | 36,206 | $ | 89,280 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by (used in) operating activities | $ | 29,644 | $ | (99,938) | |||||||
Net cash provided by investing activities | 73,400 | 29,412 | |||||||||
Net cash provided by financing activities | 17,673 | 222,455 | |||||||||
Increase in cash, cash equivalents, and restricted cash | $ | 120,717 | $ | 151,929 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Development Capital Expenditures | |||||||||||
Hyatt Zilara Cancún | $ | — | $ | 1,774 | $ | 3,340 | |||||
Panama Jack Resorts Cancún | — | 4,178 | 8,799 | ||||||||
Panama Jack Resorts Playa del Carmen | — | 1,965 | 3,719 | ||||||||
Hyatt Ziva Puerto Vallarta | — | 644 | 2,482 | ||||||||
Hilton Playa del Carmen All-Inclusive Resort | 17,242 | — | — | ||||||||
Hilton La Romana All-Inclusive Resort (1) | 40,464 | — | — | ||||||||
Hyatt Ziva and Hyatt Zilara Cap Cana (1) (2) | 112,136 | 77,303 | 12,956 | ||||||||
Hyatt Ziva and Hyatt Zilara Rose Hall (1) | — | 1,198 | 11,702 | ||||||||
Total Development Capital Expenditures | 169,842 | 87,062 | 42,998 | ||||||||
Maintenance Capital Expenditures (3) | 21,240 | 18,616 | 16,208 | ||||||||
Total Capital Expenditures (4) | $ | 191,082 | $ | 105,678 | $ | 59,206 |
Less than 1 Year(1) | Due in 1 to 3 years | Due in 3 to 5 years | Due in Over 5 years | Total | ||||||||||||||||
Revolving Credit Facility interest payments (2)(3) | $ | 1,132 | $ | 668 | $ | — | $ | — | $ | 1,800 | ||||||||||
Revolving Credit Facility principal payments (4) | 60,000 | — | — | — | 60,000 | |||||||||||||||
Term Loan principal payments | 10,100 | 20,200 | 956,148 | — | 986,448 | |||||||||||||||
Term Loan interest payments (5) | 53,411 | 105,257 | 59,415 | — | 218,083 | |||||||||||||||
Operating lease obligations | 991 | 2,110 | 1,438 | 2,929 | 7,468 | |||||||||||||||
Pension obligation | 707 | 1,164 | 1,435 | 4,706 | 8,012 | |||||||||||||||
Total contractual obligations | $ | 126,341 | $ | 129,399 | $ | 1,018,436 | $ | 7,635 | $ | 1,281,811 |
Consolidated Financial Statements | Page | |||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | ||||||||
Financial Statement Schedule | ||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 20,931 | $ | 116,353 | Cash and cash equivalents | $ | 270,088 | $ | 146,919 | |||||||||
Restricted cash | Restricted cash | 23,489 | 25,941 | |||||||||||||||
Trade and other receivables, net | 71,250 | 64,770 | Trade and other receivables, net | 45,442 | 25,433 | |||||||||||||
Accounts receivable from related parties | 5,401 | 6,430 | Accounts receivable from related parties | 7,981 | 3,726 | |||||||||||||
Inventories | 16,649 | 15,390 | Inventories | 18,076 | 13,813 | |||||||||||||
Prepayments and other assets | 44,691 | 32,617 | Prepayments and other assets | 38,640 | 47,638 | |||||||||||||
Property and equipment, net | 1,929,914 | 1,808,412 | Property and equipment, net | 1,584,574 | 1,727,383 | |||||||||||||
Assets held for sale | Assets held for sale | — | 34,472 | |||||||||||||||
Goodwill, net | 78,339 | 83,656 | Goodwill, net | 61,654 | 61,654 | |||||||||||||
Other intangible assets | 8,408 | 6,103 | Other intangible assets | 7,632 | 8,556 | |||||||||||||
Deferred tax assets | 21,381 | 1,427 | Deferred tax assets | — | 2,130 | |||||||||||||
Total assets | $ | 2,196,964 | $ | 2,135,158 | Total assets | $ | 2,057,576 | $ | 2,097,665 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Trade and other payables | $ | 181,603 | $ | 159,600 | Trade and other payables | $ | 160,222 | $ | 123,410 | |||||||||
Payables to related parties | 7,620 | 4,320 | Payables to related parties | 5,050 | 8,073 | |||||||||||||
Income tax payable | 3,252 | 1,899 | Income tax payable | 828 | 348 | |||||||||||||
Debt | 1,040,658 | 989,387 | Debt | 944,847 | 1,251,267 | |||||||||||||
Related party debt | Related party debt | 194,472 | — | |||||||||||||||
Derivative financial instruments | 31,932 | 12,476 | Derivative financial instruments | 22,543 | 46,340 | |||||||||||||
Other liabilities | 24,307 | 21,602 | Other liabilities | 29,882 | 29,768 | |||||||||||||
Deferred tax liabilities | 97,941 | 106,033 | Deferred tax liabilities | 68,898 | 77,637 | |||||||||||||
Total liabilities | 1,387,313 | 1,295,317 | Total liabilities | 1,426,742 | 1,536,843 | |||||||||||||
Commitments and contingencies (see Note 8) | ||||||||||||||||||
Commitments and contingencies (see Note 7) | Commitments and contingencies (see Note 7) | 0 | 0 | |||||||||||||||
Shareholders' equity | Shareholders' equity | |||||||||||||||||
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 130,967,671 shares issued and 129,121,576 shares outstanding as of December 31, 2019, and 130,494,734 shares issued and 130,440,126 shares outstanding as of December 31, 2018) | 14,215 | 14,161 | ||||||||||||||||
Treasury shares (at cost, 1,846,095 shares as of December 31, 2019 and 54,608 shares as of December 31, 2018) | (14,088 | ) | (394 | ) | ||||||||||||||
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 166,646,284 shares issued and 164,438,280 shares outstanding as of December 31, 2021, and 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020) | Ordinary shares (par value €0.10; 500,000,000 shares authorized, 166,646,284 shares issued and 164,438,280 shares outstanding as of December 31, 2021, and 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020) | 18,518 | 14,871 | |||||||||||||||
Treasury shares (at cost, 2,208,004 shares as of December 31, 2021 and 2,198,796 shares as of December 31, 2020) | Treasury shares (at cost, 2,208,004 shares as of December 31, 2021 and 2,198,796 shares as of December 31, 2020) | (16,697) | (16,642) | |||||||||||||||
Paid-in capital | 1,001,088 | 992,297 | Paid-in capital | 1,177,380 | 1,030,148 | |||||||||||||
Accumulated other comprehensive loss | (24,642 | ) | (3,658 | ) | Accumulated other comprehensive loss | (18,671) | (30,949) | |||||||||||
Accumulated deficit | (166,922 | ) | (162,565 | ) | Accumulated deficit | (529,696) | (436,606) | |||||||||||
Total shareholders' equity | 809,651 | 839,841 | Total shareholders' equity | 630,834 | 560,822 | |||||||||||||
Total liabilities and shareholders' equity | $ | 2,196,964 | $ | 2,135,158 | Total liabilities and shareholders' equity | $ | 2,057,576 | $ | 2,097,665 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenue | |||||||||||||||||
Package | $ | 437,950 | $ | 229,447 | $ | 538,088 | |||||||||||
Non-package | 88,592 | 40,746 | 90,157 | ||||||||||||||
Management fees | 2,291 | 807 | 1,820 | ||||||||||||||
Cost reimbursements | 5,806 | 2,189 | 6,412 | ||||||||||||||
Total revenue | 534,639 | 273,189 | 636,477 | ||||||||||||||
Direct and selling, general and administrative expenses | |||||||||||||||||
Direct | 326,979 | 209,832 | 369,050 | ||||||||||||||
Selling, general and administrative | 119,895 | 104,188 | 125,788 | ||||||||||||||
Pre-opening | — | — | 1,452 | ||||||||||||||
Depreciation and amortization | 81,508 | 92,570 | 101,897 | ||||||||||||||
Reimbursed costs | 5,806 | 2,189 | 6,412 | ||||||||||||||
Impairment loss | 24,011 | 55,619 | 6,168 | ||||||||||||||
Loss on sale of assets | 676 | 2,021 | — | ||||||||||||||
Gain on insurance proceeds | — | (2,993) | — | ||||||||||||||
Direct and selling, general and administrative expenses | 558,875 | 463,426 | 610,767 | ||||||||||||||
Operating (loss) income | (24,236) | (190,237) | 25,710 | ||||||||||||||
Interest expense | (71,378) | (81,942) | (44,087) | ||||||||||||||
Other expense | (1,471) | (1,164) | (3,200) | ||||||||||||||
Net loss before tax | (97,085) | (273,343) | (21,577) | ||||||||||||||
Income tax benefit | 7,403 | 10,973 | 17,220 | ||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) | |||||||||||
Loss per share | |||||||||||||||||
Basic | $ | (0.55) | $ | (1.98) | $ | (0.03) | |||||||||||
Diluted | $ | (0.55) | $ | (1.98) | $ | (0.03) | |||||||||||
Weighted average number of shares outstanding during the period - Basic | 163,370,410 | 132,210,205 | 130,023,463 | ||||||||||||||
Weighted average number of shares outstanding during the period - Diluted | 163,370,410 | 132,210,205 | 130,023,463 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenue | |||||||||||
Package | $ | 538,088 | $ | 532,090 | $ | 481,175 | |||||
Non-package | 90,157 | 83,190 | 78,230 | ||||||||
Management fees | 1,820 | 755 | 140 | ||||||||
Cost reimbursements | 6,412 | 978 | — | ||||||||
Total revenue | 636,477 | 617,013 | 559,545 | ||||||||
Direct and selling, general and administrative expenses | |||||||||||
Direct | 369,050 | 340,080 | 310,048 | ||||||||
Selling, general and administrative | 125,788 | 115,975 | 108,176 | ||||||||
Pre-opening | 1,452 | 321 | — | ||||||||
Depreciation and amortization | 101,897 | 73,278 | 53,131 | ||||||||
Reimbursed costs | 6,412 | 978 | — | ||||||||
Impairment loss | 6,168 | — | — | ||||||||
Gain on insurance proceeds | — | (4,216 | ) | (479 | ) | ||||||
Direct and selling, general and administrative expenses | 610,767 | 526,416 | 470,876 | ||||||||
Operating income | 25,710 | 90,597 | 88,669 | ||||||||
Interest expense | (44,087 | ) | (62,243 | ) | (53,661 | ) | |||||
Loss on extinguishment of debt | — | — | (25,120 | ) | |||||||
Other (expense) income | (3,200 | ) | 2,822 | (1,078 | ) | ||||||
Net (loss) income before tax | (21,577 | ) | 31,176 | 8,810 | |||||||
Income tax benefit (provision) | 17,220 | (12,199 | ) | (9,051 | ) | ||||||
Net (loss) income | (4,357 | ) | 18,977 | (241 | ) | ||||||
Dividends of cumulative redeemable preferred shares | — | — | (7,922 | ) | |||||||
Non-cash dividend to warrant holders | — | — | (879 | ) | |||||||
Net (loss) income available to ordinary shareholders | $ | (4,357 | ) | $ | 18,977 | $ | (9,042 | ) | |||
Earnings per share | |||||||||||
(Losses) earnings per share - Basic | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) | |||
(Losses) earnings per share - Diluted | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) | |||
Weighted average number of shares outstanding during the period - Basic | 130,023,463 | 122,150,851 | 96,896,498 | ||||||||
Weighted average number of shares outstanding during the period - Diluted | 130,023,463 | 122,418,500 | 96,896,498 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Gain (loss) on interest rate swaps | 11,737 | (6,205) | (20,164) | ||||||||||||||
Release of foreign currency translation reserve related to sale of Capri Resort (see Note 4) | 140 | — | — | ||||||||||||||
Pension obligation gain (loss) | 401 | (102) | (820) | ||||||||||||||
Total other comprehensive income (loss) | 12,278 | (6,307) | (20,984) | ||||||||||||||
Comprehensive loss | $ | (77,404) | $ | (268,677) | $ | (25,341) |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) | |||
Other comprehensive (loss) income | |||||||||||
Pension obligation (loss) gain | (820 | ) | 168 | (107 | ) | ||||||
Unrealized loss on interest rate swaps | (20,164 | ) | — | — | |||||||
Total other comprehensive (loss) income | (20,984 | ) | 168 | (107 | ) | ||||||
Comprehensive (loss) income | $ | (25,341 | ) | $ | 19,145 | $ | (348 | ) |
Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 130,440,126 | $ | 14,161 | 54,608 | $ | (394) | $ | 992,297 | $ | (3,658) | $ | (169,879) | $ | 832,527 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (4,357) | (4,357) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (20,984) | — | (20,984) | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 472,937 | 54 | — | — | 8,791 | — | — | 8,845 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,791,487) | — | 1,791,487 | (13,694) | — | — | — | (13,694) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 129,121,576 | $ | 14,215 | 1,846,095 | $ | (14,088) | $ | 1,001,088 | $ | (24,642) | $ | (174,236) | $ | 802,337 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (262,370) | (262,370) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (6,307) | — | (6,307) | ||||||||||||||||||||||||||||||||||||||||||
Equity issuance, net (see Note 9) | 4,878,049 | 553 | — | — | 19,005 | — | — | 19,558 | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of tax withholdings | 911,774 | 103 | 12,592 | (54) | 10,055 | — | — | 10,104 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (340,109) | — | 340,109 | (2,500) | — | — | — | (2,500) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 134,571,290 | $ | 14,871 | 2,198,796 | $ | (16,642) | $ | 1,030,148 | $ | (30,949) | $ | (436,606) | $ | 560,822 | ||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | — | — | — | — | — | — | (3,408) | (3,408) | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 134,571,290 | $ | 14,871 | 2,198,796 | $ | (16,642) | $ | 1,030,148 | $ | (30,949) | $ | (440,014) | $ | 557,414 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (89,682) | (89,682) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 12,278 | — | 12,278 | ||||||||||||||||||||||||||||||||||||||||||
Equity issuance, net (see Note 9) | 28,750,000 | 3,512 | — | — | 134,204 | — | — | 137,716 | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of tax withholdings | 1,116,990 | 135 | 9,208 | (55) | 13,028 | — | — | 13,108 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 164,438,280 | $ | 18,518 | 2,208,004 | $ | (16,697) | $ | 1,177,380 | $ | (18,671) | $ | (529,696) | $ | 630,834 |
Shareholders' Equity | ||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred Shares | Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 28,510,994 | $ | 345,951 | 50,481,822 | $ | 5,386 | — | $ | — | $ | 349,358 | $ | (3,719 | ) | $ | (180,422 | ) | $ | 170,603 | |||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (241 | ) | (241 | ) | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (107 | ) | — | (107 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | 151,569 | 17 | — | — | 3,748 | — | — | 3,765 | ||||||||||||||||||||||||||
Recapitalization transaction | — | — | 52,982,364 | 5,653 | — | — | 427,878 | — | — | 433,531 | ||||||||||||||||||||||||||
Dividends on cumulative redeemable preferred shares | — | 7,922 | — | — | — | — | (7,922 | ) | — | — | (7,922 | ) | ||||||||||||||||||||||||
Purchase of cumulative redeemable preferred shares | (28,510,994 | ) | (239,492 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Settlement of accrued dividends of cumulative redeemable preferred shares | — | (114,381 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Non-cash transfer of ordinary shares | — | — | (7,367 | ) | — | 7,367 | (80 | ) | — | — | — | (80 | ) | |||||||||||||||||||||||
Issuance of ordinary shares in exchange for warrants | — | — | 6,689,309 | 747 | — | — | 132 | — | (879 | ) | — | |||||||||||||||||||||||||
Balance at December 31, 2017 | — | $ | — | 110,297,697 | $ | 11,803 | 7,367 | $ | (80 | ) | $ | 773,194 | $ | (3,826 | ) | $ | (181,542 | ) | $ | 599,549 | ||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 18,977 | 18,977 | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 168 | — | 168 | ||||||||||||||||||||||||||
Share-based compensation | — | — | 189,670 | 22 | — | — | 6,094 | — | — | 6,116 | ||||||||||||||||||||||||||
Shares issued in business combination (see Note 4) | — | — | 20,000,000 | 2,336 | — | — | 213,064 | — | — | 215,400 | ||||||||||||||||||||||||||
Repurchase of Earnout Warrants (see Note 11) | — | — | — | — | — | — | (55 | ) | — | — | (55 | ) | ||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | (47,241 | ) | — | 47,241 | (314 | ) | — | — | — | (314 | ) | |||||||||||||||||||||||
Balance at December 31, 2018 | — | $ | — | 130,440,126 | $ | 14,161 | 54,608 | $ | (394 | ) | $ | 992,297 | $ | (3,658 | ) | $ | (162,565 | ) | $ | 839,841 | ||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (4,357 | ) | (4,357 | ) | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (20,984 | ) | — | (20,984 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | 472,937 | 54 | — | — | 8,791 | — | — | 8,845 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | (1,791,487 | ) | — | 1,791,487 | (13,694 | ) | — | — | — | (13,694 | ) | |||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 129,121,576 | $ | 14,215 | 1,846,095 | $ | (14,088 | ) | $ | 1,001,088 | $ | (24,642 | ) | $ | (166,922 | ) | $ | 809,651 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) | |||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 81,508 | 92,570 | 101,897 | ||||||||||||||
Amortization of debt discount and issuance costs | 4,116 | 2,825 | 1,371 | ||||||||||||||
Share-based compensation | 13,163 | 10,158 | 8,845 | ||||||||||||||
(Gain) loss on derivative financial instruments | (12,060) | 8,204 | (708) | ||||||||||||||
Impairment loss | 24,011 | 55,619 | 6,168 | ||||||||||||||
Deferred income taxes | (10,017) | (11,472) | (22,947) | ||||||||||||||
Loss on sale of assets | 676 | 2,021 | — | ||||||||||||||
Amortization of key money | (622) | (907) | (263) | ||||||||||||||
(Recovery of) provision for doubtful accounts | (672) | 3,115 | 1,402 | ||||||||||||||
Other | 701 | (845) | 1,070 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Trade and other receivables, net | (23,223) | 42,702 | (9,890) | ||||||||||||||
Accounts receivable from related parties | (378) | 1,675 | 1,029 | ||||||||||||||
Inventories | (4,353) | 1,132 | (1,218) | ||||||||||||||
Prepayments and other assets | 8,798 | (657) | (10,742) | ||||||||||||||
Trade and other payables | 43,130 | (39,866) | 1,618 | ||||||||||||||
Payables to related parties | (5,377) | 453 | 3,300 | ||||||||||||||
Income tax payable | 480 | (2,904) | 1,353 | ||||||||||||||
Other liabilities | (555) | (1,391) | (5,740) | ||||||||||||||
Net cash provided by (used in) operating activities | 29,644 | (99,938) | 72,188 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital expenditures | (17,334) | (36,360) | (208,970) | ||||||||||||||
Purchase of intangibles | (308) | (1,001) | (3,569) | ||||||||||||||
Receipt of key money | 1,863 | 8,500 | 6,500 | ||||||||||||||
Proceeds from the sale of assets, net | 89,179 | 58,273 | 214 | ||||||||||||||
Property damage insurance proceeds | — | — | 2,009 | ||||||||||||||
Net cash provided by (used in) investing activities | 73,400 | 29,412 | (203,816) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Proceeds from debt issuance, net of discount | — | 199,600 | — | ||||||||||||||
Issuance costs of debt | — | (8,677) | — | ||||||||||||||
Proceeds from ordinary shares, net of issuance costs | 137,716 | 19,558 | — | ||||||||||||||
Repayment of debt | (34,479) | (10,100) | (10,100) | ||||||||||||||
Repayment of debt from related parties | (681) | — | — | ||||||||||||||
Proceeds from borrowings on revolving credit facility | — | 40,000 | 60,000 | ||||||||||||||
Repayments of borrowings on revolving credit facility | (84,667) | (15,333) | — | ||||||||||||||
Repurchase of ordinary shares | — | (2,500) | (13,694) | ||||||||||||||
Repurchase of ordinary shares for tax withholdings | (55) | (54) | — | ||||||||||||||
Principal payments on finance lease obligations | (161) | (39) | — | ||||||||||||||
Net cash provided by financing activities | 17,673 | 222,455 | 36,206 | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120,717 | 151,929 | (95,422) | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | $ | 172,860 | $ | 20,931 | $ | 116,353 | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | $ | 293,577 | $ | 172,860 | $ | 20,931 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 101,897 | 73,278 | 53,131 | ||||||||
Amortization of debt discount and issuance costs | 1,371 | 1,523 | 2,242 | ||||||||
Share-based compensation | 8,845 | 6,116 | 3,765 | ||||||||
Loss on extinguishment of debt | — | — | 25,120 | ||||||||
(Gain) loss on derivative financial instruments | (708 | ) | 12,476 | — | |||||||
Gain on property damage insurance proceeds | — | (2,212 | ) | — | |||||||
Impairment loss | 6,168 | — | — | ||||||||
Deferred income taxes | (22,947 | ) | 3,006 | 1,004 | |||||||
Amortization of key money | (263 | ) | — | — | |||||||
Other | 2,472 | 1,100 | 928 | ||||||||
Changes in assets and liabilities: | |||||||||||
Trade and other receivables, net | (9,890 | ) | (11,536 | ) | (3,542 | ) | |||||
Accounts receivable from related parties | 1,029 | (4,935 | ) | (319 | ) | ||||||
Inventories | (1,218 | ) | (456 | ) | (900 | ) | |||||
Prepayments and other assets | (10,742 | ) | 3,396 | (2,762 | ) | ||||||
Trade and other payables | 1,618 | 13,725 | (8,249 | ) | |||||||
Payables to related parties | 3,300 | 1,354 | (1,964 | ) | |||||||
Income tax payable | 1,353 | 809 | (4,038 | ) | |||||||
Deferred consideration | — | — | 654 | ||||||||
Other liabilities | (5,740 | ) | (2,191 | ) | (638 | ) | |||||
Net cash provided by operating activities | 72,188 | 114,430 | 64,191 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (208,970 | ) | (110,851 | ) | (106,230 | ) | |||||
Acquisition of Sagicor business, net of cash acquired | — | (93,128 | ) | — | |||||||
Contract deposit | — | — | (2,700 | ) | |||||||
Purchase of intangibles | (3,569 | ) | (2,832 | ) | (1,003 | ) | |||||
Receipt of key money | 6,500 | 2,000 | — | ||||||||
Proceeds from disposal of property and equipment | 214 | 22 | 104 | ||||||||
Property damage insurance proceeds | 2,009 | 203 | — | ||||||||
Net cash used in investing activities | (203,816 | ) | (204,586 | ) | (109,829 | ) | |||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from debt issuance | — | 99,499 | 907,725 | ||||||||
Proceeds from borrowings on revolving credit facility | 60,000 | — | — | ||||||||
Issuance costs of debt | — | — | (2,777 | ) | |||||||
Repayment of deferred consideration | — | — | (2,490 | ) | |||||||
Repayment of Term Loan | (10,100 | ) | (9,850 | ) | (366,415 | ) | |||||
Repayment of Senior Notes due 2020 | — | — | (495,997 | ) | |||||||
Recapitalization transaction | — | — | 79,658 | ||||||||
Repurchase of ordinary shares | (13,694 | ) | (314 | ) | — | ||||||
Repurchase of Earnout Warrants | — | (55 | ) | — | |||||||
Net cash provided by financing activities | 36,206 | 89,280 | 119,704 | ||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (95,422 | ) | (876 | ) | 74,066 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | $ | 116,353 | $ | 117,229 | $ | 43,163 | |||||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | $ | 20,931 | $ | 116,353 | $ | 117,229 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||||||||
Cash and cash equivalents | $ | 270,088 | $ | 146,919 | $ | 20,931 | |||||||||||
