Document and Entity Information
Document and Entity Information Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Playa Hotels & Resorts N.V. | |
Entity Central Index Key | 1,692,412 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 103,464,186 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 134,156 | $ 33,512 |
Restricted cash | 10,048 | 9,651 |
Trade and other receivables, net | 52,556 | 48,881 |
Accounts receivable from related parties | 1,945 | 2,532 |
Inventories | 11,328 | 10,451 |
Prepayments and other assets | 28,803 | 28,633 |
Property, plant and equipment, net | 1,391,902 | 1,400,317 |
Investments | 1,389 | 1,389 |
Goodwill | 51,731 | 51,731 |
Other intangible assets | 1,754 | 1,975 |
Deferred tax assets | 1,818 | 1,818 |
Total assets | 1,687,430 | 1,590,890 |
LIABILITIES, CUMULATIVE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY | ||
Trade and other payables | 128,214 | 145,042 |
Accounts payable to related parties | 5,284 | 8,184 |
Income tax payable | 13,918 | 5,128 |
Debt | 828,156 | 780,725 |
Debt to related party | 0 | 47,592 |
Deferred consideration | 1,180 | 1,836 |
Other liabilities | 10,066 | 8,997 |
Deferred tax liabilities | 76,832 | 76,832 |
Total liabilities | 1,063,650 | 1,074,336 |
Commitments and contingencies | ||
Cumulative redeemable preferred shares (par value $0.01; 0 and 28,510,994 shares authorized, issued and outstanding as of March 31, 2017 and December 31, 2016, respectively; aggregate liquidation preference of $0 and $345,951 as of March 31, 2017 and December 31, 2016, respectively) | 0 | 345,951 |
Shareholders' equity | ||
Ordinary shares (par value €0.10; 103,464,186 and 50,481,822 shares authorized, issued and outstanding as of March 31, 2017 and December 31, 2016, respectively) | 11,039 | 5,386 |
Paid-in capital | 769,314 | 349,358 |
Accumulated other comprehensive loss | (3,790) | (3,719) |
Accumulated deficit | (152,783) | (180,422) |
Total shareholders' equity | 623,780 | 170,603 |
Total liabilities, cumulative redeemable preferred shares and shareholders' equity | $ 1,687,430 | $ 1,590,890 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Statement of Financial Position [Abstract] | ||
Cumulative redeemable preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Cumulative redeemable preferred shares, authorized (in shares) | 0 | 28,510,994 |
Cumulative redeemable preferred shares, issued (in shares) | 0 | 28,510,994 |
Cumulative redeemable preferred shares, outstanding (in shares) | 0 | 28,510,994 |
Cumulative redeemable preferred shares, aggregate liquidation preference | $ | $ 0 | $ 345,951 |
Ordinary shares, authorized (in shares) | 103,464,186 | 50,481,822 |
Ordinary shares, issued (in shares) | 103,464,186 | 50,481,822 |
Ordinary shares, outstanding (in shares) | 103,464,186 | 50,481,822 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
Total revenue | $ 174,067 | $ 159,956 |
Direct and selling, general and administrative expenses: | ||
Direct | 77,106 | 72,498 |
Selling, general and administrative | 28,664 | 21,986 |
Depreciation and amortization | 12,410 | 13,134 |
Insurance proceeds | 0 | (130) |
Direct and selling, general and administrative expenses | 118,180 | 107,488 |
Operating income | 55,887 | 52,468 |
Interest expense | (14,015) | (13,743) |
Other expense, net | (645) | (282) |
Net income before tax | 41,227 | 38,443 |
Income tax provision | (13,588) | (1,906) |
Net income | 27,639 | 36,537 |
Other comprehensive (loss) income, net of taxes: | ||
Benefit obligation (loss) gain | (71) | 58 |
Other comprehensive (loss) income | (71) | 58 |
Total comprehensive income | 27,568 | 36,595 |
Accretion and dividends of cumulative redeemable preferred shares | (7,922) | (10,684) |
Net income available to ordinary shareholders | $ 19,717 | $ 25,853 |
Earnings per share - Basic (in dollars per share) | $ 0.21 | $ 0.28 |
Earnings per share - Diluted (in dollars per share) | $ 0.21 | $ 0.28 |
Weighted average number of shares outstanding during the period - Basic (in shares) | 62,255,681 | 50,481,822 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 62,255,681 | 50,481,822 |
Package | ||
Revenue: | ||
Total revenue | $ 152,956 | $ 142,456 |
Non-package | ||
Revenue: | ||
Total revenue | $ 21,111 | $ 17,500 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cumulative Redeemable Preferred Shares, Shareholders' Equity and Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) (Previously Reported) at Dec. 31, 2015 | 60,249,330 | 5,373,884 | ||||
Beginning balance (in shares) (Retroactive application of recapitalization) | (9,767,508) | (5,373,884) | ||||
Beginning balance (in shares) at Dec. 31, 2015 | 50,481,822 | 0 | ||||
Beginning balance (Previously Reported) at Dec. 31, 2015 | $ 193,715 | $ 656 | $ (23,108) | $ 420,872 | $ (4,067) | $ (200,638) |
Beginning balance (Retroactive application of recapitalization) | 0 | 4,730 | 23,108 | (27,838) | ||
Beginning balance at Dec. 31, 2015 | 193,715 | $ 5,386 | $ 0 | 393,034 | (4,067) | (200,638) |
Shareholders' Equity | ||||||
Net income for the period | 36,537 | 36,537 | ||||
Benefit obligation gain (loss), net of tax | 58 | 58 | ||||
Dividends of cumulative redeemable preferred shares | (10,684) | (10,684) | ||||
Ending balance (in shares) at Mar. 31, 2016 | 50,481,822 | 0 | ||||
Ending balance at Mar. 31, 2016 | $ 219,626 | $ 5,386 | $ 0 | 382,350 | (4,009) | (164,101) |
Beginning balance (in shares) (Previously Reported) at Dec. 31, 2015 | 32,738,094 | |||||
Beginning balance (in shares) at Dec. 31, 2015 | 32,738,094 | |||||
Beginning balance (Previously Reported) at Dec. 31, 2015 | $ 352,275 | |||||
Beginning balance at Dec. 31, 2015 | 352,275 | |||||
Cumulative Redeemable Preferred Shares | ||||||
Dividends of cumulative redeemable preferred shares | 10,684 | |||||
Settlement of accrued dividends of cumulative redeemable preferred shares | $ 0 | |||||
Ending balance (in shares) at Mar. 31, 2016 | 32,738,094 | |||||
Ending balance at Mar. 31, 2016 | $ 362,959 | |||||
Beginning balance (in shares) (Previously Reported) at Dec. 31, 2016 | 60,249,330 | 5,373,884 | ||||
Beginning balance (in shares) (Retroactive application of recapitalization) | (9,767,508) | (5,373,884) | ||||
Beginning balance (in shares) at Dec. 31, 2016 | 50,481,822 | 0 | ||||
Beginning balance (Previously Reported) at Dec. 31, 2016 | 170,603 | $ 656 | $ (23,108) | 377,196 | (3,719) | (180,422) |
Beginning balance (Retroactive application of recapitalization) | 0 | 4,730 | 23,108 | (27,838) | ||
Beginning balance at Dec. 31, 2016 | 170,603 | $ 5,386 | $ 0 | 349,358 | (3,719) | (180,422) |
Shareholders' Equity | ||||||
Net income for the period | 27,639 | 27,639 | ||||
Benefit obligation gain (loss), net of tax | (71) | (71) | ||||
Recapitalization transaction (in shares) | 52,982,364 | |||||
Recapitalization transaction | 433,531 | $ 5,653 | 427,878 | |||
Dividends of cumulative redeemable preferred shares | (7,922) | (7,922) | ||||
Ending balance (in shares) at Mar. 31, 2017 | 103,464,186 | 0 | ||||
Ending balance at Mar. 31, 2017 | $ 623,780 | $ 11,039 | $ 0 | $ 769,314 | $ (3,790) | $ (152,783) |
Beginning balance (in shares) (Previously Reported) at Dec. 31, 2016 | 28,510,994 | |||||
Beginning balance (in shares) at Dec. 31, 2016 | 28,510,994 | |||||
Beginning balance (Previously Reported) at Dec. 31, 2016 | $ 345,951 | |||||
Beginning balance at Dec. 31, 2016 | 345,951 | |||||
Cumulative Redeemable Preferred Shares | ||||||
Dividends of cumulative redeemable preferred shares | $ 7,922 | |||||
Purchase of cumulative redeemable preferred shares (in shares) | (28,510,994) | |||||
Purchase of cumulative redeemable preferred shares | $ (239,492) | |||||
Settlement of accrued dividends of cumulative redeemable preferred shares | $ (114,381) | |||||
Ending balance (in shares) at Mar. 31, 2017 | 0 | |||||
Ending balance at Mar. 31, 2017 | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net income | $ 27,639 | $ 36,537 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,410 | 13,134 |
Amortization of debt discount, premium and issuance costs | 777 | 771 |
Gain on insurance recoverables | 0 | (129) |
Other | (407) | 41 |
Changes in assets and liabilities: | ||
Trade and other receivables, net | (2,319) | (13,849) |
Accounts receivable from related parties | (769) | (1,057) |
Insurance recoverable | 0 | 206 |
Inventories | (915) | (221) |
Prepayments and other assets | (9,273) | 3,088 |
Trade and other payables | (11,647) | (14,657) |
Accounts payable to related parties | 354 | 800 |
Income tax payable | 9,323 | (4,358) |
Deferred consideration | (26) | 161 |
Other liabilities | 588 | 166 |
Net cash provided by operating activities | 25,735 | 20,633 |
INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (3,175) | (2,010) |
Purchase of intangibles | (10) | (108) |
Proceeds from disposal of property, plant and equipment | 4 | 0 |
Net cash used in investing activities | (3,181) | (2,118) |
FINANCING ACTIVITIES: | ||
Repayment of deferred consideration | (630) | (625) |
Repayments of debt | (938) | (938) |
Recapitalization transaction | 79,658 | 0 |
Repayments of borrowings on revolving credit facility | 0 | (15,000) |
Net cash provided by (used in) financing activities | 78,090 | (16,563) |
INCREASE IN CASH AND CASH EQUIVALENTS | 100,644 | 1,952 |
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | 33,512 | 35,460 |
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | 134,156 | 37,412 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest, net of interest capitalized | 22,777 | 21,292 |
Cash paid for income taxes | 6,045 | 6,337 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Capital expenditures incurred but not yet paid | 527 | 350 |
Non-cash PIK Dividends | 7,922 | 10,684 |
Purchase of cumulative redeemable preferred shares | (239,492) | 0 |
Settlement of accrued dividends of cumulative redeemable preferred shares | $ (114,381) | $ 0 |
Organization, operations and ba
Organization, operations and basis of presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, operations and basis of presentation | Organization, operations and basis of presentation Background Playa Hotels & Resorts N.V. (“Playa” or the "Company") is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. Playa’s portfolio consists of 13 resorts located in Mexico, the Dominican Republic and Jamaica. We currently manage eight of our 13 resorts. Unless otherwise indicated or the context requires otherwise, references in our condensed consolidated financial statements (our “ Condensed Consolidated Financial Statements ”) to “we,” “our,” “us” and similar expressions refer to Playa and its subsidiaries. Basis of preparation, presentation and measurement Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements as of and for the year ending December 31, 2016, included in our Form 8-K filed on March 14, 2017. In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2017. All dollar amounts (other than per share amounts) in the following discussion are in thousands of United States dollars, unless otherwise indicated. |
Impact of recently issued accou
