Business
OneSpaWorld Reports Record First Quarter Fiscal 2024 Results and Increases Fiscal Year Guidance
Board Authorizes $50 Million Share Repurchase Program Total Revenues of $211.2 Million, Income from Operations of $17.0 Million and Adjusted EBITDA of $25.3
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nBoard Authorizes $50 Million Share Repurchase Program\nTotal Revenues of $211.2 Million, Income from Operations of $17.0 Million and Adjusted EBITDA of $25.3 Million\nIncreases Fiscal 2024 Revenues Guidance to $860 - $880 Million from $850 - $870 Million\nIncreases Fiscal 2024 Adjusted EBITDA Guidance to $95 - $105 Million from $90 - $100 Million\n\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 financial results for the first quarter ended March 31, 2024.\n\n\nLeonard Fluxman, Executive Chairman, Chief Executive Officer, and President of OneSpaWorld, commented: “Our strong momentum from fiscal 2023 has continued, with first quarter results exceeding our guidance. We are increasing our annual outlook beyond the outperformance achieved in the first quarter based on the ongoing strong execution by our talented team, new partnerships, and new initiatives which continue to drive organic growth.\n\n\nThe first quarter included several noteworthy accomplishments,” continued Mr. Fluxman. “Financially, we grew total revenue by 16%, income from operations by 52% and adjusted EBITDA by 31%. We generated robust free cash flow, bolstering our strong balance sheet. We grew key maritime operating metrics at double digit rates, supported by the sustained pipeline of strategic initiatives to increase pre-booking, the number of treatments per client, and the number of passengers utilizing the spa. We entered into a new exclusive agreement with Royal Caribbean Cruises and Celebrity Cruises for their existing 40 ships in service and all future ships which enter service during the agreement term. We also added Aroya Cruises to our list of partners, where we will operate all health and wellness facilities beginning in late 2024. We anticipate ending fiscal 2024 operating aboard 198 vessels.”\n\n\nMr. Fluxman stated further: “The quarter marked a key milestone for OneSpaWorld: the fifth anniversary of our de-SPAC public listing. Notably, OneSpaWorld public warrant holders expressed their support for the company, with 98% of all outstanding warrants converted and exercised. The remaining warrants were canceled. Importantly,...