The following is a summary of the OneSpaWorld Holdings Limited (OSW) Q3 2024 Earnings Call Transcript:

Financial Performance:

• OneSpaWorld reported Q3 total revenues of $241.7 million, a 12% increase from the previous year.

• Record income from operations for Q3 increased 48% year-over-year to $25 million.

• Adjusted EBITDA increased 33% to a record $33 million.

• Unlevered after-tax free cash flow rose 28% to $31 million.

Business Progress:

• OneSpaWorld opened a new health and wellness center on Utopia of the Seas and introduced services on five new ship builds.

• Launched new high value services like cryotherapy body services and cryotherapy LED light facial services.

• Enhanced staffing with more experienced personnel leading to improved service and product sales.

• Expanded Medi-Spa services available on 144 ships, up from 135 ships the previous year.

• Refinanced first lien term loan with a new $100 million facility and entered a new $50 million revolving credit facility.

Opportunities:

• The company expects to end fiscal 2024 operating onboard 198 vessels, indicating ongoing expansion and operational growth.

• Pre-booking revenue remains strong at 22%, indicating robust forward demand and opportunities for further revenue growth through increased pre-bookings.

Risks:

• Slight softness in Asia and Caribbean land resort revenues due to lower occupancy and large renovation projects, affecting spa services at some major locations.

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