Impact of recently issued accounting standards | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Impact of recently issued accounting standards | Impact of recently issued accounting standards Future Accounting Standards In March 2017, the FASB issued ASU No. 2017-07 ("ASU 2017-07"), Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Net periodic benefit cost is currently reported as an employee cost within operating income. ASU 2017-07 requires bifurcation of net benefit cost resulting in the service cost component being presented with other employee compensation costs in operating income. The other components will be reported separately outside of operations, and will not be eligible for capitalization. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods therein. We do not expect the implementation of ASU 2017-07 to have a material impact on our financial statements. All non-service cost components of our net periodic benefit cost will be presented within the Condensed Consolidated Statements of Operations and Comprehensive Income as other expense, net instead of direct expense with no impact to overall net income . |
Business combination
Business combination | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business combination | Business combination At 12:00 a.m. Central European Time on March 12, 2017, we consummated a business combination (the "Business Combination") pursuant to that certain Transaction Agreement by and among us, Playa Hotels & Resorts B.V. (our "Predecessor"), Pace Holdings Corp. ("Pace") and New Pace Holdings Corp. ("New Pace"), the effects of which replicated the economics of a reverse merger between our Predecessor and Pace. In connection with the Business Combination, Pace formed Porto Holdco B.V., a Dutch private limited liability company ( besloten vennootschap met beperkte aansprakelijkheid ), as a wholly-owned subsidiary to facilitate the reverse merger with our Predecessor. Prior to the consummation of the Business Combination, Porto Holdco B.V. was converted to a Dutch public limited liability company ( naamloze vennootschap ) and changed its name to Porto Holdco N.V. Upon the consummation of the Business Combination, the Company's name was changed to Playa Hotels & Resorts N.V. For accounting and financial reporting purposes, the Business Combination was accounted for as a recapitalization of our Predecessor because Pace was incorporated as a special purpose acquisition company and considered a public shell company. Our Predecessor also maintained effective control of the combined entity because our Predecessor's operations comprise the ongoing operations of the combined entity, our Predecessor's senior management became the senior management of the combined entity and our Predecessor's directors were appointed to, and constitute the majority of, the combined entity's board of directors. Accordingly, no step-up in basis of assets or goodwill were recorded. The Condensed Consolidated Financial Statements presented herein are those of our Predecessor for all periods prior to the completion of the Business Combination and the recapitalization of the number of ordinary shares attributable to our Predecessor shareholders is reflected retroactively to the earliest period presented. Accordingly, the number of shares of ordinary shares presented as outstanding as of January 1, 2016, totaled 50,481,822 and consisted of the number of ordinary shares issued to Predecessor shareholders. This number of shares was also used to calculate the Company’s earnings per share for all periods prior to the Business Combination. The consideration received as a result of the Business Combination is summarized as follows ($ in thousands) : 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 ________ (1) Balance consisted of the face value of our Predecessor's cumulative redeemable preferred shares and their associated PIK dividends as of March 10, 2017, per the terms of the Business Combination. (2) In connection with the Business Combination, we entered into subscription agreements (the “Subscription Agreements”) with Playa employees, their family members and persons with business relationships with Playa, pursuant to which those persons agreed to purchase 82,751 ordinary shares for an aggregate purchase price of $0.8 million . |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Warrants | Warrants Public Warrants: We issued 45,000,000 warrants to former shareholders of Pace as consideration in the Business Combination (the "Public Warrants"), which entitle such warrant holders to purchase one-third of one Ordinary Share for an exercise price of one-third of $11.50 . The Public Warrants became exercisable on April 10, 2017, which was thirty days after the completion of the Business Combination. The Public Warrants expire five years after the completion of the Business Combination. As of the date of this filing, no Public Warrants have been exercised. Founder Warrants: We issued 22,000,000 warrants to former holders of certain privately placed warrants of Pace and our Predecessor's former common shareholders as consideration in the Business Combination (the "Founder Warrants"), which entitle such warrant holders to purchase one-third of one Ordinary Share for an exercise price of one-third of $11.50 . The Founder Warrants became exercisable on April 10, 2017, which was thirty days after the completion of the Business Combination. The Founder Warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation in accordance with their terms. As of the date of this filing, no Founder Warrants have been exercised. The holders of the Founder Warrants may not effect any sale or distribution of the Founder Warrants or the ordinary shares underlying the Founder Warrants for a period lasting until 180 days after the completion of the Business Combination. Earnout Warrants : We issued a total of 3,000,000 warrants to our Predecessor's former common shareholders and TPG Pace Sponsor, LLC, a Cayman Islands limited liability company and an affiliate of TPG Global, LLC, as consideration in the Business Combination (the "Earnout Warrants"). The Earnout Warrants entitle such warrant holders to acquire one ordinary share for each Earnout Warrant for an exercise price of €0.10 per ordinary share in the event that the price per share underlying the Earnout Warrants on the NASDAQ is greater than $13.00 for a period of more than 20 days out of 30 consecutive trading days after the closing date of the Business Combination but within five years after the closing date of the Business Combination. As of the date of this filing, none of the Earnout Warrants were exercised. The holders of the Earnout Warrants may not effect any sale or distribution of the Earnout Warrants or the ordinary shares underlying the Earnout Warrants for a period lasting until 180 days after the completion of the Business Combination. All warrants issued as part of the Business Combination are classified as paid-in capital and were considered part of a value for value exchange. There was no fair value adjustment to retained earnings and no earnings per share impact. Ordinary shares As of January 1, 2016, the number of shares of ordinary shares presented as outstanding totaled 50,481,822 , consisting of the number of shares of ordinary shares issued to Predecessor shareholders after the retroactive application of the recapitalization. On March 12, 2017, 52,982,364 shares of ordinary shares were issued as part of a recapitalization completed in the Business Combination. See Note 3 for a further discussion of the Business Combination. As of March 31, 2017 , our ordinary share capital consisted of 103,464,186 ordinary shares outstanding, which have a par value of €0.10 per share. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Prior to the consummation of the Business Combination, our Predecessor's cumulative redeemable preferred shares ("Preferred Shares") and their related accumulated Non-cash PIK Dividends were participating securities. If a dividend was declared or paid on our Predecessor's ordinary shares, holders of our Predecessor's ordinary shares and Preferred Shares were entitled to proportionate shares of such dividend, with the holders of our Predecessor's Preferred Shares participating on an as-if converted basis. Under the two-class method, basic earnings per share (“EPS”) attributable to ordinary shareholders is computed by dividing the net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Net income attributable to ordinary shareholders is determined by allocating undistributed earnings between ordinary and preferred shareholders. Diluted EPS attributable to ordinary shareholders is computed by using the more dilutive result of either the two-class method or the if-converted method. The if-converted method uses the weighted-average number of ordinary shares outstanding during the period, including potentially dilutive ordinary shares assuming the conversion of the outstanding Preferred Shares of our Predecessor, as of the first day of the reporting period. For periods in which there are undistributed losses, there is no allocation of earnings to preferred shareholders and the number of shares used in the computation of diluted losses per share is the same as that used for the computation of basic losses per share, as the result would be anti-dilutive. Under the two-class method, the net loss attributable to ordinary shareholders is not allocated to share premium reserve of the Preferred Shares until all other reserves have been exhausted or such loss cannot be covered in any other way. The calculation of basic and diluted EPS, under the two-class method, are as follows ( $ in thousands ): Three Months Ended March 31, 2017 2016 Numerator: Net Income $ 27,639 $ 36,537 Convertible Preferred Share dividends (7,922 ) (10,684 ) Allocation of undistributed earnings to preferred shareholders (6,799 ) (11,923 ) Numerator for basic EPS-income available to common shareholders 12,918 13,930 Add back convertible Preferred Share dividends (1) — — Add back of undistributed earnings to preferred shareholders (1) — — Numerator for diluted EPS-income available to common shareholders after assumed conversions $ 12,918 $ 13,930 Denominator: Denominator for basic EPS-weighted shares 62,255,681 50,481,822 Convertible Preferred Shares — — Denominator for diluted EPS-adjusted weighted-average shares 62,255,681 50,481,822 Basic EPS $ 0.21 $ 0.28 Diluted EPS $ 0.21 $ 0.28 ________ (1) For the three months ended March 31, 2017 and 2016 , cumulative preferred shareholder dividends of our Predecessor of $7.9 million and $10.7 million , respectively, and the preferred shareholders’ allocation of undistributed earnings of our Predecessor of $6.8 million and $11.9 million , respectively, were not added back for purposes of calculating diluted EPS-income available to ordinary shareholders because the effect of treating our Predecessor's convertible preferred securities as if they had been converted to their 32,032,530 and 41,937,483 ordinary share equivalents as of January 1, 2017 and 2016 , respectively, is anti-dilutive. Outstanding Public Warrants, Founder Warrants and Earnout Warrants to acquire a total of 25,333,333 ordinary shares are not included in the computation of diluted EPS-income available to ordinary shareholders after assumed conversions because the warrants were not exercisable as of March 31, 2017 . |
Property, plant and equipment
