Multisitio 2

MORRISTOWN, N.J., March 4, 2021 /PRNewswire/ — Covanta Holding Corporation (NYSE: CVA) («Covanta») today announced that the Board of Directors has declared a quarterly cash dividend of $0.08 per share, payable on April 9^th, 2021 to stockholders of record as of the close of business on March 25^th, 2021.

About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions.  Annually, Covanta’s modern Waste-to-Energy («WtE») facilities safely convert approximately 21 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today’s most complex environmental challenges. For more information, visit covanta.com.

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SOURCE Covanta Holding Corporation

SEATTLE, March 4, 2021 /PRNewswire/ — ClearSign Technologies Corporation (Nasdaq: CLIR) («ClearSign» or the «Company»), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announced today that Judith Schrecker has been appointed to its Board of Directors.   

Ms. Schrecker brings more than 40 years of financial and operating leadership and board participation with broad international experience.  Most recently Ms. Schrecker was VP of Finance of Flat Rolled Products at ATI Metals Inc., a Global manufacturer of technically advanced specialty materials and complex components, overseeing revenues of over $1B.  Prior to that Ms. Schrecker was Chief Financial Officer of Alcoa’s Global Rolled Products business and a member of the executive council of the company. Under her leadership, the Global Rolled Products business achieved historically high profitability.  Ms. Schrecker previously served on the boards of Finacity Corporation and Dress for Success Worldwide.  She attended the University of Pittsburg Graduate School of Public and International Affairs along with a Bachelor of Arts (B.A.) in History, Economics, and Latin American Studies from Temple University.  Additionally, Ms. Schrecker is a 2020 Exceptional Women Awardees Foundation (EWA) recipient.    

«We welcome Judy to the ClearSign Board,» said Jim Deller, Ph. D, CEO of ClearSign.  «Judy is known for excellent track record of success in business, for being strategically focused and for being an energetic and effective change agent. Judy has worked for corporate and operating businesses to drive historically high financial results which has built her reputation as an inspiring, dynamic, and proactive leader.  We look forward to her contribution and collaboration,» continued Dr. Deller. 

About ClearSign Technologies Corporation

ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™ and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.

Cautionary note on forward-looking statements

All statements in this press release that are not based on historical fact are «forward-looking statements.» You can find many (but not all) of these statements by looking for words such as «approximates,» «believes,» «hopes,» «expects,» «anticipates,» «estimates,» «projects,» «intends,» «plans,» «would,» «should,» «could,» «may,» «will» or other similar expressions. While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and adopted and other factors identified in our Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at www.sec.gov and other factors that are detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.

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SOURCE ClearSign Technologies Corporation

FAIRFAX, Va., March 4, 2021 /PRNewswire/ — Playa Hotels & Resorts N.V. (the «Company») (NASDAQ: PLYA) today announced results of operations for the three months and year ended December 31, 2020.

The following table presents the quarterly results for our total portfolio and for our open resorts:

The following table presents quarterly segment results for our total portfolio and for our open resorts:

Three Months Ended December 31, 2020 Results

• Net Loss was $73.8 million compared to a Net Loss of $17.9 million in 2019. Net Loss for the three months ended December 31, 2020 includes $13.3 million of goodwill and property and equipment impairment losses and a $1.1 million provision for doubtful accounts.
• Adjusted Net Loss⁽¹⁾was $58.4 million compared to an Adjusted Net Loss of $9.9 million in 2019.
• Owned Resort EBITDA decreased 117.2% over 2019 to $(4.9) million.
• Adjusted EBITDA decreased 169.8% over 2019 to $(14.0) million, which includes a $1.1 million provision for doubtful accounts.

Year Ended December 31, 2020 Results

• Net Loss was $262.4 million compared to Net Loss of $4.4 million in 2019. Net Loss for the year ended December 31, 2020 includes $55.6 million of goodwill and property and equipment impairment losses, a $2.0 million loss on sale of assets, a $3.1 million provision for doubtful accounts and a $3.0 million gain on insurance proceeds.
• Adjusted Net Loss⁽¹⁾was $194.2 million compared to Adjusted Net Income of $8.7 million in 2019.
• Owned Resort EBITDA decreased 92.4% over 2019 to $14.1 million.
• Adjusted EBITDA decreased 114.1% over 2019 to $(21.2) million, which includes a $3.1 million provision for doubtful accounts.

