OneSpaWorld(OSW) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $219.6 million, a 4% increase from $211.2 million in Q1 2024[6] - Net income for Q1 2025 was $15.3 million, down from $21.2 million in Q1 2024, primarily due to a $7.7 million benefit from fair value changes in warrant liabilities in the prior year[6] - Adjusted EBITDA increased by 5% to $26.6 million compared to $25.3 million in Q1 2024[6] - Service revenues increased by 4% to $178,519, while product revenues rose by 5% to $41,111 compared to the same period last year[25] - Net income decreased by 28% to $15,271 from $21,166 in Q1 2024, with net income per share at $0.15[25][34] - Adjusted net income for Q1 2025 was $22,592, up from $19,298 in Q1 2024, resulting in adjusted net income per diluted share of $0.22[34] - Adjusted EBITDA for Q1 2025 was $26,576, compared to $25,280 in Q1 2024, reflecting a year-over-year increase[35] Future Projections - The company expects Q2 2025 total revenues to be between $235 million and $240 million, and adjusted EBITDA to be between $28 million and $30 million[17] - The company anticipates high-single digit growth in total revenues and adjusted EBITDA for fiscal 2025[3] - The company forecasts a period-end ship count of 200 and an average ship count of 192 for Q2 2025[25] Shareholder Returns - The board declared a quarterly dividend of $0.04 per share and authorized a new $75 million share repurchase program[2] - The company repurchased 2.1 million shares for $37.9 million during Q1 2025, with a total of 2.8 million shares repurchased for $49.1 million since the program's initiation[15] Operational Metrics - The average ship count for Q1 2025 was 193, consistent with the previous year, while the company operates health and wellness centers on 199 ships[5] - The company operates 50 destination resort health and wellness centers, down from 51 in Q1 2024[10] - Average weekly revenue per ship increased to $84,177, up from $81,708 in the previous year[26] - Average revenue per shipboard staff per day rose to $562, compared to $549 in Q1 2024[26] - Capital expenditures for Q1 2025 were $1,697, an increase from $1,206 in Q1 2024[26] - The period-end resort count remained stable at 50, with an average resort count also at 50 for the forecasted year[25]