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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to |
Commission File Number: 001-38843
OneSpaWorld Holdings Limited
(Exact name of registrant as specified in its charter)
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Commonwealth of The Bahamas |
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Not Applicable |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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Harry B. Sands, Lobosky Management Co. Ltd. Office Number 2 Pineapple Business Park
Airport Industrial Park P.O. Box N-624 Nassau, Island of New Providence, Commonwealth of The Bahamas |
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Not Applicable |
(Address of principal executive offices) |
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(Zip Code) |
(242) 322-2670
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Shares, par value (U.S.) |
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OSW |
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The Nasdaq Capital Market |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated filer |
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Accelerated filer |
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Non-Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 28, 2024, the registrant had 103,981,942 voting common shares issued and outstanding.
OneSpaWorld Holdings Limited
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
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As of |
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September 30,
2024 |
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December 31,
2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
|
$ |
48,795 |
|
|
$ |
27,704 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
Accounts receivable, net |
|
|
42,245 |
|
|
|
40,784 |
|
Inventories, net |
|
|
43,398 |
|
|
|
47,504 |
|
Prepaid expenses |
|
|
4,327 |
|
|
|
3,172 |
|
Other current assets |
|
|
4,765 |
|
|
|
6,360 |
|
Total current assets |
|
|
144,728 |
|
|
|
126,722 |
|
Property and equipment, net |
|
|
15,503 |
|
|
|
15,006 |
|
Operating lease right-of-use assets, net |
|
|
14,629 |
|
|
|
12,132 |
|
Intangible assets, net |
|
|
534,536 |
|
|
|
546,968 |
|
OTHER ASSETS: |
|
|
|
|
|
|
Deferred tax asset |
|
|
2,340 |
|
|
|
2,340 |
|
Other non-current assets |
|
|
22,293 |
|
|
|
2,972 |
|
Total other assets |
|
|
24,633 |
|
|
|
5,312 |
|
Total assets |
|
$ |
734,029 |
|
|
$ |
706,140 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
29,829 |
|
|
$ |
31,705 |
|
Accrued expenses |
|
|
42,013 |
|
|
|
45,991 |
|
Current portion of operating leases |
|
|
2,500 |
|
|
|
2,264 |
|
Current portion of long-term debt |
|
|
3,750 |
|
|
|
— |
|
Other current liabilities |
|
|
675 |
|
|
|
899 |
|
Total current liabilities |
|
|
78,767 |
|
|
|
80,859 |
|
Warrant liabilities |
|
|
— |
|
|
|
20,400 |
|
Other long-term liabilities |
|
|
7,793 |
|
|
|
2,449 |
|
Long-term operating leases |
|
|
12,433 |
|
|
|
10,156 |
|
Long-term debt, net |
|
|
94,917 |
|
|
|
158,207 |
|
Total liabilities |
|
|
193,910 |
|
|
|
272,071 |
|
Commitments and contingencies (Note 12) |
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
|
Voting common stock, $0.0001 par value; 225,000,000 shares authorized, 103,981,942 issued and outstanding at September 30, 2024 and 99,734,672 shares issued and outstanding at December 31, 2023 |
|
|
10 |
|
|
|
10 |
|
Additional paid-in capital |
|
|
835,230 |
|
|
|
777,062 |
|
Accumulated deficit |
|
|
(294,277 |
) |
|
|
(344,458 |
) |
Accumulated other comprehensive (loss) income |
|
|
(844 |
) |
|
|
1,455 |
|
Total shareholders' equity |
|
|
540,119 |
|
|
|
434,069 |
|
Total liabilities and shareholders' equity |
|
$ |
734,029 |
|
|
$ |
706,140 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
194,407 |
|
|
$ |
175,849 |
|
|
$ |
547,462 |
|
|
$ |
489,204 |
|
Product revenues |
|
|
47,289 |
|
|
|
40,422 |
|
|
|
130,351 |
|
|
|
110,035 |
|
Total revenues |
|
|
241,696 |
|
|
|
216,271 |
|
|
|
677,813 |
|
|
|
599,239 |
|
COST OF REVENUES AND OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
159,598 |
|
|
|
146,128 |
|
|
|
454,424 |
|
|
|
409,648 |
|
Cost of products |
|
|
40,147 |
|
|
|
34,477 |
|
|
|
110,815 |
|
|
|
94,949 |
|
Administrative |
|
|
4,238 |
|
|
|
4,673 |
|
|
|
13,035 |
|
|
|
12,762 |
|
Salary, benefits and payroll taxes |
|
|
8,556 |
|
|
|
9,833 |
|
|
|
26,279 |
|
|
|
27,708 |
|
Amortization of intangible assets |
|
|
4,144 |
|
|
|
4,206 |
|
|
|
12,431 |
|
|
|
12,618 |
|
Total cost of revenues and operating expenses |
|
|
216,683 |
|
|
|
199,317 |
|
|
|
616,984 |
|
|
|
557,685 |
|
Income from operations |
|
|
25,013 |
|
|
|
16,954 |
|
|
|
60,829 |
|
|
|
41,554 |
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(2,496 |
) |
|
|
(3,726 |
) |
|
|
(7,672 |
) |
|
|
(12,688 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
7,365 |
|
|
|
7,677 |
|
|
|
(26,736 |
) |
Total other (expense) income |
|
|
(2,496 |
) |
|
|
3,639 |
|
|
|
5 |
|
|
|
(39,424 |
) |
Income before income tax expense (benefit) |
|
|
22,517 |
|
|
|
20,593 |
|
|
|
60,834 |
|
|
|
2,130 |
|
INCOME TAX EXPENSE (BENEFIT) |
|
|
966 |
|
|
|
(2,818 |
) |
|
|
2,358 |
|
|
|
(2,200 |
) |
NET INCOME |
|
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
NET INCOME PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
WEIGHTED-AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
104,884 |
|
|
|
99,963 |
|
|
|
103,824 |
|
|
|
96,975 |
|
Diluted |
|
|
105,587 |
|
|
|
101,369 |
|
|
|
104,762 |
|
|
|
96,975 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income |
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
263 |
|
|
|
(126 |
) |
|
|
148 |
|
|
|
110 |
|
Cash flows hedges: |
|
|
|
|
|
|
|
|
|
|
|
Net unrealized (loss) gain on derivative |
|
(42 |
) |
|
|
240 |
|
|
|
300 |
|
|
|
1,062 |
|
Amount realized and reclassified into earnings |
|
(855 |
) |
|
|
(936 |
) |
|
|
(2,747 |
) |
|
|
(2,530 |
) |
Total other comprehensive loss, net of tax |
|
(634 |
) |
|
|
(822 |
) |
|
|
(2,299 |
) |
|
|
(1,358 |
) |
Total comprehensive income |
$ |
20,917 |
|
|
$ |
22,589 |
|
|
$ |
56,177 |
|
|
$ |
2,972 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2024 |
|
|
|
Issued Common Shares |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Accumulated Deficit |
|
|
Total Shareholders’ equity |
|
BALANCE, June 30, 2024 |
|
|
104,714 |
|
|
$ |
10 |
|
|
$ |
843,416 |
|
|
$ |
(210 |
) |
|
$ |
(310,565 |
) |
|
$ |
532,651 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,551 |
|
|
|
21,551 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,974 |
|
|
|
— |
|
|
|
— |
|
|
|
1,974 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
263 |
|
|
|
— |
|
|
|
263 |
|
Unrecognized loss on derivatives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(897 |
) |
|
|
— |
|
|
|
(897 |
) |
Repurchase and retirement of common shares (1) |
|
|
(745 |
) |
|
|
— |
|
|
|
(5,988 |
) |
|
|
— |
|
|
|
(5,263 |
) |
|
|
(11,251 |
) |
Dividends (1) |
|
|
— |
|
|
|
— |
|
|
|
(4,172 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,172 |
) |
Common shares issued due to warrants exercised (1) |
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BALANCE, September 30, 2024 |
|
|
103,982 |
|
|
$ |
10 |
|
|
$ |
835,230 |
|
|
$ |
(844 |
) |
|
$ |
(294,277 |
) |
|
$ |
540,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
|
|
|
Issued Common Shares |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Accumulated Deficit |
|
|
Total Shareholders’ equity |
|
BALANCE, December 31, 2023 |
|
|
99,735 |
|
|
$ |
10 |
|
|
$ |
777,062 |
|
|
$ |
1,455 |
|
|
$ |
(344,458 |
) |
|
$ |
434,069 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
58,476 |
|
|
|
58,476 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
6,163 |
|
|
|
— |
|
|
|
— |
|
|
|
6,163 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
148 |
|
|
|
— |
|
|
|
148 |
|
Repurchase and retirement of common shares (1) |
|
|
(1,351 |
) |
|
|
— |
|
|
|
(10,693 |
) |
|
|
— |
|
|
|
(8,295 |
) |
|
|
(18,988 |
) |
Unrecognized loss on derivatives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,447 |
) |
|
|
— |
|
|
|
(2,447 |
) |
Accrued dividends cancelled on common stock (1) |
|
|
— |
|
|
|
— |
|
|
|
2,449 |
|
|
|
— |
|
|
|
— |
|
|
|
2,449 |
|
Exercise of Sponsor and Public Warrants (2) |
|
|
4,503 |
|
|
|
— |
|
|
|
57,628 |
|
|
|
— |
|
|
|
— |
|
|
|
57,628 |
|
Cashless exercise of 2020 PIPE Warrants (3) |
|
|
497 |
|
|
|
— |
|
|
|
6,793 |
|
|
|
— |
|
|
|
— |
|
|
|
6,793 |
|
Dividends |
|
|
— |
|
|
|
— |
|
|
|
(4,172 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,172 |
) |
Common shares issued under equity incentive plan |
|
|
598 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BALANCE, September 30, 2024 |
|
|
103,982 |
|
|
$ |
10 |
|
|
$ |
835,230 |
|
|
$ |
(844 |
) |
|
$ |
(294,277 |
) |
|
$ |
540,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Note 5 – “Warrants Liabilities and Equity” for further details. |
|
(2) The exercise of Sponsor and Public Warrants includes $51.7 million of cash received and a reduction of Warrant liabilities related to the exercise of the Sponsor and Public Warrants. See Note 5 – “Warrant Liabilities and Equity” for further details. |
|
(3) As a result of the 2020 PIPE Warrants exercised on a cashless basis, the Warrant liability of $6.8 million was reclassified to Additional paid-in capital. See Note 5 – “Warrants Liabilities and Equity” for further details. |
|
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(in thousands)
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
|
|
Issued Common Voting Shares |
|
|
Issued Common Non-Voting Shares |
|
|
Voting and Non-Voting Common Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive Income |
|
|
Accumulated Deficit |
|
|
Total Shareholders’ equity |
|
BALANCE, June 30, 2023 |
|
|
99,470 |
|
|
|
— |
|
|
$ |
10 |
|
|
$ |
777,275 |
|
|
$ |
3,261 |
|
|
$ |
(357,690 |
) |
|
$ |
422,856 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,411 |
|
|
|
23,411 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,197 |
|
|
|
— |
|
|
|
— |
|
|
|
2,197 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(126 |
) |
|
|
— |
|
|
|
(126 |
) |
Unrecognized loss on derivatives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(696 |
) |
|
|
— |
|
|
|
(696 |
) |
Cashless exercise of warrants |
|
|
31 |
|
|
|
— |
|
|
|
— |
|
|
|
435 |
|
|
|
— |
|
|
|
— |
|
|
|
435 |
|
Common shares issued under equity incentive plan |
|
|
410 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BALANCE, September 30, 2023 |
|
|
99,911 |
|
|
|
— |
|
|
$ |
10 |
|
|
$ |
779,907 |
|
|
$ |
2,439 |
|
|
$ |
(334,279 |
) |
|
$ |
448,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
|
|
Issued Common Voting Shares |
|
|
Issued Common Non-Voting Shares |
|
|
Voting and Non-Voting Common Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive Income |
|
|
Accumulated Deficit |
|
|
Total Shareholders’ equity |
|
BALANCE, December 31, 2022 |
|
|
79,544 |
|
|
|
13,422 |
|
|
$ |
9 |
|
|
$ |
700,612 |
|
|
$ |
3,797 |
|
|
$ |
(338,609 |
) |
|
$ |
365,809 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,330 |
|
|
|
4,330 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,045 |
|
|
|
— |
|
|
|
— |
|
|
|
7,045 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
— |
|
|
|
110 |
|
Unrecognized loss on derivatives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,468 |
) |
|
|
— |
|
|
|
(1,468 |
) |
Exchange of warrants into common shares |
|
|
3,854 |
|
|
|
— |
|
|
|
1 |
|
|
|
45,260 |
|
|
|
— |
|
|
|
— |
|
|
|
45,261 |
|
Exercise of warrants (1) |
|
|
194 |
|
|
|
— |
|
|
|
— |
|
|
|
2,620 |
|
|
|
— |
|
|
|
— |
|
|
|
2,620 |
|
Cashless exercise of warrants |
|
|
84 |
|
|
|
2,123 |
|
|
|
— |
|
|
|
24,370 |
|
|
|
— |
|
|
|
— |
|
|
|
24,370 |
|
Common shares issued under equity incentive plan |
|
|
690 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conversion of non-voting common shares into voting shares |
|
|
15,545 |
|
|
|
(15,545 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BALANCE, September 30, 2023 |
|
|
99,911 |
|
|
|
— |
|
|
$ |
10 |
|
|
$ |
779,907 |
|
|
$ |
2,439 |
|
|
$ |
(334,279 |
) |
|
$ |
448,077 |
|
(1) The exercise of Warrants includes $2.2 million of cash received and a reduction of Warrant liabilities related to the exercise of the Warrants .
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
18,090 |
|
|
|
16,498 |
|
Amortization of deferred financing costs |
|
|
704 |
|
|
|
1,226 |
|
Losses on early extinguishment of debt |
|
|
735 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
(7,677 |
) |
|
|
26,736 |
|
Stock-based compensation |
|
|
6,163 |
|
|
|
7,045 |
|
Income tax benefit from change in reserve of uncertain tax positions |
|
|
— |
|
|
|
(3,440 |
) |
Provision for doubtful accounts |
|
|
14 |
|
|
|
55 |
|
Loss from write-offs of property and equipment |
|
|
67 |
|
|
|
20 |
|
Noncash lease expense |
|
|
16 |
|
|
|
61 |
|
Deferred income taxes |
|
|
— |
|
|
|
227 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(1,475 |
) |
|
|
(14,191 |
) |
Inventories, net |
|
|
4,106 |
|
|
|
(4,008 |
) |
Prepaid expenses |
|
|
(1,155 |
) |
|
|
(1,123 |
) |
Other current assets |
|
|
(392 |
) |
|
|
150 |
|
Other non-current assets |
|
|
(22,100 |
) |
|
|
(364 |
) |
Accounts payable |
|
|
(1,876 |
) |
|
|
7,490 |
|
Accrued expenses |
|
|
1,442 |
|
|
|
6,164 |
|
Other current liabilities |
|
|
(224 |
) |
|
|
(67 |
) |
Income tax contingency |
|
|
— |
|
|
|
(472 |
) |
Other long-term liabilities |
|
|
7,333 |
|
|
|
— |
|
Net cash provided by operating activities |
|
|
62,247 |
|
|
|
46,337 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Capital expenditures |
|
|
(3,433 |
) |
|
|
(2,871 |
) |
Net cash used in investing activities |
|
|
(3,433 |
) |
|
|
(2,871 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from exercise of warrants |
|
|
51,698 |
|
|
|
2,216 |
|
Proceeds from term loan facility |
|
|
100,000 |
|
|
|
— |
|
Repayment on first and second lien term loan facilities |
|
|
(159,639 |
) |
|
|
(51,042 |
) |
Repurchase of common shares |
|
|
(18,988 |
) |
|
|
— |
|
Payment of deleveraging fee on first lien term loan facilities |
|
|
(5,420 |
) |
|
|
— |
|
Dividends |
|
|
(4,172 |
) |
|
|
— |
|
Payment of deferred financing costs |
|
|
(1,340 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(37,861 |
) |
|
|
(48,826 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
138 |
|
|
|
98 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
21,091 |
|
|
|
(5,262 |
) |
Cash, cash equivalents and restricted cash, Beginning of period |
|
|
28,902 |
|
|
|
33,262 |
|
Cash, cash equivalents and restricted cash, End of period |
|
$ |
49,993 |
|
|
$ |
28,000 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
Income taxes |
$ |
3,110 |
|
|
$ |
746 |
|
Interest |
$ |
9,678 |
|
|
$ |
17,494 |
|
Non-cash financing transactions: |
|
|
|
|
|
Exchange of warrants into common shares |
$ |
— |
|
|
$ |
45,261 |
|
Cashless exercise of warrants |
$ |
6,793 |
|
|
$ |
24,370 |
|
Accrued dividends cancelled on common stock |
$ |
2,449 |
|
|
$ |
— |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024
(Unaudited)
OneSpaWorld Holdings Limited (“OneSpaWorld,” the “Company,” “we,” “us,” or “our”) is an international business company incorporated under the laws of the Commonwealth of The Bahamas. OneSpaWorld is a global provider and innovator in the fields of health and wellness, fitness and beauty. In facilities on cruise ships and in land-based resorts, the Company strives to create a relaxing and therapeutic environment where guests can receive health and wellness, fitness and beauty services and experiences of the highest quality. The Company’s services include traditional and alternative massage, body and skin treatments, fitness, acupuncture, and Medispa treatments. The Company also sells premium quality health and wellness, fitness and beauty products at its facilities and through its timetospa.com website. The predominant business, based on revenues, is sales of services and products on cruise ships and in land-based resorts, followed by sales of products through the timetospa.com website.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation, Principles of Consolidation
In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted or condensed pursuant to the SEC’s rules and regulations. However, management believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly our unaudited financial position, results of operations and cash flows. The unaudited results of operations and cash flows of our interim periods are not necessarily indicative of the results of operations or cash flows that may be expected for the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated financial statements include the condensed consolidated balance sheet and statement of operations, comprehensive income, changes in equity, and cash flows of OneSpaWorld. All significant intercompany items and transactions have been eliminated in consolidation.
Restricted Cash
These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated balance sheet as of September 30, 2024 and 2023 to the total amount presented in our condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
48,795 |
|
|
$ |
26,802 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
Total cash and restricted cash in the condensed consolidated statement of cash flows |
|
$ |
49,993 |
|
|
$ |
28,000 |
|
Inventories
Inventories, consisting principally of beauty, health and wellness products, are stated at the lower of cost, as determined on a first-in, first-out basis, or market. All inventory balances are comprised of finished goods used in beauty and health and wellness services or held for sale to customers. Inventory reserve is recorded to write down the cost of inventory to the estimated market value. No inventory impairment charge was recorded for the three and nine months ended September 30, 2024 and 2023.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income adjusted for the change in fair value of warrant liabilities, if the impact is dilutive, by the weighted average number of diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares, and contingently issuable shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect is anti-dilutive.
Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted income per share is computed by dividing net income by the weighted average number of diluted common shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive.
The following table provides details underlying OneSpaWorld’s income per basic and diluted share calculation (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 (a) |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Less change in fair value of in-the-money warrant liabilities |
|
|
— |
|
|
|
(7,400 |
) |
|
|
|
|
|
— |
|
Net income, adjusted for change in fair value of warrants for diluted earnings per share |
|
$ |
21,551 |
|
|
$ |
16,011 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – Basic |
|
|
104,884 |
|
|
|
99,963 |
|
|
|
103,824 |
|
|
|
96,975 |
|
Dilutive effect of warrants |
|
|
— |
|
|
|
482 |
|
|
|
292 |
|
|
|
— |
|
Dilutive effect of stock-based awards |
|
|
703 |
|
|
|
924 |
|
|
|
646 |
|
|
|
— |
|
Weighted average shares outstanding – Diluted |
|
|
105,587 |
|
|
|
101,369 |
|
|
|
104,762 |
|
|
|
96,975 |
|
Net income per voting and non-voting share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
(a) Potential common shares under the treasury stock method and the if-converted method were antidilutive because the effect of the change in the fair value of warrants was antidilutive. Consequently, the Company did not have any adjustments in this period between basic and diluted income per share related to stock-based awards and warrants.
The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income per share (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
Sponsor Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
3,842 |
|
Public Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
841 |
|
2020 PIPE Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Restricted stock units |
|
|
— |
|
|
|
105 |
|
|
|
— |
|
|
105 |
|
Performance stock units |
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
— |
|
|
|
|
282 |
|
|
|
105 |
|
|
|
282 |
|
|
4,788 |
|
Recent Accounting Pronouncements
With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance, to the Company. The following summary of recent accounting pronouncements is not intended to be an exhaustive description of the respective pronouncement.
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. The Company plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. The Company is currently assessing the expected impact of the future adoption of this guidance.
In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted The Company is currently assessing the expected impact of the future adoption of this guidance.
3. INTANGIBLE ASSETS
Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of September 30, 2024 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(85,814 |
) |
|
$ |
518,886 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(7,750 |
) |
|
|
10,150 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(95,264 |
) |
|
$ |
534,536 |
|
|
|
|
The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(74,186 |
) |
|
$ |
530,514 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(6,946 |
) |
|
|
10,954 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(82,832 |
) |
|
$ |
546,968 |
|
|
|
|
The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Amortization expense for the three months ended September 30, 2024 and 2023 was $4.1 million and $4.2 million, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was $12.4 million and $12.6 million, respectively. Amortization expense is estimated to be $16.6 million in each of the next five years beginning in 2024.
4. LONG-TERM DEBT
Long-term debt consisted of the following (in thousands, except interest rate):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate As of |
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
|
Maturities Through |
|
|
September 30,
2024 |
|
|
|
December 31,
2023 |
|
First lien term loan facility |
|
|
— |
|
|
9.2% |
|
|
|
— |
|
|
$ |
- |
|
|
|
$ |
159,639 |
|
Term loan facility |
|
6.9% |
|
|
|
— |
|
|
2029 |
|
|
|
100,000 |
|
|
|
|
- |
|
Less: unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
|
(1,333 |
) |
|
|
|
(1,432 |
) |
Total debt, net of unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
$ |
98,667 |
|
|
|
$ |
158,207 |
|
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
$ |
(3,750 |
) |
|
|
$ |
- |
|
Long-term debt, net |
|
|
|
|
|
|
|
|
|
|
$ |
94,917 |
|
|
|
$ |
158,207 |
|
The following are scheduled principal repayments on long-term debt as of September 30, 2024 for each of the next five years (in thousands):
|
|
|
|
|
Year ending December 31, |
|
Amount |
|
2024 |
|
$ |
- |
|
2025 |
|
|
5,000 |
|
2026 |
|
|
5,000 |
|
2027 |
|
|
5,000 |
|
2028 |
|
|
5,000 |
|
Thereafter |
|
|
80,000 |
|
Total |
|
$ |
100,000 |
|
On September 20, 2024 (the “Closing Date”), the Company and its subsidiaries, Dory Acquisition Sub, Inc. (“Dory Acquisition”) and OneSpaWorld (Bahamas) Limited (“OneSpaWorld Bahamas” and together with Dory Acquisition, the “Borrowers”), entered into a credit agreement (the “New Credit Agreement”) with Bank of America, N.A., as administrative agent, and certain lenders party thereto, providing for senior secured credit facilities consisting of (x) a term loan facility of $100 million (of which $70 million was borrowed by Dory Acquisition and $30 million was borrowed by OneSpaWorld Bahamas) (the “Term Loan Facility”), which was fully drawn on the Closing Date, and (y) a revolving loan facility of up to $50 million (the “Revolving Facility” and, together with the Term Loan Facility, the “Credit Facilities”), which Revolving Facility remained undrawn upon the closing of the Credit Facilities and as of September 30, 2024. The Revolving Facility includes borrowing capacity available for letters of credit up to $5 million. Any issuance of letters of credit reduces the amount available under the Revolving Facility. The Credit Facilities mature on September 20, 2029.
Loans outstanding under the Credit Facilities will accrue interest at a rate per annum equal to Term SOFR plus a margin of 1.90%, with three step ups to a maximum margin of 2.65% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries, and undrawn amounts under the Revolving Facility will accrue a commitment fee at a rate per annum of 0.25% on the average daily undrawn portion of the commitments thereunder, with three step ups to a maximum commitment fee of 0.40% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries.
The obligations under the Credit Facilities are guaranteed by the Company and each of its direct or indirect wholly-owned subsidiaries other than certain excluded subsidiaries (the “Subsidiary Guarantors”). The obligations of the Company, the Borrowers and the Subsidiary Guarantors under the Credit Facilities are secured by substantially all of their assets.
The Term Loan Facility requires the Borrowers to make certain mandatory prepayments, with (i) 100% of net cash proceeds of all non-ordinary course asset sales or other dispositions of property, subject to the ability to reinvest such proceeds and certain other exceptions, and (ii) 100% of the net cash proceeds of any debt incurrence, other than debt permitted under the definitive agreements (but excluding debt incurred to refinance the Credit Facilities). The Borrowers also are required to make quarterly amortization payments equal to 1.25% of the original principal amount of the Term Loan Facility commencing on March 31, 2025 (subject to reductions by optional and mandatory prepayments of the loans). The Borrowers may prepay the Credit Facilities at any time without premium or penalty, subject to payment of customary breakage costs.
The New Credit Agreement contains a financial covenant requiring the Company and its restricted subsidiaries to maintain a maximum consolidated total leverage ratio of 4.00 to 1.00, subject to certain exceptions, and a minimum fixed charge coverage ratio of 1.25 to 1.00. Additionally, the New Credit Agreement contains a number of customary negative covenants that restrict, among other things and in each case subject to specified exceptions, the Company's and its restricted subsidiaries' ability to: consummate consolidations, mergers and sales of assets; grant certain liens; incur additional debt; pay certain dividends; and engage in transactions with affiliates.
The New Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Credit Facilities are entitled to take various actions, including the acceleration of amounts due under the Credit Facilities and all actions permitted to be taken by a secured creditor.
The proceeds from the Credit Facilities were used, together with cash on hand, to repay in full the remaining principal balance of the First Lien Term Loan Facility and to pay related financing costs of the Credit Facilities. Accordingly, as of September 30, 2024, our First Lien Term Loan Facility has been fully paid and terminated. The Company recorded a loss on early extinguishment of debt of $0.7 million. This amount is reflected as part of the interest expense, net on the condensed consolidated statement of operations.
Borrowing Capacity:
As of September 30, 2024, our available borrowing capacity under the Revolving Facility was $50 million. Utilization of the borrowing capacity was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Amount Borrowed |
|
Revolving Facility |
|
$ |
50,000 |
|
|
$ |
- |
|
5. WARRANT LIABILITIES AND EQUITY
Sponsor and Public Warrants
As of December 31, 2023, 3,823,847 and 841,414, respectively, Sponsor and Public Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the Sponsor and Public Warrants elected to exercise 4,502,970 warrants for which the Company issued 4,502,970 common shares. Net cash proceeds from the exercise of the warrants amounted to $51.7 million. Immediately prior to the exercises, the Sponsor and Public Warrants exercised were remeasured to fair value, resulting in a gain of $7.4 million in "Change in fair value of warrant liabilities" on the condensed consolidated statement of operations for the nine months ended September 30, 2024 and Warrant liabilities of $5.9 million, which was then reclassified to Additional paid-in capital on the condensed consolidated balance sheet as of September 30, 2024. The Sponsor and Public Warrants expired on March 19, 2024 and there were no amounts outstanding as of September 30, 2024.
2020 PIPE Warrants
As of September 30, 2024 and December 31, 2023, zero and 828,334, respectively, 2020 PIPE Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the 2020 PIPE Warrants elected to exercise 806,667 warrants on a cashless basis pursuant to the agreements governing the warrants, in exchange for which the Company issued 484,040 common shares. During the second quarter of 2024, one holder of the 2020 PIPE Warrants elected to exercise 21,667 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 13,625 common shares on July 1, 2024. Immediately prior to the exchanges, the 2020 PIPE Warrants exercised were remeasured to fair value, resulting in a gain of $0.3 million in "Change in fair value of warrant liabilities" on the condensed consolidated statement of operations for the nine months ended September 30, 2024 and Warrant liabilities of $6.8 million, which was then reclassified to Additional paid-in capital on the condensed consolidated balance sheet as of September 30, 2024.
Repurchase Agreement
On March 13, 2024, the Company entered into a Shares Repurchase Agreement between the Company and Steiner Leisure Limited (the “Seller”), pursuant to which the Company purchased 606,386 common shares, par value $0.0001 per share, from the Seller at a purchase price of $12.76 per Common Share (the “Repurchase”). The Repurchase resulted in the sale of all remaining common shares of the Company held by the Seller, which ceased to be a shareholder of the Company after the closing of the Repurchase. The Repurchase closed on March 20, 2024. Upon the consummation of the Repurchase, such shares reverted to authorized but unissued shares of the Company. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulated deficit.
Dividends Cancelled
In November 2019, the Company adopted a cash dividend program and declared an initial quarterly payment of $0.04 per common share. On March 24, 2020, the Company announced that it was deferring payment of its dividend declared on February 26, 2020 (the "2020 Dividend"), for payment on May 29, 2020, to shareholders of record on April 10, 2020, until the Board reapproves its payment. The Company also announced it was withdrawing its dividend program until further notice. As of December 31, 2023, dividends payable amounted to approximately $2.4 million which was presented as other-long term liabilities and other current liabilities in the accompanying condensed consolidated balance sheets. During the first quarter of 2024, the Board determined that although the Company now has the liquidity to enable it to pay the 2020 Dividend, such payment can no longer be made to the shareholders of record as of the original record date for the 2020 Dividend and it is therefore in the Company’s best interest to cancel the 2020 Dividend. As a result, we reversed the dividend payable of $2.4 million against additional paid-in capital during the first quarter of 2024.
Dividends Declared Per Common Share
On July 23, 2024, the Company’s board of directors adopted an annual cash dividend program with the initial quarterly dividend payment of $0.04 per common share. The first quarterly dividend was paid on September 4, 2024 to shareholders of record as of the close of business on August 21, 2024.
Share Repurchase Program
On April 24, 2024, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $50 million
of its common shares. The share repurchases will be funded through the Company’s available cash.
The Company may repurchase shares of its outstanding common stock from time to time on the open market, including through Rule 10b5-1
plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of
the Securities Exchange Act of 1934, as amended. The timing and amount of stock repurchases will depend on a variety of factors, including
business and market conditions. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has
no obligation to repurchase any specific value or number of its common shares under the program. Under the foregoing program, the Company purchased 745,302 common shares during the three and nine months ended September 30, 2024. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulated deficit.
6. STOCK-BASED COMPENSATION
The share-based compensation expense for the three months ended September 30, 2024 and 2023 was $2.0 million and $2.2 million, respectively, which is included as a component of salary, benefits and payroll taxes in the accompanying condensed consolidated statements of operations.
The share-based compensation expense for the nine months ended September 30, 2024 and 2023 was $6.2 million and $7.0 million, respectively, which is included as a component of salary, benefits and payroll taxes in the accompanying condensed consolidated statements of operations.
The following is a summary of restricted share units (“RSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
RSUs Activity |
|
Number of Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
700,846 |
|
|
$ |
12.91 |
|
Granted |
|
|
95,705 |
|
|
|
17.11 |
|
Vested |
|
|
(104,628 |
) |
|
|
11.30 |
|
Forfeited |
|
|
(14,902 |
) |
|
$ |
11.45 |
|
Non-Vested share units as of September 30, 2024 |
|
|
677,021 |
|
|
$ |
13.78 |
|
The following is a summary of performance share units (“PSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
PSUs Activity |
|
Number of Performance-Based Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
731,889 |
|
|
$ |
11.19 |
|
Granted |
|
|
146,618 |
|
|
|
10.30 |
|
Vested |
|
|
(153,662 |
) |
|
|
10.30 |
|
Forfeited |
|
|
(17,309 |
) |
|
|
11.59 |
|
Non-Vested share units as of September 30, 2024 |
|
|
707,536 |
|
|
$ |
11.19 |
|
7. REVENUE RECOGNITION
The Company's revenue generating activities include the following:
Service Revenues
Service revenues consist primarily of sales of health and wellness, aesthetics and fitness services, including a full range of body care, skin care, hair care, cosmetics, medi-spa, acupuncture, fitness, nutrition/weight management and mindfulness services, among others, to cruise ship passengers and destination resort guests. Each service represents a separate performance obligation and revenues are generally recognized immediately upon the completion of our service. Given the short duration of our performance obligation, although some services are recognized over time, there is no material difference in the timing of recognition across reporting periods.
Product Revenues
Product revenues consist primarily of sales of health and wellness products, such as skincare, body care, hair care, orthotics and nutritional supplements to cruise ship passengers, destination resort guests and timetospa.com customers. Our Shop & Ship program provides guests the ability to buy retail products onboard and have products shipped directly to their home. Each product unit represents a separate performance obligation. Our performance obligations are satisfied, and revenue is recognized when the customer obtains control of the product, which occurs either at the point of sale for retail sales or at the time of shipping for Shop & Ship and timetospa.com product sales. The Company provides no warranty on products sold. Shipping and handling fees charged to customers are included in net sales.
Gift Cards
The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, no revenue is recognized; rather, the Company records a contract liability to customers. The liability is relieved, and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for products or services. The Company records revenue from an estimate of unredeemed gift cards (breakage) in Product revenues on a pro-rata basis over the time period gift cards are redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The liability for unredeemed gift cards is included in Other current liabilities on the Company's condensed consolidated balance sheets and was not material as of September 30, 2024 and December 31, 2023, respectively.
Customer Loyalty Rewards Program
The Company initiated a customer loyalty program during October 2019 in which customers earn points based on their spending on timetospa.com. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to Product revenues at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for customer loyalty programs was not material as of September 30, 2024 and December 31, 2023.
Contract Balances
Receivables from the Company’s contracts with customers are included within Accounts receivable, net. Such amounts are typically remitted to us by our cruise line or destination resort partners, except for amounts attributable to online sales of products included in Product revenues, and are net of commissions they withhold. Although paid by our cruise line partners, customers are typically required to pay with major credit cards, reducing our credit risk to individual customers. Amounts are billed immediately, and our cruise line and destination resort partners typically remit payments to us within 30 days. As of September 30, 2024 and December 31, 2023, our Accounts receivable, net from contracts with customers were $42.2 million and $40.8 million, respectively. Our contract liabilities for gift cards and customer loyalty programs are described above.
Costs incurred to enter into new or to renew long-term contracts are capitalized and amortized to cost of revenues over the term of the contract. Deferred contract costs, which relate to fees accrued to cruise line partners, amounted to $21.9 million and $2.6 million as of September 30, 2024 and December 31, 2023, respectively, and are presented within other non-current assets in the accompanying condensed consolidated balance sheets. The increase in other non-current assets and other long-term liabilities as of September 30, 2024 was primarily due to fees accrued as a result of a new contract entered into during the first quarter of 2024. Amortization of the deferred contract costs was $0.9 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively. Amortization of the deferred contract costs for the nine months ended September 30, 2024 and 2023 was $2.8 million and $0.7 million, respectively. Amortization of deferred contract costs are included in cost of services in the accompanying condensed consolidated statements of operations.
Disaggregation of Revenue and Segment Reporting
The Company operates health and wellness centers on cruise ships and in destination resorts where we provide health and wellness, aesthetics and fitness services and sell related products. The Company also markets and sells health and wellness, aesthetics and fitness related products through its timetospa.com eCommerce platform to cruise ship and destination resort guests after their cruise or resort stay, as well as other consumers. The Company’s Maritime and Destination Resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, services, products, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief
Executive Officer, who is the Company’s chief operating decision maker (CODM), in determining how to allocate the Company’s resources and evaluate performance. The following table disaggregates the Company’s revenues by revenue source and operating segment (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Service revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
$ |
186,900 |
|
$ |
167,215 |
|
|
$ |
520,673 |
|
$ |
461,283 |
|
Destination resorts |
|
7,507 |
|
|
8,634 |
|
|
|
26,789 |
|
|
27,921 |
|
Total service revenues |
|
194,407 |
|
|
175,849 |
|
|
|
547,462 |
|
|
489,204 |
|
Product revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
|
46,211 |
|
|
39,151 |
|
|
|
126,813 |
|
|
106,112 |
|
Destination resorts |
|
570 |
|
|
618 |
|
|
|
1,915 |
|
|
2,116 |
|
Timetospa.com |
|
508 |
|
|
653 |
|
|
|
1,623 |
|
|
1,807 |
|
Total product revenues |
|
47,289 |
|
|
40,422 |
|
|
|
130,351 |
|
|
110,035 |
|
Total revenues |
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
8. SEGMENT AND GEOGRAPHICAL INFORMATION
The Company operates health and wellness centers on cruise ships and in destination resorts. The Company’s Maritime and Destination resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, services, products, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, who is the Company’s CODM, in determining how to allocate the Company’s resources and evaluate performance.
The basis for determining the geographic information below is based on the countries in which the Company operates. The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
4,023 |
|
$ |
4,796 |
|
|
$ |
13,582 |
|
$ |
14,989 |
|
Other countries |
|
|
4,709 |
|
|
5,324 |
|
|
|
17,218 |
|
|
17,476 |
|
Not connected to a country |
|
|
232,964 |
|
|
206,151 |
|
|
|
647,013 |
|
|
566,774 |
|
Total |
|
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
Property and equipment, net: |
|
|
|
|
|
|
U.S. |
|
$ |
5,157 |
|
|
$ |
4,536 |
|
Other countries |
|
|
1,591 |
|
|
|
2,022 |
|
Not connected to a country |
|
|
8,755 |
|
|
|
8,448 |
|
Total |
|
$ |
15,503 |
|
|
$ |
15,006 |
|
9. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2024 |
|
Accumulated Other Comprehensive Income for the Nine Months Ended September 30, 2023 |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income |
|
Accumulated other comprehensive income, beginning of period |
$ |
(917 |
) |
|
$ |
2,372 |
|
|
$ |
1,455 |
|
|
$ |
(1,229 |
) |
|
$ |
5,026 |
|
|
$ |
3,797 |
|
Current period other comprehensive income (loss) before reclassifications |
|
148 |
|
|
|
300 |
|
|
|
448 |
|
|
|
110 |
|
|
|
1,062 |
|
|
|
1,172 |
|
Amounts reclassified into earnings |
|
- |
|
|
|
(2,747 |
) |
|
|
(2,747 |
) |
|
|
- |
|
|
|
(2,530 |
) |
|
|
(2,530 |
) |
Net current period other comprehensive income (loss) |
|
148 |
|
|
|
(2,447 |
) |
|
|
(2,299 |
) |
|
|
110 |
|
|
|
(1,468 |
) |
|
|
(1,358 |
) |
Accumulated other comprehensive (loss) income, end of period |
$ |
(769 |
) |
|
$ |
(75 |
) |
|
$ |
(844 |
) |
|
$ |
(1,119 |
) |
|
$ |
3,558 |
|
|
$ |
2,439 |
|
10. FAIR VALUE MEASUREMENTS AND DERIVATIVES
Fair Value Measurements
Cash and cash equivalents at September 30, 2024 and December 31, 2023 are comprised of cash and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. Restricted cash at September 30, 2024 and December 31, 2023 is comprised of amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment and is categorized as a Level 1 instrument. The fair value of outstanding long-term debt as of December 31, 2023 is estimated using a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years-to-maturity and adjusted for credit risk, which represents a Level 3 measurement in the fair value hierarchy. The carrying amounts and estimated fair values of the Company's cash, restricted cash and long-term debt were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
Cash |
|
$ |
48,795 |
|
|
$ |
48,795 |
|
|
$ |
27,704 |
|
|
$ |
27,704 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
Total cash |
|
$ |
49,993 |
|
|
$ |
49,993 |
|
|
$ |
28,902 |
|
|
$ |
28,902 |
|
First lien term loan facility (a) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
159,639 |
|
|
$ |
162,560 |
|
Term loan facility (a) |
|
$ |
100,000 |
|
|
(b) |
|
|
$ |
- |
|
|
$ |
- |
|
(a) The amounts above do not include the impact of the interest rate swap or debt issuance costs.
(b) The Company’s outstanding long-term debt as of September 30, 2024 was recently originated and bears variable interest rates. As a result, the Company believes that the fair value of long-term debt as of September 30, 2024 approximates its carrying amount.
Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at September 30, 2024 |
|
|
Fair Value Measurements at December 31, 2023 |
|
Description |
|
Balance Sheet Location |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other current assets |
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Total assets |
|
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other long term liabilities |
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Warrants |
|
Warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,400 |
|
|
- |
|
|
|
20,400 |
|
|
|
- |
|
Total liabilities |
|
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
20,400 |
|
$ |
- |
|
|
$ |
20,400 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Consists of an amount attributable to interest rate swap contacts; see "Derivatives" below.
Warrants
Public Warrants and 2020 PIPE Warrants
The fair value of the Public Warrants and 2020 PIPE Warrants are considered a Level 2 valuation and are determined using the Monte Carlo model. The Public Warrants expired on March 19, 2024, with warrants remaining unexercised as of the expiration date cancelled, and there were no amounts outstanding as of September 30, 2024 (See Note 5). The significant assumptions which the Company used in the Monte Carlo model are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Public Warrants |
|
|
2020 PIPE Warrants |
|
Stock price |
|
$ |
14.10 |
|
|
$ |
14.10 |
|
Strike price |
|
$ |
11.50 |
|
|
$ |
5.75 |
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
1.45 |
|
Volatility |
|
|
34 |
% |
|
|
38 |
% |
Interest rate |
|
|
5.36 |
% |
|
|
4.49 |
% |
Redemption price |
|
$ |
18.00 |
|
|
$ |
14.50 |
|
Sponsor Warrants
The fair value of the Sponsor Warrants is considered a Level 2 valuation and is determined using the Black-Scholes model. The Sponsor Warrants expired on March 19, 2024 and there were no amounts outstanding as of September 30, 2024 (See Note 5). The significant assumptions which the Company used in the model are presented in the table below.
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Stock price |
|
$ |
14.10 |
|
|
|
Strike price |
|
$ |
11.50 |
|
|
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
Volatility |
|
|
38 |
% |
|
|
Interest rate |
|
|
5.36 |
% |
|
|
Dividend yield |
|
|
0.0 |
% |
|
|
Derivatives
Market risk associated with the Company’s long-term floating rate debt is the potential increase in interest expense from an increase in interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest
rate movements. These instruments are recorded on the balance sheet at their fair value and are designated as hedges. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged.
The Company assesses whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of its hedged forecasted transactions. The Company uses regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective agreement without an exchange of the underlying notional amount. The Company classifies derivative instrument cash flows from hedges of benchmark interest rate as operating activities due to the nature of the hedged item. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive income (loss) until the underlying hedged transactions are recognized in earnings. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings.
The Company monitors concentrations of credit risk associated with financial and other institutions with which the Company conducts significant business. Credit risk, including, but not limited to, counterparty nonperformance under derivatives, is not considered significant, as the Company primarily conducts business with large, well-established financial institutions with which the Company has established relationships, and which have credit risks acceptable to the Company. The Company does not anticipate non-performance by its counterparty. The amount of the Company’s credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position.
In September 2019, the Company entered into a floating-to-fixed interest rate swap agreement to make a series of payments based on a fixed interest rate of 1.457% and receive a series of payments based on the greater of 1 Month USD LIBOR or Strike which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate First Lien Term Loan Facility and has designated this derivative as a cash flow hedge. Both the fixed and floating payment streams are based on a notional amount of $174.7 million at the inception of the contract. In June 2023, the interest rate swap agreement was amended to replace the reference rate from LIBOR to SOFR, to be consistent with the amended First Lien Credit Facilities. The interest rate swap agreement matured on September 19, 2024. As of December 31, 2023, the notional amount was $95.4 million.
In September 2024, the Borrowers entered into two floating-to-fixed interest rate swap agreements with a notional amount of $70 million and $30 million, respectively, with Bank of America, N.A. to make a series of payments based on a fixed interest rate of 3.341% and 3.564%, respectively, and receive a series of payments based on the 1 Month USD-SOFR CME term which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate Term Loan Facility and has designated this derivative as a cash flow hedge. The interest rate swap agreements expire on September 20, 2027 and December 20, 2026, respectively. As of September 30, 2024, the aggregate notional amount of the interest rate swap agreements was $100.0 million.
There was no ineffectiveness related to the interest rate swaps. The gain or loss on the derivatives is recorded as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. The Company expects to reclassify $0.4 million of income from accumulated other comprehensive income (loss) into interest expense within the next twelve months.
The fair value of the interest rate swap contracts is measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap contracts were categorized as Level 2 in the fair value hierarchy. The Company is not required to post cash collateral related to these derivative instruments.
The effect of the interest rate swap contracts designated as cash flows hedging instrument on the condensed consolidated financial statements was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Loss) gain recognized in accumulated other comprehensive income (loss) |
|
$ |
(42 |
) |
|
$ |
240 |
|
|
$ |
300 |
|
|
$ |
1,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains reclassified from accumulated other comprehensive income (loss) to interest expense |
|
$ |
(855 |
) |
|
$ |
(936 |
) |
|
$ |
(2,747 |
) |
|
$ |
(2,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11. INCOME TAXES
For the three months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $1.0 million and an income tax benefit of $2.8 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $2.4 million and an income tax benefit of $2.2 million, respectively. The difference between the expected provision for income taxes using the 21% U.S. federal income tax rate and the Company’s actual provision for income taxes is primarily attributable to the foreign rate differential, including income earned in jurisdictions not subject to income taxes, permanent differences, withholding taxes due in various jurisdictions and the change in valuation allowance.
12. COMMITMENTS AND CONTINGENCIES
We are routinely involved in legal proceedings, disputes, regulatory matters, and various claims and lawsuits that have been filed or are pending against us, including as noted below, arising in the ordinary course of our business. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of those claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our legal proceedings, threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete and adequate information is not available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will have a material adverse impact to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery.
In February 2020, the Company received a formal assessment of $1.9 million by a foreign tax authority over how the value added tax (“VAT”) law was applied on the change in the ultimate beneficial ownership of one of our subsidiaries as result of the business combination in March 2019. The Company is disputing the assessment and has recorded an accrual of $1.2 million for this matter during the year ended December 31, 2020, included in “Accrued expenses” on the Company's condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The Company believes the ultimate outcome of this matter will not have a material adverse impact to our consolidated results of operations, financial condition and cash flows.
13. SUBSEQUENT EVENTS
On October 24, 2024, the Board of Directors approved a quarterly dividend payment of $0.04 per common share payable on December 4, 2024 to shareholders of record as of the close of business on November 20, 2024.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions that could cause actual results to differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described in the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” and in “Risk Factors” in our Form 10-K for the fiscal year ended December 31, 2023. We assume no obligation to update any of these forward-looking statements.
OneSpaWorld Holdings Limited (“OneSpaWorld,” the “Company,” “we,” “our,” “us” and other similar terms refer to OneSpaWorld Holdings Limited and its consolidated subsidiaries) is the pre-eminent global operator of health and wellness centers onboard cruise ships and a leading operator of health and wellness centers at destination resorts worldwide. Our highly trained and experienced staff offer guests a comprehensive suite of premium health, fitness, beauty and wellness services and products onboard cruise ships and at destination resorts globally. We are the market leader at more than 20x the size of our closest maritime competitor. Over the last 50 years, we have built our leading market position on our depth of staff expertise, broad and innovative service and product offerings, expansive global recruitment, training and logistics platform, as well as decades-long relationships with cruise line and destination resort partners. Throughout our history, our mission has been simple: helping guests look and feel their best during and after their stay.
At our core, we are a global services company. We serve a critical role for our cruise line and destination resort partners, operating a complex and increasingly important aspect of our cruise line and destination resort partners’ overall guest experience. Decades of investment and know-how have allowed us to construct an unmatched global infrastructure to manage the complexity of our operations. We have consistently expanded our onboard offerings with innovative and leading-edge service and product introductions, and developed the powerful back-end recruiting, training and logistics platforms to manage our operational complexity, maintain our industry-leading quality standards, and maximize revenue and profitability per center. The combination of our renowned recruiting and training platform, deep proprietary labor pool, global logistics and supply chain infrastructure, and proven health and wellness center and revenue management capabilities represents a significant competitive advantage that we believe is not economically feasible to replicate.
A significant portion of our revenues are generated from our cruise ship operations. Historically, we have been able to renew almost all of our cruise line agreements that expired or were scheduled to expire.
Key Performance Indicators
In assessing the performance of our business, we consider key performance indicators used by management, including, among others:
•Average Ship Count. The number of ships, on average during the period, on which we operate health and wellness centers. This is a key metric that impacts revenue and profitability and reflects the fact that during the period ships were in and out of service, and is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.
•Period End Ship Count: The number of ships at period end on which we operate health and wellness centers. This is a key metric that impacts revenue and profitability.
•Average Weekly Revenue Per Ship. A key indicator of productivity per ship. Revenue per ship can be affected by the various sizes of health and wellness centers and categories of ships on which we serve.
•Average Revenue Per Shipboard Staff Per Day. We utilize this performance metric to assist in determining the productivity of our onboard staff, which we believe is a critical element of our operations.
•Average Resort Count. The number of destination resorts on average during the period in which we operate the health and wellness centers. This is a key metric that impacts revenue and profitability and reflects the fact that during the period destination resort health and wellness centers were in and out of service, and is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.
•Period End Resort Count. The number of destination resorts at period end on which we operate the health and wellness centers. This is a key metric that impacts revenue and profitability.
•Average Weekly Revenue Per Destination Resort. A key indicator of productivity per destination resort health and wellness center. Revenue per destination resort health and wellness center in a period can be affected by the geographic mix of health and wellness centers in operation for such period. Typically our U.S. and Caribbean health and wellness centers are larger and produce substantially more revenues per location than our Asian centers. Additionally, average weekly revenue can also be negatively impacted by renovations of our destination resort health and wellness centers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
|
Nine Months
Ended September 30, |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
Average Ship Count (1) |
|
|
195 |
|
|
185 |
|
|
|
190 |
|
|
|
178 |
|
Period End Ship Count |
|
|
196 |
|
|
189 |
|
|
|
196 |
|
|
|
189 |
|
Average Weekly Revenue Per Ship |
|
$ |
91,019 |
|
$ |
84,749 |
|
|
$ |
86,978 |
|
|
$ |
81,444 |
|
Average Revenue Per Shipboard Staff Per Day |
|
$ |
602 |
|
$ |
587 |
|
|
$ |
579 |
|
|
$ |
568 |
|
Average Resort Count (2) |
|
|
52 |
|
|
54 |
|
|
|
52 |
|
|
|
54 |
|
Period End Resort Count |
|
|
52 |
|
|
52 |
|
|
|
52 |
|
|
|
50 |
|
Average Weekly Revenue Per Resort |
|
$ |
11,860 |
|
$ |
13,550 |
|
|
$ |
14,210 |
|
|
$ |
15,269 |
|
(1) Average Ship Count is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.
(2) Average Resort Count is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.
Key Financial Definitions
Revenues. Revenues consist primarily of sales of services and sales of products to cruise ship passengers and destination resort guests. The following is a brief description of the components of our revenues:
•Service revenues. Service revenues consist primarily of sales of health and wellness, aesthetics and fitness services, including a full range of body care, skin care, hair care, cosmetics, medi-spa, acupuncture, nutrition/weight management and mindfulness services, among others, to cruise ship passengers and destination resort guests. We bill our services at rates which inherently include an immaterial charge for products used in the rendering of such services, if applicable.
•Product revenues. Product revenues consist primarily of sales of health and wellness products, such as skincare, body care, hair care, orthotics, and nutritional supplements to cruise ship passengers, destination resort guests and timetospa.com customers.
Cost of services. Cost of services consists primarily of an allocable portion of payments to cruise line partners (which are derived as a percentage of service revenues or a minimum annual rent or a combination of both), an allocable portion of wages paid to shipboard employees, an allocable portion of staff-related shipboard expenses, wages paid directly to destination resort employees, payments to destination resort partners, the allocable cost of products consumed in the rendering of services, and health and wellness center depreciation. Most of the components of cost of services are variable in nature; increases and decreases in cost of services are primarily attributable to corresponding increases or decreases in service revenues. Cost of services has tended to remain materially consistent as a percentage of service revenues.
Cost of products. Cost of products consists primarily of the cost of products sold through our various methods of distribution, an allocable portion of wages paid to shipboard employees and an allocable portion of payments to cruise line and destination resort partners (which are derived as a percentage of product revenues or a minimum annual rent or a combination of both). Most of the components of cost of products are variable in nature; increases and decreases in cost of products are primarily attributable to corresponding increases or decreases in product revenues and includes impairment of the carrying value of inventories. Cost of products has tended to remain materially consistent as a percentage of product revenues.
Administrative. Administrative expenses are comprised of expenses associated with corporate and administrative functions that support our business, including fees for professional services, insurance, headquarters rent and other general corporate expenses.
Salaries, benefits and payroll taxes. Salaries, benefits and payroll taxes are comprised of employee expenses associated with corporate and administrative functions that support our business, including fees for employee salaries, bonuses, stock-based compensation, payroll taxes, pension/401(k) and other employee costs.
Amortization of intangible assets. Amortization of intangible assets are comprised of the amortization of intangible assets with definite useful lives (e.g. retail concession agreements, destination resort agreements, licensing agreements).
Other income (expense). Other income (expense) consists of interest income, interest expense and changes in the fair value of warrant liabilities.
Income tax expense. Income tax expense includes current and deferred federal income tax expenses, as well as state and local income taxes.
Net income. Net income consists of income from operations less other income (expense) and income tax expense.
Revenue Drivers and Business Trends
Our revenues and financial performance are impacted by a multitude of factors, including, but not limited to:
•The number of health and wellness centers we operate on cruise ships and in destination resorts. The number of cruise ships on which we operate during each period is primarily impacted by our renewal of existing cruise ship partner agreements, introductions of new ships to service under our existing agreements, agreements with new cruise line partners, ships temporarily out of service for maintenance and repair, and ships prevented from sailing due to outbreaks of illnesses, such as the recent pandemic, among other factors. The number of destination resorts in which we operate during each period is primarily attributable to renewal of existing agreements with destination resort partners and destination resorts prevented from operating due to outbreaks of illnesses, such as the recent pandemic, among other factors.
•The size and offerings of new health and wellness centers. We have focused on innovating and implementing higher value added and price point services such as medi-spa and advanced facial techniques, which require treatment rooms equipped with specific equipment and staff trained to perform these services. As our cruise line partners continue to invest in new ships with enhanced health and wellness centers that allow for more advanced treatment rooms and larger staff sizes, we are able to increase the availability of these services, driving an overall shift towards a more profitable service mix.
•Expansion of value-added services and products and increased pricing across modalities in existing health and wellness centers. We continue to introduce and expand our higher value added and price point offerings in existing health and wellness centers, including introducing premium medi-spa, acupuncture, and advanced facial services, resulting in higher guest demand and spending. In addition, we have increased pricing across our brands for our core services.
•The mix of ship count across contemporary, premium, luxury and budget categories. Revenue generated per shipboard health and wellness center differs across contemporary, premium, luxury and budget ship categories due to the size of the health and wellness centers, services offered and guest socioeconomic factors.
•The mix of cruise itineraries. Revenue generated per shipboard health and wellness center is influenced by cruise itinerary, including length of cruise, number of sea days versus port days, which impacts center utilization, and the geographic sailing region, which may impact ship category and offerings of services and products to align with guest socioeconomic mix and preferences.
•Collaboration with cruise line partners, including targeted marketing and promotion initiatives, as well as implementation of proprietary technologies to increase center utilization via pre-booking and pre-payment of health and wellness services. We directly market and promote to onboard passengers as a result of enhanced collaboration with certain of our cruise line partners. We also utilize our proprietary health and wellness services pre-booking and pre-payment technology platforms integrated with certain of our cruise line partners’ pre-cruise planning systems. These areas of increased collaboration with cruise line partners are resulting in higher productivity, revenue generation, and profitability across our health and wellness centers.
•The impact of weather. Our health and wellness centers onboard cruise ships and in select destination resorts may be negatively affected by hurricanes, particularly during the August through October period, which may be increasing in frequency and intensity due to climate change.
•Our revenues and financial performance may be impacted by other risks and uncertainties, including, without limitation, those set forth under the section entitled “Risk Factors” in Part II, Item 1A of the Company’s 2023 Form 10-K.
The effect of each of these factors on our revenues and financial performance varies from period to period.
Recent Accounting Pronouncements
Refer to Note 2 to the Condensed Consolidated Financial Statements in this report for a discussion of recent accounting pronouncements.
Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30, 2024 |
|
|
% of Total
Revenue |
|
|
Three Months
Ended
September 30, 2023 |
|
|
% of Total
Revenue |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
194,407 |
|
|
|
80 |
% |
|
$ |
175,849 |
|
|
|
81 |
% |
Product revenues |
|
|
47,289 |
|
|
|
20 |
% |
|
|
40,422 |
|
|
|
19 |
% |
Total revenues |
|
|
241,696 |
|
|
|
100 |
% |
|
|
216,271 |
|
|
|
100 |
% |
COST OF REVENUES AND OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
159,598 |
|
|
|
66 |
% |
|
|
146,128 |
|
|
|
68 |
% |
Cost of products |
|
|
40,147 |
|
|
|
17 |
% |
|
|
34,477 |
|
|
|
16 |
% |
Administrative |
|
|
4,238 |
|
|
|
2 |
% |
|
|
4,673 |
|
|
|
2 |
% |
Salary, benefits and payroll taxes |
|
|
8,556 |
|
|
|
4 |
% |
|
|
9,833 |
|
|
|
5 |
% |
Amortization of intangible assets |
|
|
4,144 |
|
|
|
2 |
% |
|
|
4,206 |
|
|
|
2 |
% |
Total cost of revenues and operating expenses |
|
|
216,683 |
|
|
|
90 |
% |
|
|
199,317 |
|
|
|
92 |
% |
Income from operations |
|
|
25,013 |
|
|
|
10 |
% |
|
|
16,954 |
|
|
|
8 |
% |
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(2,496 |
) |
|
|
-1 |
% |
|
|
(3,726 |
) |
|
|
-2 |
% |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
— |
|
|
|
7,365 |
|
|
|
3 |
% |
Total other (expense) income |
|
|
(2,496 |
) |
|
|
-1 |
% |
|
|
3,639 |
|
|
|
2 |
% |
Income before income tax expense (benefit) |
|
|
22,517 |
|
|
|
9 |
% |
|
|
20,593 |
|
|
|
10 |
% |
INCOME TAX EXPENSE (BENEFIT) |
|
|
966 |
|
|
|
0 |
% |
|
|
(2,818 |
) |
|
|
-1 |
% |
NET INCOME |
|
$ |
21,551 |
|
|
|
9 |
% |
|
$ |
23,411 |
|
|
|
11 |
% |
NET INCOME PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
|
|
|
$ |
0.23 |
|
|
|
|
Diluted (1) |
|
$ |
0.20 |
|
|
|
|
|
$ |
0.16 |
|
|
|
|
WEIGHTED-AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
104,884 |
|
|
|
|
|
|
99,963 |
|
|
|
|
Diluted |
|
|
105,587 |
|
|
|
|
|
|
101,369 |
|
|
|
|
(1) Refer to Note 2 to the Condensed Consolidated Financial Statements in this report for details underlying OneSpaWorld’s income diluted share calculation.
Comparison of Results for the three months ended September 30, 2024 compared to three months ended September 30, 2023
Revenues. Revenues for the three months ended September 30, 2024 and 2023 were $241.7 million and $216.3 million, respectively. The increase primarily was attributable to our Average Ship Count increasing 5% to 195 health and wellness centers onboard ships operating during the quarter, compared with our Average Ship Count of 185 health and wellness centers onboard ships operating during the third quarter of 2023, together with continued productivity gains across our operations. In addition, we benefited from our initiatives to drive revenue growth in each of our on-board health and wellness centers through enhanced guest engagement and experiences, our guest service and product offering innovations, and the disciplined execution of our complex operating protocols by our on-board and corporate teams.
The break-down of revenue growth between service and product revenues was as follows:
•Service revenues. Service revenues for the three months ended September 30, 2024 were $194.4 million, an increase of $18.6 million, or 11%, compared to $175.8 million for the three months ended September 30, 2023.
•Product revenues. Product revenues for the three months ended September 30, 2024 were $47.3 million, an increase of $6.9 million, or 17%, compared to $40.4 million for the three months ended September 30, 2023.
Cost of services. Cost of services for the three months ended September 30, 2024 were $159.6 million, an increase of $13.5 million, or 9%, compared to $146.1 million for the three months ended September 30, 2023. The increase primarily was attributable to costs associated with increased Service revenues of $194.4 million in the quarter compared with Service revenues of $175.8 million in the third quarter of 2023.
Cost of products. Cost of products for the three months ended September 30, 2024 were $40.1 million, an increase of $5.7 million, or 16%, compared to $34.5 million for the three months ended September 30, 2023. The increase primarily was attributable to costs associated with increased Product revenues of $47.3 million in the quarter compared to Product revenues of $40.4 million in the third quarter of 2023.
Administrative. Administrative expenses for the three months ended September 30, 2024 were $4.2 million, a decrease of $0.4 million, or (9%), compared to $4.7 million for the three months ended September 30, 2023. The decrease primarily was attributable to professional fees incurred during the three months ended September 30, 2023 for a secondary offering of common shares by selling shareholders related to the Business Combination.
Salary, benefits and payroll taxes. Salary, benefits and payroll taxes for the three months ended September 30, 2024 were $8.6 million, a decrease of $1.3 million, or (13%), compared to $9.8 million for the three months ended September 30, 2023. The decrease primarily was attributable to the timing of higher performance based compensation for the three months ended September 30, 2023.
Amortization of intangible assets. Amortization of intangible assets for the three months ended September 30, 2024 and September 30, 2023 was $4.1 million and 4.2 million, respectively.
Other (expense) income. Other (expense) income includes interest expense and change in the fair value of the warrant liabilities. Interest expense, net for the three months ended September 30, 2024 was $2.5 million, a decrease of $1.2 million, or (33%), compared to $3.7 million for the three months ended September 30, 2023. The decrease primarily was attributable to lower debt balances. Since the year ended December 31, 2022, we have repaid a total of $115.6 million in debt instruments. The change in fair value of the outstanding warrants during the three months ended September 30, 2024 was zero compared to a gain of $7.4 million during the three months ended September 30, 2023. The decrease was attributable to the fact that the Company had no outstanding warrants during the three months ended September 30, 2024. The change in fair value of warrant liabilities during the three months ended September 30, 2023 was the result of the remeasurement to fair value of the warrants reflecting changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments.
Income tax expense (benefit). Income tax expense (benefit) for the three months ended September 30, 2024 was an expense of $1.0 million, an increase of $3.8 million, or 134%, compared to an income tax benefit of $2.8 million for the three months ended September 30, 2023. The increase was primarily driven by the recognition of a discrete tax benefit of approximately $3.4 million in uncertain tax benefits during the third quarter of 2023 related to foreign tax exposures as a result of our participation in a tax amnesty program in Italy that settled such liability in August 2023.
