PLYA - Playa Hotels & Resorts N.V. (PLYA) Q4 2023 Earnings Call Transcript
2024-02-23 16:05:19 ET
Playa Hotels & Resorts N.V. (PLYA)
Q4 2023 Earnings Call Transcript
February 23, 2024 8:30 AM ET
Company Participants
Ryan Hymel - Executive Vice President and Chief Financial Officer
Bruce Wardinski - Chairman & Chief Executive Officer
Conference Call Participants
Smedes Rose - Citi
Shaun Kelley - Bank of America
Chad Beynon - Macquarie
Chris Woronka - Deutsche Bank
Tyler Batory - Oppenheimer
Presentation
Operator
Good morning, and welcome to the Playa Hotels & Resorts Fourth Quarter 2023 Earnings Release and Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ryan Hymel with the company. Please go ahead sir.
Ryan Hymel
Thank you very much, Joe. Good morning, everyone, and welcome again to Playa Hotels & Resorts Fourth Quarter 2023 Earnings Conference Call.
Before we begin, I'd like to remind participants that many of our comments today will be considered forward-looking statements and are subject to numerous risks and uncertainties that may cause the company's actual results to differ materially from what has been communicated. Forward-looking statements made today are effective only as of today, and the company undertakes no obligation to update forward-looking statements. For a discussion of some of the risk factors that could cause our results to differ, please review the Risk Factors section of our annual report on Form 10-K, which we filed last night with the SEC. We've updated our Investor Relations website, at investors.playaresorts.com, with the company's recent releases.
In addition, reconciliations to GAAP of the non-GAAP financial measures we discuss on this call were included in yesterday's press release. On the call today is, Bruce Wardinski, Playa's Chairman and Chief Executive Officer will provide comments on the fourth quarter demand trends and key operational highlights. I will then review the fourth quarter results and our outlook for 2024. Bruce will wrap up the call with some concluding remarks, before we turn it over to Q&A.
With that, I'll turn it over to Bruce.
Bruce Wardinski
Great. Thanks, Ryan. Good morning, everyone, and thank you for joining us.
Our fourth quarter results exceeded our expectations, coming in well above the high end of our expected range. The better-than-expected results were broad-based across our segments, driven by strong demand during the high season.
Before we dive in, I’d like to remind everyone that Hurricane Fiona hit the Dominican Republic in late September of 2022, causing us a temporarily closed Hyatt Ziva and Zilara Cap Cana and Hilton La Romana Resorts for repairs for a portion of the third and fourth quarters of 2022.
We estimate this had a $5.4 million negative impacts, net of business interruption proceeds, on adjusted EBITDA in Q4 2022, but was an approximate 70 basis points of benefit to our reported Q4 2022 owned resort EBITDA margin, as there were no corresponding revenues accompanying the business interruption proceeds we received. ...
Playa Hotels & Resorts N.V. (PLYA) Q4 2023 Earnings Call Transcript