Restricted cash | 23,489 | 25,941 | — | ||||||||||||||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 293,577 | $ | 172,860 | $ | 20,931 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||||||||
Cash paid for interest, net of interest capitalized | $ | 78,945 | $ | 70,017 | $ | 43,089 | |||||||||||
Cash paid for income taxes, net | $ | 2,127 | $ | 4,414 | $ | 8,159 | |||||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||||||||||||||||
Capital expenditures incurred but not yet paid | $ | 929 | $ | 1,441 | $ | 20,958 | |||||||||||
Intangible assets capitalized but not yet paid | $ | 155 | $ | 114 | $ | 251 | |||||||||||
Interest capitalized but not yet paid | $ | — | $ | — | $ | 41 | |||||||||||
Par value of vested restricted share awards | $ | 135 | $ | 103 | $ | 54 | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 262 | $ | — | $ | 1,393 | |||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 3,925 | $ | 2,333 | $ | — | |||||||||||
Termination of right-of-use asset and operating lease liability | $ | — | $ | 646 | $ | — |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest, net of interest capitalized | $ | 43,089 | $ | 53,420 | $ | 61,066 | |||||
Cash paid for income taxes, net | $ | 8,159 | $ | 10,890 | $ | 21,582 | |||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Capital expenditures incurred but not yet paid | $ | 20,958 | $ | 484 | $ | 12,605 | |||||
Intangible assets capitalized but not yet paid | $ | 251 | $ | 516 | $ | — | |||||
Interest capitalized but not yet paid | $ | 41 | $ | 16 | $ | 163 | |||||
Par value of vested restricted share awards | $ | 54 | $ | 22 | $ | 17 | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 1,393 | $ | — | $ | — | |||||
Non-cash issuance of shares in business combination (see Note 4) | $ | — | $ | 215,400 | $ | — | |||||
Paid-in-kind dividends of cumulative redeemable preferred shares | $ | — | $ | — | $ | 7,922 | |||||
Purchase of cumulative redeemable preferred shares | $ | — | $ | — | $ | (239,492 | ) | ||||
Settlement of accrued dividends of cumulative redeemable preferred shares | $ | — | $ | — | $ | (114,381 | ) | ||||
Par value of ordinary shares issued in exchange for warrants | $ | — | $ | — | $ | 747 | |||||
Non-cash dividend to warrant holders | $ | — | $ | — | $ | 879 | |||||
Non-cash transfer of treasury shares | $ | — | $ | — | $ | (80 | ) |
Buildings | 5 to 50 years | |||||||
Fixtures and machinery | 7 to 18 years | |||||||
Furniture and other fixed assets | 4 to 12 years |
•Package revenue: Revenues derived from all-inclusive packages purchased by our guests, which include room accommodations, food and beverage services and entertainment activities, are included in the package revenue line item of the Consolidated Statements of Operations and are considered one performance obligation. Contract liabilities consist of advanced deposits received from customers which are deferred until the rooms are occupied and the services have been rendered. Advance deposits are included in trade and other payables in the Consolidated Balance Sheet. Revenue is measured at the fair value of the consideration received or receivable, stated net of estimated discounts, rebates and value added taxes and recognized when our performance obligation of all-inclusive services is considered transferred to the customer. •Non-package revenue: Revenue associated with upgrades, premium services and amenities that are not included in the all-inclusive package. This includes, but is not limited to, premium rooms, dining experiences, wines and spirits and spa packages which are included in the non-package revenue line item of the Consolidated Statements of Operations.Revenue is recognized based on the agreed upon price 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. •Management fees: Management fees are derived from resorts that we manage, typically under long-term contracts with the property owner. Management fees 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. We recognize revenue over the term of the service period as the third-party owners benefit from our management services. Revenue from management contracts is included in the management fees line item of the Consolidated Statements of Operations. •Cost reimbursements: Cost reimbursements are derived from the reimbursement of certain costs incurred by Playa on behalf of resorts managed by Playa and owned by third parties. These revenues are fully offset by reimbursed costs and have no impact on net income or loss. Cost reimbursements are recognized when agreed upon reimbursable costs are incurred from managing resorts owned by third-parties and included in the cost reimbursements line item of the Consolidated Statements of Operations. |
•Awards vesting with the passage of time: Share-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. • |
Awards vesting with market conditions: The market conditions are incorporated into the fair value measurement and recognized as an expense on a straight-line basis over the vesting period. The compensation expense is not adjusted if the conditions are not met. The determination of fair value on the date of grant is subjective and involves significant estimates and assumptions including expected volatility of our shares, expected dividend yield, expected term and assumptions of whether these awards will achieve performance thresholds. •Awards vesting with performance conditions: Share-based compensation is measured at the fair value of the award on the date of grant. The compensation |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
of Credit Losses on Financial Instruments | ||||||||||||||||||||
ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, | January 2021 |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. | The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. | January 2023 | We are in the process of evaluating the impact of ASU No. 2020-04 and ASU 2021-01 on the Consolidated Financial Statements with respect to our variable rate debt that is priced using a spread over one-month LIBOR. Our interest rate swaps mature on March 31, 2023, prior to the anticipated discontinuation of the one-month LIBOR rate on June 30, 2023. We do not expect to modify our interest rate swap contracts prior to their maturity date. | |||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | 162,647 | $ | 68,040 | $ | 124,348 | $ | 82,915 | $ | — | $ | 437,950 | |||||||||||||||||||||||
Non-package revenue | 32,040 | 11,144 | 25,543 | 18,891 | 974 | 88,592 | |||||||||||||||||||||||||||||
Management fees | 84 | — | — | — | 2,207 | 2,291 | |||||||||||||||||||||||||||||
Cost reimbursements | — | — | — | 2,853 | 2,953 | 5,806 | |||||||||||||||||||||||||||||
Total revenue | $ | 194,771 | $ | 79,184 | $ | 149,891 | $ | 104,659 | $ | 6,134 | $ | 534,639 |
Year Ended December 31, 2019 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Package revenue | $ | 212,794 | $ | 76,056 | $ | 75,874 | $ | 173,364 | $ | — | $ | 538,088 | Package revenue | $ | 96,942 | $ | 28,535 | $ | 42,584 | $ | 61,386 | $ | — | $ | 229,447 | |||||||||||||||||||||||||||||||||
Non-package revenue | 31,282 | 12,620 | 15,067 | 31,164 | 24 | 90,157 | Non-package revenue | 16,263 | 5,532 | 7,356 | 11,223 | 372 | 40,746 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees | — | — | — | — | 1,820 | 1,820 | Management fees | — | — | — | — | 807 | 807 | |||||||||||||||||||||||||||||||||||||||||||||
Cost reimbursements | — | — | — | 4,678 | 1,734 | 6,412 | Cost reimbursements | — | — | — | 1,661 | 528 | 2,189 | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 244,076 | $ | 88,676 | $ | 90,941 | $ | 209,206 | $ | 3,578 | $ | 636,477 | Total revenue | $ | 113,205 | $ | 34,067 | $ | 49,940 | $ | 74,270 | $ | 1,707 | $ | 273,189 |
Year Ended December 31, 2018 | |||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||
Package revenue | $ | 236,815 | $ | 75,506 | $ | 104,858 | $ | 114,569 | $ | 342 | $ | 532,090 | |||||||||||
Non-package revenue | 30,141 | 13,866 | 20,279 | 18,941 | (37 | ) | 83,190 | ||||||||||||||||
Management fees | — | — | — | — | 755 | 755 | |||||||||||||||||
Cost reimbursements | — | — | — | — | 978 | 978 | |||||||||||||||||
Total revenue | $ | 266,956 | $ | 89,372 | $ | 125,137 | $ | 133,510 | $ | 2,038 | $ | 617,013 |
Year Ended December 31, 2017 | |||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||
Package revenue | $ | 242,296 | $ | 76,170 | $ | 104,167 | $ | 58,542 | $ | — | $ | 481,175 | |||||||||||
Non-package revenue | 34,440 | 14,775 | 19,958 | 9,054 | 3 | 78,230 | |||||||||||||||||
Management fees | — | — | — | — | 140 | 140 | |||||||||||||||||
Total revenue | $ | 276,736 | $ | 90,945 | $ | 124,125 | $ | 67,596 | $ | 143 | $ | 559,545 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Other | Total | ||||||||||||||||||||||||||||||
Package revenue | $ | 212,794 | $ | 76,056 | $ | 75,874 | $ | 173,364 | $ | — | $ | 538,088 | |||||||||||||||||||||||
Non-package revenue | 31,282 | 12,620 | 15,067 | 31,164 | 24 | 90,157 | |||||||||||||||||||||||||||||
Management fees | — | — | — | — | 1,820 | 1,820 | |||||||||||||||||||||||||||||
Cost reimbursements | — | — | — | 4,678 | 1,734 | 6,412 | |||||||||||||||||||||||||||||
Total revenue | $ | 244,076 | $ | 88,676 | $ | 90,941 | $ | 209,206 | $ | 3,578 | $ | 636,477 |
Cash consideration, net of cash acquired of $0.1 million | $ | 93,128 | ||
Ordinary shares (20,000,000 shares at the Acquisition Date closing price of $10.77 per share, €0.10 par value) | 215,400 | |||
Total purchase consideration | $ | 308,528 |
June 1, 2018 (as previously reported) | Adjustments(1) | June 1, 2018 (as finalized) | ||||||||||
Total purchase consideration | $ | 308,528 | $ | — | $ | 308,528 | ||||||
Net assets acquired | ||||||||||||
Working capital | (1,665 | ) | — | (1,665 | ) | |||||||
Property and equipment | 304,299 | (5,950 | ) | 298,349 | ||||||||
Identifiable intangible assets and liabilities | (449 | ) | — | (449 | ) | |||||||
Deferred income taxes | (25,582 | ) | 5,099 | (20,483 | ) | |||||||
Goodwill | 31,925 | 851 | 32,776 | |||||||||
Total net assets acquired | $ | 308,528 | $ | — | $ | 308,528 |
Balance Sheet Classification | Estimated Fair Value | Weighted-Average Amortization Period (in years) | ||||||
Management contract | Other intangible assets | $ | 1,900 | 20 | ||||
Unfavorable ground lease liability | Other liabilities | (2,349 | ) | 22 | ||||
Total identifiable intangibles acquired | $ | (449 | ) |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Pro forma revenue | $ | 666,778 | $ | 662,669 | |||
Pro forma net income | $ | 31,511 | $ | 3,497 |
June 2, 2018 - December 31, 2018 | ||||
Revenue | $ | 55,598 | ||
Net income | $ | 898 |
Purchase of all of our Predecessor's cumulative redeemable preferred shares (1) | $ | 353,873 | |
Net cash transferred from Pace | 78,859 | ||
Playa employee offering (2) | 799 | ||
Total consideration transferred | $ | 433,531 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Property and equipment, gross | |||||||||||
Land, buildings and improvements | $ | 1,759,837 | $ | 1,863,406 | |||||||
Fixtures and machinery(1) | 84,264 | 83,802 | |||||||||
Furniture and other fixed assets | 205,141 | 225,869 | |||||||||
Construction in progress | 3,781 | 4,552 | |||||||||
Total property and equipment, gross | 2,053,023 | 2,177,629 | |||||||||
Accumulated depreciation | (468,449) | (450,246) | |||||||||
Total property and equipment, net | $ | 1,584,574 | $ | 1,727,383 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Property and equipment, gross | |||||||
Land, buildings and improvements | $ | 1,976,214 | $ | 1,787,727 | |||
Fixtures and machinery | 81,437 | 69,396 | |||||
Furniture and other fixed assets | 228,533 | 195,036 | |||||
Construction in progress | 42,083 | 106,520 | |||||
Total property and equipment, gross | 2,328,267 | 2,158,679 | |||||
Accumulated depreciation | (398,353 | ) | (350,267 | ) | |||
Total property and equipment, net | $ | 1,929,914 | $ | 1,808,412 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Domestic | $ | (7,030 | ) | $ | (5,168 | ) | $ | (6,066 | ) | ||
Foreign | (14,547 | ) | 36,344 | 14,876 | |||||||
Net (loss) income before tax | $ | (21,577 | ) | $ | 31,176 | $ | 8,810 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Domestic | $ | 1,517 | $ | 1,053 | $ | (7,030) | |||||||||||
Foreign | (98,602) | (274,396) | (14,547) | ||||||||||||||
Net loss before tax | $ | (97,085) | $ | (273,343) | $ | (21,577) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019(1) | |||||||||||||||
Current | |||||||||||||||||
Domestic | $ | — | $ | 431 | $ | (8) | |||||||||||
Foreign | (2,706) | (892) | (5,592) | ||||||||||||||
Total current income tax provision | (2,706) | (461) | (5,600) | ||||||||||||||
Deferred | |||||||||||||||||
Domestic | — | (7,684) | 7,684 | ||||||||||||||
Foreign | 10,109 | 19,118 | 15,136 | ||||||||||||||
Total deferred income tax benefit | 10,109 | 11,434 | 22,820 | ||||||||||||||
Income tax benefit | $ | 7,403 | $ | 10,973 | $ | 17,220 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current | |||||||||||
Domestic | $ | (8 | ) | $ | (1 | ) | $ | (67 | ) | ||
Foreign | (5,592 | ) | (9,183 | ) | (7,967 | ) | |||||
Total current income tax provision | (5,600 | ) | (9,184 | ) | (8,034 | ) | |||||
Deferred | |||||||||||
Domestic | 7,684 | — | — | ||||||||
Foreign | 15,136 | (3,015 | ) | (1,017 | ) | ||||||
Total deferred income tax benefit (provision) | 22,820 | (3,015 | ) | (1,017 | ) | ||||||
Income tax benefit (provision) | $ | 17,220 | $ | (12,199 | ) | $ | (9,051 | ) |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Income tax benefit (provision) at statutory rate | $ | 5,394 | 25.0 | % | $ | (7,794 | ) | 25.0 | % | $ | (2,203 | ) | 25.0 | % | ||||||
Differences between statutory rate and foreign rate | 18,836 | 87.3 | % | 21,629 | (69.4 | )% | 16,277 | (184.8 | )% | |||||||||||
Inflation adjustments | 4,276 | 19.8 | % | 4,848 | (15.6 | )% | 5,009 | (56.9 | )% | |||||||||||
Nondeductible interest and expenses | (12,043 | ) | (55.8 | )% | (7,963 | ) | 25.5 | % | (6,975 | ) | 79.2 | % | ||||||||
Debt extinguishment and other | — | — | % | — | — | % | 536 | (6.1 | )% | |||||||||||
Business interruption proceeds | — | — | % | — | — | % | (164 | ) | 1.9 | % | ||||||||||
Goodwill impairment | (1,542 | ) | (7.1 | )% | — | — | % | — | — | % | ||||||||||
Other | (60 | ) | (0.3 | )% | (193 | ) | 0.7 | % | 229 | (2.6 | )% | |||||||||
Foreign exchange rate differences | (6,038 | ) | (28.0 | )% | (3,561 | ) | 11.4 | % | (3,183 | ) | 36.1 | % | ||||||||
Dominican Republic tax classification | (6,109 | ) | (28.3 | )% | (5,145 | ) | 16.5 | % | 3,994 | (45.3 | )% | |||||||||
Dutch and U.S. rate change | 3,952 | 18.3 | % | (13,721 | ) | 44.0 | % | (2,590 | ) | 29.4 | % | |||||||||
Change in valuation allowance | 10,554 | 48.9 | % | (299 | ) | 1.0 | % | (19,981 | ) | 226.8 | % | |||||||||
Income tax benefit (provision) | $ | 17,220 | 79.8 | % | $ | (12,199 | ) | 39.1 | % | $ | (9,051 | ) | 102.7 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Income tax benefit at statutory rate | $ | 24,272 | 25.0 | % | $ | 68,336 | 25.0 | % | $ | 5,394 | 25.0 | % | |||||||||||||||||||||||
Differences between statutory rate and foreign rate | 16,741 | 17.2 | % | (598) | (0.2) | % | 18,836 | 87.3 | % | ||||||||||||||||||||||||||
Inflation adjustments | 7,312 | 7.5 | % | 4,366 | 1.6 | % | 4,276 | 19.8 | % | ||||||||||||||||||||||||||
Nondeductible interest and expenses | (12,969) | (13.4) | % | (19,893) | (7.3) | % | (12,043) | (55.8) | % | ||||||||||||||||||||||||||
Goodwill impairment | — | — | % | (4,900) | (1.8) | % | (1,542) | (7.1) | % | ||||||||||||||||||||||||||
Foreign exchange rate differences | (7,950) | (8.2) | % | (4,194) | (1.5) | % | (6,038) | (28.0) | % | ||||||||||||||||||||||||||
Dominican Republic tax classification | — | — | % | 7,949 | 2.9 | % | (6,109) | (28.3) | % | ||||||||||||||||||||||||||
Dutch and U.S. tax rate change | 2,753 | 2.8 | % | 10,545 | 3.9 | % | 3,952 | 18.3 | % | ||||||||||||||||||||||||||
Basis difference in fixed assets | — | — | % | (3,026) | (1.1) | % | — | — | % | ||||||||||||||||||||||||||
Change in valuation allowance | (20,820) | (21.4) | % | (48,213) | (17.6) | % | 10,554 | 48.9 | % | ||||||||||||||||||||||||||
Other | (1,936) | (2.0) | % | 601 | 0.1 | % | (60) | (0.3) | % | ||||||||||||||||||||||||||
Income tax benefit | $ | 7,403 | 7.5 | % | $ | 10,973 | 4.0 | % | $ | 17,220 | 79.8 | % |
As of December 31, | |||||||
2019 | 2018 | ||||||
Deferred tax assets | |||||||
Advance customer deposits | $ | 5,074 | $ | 6,098 | |||
Trade payables and other accruals | 8,381 | 5,210 | |||||
Labor liability accrual | 1,020 | 757 | |||||
Property and equipment | 788 | 766 | |||||
Lease obligation | 1,123 | — | |||||
Other assets | 2,564 | — | |||||
Net operating losses | 110,135 | 98,874 | |||||
Total deferred tax asset | 129,085 | 111,705 | |||||
Valuation allowance | (79,788 | ) | (94,575 | ) | |||
Net deferred tax asset | 49,297 | 17,130 | |||||
Deferred tax liabilities | |||||||
Accounts receivable and prepayments to vendors | 613 | 1,113 | |||||
Property and equipment | 124,121 | 119,800 | |||||
Other liabilities | 1,123 | 823 | |||||
Total deferred tax liability | 125,857 | 121,736 | |||||
Net deferred tax liability | $ | (76,560 | ) | $ | (104,606 | ) |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Deferred tax assets | |||||||||||
Advance customer deposits | $ | 2,242 | $ | 1,721 | |||||||
Trade payables and other accruals | 9,441 | 9,921 | |||||||||
Labor liability accrual | 895 | 1,000 | |||||||||
Property and equipment | — | 2,441 | |||||||||
Lease obligation | 584 | 857 | |||||||||
Interest expense | 31,895 | — | |||||||||
Net operating losses | 143,098 | 145,576 | |||||||||
Total deferred tax asset | 188,155 | 161,516 | |||||||||
Valuation allowance | (160,104) | (123,967) | |||||||||
Net deferred tax asset | 28,051 | 37,549 | |||||||||
Deferred tax liabilities | |||||||||||
Accounts receivable and prepayments to vendors | 164 | 60 | |||||||||
Property and equipment | 93,503 | 110,095 | |||||||||
Other liabilities | 3,282 | 2,901 | |||||||||
Total deferred tax liability | 96,949 | 113,056 | |||||||||
Net deferred tax liability | $ | (68,898) | $ | (75,507) |
Balance at January 1 | Additions | Deductions | Balance at December 31 | ||||||||||||
December 31, 2019 | $ | (94,575 | ) | $ | (7,008 | ) | $ | 21,795 | $ | (79,788 | ) | ||||
December 31, 2018 | $ | (98,755 | ) | $ | (23,789 | ) | $ | 27,969 | $ | (94,575 | ) | ||||
December 31, 2017 | $ | (81,738 | ) | $ | (19,469 | ) | $ | 2,452 | $ | (98,755 | ) |
Balance at January 1 | Additions | Deductions | Balance at December 31 | ||||||||||||||||||||
December 31, 2021 | $ | (123,967) | $ | (41,450) | $ | 5,313 | $ | (160,104) | |||||||||||||||
December 31, 2020 | $ | (79,788) | $ | (45,833) | $ | 1,654 | $ | (123,967) | |||||||||||||||
December 31, 2019 | $ | (94,575) | $ | (7,008) | $ | 21,795 | $ | (79,788) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
Related Party | Transaction | 2019 | 2018 | 2017 | Related Party | Transaction (1) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Revenues | Revenues | |||||||||||||||||||||||||||||||||||||||
ALG | ALG | Package revenue | $ | 2,750 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Sagicor | Sagicor | Cost reimbursements (2) | $ | 3,253 | $ | 1,870 | $ | 5,142 | ||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||
Hyatt | Hyatt franchise fees (1) | $ | 17,423 | $ | 16,688 | $ | 14,105 | Hyatt | Franchise fees (3) | $ | 18,603 | $ | 9,937 | $ | 17,423 | |||||||||||||||||||||||||
Sagicor | Insurance premiums (1) | $ | 1,659 | $ | 1,765 | $ | — | Sagicor | Insurance premiums (3) | $ | 783 | $ | 927 | $ | 1,659 | |||||||||||||||||||||||||
Sagicor | Cost reimbursements | $ | 5,142 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Sabre | Booking and call center services (2) | $ | 989 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Chief Executive Officer | Lease expense (2) | $ | 745 | $ | 989 | $ | 1,032 | Chief Executive Officer | Lease expense (4) | $ | 802 | $ | 770 | $ | 745 | |||||||||||||||||||||||||
Hyatt and Real Shareholder | Dividends on the Preferred Shares (3) | $ | — | $ | — | $ | 7,922 | |||||||||||||||||||||||||||||||||
Real Shareholder | Deferred consideration accretion (4) | $ | — | $ | — | $ | 36 | |||||||||||||||||||||||||||||||||
Real Shareholder | Interest expense on related party debt (4) | $ | — | $ | — | $ | 372 | |||||||||||||||||||||||||||||||||
DKCM | DKCM | Interest expense (5) | $ | 21,921 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
AMResorts | AMResorts | Management fees (3) | $ | 607 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
AMResorts | AMResorts | Marketing fees (4) | $ | 615 | $ | — | $ | — |
(1)Amounts presented in the table above represent activity since the date the entity became a related party. (2)Equivalent amount included as reimbursed costs in the Consolidated Statements of Operations. (3)Included in direct expense in the Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense. (4)Included in selling, general, and administrative expense in the Consolidated Statements of Operations. (5)Includes interest expense and amortization of deferred financing costs and discounts. 82 |
As of December 31, 2019 | Operating Leases | Finance Leases | ||||||||||||||||
Minimum future lease payments | Minimum future lease payments | |||||||||||||||||
2020 | $ | 991 | ||||||||||||||||
2021 | 1,036 | |||||||||||||||||
2022 | 1,074 | 2022 | $ | 982 | $ | 843 | ||||||||||||
2023 | 786 | 2023 | 687 | 848 | ||||||||||||||
2024 | 652 | 2024 | 547 | 853 | ||||||||||||||
2025 | 686 | 2025 | 572 | 859 | ||||||||||||||
2026 | 2026 | 591 | 864 | |||||||||||||||
Thereafter | 2,243 | Thereafter | 1,565 | 4,458 | ||||||||||||||
Total minimum future lease payments | 7,468 | Total minimum future lease payments | 4,944 | 8,725 | ||||||||||||||
Less: imputed interest | (1,260 | ) | Less: imputed interest | (646) | (2,667) | |||||||||||||
Total lease liability | $ | 6,208 | ||||||||||||||||
Total lease liability(1) | Total lease liability(1) | $ | 4,298 | $ | 6,058 |
As of December 31, 2018 | ||||
2019 | $ | 1,199 | ||
2020 | 1,031 | |||
2021 | 1,016 | |||
2022 | 1,044 | |||
2023 | 745 | |||
Thereafter | 3,394 | |||
Total minimum future lease payments | $ | 8,429 |
Year Ended December 31, | ||||||||||||||||||||||||
Year Ended December 31, 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Lease expense | $ | 2,563 | $ | 2,292 | $ | 2,497 | $ | 2,563 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Operating cash outflows for operating leases | $ | 643 | ||||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 731 | $ | 721 | $ | 643 | |||||||||||||||||
Operating cash outflows for finance leases | Operating cash outflows for finance leases | $ | 278 | $ | 112 | $ | — | |||||||||||||||||
Financing cash outflows for finance leases | Financing cash outflows for finance leases | $ | 161 | $ | 39 | $ | — |
Operating Leases | Finance Leases | |||||||||||||
Weighted-average remaining lease term | 6.70 years | 11.30 years | ||||||||||||
Weighted-average discount rate (1) | 4.12 | % | 7.71 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
Leases | Financial Statement Classification | Year Ended December 31, 2019 | Leases | Financial Statement Classification | 2021 | 2020 | 2019 | |||||||||||||||||||||||||
Operating lease income (1) | Non-package revenue | $ | 5,105 | Operating lease income (1) | Non-package revenue | $ | 3,086 | $ | 1,753 | $ | 5,105 |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2021 | 2,225,139 | $ | 8.53 | ||||||||
Granted | 1,925,298 | 5.45 | |||||||||
Vested | (1,126,198) | 8.68 | |||||||||
Forfeited | (17,448) | 7.68 | |||||||||
Unvested balance at December 31, 2021 | 3,006,791 | $ | 6.50 |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested balance at January 1, 2019 | 1,718,684 | $ | 10.19 | |||
Granted | 1,000,184 | 7.25 | ||||
Vested | (472,937 | ) | 9.46 | |||
Forfeited | (88,595 | ) | 9.30 | |||
Unvested balance at December 31, 2019 | 2,157,336 | $ | 9.03 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Weighted-average grant date fair value | $ | 5.45 | $ | 7.92 | $ | 7.25 | |||||||||||
Fair value of vested restricted share awards | $ | 7,455 | $ | 4,837 | $ | 3,600 | |||||||||||
Share-based compensation expense | $ | 10,645 | $ | 9,123 | $ | 8,065 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Weighted-average grant date fair value | $ | 7.25 | $ | 10.25 | $ | 10.19 | |||||
Fair value of vested restricted share awards | $ | 3,600 | $ | 1,963 | $ | 1,545 | |||||
Share-based compensation expense | $ | 8,065 | $ | 5,072 | $ | 3,587 |
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component | Volatility (1) | Interest Rate (2) | Dividend Yield | Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component | Volatility (1) | Interest Rate (2) | Dividend Yield | |||||||||||||||||||||||||||||||||||||
May 26, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return | 50 | % | $ | 770 | 27.02 | % | 1.39 | % | — | % | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Comparison | 50 | % | $ | 1,350 | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||
January 2, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return | 50 | % | $ | 860 | 26.13 | % | 2.00 | % | — | % | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Comparison | 50 | % | $ | 1,475 | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||
January 2, 2019 | January 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return | 50 | % | $ | 537 | 27.78 | % | 2.46 | % | — | % | Total Shareholder Return | 50 | % | $ | 537 | 27.78 | % | 2.46 | % | — | % | |||||||||||||||||||||||||||
Adjusted EBITDA Comparison | 50 | % | $ | 900 | — | % | — | % | — | % | Adjusted EBITDA Comparison | 50 | % | $ | 900 | — | % | — | % | — | % | |||||||||||||||||||||||||||
September 19, 2019 | September 19, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return | 50 | % | $ | 287 | 25.86 | % | 1.72 | % | — | % | Total Shareholder Return | 50 | % | $ | 287 | 25.86 | % | 1.72 | % | — | % | |||||||||||||||||||||||||||
Adjusted EBITDA Comparison | 50 | % | $ | 448 | — | % | — | % | — | % | Adjusted EBITDA Comparison | 50 | % | $ | 448 | — | % | — | % | — | % | |||||||||||||||||||||||||||
January 2, 2020 | January 2, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return | Total Shareholder Return | 50 | % | $ | 1,334 | 24.87 | % | 1.58 | % | — | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Comparison | Adjusted EBITDA Comparison | 50 | % | $ | 2,187 | — | % | — | % | — | % | |||||||||||||||||||||||||||||||||||||
January 4, 2021 | January 4, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Peer Shareholder Return | Peer Shareholder Return | 50 | % | $ | 3,088 | 57.69 | % | 0.16 | % | — | % | |||||||||||||||||||||||||||||||||||||
Growth Rate | Growth Rate | 50 | % | $ | 2,230 | 57.69 | % | 0.16 | % | — | % |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested balance at January 1, 2019 | 523,545 | $ | 8.26 | |||
Granted | 389,862 | 5.83 | ||||
Unvested balance at December 31, 2019 | 913,407 | $ | 7.22 |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balance at January 1, 2021 | — | $ | — | ||||||||
Granted | 1,027,519 | 5.18 | |||||||||
Unvested balance at December 31, 2021 | 1,027,519 | $ | 5.18 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Weighted-average grant date fair value | $ | 5.18 | $ | 6.38 | $ | 5.83 | |||||||||||
Share-based compensation expense | $ | 2,518 | $ | 1,035 | $ | 780 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Weighted-average grant date fair value | $ | 5.83 | $ | 8.53 | $ | 7.99 | |||||
Share-based compensation expense | $ | 780 | $ | 1,045 | $ | 178 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Numerator | |||||||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) | |||
Non-cash dividend to warrant holders | — | — | (879 | ) | |||||||
Convertible Preferred Share dividends | — | — | (7,922 | ) | |||||||
Allocation of undistributed earnings to preferred shareholders (1) | — | — | — | ||||||||
Numerator for basic EPS - net (loss) income available to ordinary shareholders | (4,357 | ) | 18,977 | (9,042 | ) | ||||||
Add back convertible Preferred Share dividends (1) | — | — | — | ||||||||
Add back of undistributed earnings to preferred shareholders (1) | — | — | — | ||||||||
Numerator for diluted EPS - net (loss) income available to ordinary shareholders after assumed conversions | $ | (4,357 | ) | $ | 18,977 | $ | (9,042 | ) | |||
Denominator | |||||||||||
Denominator for basic EPS - weighted-average shares | 130,023,463 | 122,150,851 | 96,896,498 | ||||||||
Effect of dilutive securities | |||||||||||
Unvested restricted share awards | — | 267,649 | — | ||||||||
Denominator for diluted EPS - adjusted weighted-average shares | 130,023,463 | 122,418,500 | 96,896,498 | ||||||||
EPS - Basic | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) | |||
EPS - Diluted | $ | (0.03 | ) | $ | 0.16 | $ | (0.09 | ) |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Numerator | |||||||||||||||||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) | |||||||||||||||||||||||
Denominator | |||||||||||||||||||||||||||||
Denominator for basic EPS - weighted-average number of shares outstanding | 163,370,410 | 132,210,205 | 130,023,463 | ||||||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||
Unvested performance share awards | — | — | — | ||||||||||||||||||||||||||
Unvested restricted share awards | — | — | — | ||||||||||||||||||||||||||
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding | 163,370,410 | 132,210,205 | 130,023,463 | ||||||||||||||||||||||||||
EPS - Basic | $ | (0.55) | $ | (1.98) | $ | (0.03) | |||||||||||||||||||||||
EPS - Diluted | $ | (0.55) | $ | (1.98) | $ | (0.03) |
Outstanding Balance as of | ||||||||||||||||||||||||||
Interest Rate | Maturity Date | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||||||||||||||
Revolving Credit Facility (1) | LIBOR + 3.00% LIBOR + 4.00% | April 27, 2022 ($17.0 million) January 27, 2024 ($68.0 million) | $ | — | $ | 84,667 | ||||||||||||||||||||
Term Loan (2) | LIBOR + 2.75% | April 27, 2024 | 941,868 | 976,348 | ||||||||||||||||||||||
Term A1 Loan | 11.4777% | April 27, 2024 | 35,000 | 35,000 | ||||||||||||||||||||||
Term A2 Loan | 11.4777% | April 27, 2024 | 31,000 | 31,000 | ||||||||||||||||||||||
Term A3 Loan (3) | LIBOR + 3.00% | April 27, 2024 | 27,319 | 28,000 | ||||||||||||||||||||||
Total Senior Secured Credit Facilities (at stated value) | 1,035,187 | 1,155,015 | ||||||||||||||||||||||||
Unamortized discount | (1,153) | (1,658) | ||||||||||||||||||||||||
Unamortized debt issuance costs | (4,207) | (6,015) | ||||||||||||||||||||||||
Total Senior Secured Credit Facilities, net | $ | 1,029,827 | $ | 1,147,342 | ||||||||||||||||||||||
Property Loan | ||||||||||||||||||||||||||
Property Loan (at stated value) | 9.25% | July 1, 2025 | $ | 110,000 | $ | 110,000 | ||||||||||||||||||||
Unamortized discount | (3,107) | (3,960) | ||||||||||||||||||||||||
Unamortized debt issuance costs | (3,459) | (4,409) | ||||||||||||||||||||||||
Total Property Loan, net | $ | 103,434 | $ | 101,631 | ||||||||||||||||||||||
Finance lease obligations (4) | $ | 6,058 | $ | 2,294 | ||||||||||||||||||||||
Total debt, net | $ | 1,139,319 | $ | 1,251,267 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Debt obligations | |||||||
Term Loan (1) | $ | 986,448 | $ | 996,548 | |||
Revolving Credit Facility (2)(3) | 60,000 | — | |||||
Total debt obligations | 1,046,448 | 996,548 | |||||
Unamortized discount and debt issuance costs | |||||||
Discount on Term Loan | (2,168 | ) | (2,681 | ) | |||
Unamortized debt issuance costs on Term Loan | (3,622 | ) | (4,480 | ) | |||
Total unamortized discount and debt issuance costs | (5,790 | ) | (7,161 | ) | |||
Total debt | $ | 1,040,658 | $ | 989,387 |
As of December 31, 2021 | ||||||||||||||
Senior Secured Credit Facilities | Property Loan | |||||||||||||
2022 | $ | 10,100 | $ | — | ||||||||||
2023 | 10,100 | — | ||||||||||||
2024 | 1,014,987 | — | ||||||||||||
2025 | — | 110,000 | ||||||||||||
2026 | — | — | ||||||||||||
Thereafter | — | — | ||||||||||||
Total debt maturities | $ | 1,035,187 | $ | 110,000 |
As of December 31, 2019 | ||||
2020 (1) | $ | 70,100 | ||
2021 | 10,100 | |||
2022 | 10,100 | |||
2023 | 10,100 | |||
2024 | 946,048 | |||
Thereafter | — | |||
Total debt maturities | $ | 1,046,448 |
Debt | Covenant Terms | |||||||
Existing Credit Agreement | We are required to maintain a minimum liquidity balance of $70.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements: ▪6.50x for the period ended March 31, 2022; ▪6.00x for the period ended June 30, 2022; and ▪4.75x for periods thereafter. | |||||||
Term A1 Loan | Same terms as the Existing Credit Agreement. | |||||||
Term A2 Loan | No applicable debt covenants. | |||||||
Term A3 Loan | No applicable debt covenants. | |||||||
Property Loan | No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for 2 consecutive quarters. |
Derivative Liabilities Designated as Hedging Instruments | 2019 | 2018 | 2017 | Derivative Liabilities Designated as Hedging Instruments | 2021 | 2020 | 2019 | |||||||||||||||||||||||||
AOCI from our cash flow hedges as of January 1 | $ | — | $ | — | $ | — | AOCI from our cash flow hedges as of January 1 | $ | 26,369 | $ | 20,164 | $ | — | |||||||||||||||||||
Change in fair value | 5,834 | — | — | Change in fair value | — | 16,956 | 5,834 | |||||||||||||||||||||||||
Reclassification from AOCI to interest expense | 24 | — | — | Reclassification from AOCI to interest expense | (2,894) | (1,908) | 24 | |||||||||||||||||||||||||
