Playa Hotels & Resorts N.V. (PLYA): Business Model Canvas [Dec-2025 Updated]

Honestly, you need to see the new structure for Playa Hotels & Resorts N.V. following their late-2025 pivot to an asset-light operating model; it completely changes the risk profile you're looking at. We're talking about a management-focused engine driving a $433.20 Net Package RevPAR across 8,342 rooms, all while maintaining a solid $265.4 million cash position, despite the $1,075.3 million in debt carried over from Q1 2025. This Business Model Canvas distills exactly how they plan to earn management fees and maximize value through brand partnerships like Hyatt, so check out the nine building blocks below to see the mechanics of this leaner operation.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Key Partnerships

You're looking at the structure right after the major transition following the Hyatt acquisition in mid-2025. The key partnerships are now defined by the new ownership and management agreements, which is a massive shift from the prior structure.

Hyatt Hotels Corporation (Parent Company/Global Distribution)

Hyatt Hotels Corporation completed the acquisition of Playa Hotels & Resorts N.V. on June 17, 2025, at $13.50 per share, for an enterprise value of approximately $2.6 billion, which included about $900 million of debt, net of cash. This was immediately followed by an agreement on June 29, 2025, to sell the owned real estate portfolio to Tortuga Resorts for $2.0 billion. This sale transforms the deal, making the net purchase price for Playa's asset-light management business approximately $555 million after asset sale proceeds. Hyatt is retaining $200 million of preferred equity from the real estate transaction. Furthermore, Hyatt can earn an additional $143 million earnout based on meeting certain operating thresholds. Hyatt projects earning $60 - $65 million of Adjusted EBITDA in 2027 related to the acquired assets, including Unlimited Vacation Club and ALG Vacations. The foundation of this relationship began with the launch of the Hyatt Ziva and Hyatt Zilara brands in 2013.

Tortuga Resorts (KSL/Rodina JV) as the new real estate owner

Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina, is the new real estate owner for the core portfolio. This partnership is acquiring the entirety of the 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica for $2.0 billion. Concurrent with the sale, Hyatt and Tortuga agreed to long-term management contracts.

Here's the quick math on the asset structure post-sale:

Global hospitality brands: Hilton, Wyndham, Kimpton, The Luxury Collection

Playa leverages its operating expertise with relationships across several globally recognized brands. As of March 31, 2025, the portfolio Playa owned and/or managed totaled 22 resorts, comprising 8,342 rooms. The brand mix is now shifting under Hyatt's control, but the legacy partnerships remain key components of the overall business structure.

• Kimpton: The partnership debuted Kimpton Tres Rios, the brand's first all-inclusive resort, which opened for reservations in early 2025.
• Hilton: Initial plans aimed for the conversion and management of up to eight additional all-inclusive resorts by 2025. Following the mid-June rebranding after the Hyatt acquisition, Hilton lost four flags from the portfolio.
• Wyndham: The 238-key Wyndham Alltra Playa del Carmen remained under the Wyndham flag after the initial rebranding wave. Wyndham lost one flag during the conversion process.
• The Luxury Collection: This brand remains part of the portfolio managed by the operating entity.

Online Travel Agencies (OTAs) and wholesale travel partners

Distribution relies heavily on established channels, now integrated with Hyatt's scale. Before the acquisition, the Playa resorts did not participate in ALG Vacations (ALGV), which is noted as the largest tour operator in the U.S.. That is changing rapidly.

The integration of distribution capabilities is a core benefit, as Hyatt's platform includes ALG Vacations and Unlimited Vacation Club.

• ALG Vacations (ALGV): By July 3, 2025, eight new Hyatt Ziva and Zilara resorts were available across all ALGV brands.
• OTA Booking Availability: As of June 11, 2025, newly rebranded properties like Hyatt Vivid Playa del Carmen and Secrets La Romana became bookable through ALGV brands: Apple Vacations, Funjet Vacations, Travel Impressions, and United Vacations.

