OneSpaWorld Holdings Ltd (OSW) Q3 2024 Earnings Call Highlights: Record Revenue Growth and ...

GuruFocus.com10-31

Total Revenue: $241.7 million, up 12% from $216.3 million in Q3 2023. Income from Operations: $25 million, up 48% from $17 million in Q3 2023. Adjusted EBITDA: $33 million, up 33% from $24.9 million ...

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Adjusted EBITDA expected between $110 million to $112 million.Fourth Quarter Revenue Guidance: $210 million to $215 million.Fourth Quarter Adjusted EBITDA Guidance: $25 million to $27 million.OneSpaWorld Holdings","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"OSW":"OneSpaWorld Holdings Limited"},"translate_title":"OneSpaWorld Holdings Ltd(OSW)2024年第三季度收益看涨期权亮点：创纪录的收入增长和……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OSW":1},"content_text":"Total Revenue: $241.7 million, up 12% from $216.3 million in Q3 2023.\nIncome from Operations: $25 million, up 48% from $17 million in Q3 2023.\nAdjusted EBITDA: $33 million, up 33% from $24.9 million in Q3 2023.\nUnlevered After-Tax Free Cash Flow: $31 million, up 28% from $24.2 million in Q3 2023.\nNet Income: $21.6 million, with net income per diluted share of $0.20.\nAdjusted Net Income: $27.3 million, with adjusted net income per diluted share of $0.26.\nAverage Ship Count: 195 ships, compared to 185 ships in Q3 2023.\nNumber of Cruise Ship Personnel: 4,204, compared to 3,927 in Q3 2023.\nCash Position: $50 million at quarter end.\nDebt Reduction: Paid down $24.6 million of debt.\nShare Repurchase: $11.3 million spent to repurchase 745,000 common shares.\nDividend Payment: $4.2 million in quarterly dividends.\nGuidance for Fiscal 2024: Revenue expected between $888 million to $893 million; Adjusted EBITDA expected between $110 million to $112 million.\nFourth Quarter Revenue Guidance: $210 million to $215 million.\nFourth Quarter Adjusted EBITDA Guidance: $25 million to $27 million.\n\n\nRelease Date: October 30, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nOneSpaWorld Holdings Ltd (NASDAQ:OSW) achieved record performance in Q3 2024, with total revenues increasing by 12% to $241.7 million.\nIncome from operations rose by 48% to a record $25 million, and adjusted EBITDA increased by 33% to $33 million.\nThe company expanded its ship count, operating health and wellness centers on 196 ships, up from 189 ships in Q3 2023.\nOneSpaWorld Holdings Ltd (NASDAQ:OSW) successfully introduced new high-value services, such as cryotherapy and LED light facial services, which saw strong double-digit growth.\nThe company enhanced its capital structure by refinancing its first lien term loan with a new $100 million five-year facility at a lower interest rate, improving financial flexibility.\n\n Negative Points \n\nLand-based spa revenue growth lagged behind maritime operations, partly due to renovation projects and lower occupancy in Asia and the Caribbean.\nDespite strong overall performance, net income decreased to $21.6 million from $23.4 million in Q3 2023, primarily due to changes in the fair value of warrant liabilities.\nThe company faces challenges in increasing prebooking rates for services, which remain at 22%, with room for improvement.\nOneSpaWorld Holdings Ltd (NASDAQ:OSW) has not been able to secure more data sharing from cruise lines to offer personalized discounts, limiting marketing capabilities.\nThe company continues to face competition from other onboard and port activities, which could impact service demand and pricing strategies.\n\n Q & A Highlights \nQ: Can you explain the significant margin expansion in the quarter, particularly the 200 basis point increase in EBITDA margin? A: Stephen Lazarus, CFO and COO, explained that the margin expansion was due to strong onboard demand, leading to minimal promotional activity. Additionally, the decrease in salary expenses was due to the timing of performance-based compensation being spread more evenly throughout the year.\nQ: Why is there a difference in revenue generation between land-based and maritime operations? A: Leonard Fluxman, CEO, noted that renovations at several land-based resorts and lower occupancy in Asia and the Caribbean have impacted land-based revenue. They expect improvements as renovations conclude and are working on enhancing marketing efforts to boost performance.\nQ: How are you approaching pricing for services in the fourth quarter and 2025? A: Leonard Fluxman stated that while demand remains strong, they have taken minimal pricing increases this year. They are focusing on introducing new services at higher price points and may consider further pricing adjustments if demand continues.\nQ: Are there any tariff risks related to product acquisition for maritime or land-based operations? A: Stephen Lazarus clarified that most products do not enter the U.S. market directly, as they are stored in bonded warehouses before being shipped internationally. Therefore, they do not anticipate any tariff impacts.\nQ: What factors influence the decision to add OSW services on cruise line private islands? A: Leonard Fluxman explained that passenger feedback and demand for additional amenities influence cruise lines' decisions to expand services on private islands. They are working with cruise lines to explore opportunities for expanding service offerings.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479720468"}