Net income. Net income for the three months ended September 30, 2024 was $21.5 million, a decrease of $1.9 million, or 8%, compared to a net income of $23.4 million for the three months ended September 30, 2023. The $1.9 million decrease in net income was primarily attributable to a $7.4 million negative change in fair value of warrant liabilities and a $3.8 million increase in income tax expense offset by a $1.2 million decrease in interest expense and an $8.1 million positive change in income from operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
September 30, 2024 |
|
|
% of Total
Revenue |
|
|
Nine Months
Ended
September 30, 2023 |
|
|
% of Total
Revenue |
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
547,462 |
|
|
|
81 |
% |
|
$ |
489,204 |
|
|
|
82 |
% |
Product revenues |
|
|
130,351 |
|
|
|
19 |
% |
|
|
110,035 |
|
|
|
18 |
% |
Total revenues |
|
|
677,813 |
|
|
|
100 |
% |
|
|
599,239 |
|
|
|
100 |
% |
COST OF REVENUES AND OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
454,424 |
|
|
|
67 |
% |
|
|
409,648 |
|
|
|
68 |
% |
Cost of products |
|
|
110,815 |
|
|
|
16 |
% |
|
|
94,949 |
|
|
|
16 |
% |
Administrative |
|
|
13,035 |
|
|
|
2 |
% |
|
|
12,762 |
|
|
|
2 |
% |
Salary, benefits and payroll taxes |
|
|
26,279 |
|
|
|
4 |
% |
|
|
27,708 |
|
|
|
5 |
% |
Amortization of intangible assets |
|
|
12,431 |
|
|
|
2 |
% |
|
|
12,618 |
|
|
|
2 |
% |
Total cost of revenues and operating expenses |
|
|
616,984 |
|
|
|
91 |
% |
|
|
557,685 |
|
|
|
93 |
% |
Income from operations |
|
|
60,829 |
|
|
|
9 |
% |
|
|
41,554 |
|
|
|
7 |
% |
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(7,672 |
) |
|
|
-1 |
% |
|
|
(12,688 |
) |
|
|
-2 |
% |
Change in fair value of warrant liabilities |
|
|
7,677 |
|
|
|
1 |
% |
|
|
(26,736 |
) |
|
|
-4 |
% |
Total other expense |
|
|
5 |
|
|
|
0 |
% |
|
|
(39,424 |
) |
|
|
-7 |
% |
Income before income tax expense (benefit) |
|
|
60,834 |
|
|
|
9 |
% |
|
|
2,130 |
|
|
|
0 |
% |
INCOME TAX EXPENSE (BENEFIT) |
|
|
2,358 |
|
|
|
0 |
% |
|
|
(2,200 |
) |
|
|
0 |
% |
NET INCOME |
|
$ |
58,476 |
|
|
|
9 |
% |
|
$ |
4,330 |
|
|
|
1 |
% |
NET INCOME PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.56 |
|
|
|
|
|
$ |
0.04 |
|
|
|
|
Diluted (1) |
|
$ |
0.56 |
|
|
|
|
|
$ |
0.04 |
|
|
|
|
WEIGHTED-AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
103,824 |
|
|
|
|
|
|
96,975 |
|
|
|
|
Diluted |
|
|
104,762 |
|
|
|
|
|
|
96,975 |
|
|
|
|
(1) Refer to Note 2 to the Condensed Consolidated Financial Statements in this report for details underlying OneSpaWorld’s income diluted share calculation.
Comparison of Results for the nine months ended September 30, 2024 compared to nine months ended September 30, 2023
Revenues. Revenues for the nine months ended September 30, 2024 and 2023 were $677.8 million and $599.2 million, respectively. The increase primarily was attributable to our Average Ship Count increasing 7% to 190 health and wellness centers onboard ships operating during the nine months ended September 30, 2024 compared with our Average Ship Count of 178 health and wellness centers onboard ships operating during the nine months ended September 30, 2023, together with continued productivity and pricing gains across our operations. In addition, we benefited from our initiatives to drive revenue growth in each of our on-board health and wellness centers through enhanced guest engagement and experiences, our guest service and product offering innovations, and the disciplined execution of our complex operating protocols by our on-board and corporate teams.
The break-down of revenue between service and product revenues was as follows:
•Service revenues. Service revenues for the nine months ended September 30, 2024 were $547.5 million, an increase of $58.3 million, or 12%, compared to $489.2 million for the nine months ended September 30, 2023.
•Product revenues. Product revenues for the nine months ended September 30, 2024 were $130.4 million, an increase of $20.3 million, or 18%, compared to $110.0 million for the nine months ended September 30, 2023.
Cost of services. Cost of services for the nine months ended September 30, 2024 were $454.4 million, an increase of $44.8 million, or 11%, compared to $409.6 million for the nine months ended September 30, 2023. The increase primarily was attributable to costs associated with increased Service revenues of $547.5 million in the nine months ended September 30, 2024 from our operating health and wellness centers at sea and on land, compared with Service revenues of $489.2 million in the nine months ended September 30, 2023.
Cost of products. Cost of products for the nine months ended September 30, 2024 were $110.8 million, an increase of $15.9 million, or 17%, compared to $94.9 million for the nine months ended September 30, 2023. The increase primarily was attributable to costs associated with increased Product revenues of $130.4 million in the nine months ended September 30, 2024 from our operating health and wellness centers at sea and on land, compared to Product revenues of $110.0 million in the nine months ended September 30, 2023.
Administrative. Administrative expenses for the nine months ended September 30, 2024 were $13.0 million, an increase of $0.3 million, or 2%, compared to $12.8 million for the nine months ended September 30, 2023. The increase primarily was attributable to timing of professional fees incurred in connection with public company costs.
Salary, benefits and payroll taxes. Salary, benefits and payroll taxes for the nine months ended September 30, 2024 were $26.3 million, a decrease of $1.4 million, or (5%), compared to $27.7 million for the nine months ended September 30, 2023. The decrease primarily was attributable to lower stock-based compensation expense in the nine months ended September 30, 2024 offset by annual merit increases for Corporate employees in 2024.
Amortization of intangible assets. Amortization of intangible assets for the nine months ended September 30, 2024 and 2023 were $12.4 million and $12.6 million, respectively.
Other income (expense). Other income (expense) includes interest expense and change in the fair value of the warrant liabilities. Interest expense, net for the nine months ended September 30, 2024 was $7.7 million, a decrease of $5.0 million, or (40%), compared to $12.7 million for the nine months ended September 30, 2023. The decrease primarily was attributable to lower debt balances. Since the year ended December 31, 2022, we have repaid a total of $115.6 million in debt instruments. The change in fair value of the outstanding warrants during the nine months ended September 30, 2024 was a gain of $7.7 million compared to a loss of ($26.7) million during the nine months ended September 30, 2023. The change in fair value of warrant liabilities was the result of the remeasurement to fair value of the warrants exercised during the nine months ended September 30, 2024 reflecting changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments. The Company has no outstanding warrants as of September 30, 2024; accordingly, there will be no impact on the statement of operations in future periods.
Income tax expense (benefit). Income tax expense (benefit) for the nine months ended September 30, 2024 was an expense of $2.4 million, an increase of $4.6 million, or 207%, compared to an income tax benefit of $2.2 million for the nine months ended September 30, 2023. The increase primarily was driven by the recognition of a discrete tax benefit of approximately $3.4 million in uncertain tax benefits during the third quarter of 2023 related to foreign tax exposures as a result of our participation in a tax amnesty program in Italy that settled such liability in August 2023, offset by an increase in the taxable income, the change in valuation allowance and the decrease in availability of net operating losses.
Net income. Net income for the nine months ended September 30, 2024 was $58.5 million, an increase of $54.1 million, or 1,250%, compared to a net income of $4.3 million for the nine months ended September 30, 2023. The $54.1 million increase in net income was primarily attributable to: (i) a $34.4 million positive change in fair value of warrant liabilities; (ii) a $5.0 million decrease in interest expense; and (iii) a $19.3 million positive change in income from operations; offset by $4.6 million increase in income tax expense.
Liquidity and Capital Resources
Overview
We fund our operations principally with cash flow from operations. Our principal uses for our liquidity have been funding our health and wellness centers onboard 196 cruise ships and in 52 destination resorts, including associated working capital investment and capital expenditures; debt service, including $59.6 million repayment of our First Lien Term Loan Facility; purchasing 1,395,432 of our common shares from Steiner Leisure Limited pursuant to a Shares Repurchase Agreement, and purchasing 745,302 of our common shares under a Share Repurchase Program, among other uses of our liquidity.
On September 20, 2024, the Company and its subsidiaries, Dory Acquisition Sub, Inc. and OneSpaWorld (Bahamas) Limited, entered into a credit agreement with Bank of America, N.A., as administrative agent, and certain lenders party thereto, providing for senior secured credit facilities consisting of (x) a term loan facility of $100 million (of which $70 million was borrowed by Dory Acquisition and $30 million was borrowed by OneSpaWorld Bahamas), which was fully drawn on the Closing Date, and (y) a revolving loan facility of up to $50 million, which Revolving Facility remained undrawn upon the closing of the Credit Facilities and as of September 30, 2024. The Revolving Facility includes borrowing capacity available for letters of credit up to $5 million. Any issuance of letters of credit reduces the amount available under the Revolving Facility. The Credit Facilities mature on September 20, 2029.
Loans outstanding under the Credit Facilities will accrue interest at a rate per annum equal to Term SOFR plus a margin of 1.90%, with three step ups to a maximum margin of 2.65% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries, and undrawn amounts under the Revolving Facility will accrue a commitment fee at a rate per annum of 0.25% on the average daily undrawn portion of the commitments thereunder, with three step ups to a maximum commitment fee of 0.40% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries.
The Term Loan Facility requires the Borrowers to make certain mandatory prepayments, with (i) 100% of net cash proceeds of all non-ordinary course asset sales or other dispositions of property, subject to the ability to reinvest such proceeds and certain other exceptions, and (ii) 100% of the net cash proceeds of any debt incurrence, other than debt permitted under the definitive agreements (but excluding debt incurred to refinance the Credit Facilities). The Borrowers also are required to make quarterly amortization payments equal to 1.25% of the original principal amount of the Term Loan Facility commencing on March 31, 2025 (subject to reductions by optional and mandatory prepayments of
the loans). The Borrowers may prepay the Credit Facilities at any time without premium or penalty, subject to payment of customary breakage costs.
The proceeds from the Credit Facilities were used, together with cash on hand, to repay in full the remaining principal balance of the First Lien Term Loan Facility and to pay related financing costs of the Credit Facilities. Accordingly, as of September 30, 2024, our First Lien Term Loan Facility has been fully paid and terminated.
We have concluded that we will have sufficient liquidity to satisfy our existing and planned capital requirements over the next twelve months and thereafter and comply with all debt covenants as required by our debt agreement.
Cash Flows
The following table shows summary cash flow information for the nine months ended September 30, 2024 and the nine months ended September 30, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Nine Months
Ended
September 30, 2024 |
|
|
Nine Months
Ended
September 30, 2023 |
|
|
|
|
|
|
|
|
Net income |
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Depreciation and amortization |
|
|
18,090 |
|
|
|
16,498 |
|
Amortization of deferred financing costs |
|
|
704 |
|
|
|
1,226 |
|
Losses on early extinguishment of debt |
|
|
735 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
(7,677 |
) |
|
|
26,736 |
|
Stock-based compensation |
|
|
6,163 |
|
|
|
7,045 |
|
Income tax benefit from change in reserve of uncertain tax positions |
|
|
— |
|
|
|
(3,440 |
) |
Provision for doubtful accounts |
|
|
14 |
|
|
|
55 |
|
Loss from write-offs of property and equipment |
|
|
67 |
|
|
|
20 |
|
Noncash lease expense |
|
|
16 |
|
|
|
61 |
|
Deferred income taxes |
|
|
— |
|
|
|
227 |
|
Changes in working capital |
|
|
(14,341 |
) |
|
|
(6,421 |
) |
Net cash provided by operating activities |
|
|
62,247 |
|
|
|
46,337 |
|
Capital expenditures |
|
|
(3,433 |
) |
|
|
(2,871 |
) |
Net cash used in investing activities |
|
|
(3,433 |
) |
|
|
(2,871 |
) |
Proceeds from exercise of warrants |
|
|
51,698 |
|
|
|
2,216 |
|
Proceeds from term loan facility |
|
|
100,000 |
|
|
|
— |
|
Repayment on first and second lien term loan facilities |
|
|
(159,639 |
) |
|
|
(51,042 |
) |
Repurchase of common shares |
|
|
(18,988 |
) |
|
|
— |
|
Payment of deleveraging fee on first lien term loan facilities |
|
|
(5,420 |
) |
|
|
— |
|
Dividends |
|
|
(4,172 |
) |
|
|
— |
|
Payment of deferred financing costs |
|
|
(1,340 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(37,861 |
) |
|
|
(48,826 |
) |
Effect of exchange rates |
|
|
138 |
|
|
|
98 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
$ |
21,091 |
|
|
$ |
(5,262 |
) |
Comparison of Results for the nine months ended September 30, 2024 and 2023
Operating activities. Our net cash provided by operating activities for the nine months ended September 30, 2024 and 2023 were $62.2 million and $46.3 million, respectively. In the nine months ended September 30, 2024, net operating cash flows continued to increase from comparable 2023 periods, as the Company grew total revenue by 13% and income from operations by 46% and reduced interest expense by 40%, which interest expense reduction was attributable to repayment of indebtedness, further enhancing our balance sheet.
Investing activities. Our net cash used in investing activities for the nine months ended September 30, 2024 and 2023 were $3.4 million and $2.9 million, respectively. During the nine months ended September 30, 2024, we continued to make investments in computer hardware and software (including artificial intelligence) and Medi-spa equipment.
Financing activities. Our net cash used in financing activities for the nine months ended September 30, 2024 and 2023 were $37.9 million and $48.8 million, respectively. For the nine months ended September 30, 2024, the Company received proceeds from the exercise of public and private warrants of $51.7 million, received proceeds from the Term Loan Facility of $100.0 million, repaid $159.6 million on the
First Lien Term Loan Facility, paid $5.4 million of deleveraging fee on the First Lien Term Loan Facility, utilized $19.0 million to repurchase 1,351,688 of our common shares and $1.3 million to pay deferred financing cost. For the nine months ended September 30, 2023, the Company repaid $36.0 million on the First Lien Term Loan Facility and $15.0 million on the Second Lien Term Loan Facility and received proceeds from the exercise of warrants of $2.2 million.
Seasonality
A significant portion of our revenues are generated onboard cruise ships and are subject to specific individual cruise itineraries, which are dependent on time of year and geographic location, among other factors. As a result, we experience varying degrees of seasonality as the demand for cruises is stronger in the Northern Hemisphere during the summer months and during holidays. Accordingly, the third quarter and holiday periods generally result in higher revenues for us. Further, cruises and destination resorts have been negatively affected by the frequency and intensity of hurricanes, particularly during the August through October period, which may be increasing in frequency and intensity due to climate change.
Contractual Obligations
As of September 30, 2024, our future contractual obligations have not changed significantly from the amounts disclosed in our 2023 Form 10-K.
Critical Accounting Policies
Management’s discussion and analysis of financial condition and results of operations is based upon our condensed consolidated unaudited financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions or conditions. At least quarterly, management reevaluates its judgments and estimates, which are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.
Our critical accounting policies are included in our 2023 Form 10-K. We believe that there have been no significant changes during the nine months ended September 30, 2024 to the critical accounting policies disclosed in our 2023 Form 10-K.
Inflation and Economic Conditions
We do not believe that inflation has had a material adverse effect on our results of operations, financial condition and cash flows. However, public demand for activities, including cruises, is influenced by general economic conditions, including inflation, global health epidemics/pandemics and customer preferences. Periods of economic softness, increases in inflation rates and interest rates, as well as periods of fuel price increases, could have a material adverse effect on the cruise industry and hospitality industry upon which we are dependent and could have a material adverse effect on our business and our results of operations, financial condition and cash flows.
Cautionary Statement Regarding Forward-Looking Statements
From time to time, including in this report and other disclosures, we may issue “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views about future events and are subject to known and unknown risks, uncertainties and other factors which may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. We attempt, whenever possible, to identify these statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “forecast,” “future,” “intend,” “plan,” “estimate” and similar expressions of future intent or the negative of such terms. Such forward-looking statements include, but are not limited to, statements regarding:
•the demand for the Company’s services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates;
•changes in consumer preferences or the markets for the Company’s services and products;
•changes in applicable laws or regulations;
•competition for the Company’s services and the availability of competition for opportunities for expansion of the Company’s business;
•difficulties of managing growth profitably;
•the loss of one or more members of the Company’s executive management team;
•the potential impact of a global health crisis on the industries in which the Company operates and the Company’s business, results of operations, financial condition and cash flows;
•other risks and uncertainties included from time to time in the Company’s reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission;
•other risks and uncertainties indicated in our 2023 Form 10-K, including those set forth under the section entitled “Risk Factors”; and
•other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.
These forward-looking statements are based on information available as of the date of this report and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For a discussion of our market risks, refer to Part II, Item 7A. - Quantitative and Qualitative Disclosures about Market Risk in our 2023 Form 10-K. There have been no material changes to our exposure to market risks since the date of our 2023 Form 10-K.
Item 4. Controls and Procedures
We carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2024 to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in U.S. Securities and Exchange Commission rules and forms, and includes controls and procedures designed to ensure that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting (as that term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
There have been no material changes in the risk factors previously disclosed in the Company’s 2023 Form 10-K, Part II, Item 1A. “Risk Factors.” However, the risks and uncertainties that we face are not limited to those set forth in the 2023 Form 10-K. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also materially and adversely affect our business and the trading price of our securities.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Stephen Lazarus, the Company’s Chief Financial Officer and Chief Operating Officer, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) on June 13, 2024. The plan provides for the sale of up to 400,000 shares of the Company's common stock in the period commencing on September 13, 2024 and ending on the earlier of December 31, 2026 or the execution of all trades contemplated by the plan.
Item 6. Exhibits
* Filed herewith.
** Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: October 31, 2024
|
|
|
ONESPAWORLD HOLDINGS LIMITED |
|
|
By: |
|
/s/ Leonard Fluxman |
|
|
Leonard Fluxman |
|
|
Executive Chairman, President, Chief Executive Officer and Director |
|
|
Principal Executive Officer |
|
|
By: |
|
/s/ STEPHEN B. LAZARUS |
|
|
Stephen B. Lazarus |
|
|
Chief Financial Officer and Chief Operating Officer |
|
|
Principal Financial and Accounting Officer |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/ RULE
15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Leonard Fluxman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of OneSpaWorld Holdings Limited;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
|
Date: October 31, 2024 |
|
|
/s/ Leonard Fluxman |
|
|
|
Leonard Fluxman |
|
|
|
President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)/ RULE
15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Stephen B. Lazarus, certify that:
1. I have reviewed this quarterly report on Form 10-Q of OneSpaWorld Holdings Limited;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
|
Date: October 31, 2024 |
|
|
/s/ Stephen B. Lazarus |
|
|
|
Stephen B. Lazarus |
|
|
|
Chief Financial Officer and Chief Operating Officer |
Exhibit 32.1
SECTION 1350 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officer of OneSpaWorld Holdings Limited certifies that (1) this Quarterly Report of OneSpaWorld Holdings Limited (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Leonard Fluxman |
Leonard Fluxman |
President and Chief Executive Officer |
October 31, 2024
Exhibit 32.2
SECTION 1350 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officer of OneSpaWorld Holdings Limited certifies that (1) this Quarterly Report of OneSpaWorld Holdings Limited (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Stephen B. Lazarus |
Stephen B. Lazarus |
Chief Financial Officer and Chief Operating Officer |
October 31, 2024
v3.24.3
Document and Entity Information - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 28, 2024 |
| Document and Entity Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Amendment Flag |
false
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Entity Registrant Name |
OneSpaWorld Holdings Limited
|
|
| Entity Central Index Key |
0001758488
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Shell Company |
false
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
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| Entity Emerging Growth Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
103,981,942
|
| Entity Incorporation, State or Country Code |
C5
|
|
| Entity Tax Identification Number |
00-0000000
|
|
| Entity File Number |
001-38843
|
|
| Entity Address, Address Line One |
Office Number 2
|
|
| Entity Address, Address Line Two |
Pineapple Business ParkAirport Industrial Park
|
|
| Entity Address, Address Line Three |
P.O. Box N-624
|
|
| Entity Address, City or Town |
Nassau, Island of New Providence
|
|
| Entity Address, Country |
BS
|
|
| Entity Address, Postal Zip Code |
00000
|
|
| City Area Code |
242
|
|
| Local Phone Number |
322-2670
|
|
| Title of 12(b) Security |
Common Shares, par value (U.S.)$0.0001 per share
|
|
| Trading Symbol |
OSW
|
|
| Security Exchange Name |
NASDAQ
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| CURRENT ASSETS: |
|
|
| Cash and cash equivalents |
$ 48,795
|
$ 27,704
|
| Restricted cash |
1,198
|
1,198
|
| Accounts receivable, net |
42,245
|
40,784
|
| Inventories, net |
43,398
|
47,504
|
| Prepaid expenses |
4,327
|
3,172
|
| Other current assets |
4,765
|
6,360
|
| Total current assets |
144,728
|
126,722
|
| Property and equipment, net |
15,503
|
15,006
|
| Operating lease right-of-use assets, net |
14,629
|
12,132
|
| Intangible assets, net |
534,536
|
546,968
|
| OTHER ASSETS: |
|
|
| Deferred tax asset |
2,340
|
2,340
|
| Other non-current assets |
22,293
|
2,972
|
| Total other assets |
24,633
|
5,312
|
| Total assets |
734,029
|
706,140
|
| LIABILITIES: |
|
|
| Accounts payable |
29,829
|
31,705
|
| Accrued expenses |
42,013
|
45,991
|
| Current portion of operating leases |
2,500
|
2,264
|
| Current portion of long-term debt |
3,750
|
|
| Other current liabilities |
675
|
899
|
| Total current liabilities |
78,767
|
80,859
|
| Warrant liabilities |
|
20,400
|
| Other long-term liabilities |
7,793
|
2,449
|
| Long-term operating leases |
12,433
|
10,156
|
| Long-term debt, net |
94,917
|
158,207
|
| Total liabilities |
193,910
|
272,071
|
| Commitments and contingencies (Note 12) |
|
|
| Common stock: |
|
|
| Additional paid-in capital |
835,230
|
777,062
|
| Accumulated deficit |
(294,277)
|
(344,458)
|
| Accumulated other comprehensive (loss) income |
(844)
|
1,455
|
| Total shareholders' equity |
540,119
|
434,069
|
| Total liabilities and shareholders' equity |
734,029
|
706,140
|
| Voting Common Stock [Member] |
|
|
| Common stock: |
|
|
| Common stock |
$ 10
|
$ 10
|
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - Voting Common Stock [Member] - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized |
225,000,000
|
225,000,000
|
| Common stock, shares issued |
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|
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|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| REVENUES: |
|
|
|
|
|
| Revenues |
$ 241,696
|
$ 216,271
|
$ 677,813
|
$ 599,239
|
|
| COST OF REVENUES AND OPERATING EXPENSES: |
|
|
|
|
|
| Administrative |
4,238
|
4,673
|
13,035
|
12,762
|
|
| Salary, benefits and payroll taxes |
8,556
|
9,833
|
26,279
|
27,708
|
|
| Amortization of intangible assets |
4,144
|
4,206
|
12,431
|
12,618
|
|
| Total cost of revenues and operating expenses |
216,683
|
199,317
|
616,984
|
557,685
|
|
| Income from operations |
25,013
|
16,954
|
60,829
|
41,554
|
|
| OTHER (EXPENSE) INCOME |
|
|
|
|
|
| Interest expense, net |
(2,496)
|
(3,726)
|
(7,672)
|
(12,688)
|
|
| Change in fair value of warrant liabilities |
|
7,365
|
7,677
|
(26,736)
|
|
| Total other (expense) income |
(2,496)
|
3,639
|
5
|
(39,424)
|
|
| Income before income tax expense (benefit) |
22,517
|
20,593
|
60,834
|
2,130
|
|
| INCOME TAX EXPENSE (BENEFIT) |
966
|
(2,818)
|
2,358
|
(2,200)
|
|
| NET INCOME |
$ 21,551
|
$ 23,411
|
$ 58,476
|
$ 4,330
|
|
| NET INCOME PER SHARE |
|
|
|
|
|
| Basic |
$ 0.21
|
$ 0.23
|
$ 0.56
|
$ 0.04
|
[1] |
| Diluted |
$ 0.2
|
$ 0.16
|
$ 0.56
|
$ 0.04
|
[1] |
| WEIGHTED-AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
| Basic |
104,884
|
99,963
|
103,824
|
96,975
|
[1] |
| Diluted |
105,587
|
101,369
|
104,762
|
96,975
|
[1] |
| Service [Member] |
|
|
|
|
|
| REVENUES: |
|
|
|
|
|
| Revenues |
$ 194,407
|
$ 175,849
|
$ 547,462
|
$ 489,204
|
|
| COST OF REVENUES AND OPERATING EXPENSES: |
|
|
|
|
|
| Cost of Revenue |
159,598
|
146,128
|
454,424
|
409,648
|
|
| Product [Member] |
|
|
|
|
|
| REVENUES: |
|
|
|
|
|
| Revenues |
47,289
|
40,422
|
130,351
|
110,035
|
|
| COST OF REVENUES AND OPERATING EXPENSES: |
|
|
|
|
|
| Cost of Revenue |
$ 40,147
|
$ 34,477
|
$ 110,815
|
$ 94,949
|
|
|
|
| X |
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Statement of Other Comprehensive Income [Abstract] |
|
|
|
|
| Net income |
$ 21,551
|
$ 23,411
|
$ 58,476
|
$ 4,330
|
| Other comprehensive loss, net of tax: |
|
|
|
|
| Foreign currency translation adjustments |
263
|
(126)
|
148
|
110
|
| Net unrealized (loss) gain on derivative |
(42)
|
240
|
300
|
1,062
|
| Amount realized and reclassified into earnings |
(855)
|
(936)
|
(2,747)
|
(2,530)
|
| Total other comprehensive loss, net of tax |
(634)
|
(822)
|
(2,299)
|
(1,358)
|
| Total comprehensive income |
$ 20,917
|
$ 22,589
|
$ 56,177
|
$ 2,972
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J
Reference 32: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
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-Section 55
-Paragraph 4K
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands |
Total |
Common Stock [Member] |
Common Stock [Member]
Voting Common Stock [Member]
|
Common Stock [Member]
Non-Voting Common Stock [Member]
|
Common Stock [Member]
Voting and Non-Voting Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Accumulated other comprehensive (loss) income |
Accumulated Deficit [Member] |
| BALANCE at Dec. 31, 2022 |
$ 365,809
|
|
|
|
$ 9
|
$ 700,612
|
$ 3,797
|
$ (338,609)
|
| BALANCE (In Shares) at Dec. 31, 2022 |
|
|
79,544
|
13,422
|
|
|
|
|
| Net income |
4,330
|
|
|
|
|
|
|
4,330
|
| Stock-based compensation |
7,045
|
|
|
|
|
7,045
|
|
|
| Foreign currency translation adjustment |
110
|
|
|
|
|
|
110
|
|
| Unrecognized gain (loss) on derivatives |
(1,468)
|
|
|
|
|
|
(1,468)
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants (In Shares) |
|
|
84
|
2,123
|
|
|
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants |
24,370
|
|
|
|
|
24,370
|
|
|
| Common shares issued under equity incentive plan, Shares |
|
|
690
|
|
|
|
|
|
| Exchange of warrants into common shares |
45,261
|
|
|
|
1
|
45,260
|
|
|
| Exchange of warrants into common shares, Shares |
|
|
3,854
|
|
|
|
|
|
| Exercise of warrants |
2,620
|
|
|
|
|
2,620
|
|
|
| Common shares issued due to warrants exercised, Shares |
|
|
194
|
|
|
|
|
|
| Conversion of non-voting common shares into voting common shares (In Shares) |
|
|
15,545
|
(15,545)
|
|
|
|
|
| BALANCE at Sep. 30, 2023 |
448,077
|
|
|
|
10
|
779,907
|
2,439
|
(334,279)
|
| BALANCE (In Shares) at Sep. 30, 2023 |
|
|
99,911
|
|
|
|
|
|
| BALANCE at Jun. 30, 2023 |
422,856
|
|
|
|
10
|
777,275
|
3,261
|
(357,690)
|
| BALANCE (In Shares) at Jun. 30, 2023 |
|
|
99,470
|
|
|
|
|
|
| Net income |
23,411
|
|
|
|
|
|
|
23,411
|
| Stock-based compensation |
2,197
|
|
|
|
|
2,197
|
|
|
| Foreign currency translation adjustment |
(126)
|
|
|
|
|
|
(126)
|
|
| Unrecognized gain (loss) on derivatives |
(696)
|
|
|
|
|
|
(696)
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants (In Shares) |
|
|
31
|
|
|
|
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants |
435
|
|
|
|
|
435
|
|
|
| Common shares issued under equity incentive plan, Shares |
|
|
410
|
|
|
|
|
|
| BALANCE at Sep. 30, 2023 |
448,077
|
|
|
|
$ 10
|
779,907
|
2,439
|
(334,279)
|
| BALANCE (In Shares) at Sep. 30, 2023 |
|
|
99,911
|
|
|
|
|
|
| BALANCE at Dec. 31, 2023 |
434,069
|
$ 10
|
|
|
|
777,062
|
1,455
|
(344,458)
|
| BALANCE (In Shares) at Dec. 31, 2023 |
|
99,735
|
|
|
|
|
|
|
| Net income |
58,476
|
|
|
|
|
|
|
58,476
|
| Stock-based compensation |
6,163
|
|
|
|
|
6,163
|
|
|
| Foreign currency translation adjustment |
148
|
|
|
|
|
|
148
|
|
| Unrecognized gain (loss) on derivatives |
(2,447)
|
|
|
|
|
|
(2,447)
|
|
| Repurchase and retirement of common shares (In Shares) |
|
(1,351)
|
|
|
|
|
|
|
| Repurchase and retirement of common shares, Value |
(18,988)
|
|
|
|
|
(10,693)
|
|
(8,295)
|
| Dividends |
(4,172)
|
|
|
|
|
(4,172)
|
|
|
| Accrued dividends cancelled on common stock |
2,449
|
|
|
|
|
2,449
|
|
|
| Exercise of Sponsor and Public Warrants (In Shares) |
|
4,503
|
|
|
|
|
|
|
| Exercise of Sponsor and Public Warrants |
57,628
|
|
|
|
|
57,628
|
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants (In Shares) |
|
497
|
|
|
|
|
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants |
6,793
|
|
|
|
|
6,793
|
|
|
| Common shares issued under equity incentive plan, Shares |
|
598
|
|
|
|
|
|
|
| BALANCE at Sep. 30, 2024 |
540,119
|
$ 10
|
|
|
|
835,230
|
(844)
|
(294,277)
|
| BALANCE (In Shares) at Sep. 30, 2024 |
|
103,982
|
|
|
|
|
|
|
| BALANCE at Jun. 30, 2024 |
532,651
|
$ 10
|
|
|
|
843,416
|
(210)
|
(310,565)
|
| BALANCE (In Shares) at Jun. 30, 2024 |
|
104,714
|
|
|
|
|
|
|
| Net income |
21,551
|
|
|
|
|
|
|
21,551
|
| Stock-based compensation |
1,974
|
|
|
|
|
1,974
|
|
|
| Foreign currency translation adjustment |
263
|
|
|
|
|
|
263
|
|
| Unrecognized gain (loss) on derivatives |
(897)
|
|
|
|
|
|
(897)
|
|
| Repurchase and retirement of common shares (In Shares) |
|
(745)
|
|
|
|
|
|
|
| Repurchase and retirement of common shares, Value |
(11,251)
|
|
|
|
|
(5,988)
|
|
(5,263)
|
| Dividends |
(4,172)
|
|
|
|
|
(4,172)
|
|
|
| Common shares issued due to warrants exercised, Shares |
|
13
|
|
|
|
|
|
|
| BALANCE at Sep. 30, 2024 |
$ 540,119
|
$ 10
|
|
|
|
$ 835,230
|
$ (844)
|
$ (294,277)
|
| BALANCE (In Shares) at Sep. 30, 2024 |
|
103,982
|
|
|
|
|
|
|
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-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (a)
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
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-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481956/830-20-45-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 21
-Publisher FASB
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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Proceeds from exercise of warrants |
|
$ 51,698,000
|
$ 2,216,000
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants |
$ 435,000
|
6,793,000
|
24,370,000
|
| Additional Paid-in Capital [Member] |
|
|
|
| Cashless exercise of Warrants/ 2020 PIPE Warrants |
$ 435,000
|
6,793,000
|
$ 24,370,000
|
| Sponsor and Public Warrants [Member] |
|
|
|
| Proceeds from exercise of warrants |
|
$ 51,700
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 58,476
|
$ 4,330
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
18,090
|
16,498
|
| Amortization of deferred financing costs |
704
|
1,226
|
| Losses on early extinguishment of debt |
735
|
|
| Change in fair value of warrant liabilities |
(7,677)
|
26,736
|
| Stock-based compensation |
6,163
|
7,045
|
| Income tax benefit from change in reserve of uncertain tax positions |
|
(3,440)
|
| Provision for doubtful accounts |
14
|
55
|
| Loss from write-offs of property and equipment |
67
|
20
|
| Noncash lease expense |
16
|
61
|
| Deferred income taxes |
|
227
|
| Changes in: |
|
|
| Accounts receivable, net |
(1,475)
|
(14,191)
|
| Inventories, net |
4,106
|
(4,008)
|
| Prepaid expenses |
(1,155)
|
(1,123)
|
| Other current assets |
(392)
|
150
|
| Other non-current assets |
(22,100)
|
(364)
|
| Accounts payable |
(1,876)
|
7,490
|
| Accrued expenses |
1,442
|
6,164
|
| Other current liabilities |
(224)
|
(67)
|
| Income tax contingency |
|
(472)
|
| Other long-term liabilities |
7,333
|
|
| Net cash provided by operating activities |
62,247
|
46,337
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Capital expenditures |
(3,433)
|
(2,871)
|
| Net cash used in investing activities |
(3,433)
|
(2,871)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from exercise of warrants |
51,698
|
2,216
|
| Proceeds from term loan facility |
100,000
|
|
| Repurchase of common shares |
(18,988)
|
|
| Repayment on term loan facilities |
(159,639)
|
(51,042)
|
| Dividends |
(4,172)
|
|
| Payment of deleveraging fee on term loan facilities |
(5,420)
|
|
| Payment of deferred financing costs |
(1,340)
|
|
| Net cash used in financing activities |
(37,861)
|
(48,826)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
138
|
98
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
21,091
|
(5,262)
|
| Cash, cash equivalents and restricted cash, Beginning of period |
28,902
|
33,262
|
| Cash, cash equivalents and restricted cash, End of period |
49,993
|
28,000
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
| Income taxes |
3,110
|
746
|
| Interest |
9,678
|
17,494
|
| Non-cash financing transactions: |
|
|
| Exchange of warrants into common shares |
|
45,261
|
| Non cash exercise of warrants |
6,793
|
$ 24,370
|
| Accrued dividends cancelled on common stock |
$ 2,449
|
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v3.24.3
Insider Trading Arrangements
|
3 Months Ended |
|
Sep. 30, 2024
shares
|
|---|
| Trading Arrangements, by Individual |
|
| Material Terms of Trading Arrangement |
Stephen Lazarus, the Company’s Chief Financial Officer and Chief Operating Officer, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) on June 13, 2024. The plan provides for the sale of up to 400,000 shares of the Company's common stock in the period commencing on September 13, 2024 and ending on the earlier of December 31, 2026 or the execution of all trades contemplated by the plan.
|
| Name |
Stephen Lazarus
|
| Title |
Chief Financial Officer and Chief Operating Officer
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
June 13, 2024
|
| Expiration Date |
December 31, 2026
|
| Arrangement Duration |
840 days
|
| Aggregate Available |
400,000
|
| X |
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v3.24.3
ORGANIZATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| ORGANIZATION |
1. ORGANIZATION OneSpaWorld Holdings Limited (“OneSpaWorld,” the “Company,” “we,” “us,” or “our”) is an international business company incorporated under the laws of the Commonwealth of The Bahamas. OneSpaWorld is a global provider and innovator in the fields of health and wellness, fitness and beauty. In facilities on cruise ships and in land-based resorts, the Company strives to create a relaxing and therapeutic environment where guests can receive health and wellness, fitness and beauty services and experiences of the highest quality. The Company’s services include traditional and alternative massage, body and skin treatments, fitness, acupuncture, and Medispa treatments. The Company also sells premium quality health and wellness, fitness and beauty products at its facilities and through its timetospa.com website. The predominant business, based on revenues, is sales of services and products on cruise ships and in land-based resorts, followed by sales of products through the timetospa.com website.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation, Principles of Consolidation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted or condensed pursuant to the SEC’s rules and regulations. However, management believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly our unaudited financial position, results of operations and cash flows. The unaudited results of operations and cash flows of our interim periods are not necessarily indicative of the results of operations or cash flows that may be expected for the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated financial statements include the condensed consolidated balance sheet and statement of operations, comprehensive income, changes in equity, and cash flows of OneSpaWorld. All significant intercompany items and transactions have been eliminated in consolidation. Restricted Cash These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated balance sheet as of September 30, 2024 and 2023 to the total amount presented in our condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
48,795 |
|
|
$ |
26,802 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
Total cash and restricted cash in the condensed consolidated statement of cash flows |
|
$ |
49,993 |
|
|
$ |
28,000 |
|
Inventories Inventories, consisting principally of beauty, health and wellness products, are stated at the lower of cost, as determined on a first-in, first-out basis, or market. All inventory balances are comprised of finished goods used in beauty and health and wellness services or held for sale to customers. Inventory reserve is recorded to write down the cost of inventory to the estimated market value. No inventory impairment charge was recorded for the three and nine months ended September 30, 2024 and 2023. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income adjusted for the change in fair value of warrant liabilities, if the impact is dilutive, by the weighted average number of diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares, and contingently issuable shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect is anti-dilutive. Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted income per share is computed by dividing net income by the weighted average number of diluted common shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive. The following table provides details underlying OneSpaWorld’s income per basic and diluted share calculation (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 (a) |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Less change in fair value of in-the-money warrant liabilities |
|
|
— |
|
|
|
(7,400 |
) |
|
|
|
|
|
— |
|
Net income, adjusted for change in fair value of warrants for diluted earnings per share |
|
$ |
21,551 |
|
|
$ |
16,011 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – Basic |
|
|
104,884 |
|
|
|
99,963 |
|
|
|
103,824 |
|
|
|
96,975 |
|
Dilutive effect of warrants |
|
|
— |
|
|
|
482 |
|
|
|
292 |
|
|
|
— |
|
Dilutive effect of stock-based awards |
|
|
703 |
|
|
|
924 |
|
|
|
646 |
|
|
|
— |
|
Weighted average shares outstanding – Diluted |
|
|
105,587 |
|
|
|
101,369 |
|
|
|
104,762 |
|
|
|
96,975 |
|
Net income per voting and non-voting share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
(a) Potential common shares under the treasury stock method and the if-converted method were antidilutive because the effect of the change in the fair value of warrants was antidilutive. Consequently, the Company did not have any adjustments in this period between basic and diluted income per share related to stock-based awards and warrants. The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income per share (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
Sponsor Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
3,842 |
|
Public Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
841 |
|
2020 PIPE Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Restricted stock units |
|
|
— |
|
|
|
105 |
|
|
|
— |
|
|
105 |
|
Performance stock units |
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
— |
|
|
|
|
282 |
|
|
|
105 |
|
|
|
282 |
|
|
4,788 |
|
Recent Accounting Pronouncements With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance, to the Company. The following summary of recent accounting pronouncements is not intended to be an exhaustive description of the respective pronouncement. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. The Company plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. The Company is currently assessing the expected impact of the future adoption of this guidance. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted The Company is currently assessing the expected impact of the future adoption of this guidance. |
| X |
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-1
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v3.24.3
INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
| INTANGIBLE ASSETS |
3. INTANGIBLE ASSETS Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of September 30, 2024 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(85,814 |
) |
|
$ |
518,886 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(7,750 |
) |
|
|
10,150 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(95,264 |
) |
|
$ |
534,536 |
|
|
|
|
The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(74,186 |
) |
|
$ |
530,514 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(6,946 |
) |
|
|
10,954 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(82,832 |
) |
|
$ |
546,968 |
|
|
|
|
The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Amortization expense for the three months ended September 30, 2024 and 2023 was $4.1 million and $4.2 million, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was $12.4 million and $12.6 million, respectively. Amortization expense is estimated to be $16.6 million in each of the next five years beginning in 2024.
