Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-38012 | |
Entity Registrant Name | Playa Hotels & Resorts N.V. | |
Entity Incorporation, State or Country Code | P7 | |
Entity Tax Identification Number | 98-1346104 | |
Entity Address, Address Line One | Nieuwezijds Voorburgwal 104 | |
Entity Address, Postal Zip Code | 1012 SG | |
Entity Address, City or Town | Amsterdam, | |
Entity Address, Country | NL | |
Country Region | 31 | |
City Area Code | 6 | |
Local Phone Number | 82 55 84 30 | |
Title of 12(b) Security | Ordinary Shares, €0.10 par value | |
Trading Symbol | PLYA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 152,255,818 | |
Entity Central Index Key | 0001692412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 281,465 | $ 283,945 |
Trade and other receivables, net | 74,268 | 62,946 |
Insurance recoverable | 20,586 | 34,191 |
Accounts receivable from related parties | 11,408 | 8,806 |
Inventories | 20,607 | 20,046 |
Prepayments and other assets | 40,958 | 44,177 |
Property and equipment, net | 1,527,188 | 1,536,567 |
Derivative financial instruments | 0 | 3,510 |
Goodwill, net | 61,654 | 61,654 |
Other intangible assets | 6,293 | 6,556 |
Deferred tax assets | 7,334 | 7,422 |
Total assets | 2,051,761 | 2,069,820 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Trade and other payables | 200,694 | 231,652 |
Payables to related parties | 9,144 | 6,852 |
Income tax payable | 785 | 990 |
Debt | 1,064,391 | 1,065,453 |
Other liabilities | 31,149 | 30,685 |
Deferred tax liabilities | 73,064 | 69,326 |
Total liabilities | 1,379,227 | 1,404,958 |
Commitments and contingencies (see Note 7) | ||
Shareholders’ equity | ||
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 169,423,980 shares issued and 154,402,852 shares outstanding as of March 31, 2023 and 168,275,504 shares issued and 158,228,508 shares outstanding as of December 31, 2022) | 18,822 | 18,700 |
Treasury shares (at cost, 15,021,128 shares as of March 31, 2023 and 10,046,996 shares as of December 31, 2022) | (103,843) | (62,953) |
Paid-in capital | 1,192,134 | 1,189,090 |
Accumulated other comprehensive loss | (4,308) | (6,985) |
Accumulated deficit | (430,271) | (472,990) |
Total shareholders’ equity | 672,534 | 664,862 |
Total liabilities and shareholders’ equity | $ 2,051,761 | $ 2,069,820 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in euros per share) | € 0.10 | € 0.10 |
Ordinary shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Ordinary shares, issued (in shares) | 169,423,980 | 168,275,504 |
Ordinary shares, outstanding (in shares) | 154,402,852 | 158,228,508 |
Treasury shares, at cost (in shares) | 15,021,128 | 10,046,996 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Total revenue | $ 273,802 | $ 219,574 |
Direct and selling, general and administrative expenses | ||
Direct | 128,968 | 106,840 |
Selling, general and administrative | 45,127 | 37,239 |
Depreciation and amortization | 19,191 | 19,500 |
Reimbursed costs | 3,534 | 1,952 |
Loss on sale of assets | 13 | 0 |
Direct and selling, general and administrative expenses | 196,833 | 165,531 |
Operating income | 76,969 | 54,043 |
Interest expense | (29,666) | (9,168) |
Other income (expense) | 232 | (514) |
Net (loss) income before tax | 47,535 | 44,361 |
Income tax provision | (4,816) | (1,614) |
Net income | $ 42,719 | $ 42,747 |
Earnings per share | ||
Earnings (loss) per share - Basic (in dollars per share) | $ 0.27 | $ 0.26 |
Earnings (loss) per share - Diluted (in dollars per share) | $ 0.27 | $ 0.26 |
Weighted average number of shares outstanding during the period - Basic (in shares) | 157,314,177 | 165,743,382 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 158,772,453 | 166,888,129 |
Package | ||
Revenue | ||
Total revenue | $ 233,568 | $ 186,815 |
Non-package | ||
Revenue | ||
Total revenue | 34,045 | 29,454 |
The Playa Collection | ||
Revenue | ||
Total revenue | 726 | 296 |
Management fees | ||
Revenue | ||
Total revenue | 1,929 | 1,057 |
Cost reimbursements | ||
Revenue | ||
Total revenue | $ 3,534 | $ 1,952 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 42,719 | $ 42,747 |
Other comprehensive income, net of taxes | ||
Gain on interest rate swaps | 2,895 | 2,894 |
Pension obligation loss | (218) | (234) |
Total other comprehensive income | 2,677 | 2,660 |
Comprehensive income | $ 45,396 | $ 45,407 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 164,438,280 | |||||
Beginning balance at Dec. 31, 2021 | $ 630,834 | $ 18,518 | $ (16,697) | $ 1,177,380 | $ (18,671) | $ (529,696) |
Beginning balance (in shares) at Dec. 31, 2021 | 2,208,004 | |||||
Shareholders' Equity | ||||||
Net income | 42,747 | 42,747 | ||||
Other comprehensive income | 2,660 | 2,660 | ||||
Share-based compensation (in shares) | 1,339,787 | |||||
Share-based compensation | 3,356 | $ 152 | 3,204 | |||
Ending balance (in shares) at Mar. 31, 2022 | 165,778,067 | |||||
Ending balance at Mar. 31, 2022 | $ 679,597 | $ 18,670 | $ (16,697) | 1,180,584 | (16,011) | (486,949) |
Ending balance (in shares) at Mar. 31, 2022 | 2,208,004 | |||||
Beginning balance (in shares) at Dec. 31, 2022 | 158,228,508 | 158,228,508 | ||||
Beginning balance at Dec. 31, 2022 | $ 664,862 | $ 18,700 | $ (62,953) | 1,189,090 | (6,985) | (472,990) |
Beginning balance (in shares) at Dec. 31, 2022 | 10,046,996 | 10,046,996 | ||||
Shareholders' Equity | ||||||
Net income | $ 42,719 | 42,719 | ||||
Other comprehensive income | 2,677 | 2,677 | ||||
Share-based compensation (in shares) | 1,148,476 | |||||
Share-based compensation | $ 3,166 | $ 122 | 3,044 | |||
Repurchase of ordinary shares (in shares) | (4,974,132) | (4,974,132) | (4,974,132) | |||
Repurchase of ordinary shares | $ (40,890) | $ (40,890) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 154,402,852 | 154,402,852 | ||||
Ending balance at Mar. 31, 2023 | $ 672,534 | $ 18,822 | $ (103,843) | $ 1,192,134 | $ (4,308) | $ (430,271) |
Ending balance (in shares) at Mar. 31, 2023 | 15,021,128 | 15,021,128 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 42,719 | $ 42,747 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization | 19,191 | 19,500 |
Amortization of debt discount and issuance costs | 1,795 | 1,019 |
Share-based compensation | 3,166 | 3,356 |
Loss (gain) on derivative financial instruments | 6,405 | (11,134) |
Deferred income taxes | 3,826 | 1,572 |
Loss on sale of assets | 13 | 0 |
Amortization of key money | (193) | (238) |
Provision for (recovery of) doubtful accounts | 81 | (483) |
Other | 198 | (69) |
Changes in assets and liabilities: | ||
Trade and other receivables, net | (11,403) | (15,735) |
Insurance recoverable | 5,626 | 0 |
Accounts receivable from related parties | (2,602) | (4,946) |
Inventories | (569) | (725) |
Prepayments and other assets | 3,159 | (223) |
Trade and other payables | (28,743) | 281 |
Payables to related parties | 2,292 | 2,262 |
Income tax payable | (205) | 152 |
Other liabilities | 531 | 312 |
Net cash provided by operating activities | 45,287 | 37,648 |
INVESTING ACTIVITIES | ||
Capital expenditures | (10,257) | (4,430) |
Purchase of intangibles | (77) | (30) |
Proceeds from the sale of assets, net | 3 | 24 |
Property damage insurance proceeds | 7,979 | 0 |
Net cash used in investing activities | (2,352) | (4,436) |
FINANCING ACTIVITIES | ||
Repayments of debt | (2,750) | (2,525) |
Repurchase of ordinary shares | (42,558) | 0 |
Principal payments on finance lease obligations | (107) | (99) |
Net cash used in financing activities | (45,415) | (2,624) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (2,480) | 30,588 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 283,945 | 293,577 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | 281,465 | 324,165 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents | 281,465 | 299,802 |
Restricted cash | 0 | 24,363 |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 281,465 | 324,165 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | 21,406 | 18,221 |
Cash paid for income taxes, net | 1,427 | 32 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | ||
Capital expenditures incurred but not yet paid | 873 | 696 |
Intangible assets capitalized but not yet paid | 0 | 45 |
Par value of vested restricted share awards | $ 122 | $ 152 |
Organization, operations and ba
Organization, operations and basis of presentation | 3 Months Ended |
Mar. 31, 2023 | |
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. We own and/or manage a portfolio of 26 resorts located in Mexico, the Dominican Republic and Jamaica. 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 with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023 (the “Annual Report”). 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. Results for the comparative prior periods have been reclassified to conform to the current period presentation. |
Significant accounting policies
Significant accounting policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policiesNew accounting pronouncements recently issued or effective were not applicable to the Company or are not expected to have a material impact on the Condensed Consolidated Financial Statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 15) ( $ in thousands) : Three Months Ended March 31, 2023 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 81,287 $ 36,803 $ 59,602 $ 55,876 $ — $ 233,568 Non-package revenue 9,700 4,747 9,167 9,867 564 34,045 The Playa Collection — — — — 726 726 Management fees 38 — — — 1,891 1,929 Cost reimbursements — — — 1,337 2,197 3,534 Total revenue $ 91,025 $ 41,550 $ 68,769 $ 67,080 $ 5,378 $ 273,802 Three Months Ended March 31, 2022 Yucatán Pacific Dominican Jamaica Other Total Package revenue (1) $ 61,537 $ 26,223 $ 60,863 $ 38,192 $ — $ 186,815 Non-package revenue (1)(2) 8,841 3,621 8,846 7,934 212 29,454 The Playa Collection (2) — — — — 296 296 Management fees 30 — — — 1,027 1,057 Cost reimbursements — — — 998 954 1,952 Total revenue $ 70,408 $ 29,844 $ 69,709 $ 47,124 $ 2,489 $ 219,574 ________ (1) Includes $2.7 million of on-property room upgrade revenue that was reclassified from non-package revenue to package revenue to conform with current period presentation. (2) Includes $0.3 million that was reclassified from non-package revenue to The Playa Collection to confirm with current period presentation. Contract assets and liabilities We do not have any material contract assets as of March 31, 2023 and December 31, 2022 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year. |