Property, plant and equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment The balance of property, plant and equipment is as follows ($ in thousands ): As of March 31, As of December 31, 2017 2016 Land, buildings and improvements $ 1,421,623 $ 1,421,371 Fixtures and machinery 62,775 60,294 Furniture and other fixed assets 161,970 163,753 Construction in progress 5,734 3,866 Total property, plant and equipment, gross 1,652,102 1,649,284 Accumulated depreciation (260,200 ) (248,967 ) Total property, plant and equipment, net $ 1,391,902 $ 1,400,317 Depreciation expense for property, plant and equipment was $12.2 million and $12.9 million for the three months ended March 31, 2017 and 2016 , respectively. For the three months ended March 31, 2017 and 2016 , no interest expense was capitalized on qualifying assets. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments Our financial instruments consist of cash and cash equivalents, restricted cash, trade and other receivables, accounts receivable from related parties, insurance recoverable, trade and other payables, accounts payable to related parties, deferred consideration and debt. We believe the carrying value of these assets and liabilities, excluding deferred consideration and debt, approximate their fair values at March 31, 2017 and December 31, 2016 . Fair value measurements The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. U.S. GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of observability of inputs used in measuring fair value as follows: • Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: Unadjusted quoted prices for similar assets or liabilities in active markets, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. • Level 3: Inputs are unobservable and reflect our judgments about assumptions that market participants would use in pricing an asset or liability. We did not have any movements in and out of Level 3 for our fair valued instruments during any of the above periods. The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 ($ in thousands) : March 31, 2017 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis: Deferred Consideration $ 1,180 $ — $ — $ 1,180 December 31, 2016 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis: Deferred Consideration $ 1,836 $ — $ — $ 1,836 The following table presents a reconciliation from the opening balances to the closing balances for our Level 3 fair valued instruments as of March 31, 2017 and December 31, 2016 ($ in thousands) : Deferred Consideration Balance as of December 31, 2015 $ 4,145 Total losses included in earnings (or change in net assets) (1) 160 Settlements (625 ) Balance as of March 31, 2016 3,680 Total losses included in earnings (or change in net assets) (1) 49 Settlements (638 ) Balance as of June 30, 2016 3,091 Total losses included in earnings (or change in net assets) (1) 28 Settlements (628 ) Balance as of September 30, 2016 2,491 Total gains included in earnings (or change in net assets) (1) (36 ) Settlements (619 ) Balance as of December 31, 2016 1,836 Total gains included in earnings (or change in net assets) (1) (26 ) Settlements (630 ) Balance as of March 31, 2017 $ 1,180 ________ (1) All losses and gains (other than changes in net assets) are included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2017 and December 31, 2016 ($ in thousands) : Carrying Value Fair Value As of March 31, 2017 Level 1 Level 2 Level 3 Total Financial liabilities not recorded at fair value: Debt: Term Loan $ 356,564 $ — $ — $ 360,125 $ 360,125 Revolving Credit Facility (1) — — — — — Senior Notes due 2020 471,592 — 507,467 — 507,467 Total $ 828,156 $ — $ 507,467 $ 360,125 $ 867,592 Carrying Value Fair Value As of December 31, 2016 Level 1 Level 2 Level 3 Total Financial liabilities not recorded at fair value: Debt: Term Loan $ 356,937 $ — $ — $ 363,060 $ 363,060 Revolving Credit Facility (1) — — — — — Senior Notes due 2020 471,380 — 513,405 — 513,405 Total $ 828,317 $ — $ 513,405 $ 363,060 $ 876,465 ________ (1) We estimate that the carrying value of our revolving credit facility (the "Revolving Credit Facility") is the fair value as of March 31, 2017 and December 31, 2016 . The valuation technique and significant unobservable inputs are consistent with our term loan (the "Term Loan"), but the valuation using the discounted cash flow technique approximates the carrying value as the expected term is significantly shorter in duration. We typically use our Revolving Credit Facility solely for short term liquidity. The following table displays valuation techniques and the significant unobservable inputs for our Level 3 assets and liabilities measured at fair value as of March 31, 2017 and December 31, 2016 ($ in thousands) : Fair Value Fair Value Measurements as of March 31, 2017 Significant Valuation Techniques Significant Unobservable Inputs Input Deferred Consideration $ 1,180 Discounted Cash Discount Rate 4.15% Flow Forward Rate 4.63 % - 5.00% Expected Term 4 months Term Loan $ 360,125 Discounted Cash Discount Rate 3.25% Flow Forward Rate 4.00 % - 5.12% Expected Term 29 months Fair Value Fair Value Measurements as of December 31, 2016 Significant Valuation Techniques Significant Unobservable Inputs Input Deferred Consideration $ 1,836 Discounted Cash Discount Rate 4.00% Flow Forward Rate 4.63 % - 5.00% Expected Term 7 months Term Loan $ 363,060 Discounted Cash Discount Rate 3.00% Flow Forward Rate 4.00 % - 5.33% Expected Term 32 months Term Loan and deferred consideration The fair value of our Term Loan and deferred consideration are estimated using cash flow projections applying market forward rates and discounted back at the appropriate discount rate. The primary sensitivity in each estimate is based on the selection of an appropriate discount rate. Fluctuations in this assumption will result in a different estimate of fair value as an increase in the discount rate would result in a decrease in the fair value. Senior Notes due 2020 The fair value of the Senior Notes due 2020 is estimated using unadjusted quoted prices in a market that is not active. Current pricing was compiled and applied to the outstanding principal amount. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We are domiciled in The Netherlands and are taxed in The Netherlands with our other Dutch subsidiaries. Dutch companies are subject to Dutch corporate income tax at a general tax rate of 25% . For the three months ended March 31, 2017 , our income tax provision was $13.6 million , compared to $1.9 million tax provision for the prior year period. The increased income tax provision of $11.7 million was driven primarily by the impact on increased pre-tax book income and an increase in the discrete tax expense associated with foreign exchange rate fluctuations. Dominican Republic Taxes in the Dominican Republic are determined based upon Advance Pricing Agreements (APA) with The Ministry of Finance of the Dominican Republic (“The Ministry of Finance”). Historically, based upon our APAs all three of our Dominican entities were subject to the greater of an asset tax or gross receipts tax; thus, such entities have not been subject to income tax accounting under U.S. GAAP. To date, the Company’s APAs for 2016 and subsequent years have not been finalized with The Ministry of Finance, as the tax authorities in the Dominican Republic are working to finalize a Memoranda of Understanding (“MOU”) with the Association of Hotels and Tourism of the Dominican Republic, which the Company is party to, and that will provide a framework for the negotiation of the new Company APAs. As such, the Company maintains its position from the December 31, 2016 income tax provision, which contemplates the existing Dominican statutory law without consideration of an MOU and associated APA. Accordingly, the Dominican branch of Playa Cana B.V., incorporated in the Dominican Republic, is treated as an income taxpayer, and our other two Dominican-incorporated entities, Inversiones Vilazul, S.A.S and the Dominican branch of Playa Romana Mar B.V., are treated as asset taxpayers. Should the final MOU and APA result in the Dominican branch of Playa Cana B.V. being an asset tax payer for the foreseeable future, the Company would reverse the deferred tax expense recorded to date. Should the finalized MOU and APA require our other two Dominican entities to be subject to income tax the Company would need to establish income tax balances for both current and deferred tax expense. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The following summarizes transactions and arrangements that we have entered into with related parties. The details of the balances between us and related parties as of March 31, 2017 and December 31, 2016 are as follows ($ in thousands) : As of March 31, As of December 31, 2017 2016 Accounts receivable $ 1,945 $ 2,532 Accounts payable $ 5,284 $ 8,184 Deferred consideration (1) $ — $ 1,836 Term Loan (2) $ — $ 47,592 Preferred Shares Non-cash PIK Dividends (3) $ — $ 106,459 ________ (1) Playa H&R Holdings B.V., our wholly owned subsidiary, agreed to make payments of $1.1 million per quarter to the selling shareholder of Real Resorts (the “Real Shareholder”) through the quarter ending September 30, 2017. (2) The Real Shareholder is one of the lenders under our Term Loan. The Real Shareholder's portion of the original Term Loan was $50.0 million . The balance is net of the discount on the Term Loan and associated deferred financing costs. (3) No Non-cash PIK Dividends had been issued or declared with respect to the Preferred Shares . The total accumulated amounts of Non-cash PIK Dividends payable to the Real Shareholder were $0.0 million and $19.4 million as of March 31, 2017 and December 31, 2016 , respectively. The total accumulated amounts of Non-cash PIK Dividends payable to HI Holdings Playa B.V., an affiliate of Hyatt Hotels Corporation ("HI Holdings Playa"), were $0.0 million and $87.1 million as of March 31, 2017 and December 31, 2016 , respectively . Relationship with Hyatt In connection with the Business Combination, all outstanding Preferred Shares of our Predecessor owned by HI Holdings Playa were purchased at a purchase price of $8.40 per share for $196.0 million in face value and $93.6 million of associated PIK dividends. Relationship with Real Shareholder In connection with the Business Combination, all outstanding Preferred Shares of our Predecessor owned by the Real Shareholder were purchased at a purchase price of $8.40 per share for $43.5 million in face value and $20.8 million of associated PIK dividends. Due to the acquisition of the Real Shareholder's Preferred Shares from our Predecessor, the Real Shareholder is no longer considered a related party and deferred consideration and the Real Shareholder's portion of the original Term Loan were not considered related party balances as of March 31, 2017. Transactions with related parties Transactions between us and related parties during the three months ended March 31, 2017 and 2016 were as follows ( $ in thousands ): Three Months Ended March 31, 2017 2016 Dividends on the Preferred Shares (1) $ (7,922 ) $ (10,684 ) Deferred consideration accretion (2) (36 ) (47 ) Interest expense on related party debt (2) (372 ) (494 ) Franchise fees (3) (4,365 ) (3,849 ) Lease payments (3) (309 ) (314 ) Total transactions with related parties $ (13,004 ) $ (15,388 ) ________ (1) Included in accretion and dividends of Preferred Shares in the Condensed Consolidated Statements of Operations and Comprehensive Income . (2) Included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . (3) Included