OCI related to our cash flow hedges for the three months ended March 31 | 5,858 | — | — | OCI related to our cash flow hedges for the three months ended March 31 | (2,894) | 15,048 | 5,858 | |||||||||||||||||||||||||
Change in fair value | 14,648 | — | — | Change in fair value | — | — | 14,648 | |||||||||||||||||||||||||
Reclassification from AOCI to interest expense | 136 | — | — | Reclassification from AOCI to interest expense | (2,926) | (2,926) | 136 | |||||||||||||||||||||||||
OCI related to our cash flow hedges for the three months ended June 30 | 14,784 | — | — | OCI related to our cash flow hedges for the three months ended June 30 | (2,926) | (2,926) | 14,784 | |||||||||||||||||||||||||
Change in fair value | 4,912 | — | — | Change in fair value | — | — | 4,912 | |||||||||||||||||||||||||
Reclassification from AOCI to interest expense | (324 | ) | — | — | Reclassification from AOCI to interest expense | (2,958) | (2,958) | (324) | ||||||||||||||||||||||||
OCI related to our cash flow hedges for the three months ended September 30 | 4,588 | — | — | OCI related to our cash flow hedges for the three months ended September 30 | (2,958) | (2,958) | 4,588 | |||||||||||||||||||||||||
Change in fair value | (3,907 | ) | — | — | Change in fair value | — | — | (3,907) | ||||||||||||||||||||||||
Reclassification from AOCI to interest expense | (1,159 | ) | — | — | Reclassification from AOCI to interest expense | (2,959) | (2,959) | (1,159) | ||||||||||||||||||||||||
AOCI from our cash flow hedges as of December 31 (1) | $ | 20,164 | $ | — | $ | — | AOCI from our cash flow hedges as of December 31(1) | $ | 14,632 | $ | 26,369 | $ | 20,164 |
Derivative Liabilities Not Designated as Hedging Instruments | Financial Statement Classification | Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||||
Interest rate swaps (1) | Interest expense | $ | 2,715 | $ | 17,093 | $ | — |
Derivative Liabilities for Ineffective Hedges(1) | Financial Statement Classification | Year Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||
Interest rate swaps(2) | Interest expense | $ | 10,223 | $ | 26,299 | $ | 2,715 |
Derivative Liabilities for Ineffective Hedges | Financial Statement Classification | As of December 31, | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Interest rate swaps | Derivative financial instruments | $ | 22,543 | $ | 46,340 |
Derivative Liabilities Designated as Hedging Instruments | Financial Statement Classification | As of December 31, | ||||||||
2019 | 2018 | |||||||||
Interest rate swaps | Derivative financial instruments | $ | 31,932 | $ | — |
Derivative Liabilities Not Designated as Hedging Instruments | Financial Statement Classification | As of December 31, | ||||||||
2019 | 2018 | |||||||||
Interest rate swaps | Derivative financial instruments | $ | — | $ | 12,476 |
December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swap | $ | 22,543 | $ | — | $ | 22,543 | $ | — | ||||||||||||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||
Interest rate swap | $ | 46,340 | $ | — | $ | 46,340 | $ | — |
December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||
Interest rate swap | $ | 31,932 | $ | — | $ | 31,932 | $ | — | ||||||||
December 31, 2018 | Level 1 | Level 2 | Level 3 | |||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||
Interest rate swap | $ | 12,476 | $ | — | $ | 12,476 | $ | — |
November 3, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fair value measurements on a nonrecurring basis | ||||||||||||||||||||||||||
Impaired long-lived assets (1) | $ | 34,475 | $ | — | $ | 34,475 | $ | — |
Carrying Value | Fair Value | |||||||||||||||||||||||||
As of December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||||||||||||
Term Loan | $ | 938,788 | $ | — | $ | — | $ | 924,917 | ||||||||||||||||||
Term A1 Loan | 34,151 | — | — | 35,598 | ||||||||||||||||||||||
Term A2 Loan | 30,248 | — | — | 31,530 | ||||||||||||||||||||||
Term A3 Loan | 26,640 | — | — | 27,006 | ||||||||||||||||||||||
Property Loan | 103,434 | — | — | 111,593 | ||||||||||||||||||||||
Total liabilities | $ | 1,133,261 | $ | — | $ | — | $ | 1,130,644 |
Carrying Value | Fair Value | |||||||||||||||
As of December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||
Term Loan | $ | 980,658 | $ | — | $ | — | $ | 983,214 | ||||||||
Revolving Credit Facility | 60,000 | — | — | 60,000 | ||||||||||||
Total liabilities | $ | 1,040,658 | $ | — | $ | — | $ | 1,043,214 |
Carrying Value | Fair Value | |||||||||||||||
As of December 31, 2018 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||
Term Loan | $ | 989,387 | $ | — | $ | — | $ | 927,025 | ||||||||
Revolving Credit Facility | — | — | — | — | ||||||||||||
Total liabilities | $ | 989,387 | $ | — | $ | — | $ | 927,025 |
Carrying Value | Fair Value | |||||||||||||||||||||||||
As of December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities not recorded at fair value | ||||||||||||||||||||||||||
Term Loan | $ | 971,920 | $ | — | $ | — | $ | 936,799 | ||||||||||||||||||
Revolving Credit Facility | 84,667 | — | — | 84,769 | ||||||||||||||||||||||
Term A1 Loan | 33,792 | — | — | 35,182 | ||||||||||||||||||||||
Term A2 Loan | 29,930 | — | — | 31,161 | ||||||||||||||||||||||
Term A3 Loan | 27,033 | — | — | 28,028 | ||||||||||||||||||||||
Property Loan | 101,631 | — | — | 109,871 | ||||||||||||||||||||||
Total liabilities | $ | 1,248,973 | $ | — | $ | — | $ | 1,225,810 |
Valuation Technique | ||||||||
Financial instruments recorded at fair value | ||||||||
Interest rate swaps | The fair value of the interest rate swaps is estimated based on the expected future cash flows by incorporating the notional amount of the swaps, the contractual period to maturity, and observable market-based inputs, including interest rate curves. The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value of our interest rate swaps is largely dependent on forecasted LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85%, we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods, we will recognize a loss and future cash outflows. | |||||||
Financial instruments not recorded at fair value | ||||||||
Term Loans and Property Loan | The fair value of our Term Loans and Property Loan | |||||||
Revolving Credit Facility | The valuation technique of our Revolving Credit Facility is consistent with our Term Loan. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
As of December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Change in pension obligation | ||||||||||||||
Balance at beginning of period | $ | 6,231 | $ | 6,764 | ||||||||||
Service cost | 832 | 822 | ||||||||||||
Interest cost | 423 | 428 | ||||||||||||
Actuarial (gain) loss | (266) | 332 | ||||||||||||
Effect of foreign exchange rates | (194) | (560) | ||||||||||||
Curtailment | 29 | (264) | ||||||||||||
Benefits paid | (1,065) | (1,264) | ||||||||||||
Divestitures | — | (27) | ||||||||||||
Balance at end of period | $ | 5,990 | $ | 6,231 | ||||||||||
Underfunded status | (5,990) | (6,231) | ||||||||||||
Accumulated pension obligation | $ | (4,265) | $ | (4,382) |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Change in pension obligation | ||||||||
Balance at beginning of period | $ | 5,123 | $ | 4,456 | ||||
Service cost | 795 | 674 | ||||||
Interest cost | 492 | 364 | ||||||
Actuarial loss (gain) | 881 | (187 | ) | |||||
Effect of foreign exchange rates | 384 | (12 | ) | |||||
Curtailment | (171 | ) | (17 | ) | ||||
Benefits paid | (783 | ) | (155 | ) | ||||
Acquisitions | 43 | — | ||||||
Balance at end of period | $ | 6,764 | $ | 5,123 | ||||
Underfunded status | (6,764 | ) | (5,123 | ) | ||||
Accumulated pension obligation | $ | (4,709 | ) | $ | (3,752 | ) |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Service cost | $ | 832 | $ | 822 | $ | 795 | ||||||||||||||
Interest cost | 423 | 428 | 492 | |||||||||||||||||
Effect of foreign exchange rates | (194) | (560) | 384 | |||||||||||||||||
Amortization of prior service cost | 1 | 1 | 1 | |||||||||||||||||
Amortization of loss (gain) | 2 | 6 | (20) | |||||||||||||||||
Compensation-non-retirement post-employment benefits | 694 | 214 | (1) | |||||||||||||||||
Settlement and curtailment gain | (406) | (289) | (211) | |||||||||||||||||
Total net periodic pension cost | $ | 1,352 | $ | 622 | $ | 1,440 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Service cost | $ | 795 | $ | 674 | $ | 713 | ||||||
Interest cost | 492 | 364 | 316 | |||||||||
Effect of foreign exchange rates | 384 | (12 | ) | 149 | ||||||||
Amortization of prior service cost | 1 | 25 | 77 | |||||||||
Amortization of gain | (20 | ) | (18 | ) | (29 | ) | ||||||
Compensation-non-retirement post-employment benefits | (1 | ) | (34 | ) | (53 | ) | ||||||
Settlement gain | (40 | ) | — | (194 | ) | |||||||
Curtailment gain | (171 | ) | (17 | ) | (34 | ) | ||||||
Total net periodic pension cost | $ | 1,440 | $ | 982 | $ | 945 |
As of December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Discount rate | 8.00 | % | 7.10 | % | 7.50 | % | ||||||||||||||
Rate of compensation increase | 4.79 | % | 4.79 | % | 4.79 | % |
As of December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Discount rate | 7.50 | % | 9.55 | % | 7.75 | % | |||
Rate of compensation increase | 4.79 | % | 4.79 | % | 4.79 | % |
As of December 31, 2019 | ||||
2020 | $ | 707 | ||
2021 | 551 | |||
2022 | 613 | |||
2023 | 693 | |||
2024 | 742 | |||
Thereafter | 4,706 | |||
Total expected plan payments | $ | 8,012 |
As of December 31, 2021 | ||||||||
2022 | $ | 574 | ||||||
2023 | 596 | |||||||
2024 | 657 | |||||||
2025 | 726 | |||||||
2026 | 758 | |||||||
Thereafter | 3,742 | |||||||
Total expected plan payments | $ | 7,053 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Gross trade and other receivables (1)(2) | $ | 73,015 | $ | 65,363 | |||
Allowance for doubtful accounts (3) | (1,765 | ) | (593 | ) | |||
Total trade and other receivables, net | $ | 71,250 | $ | 64,770 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Gross trade and other receivables (1) | $ | 47,382 | $ | 28,346 | |||||||
Allowance for doubtful accounts | (1,940) | (2,913) | |||||||||
Total trade and other receivables, net | $ | 45,442 | $ | 25,433 |
(1) The opening balance as of January 1, 2020 was $73.0 million. |
Balance at January 1 | Additions | Deductions(1) | Balance at December 31 | ||||||||||||||||||||
December 31, 2021 | $ | (2,913) | $ | (107) | $ | 1,080 | $ | (1,940) | |||||||||||||||
December 31, 2020 | $ | (1,765) | $ | (3,115) | $ | 1,967 | $ | (2,913) | |||||||||||||||
December 31, 2019 | $ | (593) | $ | (1,402) | $ | 230 | $ | (1,765) |
Balance at January 1 | Additions | Deductions | Balance at December 31 | ||||||||||||
December 31, 2019 | $ | (593 | ) | $ | (1,402 | ) | $ | 230 | $ | (1,765 | ) | ||||
December 31, 2018 | $ | (785 | ) | $ | (338 | ) | $ | 530 | $ | (593 | ) | ||||
December 31, 2017 | $ | (1,061 | ) | $ | (295 | ) | $ | 571 | $ | (785 | ) |
As of December 31, | As of December 31, | |||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Advances to suppliers | $ | 7,865 | $ | 9,447 | Advances to suppliers | $ | 8,327 | $ | 8,748 | |||||||||
Prepaid income taxes | 12,412 | 7,538 | Prepaid income taxes | 11,101 | 12,731 | |||||||||||||