Property and equipment
Property and equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment The balance of property and equipment, net is as follows ($ in thousands ): As of March 31, As of December 31, 2023 2022 Property and equipment, gross Land, buildings and improvements $ 1,766,926 $ 1,765,130 Fixtures and machinery (1) 88,824 88,333 Furniture and other fixed assets 215,876 213,005 Construction in progress 14,315 10,293 Total property and equipment, gross 2,085,941 2,076,761 Accumulated depreciation (558,753) (540,194) Total property and equipment, net $ 1,527,188 $ 1,536,567 ________ (1) Includes the gross balance of our finance lease right-of-use assets, which was $6.3 million as of March 31, 2023 and December 31, 2022. Depreciation expense for property and equipment was $18.8 million and $19.1 million for the three months ended March 31, 2023 and 2022, respectively. Hurricane Fiona On September 19, 2022, Hurricane Fiona, a Category 1 hurricane, made landfall on the eastern coast of the Dominican Republic and caused non-structural damage to several of our resorts. Our insurance policies provide coverage for business interruption, including lost profits, and reimbursement for costs related to the property damages and losses we have incurred. We received property damage insurance proceeds of $8.0 million and business interruption proceeds of $5.6 million related to Hurricane Fiona during the three months ended March 31, 2023. We received an additional $2.2 million of property damage and business interruption proceeds in April 2023. We expect to receive the remaining proceeds in 2023. The property we manage in the Dominican Republic, Sanctuary Cap Cana, also sustained damage from Hurricane Fiona and was temporarily closed in late September for necessary clean-up and repairs. The resort reopened on January 20, 2023. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Three Months Ended March 31, Leases 2023 2022 Operating lease income (1) $ 950 $ 1,226 ________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant’s net sales. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We file tax returns for our entities in key jurisdictions including Mexico, the Dominican Republic, Jamaica, the United States, and the Netherlands. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a Dutch general tax rate of 25.8%. Our other operating subsidiaries are subject to tax rates up to 30% in the jurisdictions in which they are domiciled. All of our outstanding Advance Pricing Agreements (“APAs”) for our Dominican Republic entities expired as of December 31, 2021. We are currently in the process of finalizing the terms of our APAs, which we expect to complete before the end of 2023. Our estimated annual effective tax rate calculation reflects the terms of the APAs that are expected to apply for the year ending December 31, 2023. We had no uncertain tax positions or unrecognized tax benefits as of March 31, 2023. We expect no significant changes in unrecognized tax benefits over the next twelve months. We regularly assess the realizability of our deferred tax assets by evaluating historical and projected future operating results, the reversal of existing temporary differences, taxable income in permitted carry back years, and the availability of tax planning strategies. As of March 31, 2023, a valuation allowance has been maintained as a reserve on a portion of our net deferred tax assets due to the uncertainty of realization of our loss carry forwards and other deferred tax assets. If our operating results continue to improve and our projections show continued utilization of tax attributes, we may consider that as significant positive evidence and our future reassessment may result in the determination that all or a portion of the valuation allowance is no longer required. The exact timing and amount of the valuation allowance releases are ultimately contingent upon the level of profitability achieved in future periods. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Relationship with Hyatt and AMResorts Hyatt Hotels Corporation (“Hyatt”) is considered a related party due to its ownership of our ordinary shares by its affiliated entities. We pay Hyatt fees associated with the franchise agreements of our resorts operating under the all-ages Hyatt Ziva and adults-only Hyatt Zilara brands and receive reimbursements for guests that pay for their stay using the World of Hyatt ® guest loyalty program. Hyatt also owns Apple Leisure Group (“ALG”), the brand management platform AMResorts, and various tour operators and travel agencies. We previously paid AMResorts and its affiliates, as operators of the Jewel Punta Cana and Jewel Palm Beach through December 20, 2022 and January 6, 2023, respectively, management and marketing fees, and sold all-inclusive packages through ALG’s tour operators and travel agencies. Relationship with Sagicor Sagicor Financial Corporation Limited and its affiliated entities (collectively “Sagicor”) is considered a related party due to its ownership of our ordinary shares and representation on our Board of Directors. We pay Sagicor for employee insurance coverage at one of our Jamaica properties. Sagicor is also a part owner of the Jewel Grande Montego Bay Resort & Spa and compensates us as manager of the property. Relationship with Davidson Kempner Capital Management L.P. Davidson Kempner Capital Management L.P. (“DKCM”) is the investment manager of multiple affiliated funds and is considered a related party due to the DKCM funds’ ownership of our ordinary shares. An affiliate of DKCM was also a lender of $25.0 million in aggregate principal of our 2022 Term Loan (as defined in Note 11) as of December 31, 2022. Relationship with HG Vora Capital Management, LLC HG Vora Capital Management, LLC is considered a related party due to its ownership of our ordinary shares and was a lender of $13.5 million and $42.5 million in aggregate principal of the 2022 Term Loan as of March 31, 2023 and December 31, 2022, respectively. Lease with our Chief Executive Officer One of our offices is owned by our Chief Executive Officer and we sublease the space at that location from a third party. Transactions with related parties Transactions between us and related parties during the three months ended March 31, 2023 and 2022 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2023 2022 Revenues ALG Package revenue $ — $ 5,874 Sagicor Cost reimbursements (1) $ 1,477 $ 1,103 Expenses Hyatt Franchise fees (2) $ 9,954 $ 7,413 Sagicor Insurance premiums (2) $ 320 $ 279 Chief Executive Officer Lease expense (3) $ 196 $ 188 DKCM Interest expense (4) $ — $ 5,405 AMResorts Management fees (2) $ 41 $ 1,112 AMResorts Marketing fees (3) $ 37 $ 1,083 ________ (1) Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2) Included in direct expense in the Condensed Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense. (3) Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations. (4) Includes interest expense and amortization of deferred financing costs and discounts. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, and workers’ compensation and other employee claims. Most occurrences involving liability and claims of negligence are covered by insurance with solvent insurance carriers. We recognize a liability when we believe the loss is probable and reasonably estimable. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, 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. With the exception of Playa Hotels & Resorts N.V., our Dutch companies file as a fiscal unity. Playa Resorts Holding B.V. is the head of our Dutch fiscal unity and is jointly and severally liable for the tax liabilities of the fiscal unity as a whole. |
Ordinary shares
Ordinary shares | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Ordinary shares | Ordinary shares On February 9, 2023, our Board of Directors authorized a $200.0 million share repurchase program, pursuant to which we may repurchase our outstanding ordinary shares as market conditions and our liquidity warrant. The new program replaced our $100.0 million repurchase program announced in September 2022. The repurchase program is subject to certain limitations under Dutch law, including the existing repurchase authorization granted by our shareholders. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the three months ended March 31, 2023, we repurchased 4,974,132 ordinary shares under the programs at an average price of $8.17 per share. As of March 31, 2023, we had approximately $169.2 million remaining under our $200.0 million share repurchase program. As of March 31, 2023, our ordinary share capital consisted of 154,402,852 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 4,893,900 restricted shares and performance share awards and 32,658 restricted share units were outstanding under the 2017 Plan (as defined in Note 9). The holders of restricted shares and performance share awards are entitled to vote, but not dispose of, such shares until they vest. The holders of restricted share units are neither entitled to vote nor dispose of such shares until they vest. |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation We adopted our 2017 Omnibus Incentive Plan (the “2017 Plan”) to attract and retain independent directors, executive officers and other key employees and service providers. As of March 31, 2023, there were 907,941 shares available for future grants under the 2017 Plan. Restricted share awards consist of restricted shares and restricted share units that are granted to eligible employees, executives, and board members and consist of ordinary shares (or the right to receive ordinary shares). A summary of our restricted share awards from January 1, 2023 to March 31, 2023 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2023 2,288,821 $ 6.94 Granted 1,744,579 6.77 Vested (1,148,476) 6.91 Forfeited (6,716) 6.95 Unvested balance at March 31, 2023 2,878,208 $ 6.85 Performance share awards consist of ordinary shares that may become earned and vested at the end of a three-year performance period based on the achievement of performance targets adopted by our Compensation Committee. Our performance shares have market conditions where 50% of the performance share awards will vest based on the total shareholder return (“TSR”) of our ordinary shares relative to those of our peer group and 50% will vest based on the compound annual growth rate of the price of our ordinary shares. The peer shareholder return component may vest between 0% and 150% of target, with the award capped at 100% of target should Playa’s TSR be negative. The growth rate component may vest up to 100% of target. The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 18, 2023 Peer Shareholder Return 50 % $ 2,751 71.82 % 3.70 % — % Growth Rate 50 % $ 2,194 71.82 % 3.70 % — % ________ (1) Expected volatility was determined based on our historical share prices. (2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period. A summary of our performance share awards from January 1, 2023 to March 31, 2023 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2023 1,329,123 $ 6.05 Granted 719,227 6.88 Unvested balance at March 31, 2023 2,048,350 $ 6.34 |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic and diluted earnings or loss per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2023 2022 Numerator Net income $ 42,719 $ 42,747 Denominator Denominator for basic EPS - weighted-average number of shares outstanding 157,314,177 165,743,382 Effect of dilutive securities Unvested performance share awards 952,494 401,903 Unvested restricted share awards 505,782 742,844 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 158,772,453 166,888,129 EPS - Basic $ 0.27 $ 0.26 EPS - Diluted $ 0.27 $ 0.26 We had no anti-dilutive unvested performance share awards for the three months ended March 31, 2023. For the three months ended March 31, 2022, unvested performance share awards in the amount of 187,500 shares were not included in the computation of diluted EPS as their effect would have been anti-dilutive. The performance targets of our unvested performance share awards were partially achieved as of March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022, we had no anti-dilutive unvested restricted share awards. On March 12, 2022, all of our outstanding warrants expired and had no impact on diluted EPS for three months ended March 31, 2022. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date March 31, 2023 December 31, 2022 Senior Secured Credit Facilities Revolving Credit Facility (1) SOFR + 3.50% (1) January 5, 2028 $ — $ — 2022 Term Loan (2) SOFR + 4.25% January 5, 2029 1,097,250 1,100,000 Total Senior Secured Credit Facilities (at stated value) 1,097,250 1,100,000 Unamortized discount (30,955) (32,428) Unamortized debt issuance costs (7,454) (7,776) Total Senior Secured Credit Facilities, net $ 1,058,841 $ 1,059,796 Financing lease obligations $ 5,550 $ 5,657 Total debt, net $ 1,064,391 $ 1,065,453 ________ (1) Undrawn balances bear interest between 0.25% to 0.50% depending on certain leverage ratios. We had an available balance of $225.0 million as of March 31, 2023 and December 31, 2022. Interest is incurred on any outstanding balance based on the Secured Overnight Financing Rate (“SOFR”) plus a margin ranging from 3.25% to 3.75%, depending on our consolidated secured net leverage ratio. (2) The effective interest rate for the 2022 Term Loan was 8.99% and 8.58% as of March 31, 2023 and December 31, 2022, respectively. Second Restatement Agreement On December 16, 2022, we entered into the Second Restatement Agreement to amend and restate our Senior Secured Credit Facility to consist of (i) a $225.0 million revolving line of credit with a maturity date of January 5, 2028 (the “Revolving Credit Facility”) and (ii) a $1.1 billion term loan with a maturity of January 5, 2029 (the “2022 Term Loan” and collectively with the Revolving Credit Facility, the “2022 Senior Secured Credit Facility”). The 2022 Term Loan bears interest at SOFR plus a margin of 4.25% (where the applicable SOFR rate has a 0.50% floor). The Revolving Credit Facility bears interest at SOFR plus a margin ranging from 3.25% to 3.75%, in each case, depending on the level of our consolidated secured net leverage ratio in effect from time to time. Financial maintenance covenants We were in compliance with all applicable covenants as of March 31, 2023. A summary of our applicable covenants and restrictions is as follows: Debt Covenant Terms 2022 Senior Secured Credit Facility We are subject to a total net leverage ratio of 5.20x if we have more than 35% drawn on the Revolving Credit Facility. |
Derivative financial instrument
Derivative financial instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments Our two interest rate swaps previously mitigated the interest rate risk inherent to our floating rate debt that was tied to the London Interbank Offered Rate (“LIBOR”). The interest rate swaps were not for trading purposes and had fixed notional values of $200.0 million and $600.0 million. The fixed rate paid by us was 2.85% and the variable rate received reset monthly to the one-month LIBOR rate. The interest rate swaps matured on March 31, 2023. Our interest rate swaps were designated as cash flow hedges, but were deemed ineffective due to the decrease in interest rates. All changes in fair value were recognized through interest expense in the Condensed Consolidated Statements of Operations through maturity. The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 ($ in thousands) : 2023 2022 AOCI from our cash flow hedges as of January 1 $ 2,895 $ 14,632 Change in fair value — — Reclassification from AOCI to interest expense (2,895) (2,894) OCI related to our cash flow hedges for the three months ended March 31 (2,895) (2,894) AOCI from our cash flow hedges as of March 31 $ — $ 11,738 Derivative Instruments for Ineffective Hedges Financial Statement Classification Three Months Ended March 31, 2023 2022 Interest rate swaps (1) Interest expense $ 3,013 $ (5,715) ________ (1) Includes the loss or (gain) from the change in fair value of our interest rate swaps and the cash interest paid or received for the monthly settlements of the derivative. The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of March 31, 2023 and December 31, 2022 ($ in thousands) : Derivative Assets for Ineffective Hedges Financial Statement Classification As of March 31, As of December 31, 2023 2022 Interest rate swaps Derivative financial instruments $ — $ 3,510 |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments 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 believe the carrying value of our financial instruments, excluding our debt, approximate their fair values as of March 31, 2023 and December 31, 2022. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements. We did not have any financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023. The following table presents our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of and December 31, 2022 ($ in thousands) : Financial Assets December 31, 2022 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 3,510 $ — $ 3,510 $ — The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2023 and December 31, 2022 ($ in thousands) : Carrying Value Fair Value As of March 31, 2023 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value 2022 Term Loan $ 1,058,841 $ — $ — $ 1,110,079 Carrying Value Fair Value As of December 31, 2022 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value 2022 Term Loan $ 1,059,796 $ — $ — $ 1,114,860 The following table summarizes the valuation techniques used to estimate the fair value of our financial instruments measured at fair value on a recurring basis and our financial instruments not measured at fair value: Valuation Technique Financial instruments recorded at fair value Interest rate swaps The fair value of the interest rate swaps is estimated based on the expected future cash flows by incorporating the notional amount of the swaps, the contractual period to maturity, and observable market-based inputs, including interest rate curves. The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value of our interest rate swaps is largely dependent on forecasted LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85% we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value 2022 Term Loan The fair value of our 2022 Term Loan is estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate. Revolving Credit Facility The valuation technique of our Revolving Credit Facility is consistent with our 2022 Term Loan. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Other balance sheet items
