OneSpaWorld(OSW) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for fiscal year 2024 increased 13% to $895.0 million compared to $794.0 million for fiscal year 2023[5] - Income from operations for fiscal year 2024 increased 44% to $78.1 million compared to $54.2 million for fiscal year 2023[5] - Adjusted EBITDA for fiscal year 2024 increased 26% to $112.1 million compared to $89.2 million for fiscal year 2023[5] - Fourth quarter 2024 total revenues increased 11% to $217.2 million compared to $194.8 million for the fourth quarter of 2023[5] - Fourth quarter 2024 income from operations increased 37% to $17.2 million compared to $12.6 million for the fourth quarter of 2023[5] - Fourth quarter 2024 adjusted EBITDA increased 14% to $26.7 million compared to $23.4 million for the fourth quarter of 2023[5] - Service revenues for Q4 2024 reached $175.81 million, an increase of 11% compared to Q4 2023[24] - Product revenues for Q4 2024 were $41.40 million, reflecting a 15% increase year-over-year[24] - Net income for Q4 2024 was $14.39 million, a significant increase of 297% compared to a net loss of $7.30 million in Q4 2023[24] - The company reported an income from operations of $17.23 million for Q4 2024, representing a 37% increase from $12.62 million in Q4 2023[24] - Adjusted net income for Q4 2024 was $21,432,000, compared to $12,500,000 in Q4 2023, representing a 71.5% increase[32] - Adjusted net income for the year ended December 31, 2024, was $89,678,000, compared to $61,894,000 for the year ended December 31, 2023, a growth of 44.9%[32] - Adjusted EBITDA for the year ended December 31, 2024, reached $112,076,000, up from $89,192,000 in 2023, representing a 25.6% increase[35] Cash Flow and Liquidity - The company ended fiscal year 2024 with total cash of $58.6 million and total liquidity of $108.6 million[3] - The company expects to generate positive cash flow from operations for fiscal year 2025[11] Future Guidance - Fiscal year 2025 guidance includes total revenues of $950 to $970 million and adjusted EBITDA of $115 to $125 million[15] - The company plans to open health and wellness centers on board nine new ship builds in fiscal 2025[15] Operational Metrics - The average weekly revenues per ship increased to $83,913 in Q4 2024, compared to $75,903 in Q4 2023[24] - The forecast for Q1 2025 indicates a period-end ship count of 199 and an average ship count of 193[26] - The company plans to maintain a period-end resort count of 50 for FY 2025[26] Interest Expense and Depreciation - The company experienced a significant reduction in interest expense, netting $1.21 million in Q4 2024, an 86% decrease from $8.43 million in Q4 2023[24] - Total depreciation and amortization for Q4 2024 was $6,186,000, compared to $5,542,000 in Q4 2023, reflecting an increase of 11.6%[35] - The company incurred interest expense of $1,209,000 in Q4 2024, down from $8,427,000 in Q4 2023, a decrease of 85.6%[35] Share Metrics - The company reported a diluted weighted average shares outstanding of 105,478,000 for Q4 2024, compared to 100,232,000 for Q4 2023, an increase of 5.0%[32] Non-GAAP Measures - Adjusted EBITDA figures are included in the financial measures not calculated in accordance with GAAP[27] - The company highlighted the importance of non-GAAP measures for providing further insight into profitability and performance comparisons over time[30]