Playa Hotels & Resorts(PLYA) - 2025 Q1 - Quarterly Results

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]