 

«Though the COVID-19 pandemic caused unprecedented disruption for the travel industry over the past year, the strong improvement in demand into the holiday period in December really speaks to the pent-up demand following a year of restricted travel and stress for so many around the world. While Mexico continued to perform relatively well, I am highly encouraged by the pick-up in demand we saw in the Dominican Republic as additional flight capacity was added into the destination.

We continue to focus on areas within our control and took meaningful steps to enhance our liquidity position to be able to better weather what is likely to be a volatile transition year. Our recent primary equity offering, extension of our Revolving Credit Facility, and sale of non-core assets will surely help navigate the uncertainties presented by the new CDC travel guidelines in the near term. Our world class team at our resorts has shown remarkable flexibility over the past year as travel conditions have changed, all while remaining disciplined with respect to margins, resulting in our underlying December cash burn showing meaningful improvement as demand and ADR picked up sequentially. This was no easy task and I am incredibly proud and thankful for every associate in the Playa family.

This will likely be a transition year as vaccines are distributed and travel restrictions begin to ease as we move through the year. We are working diligently to rethink our operations from top to bottom to put us in a position to emerge as the clear market leader in all of our destinations as the pent-up demand returns.«

– Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts

COVID Update

The COVID-19 pandemic and the public health measures that have been undertaken in response have had a significant adverse impact on the global economy, the travel and hospitality industries and our business starting in the first quarter of 2020. The effects of the COVID-19 pandemic, including related government restrictions, border closings, quarantines, «shelter-in-place» orders and «social distancing,» have significantly disrupted global leisure travel, and has adversely impacted global commercial activity, contributing to worldwide economic contraction and increased unemployment. We expect that the continuing economic fallout will create headwinds for leisure travel even after the current government restrictions are lifted.

Due to the spread of the COVID-19 pandemic and the associated restrictions placed on international travel, we temporarily suspended operations at all of our resorts in late March 2020 and subsequently began reopening our resorts on July 1, 2020. As of December 31, 2020, all of our resorts had reopened with the exception of the Capri Resort.

Our resorts account for all of our revenue. The suspension of operations at our resorts, and the severely reduced occupancy at the resorts that have reopened, has had a significant adverse effect on our liquidity. As of December 31, 2020, we had $146.9 million of available cash, excluding $25.9 million of restricted cash. We took the following measures during the 2020 fiscal year to mitigate the impact of the effects of the COVID-19 pandemic on our liquidity position:

• raised $224.0 million of additional capital during the second quarter of 2020 from affiliates of Davidson Kempner Capital Management LP («DK») in June 2020 in the form of $204.0 million of additional debt financing and $20.0 million of equity financing at $4.10 per share;
• sold the Jewel Dunn’s River Beach Resort & Spa and the Jewel Runaway Bay Beach Resort & Waterpark in May 2020 for a total cash consideration of $60.0 million;
• the temporary suspension of operations of all of our resorts during the second quarter of 2020 significantly reduced the variable cost components of our resort-level operating expenses, including resort franchise and franchise-related fees, management fees and expenses related to our resort employees;
• deferred all of our non-critical capital expenditures planned for 2020;
• adopted temporary voluntary senior executive salary reductions while the majority of our resorts were closed, and our Chief Executive Officer’s voluntary 100% salary reduction remained in place through December 31, 2020; and
• imposed temporary compensation cuts broadly throughout our corporate workforce and canceled all non-essential corporate travel and spending.

We have taken the following actions to improve our liquidity position thus far in 2021:

• raised $138.0 million, net of underwriting discounts, of additional capital in January 2021 through an underwritten public equity offering at $5.00 per share;
• paid down the outstanding balance under our Revolving Credit Facility in February 2021 and also amended and extended our existing facility, further extending the covenant waiver period were we to draw the credit line over 35%; and
• sold the Dreams Puerto Aventuras in February 2021 for a total cash consideration of $34.5 million.

