FAIRFAX, Va., May 5, 2025 /PRNewswire/ -- Playa Hotels & Resorts N.V. (the "Company" or "Playa") (NASDAQ: PLYA) today announced results of operations for the three months ended March 31, 2025.Three Months Ended March 31, 2025 Results Net Income was $43.1 million compared to $54.3 million in 2024 Adjusted Net Income(1) was $46.7 million compared to $55.2 million in 2024 Net Package RevPAR increased 1.4% over 2024 to $433.20, driven by a 4.6% increase in Net Package ADR; partially offset by a 2.6 percentage p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ FORM 10-Q _______________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. COMMISSION FILE NO. 1-38012 Playa Hotels & Resorts N.V. (Exact name of registrant as specified in its c ...

Financial Performance - Net Income for Q1 2025 was $43.1 million, down from $54.3 million in Q1 2024, representing a decrease of 20.0%[5] - Adjusted Net Income decreased to $46.7 million from $55.2 million in the previous year, a decline of 15.4%[5] - Total Net Revenue for Q1 2025 was $263.9 million, down 9.2% from $290.5 million in Q1 2024[6] - Owned Net Revenue decreased by 8.8% to $261.3 million compared to $286.5 million in the previous year[6] - Total revenue for Q1 2025 was $267.3 million, a decrease of 11.1% compared to $300.6 million in Q1 2024[45] - Operating income for Q1 2025 was $65.6 million, down 27.4% from $90.3 million in Q1 2024[45] - Basic earnings per share for Q1 2025 was $0.35, compared to $0.40 in Q1 2024, reflecting a decrease of 12.5%[45] - The company reported a diluted earnings per share of $0.34 for Q1 2025, down from $0.39 in Q1 2024[41] EBITDA and Margins - Owned Resort EBITDA decreased by 10.0% to $111.7 million, with an EBITDA Margin of 42.7%, down 0.6 percentage points from 2024[5] - Adjusted EBITDA fell by 11.9% to $99.9 million, with an Adjusted EBITDA Margin of 37.9%, a decrease of 1.2 percentage points[5] - Comparable Owned Resort EBITDA for Q1 2025 was $97,564,000, compared to $101,763,000 in Q1 2024[38] - Owned Resort EBITDA for the three months ended March 31, 2025 decreased by $1.1 million, or 2.7%, compared to the same period in 2024, impacted by increased labor expenses and a decrease in Net Package ADR[50] - Owned Resort EBITDA Margin for the three months ended March 31, 2025 was 41.8%, an increase of 0.1 percentage points compared to the same period in 2024, positively impacted by the depreciation of the Mexican Peso[50] Revenue Breakdown - The Playa Collection Revenue increased by 42.1% to $1.4 million, while Management Fee Revenue decreased by 64.7% to $895,000[6] - Non-comparable Total Net Revenue for Q1 2025 was $36,659,000, compared to $58,289,000 in Q1 2024[39] - Owned Net Revenue for the three months ended March 31, 2025 decreased by $2.8 million, or 2.9%, compared to the same period in 2024, driven by a decrease in Occupancy of 0.1 percentage points and a decrease in Net Non-package Revenue of $0.9 million, or 8.3%[50] - Owned Net Revenue for the Pacific Coast for the three months ended March 31, 2025 decreased by $9.2 million, or 20.9%, due to ongoing renovations, with a decrease in Occupancy of 19.7 percentage points[53] - Comparable Owned Net Revenue for the Dominican Republic for the three months ended March 31, 2025 increased by $6.4 million, or 8.6%, driven by an increase in Occupancy of 2.9 percentage points[53] - Comparable Owned Net Revenue for Jamaica for the three months ended March 31, 2025 decreased by $7.2 million, or 12.5%, despite an increase in Occupancy of 2.1 percentage points[56] Cash and Debt Position - As of March 31, 2025, the Company held $265.4 million in cash and cash equivalents, with total interest-bearing debt of $1,075.3 million[10] - Net debt as of March 31, 2025, was $809.9 million, after accounting for cash and cash equivalents of $265.4 million[47] - The company had $225 million available under its revolving credit facility as of March 31, 2025[47] - The effective interest rate on the Term Loan due 2029 was 7.07% as of March 31, 2025[47] Assets and Liabilities - Total assets as of March 31, 2025, increased to $1.86 billion from $1.82 billion as of December 31, 2024, representing a growth of 2.5%[43] - Total liabilities decreased slightly to $1.33 billion as of March 31, 2025, from $1.34 billion as of December 31, 2024[43] - Shareholders' equity increased to $529.7 million as of March 31, 2025, up from $481.9 million as of December 31, 2024[43] Transaction Expenses - The company incurred transaction expenses of $3,373,000 in Q1 2025, up from $1,037,000 in Q1 2024[41] Regional Performance - Comparable Owned Resort EBITDA for the Dominican Republic for the three months ended March 31, 2025 increased by $3.9 million, or 10.5%, compared to the same period in 2024[53] - Comparable Owned Resort EBITDA Margin for Jamaica for the three months ended March 31, 2025 decreased by 7.7 percentage points, primarily due to a travel advisory issued by the United States government[56] - Net Non-package Revenue per sold room for the Dominican Republic increased by 16.5% compared to the same period in 2024, driven by higher realized fees related to cancellations and an increase in events revenue[53]

