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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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