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Mar 31, 2023
OneSpaWorld Q1 2023 Earnings Report
OneSpaWorld's first quarter of 2023 resulted in record total revenues and adjusted EBITDA, surpassing guidance.
Key Takeaways
OneSpaWorld reported a strong start to fiscal year 2023, with record first-quarter revenue, income from operations, and adjusted EBITDA. The company's performance was driven by its operating platform and strategic execution, leading to increased full-year guidance for both revenue and adjusted EBITDA.
Total revenues increased by 108% to a record of $182.5 million compared to the first quarter of 2022.
Income from operations increased by $17.6 million to a record of $11.2 million compared to the first quarter of 2022.
Adjusted EBITDA increased by $16.9 million to $19.3 million compared to the first quarter of 2022.
Unlevered after-tax free cash flow increased by $16.5 million to $17.9 million compared to the first quarter of 2022.
OneSpaWorld
OneSpaWorld
OneSpaWorld Revenue by Segment
Revenue by Segment
Service revenues Revenue
CapyFin.comProduct revenues Revenue
CapyFin.com Forward Guidance
OneSpaWorld anticipates continued growth in Q2 2023 and fiscal year 2023, with revenue projected to be between $185 million and $190 million and adjusted EBITDA between $18 million and $20 million for Q2 2023. The company has increased fiscal year 2023 revenue guidance to $710 million - $730 million and adjusted EBITDA guidance to $70 million - $76 million.
Positive Outlook
- Revenues are expected to be between $185 million and $190 million for Q2 2023.
- Adjusted EBITDA is expected to be between $18 million and $20 million for Q2 2023.
- Fiscal year 2023 revenue guidance increased to $710 million - $730 million.
- Fiscal year 2023 adjusted EBITDA guidance increased to $70 million - $76 million.
- The company expects to have 4,006 employees on cruise ships by the end of the fiscal 2023 second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income