Group 1 - Playa Hotels & Resorts N.V. plans to release its first quarter 2025 financial results on May 5, 2025, after market close [1] - The company will not host a conference call in conjunction with the financial results release due to a proposed transaction with Hyatt Hotels Corporation [1] Group 2 - Playa Hotels & Resorts N.V. is a leading owner, operator, and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica, and the Dominican Republic [2] - The company currently owns and/or manages a total portfolio of 22 resorts, comprising 8,342 rooms under various brands including Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, and others [2] - Playa leverages its expertise in all-inclusive resort operations and relationships with recognized hospitality brands to enhance guest experience and drive repeat business [2]

These renovations, which feature refreshed accommodations, dining experiences, and more, elevate the guest experienceFORT LAUDERDALE, Fla., April 8, 2025 /PRNewswire/ -- Playa Hotels & Resorts N.V. (NASDAQ: PLYA, Playa), a leading owner and operator of all-inclusive resorts in Mexico and the Caribbean, has completed transformative renovations at Hyatt Ziva Puerto Vallarta, part of Hyatt Hotels Corporation's Inclusive Collection. With a $20 million investment, these enhancements elevate the guest experience ...

Financial Data and Key Metrics Changes - Playa Hotels & Resorts reported owned resort EBITDA of $67.1 million in Q4 2024, benefiting from business interruption insurance proceeds of approximately $1.1 million compared to $900,000 in Q4 2023 [8] - Underlying owned resort EBITDA growth was down approximately 15% in Q4 2024 for the total portfolio and down approximately 17.5% for the legacy portfolio, both improving sequentially [10] - Fiscal year 2024 adjusted EBITDA was $258 million, in line with the forecast shared at the beginning of the year [16] Business Line Data and Key Metrics Changes - In the Yucatan, occupancy declined 70 basis points year over year, with underlying EBITDA growth of approximately negative 4% [11] - The Dominican Republic segment saw both occupancy and ADR increase year over year in Q4, driving approximately positive 9% underlying profit growth after adjusting for business interruption proceeds [14] - Jamaica experienced a 16% RevPAR decline, improving from a negative 30% decline in Q3, resulting in a material 50% decline in resort EBITDA [15] Market Data and Key Metrics Changes - The guest segmentation showed that 47.6% of Playa owned and managed transient revenues were booked direct, up 30 basis points year over year [18] - The recovery of Canadian guest segmentation versus pre-pandemic levels remains near 80%, while the American guest mix is roughly back to pre-pandemic levels [20] Company Strategy and Development Direction - The company entered into an agreement with Hyatt Hotels Corporation for a cash acquisition of $13.50 per share, which the board recommended in favor of, recognizing the value creation efforts of Playa associates [7] - Direct sourcing mix has improved by over 20 percentage points compared to 2019, providing a competitive advantage in the post-pandemic era [20] Management Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter results exceeded expectations due to strong demand across all segments, with a phenomenal holiday season as demand normalized post-Hurricane Barrel [8] - The company faced challenges from construction disruption in the Pacific Coast and a travel advisory on the Jamaican segment, impacting overall performance [11] Other Important Information - Capital expenditures in 2024 came in lower than anticipated, and the company repurchased approximately $25 million worth of Playa stock during Q4, totaling approximately $376 million since resuming the program in September 2022 [21] Summary of Q&A Session - There was no Q&A session during this earnings call due to the focus on the potential transaction with Hyatt [3]

