ONESPAWORLD HOLDINGS Ltd Segments Disclosure
17. Segment and Geographic Information
The Company operates health and wellness centers on cruise ships and in destination resorts, offering health and wellness services and selling health, wellness, aesthetics and fitness related products. The Maritime and Destination Resorts operating segments are aggregated into a single reportable segment due to their similar business and economic characteristics, operations, services offerings, product offerings and classes of customers. While separate financial information is available for the operating segments, the (CEO), who serves as the Company’s Chief Operating Decision Maker (“CODM”), primarily reviews financial results and makes decisions on a consolidated basis. Our CODM utilizes consolidated financial information to evaluate performance, allocate resources, and make strategic decisions, including those related to capital expenditures and personnel. All expense categories presented in the
consolidated statements of operations are considered significant, with no additional segment expenses requiring disclosure.
As the Company operates as a reportable segment, all required financial information is included in the accompanying consolidated financial statements. The CODM does not review segment assets beyond the consolidated level presented in the balance sheets. There are no intra-entity sales or transfers, and no significant expense categories are regularly provided to the CODM beyond those disclosed in the consolidated statements of operations. Additional information regarding the Company’s services and products is provided in Note 11 - "Revenue Recognition."
The basis for determining the geographic information below is based on the countries in which the Company operates. The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands):
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Year ended, |
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2025 |
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2024 |
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2023 |
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Revenues: |
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U.S. |
$ |
15,735 |
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$ |
17,806 |
|
$ |
19,968 |
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Not connected to a country |
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925,771 |
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854,544 |
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750,736 |
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Other |
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19,495 |
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22,669 |
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23,341 |
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Total |
$ |
961,001 |
|
$ |
895,019 |
|
$ |
794,045 |
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As of December 31, |
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2025 |
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2024 |
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Property and equipment, net: |
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U.S. |
$ |
4,285 |
|
|
$ |
4,977 |
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Not connected to a country |
|
14,882 |
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|
11,068 |
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Other |
|
8,142 |
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|
1,633 |
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Total |
$ |
27,309 |
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|
$ |
17,678 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 4, 2022 | |
| 2020 | Mar 10, 2021 | |
| 2019 | Mar 30, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.