Playa Hotels & Resorts N.V. (NASDAQ:PLYA) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET

Company Participants

Ryan Hymel - EVP and CFO
Bruce Wardinski - Chairman and CEO

Conference Call Participants

Patrick Scholes - Truist
Smedes Rose - Citi
Tyler Batory - Oppenheimer
Chad Beynon - Macquarie

Operator

Good day, and welcome to the Playa Hotels & Resorts Third Quarter 2024 Earnings Call. All participants will be in 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.

Ryan Hymel

Thank you very, very much, Dave. Good morning, everyone, and welcome again to Playa Hotels & Resorts third quarter 2024 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 factors that could cause our actual results to differ, please review the Risk Factors section of our quarterly report on Form 10-Q, which we filed last night with the SEC. We've updated our Investor Relations website at investors.playaresorts.com, 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 release. On today's call, Bruce Wardinski, Playa's Chairman and Chief Executive Officer, will provide comments on the second quarter demand trends and key operational highlights. I will then review our third quarter results and our outlook for the fourth quarter. Bruce will wrap up the call with some concluding remarks before we turn it over to Q&A.

With that, I'll turn the call over to Bruce.

Bruce Wardinski

Thanks, Ryan. Good morning, everyone, and thank you for joining us. Our third quarter results exceeded our expectations, led by steady underlying performance in our Yucatan and Dominican Republic segments and improving demand in the Pacific Coast and Jamaica. Following the disruption in bookings due to Hurricane Barrel, underlying demand reverted back to trend across our segments or has slightly improved in the case of Jamaica. Playa's owned resort EBITDA of $36.6 million in the third quarter of 2024 included a benefit from business interruption insurance proceeds of approximately $700,000 in Q3 2024 compared to the $1 million in business interruption proceeds we received in Q3 2023.