OneSpaWorld Q1 2020 Earnings Report
Key Takeaways
OneSpaWorld reported a decrease in total revenues to $114.3 million for the quarter, impacted by COVID-19, with an estimated $35 million in revenues lost due to cancelled voyages and closed destination resorts. The company took decisive actions to reduce costs, prioritize liquidity, and preserve cash, including closing spas, repatriating personnel, and suspending the dividend program. They also secured a $75 million private placement to sustain operations and innovate service offerings.
Total revenues decreased by $23.2 million to $114.3 million due to COVID-19 impacts.
Net loss attributable to OneSpaWorld was ($198.7) million, primarily due to goodwill and trade name impairment charges.
Adjusted EBITDA was $5.1 million, compared to $15.3 million in the first quarter of 2019.
The company closed all spas on ships and U.S., Caribbean-based and Asian-based destination resort spas, and has taken actions to reduce costs and preserve cash.
OneSpaWorld
OneSpaWorld
OneSpaWorld Revenue by Segment
Forward Guidance
The Company is not providing financial guidance due to the ongoing business disruption and substantial uncertainty surrounding the impact of the COVID-19 pandemic on its business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income