You might also like
OneSpaWorld Holdings Limited (OSW) is a global leader in operating health and wellness centers onboard cruise ships and at destination resorts. The company provides premium health, fitness, beauty, and wellness services and products to enhance guest experiences during travel and vacations. OSW leverages long-term partnerships with major cruise lines and resort operators to deliver innovative offerings supported by a robust global infrastructure.
-
Maritime - Operates health and wellness centers onboard cruise ships, offering a wide range of services such as spa treatments, fitness programs, and beauty services.
- Service Revenues - Generated from wellness services provided onboard cruise ships.
- Product Revenues - Includes sales of beauty and wellness products onboard.
-
Destination Resorts - Manages health and wellness centers at leading destination resorts, aligning with hospitality strategies to maximize guest satisfaction.
- Service Revenues - Derived from wellness services at resort locations.
- Product Revenues - Includes sales of beauty and wellness products at resorts.
-
Timetospa.com eCommerce Platform - Offers beauty and wellness products online, catering to customers seeking premium products outside of physical locations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Leonard Fluxman ExecutiveBoard | Executive Chairman, CEO, and President | None | Leonard Fluxman has been with OSW since 2019, becoming CEO in March 2021. He previously held leadership roles at Steiner Leisure and has driven OSW's record financial performance and strategic growth initiatives. | |
Stephen B. Lazarus Executive | CFO and COO | None | Stephen B. Lazarus has been CFO and COO since OSW's inception. He previously held senior roles at Steiner Leisure and Rayovac Corporation, contributing to OSW's operational and financial success. | |
Susan Bonner Executive | Chief Commercial Officer | None | Susan Bonner joined OSW in October 2020. She has over 20 years of experience in the cruise industry, including leadership roles at Celebrity Cruises and Royal Caribbean. | |
Adam Hasiba Board | Director | None | Adam Hasiba has a background in private equity and operational leadership, previously serving as CFO at Ideal Image and Managing Director at L Catterton. | |
Andrew R. Heyer Board | Director | CEO of Mistral Equity Partners; Director at Biote Corp., Coliseum Acquisition Corp., Tastemaker Acquisition Corp., Arko Corp., and The Lovesac Company. | Andrew R. Heyer is a seasoned finance professional with over 40 years of experience in consumer-focused investments and private equity. | |
Glenn J. Fusfield Board | Director | None | Glenn J. Fusfield has been with OSW since 2000, previously serving as CEO until March 2021. He has extensive experience in cruise and leisure industries. | |
Jeffrey E. Stiefler Board | Director | Lead Independent Director at FIS. | Jeffrey E. Stiefler has extensive leadership experience across industries, including financial services and technology. He has held executive roles at American Express and Digital Insight. | |
Lisa Myers Board | Director | Co-founder and Managing Partner at Clerisy; Board member of Wharton Private Equity and Venture Capital Alumni Association. | Lisa Myers has extensive experience in finance and investment management, having held leadership roles at L Catterton and Franklin Templeton. | |
Marc Magliacano Board | Director | Managing Partner at L Catterton. | Marc Magliacano has been a senior investment professional at L Catterton since 2006, focusing on consumer-focused private equity investments. | |
Maryam Banikarim Board | Director | Advisor to Brand 50, Strawberry Frog, and Cove Hill Partners; Board member at Reporters Without Borders and Mobile Marketing Association; Co-founder of NYCNext. | Maryam Banikarim has extensive leadership experience in marketing, having held executive roles at Hyatt Hotels, Gannett, and NBCUniversal. She is also active in nonprofit organizations. | |
Stephen W. Powell Board | Lead Independent Director | Director at Massage Envy Holdings. | Stephen W. Powell has extensive experience in private capital investment, corporate governance, and public accounting. He also chairs OSW's Compensation Committee. | |
Walter F. McLallen Board | Director | Director at The LoveSac Company, Timeless Wine Company, Worldwise, adMarketplace, Classic Brands, Dutchland Plastics, Frontier Dermatology, Genus Oncology, and Tomahawk Strategic Solutions. | Walter F. McLallen has over 35 years of experience in investment banking and private equity, serving on numerous corporate boards. |
- Given that prebooked services result in a 30% higher spend per guest, what specific strategies are you implementing to increase prebookings beyond the current 22% level, and are there limits to how much prebooking can be expanded? , , ,
- Despite expecting revenue growth in 2025, your margin guidance remains flat; can you explain why there is no anticipated margin expansion and what factors might be limiting margin improvement despite higher revenues and opportunities for pricing adjustments? ,
- As MedSpa services have grown over 30% year-over-year, are there real estate or staffing constraints that limit further expansion of these high-margin services, and how are you addressing these challenges on existing ships and new builds? ,
- With the addition of nine new ships in 2025, mostly in Q4, how do you plan to manage staffing and training to ensure these new facilities reach optimal productivity quickly, given the importance of experienced staff in driving higher revenue per staff per day? , ,
- Given the expected negative impact of dry docks and one less operating day totaling $4.3 million in Q1 2025, what measures are you taking to mitigate this revenue loss and maintain momentum in the first quarter? , , ,
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Carnival Corporation | Long-term, exclusive spa and wellness services onboard | All | 41.2% of total 2024 revenue ; represented >10% of accounts receivable as of Dec 31, 2024 |
Royal Caribbean Group | Long-term, exclusive spa and wellness services onboard | All | 27.9% of total 2024 revenue ; represented >10% of accounts receivable as of Dec 31, 2024 |
Norwegian Cruise Line Holdings | Long-term, exclusive spa and wellness services onboard | All | 16.8% of total 2024 revenue ; represented >10% of accounts receivable as of Dec 31, 2024 |
Recent press releases and 8-K filings for OSW.
- OneSpaWorld reported Q1 fiscal 2025 revenues of $219.6 million, net income of $15.3 million, and adjusted EBITDA of $26.6 million.
- The company reaffirmed its fiscal year 2025 guidance and introduced Q2 guidance of $235–240 million in revenues and $28–30 million in adjusted EBITDA.
- The Board declared a quarterly dividend of $0.04 per share and approved a new $75 million share repurchase program.
- Operational highlights included a broader network with health and wellness centers onboard 199 cruise ships, supporting improved key metrics.
- On April 23, 2025, the Board approved an amendment to declassify the board and implement annual elections for directors, phased over three years.
- The changes, which reduce director terms to one year and modify the Articles of Association, were formalized with a Certificate of Amendment filed with the Registrar in the Bahamas.
- Stephen Lazarus has been appointed as President, in addition to his roles as Chief Financial Officer and Chief Operating Officer, effective March 17, 2025, pending the appointment of a successor for CFO.
- Chief Commercial Officer Susan Bonner will step down, effective immediately, as part of the leadership transition.
- The announcement underscores the company’s focus on reinforcing its global leadership in health and wellness services onboard cruise ships and at destination resorts.