OneSpaWorld Announces Preliminary Fiscal 2022 Results and Introduces Fiscal 2023 Guidance

OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, today is providing preliminary expectations for Fiscal Year 2022 and introducing select Fiscal Year 2023 guidance. The Company is providing this update ahead of investor meetings and its fireside chat presentation at the 25^th Annual ICR Conference.

Leonard Fluxman, Executive Chairman, Chief Executive Officer and President of OneSpaWorld, commented: “We capped off the year strong building upon the positive momentum we experienced in our business throughout 2021, reflecting the outstanding execution of our post-pandemic return to service, and our initiatives that drove higher sales productivity through elevated and expanded offerings and guest experiences. Even as ships continue to return to service and capacity levels remain below historical levels, we expect fourth quarter 2022 revenues to nearly double from fourth quarter 2021 and increase 18.5% from the 2019 fourth quarter at our guidance mid-point. I continue to be proud of the dedication and commitment of our team that has led to our strong performance during an unprecedented time. We believe our preeminent position as the leader in the operation of health and wellness centers onboard cruise ships; the predictability of our revenue and cash flow generation; and the strength with which we execute has us well positioned, even in an uncertain environment to deliver another year of outstanding performance in fiscal 2023. I continue to believe the best years lie ahead for OneSpaWorld and its shareholders.”

On a Preliminary Basis, for the Fourth Quarter (13-weeks ended December 31, 2022) The Company expects:

• Total revenues in the range of $162.7 million to $167.7 million, an increase of 92.8% from $85.7 million in the fiscal 2021 fourth quarter and an increase of 18.5% from $139.4 million in the 2019 fourth quarter at the mid-point of the preliminary range; and
• EBITDA in the range of $14.3 million to $17.3 million, more than double fiscal year 2021 EBITDA of $4.8 million and an increase of 26.4% from $12.5 million in the 2019 fourth quarter at the mid-point of the preliminary range.

Fiscal Year 2022 (52-weeks ended December 31, 2022), the Company expects: