Company Highlights - OneSpaWorld holds over 90% outsourced spa market share on cruise ships[10, 14, 17] - The company is approximately 20x larger than its nearest maritime competitor[10, 17] - OneSpaWorld boasts approximately 89% unlevered after-tax free cash flow conversion[17] Financial Performance & Growth - Q3 2024 saw record total revenues, income from operations, and adjusted EBITDA[19] - FY 2024 revenue is projected to grow by 12% at the mid-point versus FY 2023, reaching $888 million - $893 million[20] - FY 2024 adjusted EBITDA is expected to grow by 24% at the mid-point versus FY 2023, reaching $110 million - $112 million[20] Industry & Market Dynamics - The company has access to approximately 23 million annual captive audience[13, 41] - Cruise industry passenger bookings are rebounding, with Q4 2023 passenger cruise days at 130%+ of Q4 2019 levels and bookings approximately 51% above Q4 2019[35] - Onboard spend per passenger cruise day was up approximately 19% in 2023 versus 2019[35]