OneSpaWorld reports Q1 adjusted EPS 19c, consensus 17c

Reports Q1 revenue $211.2M, consensus $207.72M. CEO Leonard Fluxman commented: “Our strong momentum from FY23 has continued, with Q1 results exceeding our guidance. We are increasing our annual outlook beyond the outperformance achieved in the first quarter based on the ongoing strong execution by our talented team, new partnerships, and new initiatives which continue to drive organic growth. Q1 included several noteworthy accomplishments. Financially, we grew total revenue by 16%, income from operations by 52% and adjusted EBITDA by 31%. We generated robust free cash flow, bolstering our strong balance sheet…We entered into a new exclusive agreement with Royal Caribbean Cruises and Celebrity Cruises for their existing 40 ships in service and all future ships which enter service during the agreement term. We also added Aroya Cruises to our list of partners, where we will operate all health and wellness facilities beginning in late 2024. We anticipate ending fiscal 2024 operating aboard 198 vessels…we expect that FY24 will be another year of significant accomplishments and increasing value for OneSpaWorld shareholders. In recognition of this strength and our favorable long-term growth prospects, as well as the strength of our balance sheet, our Board of Directors approved a $50M share repurchase program”.