Other balance sheet items | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Gross trade and other receivables (1) $ 74,620 $ 63,396 Allowance for doubtful accounts (352) (450) Total trade and other receivables, net $ 74,268 $ 62,946 ________ (1) The opening balance as of January 1, 2022 was $47.4 million. We have not experienced any significant write-offs to our accounts receivable during the three months ended March 31, 2023 and 2022. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Advances to suppliers $ 10,237 $ 12,683 Prepaid income taxes 10,735 11,809 Prepaid other taxes (1) 4,465 4,539 Operating lease right-of-use assets 2,791 2,968 Key money 6,670 6,735 Other assets 6,060 5,443 Total prepayments and other assets $ 40,958 $ 44,177 ________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities. Goodwill We recognized no goodwill impairment losses on our reporting units nor any additions to goodwill during the three months ended March 31, 2023. The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of March 31, 2023 and December 31, 2022 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Gross carrying value $ 51,731 $ — $ — $ 35,879 $ 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value $ 45,563 $ — $ — $ 16,091 $ 61,654 Other intangible assets Other intangible assets as of March 31, 2023 and December 31, 2022 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2023 2022 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system 6,375 6,375 Other 4,602 4,499 Total gross carrying value 13,752 13,649 Accumulated amortization Management contract (451) (428) Enterprise resource planning system (2,997) (2,771) Other (4,011) (3,894) Total accumulated amortization (7,459) (7,093) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,449 1,472 Enterprise resource planning system 3,378 3,604 Other 591 605 Total net carrying value $ 6,293 $ 6,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. Amortization expense for intangible assets was $0.4 million for the three months ended March 31, 2023 and 2022. Trade and other payables The following summarizes the balances of trade and other payables as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Trade payables $ 27,743 $ 28,422 Advance deposits (1) 74,953 83,262 Withholding and other taxes payable 23,115 31,111 Interest payable 4,112 3,996 Payroll and related accruals 20,771 29,273 Accrued expenses and other payables (2) 50,000 55,588 Total trade and other payables $ 200,694 $ 231,652 ________ (1) The opening balance as of January 1, 2022 was $62.6 million. (2) As of March 31, 2023, accrued expenses and other payables include $25.3 million of unpaid clean up and repair expenses related to Hurricane Fiona. Other liabilities The following summarizes the balances of other liabilities as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Pension obligation (1) $ 9,043 $ 7,777 Operating lease liabilities 3,286 3,472 Unfavorable ground lease liability 1,830 1,857 Key money 15,104 15,362 Other 1,886 2,217 Total other liabilities $ 31,149 $ 30,685 ________ (1) For the three months ended March 31, 2023 and 2022, the service cost component of net periodic pension cost was $0.3 million and $0.2 million, respectively, and the non-service cost components were $0.9 million and $0.4 million, respectively. |
Business segments
Business segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business segments | Business segments We consider each one of our owned resorts 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 resorts. Our operating segments meet the aggregation criteria and thus, we report four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. Our operating segments are components of the business that 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. For the three months ended March 31, 2023 and 2022, we have excluded the immaterial amounts of management fees, cost reimbursements, The Playa Collection and other from our segment reporting. The performance of our business is evaluated primarily on adjusted earnings before interest expense, income tax provision, and depreciation and amortization expense (“Adjusted EBITDA”) and the performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fee revenue (“Owned Resort EBITDA”). Adjusted EBITDA and Owned Resort EBITDA should not be considered alternatives 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 periods presented, before interest expense, income tax provision, and depreciation and amortization expense, further adjusted to exclude the following items: (a) loss on sale of assets; (b) other income (expense); (c) repairs from hurricanes and tropical storms; (d) share-based compensation; (e) other tax expense; and (f) transaction expenses. Adjusted EBITDA includes corporate expenses, which are overhead costs that are essential to support the operation of the Company, including the operations and development of our resorts. There are limitations to using financial measures such as Adjusted EBITDA and Owned Resort 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 table presents segment Owned Net Revenue, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Owned net revenue Yucatán Peninsula $ 88,748 $ 68,629 Pacific Coast 40,515 29,104 Dominican Republic 68,769 69,664 Jamaica 62,977 44,264 Segment owned net revenue 261,009 211,661 Other 564 211 Management fees 1,929 1,057 The Playa Collection 726 296 Cost reimbursements 3,534 1,952 Compulsory tips 6,040 4,397 Total revenue $ 273,802 $ 219,574 The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Owned Resort EBITDA Yucatán Peninsula $ 37,936 $ 29,458 Pacific Coast 17,523 12,544 Dominican Republic 26,849 28,377 Jamaica 27,081 17,158 Segment Owned Resort EBITDA 109,389 87,537 Other corporate (13,555) (11,947) The Playa Collection 726 296 Management fees 1,929 1,057 Adjusted EBITDA 98,489 76,943 Interest expense (29,666) (9,168) Depreciation and amortization (19,191) (19,500) Loss on sale of assets (13) — Other income (expense) 232 (514) Repairs from hurricanes and tropical storms 861 — Share-based compensation (3,166) (3,356) Other tax expense — (240) Transaction expenses (863) (191) Non-service cost components of net periodic pension cost (1) 852 387 Net income before tax 47,535 44,361 Income tax provision (4,816) (1,614) Net income $ 42,719 $ 42,747 ________ (1) Represents the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Segment property and equipment, gross Yucatán Peninsula $ 678,578 $ 676,218 Pacific Coast 292,316 291,372 Dominican Republic 694,314 690,181 Jamaica 415,180 413,563 Total segment property and equipment, gross 2,080,388 2,071,334 Corporate property and equipment, gross 5,553 5,427 Accumulated depreciation (558,753) (540,194) Total property and equipment, net $ 1,527,188 $ 1,536,567 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Segment capital expenditures Yucatán Peninsula $ 2,741 $ 1,265 Pacific Coast 946 1,152 Dominican Republic 3,895 946 Jamaica 1,806 985 Total segment capital expenditures (1) 9,388 4,348 Corporate 126 52 Total capital expenditures (1) $ 9,514 $ 4,400 ________ |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events In preparing the interim Condensed Consolidated Financial Statements, we have evaluated subsequent events through May 4, 2023, which is the date the financial statements were issued. During the period from April 1, 2023 through April 30, 2023, we purchased 2,147,034 ordinary shares at an average price of $9.29 per share. As of April 30, 2023, we had $149.3 million remaining under our $200.0 million share repurchase program. Effective April 15, 2023, we entered into two interest rate swaps to mitigate the floating interest rate risk on our 2022 Term Loan, which incurs interest based on SOFR. The interest rate swaps each have a fixed notional amount of $275.0 million and are not for trading purposes. The fixed rates paid by us on the interest rate swaps are 4.05% and 3.71%, and the variable rate received resets monthly to the one-month SOFR rate. The interest rate swaps mature on April 15, 2025 and April 15, 2026, respectively. |
Significant accounting polici_2
Significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023 (the “Annual Report”). 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. Results for the comparative prior periods have been reclassified to conform to the current period presentation. |
Contract assets and liabilities | Contract assets and liabilities We do not have any material contract assets as of March 31, 2023 and December 31, 2022 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 15) ( $ in thousands) : Three Months Ended March 31, 2023 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 81,287 $ 36,803 $ 59,602 $ 55,876 $ — $ 233,568 Non-package revenue 9,700 4,747 9,167 9,867 564 34,045 The Playa Collection — — — — 726 726 Management fees 38 — — — 1,891 1,929 Cost reimbursements — — — 1,337 2,197 3,534 Total revenue $ 91,025 $ 41,550 $ 68,769 $ 67,080 $ 5,378 $ 273,802 Three Months Ended March 31, 2022 Yucatán Pacific Dominican Jamaica Other Total Package revenue (1) $ 61,537 $ 26,223 $ 60,863 $ 38,192 $ — $ 186,815 Non-package revenue (1)(2) 8,841 3,621 8,846 7,934 212 29,454 The Playa Collection (2) — — — — 296 296 Management fees 30 — — — 1,027 1,057 Cost reimbursements — — — 998 954 1,952 Total revenue $ 70,408 $ 29,844 $ 69,709 $ 47,124 $ 2,489 $ 219,574 ________ (1) Includes $2.7 million of on-property room upgrade revenue that was reclassified from non-package revenue to package revenue to conform with current period presentation. |
Property and equipment (Tables)
Property and equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The balance of property and equipment, net is as follows ($ in thousands ): As of March 31, As of December 31, 2023 2022 Property and equipment, gross Land, buildings and improvements $ 1,766,926 $ 1,765,130 Fixtures and machinery (1) 88,824 88,333 Furniture and other fixed assets 215,876 213,005 Construction in progress 14,315 10,293 Total property and equipment, gross 2,085,941 2,076,761 Accumulated depreciation (558,753) (540,194) Total property and equipment, net $ 1,527,188 $ 1,536,567 ________ (1) Includes the gross balance of our finance lease right-of-use assets, which was $6.3 million as of March 31, 2023 and December 31, 2022. |
Schedule of Rental Income | The following table presents our rental income for the three months ended March 31, 2023 and 2022 ($ in thousands) : Three Months Ended March 31, Leases 2023 2022 Operating lease income (1) $ 950 $ 1,226 ________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant’s net sales. |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions between us and related parties during the three months ended March 31, 2023 and 2022 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2023 2022 Revenues ALG Package revenue $ — $ 5,874 Sagicor Cost reimbursements (1) $ 1,477 $ 1,103 Expenses Hyatt Franchise fees (2) $ 9,954 $ 7,413 Sagicor Insurance premiums (2) $ 320 $ 279 Chief Executive Officer Lease expense (3) $ 196 $ 188 DKCM Interest expense (4) $ — $ 5,405 AMResorts Management fees (2) $ 41 $ 1,112 AMResorts Marketing fees (3) $ 37 $ 1,083 ________ (1) Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2) Included in direct expense in the Condensed Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense. (3) Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations. |