in direct expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . Franchise fees relate to resorts currently operating under the all-ages Hyatt Ziva and adults-only Hyatt Zilara brands (the "Hyatt All-Inclusive Resort Brands".) One of our offices is owned by our Chief Executive Officer, and we sublease the space at that location from a third party. Lease payments related to this space were $0.3 million and $0.3 million for the three months ended March 31, 2017 and 2016 , respectively. One of our offices in Cancún, Mexico is owned by an affiliate of the Real Shareholder, and we sublease the space from a third party also affiliated with the Real Shareholder. Lease payments related to this space were less than $0.1 million for the three months ended March 31, 2017 and 2016 . |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Litigation, claims and assessments We are subject, currently and from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these current matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our Condensed Consolidated Financial Statements . The Dutch corporate income tax act provides the option of a fiscal unity, which is a consolidated tax regime wherein the profits and losses of group companies can be offset against each other. Our Dutch companies file as a fiscal unity, with the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V. As of January 1, 2016, Playa Resorts Holding B.V. replaced our Predecessor as the head of our Dutch fiscal unity and is jointly and severally liable for the tax liabilities of the fiscal unity as a whole. The Mexican tax authorities have issued an assessment to one of our Mexican subsidiaries. In February 2014 , we filed an appeal before the tax authorities, which was denied on May 26, 2014 . On June 11, 2014 , we arranged for the posting of a tax surety bond issued by a surety company, which guarantees the payment of the claimed taxes and other charges (and suspends collection of such amounts by the tax authorities) while our further appeal to the tax court is resolved. To secure reimbursement of any amounts that may be paid by the surety company to the tax authorities in connection with the surety bond, we provided cash collateral to the surety company valued at approximately $4.4 million as of March 31, 2017 . On August 15, 2014 , we filed an appeal of the assessment with the tax court. In August 2016 , we received notice of a favorable resolution from the tax court, which was appealed by both, the Mexican tax authorities and our local subsidiary, which would only be analyzed if the appeal by the tax authorities succeeds. The total assessment from the Mexican tax authorities was valued at $9.7 million as of March 31, 2017 . During the third quarter of 2015 , we identified and recorded a potential Dutch operating tax contingency resulting from allocations to be made of certain corporate expenses from 2014 and 2015. We have provided all requested documentation to the Dutch tax authorities for their review and are currently waiting for their final determination. We have an estimated amount of $1.5 million as a tax contingency at March 31, 2017 that is recorded in other liabilities within the Condensed Consolidated Balance Sheet . Electricity supply contract One of our subsidiaries entered into an electricity supply contract wherein we committed to purchase electricity from a provider over a five -year period ending December 2019 . In consideration for our commitment, we received certain rebates. Should this contract be terminated prior to the end of the five -year period, we will be obligated to refund to the supplier the undepreciated portion of (i) the capital investment it made to connect our facilities to the power grid (original amount approximately $1.4 million ) and (ii) the unearned rebates we received (total unearned rebates of $1.1 million and $1.2 million as of March 31, 2017 and December 31, 2016 , respectively), in each case using a 20% straight-line depreciation per annum. Leases and other commitments We lease certain equipment for the operations of our hotels under various lease agreements. The leases extend for varying periods through 2021 and contain fixed components and utility payments. In addition, several of our administrative offices are subject to leases of building facilities from third parties, which extend for varying periods through 2023 and contain fixed and variable components. Rental expense under non-cancelable operating leases, including contingent leases, consisted of $0.5 million and $0.5 million for the three months ended March 31, 2017 and 2016 , respectively. |
Ordinary shares
Ordinary shares | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Ordinary shares | Warrants Public Warrants: We issued 45,000,000 warrants to former shareholders of Pace as consideration in the Business Combination (the "Public Warrants"), which entitle such warrant holders to purchase one-third of one Ordinary Share for an exercise price of one-third of $11.50 . The Public Warrants became exercisable on April 10, 2017, which was thirty days after the completion of the Business Combination. The Public Warrants expire five years after the completion of the Business Combination. As of the date of this filing, no Public Warrants have been exercised. Founder Warrants: We issued 22,000,000 warrants to former holders of certain privately placed warrants of Pace and our Predecessor's former common shareholders as consideration in the Business Combination (the "Founder Warrants"), which entitle such warrant holders to purchase one-third of one Ordinary Share for an exercise price of one-third of $11.50 . The Founder Warrants became exercisable on April 10, 2017, which was thirty days after the completion of the Business Combination. The Founder Warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation in accordance with their terms. As of the date of this filing, no Founder Warrants have been exercised. The holders of the Founder Warrants may not effect any sale or distribution of the Founder Warrants or the ordinary shares underlying the Founder Warrants for a period lasting until 180 days after the completion of the Business Combination. Earnout Warrants : We issued a total of 3,000,000 warrants to our Predecessor's former common shareholders and TPG Pace Sponsor, LLC, a Cayman Islands limited liability company and an affiliate of TPG Global, LLC, as consideration in the Business Combination (the "Earnout Warrants"). The Earnout Warrants entitle such warrant holders to acquire one ordinary share for each Earnout Warrant for an exercise price of €0.10 per ordinary share in the event that the price per share underlying the Earnout Warrants on the NASDAQ is greater than $13.00 for a period of more than 20 days out of 30 consecutive trading days after the closing date of the Business Combination but within five years after the closing date of the Business Combination. As of the date of this filing, none of the Earnout Warrants were exercised. The holders of the Earnout Warrants may not effect any sale or distribution of the Earnout Warrants or the ordinary shares underlying the Earnout Warrants for a period lasting until 180 days after the completion of the Business Combination. All warrants issued as part of the Business Combination are classified as paid-in capital and were considered part of a value for value exchange. There was no fair value adjustment to retained earnings and no earnings per share impact. Ordinary shares As of January 1, 2016, the number of shares of ordinary shares presented as outstanding totaled 50,481,822 , consisting of the number of shares of ordinary shares issued to Predecessor shareholders after the retroactive application of the recapitalization. On March 12, 2017, 52,982,364 shares of ordinary shares were issued as part of a recapitalization completed in the Business Combination. See Note 3 for a further discussion of the Business Combination. As of March 31, 2017 , our ordinary share capital consisted of 103,464,186 ordinary shares outstanding, which have a par value of €0.10 per share. |
Preferred shares
Preferred shares | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Preferred shares | Preferred Shares Prior to the consummation of the Business Combination, all of our Predecessor's outstanding Preferred Shares were purchased at a purchase price of $8.40 per share for an aggregate amount of $353.9 million , which consisted of $239.5 million in face value and $114.4 million of associated PIK dividends. The Preferred Shares issued by our Predecessor were eliminated and extinguished as part of the reverse merger in the Business Combination. The extinguishment is reflected as a non-cash financing activity in the Condensed Consolidated Statements of Cash Flows . The following summarizes Preferred Shares as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Face value $ — $ 239,492 Non-cash PIK Dividends — 106,459 Net value of the Preferred Shares $ — $ 345,951 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following ($ in thousands) : As of March 31, As of December 31, 2017 2016 Debt Obligations Term Loan - 4.00% $ 361,875 $ 362,813 Revolving Credit Facility — — Senior Notes due 2020 - 8.00% 475,000 475,000 Total Debt Obligations 836,875 837,813 Unamortized (discount) premium Discount on Term Loan (738 ) (811 ) Premium on Senior Notes due 2020 3,873 4,123 Total unamortized (discount) premium 3,135 3,312 Unamortized debt issuance costs: Term Loan (4,573 ) (5,065 ) Senior Notes due 2020 (7,281 ) (7,743 ) Total unamortized debt issuance costs (11,854 ) (12,808 ) Total Debt $ 828,156 $ 828,317 Debt Covenants Our Senior Secured Credit Facility also requires us to meet leverage ratio and interest coverage ratio financial covenants in each case measured quarterly as defined in our Senior Secured Credit Facility. We were in compliance with all applicable covenants as of March 31, 2017 and December 31, 2016 . |
Employee benefit plan
Employee benefit plan | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee benefit plan | Employee benefit plan In accordance with labor law regulations in Mexico, certain employees are legally entitled to receive severance that is commensurate with the tenure they had with us at the time of termination without cause, which results in an unfunded benefit obligation. There were no plan assets as of March 31, 2017 or December 31, 2016 as contributions are made only to the extent benefits are paid. The following table presents the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 ( $ in thousands ): Three Months Ended March 31, 2017 2016 Service cost $ 158 $ 166 Interest cost 68 60 Effect of foreign exchange rates 372 (41 ) Amortization of prior service cost — 1 Amortization of gain (8 ) (2 ) Compensation-non-retirement post employment benefits 4 (12 ) Settlement gain (7 ) — Curtailment gain — (5 ) Net periodic benefit cost $ 587 $ 167 |
Other balance sheet items
