ONESPAWORLD HOLDINGS Ltd

Listed Company

OSWCIK 0001758488NasdaqLarge AcceleratedServices-Membership Sports & Recreation ClubsC5BSFY ends Dec 31

Period

FY 2025

Revenue

$961.00M

Net Income

$71.62M

Total Assets

$707.10M

Equity

$542.58M

Shares Out

101.45M

Op. Cash Flow

$83.52M

Business

ONESPAWORLD HOLDings Ltd is a global services company that operates and manages health, fitness, beauty and wellness centers primarily onboard cruise ships and at destination resorts. It offers spa and salon services, medi‑spa procedures, fitness facilities and classes, health and pain management, nutrition and mind‑body programs, thermal suites, and a broad assortment of branded retail products. The business is organized around long‑term cruise line contracts and destination resort agreements supported by recruiting, training, logistics, supply‑chain and facility design capabilities under proprietary and partner brands. It serves major cruise lines and premier resorts worldwide via onboard centers, pre‑booking platforms, e‑commerce (timetospa.com) and Shop & Ship retail distribution channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	961	895	794	546	144
Administrative	18	19	17	16	16
Salary, benefits and payroll taxes	37	36	37	36	28
Amortization of intangible assets	17	17	17	17	17
Restructuring expenses	3	—	—	—	—
Long-lived assets impairment	3	400,000	2	—	—
Total cost of revenues and operating expenses	879	817	740	531	196
Income from operations	82	78	54	15	−52
Interest expense	−6	−10	−21	−16	—
Interest income	488,000	1	280,000	—	55,000
Change in fair value of warrant liabilities	—	8	−38	54	−3
Other expense	−348,000	—	—	—	—
Total other expense, net	−6	−1	−59	39	−16
Income (loss) before income tax expense (benefit)	76	77	−5	54	−68
INCOME TAX EXPENSE (BENEFIT)	4	4	−2	624,000	429,000
NET INCOME (LOSS)	72	73	−3	53	−69
Basic (per share)	0.69	0.7	−0.03	0.57	−0.76
Diluted (per share)	0.69	0.69	−0.03	0.49	−0.76
Basic (shares)	103	104	98	93	90
Diluted (shares)	104	105	98	95	90

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	16	57	28	32	31
Restricted cash	1	1	1	1	2
Accounts receivable, net	48	46	41	34	19
Inventories, net	59	47	48	40	29
Prepaid expenses	6	4	3	7	7
Other current assets	7	6	6	4	577,000
Total current assets	138	162	127	118	89
Property and equipment, net	27	18	15	15	14
Operating lease right-of-use assets, net	10	14	12	14	16
Intangible assets, net	511	530	547	565	582
Deferred tax assets	325,000	1	2	227,000	70,000
Other non-current assets	21	22	3	5	3
Total other assets	21	23	5	6	4
Total assets	707	746	706	717	689
Accounts payable	32	30	32	24	16
Accrued expenses	37	41	46	40	32
Current portion of operating leases	2	3	2	2	—
Current portion of long-term debt	—	5	—	2	2
Other current liabilities	771,000	884,000	899,000	1	2
Total current liabilities	72	79	81	70	52
Other long-term liabilities	186,000	7	2	2	3
Long-term operating leases	8	12	10	12	—
Long-term debt, net	84	94	158	211	229
Total liabilities	165	192	272	352	395
Commitments and contingencies (Note 13)	—	—	—	—	—
Additional paid-in capital	796	834	777	701	688
Accumulated deficit	−253	−280	−344	−339	−392
Accumulated other comprehensive (loss) income	−321,000	397,000	1	4	−2
Total shareholders' equity	543	554	434	366	294
Total liabilities and shareholders' equity	707	746	706	717	689

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	25	24	22	22	22
Long-lived assets impairment	3	376,000	2	—	—
Loss on divestitures and liquidations, net	364,000	—	—	—	—
Stock-based compensation	10	9	10	13	11
Amortization of deferred financing costs	419,000	782,000	1	1	1
Income tax benefit from change in reserve of uncertain tax positions	—	—	−3	—	—
Losses on early extinguishment of debt	—	735,000	—	—	—
Provision for doubtful accounts	20,000	20,000	60,000	20,000	500,000
Loss from write-offs of property and equipment	—	119,000	14,000	10,000	177,000
Noncash lease expense	329,000	—	48,000	67,000	58,000
Deferred income taxes	907,000	1	−2	−181,000	89,000
Accounts receivable. net	−3	−5	−7	−14	−17
Inventories, net	−13	756,000	−8	−10	−6
Prepaid expenses	−3	−677,000	3	−510,000	376,000
Other current assets	386,000	−1	−3	−460,000	1
Other non-current assets	−4	−22	−434,000	55,000	375,000
Accounts payable	3	−2	8	8	7
Accrued expenses	−10	647,000	6	7	6
Other current liabilities	−125,000	−15,000	−238,000	242,000	−94,000
Other long-term liabilities	81,000	7	—	—	—
Net cash provided by operating activities	84	79	63	25	−35
Capital expenditures	−15	−7	−5	−5	−3
Cash disposed of in connection with divestiture	−2	—	—	—	—
Net cash used in investing activities	−17	−7	−5	−5	−3
Proceeds from exercise of warrants	—	52	2	59,000	—
Repurchase of common shares	−75	−19	−9	—	—
Proceeds from term loan facility	—	100	—	—	—
Repayment on first and second lien term loan facilities	−15	−160	−56	−19	—
Payment of deleveraging fee on first lien term loan facilities	—	−5	—	—	—
Dividends	−17	−8	—	—	—
Payment of deferred financing costs	−9,000	−2	—	—	—
Net cash used in financing activities	−108	−42	−63	−19	27
Effect of exchange rate changes on cash	−21,000	−112,000	337,000	−792,000	−117,000
Net (decrease) increase in cash, cash equivalents and restricted cash	−41	30	−4	429,000	−11
Income taxes	3	3	5	434,000	160,000
Interest	6	11	21	14	13
Exchange of warrants into common shares	—	—	45	—	—
Cashless exercise of warrants	—	7	24	—	—
Receivable recorded in connection with divestitures of subsidiaries	2	—	—	—	—

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