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• Total Revenue (Q4 2024): $217.2 million, up 11% from $194.8 million in Q4 2023.

• Total Revenue (Fiscal Year 2024): $895 million, up 13% from $794 million in fiscal year 2023.

• Income from Operations (Q4 2024): $17.2 million, up 37% from $12.6 million in Q4 2023.

• Income from Operations (Fiscal Year 2024): $78.1 million, up 44% from $54.2 million in fiscal year 2023.

• Adjusted EBITDA (Q4 2024): $26.7 million, up 14% from $23.4 million in Q4 2023.

• Adjusted EBITDA (Fiscal Year 2024): $112.1 million, up 26% from $89.2 million in fiscal year 2023.

• Net Income (Q4 2024): $14.4 million, compared to a net loss of $7.3 million in Q4 2023.

• Adjusted Net Income (Q4 2024): $21.4 million, compared to $12.5 million in Q4 2023.

• Cash at Year End 2024: $58.6 million.

• Debt at Year End 2024: Reduced to $100 million from $158.2 million at year-end 2023.

• Ship Count at Year End 2024: 199 ships, up from 193 ships at year-end 2023.

• Cruise Ship Personnel at Year End 2024: 4,352 personnel, up from 4,120 at year-end 2023.

• Medi-spa Services: Available on 147 ships, up from 139 ships at the end of fiscal year 2023.

• Share Repurchase Program: $38.7 million remaining on the $50 million program.

• Fiscal Year 2025 Revenue Guidance: $950 million to $970 million.

• Fiscal Year 2025 Adjusted EBITDA Guidance: $115 million to $125 million.

• Warning! GuruFocus has detected 6 Warning Signs with CRK.

Release Date: February 19, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• OneSpaWorld Holdings Ltd (NASDAQ:OSW) reported a strong financial performance for fiscal 2024, with total revenues increasing by 13% to a record $895 million.

• Income from operations increased by 44% to $78.1 million, showcasing significant operational efficiency.

• The company expanded its health and wellness services, adding 7 new maritime health and wellness centers and entering a new seven-year agreement with Royal Caribbean International and Celebrity Cruises.

• Adjusted EBITDA increased by 26% to a record $112.1 million, indicating strong profitability.

• OneSpaWorld Holdings Ltd (NASDAQ:OSW) enhanced its capital structure by reducing debt to $100 million and initiating a quarterly cash dividend payment and share repurchase program.

Negative Points

• The company's service gross margin expansion was less than expected, indicating potential challenges in cost management.

• Despite strong revenue growth, the company expects flat margin profiles for fiscal 2025, suggesting limited margin expansion opportunities.

• The company faces limitations in expanding Medi-spa services due to real estate constraints on ships.

• The first quarter of fiscal 2025 is expected to be negatively impacted by one less operating day and a higher number of dry docks, affecting revenue by approximately $4.3 million.

• The market reacted negatively to the earnings release, indicating potential investor concerns or unmet expectations.