In addition, we reduced the size of our Board of Directors in 2020 to align with the Company’s size and needs, and such reduction has reduced, and will continue to reduce, our expenses.

We cannot predict when the effects of the pandemic will subside, and thus we cannot predict whether our resorts will be permitted to remain open or when our business will return to normalized levels or even to break-even levels. There also can be no guarantee that when the effects of the pandemic subside that there will not be continuing resurgences of the virus or that the demand for lodging, and consumer confidence in travel generally, will recover as quickly as other industries. The longer and more severe the pandemic, and the actual occurrence or even the possibility of repeat or cyclical outbreaks of the virus beyond the one currently being experienced, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our indebtedness. See «Part I – Item 1A. Risk Factors» included in our Annual Report on Form 10-K for additional information.

Financial and Operating Results

The following table sets forth information with respect to the operating results of our total portfolio and comparable portfolio for the three months and years ended December 31, 2020 and 2019. Our comparable portfolio for the three months and year ended December 31, 2020 excludes the following resorts:

• Hilton La Romana All-Inclusive Resort and Hilton Playa del Carmen All-Inclusive Resort, which were under renovation in 2019;
• Jewel Runaway Bay Beach Resort & Waterpark and Jewel Dunn’s River Beach Resort & Spa, which were sold in May 2020; and
• Hyatt Ziva and Hyatt Zilara Cap Cana, a ground-up development opened November 2019.

Total Portfolio

Comparable Portfolio

Balance Sheet

As of December 31, 2020, the Company held $146.9 million in cash and cash equivalents, excluding $25.9 million of restricted cash. Total interest-bearing debt was $1,265.0 million, comprised of our Senior Secured Term Loan due 2024, our property loan due 2025 and the outstanding balance on our Revolving Credit Facility. Effective March 29, 2018, we entered into two interest rate swaps to fix LIBOR at 2.85% on $800.0 million of our variable rate Term Loan. As of December 31, 2020, there was $84.7 million outstanding on our Revolving Credit Facility. In connection with an additional credit facility entered into in June 2020, we terminated the remaining $15.0 million of unused capacity of our Revolving Credit Facility.

The following is a reconciliation of our cash and cash equivalents from September 30, 2020 through December 31, 2020:

Recent Events

On February 5, 2021, the Company entered into the Fifth Amendment to the Amended & Restated Credit Agreement (the «Fifth Amendment») to, among other things, extend the maturity of portions of our Revolving Credit Facility. The following terms of our Revolving Credit Facility were modified by the Fifth Amendment:

• Extended the maturity on $68.0 million of the $85.0 million to January 2024. The remaining $17.0 million matures in April 2022;
• Repaid the $84.7 million outstanding on our Revolving Credit Facility as a condition to maturity extension;
• Increased the interest rate on any future outstanding balances from L+300 bps to L+400 bps; and
• Extended the waiver (forgiveness period) to March 31, 2022.

Earnings Call

The Company will host a conference call to discuss its fourth quarter and annual results on Friday, March 5, 2021 at 10:00 a.m. (Eastern Daylight Time). The conference call can be accessed by dialing (888) 317-6003 for domestic participants and (412) 317-6061 for international participants. The conference ID number is 0510922. Additionally, interested parties may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on Friday, March 5, 2021. This replay will run through Friday, March 12, 2021. The access number for a taped replay of the conference call is (877) 344-7529 or (412) 317-0088 using the following conference ID number: 10152410. There will also be a webcast of the conference call accessible on the Company’s investor relations website at investors.playaresorts.com.