Other balance sheet items | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other balance sheet items | Other balance sheet items Trade and other receivables, net The following summarizes the balances of trade and other receivables, net as of March 31, 2017 and December 31, 2016 ($ in thousands): As of March 31, As of December 31, 2017 2016 Gross trade and other receivables $ 53,253 $ 49,942 Allowance for doubtful accounts (697 ) (1,061 ) Total trade and other receivables, net $ 52,556 $ 48,881 Our allowance for doubtful accounts as of March 31, 2017 and December 31, 2016 was approximately $0.7 million and $1.1 million , respectively. We have not experienced any significant write-offs to our accounts receivable. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Advances to suppliers $ 4,244 $ 5,769 Prepaid income taxes 4,976 2,759 Prepaid other taxes (1) 15,033 15,343 Other Assets 4,550 4,762 Total prepayments and other assets $ 28,803 $ 28,633 ________ (1) Includes recoverable value-added tax and general consumption tax accumulated by our Mexico and Jamaica entities during remodeling respectively. Goodwill The gross carrying values and accumulated impairment losses of goodwill as of March 31, 2017 and December 31, 2016 are as follows ($ in thousands) : As of March 31, As of December 31, 2017 2016 Gross carrying value $ 51,731 $ 51,731 Accumulated impairment loss — — Carrying Value $ 51,731 $ 51,731 Other intangible assets The summary of other intangible assets as of March 31, 2017 and December 31, 2016 consisted of the following ( $ in thousands ): As of March 31, As of December 31, Weighted average useful life 2017 2016 Strategic Alliance $ 3,748 $ 3,748 Licenses 991 987 Other 2,216 2,196 Acquisition Cost 6,955 6,931 Strategic Alliance (3,578 ) (3,472 ) Other (1,623 ) (1,484 ) Accumulated Amortization (5,201 ) (4,956 ) Strategic Alliance 170 276 3 years Licenses 991 987 Other 593 712 3 years Carrying Value $ 1,754 $ 1,975 Amortization expense for intangibles was $0.2 million and $0.2 million for the three months ended March 31, 2017 and 2016 , respectively. Our licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. As of March 31, 2017 and December 31, 2016 , such indefinite lived assets totaled $1.0 million . Trade and other payables The following summarizes the balances of trade and other payables as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Trade payables $ 16,040 $ 21,229 Advance deposits 36,870 41,621 Withholding and other taxes payable 36,678 27,432 Accrued professional services 14,248 19,566 Interest payable 6,578 16,151 Payroll and related accruals 8,755 12,963 Other payables 9,045 6,080 Total trade and other payables $ 128,214 $ 145,042 Other liabilities The following summarizes the balances of other liabilities as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Tax contingencies $ 2,988 $ 2,969 Pension obligations 4,175 3,556 Casino loan and license 1,023 1,027 Other 1,880 1,445 Total other liabilities $ 10,066 $ 8,997 |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment information | Segment information We consider each one of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. Our operating segments meet the aggregation criteria and thus, we report three separate segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast and (iii) Caribbean Basin. Our operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by our Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, all of whom represent our chief operating decision maker (“CODM”). Financial information for each reportable segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. We did not provide a reconciliation of reportable segments' assets to our consolidated assets as this information is not reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The performance of our operating segments is evaluated primarily on adjusted earnings before interest expense , income tax provision , and depreciation and amortization expense (“Adjusted EBITDA”), which should not be considered an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. We define Adjusted EBITDA as net income , determined in accordance with U.S. GAAP, for the period presented, before interest expense , income tax provision , and depreciation and amortization expense, further adjusted to exclude the following items: (a) other expense, net ; (b) transaction expenses; (c) other tax expense, and (d) insurance proceeds . There are limitations to using financial measures such as Adjusted EBITDA. For example, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named financial measures that other companies publish to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business or discretionary cash available for investment in our business and investors should carefully consider our U.S. GAAP results presented in our Condensed Consolidated Financial Statements . The following tables present segment net revenue and a reconciliation to gross revenue and segment Adjusted EBITDA and a reconciliation to net income ( $ in thousands ): Three Months Ended March 31, 2017 2016 Revenue: Yucatàn Peninsula $ 80,748 $ 71,617 Pacific Coast 28,432 22,889 Caribbean Basin 61,330 62,347 Segment net revenue (1) 170,510 156,853 Other — 4 Tips 3,557 3,099 Total gross revenue $ 174,067 $ 159,956 ________ (1) Net revenue represents total gross revenue less compulsory tips paid to employees and other miscellaneous revenue not derived from segment operations. Three Months Ended March 31, 2017 2016 Adjusted EBITDA: Yucatàn Peninsula $ 43,070 $ 36,398 Pacific Coast 14,272 11,224 Caribbean Basin 24,940 26,271 Segment Adjusted EBITDA 82,282 73,893 Other corporate - unallocated (7,809 ) (7,059 ) Total consolidated Adjusted EBITDA 74,473 66,834 Less: Other expense, net 645 282 Transaction expenses 6,000 944 Other tax expense 176 418 Insurance proceeds — (130 ) Add: Interest expense (14,015 ) (13,743 ) Depreciation and amortization (12,410 ) (13,134 ) Net income before tax 41,227 38,443 Income tax provision (13,588 ) (1,906 ) Net income $ 27,639 $ 36,537 |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events For our interim Condensed Consolidated Financial Statements as of March 31, 2017, we have evaluated subsequent events through the date the interim financial statements were issued. Senior Secured Credit Facility Refinance On April 27, 2017, we amended and restated our existing Senior Secured Credit Facility, which consists of our $530.0 million Term Loan priced at 99.75% of the principal amount and a Revolving Credit Facility with a maximum aggregate borrowing capacity of $100.0 million . The proceeds received from the Term Loan were used to repay our existing term loan and $115.0 million of our Senior Notes due 2020. The repayment of our existing term loan and partial repayment of our Senior Notes due 2020 will be accounted for as an extinguishment of debt and is estimated to result in a lo ss of $12.5 million . |
Impact of recently issued acc24
Impact of recently issued accounting standards (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of preparation, presentation and measurement | Basis of preparation, presentation and measurement Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements as of and for the year ending December 31, 2016, included in our Form 8-K filed on March 14, 2017. In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2017. All dollar amounts (other than per share amounts) in the following discussion are in thousands of United States dollars, unless otherwise indicated. |
Impact of recently issued accounting standards | Future Accounting Standards In March 2017, the FASB issued ASU No. 2017-07 ("ASU 2017-07"), Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Net periodic benefit cost is currently reported as an employee cost within operating income. ASU 2017-07 requires bifurcation of net benefit cost resulting in the service cost component being presented with other employee compensation costs in operating income. The other components will be reported separately outside of operations, and will not be eligible for capitalization. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods therein. We do not expect the implementation of ASU 2017-07 to have a material impact on our financial statements. All non-service cost components of our net periodic benefit cost will be presented within the Condensed Consolidated Statements of Operations and Comprehensive Income as other expense, net instead of direct expense with no impact to overall net income . |
Business combination (Tables)
Business combination (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred | The consideration received as a result of the Business Combination is summarized as follows ($ in thousands) : 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 ________ (1) Balance consisted of the face value of our Predecessor's cumulative redeemable preferred shares and their associated PIK dividends as of March 10, 2017, per the terms of the Business Combination. (2) In connection with the Business Combination, we entered into subscription agreements (the “Subscription Agreements”) with Playa employees, their family members and persons with business relationships with Playa, pursuant to which those persons agreed to purchase 82,751 ordinary shares for an aggregate purchase price of $0.8 million . |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | The calculation of basic and diluted EPS, under the two-class method, are as follows ( $ in thousands ): Three Months Ended March 31, 2017 2016 Numerator: Net Income $ 27,639 $ 36,537 Convertible Preferred Share dividends (7,922 ) (10,684 ) Allocation of undistributed earnings to preferred shareholders (6,799 ) (11,923 ) Numerator for basic EPS-income available to common shareholders 12,918 13,930 Add back convertible Preferred Share dividends (1) — — Add back of undistributed earnings to preferred shareholders (1) — — Numerator for diluted EPS-income available to common shareholders after assumed conversions $ 12,918 $ 13,930 Denominator: Denominator for basic EPS-weighted shares 62,255,681 50,481,822 Convertible Preferred Shares — — Denominator for diluted EPS-adjusted weighted-average shares 62,255,681 50,481,822 Basic EPS $ 0.21 $ 0.28 Diluted EPS $ 0.21 $ 0.28 ________ (1) For the three months ended March 31, 2017 and 2016 , cumulative preferred shareholder dividends of our Predecessor of $7.9 million and $10.7 million , respectively, and the preferred shareholders’ allocation of undistributed earnings of our Predecessor of $6.8 million and $11.9 million , respectively, were not added back for purposes of calculating diluted EPS-income available to ordinary shareholders because the effect of treating our Predecessor's convertible preferred securities as if they had been converted to their 32,032,530 and 41,937,483 ordinary share equivalents as of January 1, 2017 and 2016 , respectively, is anti-dilutive. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The balance of property, plant and equipment is as follows ($ in thousands ): As of March 31, As of December 31, 2017 2016 Land, buildings and improvements $ 1,421,623 $ 1,421,371 Fixtures and machinery 62,775 60,294 Furniture and other fixed assets 161,970 163,753 Construction in progress 5,734 3,866 Total property, plant and equipment, gross 1,652,102 1,649,284 Accumulated depreciation (260,200 ) (248,967 ) Total property, plant and equipment, net $ 1,391,902 $ 1,400,317 |
Fair value of financial instr28
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 ($ in thousands) : March 31, 2017 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis: Deferred Consideration $ 1,180 $ — $ — $ 1,180 December 31, 2016 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis: Deferred Consideration $ 1,836 $ — $ — $ 1,836 |
