OSW 8-K
ONESPAWORLD HOLDINGS Ltd (OSW)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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Commonwealth of The |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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Harry B. Sands, Lobosky Management Co. Ltd. (Address of principal executive offices)
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Tel: (
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
$0.0001 per share |
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The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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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. ☐
Item 2.02. Results of Operations and Financial Condition
On April 30, 2025, OneSpaWorld Holdings Limited (the “Company”) issued an earnings press release announcing the Company’s financial results for the first quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including Exhibit 99.1, is intended to be furnished pursuant to Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events
On April 30, 2025, the Company also announced in its earnings press release that its Board of Directors approved a new share repurchase program (the “Repurchase Program”) to repurchase up to $75.0 million of the Company’s common shares. The Company may repurchase the shares from time to time on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of such repurchases will depend on a variety of factors, including business and market conditions. The Repurchase Program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any specific value or number of common shares under the Repurchase Program. Further details of the Repurchase Program are discussed in the press release attached hereto as Exhibit 99.1, which is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
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Description |
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99.1 |
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Press Release issued by OneSpaWorld Holdings Limited on April 30, 2025. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OneSpaWorld Holdings Limited |
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Date: April 30, 2025 |
By: |
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/s/ Stephen B. Lazarus |
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Stephen B. Lazarus |
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President, Chief Financial Officer and Chief Operating Officer |
Exhibit 99.1
OneSpaWorld Reports First Quarter Fiscal 2025 Results
Total Revenues of $219.6 Million, Net Income of $15.3 Million and Adjusted EBITDA of $26.6 Million
Reaffirms Fiscal Year 2025 Guidance
Introduces Second Quarter 2025 Guidance of $235-$240 Million in Total Revenues and $28-$30 Million in Adjusted EBITDA
Board Declares Quarterly Dividend of $0.04 Per Share and Authorizes New $75 Million Share Repurchase Program
Nassau, Bahamas, April 30, 2025 – OneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness services and products on-board cruise ships and in destination resorts around the world, today announced financial results for the first quarter ended March 31, 2025.
Leonard Fluxman, Executive Chairman and Chief Executive Officer, commented: “We are pleased to report first quarter results at the high end of our guidance and reaffirm our fiscal year 2025 guidance. Our performance reflects the impact of our mission to invest in our cruise line and destination resort partnerships, continuously innovate our guest experiences, and enhance our productivity and profitability across our business, as evidenced by increases across our key operating metrics during the quarter. In addition, we added to our fleet Norwegian Cruise Lines’ first Prima Plus Class ship, Norwegian Aqua™, and we remain on track to introduce health and wellness centers on an additional eight new ship builds commencing voyages this year. Following quarter-end, we also executed an agreement to operate health and wellness centers on 11 ships for P&O and Cunard, continuing our long-standing relationship with these brands.”
Mr. Fluxman, continued, “With our positive momentum continuing into the second quarter, we remain confident in our ability to navigate an increasingly dynamic economic environment by leveraging our proven operating strategies, complex global business model, and operating and financial discipline. Our confidence is buoyed by our decades-long experience and the resilience of our business across economic cycles. We are well positioned to provide increasingly valuable service to our partners, experiences to our guests, and results for our stakeholders and shareholders in fiscal 2025 and beyond.”
Mr. Fluxman concluded, “In recognition of our strong competitive and financial position, and our consistent free cash flow generation, our Board of Directors approved a new $75 million share repurchase program extending our prior $50 million share repurchase program substantially completed in the first quarter. Together with our quarterly cash dividend, this program demonstrates our commitment to enhance shareholder value through our enterprise growth and capital allocation strategies.”
Stephen Lazarus, President, Chief Financial Officer and Chief Operating Officer, added, “We are indeed pleased with our first quarter results, realizing our expected growth in Total revenues and Adjusted EBITDA. In addition, we generated predictably strong free cash flow, leveraging our efficient capital structure and asset light business model, which together with our surplus liquidity, funded the return of $42 million to our shareholders through our quarterly dividend and repurchases of common shares during the quarter. We ended the quarter with a strong balance sheet, including $74 million of total liquidity.”