About the Company

Playa is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean. As of December 31, 2020, Playa owned and/or managed a total portfolio consisting of 21 resorts (8,172 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara Cancún, Hyatt Ziva Cancún, Panama Jack Resorts Cancún, Panama Jack Resorts Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta, Hyatt Ziva Los Cabos and Capri Resort. In Jamaica, Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Grande Montego Bay Resort & Spa and Jewel Paradise Cove Beach Resort & Spa. In the Dominican Republic, Playa owns and manages the Hilton La Romana All-Inclusive Family Resort, the Hilton La Romana All-Inclusive Adult Resort, Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana. Playa also owns three resorts in Mexico and the Dominican Republic that are managed by a third-party and Playa manages the Sanctuary Cap Cana in the Dominican Republic. We believe that the resorts we own and manage are among the finest all-inclusive resorts in the markets they serve. All of our resorts offer guests luxury accommodations, noteworthy architecture, extensive on-site activities and multiple food and beverage options. Our guests also have the opportunity to purchase upgrades from us such as premium rooms, dining experiences, wines and spirits and spa packages.

Forward-Looking Statements

This press release contains »forward-looking statements,» as defined by federal securities laws. Forward-looking statements reflect Playa’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words «believe,» «expect,» «anticipate,» «will,» «could,» «would,» «should,» «may,» «plan,» «estimate,» «intend,» «predict,» «potential,» «continue,» and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled «Risk Factors» in Playa’s Annual Report on Form 10-K, filed with the SEC on March 4, 2021, as such factors may be updated from time to time in Playa’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Playa’s filings with the SEC. Currently, some of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements are the adverse effects of the current COVID-19 pandemic on our financial condition, liquidity, results of operations and prospects, reductions in service by the airlines that service the locations where we own resorts, the short and longer-term demand for travel, the global economy and the local economies where we own resorts, and the financial markets. The extent to which the COVID-19 pandemic will continue to impact us and consumer behavior will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, continuing resurgences of the pandemic, government actions taken to contain the pandemic or mitigate its impact, the speed, effectiveness and distribution of vaccines and treatment therapies, and the direct and indirect economic effects of the pandemic and containment measures, including the magnitude of its impact on unemployment rates and consumer discretionary spending, among others. While forward-looking statements reflect Playa’s good faith beliefs, they are not guarantees of future performance. Playa disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Playa (or to third parties making the forward-looking statements).

Definitions of Non-U.S. GAAP Measures and Operating Statistics

Occupancy

«Occupancy» represents the total number of rooms sold for a period divided by the total number of rooms available during such period. The total number of rooms available excludes any rooms considered «Out of Order» due to renovation or a temporary problem rendering them inadequate for occupancy for an extended period of time. Occupancy is a useful measure of the utilization of a resort’s total available capacity and can be used to gauge demand at a specific resort or group of properties during a given period. Occupancy levels also enable us to optimize Net Package ADR (as defined below) by increasing or decreasing the stated rate for our all-inclusive packages as demand for a resort increases or decreases.

Net Package Average Daily Rate («Net Package ADR»)

«Net Package ADR» represents total Net Package Revenue for a period divided by the total number of rooms sold during such period. Net Package ADR trends and patterns provide useful information concerning the pricing environment and the nature of the guest base of our portfolio or comparable portfolio, as applicable. Net Package ADR is a commonly used performance measure in the all-inclusive segment of the lodging industry, and is commonly used to assess the stated rates that guests are willing to pay through various distribution channels.

Net Package Revenue per Available Room («Net Package RevPAR»)

«Net Package RevPAR» is the product of Net Package ADR and the average daily occupancy percentage. Net Package RevPAR does not reflect the impact of non-package revenue. Although Net Package RevPAR does not include this additional revenue, it generally is considered the key performance statistic in the all-inclusive segment of the lodging industry to identify trend information with respect to net room revenue produced by our portfolio or comparable portfolio, as applicable, and to evaluate operating performance on a consolidated basis or a regional basis, as applicable.

Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Management Fee Revenue, Cost Reimbursements and Total Net Revenue

«Net Package Revenue» is derived from the sale of all-inclusive packages, which include room accommodations, food and beverage services, kids club and entertainment activities, net of compulsory tips paid to employees. Government mandated compulsory tips in the Dominican Republic are not included in this adjustment, as they are already excluded from revenue. Revenue is recognized, net of discounts and rebates, when the rooms are occupied and/or the relevant services have been rendered. Advance deposits received from guests are deferred and included in trade and other payables until the rooms are occupied and/or the relevant services have been rendered, at which point the revenue is recognized.