ALG Vacations and Unlimited Vacation Club for distribution

These two platforms are central to driving occupancy into the newly integrated portfolio. Unlimited Vacation Club members receive guaranteed preferred rates and benefits at partner resorts. For groups, ALG Vacations offered promotions in 2025, such as earning up to $1,500 in group credit for booking 41 or more rooms in Jamaica with promo code JAM2025.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Key Activities

You're looking at the core actions that drive the value for Playa Hotels & Resorts N.V., especially in the context of the major strategic shift that occurred in mid-2025. The key activities revolve around running a high-end, all-inclusive operation and managing the transition to a purely asset-light management platform.

All-inclusive resort management and daily operations

The fundamental activity is managing the day-to-day running of a portfolio of luxury, all-inclusive oceanfront resorts. As of March 31, 2025, this operation spanned a total of 22 resorts encompassing 8,342 rooms across Mexico, Jamaica, and the Dominican Republic. This management includes overseeing all aspects of the guest stay, which is critical for maintaining brand standards across properties operating under various flags.

Operational performance for the first quarter of 2025 showed specific metrics:

The activity also involves managing the portfolio under various management agreements, which contributed to Management Fee Revenue of $895 thousand for the three months ended March 31, 2025. This fee revenue saw a significant drop, decreasing 64.7% from $2,534 thousand in the prior year period.

Strategic brand development and portfolio optimization

This activity centers on growing the management platform and optimizing the asset base, which culminated in the June 2025 transaction with Hyatt Hotels Corporation. The strategic goal was clearly to transition to an asset-light model. The acquisition was completed on June 17, 2025, for an enterprise value of approximately $2.6 billion. Immediately following, on June 29, 2025, an agreement was signed to sell the entirety of the acquired owned real estate portfolio for $2.0 billion. The net purchase price allocated to the asset-light management business was approximately $555 million. This optimization activity ensures the company focuses capital on management contracts rather than property ownership.

The portfolio operates under several globally recognized hospitality brands, including:

• Hyatt Zilara
• Hyatt Ziva
• Hilton All-Inclusive
• Wyndham Alltra
• Seadust
• Kimpton
• Jewel Resorts
• The Luxury Collection

The Dominican Republic segment showed strength, with Comparable Owned Resort EBITDA increasing 10.5% year-over-year for Q1 2025.

Guest experience design and 'Service from the Heart' training

This is the core service delivery component, leveraging operating expertise to provide a best-in-class experience. While specific training expenditure or satisfaction scores for the 'Service from the Heart' program aren't detailed in the latest reports, the focus is evident in the revenue metrics. The Net Package ADR, which includes room, food, and beverage, increased by 4.6% in the segment driving the overall Net Package RevPAR increase in Q1 2025. This suggests successful pricing power tied to the guest experience.

Revenue management and dynamic pricing strategies

Revenue management is key, differentiating between Net Package Revenue and Net Non-package Revenue. The strategy involves dynamic pricing to maximize revenue per available room. For Q1 2025, the Net Package ADR was $525.34, a 4.6% increase year-over-year, though this was partially offset by a 2.6 percentage point decrease in Occupancy, leading to the 1.4% Net Package RevPAR increase. The overall Total Net Revenue for the trailing twelve months (TTM) ending in 2025 was reported at $0.90 Billion USD.

Property maintenance and capital expenditure planning

Maintaining the physical assets is a necessary activity, though the focus shifted post-acquisition. Significant capital expenditure was noted in the preceding period, as higher CapEx due to significant renovations at two resorts on the Pacific Coast weighed on 2024 results. The Q1 2025 Comparable Net Package RevPAR decrease of 1.7% was partly attributed to renovation disruption at Hyatt Ziva Los Cabos and Hyatt Ziva Puerto Vallarta during the quarter. The planned sale of the real estate portfolio for $2.0 billion effectively externalizes future CapEx planning for those specific properties, allowing the company to focus on management contracts, which are expected to generate $60 - $65 million in Adjusted EBITDA by 2027.

Finance: draft 13-week cash view by Friday.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Key Resources

You're looking at the core assets Playa Hotels & Resorts N.V. relies on to run its business as of late 2025. These are the tangible and intangible things the company owns or controls that are essential to making the business model work.