Prepaid other taxes (1) | 11,156 | 10,240 | Prepaid other taxes (1) | 7,995 | 14,033 | |||||||||||||
Right of use assets (2) | 5,673 | — | ||||||||||||||||
Contract deposit (3) | 2,700 | 2,700 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 3,766 | 4,263 | |||||||||||||||
Key money (2) | Key money (2) | 2,376 | 2,700 | |||||||||||||||
Other assets | 4,885 | 2,692 | Other assets | 5,075 | 5,163 | |||||||||||||
Total prepayments and other assets | $ | 44,691 | $ | 32,617 | Total prepayments and other assets | $ | 38,640 | $ | 47,638 |
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Total | ||||||||||||||||||||||||||||||||||||||||||||
Yucatán Peninsula | Pacific Coast | Dominican Republic | Jamaica | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross carrying value | $ | 51,731 | $ | — | $ | — | $ | 31,925 | $ | 83,656 | Gross carrying value | $ | 51,731 | $ | — | $ | — | $ | 35,879 | $ | 87,610 | |||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | Accumulated impairment losses | (6,168) | — | — | (19,788) | (25,956) | |||||||||||||||||||||||||||||||||||||
Net carrying value | 51,731 | — | — | 31,925 | 83,656 | Net carrying value | $ | 45,563 | $ | — | $ | — | $ | 16,091 | $ | 61,654 | ||||||||||||||||||||||||||||||||
Activity during the year | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments (1) | — | — | — | 851 | 851 | |||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (6,168 | ) | — | — | — | (6,168 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross carrying value | 51,731 | — | — | 32,776 | 84,507 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (6,168 | ) | — | — | — | (6,168 | ) | |||||||||||||||||||||||||||||||||||||||||
Net carrying value | $ | 45,563 | $ | — | $ | — | $ | 32,776 | $ | 78,339 |
Year ended December 31, | ||||||||||||||||||||
Reporting Unit | Reportable Segment | 2020 | 2019 | |||||||||||||||||
Jewel Runaway Bay Beach Resort & Waterpark | Jamaica | $ | 7,604 | $ | — | |||||||||||||||
Jewel Dunn’s River Beach Resort & Spa | Jamaica | $ | 5,612 | $ | — | |||||||||||||||
Jewel Paradise Cove Beach Resort & Spa | Jamaica | $ | 4,489 | $ | — | |||||||||||||||
Hilton Rose Hall Resort & Spa | Jamaica | $ | 2,083 | $ | — | |||||||||||||||
Wyndham Alltra Playa del Carmen | Yucatán Peninsula | $ | — | $ | 6,168 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Gross carrying value | |||||||
Casino and other licenses (1) | $ | 875 | $ | 858 | |||
Management contract (2) | 1,900 | 1,900 | |||||
Enterprise resource planning system (3) | 5,187 | 2,246 | |||||
Other | 3,346 | 3,027 | |||||
Total gross carrying value | 11,308 | 8,031 | |||||
Accumulated amortization | |||||||
Management contract (2) | (143 | ) | (48 | ) | |||
Enterprise resource planning system (3) | (437 | ) | (67 | ) | |||
Other | (2,320 | ) | (1,813 | ) | |||
Total accumulated amortization | (2,900 | ) | (1,928 | ) | |||
Net carrying value | |||||||
Casino and other licenses (1) | 875 | 858 | |||||
Management contract (2) | 1,757 | 1,852 | |||||
Enterprise resource planning system (3) | 4,750 | 2,179 | |||||
Other | 1,026 | 1,214 | |||||
Total net carrying value | $ | 8,408 | $ | 6,103 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Gross carrying value | |||||||||||
Casino and other licenses (1) | $ | 875 | $ | 875 | |||||||
Management contract | 1,900 | 1,900 | |||||||||
Enterprise resource planning system (2) | 6,402 | 6,047 | |||||||||
Other | 4,073 | 4,238 | |||||||||
Total gross carrying value | 13,250 | 13,060 | |||||||||
Accumulated amortization | |||||||||||
Management contract | (333) | (238) | |||||||||
Enterprise resource planning system (2) | (1,895) | (1,125) | |||||||||
Other | (3,390) | (3,141) | |||||||||
Total accumulated amortization | (5,618) | (4,504) | |||||||||
Net carrying value | |||||||||||
Casino and other licenses (1) | 875 | 875 | |||||||||
Management contract | 1,567 | 1,662 | |||||||||
Enterprise resource planning system (2) | 4,507 | 4,922 | |||||||||
Other | 683 | 1,097 | |||||||||
Total net carrying value | $ | 7,632 | $ | 8,556 |
As of December 31, 2021 | ||||||||
2022 | $ | 1,442 | ||||||
2023 | 1,181 | |||||||
2024 | 1,051 | |||||||
2025 | 949 | |||||||
2026 | 637 | |||||||
Thereafter | 1,497 | |||||||
Total future amortization expense | $ | 6,757 |
As of December 31, 2019 | ||||
2020 | $ | 1,259 | ||
2021 | 1,101 | |||
2022 | 1,066 | |||
2023 | 919 | |||
2024 | 850 | |||
Thereafter | 2,338 | |||
Total future amortization expense | $ | 7,533 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Trade payables | $ | 45,299 | $ | 24,452 | |||
Advance deposits(1) | 53,769 | 57,339 | |||||
Withholding and other taxes payable | 46,983 | 45,274 | |||||
Interest payable | 125 | 147 | |||||
Payroll and related accruals | 14,547 | 14,251 | |||||
Accrued expenses and other payables | 20,880 | 18,137 | |||||
Total trade and other payables | $ | 181,603 | $ | 159,600 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Trade payables | $ | 23,843 | $ | 23,348 | |||||||
Advance deposits(1) | 62,644 | 29,707 | |||||||||
Withholding and other taxes payable | 32,655 | 37,450 | |||||||||
Interest payable | 99 | 618 | |||||||||
Payroll and related accruals | 23,998 | 15,668 | |||||||||
Accrued expenses and other payables | 16,983 | 16,619 | |||||||||
Total trade and other payables | $ | 160,222 | $ | 123,410 |
(1) The opening balance as of January 1, 2020 was $53.8 million. |
As of December 31, | |||||||
2019 | 2018 | ||||||
Pension obligation | $ | 6,764 | $ | 5,123 | |||
Cap Cana land purchase obligation | — | 10,625 | |||||
Lease liabilities (1) | 6,208 | — | |||||
Unfavorable ground lease liability (2) | 2,187 | 2,294 | |||||
Key money (3) | 8,225 | 1,994 | |||||
Other | 923 | 1,566 | |||||
Total other liabilities | $ | 24,307 | $ | 21,602 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Pension obligation | $ | 5,990 | $ | 6,231 | |||||||
Operating lease liabilities | 4,298 | 4,762 | |||||||||
Unfavorable ground lease liability (1) | 1,967 | 2,090 | |||||||||
Key money (2) | 16,731 | 15,790 | |||||||||
Other | 896 | 895 | |||||||||
Total other liabilities | $ | 29,882 | $ | 29,768 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Owned net revenue (1) | |||||||||||||||||
Yucatán Peninsula | $ | 188,911 | $ | 109,629 | $ | 235,788 | |||||||||||
Pacific Coast | 76,811 | 33,065 | 85,219 | ||||||||||||||
Dominican Republic | 149,774 | 49,898 | 90,783 | ||||||||||||||
Jamaica | 97,036 | 69,173 | 193,558 | ||||||||||||||
Segment owned net revenue | 512,532 | 261,765 | 605,348 | ||||||||||||||
Other | 974 | 367 | 23 | ||||||||||||||
Management fees | 2,291 | 807 | 1,820 | ||||||||||||||
Cost reimbursements | 5,806 | 2,189 | 6,412 | ||||||||||||||
Compulsory tips | 13,036 | 8,061 | 22,874 | ||||||||||||||
Total revenue | $ | 534,639 | $ | 273,189 | $ | 636,477 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Owned Net Revenue | |||||||||||
Yucatán Peninsula | $ | 235,788 | $ | 259,393 | $ | 269,043 | |||||
Pacific Coast | 85,219 | 86,317 | 87,519 | ||||||||
Dominican Republic | 90,783 | 125,137 | 124,125 | ||||||||
Jamaica | 193,558 | 126,702 | 65,381 | ||||||||
Segment Owned Net Revenue | 605,348 | 597,549 | 546,068 | ||||||||
Other | 23 | 305 | 3 | ||||||||
Management fees | 1,820 | 755 | 140 | ||||||||
Cost reimbursements | 6,412 | 978 | — | ||||||||
Compulsory tips | 22,874 | 17,426 | 13,334 | ||||||||
Total revenue | $ | 636,477 | $ | 617,013 | $ | 559,545 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Owned Resort EBITDA | |||||||||||
Yucatán Peninsula | $ | 82,534 | $ | 107,884 | $ | 113,754 | |||||
Pacific Coast | 31,618 | 31,038 | 34,246 | ||||||||
Dominican Republic | 16,596 | 41,228 | 37,506 | ||||||||
Jamaica | 55,175 | 32,912 | 15,976 | ||||||||
Segment Owned Resort EBITDA | 185,923 | 213,062 | 201,482 | ||||||||
Other corporate | (37,049 | ) | (34,786 | ) | (30,757 | ) | |||||
Management fees | 1,820 | 755 | 140 | ||||||||
Total adjusted EBITDA | 150,694 | 179,031 | 170,865 | ||||||||
Interest expense | (44,087 | ) | (62,243 | ) | (53,661 | ) | |||||
Depreciation and amortization | (101,897 | ) | (73,278 | ) | (53,131 | ) | |||||
Impairment loss | (6,168 | ) | — | — | |||||||
Other (expense) income | (3,200 | ) | 2,822 | (1,078 | ) | ||||||
Pre-opening expense | (1,452 | ) | (321 | ) | — | ||||||
Share-based compensation | (8,845 | ) | (6,116 | ) | (3,765 | ) | |||||
Other tax expense | (577 | ) | (1,633 | ) | (1,778 | ) | |||||
Transaction expense | (6,175 | ) | (9,615 | ) | (21,708 | ) | |||||
Severance expense | (515 | ) | (333 | ) | (442 | ) | |||||
Jamaica delayed opening accrual reversal | — | 342 | 203 | ||||||||
Property damage insurance gain | — | 2,212 | — | ||||||||
Loss on extinguishment of debt | — | — | (25,120 | ) | |||||||
Repairs from hurricanes and tropical storms | — | — | (1,807 | ) | |||||||
Non-service cost components of net periodic pension cost (1) | 645 | 308 | 232 | ||||||||
Net income before tax | (21,577 | ) | 31,176 | 8,810 | |||||||
Income tax benefit (provision) | 17,220 | (12,199 | ) | (9,051 | ) | ||||||
Net (loss) income | $ | (4,357 | ) | $ | 18,977 | $ | (241 | ) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Owned Resort EBITDA | |||||||||||||||||
Yucatán Peninsula | $ | 59,538 | $ | 17,783 | $ | 82,534 | |||||||||||
Pacific Coast | 23,776 | 4,281 | 31,618 | ||||||||||||||
Dominican Republic | 38,141 | (6,694) | 16,596 | ||||||||||||||
Jamaica | 14,826 | (1,284) | 55,175 | ||||||||||||||
Segment Owned Resort EBITDA | 136,281 | 14,086 | 185,923 | ||||||||||||||
Other corporate | (39,401) | (36,066) | (37,049) | ||||||||||||||
Management fees | 2,291 | 807 | 1,820 | ||||||||||||||
Adjusted EBITDA | 99,171 | (21,173) | 150,694 | ||||||||||||||
Interest expense | (71,378) | (81,942) | (44,087) | ||||||||||||||
Depreciation and amortization | (81,508) | (92,570) | (101,897) | ||||||||||||||
Impairment loss | (24,011) | (55,619) | (6,168) | ||||||||||||||
Loss on sale of assets | (676) | (2,021) | — | ||||||||||||||
Other expense | (1,471) | (1,164) | (3,200) | ||||||||||||||
Repairs from hurricanes and tropical storms | (475) | (1,542) | — | ||||||||||||||
Contract termination fees | (400) | — | — | ||||||||||||||
Pre-opening expense | — | — | (1,452) | ||||||||||||||
Share-based compensation | (13,163) | (10,158) | (8,845) | ||||||||||||||
Other tax expense | (617) | (613) | (577) | ||||||||||||||
Transaction expense | (1,321) | (2,497) | (6,175) | ||||||||||||||
Severance expense | (1,756) | (3,844) | (515) | ||||||||||||||
Non-service cost components of net periodic pension cost (benefit) (1) | 520 | (200) | 645 | ||||||||||||||
Net loss before tax | (97,085) | (273,343) | (21,577) | ||||||||||||||
Income tax benefit | 7,403 | 10,973 | 17,220 | ||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) |
(1) Represents the non-service cost components of net periodic pension cost or benefit recorded within other expense in the Consolidated Statements of Operations. We include these costs in Adjusted EBITDA as they are considered part of our ongoing resort operations. |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Segment property and equipment, gross | |||||||||||
Yucatán Peninsula (1) | $ | 667,618 | $ | 799,849 | |||||||
Pacific Coast | 288,309 | 288,328 | |||||||||