Reconciliation of Level 3 Fair Valued Instruments | The following table presents a reconciliation from the opening balances to the closing balances for our Level 3 fair valued instruments as of March 31, 2017 and December 31, 2016 ($ in thousands) : Deferred Consideration Balance as of December 31, 2015 $ 4,145 Total losses included in earnings (or change in net assets) (1) 160 Settlements (625 ) Balance as of March 31, 2016 3,680 Total losses included in earnings (or change in net assets) (1) 49 Settlements (638 ) Balance as of June 30, 2016 3,091 Total losses included in earnings (or change in net assets) (1) 28 Settlements (628 ) Balance as of September 30, 2016 2,491 Total gains included in earnings (or change in net assets) (1) (36 ) Settlements (619 ) Balance as of December 31, 2016 1,836 Total gains included in earnings (or change in net assets) (1) (26 ) Settlements (630 ) Balance as of March 31, 2017 $ 1,180 ________ (1) All losses and gains (other than changes in net assets) are included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . |
Schedule of Financial Liabilities Not Measured at Fair Value | The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2017 and December 31, 2016 ($ in thousands) : Carrying Value Fair Value As of March 31, 2017 Level 1 Level 2 Level 3 Total Financial liabilities not recorded at fair value: Debt: Term Loan $ 356,564 $ — $ — $ 360,125 $ 360,125 Revolving Credit Facility (1) — — — — — Senior Notes due 2020 471,592 — 507,467 — 507,467 Total $ 828,156 $ — $ 507,467 $ 360,125 $ 867,592 Carrying Value Fair Value As of December 31, 2016 Level 1 Level 2 Level 3 Total Financial liabilities not recorded at fair value: Debt: Term Loan $ 356,937 $ — $ — $ 363,060 $ 363,060 Revolving Credit Facility (1) — — — — — Senior Notes due 2020 471,380 — 513,405 — 513,405 Total $ 828,317 $ — $ 513,405 $ 363,060 $ 876,465 ________ (1) We estimate that the carrying value of our revolving credit facility (the "Revolving Credit Facility") is the fair value as of March 31, 2017 and December 31, 2016 . The valuation technique and significant unobservable inputs are consistent with our term loan (the "Term Loan"), but the valuation using the discounted cash flow technique approximates the carrying value as the expected term is significantly shorter in duration. We typically use our Revolving Credit Facility solely for short term liquidity. |
Schedule of Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities Measured at Fair Value | The following table displays valuation techniques and the significant unobservable inputs for our Level 3 assets and liabilities measured at fair value as of March 31, 2017 and December 31, 2016 ($ in thousands) : Fair Value Fair Value Measurements as of March 31, 2017 Significant Valuation Techniques Significant Unobservable Inputs Input Deferred Consideration $ 1,180 Discounted Cash Discount Rate 4.15% Flow Forward Rate 4.63 % - 5.00% Expected Term 4 months Term Loan $ 360,125 Discounted Cash Discount Rate 3.25% Flow Forward Rate 4.00 % - 5.12% Expected Term 29 months Fair Value Fair Value Measurements as of December 31, 2016 Significant Valuation Techniques Significant Unobservable Inputs Input Deferred Consideration $ 1,836 Discounted Cash Discount Rate 4.00% Flow Forward Rate 4.63 % - 5.00% Expected Term 7 months Term Loan $ 363,060 Discounted Cash Discount Rate 3.00% Flow Forward Rate 4.00 % - 5.33% Expected Term 32 months |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions between us and related parties during the three months ended March 31, 2017 and 2016 were as follows ( $ in thousands ): Three Months Ended March 31, 2017 2016 Dividends on the Preferred Shares (1) $ (7,922 ) $ (10,684 ) Deferred consideration accretion (2) (36 ) (47 ) Interest expense on related party debt (2) (372 ) (494 ) Franchise fees (3) (4,365 ) (3,849 ) Lease payments (3) (309 ) (314 ) Total transactions with related parties $ (13,004 ) $ (15,388 ) ________ (1) Included in accretion and dividends of Preferred Shares in the Condensed Consolidated Statements of Operations and Comprehensive Income . (2) Included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . (3) Included in direct expense in the Condensed Consolidated Statements of Operations and Comprehensive Income . The following summarizes transactions and arrangements that we have entered into with related parties. The details of the balances between us and related parties as of March 31, 2017 and December 31, 2016 are as follows ($ in thousands) : As of March 31, As of December 31, 2017 2016 Accounts receivable $ 1,945 $ 2,532 Accounts payable $ 5,284 $ 8,184 Deferred consideration (1) $ — $ 1,836 Term Loan (2) $ — $ 47,592 Preferred Shares Non-cash PIK Dividends (3) $ — $ 106,459 ________ (1) Playa H&R Holdings B.V., our wholly owned subsidiary, agreed to make payments of $1.1 million per quarter to the selling shareholder of Real Resorts (the “Real Shareholder”) through the quarter ending September 30, 2017. (2) The Real Shareholder is one of the lenders under our Term Loan. The Real Shareholder's portion of the original Term Loan was $50.0 million . The balance is net of the discount on the Term Loan and associated deferred financing costs. (3) No Non-cash PIK Dividends had been issued or declared with respect to the Preferred Shares . The total accumulated amounts of Non-cash PIK Dividends payable to the Real Shareholder were $0.0 million and $19.4 million as of March 31, 2017 and December 31, 2016 , respectively. The total accumulated amounts of Non-cash PIK Dividends payable to HI Holdings Playa B.V., an affiliate of Hyatt Hotels Corporation ("HI Holdings Playa"), were $0.0 million and $87.1 million as of March 31, 2017 and December 31, 2016 , respectively . |
Preferred shares (Tables)
Preferred shares (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Preferred Shares | The following summarizes Preferred Shares as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Face value $ — $ 239,492 Non-cash PIK Dividends — 106,459 Net value of the Preferred Shares $ — $ 345,951 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Components | Debt consists of the following ($ in thousands) : As of March 31, As of December 31, 2017 2016 Debt Obligations Term Loan - 4.00% $ 361,875 $ 362,813 Revolving Credit Facility — — Senior Notes due 2020 - 8.00% 475,000 475,000 Total Debt Obligations 836,875 837,813 Unamortized (discount) premium Discount on Term Loan (738 ) (811 ) Premium on Senior Notes due 2020 3,873 4,123 Total unamortized (discount) premium 3,135 3,312 Unamortized debt issuance costs: Term Loan (4,573 ) (5,065 ) Senior Notes due 2020 (7,281 ) (7,743 ) Total unamortized debt issuance costs (11,854 ) (12,808 ) Total Debt $ 828,156 $ 828,317 |
Employee benefit plan (Tables)
Employee benefit plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 ( $ in thousands ): Three Months Ended March 31, 2017 2016 Service cost $ 158 $ 166 Interest cost 68 60 Effect of foreign exchange rates 372 (41 ) Amortization of prior service cost — 1 Amortization of gain (8 ) (2 ) Compensation-non-retirement post employment benefits 4 (12 ) Settlement gain (7 ) — Curtailment gain — (5 ) Net periodic benefit cost $ 587 $ 167 |
Other balance sheet items (Tabl
Other balance sheet items (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trade and Other Receivables, Net | The following summarizes the balances of trade and other receivables, net as of March 31, 2017 and December 31, 2016 ($ in thousands): As of March 31, As of December 31, 2017 2016 Gross trade and other receivables $ 53,253 $ 49,942 Allowance for doubtful accounts (697 ) (1,061 ) Total trade and other receivables, net $ 52,556 $ 48,881 |
Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Advances to suppliers $ 4,244 $ 5,769 Prepaid income taxes 4,976 2,759 Prepaid other taxes (1) 15,033 15,343 Other Assets 4,550 4,762 Total prepayments and other assets $ 28,803 $ 28,633 ________ (1) Includes recoverable value-added tax and general consumption tax accumulated by our Mexico and Jamaica entities during remodeling respectively. |
Schedule of Goodwill | The gross carrying values and accumulated impairment losses of goodwill as of March 31, 2017 and December 31, 2016 are as follows ($ in thousands) : As of March 31, As of December 31, 2017 2016 Gross carrying value $ 51,731 $ 51,731 Accumulated impairment loss — — Carrying Value $ 51,731 $ 51,731 |
Schedule of Other Intangible Assets, Indefinite-Lived | The summary of other intangible assets as of March 31, 2017 and December 31, 2016 consisted of the following ( $ in thousands ): As of March 31, As of December 31, Weighted average useful life 2017 2016 Strategic Alliance $ 3,748 $ 3,748 Licenses 991 987 Other 2,216 2,196 Acquisition Cost 6,955 6,931 Strategic Alliance (3,578 ) (3,472 ) Other (1,623 ) (1,484 ) Accumulated Amortization (5,201 ) (4,956 ) Strategic Alliance 170 276 3 years Licenses 991 987 Other 593 712 3 years Carrying Value $ 1,754 $ 1,975 |
Schedule of Other Intangible Assets, Finite-Lived | The summary of other intangible assets as of March 31, 2017 and December 31, 2016 consisted of the following ( $ in thousands ): As of March 31, As of December 31, Weighted average useful life 2017 2016 Strategic Alliance $ 3,748 $ 3,748 Licenses 991 987 Other 2,216 2,196 Acquisition Cost 6,955 6,931 Strategic Alliance (3,578 ) (3,472 ) Other (1,623 ) (1,484 ) Accumulated Amortization (5,201 ) (4,956 ) Strategic Alliance 170 276 3 years Licenses 991 987 Other 593 712 3 years Carrying Value $ 1,754 $ 1,975 |
Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Trade payables $ 16,040 $ 21,229 Advance deposits 36,870 41,621 Withholding and other taxes payable 36,678 27,432 Accrued professional services 14,248 19,566 Interest payable 6,578 16,151 Payroll and related accruals 8,755 12,963 Other payables 9,045 6,080 Total trade and other payables $ 128,214 $ 145,042 |
Schedule of Other Liabilities | The following summarizes the balances of other liabilities as of March 31, 2017 and December 31, 2016 ($ in thousands) : As of March 31, As of December 31, 2017 2016 Tax contingencies $ 2,988 $ 2,969 Pension obligations 4,175 3,556 Casino loan and license 1,023 1,027 Other 1,880 1,445 Total other liabilities $ 10,066 $ 8,997 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present segment net revenue and a reconciliation to gross revenue and segment Adjusted EBITDA and a reconciliation to net income ( $ in thousands ): Three Months Ended March 31, 2017 2016 Revenue: Yucatàn Peninsula $ 80,748 $ 71,617 Pacific Coast 28,432 22,889 Caribbean Basin 61,330 62,347 Segment net revenue (1) 170,510 156,853 Other — 4 Tips 3,557 3,099 Total gross revenue $ 174,067 $ 159,956 ________ (1) Net revenue represents total gross revenue less compulsory tips paid to employees and other miscellaneous revenue not derived from segment operations. Three Months Ended March 31, 2017 2016 Adjusted EBITDA: Yucatàn Peninsula $ 43,070 $ 36,398 Pacific Coast 14,272 11,224 Caribbean Basin 24,940 26,271 Segment Adjusted EBITDA 82,282 73,893 Other corporate - unallocated (7,809 ) (7,059 ) Total consolidated Adjusted EBITDA 74,473 66,834 Less: Other expense, net 645 282 Transaction expenses 6,000 944 Other tax expense 176 418 Insurance proceeds — (130 ) Add: Interest expense (14,015 ) (13,743 ) Depreciation and amortization (12,410 ) (13,134 ) Net income before tax 41,227 38,443 Income tax provision (13,588 ) (1,906 ) Net income $ 27,639 $ 36,537 |