«Net Non-package Revenue» represents all other revenues earned from the operations of our resorts, other than Net Package Revenue, net of compulsory tips paid to employees. Government mandated compulsory tips in the Dominican Republic are not included in this adjustment, as they are already excluded from revenue. Net Non-package Revenue includes revenue associated with guests’ purchases of upgrades, premium services and amenities, such as premium rooms, dining experiences, wines and spirits and spa packages, which are not included in the all-inclusive package. Revenue not included in a guest’s all-inclusive package is recognized when the goods are consumed.

«Owned Net Revenue» represents Net Package Revenue and Net Non-Package Revenue. Owned Net Revenue represents a key indicator to assess the overall performance of our business and analyze trends, such as consumer demand, brand preference and competition. In analyzing our Owned Net Revenues, our management differentiates between Net Package Revenue and Net Non-package Revenue. Guests at our resorts purchase packages at stated rates, which include room accommodations, food and beverage services and entertainment activities, in contrast to other lodging business models, which typically only include the room accommodations in the stated rate. The amenities at all-inclusive resorts typically include a variety of buffet and á la carte restaurants, bars, activities, and shows and entertainment throughout the day.  

«Management Fee Revenue» is derived from fees earned for managing resorts owned by third-parties. The fees earned are typically composed of a base fee, which is computed as a percentage of resort revenue, and an incentive fee, which is computed as a percentage of resort profitability. Management Fee Revenue was immaterial to our operations for the three months and years ended December 31, 2020 and 2019, but we expect Management Fee Revenue to be a more relevant indicator to assess the overall performance of our business in the future as we enter into more management contracts. 

«Total Net Revenue» represents Net Package Revenue, Net Non-package Revenue and Management Fee Revenue. «Cost Reimbursements» is excluded from Total Net Revenue as it is not considered a key indicator of financial and operating performance. Cost reimbursements is derived from the reimbursement of certain costs incurred by Playa on behalf of resorts managed by Playa and owned by third parties. This revenue is fully offset by reimbursable costs and has no net impact on operating income or net income.

The following table shows a reconciliation of Total Net Revenue, Net Package Revenue, Net Non-Package Revenue, Management Fee Revenue and Total Net Revenue to total revenue for the three months and years ended December 31, 2020 and 2019:

Total Portfolio

Our comparable portfolio for the three months and year ended December 31, 2020 excludes the following resorts: Hilton La Romana All-Inclusive Resort and Hilton Playa del Carmen All-Inclusive Resort, which were under renovation in 2019, Jewel Runaway Bay Beach Resort & Waterpark and Jewel Dunn’s River Beach Resort & Spa, which were sold in May 2020, and Hyatt Ziva and Hyatt Zilara Cap Cana, a ground-up development opened November 2019.

EBITDA, Adjusted EBITDA, Owned Resort EBITDA, Adjusted EBITDA Margin and Owned Resort EBITDA Margin

We define EBITDA, a non-U.S. GAAP financial measure, as net (loss) income, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax and depreciation and amortization expense. We define Adjusted EBITDA, a non-U.S. GAAP financial measure, as EBITDA further adjusted to exclude the following items:

• Other (expense) income
• Pre-opening expense
• Share-based compensation
• Other tax expense
• Transaction expenses
• Severance expense
• Gain on property damage insurance proceeds
• Loss on extinguishment of debt
• Non-service cost components of net periodic pension cost (benefit)
• Other items which may include, but are not limited to the following: management contract termination fees; gains or losses from legal settlements; repairs from hurricanes and tropical storms; impairment losses and Jamaica delayed opening accrual reversals.