The physical footprint remains a cornerstone. As of March 31, 2025, Playa Hotels & Resorts N.V. owned and/or managed a total portfolio consisting of 22 resorts, which translates to 8,342 rooms across Mexico, Jamaica, and the Dominican Republic. This portfolio operates under several major flags, which is a key resource in itself.

Here's a look at the brands that anchor the portfolio as of the first quarter of 2025:

• Hyatt Zilara
• Hyatt Ziva
• Hilton All-Inclusive
• Wyndham Alltra
• Seadust
• Kimpton
• Jewel Resorts
• The Luxury Collection

The relationship with major global brands is critical, especially following the acquisition by Hyatt Hotels Corporation, which was completed on June 18, 2025. This transaction brought 15 of Playa's all-inclusive resorts into Hyatt's system, directly linking Playa's assets to the World of Hyatt loyalty program and its distribution platform. Eight of those resorts were already operating under the Hyatt Ziva and Hyatt Zilara brands, a collaboration that started in 2013.

Financially, the company maintained a solid balance sheet footing early in the year. As of March 31, 2025, Playa Hotels & Resorts N.V. held a strong cash position of $265.4 million in cash and cash equivalents, with no restricted cash. This liquidity was important given the pending transaction and operational adjustments.

Intangible resources include the deep operational knowledge base. Playa Hotels & Resorts N.V. possesses proprietary all-inclusive operating expertise and platform, built over years of managing these specific types of properties. Furthermore, the structure includes long-term management and operating agreements with Tortuga Resorts.

To give you a clearer picture of the asset base as of Q1 2025, here is a breakdown of the portfolio composition:

The portfolio as a whole, as of March 31, 2025, comprised 22 resorts with 8,342 rooms. Finance: draft 13-week cash view by Friday.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Value Propositions

You're looking at the core appeal Playa Hotels & Resorts N.V. offered guests, which was the foundation Hyatt built its late-2025 acquisition upon. The value proposition centered on delivering a superior, predictable, and comprehensive vacation where everything is covered.

The primary draw was the promise of a premium, all-inclusive, hassle-free vacation experience. This meant guests received high-quality lodging, dining, beverages, and entertainment bundled into one upfront price, removing the need for constant transaction points during the stay.

A major component of this value was the access to globally recognized, trusted brands. This provided assurance of quality and service standards that resonated with high-end leisure travelers. The portfolio included management and/or ownership under flags such as Hyatt Ziva, Hyatt Zilara, Hilton All-Inclusive, and Wyndham Alltra, among others like Seadust, Kimpton, Jewel Resorts, and The Luxury Collection.

The physical locations themselves were a key differentiator. Playa focused on prime beachfront real estate across desirable destinations in Mexico, Jamaica, and the Dominican Republic. This geographic concentration served the core North American leisure market effectively.

The business delivered distinct resort segmentation to meet varied traveler needs. This was achieved by operating properties tailored for specific demographics:

• Adults-only luxury experiences, often aligned with the Hyatt Zilara brand.
• Family-friendly resorts offering activities for all ages, often aligned with the Hyatt Ziva brand.
• Resorts under other brands like Hilton and Wyndham Alltra which also cater to both segments.

Financial performance metrics underscored the premium nature of the offering. For the first quarter of 2025, the High Net Package RevPAR (Revenue Per Available Room, which generally includes room, food and beverage, and entertainment net of compulsory tips) was reported at $433.20.

Here's a quick look at the portfolio scale that supported these value propositions as of March 31, 2025, just before the final acquisition by Hyatt:

The portfolio was geographically segmented into the Yucatan Peninsula, Pacific Coast, Dominican Republic, and Jamaica, allowing for targeted marketing and operational expertise within each region.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships strategy for Playa Hotels & Resorts N.V. (PLYA) now that it's integrated under Hyatt Hotels Corporation following the acquisition completion in June 2025 for approximately $2.6 billion.

Direct relationships via the Playa Collection and resort websites

Playa Hotels & Resorts N.V. has historically focused on driving direct bookings to control acquisition costs and foster direct guest relationships. Prior to the acquisition, the company was targeting 50% Transient Direct Revenue Bookings at its Playa-Owned & Managed rooms by the end of fiscal year 2023, showing a clear commitment to this channel.