Organization, operations and 35
Organization, operations and basis of presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2017resort | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of resorts in portfolio | 13 |
Number of resorts managed | 8 |
Business combination - Narrati
Business combination - Narrative (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Ordinary Shares | ||||
Business Acquisition [Line Items] | ||||
Shares outstanding (in shares) | 103,464,186 | 50,481,822 | 50,481,822 | 50,481,822 |
Business combination - Schedule
Business combination - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands | Mar. 12, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Purchase of all of our Predecessor's cumulative redeemable preferred shares | $ 239,492 | $ 0 | |
Recapitalization Merger | |||
Business Acquisition [Line Items] | |||
Purchase of all of our Predecessor's cumulative redeemable preferred shares | $ 353,873 | ||
Net cash transferred from Pace | 78,859 | ||
Playa Employee Offering | 799 | ||
Total Consideration Transferred | $ 433,531 | ||
Number of shares agreed to purchase in subscription agreements (in shares) | 82,751 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) | May 08, 2017shares | Mar. 31, 2017day$ / sharesshares | Mar. 31, 2017€ / sharesshares |
Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants issued (in shares) | 45,000,000 | ||
Period after completion of Business Combination warrants become exercisable | 30 days | ||
Warrants expiration term | 5 years | ||
Public Warrants | Ordinary Shares | |||
Class of Warrant or Right [Line Items] | |||
Number of shares entitled to each warrant (in shares) | 0.3333333333 | 0.3333333333 | |
Exercise price (in dollars per share) | $ / shares | $ 11.50 | ||
Founder Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants issued (in shares) | 22,000,000 | ||
Period after completion of Business Combination warrants become exercisable | 30 days | ||
Warrants expiration term | 5 years | ||
Period after completion of Business Combination that holders are unable to effect sale or distribution of warrants | 180 days | ||
Founder Warrants | Ordinary Shares | |||
Class of Warrant or Right [Line Items] | |||
Number of shares entitled to each warrant (in shares) | 0.3333333333 | 0.3333333333 | |
Exercise price (in dollars per share) | $ / shares | $ 11.50 | ||
Earnout Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants issued (in shares) | 3,000,000 | ||
Warrants expiration term | 5 years | ||
Period after completion of Business Combination that holders are unable to effect sale or distribution of warrants | 180 days | ||
Price per share underlying the warrants (in dollars per share) | $ / shares | $ 13 | ||
Warrants trading days threshold | day | 20 | ||
Warrants consecutive trading days after closing of Business Combination threshold | day | 30 | ||
Earnout Warrants | Ordinary Shares | |||
Class of Warrant or Right [Line Items] | |||
Number of shares entitled to each warrant (in shares) | 1 | 1 | |
Exercise price (in dollars per share) | € / shares | € 0.10 | ||
Subsequent Event | Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants exercised (in shares) | 0 | ||
Subsequent Event | Founder Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants exercised (in shares) | 0 | ||
Subsequent Event | Earnout Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants exercisable (in shares) | 0 |
Earnings per share - Schedule
Earnings per share - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net Income | $ 27,639 | $ 36,537 |
Convertible Preferred Share dividends | (7,922) | (10,684) |
Allocation of undistributed earnings to preferred shareholders | (6,799) | (11,923) |
Numerator for basic EPS-income available to common shareholders | 12,918 | 13,930 |
Add back convertible Preferred Share dividends | 0 | 0 |
Add back of undistributed earnings to preferred shareholders | 0 | 0 |
Numerator for diluted EPS-income available to common shareholders after assumed conversions | $ 12,918 | $ 13,930 |
Denominator: | ||
Denominator for basic EPS-weighted shares (in shares) | 62,255,681 | 50,481,822 |
Convertible Preferred Shares (in shares) | 0 | 0 |
Denominator for diluted EPS-adjusted weighted-average shares (in shares) | 62,255,681 | 50,481,822 |
Basic EPS (in dollars per share) | $ 0.21 | $ 0.28 |
Diluted EPS (in dollars per share) | $ 0.21 | $ 0.28 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares of common stock acquired by outstanding warrants (in shares) | 25,333,333 | |
Convertible Preferred Securities | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of (losses) earnings per share (in shares) | 32,032,530 | 41,937,483 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 1,652,102 | $ 1,649,284 |
Accumulated depreciation | (260,200) | (248,967) |
Total property, plant and equipment, net | 1,391,902 | 1,400,317 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 1,421,623 | 1,421,371 |
Fixtures and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 62,775 | 60,294 |
Furniture and other fixed assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 161,970 | 163,753 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 5,734 | $ 3,866 |
Property, plant and equipment
Property, plant and equipment - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 12,200,000 | $ 12,900,000 |
Interest expense capitalized on qualifying assets | $ 0 | $ 0 |
Fair value of financial instr42
Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value measurements on a recurring basis: | ||
Deferred consideration | $ 1,180 | $ 1,836 |
Fair Value Measurements on a Recurring Basis | ||
Fair value measurements on a recurring basis: | ||
Deferred consideration | 1,180 | 1,836 |
Fair Value Measurements on a Recurring Basis | Level 1 | ||
Fair value measurements on a recurring basis: | ||
Deferred consideration | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Level 2 | ||
Fair value measurements on a recurring basis: | ||
Deferred consideration | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Level 3 | ||
Fair value measurements on a recurring basis: | ||
Deferred consideration | $ 1,180 | $ 1,836 |
Fair value of financial instr43
Fair value of financial instruments - Reconciliation of Level 3 Fair Valued Instruments (Details) - Deferred Consideration - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | $ 1,836 | $ 2,491 | $ 3,091 | $ 3,680 | $ 4,145 |
Total losses (gains) included in earnings (or change in net assets) | (26) | (36) | 28 | 49 | 160 |
Settlements | (630) | (619) | (628) | (638) | (625) |
Ending balance | $ 1,180 | $ 1,836 | $ 2,491 | $ 3,091 | $ 3,680 |
Fair value of financial instr44
Fair value of financial instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Value | ||
Financial liabilities not recorded at fair value: | ||
Debt | $ 828,156 | $ 828,317 |
Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value: | ||
Debt | 356,564 | 356,937 |
Carrying Value | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Carrying Value | Senior Notes due 2020 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 471,592 | 471,380 |
Fair Value | ||
Financial liabilities not recorded at fair value: | ||
Debt | 867,592 | 876,465 |
Fair Value | Term Loan | ||
Financial liabilities not recorded at fair value: | ||
Debt | 360,125 | 363,060 |
Fair Value | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Senior Notes due 2020 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 507,467 | 513,405 |
Fair Value | Level 1 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Senior Notes due 2020 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 2 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 507,467 | 513,405 |
Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 2 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 2 | Senior Notes due 2020 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 507,467 | 513,405 |
Fair Value | Level 3 | ||
Financial liabilities not recorded at fair value: | ||
Debt | 360,125 | 363,060 |
Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value: | ||
Debt | 360,125 | 363,060 |
Fair Value | Level 3 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value: | ||
Debt | 0 | 0 |
Fair Value | Level 3 | Senior Notes due 2020 | ||
Financial liabilities not recorded at fair value: | ||
Debt | $ 0 | $ 0 |
Fair value of financial instr45
Fair value of financial instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Deferred consideration | $ 1,180 | $ 1,836 |
Fair Value | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Term Loan | 867,592 | 876,465 |
Level 3 | Fair Value | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Term Loan | 360,125 | 363,060 |
Level 3 | Discounted Cash Flow | Fair Value | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Deferred consideration | 1,180 | 1,836 |
Term Loan | $ 360,125 | $ 363,060 |
Level 3 | Discounted Cash Flow | Deferred Consideration | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Discount Rate | 4.15% | 4.00% |
Expected Term | 4 months | 7 months |
Level 3 | Discounted Cash Flow | Deferred Consideration | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Forward Rate | 4.63% | 4.63% |
Level 3 | Discounted Cash Flow | Deferred Consideration | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Forward Rate | 5.00% | 5.00% |
Level 3 | Discounted Cash Flow | Term Loan | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Discount Rate | 3.25% | 3.00% |
Expected Term | 29 months | 32 months |
Level 3 | Discounted Cash Flow | Term Loan | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Forward Rate | 4.00% | 4.00% |
Level 3 | Discounted Cash Flow | Term Loan | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Forward Rate | 5.12% | 5.33% |
Income taxes - Narrative (Deta
Income taxes - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)entity | Mar. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | ||
Statutory income tax rate | 25.00% | |
Income tax provision | $ | $ 13,588 | $ 1,906 |
Increase in income tax provision | $ | $ 11,700 | |
Dominican Republic | ||
Income Tax Contingency [Line Items] | ||
Number of entities | entity | 3 | |
Number of entities treated as asset taxpayers | entity | 2 |
Related party transactions - D
Related party transactions - Details of Balances with Related Parties (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Accounts receivable | $ 1,945,000 | $ 2,532,000 | |
Accounts payable | 5,284,000 | 8,184,000 | |
Deferred consideration | 0 | 1,836,000 | |
Term Loan | 0 | 47,592,000 | |
Preferred Shares Non-cash PIK Dividends | 0 | 106,459,000 | |
Amount of transaction with related party | 13,004,000 | $ 15,388,000 | |
Non-cash PIK Dividends issued or declared with respect to Preferred Shares | 0 | ||
Real Shareholder | |||
Related Party Transaction [Line Items] | |||
Preferred Shares Non-cash PIK Dividends | 0 | 19,400,000 | |
HI Holdings Playa | |||
Related Party Transaction [Line Items] | |||
Preferred Shares Non-cash PIK Dividends | 0 | $ 87,100,000 | |
Quarterly Payments | Playa H&R Holdings B.V. | Real Shareholder | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 1,100,000 | ||
