Company Quick10K Filing
Playa Hotels & Resorts
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 131 $1,001
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-08-06 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
8-K 2019-12-16 Officers, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-09-19 Officers, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-24 Officers
8-K 2019-05-16 Officers, Shareholder Vote, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-02-28 Earnings, Exhibits
8-K 2018-12-28 Officers, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-09-17 Regulation FD, Exhibits
8-K 2018-09-12 Officers
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-09 Regulation FD, Exhibits
8-K 2018-06-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-31 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-05-10 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-03-27 Regulation FD, Exhibits
8-K 2018-03-21 Other Events
8-K 2018-03-01 Earnings, Exhibits
8-K 2018-02-26 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
PLYA 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization, Operations and Basis of Presentation
Note 2. Significant Accounting Policies
Note 3. Revenue
Note 4. Business Combinations
Note 5. Property and Equipment
Note 6. Income Taxes
Note 7. Related Party Transactions
Note 8. Commitments and Contingencies
Note 9. Leases
Note 10. Ordinary Shares
Note 11. Warrants
Note 12. Share-Based Compensation
Note 13. Earnings per Share
Note 14. Debt
Note 15. Derivative Financial Instruments
Note 16. Fair Value of Financial Instruments
Note 17. Employee Benefit Plan
Note 18. Other Balance Sheet Items
Note 19. Segment Information
Note 20. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 q319-exhibit311ceo.htm
EX-31.2 q319-exhibit312cfo.htm
EX-32.1 q319-exhibit321ceo.htm
EX-32.2 q319-exhibit322cfo.htm

Playa Hotels & Resorts Earnings 2019-09-30

PLYA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MSC 1,655 2,131 5,212 3,634 519 -286 134 4,121 14% 30.8 -13%
EAGL 1,066 609 473 163 77 -1 39 1,466 47% 37.6 -0%
PLYA 1,001 2,186 1,322 654 0 24 181 1,888 0% 10.5 1%
MCRI 858 533 212 246 43 34 59 832 18% 14.2 6%
CNTY 290 340 152 189 0 5 23 315 0% 13.8 1%
CVEO 264 1,020 510 466 32 -59 75 656 7% 8.7 -6%
RLH 174 298 127 119 0 3 23 207 0% 8.8 1%
DDE 83 161 46 180 0 0 9 72 0% 7.6 0%
SKIS 71 389 293 187 0 1 44 270 0% 6.2 0%
CLUB 60 848 922 459 0 -5 48 222 0% 4.7 -1%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM 10-Q
 _______________________________________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended September 30, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

COMMISSION FILE NO. 1-38012
 Playa Hotels & Resorts N.V.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
The
Netherlands
 
98-1346104
       (State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification Number)
 
 
 

  Prins Bernhardplein 200
 
 
1097 JB
Amsterdam,
the
Netherlands
 
Not Applicable
 (Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
+31 20 571 12 02
(Registrant's Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Ordinary Shares, €0.10 par value
PLYA
NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days.    Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes        No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company         
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No    

As of October 31, 2019, there were 129,351,389 shares of the registrant’s ordinary shares, €0.10 par value, outstanding.






Playa Hotels & Resorts N.V.
TABLE OF CONTENTS
 
 
 
 
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.





PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Playa Hotels & Resorts N.V.
Condensed Consolidated Balance Sheets
($ in thousands, except share data)
(unaudited)
 
As of September 30,
 
As of December 31,
 
2019
 
2018
ASSETS
 
 
 
Cash and cash equivalents
$
28,165

 
$
116,353

Trade and other receivables, net
45,391

 
64,770

Accounts receivable from related parties
3,715

 
6,430

Inventories
15,073

 
15,390

Prepayments and other assets
44,397

 
32,617

Property and equipment, net
1,899,190

 
1,808,412

Goodwill
84,507

 
83,656

Other intangible assets
7,826

 
6,103

Deferred tax assets
15,931

 
1,427

Total assets
$
2,144,195

 
$
2,135,158

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Trade and other payables
$
155,449

 
$
159,600

Payables to related parties
7,868

 
4,320

Income tax payable
321

 
1,899

Debt
982,838

 
989,387

Derivative financial instruments
37,905

 
12,476

Other liabilities
29,861

 
21,602

Deferred tax liabilities
105,652

 
106,033

Total liabilities
1,319,894

 
1,295,317

Commitments and contingencies (see Note 8)

 

Shareholders' equity
 
 
 
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 130,894,830 shares issued and 129,491,038 shares outstanding as of September 30, 2019, and 130,494,734 shares issued and 130,440,126 shares outstanding as of December 31, 2018)
14,206

 
14,161

Treasury shares (at cost, 1,403,792 shares as of September 30, 2019 and 54,608 shares as of December 31, 2018)
(10,701
)
 
(394
)
Paid-in capital
998,864

 
992,297

Accumulated other comprehensive loss
(29,070
)
 
(3,658
)
Accumulated deficit
(148,998
)
 
(162,565
)
Total shareholders' equity
824,301

 
839,841

Total liabilities and shareholders' equity
$
2,144,195

 
$
2,135,158


The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.

1



Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Operations
($ in thousands, except share data)
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
 
Package
 
$
111,091

 
$
123,633

 
$
416,978

 
$
402,627

Non-package
 
20,065

 
18,800

 
68,975

 
61,752

Management fees
 
83

 
152

 
1,568

 
503

Cost reimbursements
 
1,586

 
227

 
5,123

 
349

Total revenue
 
132,825

 
142,812

 
492,644

 
465,231

Direct and selling, general and administrative expenses
 
 
 
 
 
 
 
 
Direct
 
87,252

 
91,573

 
273,577

 
250,742

Selling, general and administrative
 
30,771

 
28,489

 
94,647

 
87,742

Pre-opening
 
257

 
87

 
548

 
87

Depreciation and amortization
 
29,417

 
20,138

 
77,636

 
51,709

Reimbursed costs
 
1,586

 
227

 
5,123

 
349

Gain on insurance proceeds
 

 
(686
)
 

 
(2,207
)
Direct and selling, general and administrative expenses

149,283

 
139,828

 
451,531

 
388,422

Operating (loss) income
 
(16,458
)
 
2,984

 
41,113

 
76,809

Interest expense
 
(9,936
)
 
(7,637
)
 
(34,796
)
 
(35,151
)
Other expense
 
(2,537
)
 
(390
)
 
(2,775
)
 
(1,836
)
Net (loss) income before tax
 
(28,931
)
 
(5,043
)
 
3,542

 
39,822

Income tax (provision) benefit
 
(1,530
)
 
(379
)
 
10,025

 
(6,606
)
Net (loss) income
 
$
(30,461
)
 
$
(5,422
)
 
$
13,567

 
$
33,216

 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
(Losses) earnings per share - Basic
 
$
(0.23
)
 
$
(0.04
)
 
$
0.10

 
$
0.28

(Losses) earnings per share - Diluted
 
$
(0.23
)
 
$
(0.04
)
 
$
0.10

 
$
0.28

Weighted average number of shares outstanding during the period - Basic
 
129,841,264

 
130,478,993

 
130,265,112

 
119,344,659

Weighted average number of shares outstanding during the period - Diluted
 
129,841,264

 
130,478,993

 
130,601,247

 
119,647,364


The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.

2


Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Comprehensive (Loss) Income
($ in thousands)
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net (loss) income
 
$
(30,461
)
 
$
(5,422
)
 
$
13,567

 
$
33,216

Other comprehensive (loss) income, net of taxes
 
 
 
 
 
 
 
 
Unrealized loss on interest rate swaps
 
(4,588
)
 

 
(25,230
)
 

Pension obligation (loss) gain
 
(6
)
 
37

 
(182
)
 
(26
)
Total other comprehensive (loss) income
 
(4,594
)
 
37

 
(25,412
)
 
(26
)
Comprehensive (loss) income
 
$
(35,055
)
 
$
(5,385
)
 
$
(11,845
)
 
$
33,190


The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.


3



Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Shareholders' Equity
($ in thousands, except share data)
(unaudited)
 
Ordinary Shares
 
Treasury Shares
 
Paid-In Capital
 
Accumulated Other
Comprehensive Loss
 
Accumulated Deficit
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance at December 31, 2018
130,440,126

 
$
14,161

 
54,608

 
$
(394
)
 
$
992,297

 
$
(3,658
)
 
$
(162,565
)
 
$
839,841

Net income

 

 

 

 

 

 
42,988

 
42,988

Other comprehensive loss

 

 

 

 

 
(6,009
)
 

 
(6,009
)
Share-based compensation
249,044

 
29

 

 

 
2,719

 

 

 
2,748

Repurchase of ordinary shares
(198,179
)
 

 
198,179

 
(1,522
)
 
 
 

 

 
(1,522
)
Balance at March 31, 2019
130,490,991

 
$
14,190

 
252,787

 
$
(1,916
)
 
$
995,016

 
$
(9,667
)
 
$
(119,577
)
 
$
878,046

Net income

 

 

 

 

 

 
1,040

 
1,040

Other comprehensive loss

 

 

 

 

 
(14,809
)
 

 
(14,809
)
Share-based compensation
141,491

 
15

 

 

 
1,999

 

 

 
2,014

Repurchase of ordinary shares
(304,587
)
 

 
304,587

 
(2,400
)
 

 

 

 
(2,400
)
Balance at June 30, 2019
130,327,895

 
$
14,205

 
557,374

 
$
(4,316
)
 
$
997,015

 
$
(24,476
)
 
$
(118,537
)
 
$
863,891

Net loss

 

 

 

 

 

 
(30,461
)
 
(30,461
)
Other comprehensive loss

 

 

 

 

 
(4,594
)
 

 
(4,594
)
Share-based compensation
9,561

 
1

 

 

 
1,849

 

 

 
1,850

Repurchase of ordinary shares
(846,418
)
 

 
846,418

 
(6,385
)
 

 

 

 
(6,385
)
Balance at September 30, 2019
129,491,038


$
14,206


1,403,792


$
(10,701
)

$
998,864


$
(29,070
)

$
(148,998
)

$
824,301

The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.