Share-based compensation (Table
Share-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Share Awards | A summary of our restricted share awards from January 1, 2023 to March 31, 2023 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2023 2,288,821 $ 6.94 Granted 1,744,579 6.77 Vested (1,148,476) 6.91 Forfeited (6,716) 6.95 Unvested balance at March 31, 2023 2,878,208 $ 6.85 |
Summary of Key Inputs Used in Monte-Carlo Simulation | The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 18, 2023 Peer Shareholder Return 50 % $ 2,751 71.82 % 3.70 % — % Growth Rate 50 % $ 2,194 71.82 % 3.70 % — % ________ (1) Expected volatility was determined based on our historical share prices. (2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period. |
Summary of Performance Share Awards | A summary of our performance share awards from January 1, 2023 to March 31, 2023 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2023 1,329,123 $ 6.05 Granted 719,227 6.88 Unvested balance at March 31, 2023 2,048,350 $ 6.34 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted earnings or loss per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2023 2022 Numerator Net income $ 42,719 $ 42,747 Denominator Denominator for basic EPS - weighted-average number of shares outstanding 157,314,177 165,743,382 Effect of dilutive securities Unvested performance share awards 952,494 401,903 Unvested restricted share awards 505,782 742,844 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 158,772,453 166,888,129 EPS - Basic $ 0.27 $ 0.26 EPS - Diluted $ 0.27 $ 0.26 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedules of Debt Components and Covenants | Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date March 31, 2023 December 31, 2022 Senior Secured Credit Facilities Revolving Credit Facility (1) SOFR + 3.50% (1) January 5, 2028 $ — $ — 2022 Term Loan (2) SOFR + 4.25% January 5, 2029 1,097,250 1,100,000 Total Senior Secured Credit Facilities (at stated value) 1,097,250 1,100,000 Unamortized discount (30,955) (32,428) Unamortized debt issuance costs (7,454) (7,776) Total Senior Secured Credit Facilities, net $ 1,058,841 $ 1,059,796 Financing lease obligations $ 5,550 $ 5,657 Total debt, net $ 1,064,391 $ 1,065,453 ________ (1) Undrawn balances bear interest between 0.25% to 0.50% depending on certain leverage ratios. We had an available balance of $225.0 million as of March 31, 2023 and December 31, 2022. Interest is incurred on any outstanding balance based on the Secured Overnight Financing Rate (“SOFR”) plus a margin ranging from 3.25% to 3.75%, depending on our consolidated secured net leverage ratio. (2) The effective interest rate for the 2022 Term Loan was 8.99% and 8.58% as of March 31, 2023 and December 31, 2022, respectively. Debt Covenant Terms 2022 Senior Secured Credit Facility We are subject to a total net leverage ratio of 5.20x if we have more than 35% drawn on the Revolving Credit Facility. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations Operations | The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 ($ in thousands) : 2023 2022 AOCI from our cash flow hedges as of January 1 $ 2,895 $ 14,632 Change in fair value — — Reclassification from AOCI to interest expense (2,895) (2,894) OCI related to our cash flow hedges for the three months ended March 31 (2,895) (2,894) AOCI from our cash flow hedges as of March 31 $ — $ 11,738 Derivative Instruments for Ineffective Hedges Financial Statement Classification Three Months Ended March 31, 2023 2022 Interest rate swaps (1) Interest expense $ 3,013 $ (5,715) ________ (1) Includes the loss or (gain) from the change in fair value of our interest rate swaps and the cash interest paid or received for the monthly settlements of the derivative. |
Schedule of Location and Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet | The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of March 31, 2023 and December 31, 2022 ($ in thousands) : Derivative Assets for Ineffective Hedges Financial Statement Classification As of March 31, As of December 31, 2023 2022 Interest rate swaps Derivative financial instruments $ — $ 3,510 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 assets and liabilities measured at fair value on a recurring basis as of and December 31, 2022 ($ in thousands) : Financial Assets December 31, 2022 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 3,510 $ — $ 3,510 $ — |
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, 2023 and December 31, 2022 ($ in thousands) : Carrying Value Fair Value As of March 31, 2023 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value 2022 Term Loan $ 1,058,841 $ — $ — $ 1,110,079 Carrying Value Fair Value As of December 31, 2022 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value 2022 Term Loan $ 1,059,796 $ — $ — $ 1,114,860 |
Summary of Valuation Techniques | The following table summarizes the valuation techniques used to estimate the fair value of our financial instruments measured at fair value on a recurring basis and our financial instruments not measured at fair value: Valuation Technique Financial instruments recorded at fair value Interest rate swaps The fair value of the interest rate swaps is estimated based on the expected future cash flows by incorporating the notional amount of the swaps, the contractual period to maturity, and observable market-based inputs, including interest rate curves. The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value of our interest rate swaps is largely dependent on forecasted LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85% we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value 2022 Term Loan The fair value of our 2022 Term Loan is estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate. Revolving Credit Facility The valuation technique of our Revolving Credit Facility is consistent with our 2022 Term Loan. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Other balance sheet items (Tabl
Other balance sheet items (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Gross trade and other receivables (1) $ 74,620 $ 63,396 Allowance for doubtful accounts (352) (450) Total trade and other receivables, net $ 74,268 $ 62,946 ________ (1) The opening balance as of January 1, 2022 was $47.4 million. |
Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Advances to suppliers $ 10,237 $ 12,683 Prepaid income taxes 10,735 11,809 Prepaid other taxes (1) 4,465 4,539 Operating lease right-of-use assets 2,791 2,968 Key money 6,670 6,735 Other assets 6,060 5,443 Total prepayments and other assets $ 40,958 $ 44,177 ________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities. |
Schedule of Goodwill | The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of March 31, 2023 and December 31, 2022 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Gross carrying value $ 51,731 $ — $ — $ 35,879 $ 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value $ 45,563 $ — $ — $ 16,091 $ 61,654 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets as of March 31, 2023 and December 31, 2022 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2023 2022 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system 6,375 6,375 Other 4,602 4,499 Total gross carrying value 13,752 13,649 Accumulated amortization Management contract (451) (428) Enterprise resource planning system (2,997) (2,771) Other (4,011) (3,894) Total accumulated amortization (7,459) (7,093) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,449 1,472 Enterprise resource planning system 3,378 3,604 Other 591 605 Total net carrying value $ 6,293 $ 6,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets as of March 31, 2023 and December 31, 2022 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2023 2022 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system 6,375 6,375 Other 4,602 4,499 Total gross carrying value 13,752 13,649 Accumulated amortization Management contract (451) (428) Enterprise resource planning system (2,997) (2,771) Other (4,011) (3,894) Total accumulated amortization (7,459) (7,093) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,449 1,472 Enterprise resource planning system 3,378 3,604 Other 591 605 Total net carrying value $ 6,293 $ 6,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. |
Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Trade payables $ 27,743 $ 28,422 Advance deposits (1) 74,953 83,262 Withholding and other taxes payable 23,115 31,111 Interest payable 4,112 3,996 Payroll and related accruals 20,771 29,273 Accrued expenses and other payables (2) 50,000 55,588 Total trade and other payables $ 200,694 $ 231,652 ________ (1) The opening balance as of January 1, 2022 was $62.6 million. |