Core Insights - Playa Hotels & Resorts reported quarterly earnings of $0.08 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, and up from $0.04 per share a year ago [1] - The earnings surprise of 100% indicates strong performance, especially as the company had previously been expected to post a loss of $0.19 per share [2] - The company achieved revenues of $218.94 million for the quarter, surpassing the Zacks Consensus Estimate by 3.09%, although this is a decrease from $242.52 million in the same quarter last year [3] Earnings Performance - Playa Hotels has consistently surpassed consensus EPS estimates over the last four quarters [2] - The stock has gained approximately 5.2% since the beginning of the year, outperforming the S&P 500's gain of 1.7% [4] Future Outlook - The earnings outlook for Playa Hotels is favorable, with current consensus EPS estimates of $0.41 on revenues of $265.07 million for the upcoming quarter, and $0.49 on revenues of $868.35 million for the current fiscal year [8] - The company currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for continued outperformance in the near future [7] Industry Context - The Hotels and Motels industry is currently ranked in the bottom 33% of over 250 Zacks industries, which may impact stock performance [9] - Another company in the same industry, Hilton Grand Vacations, is expected to report a year-over-year earnings decline of 24.8% in its upcoming results [10]

Acquisition and Corporate Structure - Hyatt Purchase Agreement involves a cash tender offer of $13.50 per share for all outstanding ordinary shares, leading to Playa ceasing to be a publicly traded company[31]. - The proposed acquisition by Hyatt Hotels Corporation involves a cash tender offer of $13.50 per share for all outstanding ordinary shares of Playa[360]. Revenue and Financial Performance - For the year ended December 31, 2024, $845.1 million, or 93.4% of Total Net Revenue, was generated from resorts under Hyatt, Hilton, and Wyndham brands[32]. - Total revenue for 2024 was $938,569,000, a decrease of 3.96% from $977,504,000 in 2023[345]. - Package revenue for 2024 was $796.487 million, up from $824.122 million in 2023, indicating a decrease of about 3.4%[402]. - Non-package revenue for 2024 was $118.640 million, compared to $121.422 million in 2023, reflecting a decline of approximately 2.3%[402]. - Revenue from operations in the Dominican Republic was net of statutory withholdings for government-mandated compulsory tips amounting to $8.6 million, $8.1 million, and $8.2 million for the years ended December 31, 2024, 2023, and 2022, respectively[374]. Net Income and Earnings - Net income for 2024 increased to $73,813,000, up 37.06% from $53,852,000 in 2023[348]. - Earnings per share (EPS) for 2024 was $0.57, compared to $0.36 in 2023, reflecting a 58.33% increase[345]. - Net income before tax for 2024 was $81,766, an increase of 24.6% from $65,566 in 2023[416]. - Comprehensive income for 2024 was $63,742,000, compared to $61,949,000 in 2023, indicating a slight increase[348]. Expenses and Liabilities - The company's cash and cash equivalents decreased to $189.3 million in 2024 from $272.5 million in 2023, a reduction of about 30.5%[342]. - Total liabilities decreased to $1,341.2 million in 2024 from $1,378.9 million in 2023, a decrease of approximately 2.7%[342]. - Interest expense decreased to $89,364,000 in 2024 from $108,184,000 in 2023, a reduction of 17.39%[345]. - The company reported a net accumulated deficit of $345.3 million as of December 31, 2024, improving from $419.1 million in 2023[342]. Assets and Equity - As of December 31, 2024, total assets decreased to $1,823.1 million from $1,933.7 million in 2023, representing a decline of approximately 5.7%[342]. - Shareholders' equity decreased to $481.9 million in 2024 from $554.8 million in 2023, reflecting a decline of about 13.1%[342]. - The company's total liabilities and shareholders' equity remained balanced at $1,823.1 million in 2024, consistent with total assets[342]. Operational Efficiency and Strategy - The company has developed an integrated and scalable operating platform to improve efficiency across its 24 managed resorts[34]. - The company aims to capitalize on internal growth opportunities through renovations and repositioning of existing resorts to improve guest experience and occupancy[36]. - Approximately 40% of total Playa-managed room nights were direct stays in 2024, indicating a strong direct booking strategy[38]. - Direct bookings through the company's website generated $122.2 