We also believe that Adjusted EBITDA is useful to investors for two principal reasons.  First, we believe Adjusted EBITDA assists investors in comparing our performance over various reporting periods on a consistent basis by removing from our operating results the impact of items that do not reflect our core operating performance. For example, changes in foreign exchange rates (which are the principal driver of changes in other expense), and expenses related to capital raising, strategic initiatives and other corporate initiatives, such as expansion into new markets (which are the principal drivers of changes in transaction expenses), are not indicative of the operating performance of our resorts. The other adjustments included in our definition of Adjusted EBITDA relate to items that occur infrequently and therefore would obstruct the comparability of our operating results over reporting periods. For example, revenue from insurance policies, other than business interruption insurance policies, is infrequent in nature, and we believe excluding these expense and revenue items permits investors to better evaluate the core operating performance of our resorts over time. We believe Adjusted EBITDA Margin provides our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful.

The second principal reason that we believe Adjusted EBITDA is useful to investors is that it is considered a key performance indicator by our board of directors (our «Board») and management. In addition, the compensation committee of our Board determines the annual variable compensation for certain members of our management based, in part, on consolidated Adjusted EBITDA. We believe that Adjusted EBITDA is useful to investors because it provides investors with information utilized by our Board and management to assess our performance and may (subject to the limitations described below) enable investors to compare the performance of our portfolio to our competitors.

We define Owned Resort EBITDA as Adjusted EBITDA before corporate expenses and Management Fee Revenue. EBITDA, Adjusted EBITDA and Owned Resort EBITDA are not a substitute for net (loss) income or any other measure determined in accordance with U.S. GAAP. There are limitations to the utility of non-U.S. GAAP financial measures, such as Adjusted EBITDA. For example, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-U.S. GAAP financial measures that other companies publish to compare the performance of those companies to our performance. Because of these limitations, EBITDA, Adjusted EBITDA, and Owned Resort 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.

«Adjusted EBITDA Margin» represents Adjusted EBITDA as a percentage of Total Net Revenue. «Owned Resort EBITDA Margin» represents Owned Resort EBITDA as a percentage of Owned Net Revenue. We believe these margins provide our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA and Owned Resort EBITDA useful. 

Adjusted Net (Loss) Income

«Adjusted Net (Loss) Income» is a non-GAAP performance measure. We define Adjusted Net (Loss) Income as net (loss) income attributable to Playa Hotels & Resorts, determined in accordance with U.S. GAAP, excluding special items which are not reflective of our core operating performance, such as one-time expenses related to debt extinguishment and transaction expenses. We believe Adjusted Net (Loss) Income provides meaningful comparisons of ongoing operating results, by removing from net income the impact of items that do not reflect our normalized operations.

Adjusted Net (Loss) Income is not a substitute for net (loss) income or any other measure determined in accordance with U.S. GAAP. There are limitations to the utility of non-U.S. GAAP financial measures, such as Adjusted Net (Loss) Income. For example, other companies in our industry may define Adjusted Net (Loss) Income differently than we do. As a result, it may be difficult to use Adjusted Net (Loss) Income or similarly named non-U.S. GAAP financial measures that other companies publish to compare the performance of those companies to our performance. Because of these and other limitations, Adjusted Net (Loss) Income 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 this release.

 

 

 

 

 

 

Highlights

Yucatán Peninsula

• Comparable Net Package RevPar decreased 52.5% over the comparable period in the prior year, driven by a decrease in Occupancy of 4,690 basis points, and partially offset by an increase in Comparable Net Package ADR of 4.9%. Comparable Owned Net Revenue during the three months ended December 31, 2020 includes a $0.2 million unfavorable VAT tax adjustment following OECD guidelines for Transfer Pricing for Multinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment resulted in a unfavorable impact to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be $20.1 million, representing a decrease of 52.0% for the three months ended December 31, 2020. Comparable Net Package ADR would be $256.76 and Comparable Net Package RevPar would be $99.50, representing an increase of 6.2% and a decrease of 52.0%, respectively, for the three months ended December 31, 2020. This decrease is a result of severely reduced occupancy due to the COVID-19 pandemic. In addition, all Yucatán resorts were closed for a day due to a hurricane during the three months ended December 31, 2020.
• Comparable Owned Resort EBITDA decreased $12.9 million or 84.7% over the prior year.