Schedule of Other Liabilities | The following summarizes the balances of other liabilities as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Pension obligation (1) $ 9,043 $ 7,777 Operating lease liabilities 3,286 3,472 Unfavorable ground lease liability 1,830 1,857 Key money 15,104 15,362 Other 1,886 2,217 Total other liabilities $ 31,149 $ 30,685 ________ (1) For the three months ended March 31, 2023 and 2022, the service cost component of net periodic pension cost was $0.3 million and $0.2 million, respectively, and the non-service cost components were $0.9 million and $0.4 million, respectively. |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents segment Owned Net Revenue, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Owned net revenue Yucatán Peninsula $ 88,748 $ 68,629 Pacific Coast 40,515 29,104 Dominican Republic 68,769 69,664 Jamaica 62,977 44,264 Segment owned net revenue 261,009 211,661 Other 564 211 Management fees 1,929 1,057 The Playa Collection 726 296 Cost reimbursements 3,534 1,952 Compulsory tips 6,040 4,397 Total revenue $ 273,802 $ 219,574 The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Owned Resort EBITDA Yucatán Peninsula $ 37,936 $ 29,458 Pacific Coast 17,523 12,544 Dominican Republic 26,849 28,377 Jamaica 27,081 17,158 Segment Owned Resort EBITDA 109,389 87,537 Other corporate (13,555) (11,947) The Playa Collection 726 296 Management fees 1,929 1,057 Adjusted EBITDA 98,489 76,943 Interest expense (29,666) (9,168) Depreciation and amortization (19,191) (19,500) Loss on sale of assets (13) — Other income (expense) 232 (514) Repairs from hurricanes and tropical storms 861 — Share-based compensation (3,166) (3,356) Other tax expense — (240) Transaction expenses (863) (191) Non-service cost components of net periodic pension cost (1) 852 387 Net income before tax 47,535 44,361 Income tax provision (4,816) (1,614) Net income $ 42,719 $ 42,747 ________ (1) Represents the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations. The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of March 31, 2023 and December 31, 2022 ($ in thousands) : As of March 31, As of December 31, 2023 2022 Segment property and equipment, gross Yucatán Peninsula $ 678,578 $ 676,218 Pacific Coast 292,316 291,372 Dominican Republic 694,314 690,181 Jamaica 415,180 413,563 Total segment property and equipment, gross 2,080,388 2,071,334 Corporate property and equipment, gross 5,553 5,427 Accumulated depreciation (558,753) (540,194) Total property and equipment, net $ 1,527,188 $ 1,536,567 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2023 and 2022 ( $ in thousands ): Three Months Ended March 31, 2023 2022 Segment capital expenditures Yucatán Peninsula $ 2,741 $ 1,265 Pacific Coast 946 1,152 Dominican Republic 3,895 946 Jamaica 1,806 985 Total segment capital expenditures (1) 9,388 4,348 Corporate 126 52 Total capital expenditures (1) $ 9,514 $ 4,400 ________ |
Organization, operations and _2
Organization, operations and basis of presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 resort | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of resorts in portfolio | 26 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 273,802 | $ 219,574 |
Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 233,568 | 186,815 |
Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 34,045 | 29,454 |
The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 726 | 296 |
Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,929 | 1,057 |
Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,534 | 1,952 |
Operating Segments | Package revenue | Revision of Prior Period, Reclassification, Adjustment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2,700 | |
Operating Segments | The Playa Collection | Revision of Prior Period, Reclassification, Adjustment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 300 | |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 5,378 | 2,489 |
Other | Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Other | Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 564 | 212 |
Other | The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 726 | 296 |
Other | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,891 | 1,027 |
Other | Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2,197 | 954 |
Yucatán Peninsula | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 91,025 | 70,408 |
Yucatán Peninsula | Operating Segments | Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 81,287 | 61,537 |
Yucatán Peninsula | Operating Segments | Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,700 | 8,841 |
Yucatán Peninsula | Operating Segments | The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Yucatán Peninsula | Operating Segments | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 38 | 30 |
Yucatán Peninsula | Operating Segments | Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Pacific Coast | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 41,550 | 29,844 |
Pacific Coast | Operating Segments | Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 36,803 | 26,223 |
Pacific Coast | Operating Segments | Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,747 | 3,621 |
Pacific Coast | Operating Segments | The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Pacific Coast | Operating Segments | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Pacific Coast | Operating Segments | Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Dominican Republic | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 68,769 | 69,709 |
Dominican Republic | Operating Segments | Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 59,602 | 60,863 |
Dominican Republic | Operating Segments | Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,167 | 8,846 |
Dominican Republic | Operating Segments | The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Dominican Republic | Operating Segments | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Dominican Republic | Operating Segments | Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Jamaica | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 67,080 | 47,124 |
Jamaica | Operating Segments | Package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 55,876 | 38,192 |
Jamaica | Operating Segments | Non-package revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,867 | 7,934 |
Jamaica | Operating Segments | The Playa Collection | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Jamaica | Operating Segments | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Jamaica | Operating Segments | Cost reimbursements | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,337 | $ 998 |
Property and equipment - Schedu
Property and equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,085,941 | $ 2,076,761 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total property and equipment, net | Total property and equipment, net |
Accumulated depreciation | $ (558,753) | $ (540,194) |
Total property and equipment, net | 1,527,188 | 1,536,567 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,766,926 | 1,765,130 |
Fixtures and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 88,824 | 88,333 |
Gross balance of finance lease right of use asset | 6,300 | 6,300 |
Furniture and other fixed assets | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 215,876 | 213,005 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,315 | $ 10,293 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Lessor, Lease, Description [Line Items] | |||
Depreciation expense | $ 18.8 | $ 19.1 | |
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Contractual term (in years) | 3 years | ||
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Contractual term (in years) | 1 year | ||
Property Insurance | Hurricane Fiona | |||
Lessor, Lease, Description [Line Items] | |||
Insurance proceeds | $ 8 | ||
Business Interruption and Property Damage Insurance | Hurricane Fiona | |||
Lessor, Lease, Description [Line Items] | |||
Insurance proceeds | $ 5.6 | ||
Business Interruption and Property Damage Insurance | Hurricane Fiona | Subsequent Event | |||
Lessor, Lease, Description [Line Items] | |||
Insurance proceeds | $ 2.2 |
Property and equipment - Sche_2
Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Operating lease income | $ 950 | $ 1,226 |
Related party transactions - Na
Related party transactions - Narrative (Details) - Senior Secured Credit Facilities - Medium-term Notes - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Total debt obligations | $ 1,097,250 | $ 1,100,000 |
2022 Term Loan | ||
Related Party Transaction [Line Items] | ||
Total debt obligations | 1,097,250 | 1,100,000 |
Davidson Kempner Capital Management L.P. (DKCM) | 2022 Term Loan | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Total debt obligations | 25,000 | |
HG Vora Capital Management, LLC | 2022 Term Loan | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Total debt obligations | $ 13,500 | $ 42,500 |
Related party transactions - Tr
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Affiliated Entity | ALG | Package revenue | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | $ 0 | $ 5,874 |
Affiliated Entity | Sagicor | Cost reimbursements | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 1,477 | 1,103 |
Affiliated Entity | Sagicor | Insurance premiums | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 320 | 279 |
Affiliated Entity | Hyatt | Franchise fees | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 9,954 | 7,413 |
Affiliated Entity | DKCM | Interest expense | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 0 | 5,405 |
Affiliated Entity | AMResorts | Management fees | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 41 | 1,112 |
Affiliated Entity | AMResorts | Marketing fees | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | 37 | 1,083 |
Chief Executive Officer | Lease expense | ||
Related Party Transaction [Line Items] | ||
Total transactions with related parties | $ 196 | $ 188 |
Ordinary shares - Narrative (De
Ordinary shares - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 € / shares $ / shares shares | Mar. 31, 2023 USD ($) shares | Feb. 09, 2023 USD ($) | Dec. 31, 2022 € / shares shares | Sep. 30, 2022 USD ($) | |
Class of Stock [Line Items] | |||||
Amount of ordinary shares reauthorized for repurchase | $ | $ 200 | $ 100 | |||
Repurchase of ordinary shares (in shares) | 4,974,132 | ||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 8.17 | ||||
Remaining authorized amount under share repurchase program | $ | $ 169.2 | ||||
Ordinary shares, outstanding (in shares) | 154,402,852 | 158,228,508 | |||
Ordinary shares, par value (in euros per share) | € / shares | $ 0.10 | € 0.10 | |||
Restricted Shares and Performance Share Awards | |||||
Class of Stock [Line Items] | |||||
Shares outstanding (in shares) | 4,893,900 | ||||
Restricted Share Units | |||||
Class of Stock [Line Items] | |||||
Shares outstanding (in shares) | 32,658 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - shares | 3 Months Ended | |
Jan. 18, 2023 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grants under the 2017 Plan (in shares) | 907,941 | |