Direct booking incentives remain a key tactic to encourage guests to book through the resort websites, such as those for The Playa Collection properties. For example, direct bookings at certain resorts have historically qualified for specific perks:

• 20% off Spa Services (excluding product purchases).
• 10% off late check-out fees.
• 10% off laundry service.

Integration with the World of Hyatt loyalty program for retention

The integration with World of Hyatt is now central to retention efforts, leveraging Hyatt's scale. As of the end of the first quarter of 2025, the World of Hyatt loyalty program boasted approximately 56 million members, representing a 22% year-over-year increase.

The acquisition, which closed on June 17, 2025, brought 15 all-inclusive resorts into Hyatt's system, with eight of those already operating as Hyatt Ziva and Hyatt Zilara properties. The management agreements for 13 of the acquired resorts are set for 50-year terms, solidifying the long-term relationship framework.

Dedicated on-site resort staff for personalized service

The operational expertise of Playa Hotels & Resorts N.V. is centered on delivering a best-in-class all-inclusive experience through its on-site teams. As of March 31, 2025, the portfolio consisted of 22 resorts totaling 8,342 rooms across Mexico, Jamaica, and the Dominican Republic. This scale necessitates significant on-site staffing to maintain personalized service levels.

Automated marketing and CRM for repeat business

The strategy involves building a direct relationship to improve customer acquisition cost and drive repeat business, which is supported by modern CRM tools. The broader Hotel Customer Relationship Management (CRM) Software market was estimated to reach $2 billion in 2025, indicating the investment level in this technology across the industry.

The focus is on using data analytics capabilities within CRM systems to drive decisions regarding marketing and customer service, aiming for improved guest loyalty.

Travel agent and wholesale partner support

While direct bookings are prioritized, travel agent and wholesale partnerships remain a vital distribution channel, especially given the historical structure of the all-inclusive segment. The relationship with Hyatt's existing distribution platform, which includes ALG Vacations and Unlimited Vacation Club, now complements Playa's commercial capabilities.

The support structure for these partners includes specific promotional pathways, as seen in April 2025 partner materials, which offered savings up to 23% for bookings made through package paths with Classic Vacations.

Here's a look at some of the specific partner-driven incentives offered around the first half of 2025:

The former Chairman & CEO of Playa Hotels & Resorts N.V., Bruce Wardinski, earned approximately $6.8 million in 2024, reflecting the scale of the business prior to its sale.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Channels

You're looking at how Playa Hotels & Resorts N.V. (PLYA) gets its rooms in front of guests, especially now that Hyatt completed the acquisition in June 2025. The channel strategy is now deeply intertwined with Hyatt's global reach. Before the closing, PLYA was already focused on building direct relationships to lower acquisition costs, which is smart. For the three months ending March 31, 2025, PLYA reported a Net Package RevPAR of $433.20 across its portfolio of 22 resorts.

Direct booking channels remain a key focus area, though the emphasis shifts under the new ownership structure. The company leverages its own website and call centers to drive bookings, aiming to control the guest experience from the start. Industry-wide data from early 2025 suggests that direct online bookings accounted for 21% of total bookings across surveyed properties. Furthermore, bookings made through calls directly to the hotel represented another 18% of total bookings in that same dataset. This focus helps PLYA build its customer database, which is crucial for driving repeat business.

Global Distribution Systems (GDS) and Online Travel Agencies (OTAs) still move significant volume, even as the industry pushes for more direct sales. To be fair, OTAs offer massive visibility. The same 2025 industry survey indicated that OTAs captured 21% of total bookings. GDS bookings, which are often used by corporate and traditional travel sellers, accounted for a slightly smaller share at 20% of total bookings. PLYA's portfolio, which includes brands like Secrets La Romana and Hyatt Ziva Cancún, relies on these platforms to fill rooms in premier beach destinations.

Hyatt's distribution network is now the most significant enhancement to PLYA's channel capabilities following the acquisition on June 17, 2025. This transaction brought 15 all-inclusive resorts into the Hyatt fold, immediately expanding Hyatt's distribution channels. The integration leverages two major components of Hyatt's existing platform:

• ALG Vacations: This provides access to a massive, established vacation package distribution system.
• Unlimited Vacation Club: This feeds into Hyatt's loyalty and direct-to-consumer ecosystem.

