{"id":754118,"date":"2023-05-03T06:48:09","date_gmt":"2023-05-03T10:48:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/onespaworld-reports-record-first-quarter-fiscal-2023-total-revenues-and-adjusted-ebitda-above-guidance\/"},"modified":"2023-05-03T06:48:09","modified_gmt":"2023-05-03T10:48:09","slug":"onespaworld-reports-record-first-quarter-fiscal-2023-total-revenues-and-adjusted-ebitda-above-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/onespaworld-reports-record-first-quarter-fiscal-2023-total-revenues-and-adjusted-ebitda-above-guidance\/","title":{"rendered":"OneSpaWorld Reports Record First Quarter Fiscal 2023 Total Revenues and Adjusted EBITDA Above Guidance"},"content":{"rendered":"

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OneSpaWorld Reports Record First Quarter Fiscal 2023 Total Revenues and Adjusted EBITDA Above Guidance<\/b><\/p>\n

Total Revenues of $182.5 Million, Income from Operations of $11.2 Million and Adjusted EBITDA of $19.3 Million<\/b><\/p>\n

Introduces Q2 2023 Guidance for Revenues of $185 – $190 Million and Adjusted EBITDA of $18 – $20 Million<\/b><\/p>\n

Increases Fiscal 2023 Revenues Guidance to $710 – $730 Million from $660 – $680 Million<\/b><\/p>\n

Increases Fiscal 2023 Adjusted EBITDA Guidance to $70 – $76 Million from $64 – $70 Million<\/b><\/p>\n

NASSAU, Bahamas–(BUSINESS WIRE<\/a>)–
\nOneSpaWorld Holdings Limited (NASDAQ: OSW) (\u201cOneSpaWorld,\u201d or the \u201cCompany\u201d), the preeminent global provider of health and wellness services and products onboard cruise ships and in destination resorts around the world, today announced its financial results for its first quarter ended March 31, 2023.<\/p>\n

\nLeonard Fluxman, Executive Chairman, Chief Executive Officer and President of OneSpaWorld, commented: \u201cWe are pleased to report an excellent start to fiscal 2023 and raise our full year guidance. The first quarter saw better-than-expected performance across key financial metrics driven by the power of our operating platform and the successful execution of our strategy by our team. Indeed, the period was highlighted by several records, as we generated our highest ever first quarter revenue, income from operations and adjusted EBITDA, all of which rose significantly from the prior year.\u201d<\/p>\n

\n\u201cOur strong performance and accelerating momentum evidence our relentless focus on investing in and serving our cruise ship and destination resort partners by providing exceptional customer experiences for every guest and continuously innovating our operations to drive productivity gains across our health and wellness centers at sea and on land. As we look ahead, we are more excited than ever about our business prospects. Our second quarter 2023 performance is off to a positive start and we expect our favorable momentum to continue to build throughout the year, buoyed by continual advances in our guest services, product offerings and guest experiences, together with the addition of health and wellness centers aboard ten new ship builds introduced into service this year. We are confident that fiscal 2023 will represent another year of significant accomplishments and increasing value for OneSpaWorld shareholders,\u201d concluded Mr. Fluxman.<\/p>\n

\nStephen Lazarus, Chief Financial Officer and Chief Operating Officer of OneSpaWorld, added, \u201cOur operating strategies and tactics have driven consistently increasing free cash flow, a strengthened balance sheet and quarter-end total liquidity of $44.0 million ($24.0 million cash and $20.0 million first lien revolver facility). Year-to-date, we have repaid $15 million on our second lien term loan, thereby extinguishing this facility, which will reduce ongoing interest expense. We are also delighted by the response to our warrant exchange, which will reduce the total number of outstanding Public Warrants and Private Warrants by approximately 95% and 50%, respectively. The warrant exchange is intended to simplify our capital structure, reduce short interest in our stock associated with warrant hedging and by exchanging warrants for equity increase the float and trading liquidity. With strong first quarter performance and a positive outlook, we have increased our fiscal year 2023 guidance and now expect revenues to increase 32% and adjusted EBITDA to increase 45% at the mid-point of the guidance range from fiscal 2022.\u201d<\/p>\n

First Quarter 2023 Highlights:<\/i><\/b><\/p>\n