Mr. Lazarus concluded, “We expect to report fiscal 2025 results within our guidance ranges reflecting high-single digit Total revenues and Adjusted EBITDA growth as we move through the year, benefiting from the impact of our strategic initiatives and health and wellness centers on eight new ships being introduced later this year.”
First Quarter 2025 Highlights:
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Total revenues increased 4% to $219.6 million compared to $211.2 million in the first quarter of 2024. |
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Income from operations of $16.8 million included $2.5 million of non-recurring severance expense, compared to $17.0 million in the first quarter of 2024. The $2.5 million was comprised of $1.1 million of cash severance and $1.4 million of expense related to accelerated vesting of shares. |
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Net income was $15.3 million, including the aforementioned $2.5 million expense, compared to $21.2 million in the first quarter of 2024, which included a benefit of $7.7 million driven by the fair value of warrant liabilities. |
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Adjusted EBITDA increased 5% to $26.6 million, including the aforementioned $1.1 million, compared to $25.3 million in the first quarter of 2024. |
Operating Network Update:
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Cruise Ship Count: The Company ended the first quarter with health and wellness centers on 199 ships and an average ship count of 193 for the quarter, compared with 193 ships and an average ship count of 188 ships at the first quarter of fiscal 2024. |
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Destination Resort Count: The Company ended the first quarter with 50 destination resort health and wellness centers and an average resort count of 49 for the quarter, compared with 51 destination resort health and wellness centers and an average resort count of 51 at the first quarter of fiscal 2024. |
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Staff Count: The Company ended the first quarter with 4,240 cruise ship personnel on vessels, compared with 4,082 cruise ship personnel on vessels at the end of the first quarter of fiscal 2024. |
Liquidity Update:
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Cash at March 31, 2025 totaled $23.8 million after repurchasing $37.9 million shares and paying a $4.2 million dividend in the first quarter. Liquidity, including the Company’s fully undrawn $50 million credit facility, totaled $73.8 million at March 31, 2025. |
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The Company expects to generate positive Cash flow from operations for fiscal year 2025. |
The Company’s results are reported in this press release on a GAAP basis and on an as adjusted non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release. This press release also refers to Adjusted EBITDA and Adjusted Net Income (non-GAAP financial measures), the definitions and reconciliations to their nearest GAAP equivalents for which are presented below.
First Quarter Ended March 31, 2025 Compared to March 31, 2024
Balance Sheet and Cash Flow Highlights
Quarterly Dividend
The Company announced today that the Board of Directors approved a quarterly dividend payment of $0.04 per common share payable on June 4, 2025 to shareholders of record as of the close of business on May 21, 2025.
Share Repurchase Program
Subsequent to quarter end, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $75 million of its common shares. The share repurchases will be funded through the Company’s available surplus cash.
During the first quarter of fiscal 2025, the Company repurchased a total of 2.1 million shares for $37.9 million under its previous $50 million share repurchase program. As of March 31, 2025, the Company had $900,000 remaining available under the previous share repurchase program, which is now cancelled as a result of the new authorization. Since initiating the share repurchase program on May 1, 2024, the Company repurchased a total of 2.8 million shares for $49.1 million.
The Company may repurchase shares of its outstanding common stock from time to time on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of share repurchases will depend on a variety of factors, including business and market conditions. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any specific value or number of its common shares under the program.
Second Quarter 2025 and Fiscal Year 2025 Guidance
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Three Months Ended June 30, 2025 |
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Year Ended December 31, 2025 |
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Total Revenues |
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$ |
235-240 million |
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$ |
950-970 million |
Adjusted EBITDA |
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$ |
28-30 million |
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$ |
115-125 million |
Conference Call Details
A conference call to discuss the first quarter 2025 financial results is scheduled for Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-283-8977 (international callers please dial 1-412-542-4171) and provide the passcode 10198331 approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://onespaworld.com/investor-relations. A replay of the call will be available by dialing 844-512-2921 (international callers please dial 412-317-6671) and entering the passcode 10198331. The conference call replay will be available from 2:00 p.m. Eastern Time on Wednesday, April 30, 2025 until 11:59 p.m. Eastern Time on Wednesday, May 7, 2025. The Webcast replay will remain available for 90 days.