This integration is expected to complement PLYA's commercial capabilities with Hyatt's global scale, helping to shape the future of all-inclusive travel for the combined entity.

Traditional travel agents and tour operators continue to play a role, though their direct contribution percentage can be harder to isolate post-acquisition. In the broader industry context from early 2025, a combined category of walk-ins and group bookings represented about 19% of total bookings. Travel agents, who often feed into these group or package sales, are now likely being channeled more through the enhanced Hyatt/ALG structure. You'll want to watch how the integration affects commission structures for these partners.

Corporate and group sales teams manage MICE (Meetings, Incentives, Conventions, and Exhibitions) business, which is vital for filling rooms during shoulder seasons. This segment often overlaps with the general group bookings category. For the full year 2024, PLYA generated annual revenue of $928.70M, and for Q1 2025, TTM revenue stood at $896.46M. MICE bookings fall under the group sales umbrella, which, as noted, was around 19% of the total booking mix in the general 2025 survey data. The integration with Hyatt's global sales force should defintely bolster this area.

Here's a quick look at some key 2025 operational and financial metrics relevant to channel performance:

The shift to Hyatt's platform means PLYA is now leveraging a system where loyalty program members (World of Hyatt) are a primary driver, complementing the existing channel mix. The company's management platform now benefits from Hyatt's global brand strength, which should improve booking conversion across all avenues.

Finance: draft 13-week cash view by Friday.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Playa Hotels & Resorts N.V. right after the June 17, 2025, acquisition by Hyatt. The core is defintely the upper-upscale leisure traveler looking for that all-inclusive experience, which is where the numbers really tell the story.

For the first quarter of 2025, before the finalization of the deal, the portfolio saw a Net Package RevPAR (Revenue Per Available Room) of $433.20. That RevPAR was supported by a rise in Net Package ADR (Average Daily Rate), even as Occupancy rates saw a slight dip, specifically a 2.6 percentage point decrease compared to 2024. Total Net Revenue for that quarter was $263.9 million, which was a 9.2% drop year-over-year. By November 2025, the trailing twelve months (TTM) revenue stood at $0.90 Billion USD.

The properties themselves target different traveler profiles, which is clear from the brand mix. As of March 31, 2025, the total portfolio comprised 22 resorts totaling 8,342 rooms across Mexico, Jamaica, and the Dominican Republic. Here's how those brands break down:

The primary geographic source for these travelers remains North America. The destinations Playa operates in are major draws for this group. For instance, Punta Cana ranked 4th among the 15 most visited destinations by U.S. and Canadian travelers between June and September 2025. Hyatt's leadership noted that for their overall business, international markets were expected to outperform the U.S. in RevPAR growth, though the all-inclusive segment itself remained solid.

You also have the segment focused on group and corporate meeting planners, often referred to as the MICE segment. While specific revenue contribution figures for this segment aren't explicitly broken out in the immediate post-acquisition filings, the portfolio's scale and the inclusion of brands like Hyatt Ziva and Zilara inherently cater to this business, especially given the strategic importance of group bookings in the all-inclusive space.

The post-acquisition focus heavily involves integrating the World of Hyatt loyalty members. Hyatt's strategy centers on leveraging this program across the acquired assets, with 8 resorts already operating under Hyatt flags prior to the deal. The management agreements for the 13 sold real estate assets are set for 50-year terms, ensuring long-term fee revenue tied to World of Hyatt distribution and member stays.

• Total Portfolio Size (as of Q1 2025): 22 resorts.
• Total Rooms: 8,342 rooms.
• Q1 2025 Net Package RevPAR: $433.20.
• Occupancy Change (Q1 2025 vs. 2024): Down 2.6 percentage points.
• Punta Cana Ranking (US/Canadian Travelers, Summer 2025): 4th most visited destination.

Finance: draft 13-week cash view by Friday.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive the operations for Playa Hotels & Resorts N.V. as of early 2025. Here's the quick math on what it costs to run those all-inclusive properties, based on the first quarter results.