Dominican Republic | 684,187 | 678,900 | |||||||||
Jamaica | 408,107 | 406,047 | |||||||||
Total segment property and equipment, gross | 2,048,221 | 2,173,124 | |||||||||
Corporate property and equipment, gross | 4,802 | 4,505 | |||||||||
Accumulated depreciation | (468,449) | (450,246) | |||||||||
Total property and equipment, net | $ | 1,584,574 | $ | 1,727,383 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Segment property and equipment, gross | |||||||
Yucatán Peninsula | $ | 865,900 | $ | 861,380 | |||
Pacific Coast | 288,358 | 285,936 | |||||
Dominican Republic | 667,120 | 501,624 | |||||
Jamaica | 499,569 | 500,550 | |||||
Total segment property and equipment, gross | 2,320,947 | 2,149,490 | |||||
Other corporate | 7,320 | 9,189 | |||||
Accumulated depreciation | (398,353 | ) | (350,267 | ) | |||
Total property and equipment, net | $ | 1,929,914 | $ | 1,808,412 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Segment capital expenditures | |||||||||||
Yucatán Peninsula | $ | 28,495 | $ | 16,684 | $ | 25,438 | |||||
Pacific Coast | 3,144 | 3,181 | 4,484 | ||||||||
Dominican Republic | 178,599 | 79,543 | 73,618 | ||||||||
Jamaica | 5,178 | 6,262 | 12,691 | ||||||||
Total segment capital expenditures (1) | 215,416 | 105,670 | 116,231 | ||||||||
Other corporate | 14,512 | 5,665 | 2,604 | ||||||||
Total capital expenditures (1) | $ | 229,928 | $ | 111,335 | $ | 118,835 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Segment capital expenditures | |||||||||||||||||
Yucatán Peninsula | $ | 4,957 | $ | 4,487 | $ | 28,495 | |||||||||||
Pacific Coast | 1,138 | 1,345 | 3,144 | ||||||||||||||
Dominican Republic | 3,417 | 9,966 | 178,599 | ||||||||||||||
Jamaica | 4,210 | 3,112 | 5,178 | ||||||||||||||
Total segment capital expenditures (1) | 13,722 | 18,910 | 215,416 | ||||||||||||||
Corporate | 353 | 160 | 14,512 | ||||||||||||||
Total capital expenditures (1) | $ | 14,075 | $ | 19,070 | $ | 229,928 |
Three months ended | |||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||
Total revenues | $ | 143,833 | $ | 132,825 | $ | 164,023 | $ | 195,796 | |||||||
Operating (loss) income | (15,403 | ) | (16,458 | ) | 10,334 | 47,237 | |||||||||
Net (loss) income | (17,924 | ) | (30,461 | ) | 1,040 | 42,988 | |||||||||
Net (loss) income available to ordinary shareholders | $ | (17,924 | ) | $ | (30,461 | ) | $ | 1,040 | $ | 42,988 | |||||
(Losses) earnings per share - basic | $ | (0.14 | ) | $ | (0.23 | ) | $ | 0.01 | $ | 0.33 | |||||
(Losses) earnings per share - diluted | $ | (0.14 | ) | $ | (0.23 | ) | $ | 0.01 | $ | 0.33 |
Three months ended | |||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||
Total revenues | $ | 151,782 | $ | 142,812 | $ | 145,572 | $ | 176,847 | |||||||
Operating income | 13,788 | 2,984 | 18,719 | 55,106 | |||||||||||
Net (loss) income | (14,239 | ) | (5,422 | ) | 16,821 | 21,817 | |||||||||
Net (loss) income available to ordinary shareholders | $ | (14,239 | ) | $ | (5,422 | ) | $ | 16,821 | $ | 21,817 | |||||
(Losses) earnings per share - basic | $ | (0.11 | ) | $ | (0.04 | ) | $ | 0.14 | $ | 0.20 | |||||
(Losses) earnings per share - diluted | $ | (0.11 | ) | $ | (0.04 | ) | $ | 0.14 | $ | 0.20 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 8,903 | $ | 10,534 | |||||||
Intercompany receivables from subsidiaries | 79 | 506 | |||||||||
Prepayments and other assets | 100 | 140 | |||||||||
Investment in subsidiaries | 773,471 | 701,136 | |||||||||
Total assets | $ | 782,553 | $ | 712,316 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Trade and other payables | $ | 410 | $ | 185 | |||||||
Advances from subsidiaries | 151,309 | 151,309 | |||||||||
Total liabilities | 151,719 | 151,494 | |||||||||
Total shareholders’ equity | 630,834 | 560,822 | |||||||||
Total liabilities and shareholders' equity | $ | 782,553 | $ | 712,316 |
As of December 31, | |||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 327 | $ | 9,565 | |||
Intercompany receivables from subsidiaries | 125 | 236 | |||||
Prepayments and other assets | 119 | 226 | |||||
Investment in subsidiaries | 809,338 | 831,542 | |||||
Total assets | $ | 809,909 | $ | 841,569 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Trade and other payables | $ | 258 | $ | 1,715 | |||
Intercompany payables to subsidiaries | — | 13 | |||||
Total liabilities | 258 | 1,728 | |||||
Total shareholders’ equity | 809,651 | 839,841 | |||||
Total liabilities and shareholders' equity | $ | 809,909 | $ | 841,569 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenue | $ | — | $ | — | $ | — | |||||
Selling, general and administrative expenses | (11,429 | ) | (8,355 | ) | (4,988 | ) | |||||
Operating loss | (11,429 | ) | (8,355 | ) | (4,988 | ) | |||||
Other (expense) income | (17 | ) | 1,382 | 77 | |||||||
Interest income | 29 | — | 1 | ||||||||
Interest expense | — | (197 | ) | (4,117 | ) | ||||||
Net loss before equity in net income of subsidiaries | (11,417 | ) | (7,170 | ) | (9,027 | ) | |||||
Equity in net income of subsidiaries | 7,060 | 26,147 | 8,786 | ||||||||
Net (loss) income | (4,357 | ) | 18,977 | (241 | ) | ||||||
Dividends of cumulative redeemable preferred shares | — | — | (7,922 | ) | |||||||
Non-cash dividend to warrant holders | — | — | (879 | ) | |||||||
Net (loss) income available to ordinary shareholders | $ | (4,357 | ) | $ | 18,977 | $ | (9,042 | ) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||
Selling, general and administrative expenses | (14,143) | (11,099) | (11,429) | ||||||||||||||
Operating loss | (14,143) | (11,099) | (11,429) | ||||||||||||||
Other expense | (4) | (5) | (17) | ||||||||||||||
Interest income | — | — | 29 | ||||||||||||||
Net loss before equity in net (loss) income of subsidiaries | (14,147) | (11,104) | (11,417) | ||||||||||||||
Equity in net (loss) income of subsidiaries | (75,535) | (251,266) | 7,060 | ||||||||||||||
Net loss | $ | (89,682) | $ | (262,370) | $ | (4,357) |
For the Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (347) | $ | 2,398 | $ | 4,456 | |||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Investment in subsidiaries | (139,000) | (161,000) | — | ||||||||||||||
Net cash used in investing activities | (139,000) | (161,000) | — | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Advances from subsidiaries | — | 151,309 | — | ||||||||||||||
Repurchase of ordinary shares | — | (2,500) | (13,694) | ||||||||||||||
Proceeds from ordinary shares | 137,716 | 20,000 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 137,716 | 168,809 | (13,694) | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,631) | 10,207 | (9,238) | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | $ | 10,534 | $ | 327 | $ | 9,565 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | $ | 8,903 | $ | 10,534 | $ | 327 | |||||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||||||||
Non-cash repurchases of ordinary shares for tax withholdings | $ | 55 | $ | 54 | $ | — | |||||||||||
Non-cash equity issuance costs | $ | — | $ | 442 | $ | — | |||||||||||
Par value of vested restricted share awards | $ | 135 | $ | 103 | $ | 54 |
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by (used in) operating activities | $ | 4,456 | $ | (493 | ) | $ | 66,631 | ||||
INVESTING ACTIVITIES | |||||||||||
Investment in subsidiaries | — | (7,000 | ) | (78,709 | ) | ||||||
Return of investment in subsidiaries | — | 6,784 | — | ||||||||
Net cash used in investing activities | — | (216 | ) | (78,709 | ) | ||||||
FINANCING ACTIVITIES | |||||||||||
Repayment of intercompany loans | — | (7,500 | ) | (49,447 | ) | ||||||
Repurchase of ordinary shares | (13,694 | ) | (314 | ) | — | ||||||
Repurchase of Earnout Warrants | — | (55 | ) | — | |||||||
Recapitalization transaction | — | — | 79,658 | ||||||||
Net cash (used in) provided by financing activities | (13,694 | ) | (7,869 | ) | 30,211 | ||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (9,238 | ) | (8,578 | ) | 18,133 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | $ | 9,565 | $ | 18,143 | $ | 10 | |||||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | $ | 327 | $ | 9,565 | $ | 18,143 | |||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Non-cash paid-in-kind dividends | $ | — | $ | — | $ | 7,922 | |||||
Purchase of cumulative redeemable preferred shares | $ | — | $ | — | $ | (239,492 | ) | ||||
Settlement of accrued dividends of cumulative redeemable preferred shares | $ | — | $ | — | $ | (114,381 | ) | ||||
Non-cash transfer of treasury shares | $ | — | $ | — | $ | (80 | ) | ||||
Non-cash investment in subsidiaries | $ | — | $ | 225,000 | $ | — | |||||
Non-cash return of investment in subsidiaries | $ | — | $ | (9,600 | ) | $ | — | ||||
Par value of vested restricted share awards | $ | 54 | $ | 22 | $ | 17 | |||||
Par value of ordinary shares issued in exchange for warrants | $ | — | $ | — | $ | 747 | |||||
Non-cash dividend to warrant holders | $ | — | $ | — | $ | 879 |
•The control activities related to our income tax provision did not operate with a level of precision that would identify a material misstatement (the “Tax Weakness”). |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining for future issuance under equity compensation plans | |||||||||||||||||
Equity compensation plans approved by security holders | — | — | 4,851,439 | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | — | — | 4,851,439 |
Exhibit Number | Exhibit Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
Exhibit Number | Exhibit Description | |||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12* | ||||||||
10.14* | ||||||||
10.15* | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.26* | |||||||||
10.27* | |||||||||
Number | Exhibit Description | |||||||
10.29 | ||||||||
10.30 | ||||||||
10.32 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from Playa Hotels & Resorts N.V.’s Annual Report on Form 10-K for the period ended December 31, | |||||||
104 | Inline XBRL for the cover page of this Annual Report on Form 10-K for the year ended December 31, | |||||||
* | Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of Form 10-K. | |||||||
** | Filed herewith |
Playa Hotels & Resorts N.V. | |||||||||||
Date: | February | By: | /s/ Bruce D. Wardinski | ||||||||
Bruce D. Wardinski | |||||||||||
Chairman and Chief Executive Officer |
Signatures | Title | Date | ||||||||||||
/s/ Bruce D. Wardinski | ||||||||||||||
Bruce D. Wardinski | Chairman and Chief Executive Officer (Principal Executive Officer) | 2/24/2022 | ||||||||||||
/s/ Ryan Hymel | ||||||||||||||
Ryan Hymel | Chief Financial Officer (Principal Financial Officer) | 2/ | ||||||||||||
/s/ Brandon B. Buhler | ||||||||||||||
Brandon B. Buhler | Chief Accounting Officer (Principal Accounting Officer) | 2/ | ||||||||||||
/s/ Richard B. Fried | ||||||||||||||
Richard B. Fried | Director | 2/ | ||||||||||||
/s/ Hal Stanley Jones | ||||||||||||||
Hal Stanley Jones | Director | 2/ | ||||||||||||
/s/ Elizabeth Lieberman | ||||||||||||||
Elizabeth Lieberman | Director | 2/ | ||||||||||||
/s/ Karl Peterson | ||||||||||||||
Karl Peterson | Director | 2/ | ||||||||||||
/s/ | ||||||||||||||
Director | 2/ | |||||||||||||
/s/ | ||||||||||||||
Director | 2/ | |||||||||||||
/s/ | ||||||||||||||
Director | 2/ | |||||||||||||