Pacific Coast

• Comparable Net Package RevPar decreased 47.6% over the comparable period in the prior year, driven by a decrease in Occupancy of 3,740 basis points, and partially offset by an increase in Comparable Net Package ADR of 1.4%  This decrease is a result of severely reduced occupancy due to the COVID-19 pandemic.
• Comparable Owned Resort EBITDA decreased $5.6 million or 91.0% over the prior year.

Dominican Republic

• Comparable Net Package RevPar decreased 84.0% over the prior year, driven by a decrease in Occupancy of 5,190 basis points, and partially offset by an increase in Comparable Net Package ADR of 10.2%. This decrease is a result of severely reduced occupancy due to the COVID-19 pandemic.
• Comparable Owned Resort EBITDA decreased $3.1 million, or 310.6%, over the prior year.

Jamaica

• Comparable Net Package RevPar decreased 68.8% over the prior year, driven by a decrease in Occupancy of 4,660 basis points and a decrease in Comparable Net Package ADR of 12.3%. These decreases are a result of severely reduced occupancy due to the COVID-19 pandemic.
• Comparable Owned Resort EBITDA decreased $9.9 million, or 171.3%, over the prior year.

 

Highlights

Yucatán Peninsula

• Comparable Net Package RevPar decreased 57.2% over the same period in the prior year, driven by a decrease in Occupancy of 5,230 basis points and partially offset by an increase in Net Package ADR of 10.4%. Comparable Owned Net Revenue during the year ended December 31, 2020 includes a $1.1 million favorable VAT tax adjustment following OECD guidelines for Transfer Pricing for Multinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment resulted in a favorable impact to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be $74.6 million, representing a decrease of 57.7% for the year ended December 31, 2020. Comparable Net Package ADR would be $279.53 and Comparable Net Package RevPar would be $92.68, representing an increase of 8.8% and a decrease of 57.8%, respectively, for the year ended December 31, 2020.
• Comparable Owned Resort EBITDA decreased $58.7 million or 80.5% over the prior year.

Pacific Coast

• Comparable Net Package RevPar decreased 62.6% over the same period in the prior year, driven by a decrease in Occupancy of 5,060 basis points and partially offset by  an increase in Net Package ADR of 10.6%. Owned Net Revenue during the year ended December 31, 2020 includes a $0.3 million favorable VAT tax adjustment following OECD guidelines for Transfer Pricing for Multinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment results in a favorable impact to Owned Net Revenue and Net Package ADR. Excluding this adjustment, Owned Net Revenue would be $27.2 million, representing a decrease of 63.0% for the year ended December 31, 2020. Net Package ADR would be $311.44 and Net Package RevPAR would be $80.40, representing an increase of 9.3% and a decrease of 63.1%, respectively, for the year ended December 31, 2020.
• Comparable Owned Resort EBITDA decreased $27.3 million or 86.5% over the prior year.

Dominican Republic

• Comparable Net Package RevPar decreased 72.9% over the prior year, driven by a decrease in Occupancy of 5,170 basis points and a decrease in Net Package ADR of 4.3%.
• Comparable Owned Resort EBITDA decreased $18.7 million, or 105.0%, over the prior year.

Jamaica

• Comparable Net Package RevPar decreased 62.5% over the prior year, driven by a decrease in Occupancy of 5,010 basis points and partially offset by an increase in Net Package ADR of 4.1%. Comparable Owned Net Revenue during the year ended December 31, 2020 includes a $0.5 million favorable VAT tax adjustment following OECD guidelines for Transfer Pricing for Multinational Enterprises which considers the economic impact of the COVID-19 pandemic. This adjustment resulted in a favorable impact to Comparable Net Package Revenue and Comparable Net Package ADR. Excluding this adjustment, Comparable Net Package Revenue would be $48.1 million, representing a decrease of 62.7% for the year ended December 31, 2020. Comparable Net Package ADR would be $326.17 and Comparable Net Package RevPar would be $92.02, representing an increase of 3.0% and a decrease of 62.9%, respectively, for the year ended December 31, 2020.
• Comparable Owned Resort EBITDA decreased $47.7 million, or 106.1%, over the prior year.

 

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SOURCE Playa Management USA, LLC