Owned Resort Operating Costs are captured within the Owned Resort EBITDA metric. For the three months ended March 31, 2025, Owned Resort EBITDA was $111,684 thousand. The Direct expenses, which encompass a significant portion of operating costs like Food & Beverage and Labor, totaled $126,642 thousand for the same period.

Wage inflation and labor costs are a definite pressure point. For the first quarter of 2025, there was a headwind from increased labor and related expenses, partly due to union-negotiated and government-mandated wage benefit increases enacted in the second quarter of 2024. To be fair, this was partially offset by a favorable impact of $5.7 million due to the depreciation of the Mexican Peso (MXN). The impact of labor increases alone, excluding the MXN effect, negatively impacted the Owned Resort EBITDA Margin by 200 basis points compared to the first quarter of 2024. Mexico's daily minimum wage saw a 12 percent increase effective January 1, 2025.

Selling, General, and Administrative (SG&A) expenses for the three months ended March 31, 2025, were reported at $52,182 thousand. This figure is distinct from the Direct costs line item.

Interest expense on total debt is a fixed commitment you need to track. The total interest-bearing debt as of March 31, 2025, stood at $1,075.3 million. The corresponding interest expense for the first quarter of 2025 was $(19,961) thousand.

Property maintenance and renovation capital expenditures are ongoing. The company noted higher capital expenditures in 2024 due to significant renovations in the Pacific Coast segment, with expected completion by Q1 2025. While a specific 2025 CapEx number isn't immediately available, industry context suggests major hotel owners are looking at capital improvement expenditures around eight per cent of gross annual revenue, up from a historical four per cent, due to inflation and construction costs.

Here is a breakdown of key cost-related financial metrics from Q1 2025:

You should keep an eye on these operational costs relative to revenue performance:

• Owned Resort EBITDA Margin was 43.4 percent for Q1 2025 (Comparable).
• Owned Resort EBITDA Margin was 41.8 percent for Q1 2025 (Total).
• Depreciation and amortization expense was $19,440 thousand in Q1 2025.
• Corporate salaries and benefits within Other corporate expenses were $10.1 million for Q1 2025.

Finance: draft 13-week cash view by Friday.

Playa Hotels & Resorts N.V. (PLYA) - Canvas Business Model: Revenue Streams

You're looking at how Playa Hotels & Resorts N.V. brings in cash, which is critical now, especially considering the recent acquisition by Hyatt in June 2025 and the subsequent real estate sale. The revenue streams are clearly segmented between direct resort operations and fees from managing properties for others.

The Trailing Twelve Months (TTM) Revenue, as of the first quarter of 2025, stood at $896.46 million. This gives you the big picture of the scale of operations leading into the major corporate changes.

The core of the revenue generation comes from guests buying all-inclusive packages. This revenue type bundles the stay, food, beverages, and entertainment into one price point. For the three months ended March 31, 2025, this stream was substantial:

• Net Package Revenue: $228.336 million

Beyond the package, Playa Hotels & Resorts N.V. pulls in revenue from ancillary services that guests purchase separately. This is the Net Non-package Revenue component. Here are the figures from that same Q1 2025 period:

• Net Non-package Revenue: $32.945 million

The management services side of the business is a distinct revenue stream, which becomes the primary focus after the asset-light transition. This includes fees earned from operating resorts owned by third parties or by Hyatt. For Q1 2025, the reported Management Fee Revenue was $895 thousand.

To give you a clearer picture of the Q1 2025 revenue composition based on the reported segments, here's a quick look at the key components:

The Management Fee Revenue stream is structured to include performance incentives. This is where the management team earns more if the resorts they oversee perform exceptionally well financially. You should expect to see this component detailed as follows:

• Management Fee Revenue from third-party and Hyatt-owned resorts
• Incentive Management Fees based on resort financial performance

To be defintely clear on the Q1 2025 performance context, here are some related operational metrics that feed into the overall revenue picture:

• Net Package RevPAR (Revenue Per Available Room): $433.20
• Net Package ADR (Average Daily Rate): Increased 4.6%
• Comparable Net Package RevPAR: Decreased 1.7%

Finance: draft pro forma revenue projection for asset-light structure by next Tuesday.