$OSW

ONESPAWORLD HOLDINGS Ltd

CIK:0001758488|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Revenues	$ 261,246	$ 240,726	$ 508,877	$ 460,356
COST OF REVENUES AND OPERATING EXPENSES:
Administrative	7,190	4,410	13,392	8,623
Salaries, benefits and payroll taxes	8,806	8,821	17,169	19,816
Amortization of intangible assets	4,064	4,134	8,132	8,268
Total cost of revenues and operating expenses	236,736	218,599	461,500	421,392
Income from operations	24,510	22,127	47,377	38,964
INTEREST EXPENSE, NET	(1,069)	(1,395)	(2,239)	(2,542)
Income before income tax expense	23,441	20,732	45,138	36,422
INCOME TAX EXPENSE	226	792	593	1,211
NET INCOME	$ 23,215	$ 19,940	$ 44,545	$ 35,211
NET INCOME PER SHARE
Basic	$ 0.23	$ 0.19	$ 0.44	$ 0.34
Diluted	$ 0.23	$ 0.19	$ 0.44	$ 0.34
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic	102,048	103,211	102,017	103,903
Diluted	102,481	103,620	102,395	104,345
Service [Member]
REVENUES:
Revenues	$ 214,411	$ 193,358	$ 418,071	$ 371,877
COST OF REVENUES AND OPERATING EXPENSES:
Cost of Revenue	176,895	161,250	345,207	309,404
Product [Member]
REVENUES:
Revenues	46,835	47,368	90,806	88,479
COST OF REVENUES AND OPERATING EXPENSES:
Cost of Revenue	$ 39,781	$ 39,984	$ 77,600	$ 75,281

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 44,545	$ 35,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,128	12,430
Amortization of deferred financing costs	143	154
Stock-based compensation	5,036	5,672
Provision for doubtful accounts	7	9
Noncash lease expense	(19)	14
Changes in:
Accounts receivable, net	(5,723)	(1,054)
Inventories, net	2,080	(9,685)
Prepaid expenses	(2,695)	(2,215)
Other current assets	(1,985)	(1,641)
Other non-current assets	(524)	(3,199)
Accounts payable	(10,091)	3,330
Accrued expenses	(2,417)	(8,535)
Other current liabilities	(121)	(90)
Other long-term liabilities	22	0
Net cash provided by operating activities	42,386	30,401
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,631)	(4,426)
Cash received in connection with divestiture	1,328	0
Net cash used in investing activities	(5,303)	(4,426)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common shares	(379)	(37,901)
Repayment on first lien and term loan facilities	(2,506)	(2,500)
Payment of deferred financing costs	0	(9)
Dividends	(10,152)	(8,295)
Net cash used in financing activities	(13,037)	(48,705)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8	319
Net increase (decrease) in cash, cash equivalents and restricted cash	24,054	(22,411)
Cash, cash equivalents and restricted cash, Beginning of period	17,504	58,637
Cash, cash equivalents and restricted cash, End of period	41,558	36,226
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes	1,355	1,941
Interest	$ 2,441	$ 3,161

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 40,360	$ 16,306
Restricted cash	1,198	1,198
Accounts receivable, net	53,645	47,929
Inventories, net	56,757	58,837
Prepaid expenses	8,871	6,176
Other current assets	8,255	7,227
Total current assets	169,086	137,673
Property and equipment, net	30,104	27,309
Operating lease right-of-use assets, net	8,531	9,656
Intangible assets, net	502,868	511,007
OTHER ASSETS:
Deferred tax asset	325	325
Other non-current assets	18,921	21,125
Total other assets	19,246	21,450
Total assets	729,835	707,095
LIABILITIES:
Accounts payable	21,701	31,792
Accrued expenses	34,332	37,410
Current portion of operating leases	1,526	1,979
Other current liabilities	641	771
Total current liabilities	58,200	71,952
Other long-term liabilities	105	186
Long-term operating leases	7,722	8,413
Long-term debt, net	81,604	83,967
Total liabilities	147,631	164,518
Commitments and contingencies (Note 12)
Common stock:
Additional paid-in capital	790,610	795,852
Accumulated deficit	(208,672)	(252,964)
Accumulated other comprehensive income (loss)	256	(321)
Total shareholders' equity	582,204	542,577
Total liabilities and shareholders' equity	729,835	707,095
Voting Common Stock [Member]
Common stock:
Common stock	$ 10	$ 10