Unvested performance share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Vesting percentage | 100% | |
Unvested performance share awards | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 0% | |
Unvested performance share awards | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 150% | |
Award vesting rights, negative awards (in percent) | 1 | |
Peer Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of total awards vesting based on designated criteria | 50% | 50% |
Growth Rate | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of total awards vesting based on designated criteria | 50% | 50% |
Share-based compensation - Summ
Share-based compensation - Summary of Restricted Share Awards and Performance Share Awards (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Share Awards | |
Number of Shares | |
Unvested balance at beginning of period (in shares) | shares | 2,288,821 |
Granted (in shares) | shares | 1,744,579 |
Vested (in shares) | shares | (1,148,476) |
Forfeited (in shares) | shares | (6,716) |
Unvested balance at end of period (in shares) | shares | 2,878,208 |
Weighted-Average Grant Date Fair Value | |
Unvested balance at beginning of period (in dollars per share) | $ / shares | $ 6.94 |
Granted (in dollars per share) | $ / shares | 6.77 |
Vested (in dollars per share) | $ / shares | 6.91 |
Forfeited (in dollars per share) | $ / shares | 6.95 |
Unvested balance at end of period (in dollars per share) | $ / shares | $ 6.85 |
Performance Share Awards | |
Number of Shares | |
Unvested balance at beginning of period (in shares) | shares | 1,329,123 |
Granted (in shares) | shares | 719,227 |
Unvested balance at end of period (in shares) | shares | 2,048,350 |
Weighted-Average Grant Date Fair Value | |
Unvested balance at beginning of period (in dollars per share) | $ / shares | $ 6.05 |
Granted (in dollars per share) | $ / shares | 6.88 |
Unvested balance at end of period (in dollars per share) | $ / shares | $ 6.34 |
Share-based compensation - Su_2
Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 18, 2023 | Mar. 31, 2023 | |
Peer Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50% | 50% |
Grant Date Fair Value by Component | $ 2,751 | |
Volatility | 71.82% | |
Interest Rate | 3.70% | |
Dividend Yield | 0% | |
Growth Rate | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50% | 50% |
Grant Date Fair Value by Component | $ 2,194 | |
Volatility | 71.82% | |
Interest Rate | 3.70% | |
Dividend Yield | 0% |
Earnings per share - Schedule o
Earnings per share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net income | $ 42,719 | $ 42,747 |
Denominator | ||
Denominator for basic EPS - weighted-average number of shares outstanding (in shares) | 157,314,177 | 165,743,382 |
Effect of dilutive securities | ||
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding (in shares) | 158,772,453 | 166,888,129 |
EPS - Basic (in dollars per share) | $ 0.27 | $ 0.26 |
EPS - Diluted (in dollars per share) | $ 0.27 | $ 0.26 |
Unvested performance share awards | ||
Effect of dilutive securities | ||
Unvested share awards (in shares) | 952,494 | 401,903 |
Unvested restricted share awards | ||
Effect of dilutive securities | ||
Unvested share awards (in shares) | 505,782 | 742,844 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Unvested performance share awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 0 | 187,500 |
Restricted Share Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 0 | 0 |
Debt - Schedule of Debt Compone
Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Financing lease obligations | $ 5,550 | $ 5,657 |
Total debt, net | 1,064,391 | 1,065,453 |
Senior Secured Credit Facilities | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Total debt obligations | 1,097,250 | 1,100,000 |
Unamortized discount | (30,955) | (32,428) |
Unamortized debt issuance costs | (7,454) | (7,776) |
Debt, net | 1,058,841 | 1,059,796 |
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Total debt obligations | 0 | 0 |
Available balances | $ 225,000 | 225,000 |
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit | Minimum | ||
Debt Instrument [Line Items] | ||
Interest on undrawn balances, depending on certain leverage ratios (in percent) | 0.25% | |
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit | Maximum | ||
Debt Instrument [Line Items] | ||
Interest on undrawn balances, depending on certain leverage ratios (in percent) | 0.50% | |
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
Revolving Credit Facility | 2022 Senior Secured Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.75% | |
Revolving Credit Facility | 2022 Senior Secured Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% | |
2022 Term Loan | Senior Secured Credit Facilities | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 1,097,250 | $ 1,100,000 |
Effective interest rate (in percent) | 8.99% | 8.58% |
2022 Term Loan | 2022 Senior Secured Credit Facility | Medium-term Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.25% |
Debt - Narrative (Details)
Debt - Narrative (Details) - 2022 Senior Secured Credit Facility - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 16, 2022 | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 225 | |
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% | |
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.75% | |
2022 Term Loan | Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 1,100 | |
2022 Term Loan | Senior Secured Credit Facilities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.25% | |
Floor interest rate (in percent) | 0.50% |
Debt - Financial Maintenance Co
Debt - Financial Maintenance Covenants (Details) - Revolving Credit Facility - 2022 Senior Secured Credit Facility - Line of Credit | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Minimum total net leverage ratio | 5.20 |
Total net leverage ratio requirement threshold, percentage drawn on Revolving Credit Facility | 35% |
Derivative financial instrume_3
Derivative financial instruments - Narrative (Details) $ in Millions | Mar. 31, 2023 USD ($) derivativeContract |
Interest rate swaps | |
Derivative [Line Items] | |
Number of interest rate swap contracts | derivativeContract | 2 |
Fixed rate (in percent) | 2.85% |
Interest Rate Swap One | |
Derivative [Line Items] | |
Notional amount | $ 200 |
Interest Rate Swap Two | |
Derivative [Line Items] | |
Notional amount | $ 600 |
Derivative financial instrume_4
Derivative financial instruments - Effects on Comprehensive Loss Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 664,862 | $ 630,834 |
Total other comprehensive income | 2,677 | 2,660 |
Ending balance | 672,534 | 679,597 |
Interest rate swaps | Interest expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Effects on Income Statement | 3,013 | (5,715) |
Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 2,895 | 14,632 |
Change in fair value | 0 | 0 |
Reclassification from AOCI to interest expense | (2,895) | (2,894) |
Total other comprehensive income | (2,895) | (2,894) |
Ending balance | $ 0 | $ 11,738 |
Derivative financial instrume_5
Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Interest rate swaps | Derivative Liabilities for Ineffective Hedges | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 0 | $ 3,510 |
Fair value of financial instr_3
Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair value measurements on a recurring basis | ||
Interest rate swap | $ 0 | $ 3,510 |
Fair value measurements on a recurring basis | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Interest rate swap | 3,510 | |
Fair value measurements on a recurring basis | Level 1 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Interest rate swap | 0 | |
Fair value measurements on a recurring basis | Level 2 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Interest rate swap | 3,510 | |
Fair value measurements on a recurring basis | Level 3 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Interest rate swap | $ 0 |
Fair value of financial instr_4
Fair value of financial instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - Term Loan - Medium-term Notes - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2022 Term Loan | $ 1,058,841 | $ 1,059,796 |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2022 Term Loan | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2022 Term Loan | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2022 Term Loan | $ 1,110,079 | $ 1,114,860 |
Fair value of financial instr_5
Fair value of financial instruments - Valuation Techniques (Details) | Mar. 31, 2023 |
Interest rate swap | Forecasted LIBOR | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input threshold | 0.0285 |
Other balance sheet items - Sch
Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Gross trade and other receivables | $ 74,620 | $ 63,396 | |
Allowance for doubtful accounts | (352) | (450) | $ (47,400) |
Trade and other receivables, net | 74,268 | 62,946 | |
Allowance for doubtful accounts | $ 352 | $ 450 | $ 47,400 |
Other balance sheet items - S_2
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 10,237 | $ 12,683 |
Prepaid income taxes | 10,735 | 11,809 |
Prepaid other taxes | $ 4,465 | $ 4,539 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total prepayments and other assets | Total prepayments and other assets |
Operating lease right-of-use assets | $ 2,791 | $ 2,968 |
Key money | 6,670 | 6,735 |
Other assets | 6,060 | 5,443 |
Total prepayments and other assets | $ 40,958 | $ 44,177 |
Other balance sheet items - Nar
Other balance sheet items - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Impairment losses | $ 0 | |
Amortization expense for intangible assets | $ 400,000 | $ 400,000 |
Other balance sheet items - S_3
Other balance sheet items - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill [Roll Forward] | ||
Gross carrying value | $ 87,610 | $ 87,610 |
Accumulated impairment losses | (25,956) | (25,956) |
Goodwill, total | 61,654 | 61,654 |
Yucatán Peninsula | ||
Goodwill [Roll Forward] | ||