|
| X |
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| X |
- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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v3.24.3
LONG-TERM DEBT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| LONG-TERM DEBT |
4. LONG-TERM DEBT Long-term debt consisted of the following (in thousands, except interest rate):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate As of |
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
|
Maturities Through |
|
|
September 30,
2024 |
|
|
|
December 31,
2023 |
|
First lien term loan facility |
|
|
— |
|
|
9.2% |
|
|
|
— |
|
|
$ |
- |
|
|
|
$ |
159,639 |
|
Term loan facility |
|
6.9% |
|
|
|
— |
|
|
2029 |
|
|
|
100,000 |
|
|
|
|
- |
|
Less: unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
|
(1,333 |
) |
|
|
|
(1,432 |
) |
Total debt, net of unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
$ |
98,667 |
|
|
|
$ |
158,207 |
|
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
$ |
(3,750 |
) |
|
|
$ |
- |
|
Long-term debt, net |
|
|
|
|
|
|
|
|
|
|
$ |
94,917 |
|
|
|
$ |
158,207 |
|
The following are scheduled principal repayments on long-term debt as of September 30, 2024 for each of the next five years (in thousands):
|
|
|
|
|
Year ending December 31, |
|
Amount |
|
2024 |
|
$ |
- |
|
2025 |
|
|
5,000 |
|
2026 |
|
|
5,000 |
|
2027 |
|
|
5,000 |
|
2028 |
|
|
5,000 |
|
Thereafter |
|
|
80,000 |
|
Total |
|
$ |
100,000 |
|
On September 20, 2024 (the “Closing Date”), the Company and its subsidiaries, Dory Acquisition Sub, Inc. (“Dory Acquisition”) and OneSpaWorld (Bahamas) Limited (“OneSpaWorld Bahamas” and together with Dory Acquisition, the “Borrowers”), entered into a credit agreement (the “New Credit Agreement”) with Bank of America, N.A., as administrative agent, and certain lenders party thereto, providing for senior secured credit facilities consisting of (x) a term loan facility of $100 million (of which $70 million was borrowed by Dory Acquisition and $30 million was borrowed by OneSpaWorld Bahamas) (the “Term Loan Facility”), which was fully drawn on the Closing Date, and (y) a revolving loan facility of up to $50 million (the “Revolving Facility” and, together with the Term Loan Facility, the “Credit Facilities”), which Revolving Facility remained undrawn upon the closing of the Credit Facilities and as of September 30, 2024. The Revolving Facility includes borrowing capacity available for letters of credit up to $5 million. Any issuance of letters of credit reduces the amount available under the Revolving Facility. The Credit Facilities mature on September 20, 2029. Loans outstanding under the Credit Facilities will accrue interest at a rate per annum equal to Term SOFR plus a margin of 1.90%, with three step ups to a maximum margin of 2.65% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries, and undrawn amounts under the Revolving Facility will accrue a commitment fee at a rate per annum of 0.25% on the average daily undrawn portion of the commitments thereunder, with three step ups to a maximum commitment fee of 0.40% depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries. The obligations under the Credit Facilities are guaranteed by the Company and each of its direct or indirect wholly-owned subsidiaries other than certain excluded subsidiaries (the “Subsidiary Guarantors”). The obligations of the Company, the Borrowers and the Subsidiary Guarantors under the Credit Facilities are secured by substantially all of their assets. The Term Loan Facility requires the Borrowers to make certain mandatory prepayments, with (i) 100% of net cash proceeds of all non-ordinary course asset sales or other dispositions of property, subject to the ability to reinvest such proceeds and certain other exceptions, and (ii) 100% of the net cash proceeds of any debt incurrence, other than debt permitted under the definitive agreements (but excluding debt incurred to refinance the Credit Facilities). The Borrowers also are required to make quarterly amortization payments equal to 1.25% of the original principal amount of the Term Loan Facility commencing on March 31, 2025 (subject to reductions by optional and mandatory prepayments of the loans). The Borrowers may prepay the Credit Facilities at any time without premium or penalty, subject to payment of customary breakage costs. The New Credit Agreement contains a financial covenant requiring the Company and its restricted subsidiaries to maintain a maximum consolidated total leverage ratio of 4.00 to 1.00, subject to certain exceptions, and a minimum fixed charge coverage ratio of 1.25 to 1.00. Additionally, the New Credit Agreement contains a number of customary negative covenants that restrict, among other things and in each case subject to specified exceptions, the Company's and its restricted subsidiaries' ability to: consummate consolidations, mergers and sales of assets; grant certain liens; incur additional debt; pay certain dividends; and engage in transactions with affiliates. The New Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Credit Facilities are entitled to take various actions, including the acceleration of amounts due under the Credit Facilities and all actions permitted to be taken by a secured creditor. The proceeds from the Credit Facilities were used, together with cash on hand, to repay in full the remaining principal balance of the First Lien Term Loan Facility and to pay related financing costs of the Credit Facilities. Accordingly, as of September 30, 2024, our First Lien Term Loan Facility has been fully paid and terminated. The Company recorded a loss on early extinguishment of debt of $0.7 million. This amount is reflected as part of the interest expense, net on the condensed consolidated statement of operations. Borrowing Capacity: As of September 30, 2024, our available borrowing capacity under the Revolving Facility was $50 million. Utilization of the borrowing capacity was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Amount Borrowed |
|
Revolving Facility |
|
$ |
50,000 |
|
|
$ |
- |
|
|
| X |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
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-Subparagraph (c)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
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-Paragraph 1I
-Subparagraph (b)
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v3.24.3
WARRANT LIABILITIES AND EQUITY
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity and Warrant Liabilities [Abstract] |
|
| WARRANT LIABILITIES AND EQUITY |
5. WARRANT LIABILITIES AND EQUITY Sponsor and Public Warrants As of December 31, 2023, 3,823,847 and 841,414, respectively, Sponsor and Public Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the Sponsor and Public Warrants elected to exercise 4,502,970 warrants for which the Company issued 4,502,970 common shares. Net cash proceeds from the exercise of the warrants amounted to $51.7 million. Immediately prior to the exercises, the Sponsor and Public Warrants exercised were remeasured to fair value, resulting in a gain of $7.4 million in "Change in fair value of warrant liabilities" on the condensed consolidated statement of operations for the nine months ended September 30, 2024 and Warrant liabilities of $5.9 million, which was then reclassified to Additional paid-in capital on the condensed consolidated balance sheet as of September 30, 2024. The Sponsor and Public Warrants expired on March 19, 2024 and there were no amounts outstanding as of September 30, 2024. 2020 PIPE Warrants As of September 30, 2024 and December 31, 2023, zero and 828,334, respectively, 2020 PIPE Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the 2020 PIPE Warrants elected to exercise 806,667 warrants on a cashless basis pursuant to the agreements governing the warrants, in exchange for which the Company issued 484,040 common shares. During the second quarter of 2024, one holder of the 2020 PIPE Warrants elected to exercise 21,667 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 13,625 common shares on July 1, 2024. Immediately prior to the exchanges, the 2020 PIPE Warrants exercised were remeasured to fair value, resulting in a gain of $0.3 million in "Change in fair value of warrant liabilities" on the condensed consolidated statement of operations for the nine months ended September 30, 2024 and Warrant liabilities of $6.8 million, which was then reclassified to Additional paid-in capital on the condensed consolidated balance sheet as of September 30, 2024. Repurchase Agreement On March 13, 2024, the Company entered into a Shares Repurchase Agreement between the Company and Steiner Leisure Limited (the “Seller”), pursuant to which the Company purchased 606,386 common shares, par value $0.0001 per share, from the Seller at a purchase price of $12.76 per Common Share (the “Repurchase”). The Repurchase resulted in the sale of all remaining common shares of the Company held by the Seller, which ceased to be a shareholder of the Company after the closing of the Repurchase. The Repurchase closed on March 20, 2024. Upon the consummation of the Repurchase, such shares reverted to authorized but unissued shares of the Company. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulated deficit. Dividends Cancelled In November 2019, the Company adopted a cash dividend program and declared an initial quarterly payment of $0.04 per common share. On March 24, 2020, the Company announced that it was deferring payment of its dividend declared on February 26, 2020 (the "2020 Dividend"), for payment on May 29, 2020, to shareholders of record on April 10, 2020, until the Board reapproves its payment. The Company also announced it was withdrawing its dividend program until further notice. As of December 31, 2023, dividends payable amounted to approximately $2.4 million which was presented as other-long term liabilities and other current liabilities in the accompanying condensed consolidated balance sheets. During the first quarter of 2024, the Board determined that although the Company now has the liquidity to enable it to pay the 2020 Dividend, such payment can no longer be made to the shareholders of record as of the original record date for the 2020 Dividend and it is therefore in the Company’s best interest to cancel the 2020 Dividend. As a result, we reversed the dividend payable of $2.4 million against additional paid-in capital during the first quarter of 2024. Dividends Declared Per Common Share On July 23, 2024, the Company’s board of directors adopted an annual cash dividend program with the initial quarterly dividend payment of $0.04 per common share. The first quarterly dividend was paid on September 4, 2024 to shareholders of record as of the close of business on August 21, 2024. Share Repurchase Program On April 24, 2024, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $50 million of its common shares. The share repurchases will be funded through the Company’s available cash. The Company may repurchase shares of its outstanding common stock from time to time on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of stock repurchases will depend on a variety of factors, including business and market conditions. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any specific value or number of its common shares under the program. Under the foregoing program, the Company purchased 745,302 common shares during the three and nine months ended September 30, 2024. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulated deficit.
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v3.24.3
STOCK-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| STOCK-BASED COMPENSATION |
6. STOCK-BASED COMPENSATION The share-based compensation expense for the three months ended September 30, 2024 and 2023 was $2.0 million and $2.2 million, respectively, which is included as a component of salary, benefits and payroll taxes in the accompanying condensed consolidated statements of operations. The share-based compensation expense for the nine months ended September 30, 2024 and 2023 was $6.2 million and $7.0 million, respectively, which is included as a component of salary, benefits and payroll taxes in the accompanying condensed consolidated statements of operations. The following is a summary of restricted share units (“RSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
RSUs Activity |
|
Number of Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
700,846 |
|
|
$ |
12.91 |
|
Granted |
|
|
95,705 |
|
|
|
17.11 |
|
Vested |
|
|
(104,628 |
) |
|
|
11.30 |
|
Forfeited |
|
|
(14,902 |
) |
|
$ |
11.45 |
|
Non-Vested share units as of September 30, 2024 |
|
|
677,021 |
|
|
$ |
13.78 |
|
The following is a summary of performance share units (“PSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
PSUs Activity |
|
Number of Performance-Based Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
731,889 |
|
|
$ |
11.19 |
|
Granted |
|
|
146,618 |
|
|
|
10.30 |
|
Vested |
|
|
(153,662 |
) |
|
|
10.30 |
|
Forfeited |
|
|
(17,309 |
) |
|
|
11.59 |
|
Non-Vested share units as of September 30, 2024 |
|
|
707,536 |
|
|
$ |
11.19 |
|
|
| X |
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v3.24.3
REVENUE RECOGNITION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| REVENUE RECOGNITION |
7. REVENUE RECOGNITION The Company's revenue generating activities include the following: Service Revenues Service revenues consist primarily of sales of health and wellness, aesthetics and fitness services, including a full range of body care, skin care, hair care, cosmetics, medi-spa, acupuncture, fitness, nutrition/weight management and mindfulness services, among others, to cruise ship passengers and destination resort guests. Each service represents a separate performance obligation and revenues are generally recognized immediately upon the completion of our service. Given the short duration of our performance obligation, although some services are recognized over time, there is no material difference in the timing of recognition across reporting periods. Product Revenues Product revenues consist primarily of sales of health and wellness products, such as skincare, body care, hair care, orthotics and nutritional supplements to cruise ship passengers, destination resort guests and timetospa.com customers. Our Shop & Ship program provides guests the ability to buy retail products onboard and have products shipped directly to their home. Each product unit represents a separate performance obligation. Our performance obligations are satisfied, and revenue is recognized when the customer obtains control of the product, which occurs either at the point of sale for retail sales or at the time of shipping for Shop & Ship and timetospa.com product sales. The Company provides no warranty on products sold. Shipping and handling fees charged to customers are included in net sales. Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, no revenue is recognized; rather, the Company records a contract liability to customers. The liability is relieved, and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for products or services. The Company records revenue from an estimate of unredeemed gift cards (breakage) in Product revenues on a pro-rata basis over the time period gift cards are redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The liability for unredeemed gift cards is included in Other current liabilities on the Company's condensed consolidated balance sheets and was not material as of September 30, 2024 and December 31, 2023, respectively. Customer Loyalty Rewards Program The Company initiated a customer loyalty program during October 2019 in which customers earn points based on their spending on timetospa.com. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to Product revenues at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for customer loyalty programs was not material as of September 30, 2024 and December 31, 2023. Contract Balances Receivables from the Company’s contracts with customers are included within Accounts receivable, net. Such amounts are typically remitted to us by our cruise line or destination resort partners, except for amounts attributable to online sales of products included in Product revenues, and are net of commissions they withhold. Although paid by our cruise line partners, customers are typically required to pay with major credit cards, reducing our credit risk to individual customers. Amounts are billed immediately, and our cruise line and destination resort partners typically remit payments to us within 30 days. As of September 30, 2024 and December 31, 2023, our Accounts receivable, net from contracts with customers were $42.2 million and $40.8 million, respectively. Our contract liabilities for gift cards and customer loyalty programs are described above. Costs incurred to enter into new or to renew long-term contracts are capitalized and amortized to cost of revenues over the term of the contract. Deferred contract costs, which relate to fees accrued to cruise line partners, amounted to $21.9 million and $2.6 million as of September 30, 2024 and December 31, 2023, respectively, and are presented within other non-current assets in the accompanying condensed consolidated balance sheets. The increase in other non-current assets and other long-term liabilities as of September 30, 2024 was primarily due to fees accrued as a result of a new contract entered into during the first quarter of 2024. Amortization of the deferred contract costs was $0.9 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively. Amortization of the deferred contract costs for the nine months ended September 30, 2024 and 2023 was $2.8 million and $0.7 million, respectively. Amortization of deferred contract costs are included in cost of services in the accompanying condensed consolidated statements of operations. Disaggregation of Revenue and Segment Reporting The Company operates health and wellness centers on cruise ships and in destination resorts where we provide health and wellness, aesthetics and fitness services and sell related products. The Company also markets and sells health and wellness, aesthetics and fitness related products through its timetospa.com eCommerce platform to cruise ship and destination resort guests after their cruise or resort stay, as well as other consumers. The Company’s Maritime and Destination Resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, services, products, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, who is the Company’s chief operating decision maker (CODM), in determining how to allocate the Company’s resources and evaluate performance. The following table disaggregates the Company’s revenues by revenue source and operating segment (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Service revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
$ |
186,900 |
|
$ |
167,215 |
|
|
$ |
520,673 |
|
$ |
461,283 |
|
Destination resorts |
|
7,507 |
|
|
8,634 |
|
|
|
26,789 |
|
|
27,921 |
|
Total service revenues |
|
194,407 |
|
|
175,849 |
|
|
|
547,462 |
|
|
489,204 |
|
Product revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
|
46,211 |
|
|
39,151 |
|
|
|
126,813 |
|
|
106,112 |
|
Destination resorts |
|
570 |
|
|
618 |
|
|
|
1,915 |
|
|
2,116 |
|
Timetospa.com |
|
508 |
|
|
653 |
|
|
|
1,623 |
|
|
1,807 |
|
Total product revenues |
|
47,289 |
|
|
40,422 |
|
|
|
130,351 |
|
|
110,035 |
|
Total revenues |
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
|
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-SubTopic 10
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v3.24.3
SEGMENT AND GEOGRAPHICAL INFORMATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENT AND GEOGRAPHICAL INFORMATION |
8. SEGMENT AND GEOGRAPHICAL INFORMATION The Company operates health and wellness centers on cruise ships and in destination resorts. The Company’s Maritime and Destination resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, services, products, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, who is the Company’s CODM, in determining how to allocate the Company’s resources and evaluate performance. The basis for determining the geographic information below is based on the countries in which the Company operates. The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
4,023 |
|
$ |
4,796 |
|
|
$ |
13,582 |
|
$ |
14,989 |
|
Other countries |
|
|
4,709 |
|
|
5,324 |
|
|
|
17,218 |
|
|
17,476 |
|
Not connected to a country |
|
|
232,964 |
|
|
206,151 |
|
|
|
647,013 |
|
|
566,774 |
|
Total |
|
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
Property and equipment, net: |
|
|
|
|
|
|
U.S. |
|
$ |
5,157 |
|
|
$ |
4,536 |
|
Other countries |
|
|
1,591 |
|
|
|
2,022 |
|
Not connected to a country |
|
|
8,755 |
|
|
|
8,448 |
|
Total |
|
$ |
15,503 |
|
|
$ |
15,006 |
|
|
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-Subparagraph (i)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
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-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40
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-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
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v3.24.3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
9. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2024 |
|
Accumulated Other Comprehensive Income for the Nine Months Ended September 30, 2023 |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income |
|
Accumulated other comprehensive income, beginning of period |
$ |
(917 |
) |
|
$ |
2,372 |
|
|
$ |
1,455 |
|
|
$ |
(1,229 |
) |
|
$ |
5,026 |
|
|
$ |
3,797 |
|
Current period other comprehensive income (loss) before reclassifications |
|
148 |
|
|
|
300 |
|
|
|
448 |
|
|
|
110 |
|
|
|
1,062 |
|
|
|
1,172 |
|
Amounts reclassified into earnings |
|
- |
|
|
|
(2,747 |
) |
|
|
(2,747 |
) |
|
|
- |
|
|
|
(2,530 |
) |
|
|
(2,530 |
) |
Net current period other comprehensive income (loss) |
|
148 |
|
|
|
(2,447 |
) |
|
|
(2,299 |
) |
|
|
110 |
|
|
|
(1,468 |
) |
|
|
(1,358 |
) |
Accumulated other comprehensive (loss) income, end of period |
$ |
(769 |
) |
|
$ |
(75 |
) |
|
$ |
(844 |
) |
|
$ |
(1,119 |
) |
|
$ |
3,558 |
|
|
$ |
2,439 |
|
|
| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE MEASUREMENTS AND DERIVATIVES |
10. FAIR VALUE MEASUREMENTS AND DERIVATIVES Fair Value Measurements Cash and cash equivalents at September 30, 2024 and December 31, 2023 are comprised of cash and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. Restricted cash at September 30, 2024 and December 31, 2023 is comprised of amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment and is categorized as a Level 1 instrument. The fair value of outstanding long-term debt as of December 31, 2023 is estimated using a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years-to-maturity and adjusted for credit risk, which represents a Level 3 measurement in the fair value hierarchy. The carrying amounts and estimated fair values of the Company's cash, restricted cash and long-term debt were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
Cash |
|
$ |
48,795 |
|
|
$ |
48,795 |
|
|
$ |
27,704 |
|
|
$ |
27,704 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
Total cash |
|
$ |
49,993 |
|
|
$ |
49,993 |
|
|
$ |
28,902 |
|
|
$ |
28,902 |
|
First lien term loan facility (a) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
159,639 |
|
|
$ |
162,560 |
|
Term loan facility (a) |
|
$ |
100,000 |
|
|
(b) |
|
|
$ |
- |
|
|
$ |
- |
|
(a) The amounts above do not include the impact of the interest rate swap or debt issuance costs. (b) The Company’s outstanding long-term debt as of September 30, 2024 was recently originated and bears variable interest rates. As a result, the Company believes that the fair value of long-term debt as of September 30, 2024 approximates its carrying amount. Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at September 30, 2024 |
|
|
Fair Value Measurements at December 31, 2023 |
|
Description |
|
Balance Sheet Location |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other current assets |
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Total assets |
|
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other long term liabilities |
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Warrants |
|
Warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,400 |
|
|
- |
|
|
|
20,400 |
|
|
|
- |
|
Total liabilities |
|
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
20,400 |
|
$ |
- |
|
|
$ |
20,400 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Consists of an amount attributable to interest rate swap contacts; see "Derivatives" below. Warrants Public Warrants and 2020 PIPE Warrants The fair value of the Public Warrants and 2020 PIPE Warrants are considered a Level 2 valuation and are determined using the Monte Carlo model. The Public Warrants expired on March 19, 2024, with warrants remaining unexercised as of the expiration date cancelled, and there were no amounts outstanding as of September 30, 2024 (See Note 5). The significant assumptions which the Company used in the Monte Carlo model are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Public Warrants |
|
|
2020 PIPE Warrants |
|
Stock price |
|
$ |
14.10 |
|
|
$ |
14.10 |
|
Strike price |
|
$ |
11.50 |
|
|
$ |
5.75 |
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
1.45 |
|
Volatility |
|
|
34 |
% |
|
|
38 |
% |
Interest rate |
|
|
5.36 |
% |
|
|
4.49 |
% |
Redemption price |
|
$ |
18.00 |
|
|
$ |
14.50 |
|
Sponsor Warrants The fair value of the Sponsor Warrants is considered a Level 2 valuation and is determined using the Black-Scholes model. The Sponsor Warrants expired on March 19, 2024 and there were no amounts outstanding as of September 30, 2024 (See Note 5). The significant assumptions which the Company used in the model are presented in the table below.
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Stock price |
|
$ |
14.10 |
|
|
|
Strike price |
|
$ |
11.50 |
|
|
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
Volatility |
|
|
38 |
% |
|
|
Interest rate |
|
|
5.36 |
% |
|
|
Dividend yield |
|
|
0.0 |
% |
|
|
Derivatives Market risk associated with the Company’s long-term floating rate debt is the potential increase in interest expense from an increase in interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. These instruments are recorded on the balance sheet at their fair value and are designated as hedges. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. The Company assesses whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of its hedged forecasted transactions. The Company uses regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective agreement without an exchange of the underlying notional amount. The Company classifies derivative instrument cash flows from hedges of benchmark interest rate as operating activities due to the nature of the hedged item. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive income (loss) until the underlying hedged transactions are recognized in earnings. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. The Company monitors concentrations of credit risk associated with financial and other institutions with which the Company conducts significant business. Credit risk, including, but not limited to, counterparty nonperformance under derivatives, is not considered significant, as the Company primarily conducts business with large, well-established financial institutions with which the Company has established relationships, and which have credit risks acceptable to the Company. The Company does not anticipate non-performance by its counterparty. The amount of the Company’s credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position. In September 2019, the Company entered into a floating-to-fixed interest rate swap agreement to make a series of payments based on a fixed interest rate of 1.457% and receive a series of payments based on the greater of 1 Month USD LIBOR or Strike which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate First Lien Term Loan Facility and has designated this derivative as a cash flow hedge. Both the fixed and floating payment streams are based on a notional amount of $174.7 million at the inception of the contract. In June 2023, the interest rate swap agreement was amended to replace the reference rate from LIBOR to SOFR, to be consistent with the amended First Lien Credit Facilities. The interest rate swap agreement matured on September 19, 2024. As of December 31, 2023, the notional amount was $95.4 million. In September 2024, the Borrowers entered into two floating-to-fixed interest rate swap agreements with a notional amount of $70 million and $30 million, respectively, with Bank of America, N.A. to make a series of payments based on a fixed interest rate of 3.341% and 3.564%, respectively, and receive a series of payments based on the 1 Month USD-SOFR CME term which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate Term Loan Facility and has designated this derivative as a cash flow hedge. The interest rate swap agreements expire on September 20, 2027 and December 20, 2026, respectively. As of September 30, 2024, the aggregate notional amount of the interest rate swap agreements was $100.0 million. There was no ineffectiveness related to the interest rate swaps. The gain or loss on the derivatives is recorded as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. The Company expects to reclassify $0.4 million of income from accumulated other comprehensive income (loss) into interest expense within the next twelve months. The fair value of the interest rate swap contracts is measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap contracts were categorized as Level 2 in the fair value hierarchy. The Company is not required to post cash collateral related to these derivative instruments. The effect of the interest rate swap contracts designated as cash flows hedging instrument on the condensed consolidated financial statements was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Loss) gain recognized in accumulated other comprehensive income (loss) |
|
$ |
(42 |
) |
|
$ |
240 |
|
|
$ |
300 |
|
|
$ |
1,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains reclassified from accumulated other comprehensive income (loss) to interest expense |
|
$ |
(855 |
) |
|
$ |
(936 |
) |
|
$ |
(2,747 |
) |
|
$ |
(2,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionThe entire disclosure for derivatives and fair value of assets and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent
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-Topic 820
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/820/tableOfContent
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|
v3.24.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
11. INCOME TAXES For the three months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $1.0 million and an income tax benefit of $2.8 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $2.4 million and an income tax benefit of $2.2 million, respectively. The difference between the expected provision for income taxes using the 21% U.S. federal income tax rate and the Company’s actual provision for income taxes is primarily attributable to the foreign rate differential, including income earned in jurisdictions not subject to income taxes, permanent differences, withholding taxes due in various jurisdictions and the change in valuation allowance.