Face Amount of Term Loan | Real Shareholder | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | $ 50,000,000 |
Related party transactions - Na
Related party transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 12, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||
Face value | $ 0 | $ 239,492 | ||
Associated PIK dividends | 114,381 | $ 0 | ||
Amount of transaction with related party (less than $0.1 million for affiliate of the Real Shareholder) | 13,004 | 15,388 | ||
Lease payments | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party (less than $0.1 million for affiliate of the Real Shareholder) | 309 | 314 | ||
Lease payments | Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party (less than $0.1 million for affiliate of the Real Shareholder) | 300 | 300 | ||
Lease payments | Affiliate of the Real Shareholder | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party (less than $0.1 million for affiliate of the Real Shareholder) | $ 100 | $ 100 | ||
Recapitalization Merger | ||||
Related Party Transaction [Line Items] | ||||
Purchase price per share (in dollars per share) | $ 8.40 | |||
Face value | $ 239,500 | |||
Associated PIK dividends | $ 114,400 | |||
Recapitalization Merger | HI Holdings Playa | ||||
Related Party Transaction [Line Items] | ||||
Purchase price per share (in dollars per share) | $ 8.40 | |||
Face value | $ 196,000 | |||
Associated PIK dividends | $ 93,600 | |||
Recapitalization Merger | Real Shareholder | ||||
Related Party Transaction [Line Items] | ||||
Purchase price per share (in dollars per share) | $ 8.40 | |||
Face value | $ 43,500 | |||
Associated PIK dividends | $ 20,800 |
Related party transactions - Tr
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Total transactions with related parties | $ (13,004) | $ (15,388) |
Dividends on the Preferred Shares | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | (7,922) | (10,684) |
Deferred consideration accretion | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | (36) | (47) |
Interest expense on related party debt | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | (372) | (494) |
Franchise fees | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | (4,365) | (3,849) |
Lease payments | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | $ (309) | $ (314) |
Commitments and contingencies
Commitments and contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Cash collateral provided to surety company | $ 10,048 | $ 9,651 | |
Tax contingencies | 2,988 | 2,969 | |
Rental expense under non-cancelable operating leases, including contingent leases | $ 500 | $ 500 | |
Electricity | |||
Loss Contingencies [Line Items] | |||
Term of electricity supply contract | 5 years | ||
Straight-line depreciation percent per annum | 20.00% | ||
Capital Investment | Electricity | |||
Loss Contingencies [Line Items] | |||
Obligated refund to supplier should contract be terminated prior to end of contractual term | $ 1,400 | ||
Unearned Rebates | Electricity | |||
Loss Contingencies [Line Items] | |||
Obligated refund to supplier should contract be terminated prior to end of contractual term | 1,100 | $ 1,200 | |
Foreign Tax Authority | Mexican Tax Authority | Surety Bond | |||
Loss Contingencies [Line Items] | |||
Cash collateral provided to surety company | 4,400 | ||
Value of assessment by tax authorities | 9,700 | ||
Foreign Tax Authority | Tax and Customs Administration, Netherlands | |||
Loss Contingencies [Line Items] | |||
Tax contingencies | $ 1,500 |
Ordinary shares - Narrative (D
Ordinary shares - Narrative (Details) - € / shares | Mar. 12, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||
Ordinary shares, outstanding (in shares) | 103,464,186 | 50,481,822 | 50,481,822 | |
Ordinary shares, par value (in Euros per share) | € 0.10 | € 0.10 | ||
Ordinary Shares | ||||
Class of Stock [Line Items] | ||||
Common stock issued as part of recapitalization and reverse acquisition transaction (in shares) | 52,982,364 | 52,982,364 |
Preferred shares - Narrative (D
Preferred shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 12, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Purchase of cumulative redeemable preferred shares | $ 239,492 | $ 0 | ||
Face value | 0 | $ 239,492 | ||
Associated PIK dividends | $ 114,381 | $ 0 | ||
Recapitalization Merger | ||||
Business Acquisition [Line Items] | ||||
Purchase price per share (in dollars per share) | $ 8.40 | |||
Purchase of cumulative redeemable preferred shares | $ 353,873 | |||
Face value | 239,500 | |||
Associated PIK dividends | $ 114,400 |
Preferred shares - Schedule of
Preferred shares - Schedule of Preferred Shares (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||||
Face value | $ 0 | $ 239,492 | ||
Non-cash PIK Dividends | 0 | 106,459 | ||
Net value of the Preferred Shares | $ 0 | $ 345,951 | $ 362,959 | $ 352,275 |
Debt - Schedule of Debt Compone
Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Obligations | ||
Total Debt Obligations | $ 836,875 | $ 837,813 |
Unamortized (discount) premium | ||
Total unamortized (discount) premium | 3,135 | 3,312 |
Unamortized debt issuance costs: | ||
Total unamortized debt issuance costs | (11,854) | (12,808) |
Total Debt | 828,156 | 828,317 |
Term Loan | ||
Debt Obligations | ||
Total Debt Obligations | 361,875 | 362,813 |
Unamortized (discount) premium | ||
Total unamortized (discount) premium | (738) | (811) |
Unamortized debt issuance costs: | ||
Total unamortized debt issuance costs | $ (4,573) | (5,065) |
Interest rate | 4.00% | |
Line of Credit | Revolving Credit Facility | ||
Debt Obligations | ||
Total Debt Obligations | $ 0 | 0 |
Senior Notes | Senior Notes due 2020 | ||
Debt Obligations | ||
Total Debt Obligations | 475,000 | 475,000 |
Unamortized (discount) premium | ||
Total unamortized (discount) premium | 3,873 | 4,123 |
Unamortized debt issuance costs: | ||
Total unamortized debt issuance costs | $ (7,281) | $ (7,743) |
Interest rate | 8.00% |
Employee benefit plan - Narrat
Employee benefit plan - Narrative (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Plan assets | $ 0 | $ 0 |
Employee benefit plan - Schedul
Employee benefit plan - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 158 | $ 166 |
Interest cost | 68 | 60 |
Effect of foreign exchange rates | 372 | (41) |
Amortization of prior service cost | 0 | 1 |
Amortization of gain | (8) | (2) |
Compensation-non-retirement post employment benefits | 4 | (12) |
Settlement gain | (7) | 0 |
Curtailment gain | 0 | (5) |
Net periodic benefit cost | $ 587 | $ 167 |
Other balance sheet items - Sch
Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Gross trade and other receivables | $ 53,253 | $ 49,942 |
Allowance for doubtful accounts | (697) | (1,061) |
Total trade and other receivables, net | $ 52,556 | $ 48,881 |
Other balance sheet items - S58
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 4,244 | $ 5,769 |
Prepaid income taxes | 4,976 | 2,759 |
Prepaid other taxes | 15,033 | 15,343 |
Other Assets | 4,550 | 4,762 |
Total prepayments and other assets | $ 28,803 | $ 28,633 |
Other balance sheet items - S59
Other balance sheet items - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Gross carrying value | $ 51,731 | $ 51,731 |
Accumulated impairment loss | 0 | 0 |
Carrying Value | $ 51,731 | $ 51,731 |
Other balance sheet items - S60
Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ (5,201) | $ (4,956) | |
Indefinite-lived Intangible Assets [Line Items] | |||
Acquisition Cost | 6,955 | 6,931 | |
Carrying Value | 1,754 | 1,975 | |
Amortization expense for intangibles | 200 | $ 200 | |
Licenses | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 991 | 987 | |
Strategic Alliance | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquisition Cost, Finite-lived Intangible Assets | 3,748 | 3,748 | |
Accumulated Amortization | (3,578) | (3,472) | |
Carrying Value, Finite-lived Intangible Assets | $ 170 | 276 | |
Strategic Alliance | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 3 years | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquisition Cost, Finite-lived Intangible Assets | $ 2,216 | 2,196 | |
Accumulated Amortization | (1,623) | (1,484) | |
Carrying Value, Finite-lived Intangible Assets | $ 593 | $ 712 | |
Other | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 3 years |
Other balance sheet items - S61
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Trade payables | $ 16,040 | $ 21,229 |
Advance deposits | 36,870 | 41,621 |
Withholding and other taxes payable | 36,678 | 27,432 |
Accrued professional services | 14,248 | 19,566 |
Interest payable | 6,578 | 16,151 |
Payroll and related accruals | 8,755 | 12,963 |
Other payables | 9,045 | 6,080 |
Total trade and other payables | $ 128,214 | $ 145,042 |
Other balance sheet items - S62
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Tax contingencies | $ 2,988 | $ 2,969 |
Pension obligations | 4,175 | 3,556 |
Casino loan and license | 1,023 | 1,027 |
Other | 1,880 | 1,445 |
Total other liabilities | $ 10,066 | $ 8,997 |
Segment information - Schedule
Segment information - Schedule of Net Revenue and Reconciliation to Gross Revenue (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Total gross revenue | $ 174,067 | $ 159,956 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total gross revenue | 170,510 | 156,853 |
Operating Segments | Yucatàn Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total gross revenue | 80,748 | 71,617 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total gross revenue | 28,432 | 22,889 |
Operating Segments | Caribbean Basin | ||
Segment Reporting Information [Line Items] | ||
Total gross revenue | 61,330 | 62,347 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Other | 0 | 4 |
Tips | $ 3,557 | $ 3,099 |
Segment information - Schedul64
Segment information - Schedule of Adjusted EBITDA and Reconciliation to Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | $ 74,473 | $ 66,834 |
Less: | ||
Other expense, net | 645 | 282 |
Transaction expenses | 6,000 | 944 |
Other tax expense | 176 | 418 |
Insurance proceeds | 0 | (130) |
Add: | ||
Interest expense | (14,015) | (13,743) |
Depreciation and amortization | (12,410) | (13,134) |
Net income before tax | 41,227 | 38,443 |
Income tax provision | (13,588) | (1,906) |
Net income | 27,639 | 36,537 |
Operating Segments | ||
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | 82,282 | 73,893 |
Operating Segments | Yucatàn Peninsula | ||
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | 43,070 | 36,398 |
Operating Segments | Pacific Coast | ||
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | 14,272 | 11,224 |
Operating Segments | Caribbean Basin | ||
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | 24,940 | 26,271 |
Other corporate - unallocated | ||
Adjusted EBITDA: | ||
Total consolidated Adjusted EBITDA | $ (7,809) | $ (7,059) |
Subsequent events - Narrative (
Subsequent events - Narrative (Details) - Subsequent Event | Apr. 27, 2017USD ($) |
Term Loan | Amended and Restated Senior Secured Credit Facility | |
Subsequent Event [Line Items] | |
Face amount | $ 530,000,000 |
Percentage of principal amount | 99.75% |
Senior Notes | Senior Notes due 2020 | |
Subsequent Event [Line Items] | |
Partial repayment of debt | $ 115,000,000 |
Loss on extinguishment of debt | 12,500,000 |
Revolving Credit Facility | Line of Credit | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 100,000,000 |