4



Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Shareholders' Equity (continued)
($ in thousands, except share data)
(unaudited)
 
Ordinary Shares
 
Treasury Shares
 
Paid-In Capital
 
Accumulated Other
Comprehensive Loss
 
Accumulated Deficit
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance at December 31, 2017
110,297,697

 
$
11,803

 
7,367

 
$
(80
)
 
$
773,194

 
$
(3,826
)
 
$
(181,542
)
 
$
599,549

Net income

 

 

 

 

 

 
21,817

 
21,817

Other comprehensive loss

 

 

 

 

 
(81
)
 

 
(81
)
Share-based compensation
48,699

 
6

 

 

 
1,780

 

 

 
1,786

Balance at March 31, 2018
110,346,396

 
$
11,809

 
7,367

 
$
(80
)
 
$
774,974

 
$
(3,907
)
 
$
(159,725
)
 
$
623,071

Net income

 

 

 

 

 

 
16,821

 
16,821

Other comprehensive income

 

 

 

 

 
18

 

 
18

Shares issued in business combination (see Note 4)
20,000,000

 
2,336

 

 

 
213,064

 

 

 
215,400

Share-based compensation
132,597

 
15

 

 

 
2,089

 

 

 
2,104

Balance at June 30, 2018
130,478,993

 
$
14,160

 
7,367

 
$
(80
)
 
$
990,127

 
$
(3,889
)
 
$
(142,904
)
 
$
857,414

Net loss

 

 

 

 

 

 
(5,422
)
 
(5,422
)
Other comprehensive income

 

 

 

 

 
37

 

 
37

Share-based compensation

 

 

 

 
1,182

 

 

 
1,182

Repurchase of Earnout Warrants (see Note 11)

 

 

 

 
(55
)
 

 

 
(55
)
Balance at September 30, 2018
130,478,993


$
14,160


7,367


$
(80
)

$
991,254


$
(3,852
)

$
(148,326
)
 
$
853,156

The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.


5



Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Cash Flows
($ in thousands)
(unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
13,567

 
$
33,216

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
77,636

 
51,709

Amortization of debt discount and issuance costs
1,026

 
1,175

Share-based compensation
6,612

 
5,072

Loss (gain) on derivative financial instruments
199

 
(1,817
)
Deferred income taxes
(9,786
)
 

Amortization of key money
(187
)
 

Gain on property damage insurance proceeds

 
(203
)
Other
2,018

 
985

Changes in assets and liabilities:
 
 
 
Trade and other receivables, net
15,911

 
14,522

Accounts receivable from related parties
2,715

 
(4,826
)
Inventories
320

 
(214
)
Prepayments and other assets
(10,418
)
 
(3,845
)
Trade and other payables
(12,882
)
 
(4,815
)
Payables to related parties
3,548

 
(692
)
Income tax payable
(1,578
)
 
85

Other liabilities
4,349

 
704

Net cash provided by operating activities
93,050

 
91,056

INVESTING ACTIVITIES
 
 
 
Capital expenditures
(165,484
)
 
(67,252
)
Acquisition of Sagicor business, net of cash acquired

 
(93,128
)
Receipt of key money
2,500

 

Purchase of intangibles
(2,485
)
 
(1,505
)
Proceeds from disposal of property and equipment
104

 

Property damage insurance proceeds
2,009

 
203

Net cash used in investing activities
(163,356
)
 
(161,682
)
FINANCING ACTIVITIES
 
 
 
Proceeds from debt issuance

 
99,499

Repayment of Term Loan
(7,575
)
 
(7,325
)
Repurchase of Earnout Warrants

 
(55
)
Repurchase of ordinary shares
(10,307
)
 

Net cash (used in) provided by financing activities
(17,882
)
 
92,119

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(88,188
)
 
21,493

CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
$
116,353

 
$
117,229

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD
$
28,165

 
$
138,722


The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.