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
12. COMMITMENTS AND CONTINGENCIES We are routinely involved in legal proceedings, disputes, regulatory matters, and various claims and lawsuits that have been filed or are pending against us, including as noted below, arising in the ordinary course of our business. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of those claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our legal proceedings, threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete and adequate information is not available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will have a material adverse impact to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. In February 2020, the Company received a formal assessment of $1.9 million by a foreign tax authority over how the value added tax (“VAT”) law was applied on the change in the ultimate beneficial ownership of one of our subsidiaries as result of the business combination in March 2019. The Company is disputing the assessment and has recorded an accrual of $1.2 million for this matter during the year ended December 31, 2020, included in “Accrued expenses” on the Company's condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The Company believes the ultimate outcome of this matter will not have a material adverse impact to our consolidated results of operations, financial condition and cash flows.
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v3.24.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| SUBSEQUENT EVENTS |
13. SUBSEQUENT EVENTS On October 24, 2024, the Board of Directors approved a quarterly dividend payment of $0.04 per common share payable on December 4, 2024 to shareholders of record as of the close of business on November 20, 2024.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation, Principles of Consolidation |
Basis of Presentation, Principles of Consolidation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted or condensed pursuant to the SEC’s rules and regulations. However, management believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly our unaudited financial position, results of operations and cash flows. The unaudited results of operations and cash flows of our interim periods are not necessarily indicative of the results of operations or cash flows that may be expected for the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated financial statements include the condensed consolidated balance sheet and statement of operations, comprehensive income, changes in equity, and cash flows of OneSpaWorld. All significant intercompany items and transactions have been eliminated in consolidation.
|
| Restricted Cash |
Restricted Cash These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated balance sheet as of September 30, 2024 and 2023 to the total amount presented in our condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
48,795 |
|
|
$ |
26,802 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
Total cash and restricted cash in the condensed consolidated statement of cash flows |
|
$ |
49,993 |
|
|
$ |
28,000 |
|
|
| Inventories |
Inventories Inventories, consisting principally of beauty, health and wellness products, are stated at the lower of cost, as determined on a first-in, first-out basis, or market. All inventory balances are comprised of finished goods used in beauty and health and wellness services or held for sale to customers. Inventory reserve is recorded to write down the cost of inventory to the estimated market value. No inventory impairment charge was recorded for the three and nine months ended September 30, 2024 and 2023.
|
| Earnings Per Share |
Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income adjusted for the change in fair value of warrant liabilities, if the impact is dilutive, by the weighted average number of diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares, and contingently issuable shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect is anti-dilutive. Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted income per share is computed by dividing net income by the weighted average number of diluted common shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares. If the Company reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive. The following table provides details underlying OneSpaWorld’s income per basic and diluted share calculation (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 (a) |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Less change in fair value of in-the-money warrant liabilities |
|
|
— |
|
|
|
(7,400 |
) |
|
|
|
|
|
— |
|
Net income, adjusted for change in fair value of warrants for diluted earnings per share |
|
$ |
21,551 |
|
|
$ |
16,011 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – Basic |
|
|
104,884 |
|
|
|
99,963 |
|
|
|
103,824 |
|
|
|
96,975 |
|
Dilutive effect of warrants |
|
|
— |
|
|
|
482 |
|
|
|
292 |
|
|
|
— |
|
Dilutive effect of stock-based awards |
|
|
703 |
|
|
|
924 |
|
|
|
646 |
|
|
|
— |
|
Weighted average shares outstanding – Diluted |
|
|
105,587 |
|
|
|
101,369 |
|
|
|
104,762 |
|
|
|
96,975 |
|
Net income per voting and non-voting share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
(a) Potential common shares under the treasury stock method and the if-converted method were antidilutive because the effect of the change in the fair value of warrants was antidilutive. Consequently, the Company did not have any adjustments in this period between basic and diluted income per share related to stock-based awards and warrants. The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income per share (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
Sponsor Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
3,842 |
|
Public Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
841 |
|
2020 PIPE Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Restricted stock units |
|
|
— |
|
|
|
105 |
|
|
|
— |
|
|
105 |
|
Performance stock units |
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
— |
|
|
|
|
282 |
|
|
|
105 |
|
|
|
282 |
|
|
4,788 |
|
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance, to the Company. The following summary of recent accounting pronouncements is not intended to be an exhaustive description of the respective pronouncement. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. The Company plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. The Company is currently assessing the expected impact of the future adoption of this guidance. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted The Company is currently assessing the expected impact of the future adoption of this guidance.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Reconciles Cash, Cash Equivalents and Restricted Cash |
The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated balance sheet as of September 30, 2024 and 2023 to the total amount presented in our condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
48,795 |
|
|
$ |
26,802 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
Total cash and restricted cash in the condensed consolidated statement of cash flows |
|
$ |
49,993 |
|
|
$ |
28,000 |
|
|
| Summary of Income per Basic and Diluted Share Calculation |
The following table provides details underlying OneSpaWorld’s income per basic and diluted share calculation (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 (a) |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
21,551 |
|
|
$ |
23,411 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Less change in fair value of in-the-money warrant liabilities |
|
|
— |
|
|
|
(7,400 |
) |
|
|
|
|
|
— |
|
Net income, adjusted for change in fair value of warrants for diluted earnings per share |
|
$ |
21,551 |
|
|
$ |
16,011 |
|
|
$ |
58,476 |
|
|
$ |
4,330 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – Basic |
|
|
104,884 |
|
|
|
99,963 |
|
|
|
103,824 |
|
|
|
96,975 |
|
Dilutive effect of warrants |
|
|
— |
|
|
|
482 |
|
|
|
292 |
|
|
|
— |
|
Dilutive effect of stock-based awards |
|
|
703 |
|
|
|
924 |
|
|
|
646 |
|
|
|
— |
|
Weighted average shares outstanding – Diluted |
|
|
105,587 |
|
|
|
101,369 |
|
|
|
104,762 |
|
|
|
96,975 |
|
Net income per voting and non-voting share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
|
$ |
0.04 |
|
(a) Potential common shares under the treasury stock method and the if-converted method were antidilutive because the effect of the change in the fair value of warrants was antidilutive. Consequently, the Company did not have any adjustments in this period between basic and diluted income per share related to stock-based awards and warrants.
|
| Summary of Number of Antidilutive Potential Common Shares |
The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income per share (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
Sponsor Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
3,842 |
|
Public Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
841 |
|
2020 PIPE Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Restricted stock units |
|
|
— |
|
|
|
105 |
|
|
|
— |
|
|
105 |
|
Performance stock units |
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
— |
|
|
|
|
282 |
|
|
|
105 |
|
|
|
282 |
|
|
4,788 |
|
|
| X |
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-Paragraph 1
-Subparagraph (c)
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-SubTopic 10
-Topic 230
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v3.24.3
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
| Summary of Cost, Accumulated Amortization, and Net Balance of the Definite-Lived Intangible Assets |
The following is a summary of the Company’s intangible assets as of September 30, 2024 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(85,814 |
) |
|
$ |
518,886 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(7,750 |
) |
|
|
10,150 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(95,264 |
) |
|
$ |
534,536 |
|
|
|
|
The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Accumulated Amortization and Impairment |
|
|
Net Balance |
|
|
Original Weighted Average Amortization Period (in years) |
|
Retail concession agreements |
$ |
604,700 |
|
|
$ |
(74,186 |
) |
|
$ |
530,514 |
|
|
|
39 |
|
Destination resort agreements |
|
17,900 |
|
|
|
(6,946 |
) |
|
|
10,954 |
|
|
|
15 |
|
Trade name |
|
6,200 |
|
|
|
(700 |
) |
|
|
5,500 |
|
|
Indefinite-life |
|
Licensing agreement |
|
1,000 |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
8 |
|
|
$ |
629,800 |
|
|
$ |
(82,832 |
) |
|
$ |
546,968 |
|
|
|
|
|
| X |
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v3.24.3
LONG-TERM DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt |
Long-term debt consisted of the following (in thousands, except interest rate):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate As of |
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
|
Maturities Through |
|
|
September 30,
2024 |
|
|
|
December 31,
2023 |
|
First lien term loan facility |
|
|
— |
|
|
9.2% |
|
|
|
— |
|
|
$ |
- |
|
|
|
$ |
159,639 |
|
Term loan facility |
|
6.9% |
|
|
|
— |
|
|
2029 |
|
|
|
100,000 |
|
|
|
|
- |
|
Less: unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
|
(1,333 |
) |
|
|
|
(1,432 |
) |
Total debt, net of unamortized debt issuance cost |
|
|
|
|
|
|
|
|
|
|
$ |
98,667 |
|
|
|
$ |
158,207 |
|
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
$ |
(3,750 |
) |
|
|
$ |
- |
|
Long-term debt, net |
|
|
|
|
|
|
|
|
|
|
$ |
94,917 |
|
|
|
$ |
158,207 |
|
The following are scheduled principal repayments on long-term debt as of September 30, 2024 for each of the next five years (in thousands): |
| Schedule of Principal Repayments on Long-term Debt |
The following are scheduled principal repayments on long-term debt as of September 30, 2024 for each of the next five years (in thousands):
|
|
|
|
|
Year ending December 31, |
|
Amount |
|
2024 |
|
$ |
- |
|
2025 |
|
|
5,000 |
|
2026 |
|
|
5,000 |
|
2027 |
|
|
5,000 |
|
2028 |
|
|
5,000 |
|
Thereafter |
|
|
80,000 |
|
Total |
|
$ |
100,000 |
|
|
| Schedule of Borrowing Capacity and Amount Borrowed |
As of September 30, 2024, our available borrowing capacity under the Revolving Facility was $50 million. Utilization of the borrowing capacity was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Amount Borrowed |
|
Revolving Facility |
|
$ |
50,000 |
|
|
$ |
- |
|
|
| X |
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
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v3.24.3
STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Restricted Share Units ("RSU") Activity |
The following is a summary of restricted share units (“RSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
RSUs Activity |
|
Number of Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
700,846 |
|
|
$ |
12.91 |
|
Granted |
|
|
95,705 |
|
|
|
17.11 |
|
Vested |
|
|
(104,628 |
) |
|
|
11.30 |
|
Forfeited |
|
|
(14,902 |
) |
|
$ |
11.45 |
|
Non-Vested share units as of September 30, 2024 |
|
|
677,021 |
|
|
$ |
13.78 |
|
|
| Summary of Performance Share Units ("PSUs") Activity |
The following is a summary of performance share units (“PSUs”) activity for the nine months ended September 30, 2024:
|
|
|
|
|
|
|
|
|
PSUs Activity |
|
Number of Performance-Based Awards |
|
|
Weighted-Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
731,889 |
|
|
$ |
11.19 |
|
Granted |
|
|
146,618 |
|
|
|
10.30 |
|
Vested |
|
|
(153,662 |
) |
|
|
10.30 |
|
Forfeited |
|
|
(17,309 |
) |
|
|
11.59 |
|
Non-Vested share units as of September 30, 2024 |
|
|
707,536 |
|
|
$ |
11.19 |
|
|
| X |
- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
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v3.24.3
REVENUE RECOGNITION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Summary of Disaggregation of Revenue By Revenue Source and Operating Segment |
The following table disaggregates the Company’s revenues by revenue source and operating segment (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Service revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
$ |
186,900 |
|
$ |
167,215 |
|
|
$ |
520,673 |
|
$ |
461,283 |
|
Destination resorts |
|
7,507 |
|
|
8,634 |
|
|
|
26,789 |
|
|
27,921 |
|
Total service revenues |
|
194,407 |
|
|
175,849 |
|
|
|
547,462 |
|
|
489,204 |
|
Product revenues: |
|
|
|
|
|
|
|
|
|
Maritime |
|
46,211 |
|
|
39,151 |
|
|
|
126,813 |
|
|
106,112 |
|
Destination resorts |
|
570 |
|
|
618 |
|
|
|
1,915 |
|
|
2,116 |
|
Timetospa.com |
|
508 |
|
|
653 |
|
|
|
1,623 |
|
|
1,807 |
|
Total product revenues |
|
47,289 |
|
|
40,422 |
|
|
|
130,351 |
|
|
110,035 |
|
Total revenues |
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
|
| X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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v3.24.3
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Summary of Geographic Information |
The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
4,023 |
|
$ |
4,796 |
|
|
$ |
13,582 |
|
$ |
14,989 |
|
Other countries |
|
|
4,709 |
|
|
5,324 |
|
|
|
17,218 |
|
|
17,476 |
|
Not connected to a country |
|
|
232,964 |
|
|
206,151 |
|
|
|
647,013 |
|
|
566,774 |
|
Total |
|
$ |
241,696 |
|
$ |
216,271 |
|
|
$ |
677,813 |
|
$ |
599,239 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
Property and equipment, net: |
|
|
|
|
|
|
U.S. |
|
$ |
5,157 |
|
|
$ |
4,536 |
|
Other countries |
|
|
1,591 |
|
|
|
2,022 |
|
Not connected to a country |
|
|
8,755 |
|
|
|
8,448 |
|
Total |
|
$ |
15,503 |
|
|
$ |
15,006 |
|
|
| X |
- DefinitionTabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
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v3.24.3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Changes in Accumulated Other Comprehensive (Loss) Income |
The following table presents the changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2024 |
|
Accumulated Other Comprehensive Income for the Nine Months Ended September 30, 2023 |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Foreign Currency Translation Adjustments |
|
|
Changes Related to Cash Flow Derivative Hedge (1) |
|
|
Accumulated Other Comprehensive Income |
|
Accumulated other comprehensive income, beginning of period |
$ |
(917 |
) |
|
$ |
2,372 |
|
|
$ |
1,455 |
|
|
$ |
(1,229 |
) |
|
$ |
5,026 |
|
|
$ |
3,797 |
|
Current period other comprehensive income (loss) before reclassifications |
|
148 |
|
|
|
300 |
|
|
|
448 |
|
|
|
110 |
|
|
|
1,062 |
|
|
|
1,172 |
|
Amounts reclassified into earnings |
|
- |
|
|
|
(2,747 |
) |
|
|
(2,747 |
) |
|
|
- |
|
|
|
(2,530 |
) |
|
|
(2,530 |
) |
Net current period other comprehensive income (loss) |
|
148 |
|
|
|
(2,447 |
) |
|
|
(2,299 |
) |
|
|
110 |
|
|
|
(1,468 |
) |
|
|
(1,358 |
) |
Accumulated other comprehensive (loss) income, end of period |
$ |
(769 |
) |
|
$ |
(75 |
) |
|
$ |
(844 |
) |
|
$ |
(1,119 |
) |
|
$ |
3,558 |
|
|
$ |
2,439 |
|
|
| X |
- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary of Carrying Amounts and Estimated Fair Values of the Company's Cash, Restricted Cash, and Long-Term Debt |
The carrying amounts and estimated fair values of the Company's cash, restricted cash and long-term debt were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
|
Carrying Value |
|
|
Estimated Fair Value |
|
Cash |
|
$ |
48,795 |
|
|
$ |
48,795 |
|
|
$ |
27,704 |
|
|
$ |
27,704 |
|
Restricted cash |
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
|
|
1,198 |
|
Total cash |
|
$ |
49,993 |
|
|
$ |
49,993 |
|
|
$ |
28,902 |
|
|
$ |
28,902 |
|
First lien term loan facility (a) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
159,639 |
|
|
$ |
162,560 |
|
Term loan facility (a) |
|
$ |
100,000 |
|
|
(b) |
|
|
$ |
- |
|
|
$ |
- |
|
(a) The amounts above do not include the impact of the interest rate swap or debt issuance costs. (b) The Company’s outstanding long-term debt as of September 30, 2024 was recently originated and bears variable interest rates. As a result, the Company believes that the fair value of long-term debt as of September 30, 2024 approximates its carrying amount.
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at September 30, 2024 |
|
|
Fair Value Measurements at December 31, 2023 |
|
Description |
|
Balance Sheet Location |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other current assets |
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Total assets |
|
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
385 |
|
|
$ |
- |
|
|
$ |
2,372 |
|
$ |
- |
|
|
$ |
2,372 |
|
|
$ |
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments (1) |
|
Other long term liabilities |
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Warrants |
|
Warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,400 |
|
|
- |
|
|
|
20,400 |
|
|
|
- |
|
Total liabilities |
|
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
460 |
|
|
$ |
- |
|
|
$ |
20,400 |
|
$ |
- |
|
|
$ |
20,400 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Consists of an amount attributable to interest rate swap contacts; see "Derivatives" below.
|
| Schedule of Interest Rate Derivatives |
The effect of the interest rate swap contracts designated as cash flows hedging instrument on the condensed consolidated financial statements was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Loss) gain recognized in accumulated other comprehensive income (loss) |
|
$ |
(42 |
) |
|
$ |
240 |
|
|
$ |
300 |
|
|
$ |
1,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains reclassified from accumulated other comprehensive income (loss) to interest expense |
|
$ |
(855 |
) |
|
$ |
(936 |
) |
|
$ |
(2,747 |
) |
|
$ |
(2,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Monte Carlo Model [Member] |
|
| Significant Assumptions used in the Model to Determine Fair Value of Warrants |
The fair value of the Public Warrants and 2020 PIPE Warrants are considered a Level 2 valuation and are determined using the Monte Carlo model. The Public Warrants expired on March 19, 2024, with warrants remaining unexercised as of the expiration date cancelled, and there were no amounts outstanding as of September 30, 2024 (See Note 5). The significant assumptions which the Company used in the Monte Carlo model are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Public Warrants |
|
|
2020 PIPE Warrants |
|
Stock price |
|
$ |
14.10 |
|
|
$ |
14.10 |
|
Strike price |
|
$ |
11.50 |
|
|
$ |
5.75 |
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
1.45 |
|
Volatility |
|
|
34 |
% |
|
|
38 |
% |
Interest rate |
|
|
5.36 |
% |
|
|
4.49 |
% |
Redemption price |
|
$ |
18.00 |
|
|
$ |
14.50 |
|
|
| Black-Sholes Model [Member] |
|
| Significant Assumptions used in the Model to Determine Fair Value of Warrants |
The significant assumptions which the Company used in the model are presented in the table below.