million, or 13.7% of Owned Net Revenue, compared to $47.4 million in 2019[34]. Sustainability and Corporate Responsibility - The company's ESG Committee focuses on sustainability and corporate social responsibility, aiming to reduce environmental impact and drive stakeholder value[39]. - Playa's environmental sustainability program, Playa Green, aims to decrease water and energy consumption, reduce waste, and support environmental conservation[42]. - All 16 owned resorts are Green Globe certified as of December 31, 2024, with three managed resorts either certified or in the certification process[44]. Employment and Workplace Culture - As of December 31, 2024, Playa directly and indirectly employed approximately 13,000 employees worldwide, with 5,900 in Mexico, 4,100 in the Dominican Republic, and 2,900 in Jamaica[51]. - The company emphasizes employee training and benefits to foster a compassionate workplace environment, with ongoing training on safety and anti-discrimination[46]. Competition and Market Conditions - Playa's resorts face intense competition from other all-inclusive operators and traditional hotels, with brand recognition and guest satisfaction being key competitive factors[52][53]. - The lodging industry is highly cyclical, with performance fluctuations largely influenced by economic conditions and new hotel supply[56]. Debt and Financial Instruments - Approximately 49% of Playa's outstanding indebtedness bore interest at floating rates as of December 31, 2024, with a Term Loan due 2029 incurring interest based on SOFR plus a margin of 2.75%[314]. - The company’s Term Loan due 2029 had an effective interest rate of 7.11% as of December 31, 2024[465]. - The Revolving Credit Facility bears interest at a margin ranging from 2.25% to 2.75% or SOFR plus a margin of 3.25% to 3.75%, depending on the consolidated secured net leverage ratio[468]. Taxation and Deferred Tax Assets - The effective tax rate for 2024 was 9.7%, significantly lower than the 17.9% effective tax rate in 2023[418][419]. - Deferred income tax assets increased due to the valuation allowance, reflecting the company's assessment of future taxable income[428]. - The company reported approximately $508.5 million in foreign net operating loss carryforwards and $9.8 million in U.S. federal and state net operating loss carryforwards as of December 31, 2024[430].

Core Viewpoint - Playa Hotels & Resorts N.V. reported its operational results for the fourth quarter and the full year of 2024, highlighting a mixed performance influenced by external factors such as Hurricane Beryl and foreign currency fluctuations, while also announcing a tender offer from Hyatt Hotels Corporation for its shares at $13.50 each [1][7]. Financial and Operating Results - For the three months ended December 31, 2024, occupancy increased to 74.0% from 72.9% in 2023, with a net package average daily rate (ADR) of $439.94, up 6.4% year-over-year [8][9]. - Total net revenue for Q4 2024 was $210.3 million, a decrease of 7.4% compared to $227.1 million in Q4 2023 [8][10]. - Net income for Q4 2024 was $9.0 million, significantly higher than $1.0 million in the same quarter of 2023, while adjusted net income rose to $9.8 million from $6.0 million [9][10]. - For the year ended December 31, 2024, net income was $73.8 million, compared to $53.9 million in 2023, with adjusted net income increasing to $81.2 million from $66.3 million [9][10]. Adjusted EBITDA and Margins - Adjusted EBITDA for Q4 2024 decreased by 8.3% to $55.8 million, with an adjusted EBITDA margin of 26.5%, down 0.3 percentage points from 2023 [9][10]. - For the full year 2024, adjusted EBITDA was $258.0 million, a decline of 5.1% from $271.9 million in 2023, with an adjusted EBITDA margin of 28.5%, down 0.6 percentage points year-over-year [9][10]. Impact of External Factors - The company faced challenges due to Hurricane Beryl, which negatively impacted results in Jamaica, leading to a year-over-year decline in adjusted EBITDA for 2024 [6][9]. - Foreign currency fluctuations provided a tailwind, helping to offset some of the construction disruptions related to renovations on the Pacific Coast [6][9]. Shareholder Transaction - Playa's Board of Directors approved a tender offer from Hyatt Hotels Corporation for all outstanding shares at $13.50 per share, which the executive team believes is an attractive outcome for stakeholders [7][9]. Balance Sheet Overview - As of December 31, 2024, the company held $189.3 million in cash and cash equivalents, with total interest-bearing debt of $1,078.0 million [14].