Gross carrying value | 51,731 | 51,731 |
Accumulated impairment losses | (6,168) | (6,168) |
Goodwill, total | 45,563 | 45,563 |
Pacific Coast | ||
Goodwill [Roll Forward] | ||
Gross carrying value | 0 | 0 |
Accumulated impairment losses | 0 | 0 |
Goodwill, total | 0 | 0 |
Dominican Republic | ||
Goodwill [Roll Forward] | ||
Gross carrying value | 0 | 0 |
Accumulated impairment losses | 0 | 0 |
Goodwill, total | 0 | 0 |
Jamaica | ||
Goodwill [Roll Forward] | ||
Gross carrying value | 35,879 | 35,879 |
Accumulated impairment losses | (19,788) | (19,788) |
Goodwill, total | $ 16,091 | $ 16,091 |
Other balance sheet items - S_4
Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total accumulated amortization | $ (7,459) | $ (7,093) |
Indefinite-lived Intangible Assets [Line Items] | ||
Total gross carrying value | 13,752 | 13,649 |
Total net carrying value | 6,293 | 6,556 |
Casino and other licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 875 | 875 |
Management contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite-lived intangible assets | 1,900 | 1,900 |
Total accumulated amortization | (451) | (428) |
Net carrying value, finite-lived intangible assets | 1,449 | 1,472 |
Enterprise resource planning system | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite-lived intangible assets | 6,375 | 6,375 |
Total accumulated amortization | (2,997) | (2,771) |
Net carrying value, finite-lived intangible assets | 3,378 | 3,604 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite-lived intangible assets | 4,602 | 4,499 |
Total accumulated amortization | (4,011) | (3,894) |
Net carrying value, finite-lived intangible assets | $ 591 | $ 605 |
Other balance sheet items - S_5
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Trade and Other Payables [Line Items] | |||
Trade payables | $ 27,743 | $ 28,422 | |
Advance deposits | 74,953 | 83,262 | $ 62,600 |
Withholding and other taxes payable | 23,115 | 31,111 | |
Interest payable | 4,112 | 3,996 | |
Payroll and related accruals | 20,771 | 29,273 | |
Accrued expenses and other payables | 50,000 | 55,588 | |
Total trade and other payables | 200,694 | $ 231,652 | |
Hurricane Fiona | |||
Trade and Other Payables [Line Items] | |||
Repair and clean up expense | $ 25,300 |
Other balance sheet items - S_6
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Pension obligation | $ 9,043 | $ 7,777 | |
Operating lease liabilities | 3,286 | 3,472 | |
Unfavorable ground lease liability | 1,830 | 1,857 | |
Key money | 15,104 | 15,362 | |
Other | 1,886 | 2,217 | |
Total other liabilities | 31,149 | $ 30,685 | |
Service cost | 300 | $ 200 | |
Non-service cost components of net periodic pension cost (benefit) | $ 900 | $ 400 |
Business segments - Schedule of
Business segments - Schedule of Net Revenue and Reconciliation to Gross Revenue (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 4 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 273,802 | $ 219,574 |
Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,929 | 1,057 |
Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 3,534 | 1,952 |
The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 726 | 296 |
Operating Segments | Segment owned revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 261,009 | 211,661 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 91,025 | 70,408 |
Operating Segments | Yucatán Peninsula | Segment owned revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 88,748 | 68,629 |
Operating Segments | Yucatán Peninsula | Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 38 | 30 |
Operating Segments | Yucatán Peninsula | Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Yucatán Peninsula | The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 41,550 | 29,844 |
Operating Segments | Pacific Coast | Segment owned revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 40,515 | 29,104 |
Operating Segments | Pacific Coast | Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Pacific Coast | Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Pacific Coast | The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 68,769 | 69,709 |
Operating Segments | Dominican Republic | Segment owned revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 68,769 | 69,664 |
Operating Segments | Dominican Republic | Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Dominican Republic | Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Dominican Republic | The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 67,080 | 47,124 |
Operating Segments | Jamaica | Segment owned revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 62,977 | 44,264 |
Operating Segments | Jamaica | Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Operating Segments | Jamaica | Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,337 | 998 |
Operating Segments | Jamaica | The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 0 | 0 |
Segment Reconciling Items | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 564 | 211 |
Segment Reconciling Items | Management fees | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,929 | 1,057 |
Segment Reconciling Items | Cost reimbursements | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 3,534 | 1,952 |
Segment Reconciling Items | Compulsory tips | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 6,040 | 4,397 |
Segment Reconciling Items | The Playa Collection | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 726 | $ 296 |
Business segments - Schedule _2
Business segments - Schedule of Owned Resort EBITDA, Adjusted EBITDA and Reconciliation to Net (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Owned Resort EBITDA | ||
Adjusted EBITDA | $ 98,489 | $ 76,943 |
Interest expense | (29,666) | (9,168) |
Depreciation and amortization | (19,191) | (19,500) |
Loss on sale of assets | (13) | 0 |
Other income (expense) | 232 | (514) |
Non-service cost components of net periodic pension cost | (900) | (400) |
Net (loss) income before tax | 47,535 | 44,361 |
Income tax provision | (4,816) | (1,614) |
Net income | 42,719 | 42,747 |
Operating Segments | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 109,389 | 87,537 |
Operating Segments | Yucatán Peninsula | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 37,936 | 29,458 |
Operating Segments | Pacific Coast | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 17,523 | 12,544 |
Operating Segments | Dominican Republic | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 26,849 | 28,377 |
Operating Segments | Jamaica | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 27,081 | 17,158 |
Corporate, Non-Segment | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | (13,555) | (11,947) |
Segment Reconciling Items | ||
Owned Resort EBITDA | ||
Interest expense | (29,666) | (9,168) |
Depreciation and amortization | (19,191) | (19,500) |
Loss on sale of assets | (13) | 0 |
Other income (expense) | 232 | (514) |
Repairs from hurricanes and tropical storms | 861 | 0 |
Share-based compensation | (3,166) | (3,356) |
Other tax expense | 0 | (240) |
Transaction expenses | (863) | (191) |
Non-service cost components of net periodic pension cost | 852 | 387 |
Segment Reconciling Items | The Playa Collection | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | 726 | 296 |
Segment Reconciling Items | Management fees | ||
Owned Resort EBITDA | ||
Adjusted EBITDA | $ 1,929 | $ 1,057 |
Business segments - Schedule _3
Business segments - Schedule of Segment Property and Equipment and Reconciliation to Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | $ 2,085,941 | $ 2,076,761 |
Accumulated depreciation | (558,753) | (540,194) |
Property and equipment, net | 1,527,188 | 1,536,567 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 2,080,388 | 2,071,334 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 678,578 | 676,218 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 292,316 | 291,372 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 694,314 | 690,181 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 415,180 | 413,563 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | $ 5,553 | $ 5,427 |
Business segments - Schedule _4
Business segments - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 9,514 | $ 4,400 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 9,388 | 4,348 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 2,741 | 1,265 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 946 | 1,152 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 3,895 | 946 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 1,806 | 985 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 126 | $ 52 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) derivativeContract $ / shares shares | Apr. 15, 2023 USD ($) derivativeInstrument | Feb. 09, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Subsequent Event [Line Items] | |||||
Repurchase of ordinary shares (in shares) | shares | 4,974,132 | ||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 8.17 | ||||
Remaining authorized amount under share repurchase program | $ 169.2 | ||||
Amount of ordinary shares reauthorized for repurchase | $ 200 | $ 100 | |||
Interest rate swaps | |||||
Subsequent Event [Line Items] | |||||
Number of interest rate swap contracts | derivativeContract | 2 | ||||
Fixed rate (in percent) | 2.85% | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Repurchase of ordinary shares (in shares) | shares | 2,147,034 | ||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 9.29 | ||||
Remaining authorized amount under share repurchase program | $ 149.3 | ||||
Subsequent Event | Interest rate swaps | |||||
Subsequent Event [Line Items] | |||||
Number of interest rate swap contracts | derivativeInstrument | 2 | ||||
Subsequent Event | Interest Rate Swap, April 15, 2026 | |||||
Subsequent Event [Line Items] | |||||
Notional amount | $ 275 | ||||
Fixed rate (in percent) | 3.71% | ||||
Subsequent Event | Interest Rate Swap, April 15, 2025 | |||||
Subsequent Event [Line Items] | |||||
Notional amount | $ 275 | ||||
Fixed rate (in percent) | 4.05% |