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Stock price |
|
$ |
14.10 |
|
|
|
Strike price |
|
$ |
11.50 |
|
|
|
Remaining life (in years) |
|
|
0.22 |
|
|
|
Volatility |
|
|
38 |
% |
|
|
Interest rate |
|
|
5.36 |
% |
|
|
Dividend yield |
|
|
0.0 |
% |
|
|
|
| X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
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v3.24.3
| X |
- DefinitionInventory impairment charges.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Reconciles Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Accounting Policies [Abstract] |
|
|
|
|
| Cash and cash equivalents |
$ 48,795
|
$ 27,704
|
$ 26,802
|
|
| Restricted cash |
1,198
|
1,198
|
1,198
|
|
| Total cash and restricted cash in the condensed consolidated statement of cash flows |
$ 49,993
|
$ 28,902
|
$ 28,000
|
$ 33,262
|
| X |
- References
+ Details
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| X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Income per Basic and Diluted Share Calculation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
[1] |
| Accounting Policies [Abstract] |
|
|
|
|
| Net income |
$ 21,551
|
$ 23,411
|
$ 58,476
|
$ 4,330
|
| Less change in fair value of in-the-money warrant liabilities |
|
(7,400)
|
|
|
| Net income, adjusted for change in fair value of warrants for diluted earnings per share |
$ 21,551
|
$ 16,011
|
$ 58,476
|
$ 4,330
|
| Weighted average shares outstanding - Basic |
104,884
|
99,963
|
103,824
|
96,975
|
| Dilutive effect of warrants |
|
482
|
292
|
|
| Dilutive effect of stock-based awards |
703
|
924
|
646
|
|
| Weighted average shares outstanding - Diluted |
105,587
|
101,369
|
104,762
|
96,975
|
| Net income per voting and non-voting share: |
|
|
|
|
| Basic |
$ 0.21
|
$ 0.23
|
$ 0.56
|
$ 0.04
|
| Diluted |
$ 0.2
|
$ 0.16
|
$ 0.56
|
$ 0.04
|
|
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Number of Antidilutive Potential Common Shares (Details) - shares
shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share, amount |
282
|
105
|
282
|
4,788
|
| Sponsor Warrants [Member] |
|
|
|
|
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share, amount |
|
|
|
3,842
|
| Public Warrants [Member] |
|
|
|
|
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share, amount |
|
|
|
841
|
| Restricted Stock Units [Member] |
|
|
|
|
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share, amount |
|
105
|
|
105
|
| Performance Stock Units [Member] |
|
|
|
|
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share, amount |
282
|
|
282
|
|
| X |
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v3.24.3
INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Goodwill And Intangible Assets Disclosure [Line Items] |
|
|
|
|
| Amortization of intangible assets |
$ 4,144
|
$ 4,206
|
$ 12,431
|
$ 12,618
|
| Estimated amortization expense in 2024 |
16,600
|
|
16,600
|
|
| Estimated amortization expense in 2025 |
16,600
|
|
16,600
|
|
| Estimated amortization expense in 2026 |
16,600
|
|
16,600
|
|
| Estimated amortization expense in 2027 |
16,600
|
|
16,600
|
|
| Estimated amortization expense in 2028 |
$ 16,600
|
|
$ 16,600
|
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
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-Section 50
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-Subparagraph (a)(3)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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v3.24.3
INTANGIBLE ASSETS - Summary of Cost, Accumulated Amortization, and Net Balance of the Definite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Cost |
$ 629,800
|
$ 629,800
|
| Accumulated Amortization and Impairment |
(95,264)
|
(82,832)
|
| Net Balance |
534,536
|
546,968
|
| Retail Concession Agreements [Member] |
|
|
| Cost |
604,700
|
604,700
|
| Accumulated Amortization and Impairment |
(85,814)
|
(74,186)
|
| Net Balance |
$ 518,886
|
$ 530,514
|
| Original Weighted Average Amortization Period (in years) |
39 years
|
39 years
|
| Destination Resort Agreements [Member] |
|
|
| Cost |
$ 17,900
|
$ 17,900
|
| Accumulated Amortization and Impairment |
(7,750)
|
(6,946)
|
| Net Balance |
$ 10,150
|
$ 10,954
|
| Original Weighted Average Amortization Period (in years) |
15 years
|
15 years
|
| Licensing Agreements [Member] |
|
|
| Cost |
$ 1,000
|
$ 1,000
|
| Accumulated Amortization and Impairment |
(1,000)
|
(1,000)
|
| Net Balance |
$ 0
|
$ 0
|
| Original Weighted Average Amortization Period (in years) |
8 years
|
8 years
|
| Trade Name [Member] |
|
|
| Cost |
$ 6,200
|
$ 6,200
|
| Accumulated Amortization and Impairment |
(700)
|
(700)
|
| Net Balance |
$ 5,500
|
$ 5,500
|
| Original Weighted Average Amortization Period (in years) |
Indefinite-life
|
Indefinite-life
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v3.24.3
LONG-TERM DEBT - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Total debt |
$ 100,000
|
|
| Less: unamortized debt issuance cost |
(1,333)
|
$ (1,432)
|
| Total debt, net of unamortized debt issuance cost |
98,667
|
158,207
|
| Less: current portion of long-term debt |
(3,750)
|
|
| Long-term debt, net |
$ 94,917
|
$ 158,207
|
| First Lien Term Loan Facility [Member] |
|
|
| Long-term debt, Interest Rate |
|
9.20%
|
| Total debt |
|
$ 159,639
|
| Term Loan Facility [Member] |
|
|
| Long-term debt, Interest Rate |
6.90%
|
|
| Long-term debt, Maturities Through |
2029
|
|
| Total debt |
$ 100,000
|
|
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
LONG-TERM DEBT - Additional Information (Details) - USD ($)
$ in Thousands |
|
9 Months Ended |
Sep. 20, 2024 |
Sep. 30, 2024 |
| Commitment Fee Rate |
0.25%
|
|
| Commitment fee rate on consolidated leverage ratio |
0.40%
|
|
| Percentage of net cash proceeds on asset sales or other property dispositions |
|
100.00%
|
| Percentage of net cash proceeds on debt incurrence |
|
100.00%
|
| Quarterly amortization payments |
|
1.25%
|
| Debt instrument, covenant compliance |
|
The New Credit Agreement contains a financial covenant requiring the Company and its restricted subsidiaries to maintain a maximum consolidated total leverage ratio of 4.00 to 1.00, subject to certain exceptions, and a minimum fixed charge coverage ratio of 1.25 to 1.00
|
| Losses on early extinguishment of debt |
|
$ 735
|
| Maximum [Member] |
|
|
| Debt instrument leverage ratio |
|
4.00%
|
| Debt instrument coverage ratio |
|
1.25%
|
| Minimum [Member] |
|
|
| Debt instrument leverage ratio |
|
1.00%
|
| Debt instrument coverage ratio |
|
1.00%
|
| Letter of Credit [Member] |
|
|
| Maximum borrowing capacity |
$ 5,000
|
|
| Revolving Credit Facility [Member] |
|
|
| Maximum borrowing capacity |
|
$ 50,000
|
| Available borrowing capacity |
|
50,000
|
| Interest Expense [Member] |
|
|
| Losses on early extinguishment of debt |
|
$ 700
|
| Term Loan Facility [Member] |
|
|
| Maximum borrowing capacity |
$ 100,000
|
|
| Debt instrument maturity date |
Sep. 20, 2029
|
|
| Debt instrument variable rate basis |
SOFR plus a margin of 1.90
|
|
| Debt instrument variable rate |
1.90%
|
|
| Debt instrument variable rate basis on leverage ratio |
2.65%
|
|
| Term Loan Facility [Member] | Dory Acquisition [Member] |
|
|
| Debt instrument face amount |
$ 70,000
|
|
| Term Loan Facility [Member] | OneSpaWorld Bahamas [Member] |
|
|
| Debt instrument face amount |
30,000
|
|
| Term Loan Facility [Member] | Revolving Credit Facility [Member] |
|
|
| Maximum borrowing capacity |
$ 50,000
|
|
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| X |
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-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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| X |
- Details
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| Balance Type: |
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| Period Type: |
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| Balance Type: |
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| Period Type: |
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| X |
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| Balance Type: |
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| X |
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v3.24.3
| X |
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
WARRANT LIABILITIES AND EQUITY - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
Jul. 23, 2024 |
Mar. 13, 2024 |
Mar. 24, 2020 |
Nov. 30, 2019 |
Sep. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Apr. 24, 2024 |
Dec. 31, 2023 |
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from exercise of warrants |
|
|
|
|
|
|
|
$ 51,698
|
$ 2,216
|
|
|
|
| Change in fair value of warrant liabilities |
|
|
|
|
|
|
$ (7,365)
|
$ (7,677)
|
$ 26,736
|
|
|
|
| Warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
$ 20,400
|
| Dividends payable |
|
|
|
|
|
|
|
|
|
|
|
$ 2,400
|
| Dividend payable reversed |
|
|
|
|
|
$ 2,400
|
|
|
|
|
|
|
| Stock repurchase program authorized amount |
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
| O2020Q1 Dividends [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividend per share |
|
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
| Dividend declared date |
|
|
Feb. 26, 2020
|
|
|
|
|
|
|
|
|
|
| Dividend payable date |
|
|
May 29, 2020
|
|
|
|
|
|
|
|
|
|
| Dividend record date |
|
|
Apr. 10, 2020
|
|
|
|
|
|
|
|
|
|
| O2024Q3 Dividends [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividend per share |
|
|
|
|
$ 0.04
|
|
|
|
|
|
|
|
| Dividend payable date |
Sep. 04, 2024
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend record date |
Aug. 21, 2024
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares purchased |
|
606,386
|
|
|
|
|
|
|
|
|
|
|
| Common stock, par value |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
| Purchase price per common share |
|
$ 12.76
|
|
|
|
|
|
|
|
|
|
|
| 2020 PIPE Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants and rights outstanding |
|
|
|
|
0
|
|
|
0
|
|
|
|
828,334
|
| Class of warrant or rights exchanged |
|
|
|
|
|
806,667
|
|
|
|
21,667
|
|
|
| Common stock, shares issued |
|
|
|
|
|
484,040
|
|
|
|
13,625
|
|
|
| Change in fair value of warrant liabilities |
|
|
|
|
|
|
|
$ 300
|
|
|
|
|
| Warrant liabilities |
|
|
|
|
$ 6,800
|
|
|
$ 6,800
|
|
|
|
|
| Public Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants and rights outstanding |
|
|
|
|
0
|
|
|
0
|
|
|
|
841,414
|
| Warrant agreement expiration date |
|
|
|
|
|
|
|
Mar. 19, 2024
|
|
|
|
|
| Sponsor and Public Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants and rights outstanding |
|
|
|
|
0
|
|
|
0
|
|
|
|
|
| Class of warrant or rights exchanged |
|
|
|
|
|
4,502,970
|
|
|
|
|
|
|
| Common stock, shares issued |
|
|
|
|
|
4,502,970
|
|
|
|
|
|
|
| Proceeds from exercise of warrants |
|
|
|
|
|
|
|
$ 51,700
|
|
|
|
|
| Change in fair value of warrant liabilities |
|
|
|
|
|
|
|
7,400
|
|
|
|
|
| Warrant liabilities |
|
|
|
|
$ 5,900
|
|
|
$ 5,900
|
|
|
|
|
| Warrant agreement expiration date |
|
|
|
|
|
|
|
Mar. 19, 2024
|
|
|
|
|
| Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Shares repurchase during period |
|
|
|
|
745,302
|
|
|
745,302
|
|
|
|
|
| Sponsor Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
| Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants and rights outstanding |
|
|
|
|
0
|
|
|
0
|
|
|
|
3,823,847
|
| Warrant agreement expiration date |
|
|
|
|
|
|
|
Mar. 19, 2024
|
|
|
|
|
| X |
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| X |
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| X |
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-Topic 505
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-Section 50
-Paragraph 4
-Publisher FASB
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| X |
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|
| X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| Period Type: |
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|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionDate the declared dividend will be paid, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-3
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionCarrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478790/946-405-45-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionDate the dividend to be paid was declared, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-3
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| Period Type: |
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|
| X |
- DefinitionDate the holder must own the stock to be entitled to the dividend, in YYYY-MM-DD format.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 13
-SubTopic 10
-Topic 480
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481766/480-10-25-13
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| X |
- DefinitionThe cash inflow associated with the amount received from holders exercising their stock warrants. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-14
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| X |
- DefinitionNumber of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 505
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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| X |
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| X |
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| X |
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| X |
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v3.24.3
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
v3.24.3
STOCK-BASED COMPENSATION - Summary of Restricted Share Units ("RSU") Activity (Details) - Restricted Share Units [Member]
|
9 Months Ended |
|
Sep. 30, 2024
$ / shares
shares
|
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Number of awards, Non-vested | shares |
700,846
|
| Number of awards, Granted | shares |
95,705
|
| Number of awards, Vested | shares |
(104,628)
|
| Number of awards, Forfeited | shares |
(14,902)
|
| Number of awards, Non-vested | shares |
677,021
|
| Weighted-average grant date fair value, Non-vested | $ / shares |
$ 12.91
|
| Weighted-average grant date fair value, Granted | $ / shares |
17.11
|
| Weighted-average grant date fair value, Vested | $ / shares |
11.3
|
| Weighted-average grant date fair value, Forfeited | $ / shares |
11.45
|
| Weighted-average grant date fair value, Non-vested | $ / shares |
$ 13.78
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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v3.24.3
STOCK-BASED COMPENSATION - Summary of Performance Share Units ("PSUs") Activity (Details) - Performance Stock Units [Member]
|
9 Months Ended |
|
Sep. 30, 2024
$ / shares
shares
|
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Number of awards, Non-vested | shares |
731,889
|
| Number of awards, Granted | shares |
146,618
|
| Number of awards, Vested | shares |
(153,662)
|
| Number of awards, Forfeited | shares |
(17,309)
|
| Number of awards, Non-vested | shares |
707,536
|
| Weighted-average grant date fair value, Non-vested | $ / shares |
$ 11.19
|
| Weighted-average grant date fair value, Granted | $ / shares |
10.3
|
| Weighted-average grant date fair value, Vested | $ / shares |
10.3
|
| Weighted-average grant date fair value, Forfeited | $ / shares |
11.59
|
| Weighted-average grant date fair value, Non-vested | $ / shares |
$ 11.19
|
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v3.24.3
REVENUE RECOGNITION - Summary of Disaggregation of Revenue By Revenue Source and Operating Segment (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
$ 241,696
|
$ 216,271
|
$ 677,813
|
$ 599,239
|
| Service [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
194,407
|
175,849
|
547,462
|
489,204
|
| Service [Member] | Maritime [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
186,900
|
167,215
|
520,673
|
461,283
|
| Service [Member] | Destination Resorts [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
7,507
|
8,634
|
26,789
|
27,921
|
| Product [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
47,289
|
40,422
|
130,351
|
110,035
|
| Product [Member] | Maritime [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
46,211
|
39,151
|
126,813
|
106,112
|
| Product [Member] | Destination Resorts [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
570
|
618
|
1,915
|
2,116
|
| Product [Member] | Timetospa.com [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Total revenues |
$ 508
|
$ 653
|
$ 1,623
|
$ 1,807
|
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v3.24.3
SEGMENT AND GEOGRAPHICAL INFORMATION - Summary of Geographic Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Revenues: |
|
|
|
|
|
| Revenues |
$ 241,696
|
$ 216,271
|
$ 677,813
|
$ 599,239
|
|
| Property and equipment, net: |
|
|
|
|
|
| Property and equipment, net |
15,503
|
|
15,503
|
|
$ 15,006
|
| U.S. [Member] |
|
|
|
|
|
| Revenues: |
|
|
|
|
|
| Revenues |
4,023
|
4,796
|
13,582
|
14,989
|
|
| Property and equipment, net: |
|
|
|
|
|
| Property and equipment, net |
5,157
|
|
5,157
|
|
4,536
|
| Other countries [Member] |
|
|
|
|
|
| Revenues: |
|
|
|
|
|
| Revenues |
4,709
|
5,324
|
17,218
|
17,476
|
|
| Property and equipment, net: |
|
|
|
|
|
| Property and equipment, net |
1,591
|
|
1,591
|
|
2,022
|
| Not connected to a country [Member] |
|
|
|
|
|
| Revenues: |
|
|
|
|
|
| Revenues |
232,964
|
$ 206,151
|
647,013
|
$ 566,774
|
|
| Property and equipment, net: |
|
|
|
|
|
| Property and equipment, net |
$ 8,755
|
|
$ 8,755
|
|
$ 8,448
|
| X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 1
-SubTopic 10
-Topic 360
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-SubTopic 20
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-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
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v3.24.3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| BALANCE |
|
$ 532,651
|
$ 422,856
|
$ 434,069
|
$ 365,809
|
| Total other comprehensive loss, net of tax |
|
(634)
|
(822)
|
(2,299)
|
(1,358)
|
| BALANCE |
|
540,119
|
448,077
|
540,119
|
448,077
|
| Foreign Currency Translation Adjustments [Member] |
|
|
|
|
|
| BALANCE |
|
|
|
(917)
|
(1,229)
|
| Current period other comprehensive income (loss) before reclassifications |
|
|
|
148
|
110
|
| Total other comprehensive loss, net of tax |
|
|
|
148
|
110
|
| BALANCE |
|
(769)
|
(1,119)
|
(769)
|
(1,119)
|
| Changes Related to Cash Flow Derivative Hedge [Member] |
|
|
|
|
|
| BALANCE |
[1] |
|
|
2,372
|
5,026
|
| Current period other comprehensive income (loss) before reclassifications |
[1] |
|
|
300
|
1,062
|
| Amounts reclassified into earnings |
[1] |
|
|
(2,747)
|
(2,530)
|
| Total other comprehensive loss, net of tax |
[1] |
|
|
(2,447)
|
(1,468)
|
| BALANCE |
[1] |
(75)
|
3,558
|
(75)
|
3,558
|
| Accumulated Other Comprehensive Income (Loss) [Member] |
|
|
|
|
|
| BALANCE |
|
(210)
|
3,261
|
1,455
|
3,797
|
| Current period other comprehensive income (loss) before reclassifications |
|
|
|
448
|
1,172
|
| Amounts reclassified into earnings |
|
|
|
(2,747)
|
(2,530)
|
| Total other comprehensive loss, net of tax |
|
|
|
(2,299)
|
(1,358)
|
| BALANCE |
|
$ (844)
|
$ 2,439
|
$ (844)
|
$ 2,439
|
|
|
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES - Summary of Carrying Amounts and Estimated Fair Values of the Company's Cash, Restricted Cash, and Long-Term Debt (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Debt Instrument [Line Items] |
|
|
|
|
| Cash |
$ 48,795
|
$ 27,704
|
$ 26,802
|
|
| Restricted cash |
1,198
|
1,198
|
1,198
|
|
| Total cash and restricted cash in the condensed consolidated statement of cash flows |
49,993
|
28,902
|
$ 28,000
|
$ 33,262
|
| First lien term loan facility |
100,000
|
|
|
|
| Carrying Value [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Cash |
48,795
|
27,704
|
|
|
| Restricted cash |
1,198
|
1,198
|
|
|
| Total cash and restricted cash in the condensed consolidated statement of cash flows |
49,993
|
28,902
|
|
|
| Estimated Fair Value [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Cash |
48,795
|
27,704
|
|
|
| Restricted cash |
1,198
|
1,198
|
|
|
| Total cash and restricted cash in the condensed consolidated statement of cash flows |
49,993
|
28,902
|
|
|
| First Lien Term Loan Facility [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| First lien term loan facility |
|
159,639
|
|
|
| First Lien Term Loan Facility [Member] | Carrying Value [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| First lien term loan facility |
0
|
159,639
|
|
|
| First Lien Term Loan Facility [Member] | Estimated Fair Value [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| First lien term loan facility |
|
$ 162,560
|
|
|
| Term Loan Facility [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| First lien term loan facility |
100,000
|
|
|
|
| Term Loan Facility [Member] | Carrying Value [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| First lien term loan facility |
$ 100,000
|
|
|
|
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1E
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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-Topic 210
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES - Summary of Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Fair value of assets |
$ 385
|
$ 2,372
|
| Liabilities: |
|
|
| Fair value of liabilities |
460
|
20,400
|
| Derivative Financial Instruments, Liabilities [Member] | Other Long Term Liabilities [Member] |
|
|
| Liabilities: |
|
|
| Fair value of liabilities |
460
|
|
| Derivative Financial Instruments [Member] | Other Current Assets [Member] |
|
|
| Assets |
|
|
| Fair value of assets |
385
|
2,372
|
| Derivative Financial Instruments [Member] | Warrant Liabilities [Member] |
|
|
| Liabilities: |
|
|
| Fair value of liabilities |
|
20,400
|
| Fair Value, Inputs, Level 2 [Member] |
|
|
| Assets |
|
|
| Fair value of assets |
385
|
2,372
|
| Liabilities: |
|
|
| Fair value of liabilities |
460
|
20,400
|
| Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other Long Term Liabilities [Member] |
|
|
| Assets |
|
|
| Fair value of assets |
460
|
|
| Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments [Member] | Other Current Assets [Member] |
|
|
| Assets |
|
|
| Fair value of assets |
$ 385
|
2,372
|
| Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments [Member] | Warrant Liabilities [Member] |
|
|
| Liabilities: |
|
|
| Fair value of liabilities |
|
$ 20,400
|
| X |
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES - Significant Assumptions used to Determine Fair Value of Public and 2020 PIPE Warrants (Details) - Fair Value, Inputs, Level 2 [Member] - Monte Carlo Model [Member]
|
Dec. 31, 2023
$ / shares
|
| Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Remaining life (in years) |
2 months 19 days
|
| 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Remaining life (in years) |
1 year 5 months 12 days
|
| Stock Price [Member] | Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
14.1
|
| Stock Price [Member] | 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
14.1
|
| Strike Price [Member] | Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
11.5
|
| Strike Price [Member] | 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
5.75
|
| Volatility [Member] | Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
0.34
|
| Volatility [Member] | 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
0.38
|
| Interest Rate [Member] | Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
0.0536
|
| Interest Rate [Member] | 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
0.0449
|
| Redemption Price [Member] | Public Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
18
|
| Redemption Price [Member] | 2020 PIPE Warrants [Member] |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
|
| Warrants, measurement input |
14.5
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 103
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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v3.24.3
FAIR VALUE MEASUREMENTS AND DERIVATIVES - Additional Information (Details)
$ in Millions |
9 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
Agreement
shares
|
Dec. 31, 2023
USD ($)
shares
|
Sep. 30, 2019
USD ($)
|
| Sponsor Warrants [Member] |
|
|
|
| Warrant agreement expiration date |
Mar. 19, 2024
|
|
|
| Warrants and rights outstanding | shares |
0
|
3,823,847
|
|
| Public Warrants [Member] |
|
|
|
| Warrant agreement expiration date |
Mar. 19, 2024
|
|
|
| Warrants and rights outstanding | shares |
0
|
841,414
|
|
| Interest Rate Swap One [Member] | Cash Flow Hedging [Member] |
|
|
|
| Fixed interest rate payments |
3.341%
|
|
|
| Notional derivative amount at the contract inception,liability |
$ 70.0
|
|
|
| Interest rate swap maturity date |
Sep. 20, 2027
|
|
|
| Interest Rate Swap [Member] | Cash Flow Hedging [Member] |
|
|
|
| Fixed interest rate payments |
|
|
1.457%
|
| Notional derivative amount at the contract inception,liability |
$ 100.0
|
$ 95.4
|
$ 174.7
|
| Interest rate swap maturity date |
Sep. 19, 2024
|
|
|
| Interest rate cash flow hedge gain or loss to be reclassified within the next twelve months |
$ 0.4
|
|
|
| Derivative, Number of Instruments Held | Agreement |
2
|
|
|
| Interest Rate Swap Two [Member] | Cash Flow Hedging [Member] |
|
|
|
| Fixed interest rate payments |
3.564%
|
|
|
| Notional derivative amount at the contract inception,liability |
$ 30.0
|
|
|
| Interest rate swap maturity date |
Dec. 20, 2026
|
|
|
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