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    Assia Georgieva

    Research Analyst at Infinity Research

    Assia Georgieva is Chief Executive Officer and principal analyst at Infinity Research, specializing in equity research for cruise line operators, notably including Norwegian Cruise Line Holdings and other major publicly traded travel and leisure companies. She is recognized for her industry expertise and stock analysis, with her research regularly cited among analysts covering global cruise operators. Georgieva began her career in equity analysis with roles at other financial and research firms before joining and eventually leading Infinity Research; she has also been featured in industry media for her insights on shifting travel demographics. Her professional credentials reflect deep knowledge of the sector, and she is known for leadership in competitive market intelligence, though specific securities licenses or FINRA registrations are not publicly recorded.

    Assia Georgieva's questions to ONESPAWORLD HOLDINGS (OSW) leadership

    Assia Georgieva's questions to ONESPAWORLD HOLDINGS (OSW) leadership • Q1 2025

    Question

    Assia Georgieva asked for visibility into pre-booked revenue for Q2 and Q3, questioned if the company should build up medi-spa inventory to hedge against tariff impacts, and sought clarification on future land-based spa closures and the adjusted EBITDA figure excluding severance costs.

    Answer

    Executive Leonard Fluxman declined to provide forward-looking pre-booking metrics. On inventory, both he and Stephen Lazarus explained that building up stock is impractical due to product expiration dates and limited refrigerated storage on ships. Regarding land-based spas, Leonard Fluxman commented on the strong value proposition of cruising compared to land vacations. Finally, Stephen Lazarus confirmed that adjusted EBITDA would have been $27.7 million without the one-time severance expense.

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    Assia Georgieva's questions to ONESPAWORLD HOLDINGS (OSW) leadership • Q4 2024

    Question

    Assia Georgieva of Infinity Research inquired about Medi-Spa economics, including staffing models and real estate flexibility on new ships. She also asked if strong 'wave season' trends were translating to higher onboard spend and sought clarification on the Q1 financial impact from the leap year.

    Answer

    CEO Leonard Fluxman explained that Medi-Spa economics are stable and that the company maximizes facility utilization, though more space is always a goal. He confirmed strong booking trends typically lead to better onboard spending. CFO Stephen Lazarus noted the combined Q1 headwind from the leap year and dry docks was $4.3 million but did not provide a specific breakdown.

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    Assia Georgieva's questions to ONESPAWORLD HOLDINGS (OSW) leadership • Q3 2024

    Question

    Assia Georgieva asked if the economics on private islands are similar to onboard services and questioned the potential to increase the prebooking rate from 22%, suggesting a target of 27%.

    Answer

    CEO Leonard Fluxman confirmed that pricing for services on private islands is generally similar to onboard pricing. Regarding prebooking, he stated that while the company's internal target is to get above 25%, achieving this is dependent on cruise line partners dedicating more marketing resources to promote spa services, which is a key focus for 2025 given that prebooking guests spend more.

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    Assia Georgieva's questions to ONESPAWORLD HOLDINGS (OSW) leadership • Q2 2024

    Question

    Assia Georgieva asked about the impact of cruise line occupancy on growth, how the company adapts its offerings for different demographics on ships like Icon and Utopia, and the opportunity for pre-booking penetration.

    Answer

    CFO Stephen Lazarus explained that since OneSpaWorld serves a small percentage of guests, occupancy increases above 100% have a marginal impact. Executive Chairman Leonard Fluxman expressed confidence in catering to diverse demographics, citing extensive experience. He also noted that pre-booking, currently at 23% of service revenue, has room to grow as new partners are fully integrated.

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    Assia Georgieva's questions to CARNIVAL (CCL) leadership

    Assia Georgieva's questions to CARNIVAL (CCL) leadership • Q3 2024

    Question

    Assia Georgieva asked about several topics, including whether occupancy still presented a yield opportunity, the possibility of ordering new ships for 2027-2028 given strong EBITDA, the debt paydown strategy, and the competitive landscape in Galveston, Texas.

    Answer

    CEO Josh Weinstein confirmed that while there is some occupancy upside, it's not the main driver of future revenue growth. He stated the newbuild order book is set through 2028 and the focus is on using cash flow to pay down debt. CFO David Bernstein added that debt strategy is a balance of targeting high-cost debt, managing maturity towers, and reducing secured debt. Regarding competition in Galveston, Weinstein expressed no concern, noting the vacation market is vast and there is room for growth.

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    Assia Georgieva's questions to CARNIVAL (CUK) leadership

    Assia Georgieva's questions to CARNIVAL (CUK) leadership • Q1 2023

    Question

    Assia Georgieva from Infinity Research posed a long-term question about newbuilds, asking if the company might accelerate its capacity growth rate from the planned one to two ships per year once it returns to an investment-grade credit rating.

    Answer

    CEO Josh Weinstein reiterated the company's philosophy of ordering one to two ships per year once new orders resume, which is a lower growth rate than historically. He emphasized that the current low order book through 2025 allows the company to focus on generating free cash flow and paying down debt, which will put them in a much better position to make future newbuild decisions.

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