OneSpaWorld Holdings Limited reported its financial results for the first quarter of 2025, revealing total revenues of $219.6 million, a 4.3% increase from $211.2 million in the same period last year. The growth was driven by a 4% rise in service revenues, which reached $178.5 million, and a 5% increase in product revenues, totaling $41.1 million. The company attributed this revenue growth to a 2% increase in revenue days and a 2% rise in average guest spending, alongside a $2.3 million boost from pre-booked revenues. However, the land-based spa segment experienced a decline, contributing to a $1.5 million decrease in revenue.
Despite the revenue increase, OneSpaWorld's net income fell to $15.3 million, down 28% from $21.2 million in the prior year. This decline was primarily due to a significant $7.7 million benefit from changes in the fair value of warrant liabilities recorded in the first quarter of 2024, which did not recur in the latest quarter. Additionally, the company reported a decrease in interest expenses, which fell to $1.1 million from $3.0 million, reflecting lower debt balances and interest rates.
Operationally, OneSpaWorld's average ship count increased to 193 from 188, and the period-end ship count was 199, up from 193. The average weekly revenue per ship also improved to $84,177, compared to $81,708 in the previous year. However, the average resort count decreased slightly to 49 from 51, with the average weekly revenue per resort declining to $15,247 from $16,791. The company continues to maintain a strong market position, being 18 times larger than its closest maritime competitor.
In terms of strategic developments, OneSpaWorld executed a share repurchase program, spending $37.9 million to buy back 2,094,000 shares during the quarter. The company also declared a quarterly dividend of $0.04 per share, which was paid in March 2025. Looking ahead, OneSpaWorld remains optimistic about its growth prospects, citing ongoing investments in technology and infrastructure to enhance its operations and service offerings. The company expects to maintain sufficient liquidity to meet its capital requirements and comply with debt covenants in the coming year.
About ONESPAWORLD HOLDINGS Ltd
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