Business
OneSpaWorld Reports First Quarter Fiscal 2022 Financial Results
Net Revenues of $87.7 million Cash Burn Rate of $1.9 Million - Better than Guidance Ends First Quarter with Total Liquidity of $44 Million Expects to be
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nNet Revenues of $87.7 million\nCash Burn Rate of $1.9 Million - Better than Guidance\nEnds First Quarter with Total Liquidity of $44 Million\nExpects to be Operating on 174 Cruise Ships by the End of the Third Quarter\n\n NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld 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 its financial results for its first quarter ended March 31, 2022.\n\nLeonard Fluxman, Executive Chairman and Chief Executive Officer of OneSpaWorld, commented: “I am pleased to report a very positive start to the year, both operationally and financially, despite the Omicron variant’s continuing negative impact on scheduled voyages, occupancy rates and onboard staffing in the quarter. I am particularly proud of our corporate team and our onboard and resort spa leadership who mitigated Omicron’s impact on our staff and our operations, while always assuring our extraordinary standard of guest experience and our continuing flawless return to service.\n\nOperationally, we commenced service aboard five new ship builds, and 15 ships returned to service by our cruise line partners. And the quarter saw continuing growth and strength across key operating metrics, including pre-booking percent of service revenue, average guest spend, average service spend per guest, and service frequency per guest, all higher than first quarter fiscal 2019 – the most recent period of normal operations. Financially, we delivered a significant increase in revenue compared to the 2021 first quarter, marking our fifth consecutive quarter of sequential revenue growth, positive adjusted EBITDA and adjusted net income, and a better-than-expected cash burn rate.\n\nMr. Fluxman added, “we are well positioned to exploit additional cruise ships introduced and returning to service during the remainder of 2022, and strong cruise ship and resort guest demand, driven by our investments in our exemplary staff, constantly innovating our service, product offerings, guest experiences, and our irreplicable global operations. We expect to be operating 174 cruise ship health and wellness centers by the end of the third quarter, including twelve new builds commencing service in 2022. Overal...