6



Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Cash Flows (Continued)
($ in thousands)
(unaudited)

 
Nine Months Ended September 30,
 
2019
 
2018
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
 
 
Cash paid for interest, net of interest capitalized
$
33,373

 
$
40,783

Cash paid for income taxes, net
$
6,527

 
$
9,131

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
 
 
 
Capital expenditures incurred but not yet paid
$
9,046

 
$
439

Right-of-use assets obtained in exchange for new operating lease liabilities
$
1,393

 
$

Intangible assets capitalized but not yet paid
$
459

 
$
674

Interest capitalized but not yet paid
$
35

 
$
43

Par value of vested restricted share awards
$
45

 
$
21

Non-cash issuance of shares in business combination (see Note 4)
$

 
$
215,400

The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.


7


Playa Hotels & Resorts N.V.
Notes to the Condensed Consolidated Financial Statements
(unaudited)
Note 1. Organization, operations and basis of presentation
Background
Playa Hotels & Resorts N.V. (“Playa” or the “Company”) is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. As of September 30, 2019, we owned and/or managed a portfolio of 21 resorts located in Mexico, the Dominican Republic and Jamaica. Unless otherwise indicated or the context requires otherwise, references in our condensed consolidated financial statements (our “Condensed Consolidated Financial Statements”) to “we,” “our,” “us” and similar expressions refer to Playa and its subsidiaries.
Basis of preparation, presentation and measurement
Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2018, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2019 (the “Annual Report”).
In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation.
The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2019. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated.
Note 2. Significant accounting policies

Derivative financial instruments

We use derivative financial instruments, primarily interest rate swap contracts, to hedge our exposure to interest rate risk. Such derivative financial instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at period end. As of March 20, 2019, we elected to adopt hedge accounting and designate our existing interest rate swaps as cash flow hedges. Changes in the fair value of a derivative contract that is qualified, designated and highly effective as a cash flow hedge are recorded in total other comprehensive (loss) income in our Condensed Consolidated Statements of Comprehensive (Loss) Income and reclassified into interest expense in our Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction affects earnings. If a derivative contract does not meet this criteria, then the change in fair value is recognized in earnings.

8


Standards adopted
Standard
 
Description
 
Date of Adoption
 
Effect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842)
 
This standard introduces a lessee model that brings most leases on the balance sheet. This will increase a lessee’s reported assets and liabilities—in some cases very significantly. Lessor accounting remains substantially similar to current U.S. GAAP.
 
January 2019
 
We adopted ASU 2016-02 using the transition method outlined in ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, resulting in no cumulative adjustment to accumulated deficit as our lease portfolio consists solely of operating leases. Refer to Note 9 for further discussion.
ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220)

 
This standard provides guidance regarding the treatment of stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. Entities can make an election to reclassify these stranded income tax effects from accumulated other comprehensive income to retained earnings. 

 
January 2019
 
We adopted ASU 2018-02 and concluded that the effect on our Condensed Consolidated Financial Statements was immaterial. The tax effects presented in accumulated other comprehensive loss relate to our employee benefit plan and have been historically immaterial.

Standards not yet adopted
Standard
 
Description
 
Date of Adoption
 
Effect on the Financial Statements or Other Significant Matters
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326)
 
This standard amends current guidance on the impairment of financial instruments by adding an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses.
 
January 2020
 
The adoption of ASU 2016-13 is not expected to have a material effect on our Condensed Consolidated Financial Statements. Our financial instruments that are subject to credit risk primarily include trade accounts receivable, which are short term in nature. Further, we evaluated our historical credit losses of trade accounts receivables for the years 2014 through 2018, noting that they were immaterial. We do not expect our incurred losses to significantly differ from what is currently expected over the life of the trade receivables.

Note 3. Revenue

The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 19) ($ in thousands):
 
Three Months Ended September 30, 2019
 
Yucatán
Peninsula
 
Pacific
Coast
 
Dominican
Republic
 
Jamaica
 
Other
 
Total
Package revenue
$
45,663

 
$
15,450

 
$
11,689

 
$
38,289

 
$

 
$
111,091

Non-package revenue
7,437

 
2,310

 
2,928

 
7,377

 
13

 
20,065

Management fees

 

 

 

 
83

 
83

Cost reimbursements

 

 

 
1,311

 
275

 
1,586

Total revenue
$
53,100

 
$
17,760

 
$
14,617

 
$
46,977

 
$
371

 
$
132,825


9


 
Three Months Ended September 30, 2018
 
Yucatán
Peninsula
 
Pacific
Coast
 
Dominican
Republic
 
Jamaica
 
Other
 
Total
Package revenue
$
52,047

 
$
14,848

 
$
22,800

 
$
33,938

 
$

 
$
123,633

Non-package revenue
6,681

 
2,169

 
4,780

 
5,170

 

 
18,800

Management fees

 

 

 

 
152

 
152

Cost reimbursements

 

 

 

 
227

 
227

Total revenue
$
58,728

 
$
17,017

 
$
27,580

</