Financial Performance - Net Income for Q4 2024 was $9.0 million, up from $1.0 million in Q4 2023, while Adjusted Net Income increased to $9.8 million from $6.0 million[4] - For the full year 2024, Net Income rose to $73.8 million compared to $53.9 million in 2023, with Adjusted Net Income increasing to $81.2 million from $66.3 million[6] - Total revenue for the year ended December 31, 2024, was $938,569,000, down from $977,504,000 in 2023, reflecting a decrease of approximately 4%[43] - Adjusted EBITDA for the year ended December 31, 2024, was $258,049,000, compared to $271,947,000 in 2023, indicating a decline of about 5%[45] - Net income for the year ended December 31, 2024, was $73.8 million, up 37.1% from $53.9 million in 2023[49] - The company reported a basic earnings per share of $0.57 for 2024, compared to $0.36 in 2023, reflecting a 58.3% increase[49] Revenue and Occupancy Metrics - Net Package RevPAR for Q4 2024 increased by 8.0% to $325.50, driven by a 6.4% rise in Net Package ADR and a 1.1 percentage point increase in Occupancy[4] - The occupancy rate for the total portfolio in Q4 2024 was 74.0%, an increase of 1.1 percentage points from 72.9% in Q4 2023[53] - The net package average daily rate (ADR) increased by 6.4% to $439.94 in Q4 2024, compared to $413.66 in Q4 2023[53] - Owned Net Revenue for the year ended December 31, 2024 increased by $11.3 million, or 3.7%, driven by a 2.5% increase in Net Package ADR and an 11.1% increase in Net Non-package Revenue[65] - Owned Net Revenue for the year ended December 31, 2024 decreased by $15.8 million, or 11.2%, compared to 2023, primarily due to an 8.5 percentage point decrease in Occupancy and a 1.4% decrease in Net Package ADR[68] EBITDA and Margins - Owned Resort EBITDA for Q4 2024 decreased by 8.8% to $67.1 million, with an EBITDA Margin of 32.4%, down 0.5 percentage points from 2023[4] - Adjusted EBITDA for Q4 2024 was $55.8 million, a decrease of 8.3% year-over-year, with an Adjusted EBITDA Margin of 26.5%, down 0.3 percentage points[4] - For the full year 2024, Owned Resort EBITDA decreased by 5.0% to $302.8 million, with an EBITDA Margin of 34.0%, down 0.6 percentage points from 2023[6] - Owned Resort EBITDA Margin for the year ended December 31, 2024 was 34.5%, an increase of 0.3 percentage points compared to the previous year, with a negative impact of 100 basis points from increased labor and related expenses[65] - Comparable Owned Resort EBITDA for Q4 2024 was $59,147,000, down from $63,324,000 in Q4 2023, a decrease of approximately 7%[42] Cash and Debt Position - As of December 31, 2024, the company held $189.3 million in cash and cash equivalents, with total interest-bearing debt of $1,078.0 million[13] - The total debt as of December 31, 2024, was $1,078 million, with a net debt of $888.7 million after accounting for cash and cash equivalents[51] - Cash and cash equivalents decreased to $189,278,000 as of December 31, 2024, from $272,520,000 in 2023, a decline of about 30%[47] - The effective interest rate on the term loan was 7.11% as of December 31, 2024[51] - The company had $225 million available in undrawn balances as of December 31, 2024[51] Strategic Developments - The company announced a tender offer from Hyatt Hotels Corporation for all outstanding shares at $13.50 per share, which is supported by the Playa executive team[9] - Forward-looking statements reflect the company's expectations and involve risks and uncertainties that could cause actual results to differ materially[18] Revenue Breakdown - Total Net Revenue includes Net Package Revenue, Net Non-package Revenue, Management Fee Revenue, and other revenues, with cost reimbursements excluded as they do not impact operating income[26] - Net Package Revenue is derived from the sale of all-inclusive packages, which include room accommodations, food and beverage services, and entertainment activities[22] - Management Fee Revenue was a minor contributor to operating results for the three months and years ended December 31, 2024 and 2023[25] Regional Performance - Owned Net Revenue for Jamaica for the year ended December 31, 2024 decreased by $30.3 million, or 13.8%, due to a travel advisory and Hurricane Beryl, resulting in a 6.3 percentage point decrease in Occupancy[70] - Owned Resort EBITDA for Jamaica for the year ended December 31, 2024 decreased by $29.2 million, or 36.2%, reflecting the adverse effects of external disruptions[70]