About OneSpaWorld
Headquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorld’s distinguished health and wellness centers offer guests a comprehensive suite of premium health, wellness, fitness and beauty services, treatments, and products, currently onboard 199 cruise ships and at 50 destination resorts around the world. OneSpaWorld holds the leading market position within the cruise industry segment of the international leisure market, which it has earned over six decades upon its exceptional service; expansive global recruitment, training and logistics platforms; irreplicable operating infrastructure; powerful team; and product innovation, delivering tens of millions of extraordinary guest experiences and outstanding service to its cruise line and destination resort partners.
On March 19, 2019, OneSpaWorld completed a series of mergers pursuant to which OSW Predecessor, comprised of direct and indirect subsidiaries of Steiner Leisure Ltd., and Haymaker Acquisition Corp. (“Haymaker”), a special purpose acquisition company, each became indirect wholly owned subsidiaries of OneSpaWorld (the “Business Combination”). Haymaker is the acquirer and OSW Predecessor the predecessor, whose historical results have become the historical results of OneSpaWorld.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative or other variations thereof and similar expressions are intended to identify such forward looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company’s auditors), and the future plans, operations and opportunities for the Company and other statements that are not historical facts. These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the impact of outbreaks of illnesses on our business, operations, results of operations and financial condition, including liquidity for the foreseeable future; the demand for the Company’s services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company’s services; changes in applicable laws or regulations; the availability or competition for opportunities for expansion of the Company’s business; difficulties of managing growth profitably; the loss of one or more members of the Company’s management team; loss of a major customer and other risks and uncertainties included from time to time in the Company’s reports (including all amendments to those reports) filed with the SEC. The Company cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
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Three Months Ended March 31, |
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$ |
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% |
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2025 |
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2024 |
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Inc/(Dec) |
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Inc/(Dec) |
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REVENUES: |
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Service revenues |
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$ |
178,519 |
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$ |
172,209 |
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$ |
6,310 |
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4 |
% |
Product revenues |
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41,111 |
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39,017 |
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2,094 |
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5 |
% |
Total revenues |
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219,630 |
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211,226 |
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8,404 |
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4 |
% |
COST OF REVENUES AND |
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Cost of services |
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148,154 |
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144,025 |
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4,129 |
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3 |
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Cost of products |
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35,297 |
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33,530 |
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1,767 |
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5 |
% |
Administrative |
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4,213 |
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4,057 |
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156 |
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4 |
% |
Salaries, benefits and payroll taxes |
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10,995 |
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8,493 |
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2,502 |
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29 |
% |
Amortization of intangible assets |
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4,134 |
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4,144 |
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(10 |
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(0 |
)% |
Total cost of revenues and |
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202,793 |
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194,249 |
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8,544 |
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4 |
% |
Income from operations |
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16,837 |
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16,977 |
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(140 |
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(1 |
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OTHER (EXPENSE) INCOME |
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Interest expense, net |
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(1,147 |
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(2,955 |
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1,808 |
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61 |
% |
Change in fair value of warrant liabilities |
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— |
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7,723 |
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(7,723 |
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(100 |
)% |
Total other (expense) income |
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(1,147 |
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4,768 |
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(5,915 |
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(124 |
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Income before income tax expense |
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15,690 |
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21,745 |
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(6,055 |
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(28 |
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INCOME TAX EXPENSE |
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419 |
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579 |
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(160 |
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(28 |
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Net income |
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$ |
15,271 |
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$ |
21,166 |
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$ |
(5,895 |
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(28 |
)% |
Net income per share: |
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Basic |
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$ |
0.15 |
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$ |
0.21 |
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Diluted (1) |
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$ |
0.15 |
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$ |
0.21 |
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Weighted average shares outstanding: |
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Basic |
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104,602 |
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101,467 |
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Diluted (1) |
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105,077 |
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102,933 |
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Forecasted |
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Q2 2025 |
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FY 2025 |
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Period End Ship Count |
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200 |
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207 |
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Average Ship Count (1) |
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192 |
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195 |
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Period End Resort Count |
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50 |
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50 |
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Average Resort Count (3) |
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50 |
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50 |
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Three Months Ended |
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March 31, |
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2025 |
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2024 |
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Selected Statistics |
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Period End Ship Count |
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199 |
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193 |
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Average Ship Count (1) |
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193 |
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188 |
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Average Weekly Revenue Per Ship |
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$ |
84,177 |
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$ |
81,708 |
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Average Revenue Per Shipboard Staff Per Day |
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$ |
562 |
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$ |
549 |
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Revenue Days (2) |
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17,401 |
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17,076 |
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Period End Resort Count |
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50 |
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51 |
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Average Resort Count (3) |
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49 |
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51 |
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Average Weekly Revenue Per Resort |
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$ |
15,247 |
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$ |
16,791 |
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Capital Expenditures (in thousands) |
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$ |
1,697 |
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$ |
1,206 |
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(1) Average Ship Count reflects the fact that during the period ships were in and out of service and is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.
