Three Months Ended March 31, 2021 Results
Net Loss was $69.7 million compared to a Net Loss of $22.6 million in 2020. Net Loss for the three months ended March 31, 2021 includes $24.0 million of property and equipment impairment losses.
Adjusted Net Loss
Owned Resort EBITDA decreased 89.2% versus 2020 to $6.5 million.
Adjusted EBITDA decreased 105.0% versus 2020 to $(2.5) million.
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Adjusted Net Income/(Loss) excludes special items, which are those items deemed not to be reflective of ongoing operations. See "Definitions of Non-U.S. GAAP Measures and Operating Statistics" for a description of how we compute Adjusted Net Income/(Loss) and other non-GAAP financial figures included in this press release.
"The first quarter finished on a strong note despite the change in international travel guidelines issued in January by the CDC. March was a very important milestone for Playa's recovery journey: it was the first month since the onset of the COVID-19 pandemic that we achieved positive Adjusted EBITDA, a testament to the tremendous efforts of the entire Playa team and pent up demand from travelers. The underpinnings of our performance in March are particularly encouraging as we continued to achieve solid ADR performance while simultaneously ramping occupancy, leading to robust flow through to the bottom line. Our efforts on direct customer sourcing have been, and will continue to be, a major driver of our market share and ADR performance, which was once again displayed during the first quarter.