(2) Revenue Days reflects a day on which the health and wellness centers are open onboard a revenue generating cruise with passengers.
(3) Average Resort Count reflects the fact that during the period destination resort health and wellness centers were in and out of service and is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.
Note Regarding Non-GAAP Financial Information
This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA.
We define Adjusted net income as Net income, adjusted for items, including Change in fair value of warrant liabilities; increase in Depreciation and amortization resulting from the Business Combination; Long-lived assets impairment; and Stock-based compensation. Adjusted net income per diluted share is defined as Adjusted net income divided by Diluted weighted average shares outstanding during the period, as if such shares had been outstanding during the entire three month periods ended March 31, 2025 and 2024.
We define Adjusted EBITDA as Net income adjusted for items, including Income tax expense; Interest expense, net; Change in fair value of warrant liabilities; Depreciation and amortization; and Stock-based compensation as set forth below.
We believe that these non-GAAP measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA have limitations as profitability measures in that they do not include total amounts for interest expense on our debt and provision for income taxes, and the effect of our expenditures for capital assets and certain intangible assets. In addition, all of these non-GAAP measures have limitations as profitability measures in that they do not include the effect of non-cash stock-based compensation expense and the impact of certain expenses related to items that are settled in cash. Because of these limitations, the Company relies primarily on its GAAP results.
In the future, we may incur expenses similar to those for which adjustments are made in calculating Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as a basis to infer that our future results will be unaffected by extraordinary, unusual, or nonrecurring items.
Reconciliation of GAAP to Non-GAAP Financial Information
The following table reconciles Net income to Adjusted net income for the first quarters ended March 31, 2025 and 2024 and Adjusted net income per diluted share for the first quarters ended March 31, 2025 and 2024 (amounts in thousands, except per share amounts):
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Three Months Ended |
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March 31, |
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2025 |
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2024 |
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Net income |
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$ |
15,271 |
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$ |
21,166 |
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Change in fair value of warrant liabilities |
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— |
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(7,723 |
) |
Depreciation and amortization (a) |
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3,761 |
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3,761 |
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Stock-based compensation |
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3,560 |
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2,094 |
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Adjusted net income |
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$ |
22,592 |
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$ |
19,298 |
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Adjusted net income per diluted share |
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$ |
0.22 |
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$ |
0.19 |
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Diluted weighted average shares outstanding |
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105,077 |
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102,933 |
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(a) Depreciation and amortization refers to addback of purchase price adjustments to tangible and intangible assets resulting from the Business Combination.
The following table reconciles Net income to Adjusted EBITDA for the first quarters ended March 31, 2025 and 2024 (amounts in thousands):
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Three Months Ended |
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March 31, |
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2025 |
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2024 |
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Net income |
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$ |
15,271 |
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$ |
21,166 |
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Income tax expense |
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419 |
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579 |
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Interest expense, net |
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1,147 |
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2,955 |
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Change in fair value of warrant liabilities |
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— |
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(7,723 |
) |
Depreciation and amortization |
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6,179 |
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6,209 |
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Stock-based compensation |
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3,560 |
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2,094 |
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Adjusted EBITDA |
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$ |
26,576 |
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$ |
25,280 |
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Contact:
ICR:
Investors:
Allison Malkin, 203-682-8225
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