Total Revenue

Increased to $217.19M from $194.79M (11% increase)

The increase in total revenue in Q4 2024 is driven by ongoing growth in key operational metrics, such as improved ship count and enhanced guest engagement initiatives seen in previous quarters. " " The higher revenue builds on the incremental improvements observed in Q3, where investments in service innovation and productivity had already boosted revenue.

Service Revenues

Increased to $175.86M (+10.6% YoY)

Service revenues grew due to a continued increase in onboard health and wellness centers and further improvements in guest service experiences and operational efficiencies, which echo the drivers from previous periods. " " These initiatives have contributed to higher service utilization, consistent with the historical momentum observed in Q3.

Product Revenues

Increased to $41.43M (+15.3% YoY)

The rise in product revenues is attributable to both increased sales onboard (supported by a higher ship count) and enhancements in product offerings, similar to the previously reported Q3 improvements where retail price increases and innovations in product lines drove superior margins. " " The stronger performance reflects a continuation of productivity gains from earlier quarters.

Net Income

Turned positive at $14.39M vs. a loss of $7.30M

Net income experienced a dramatic turnaround, shifting from a loss in Q4 2023 to a positive $14.39M in Q4 2024 due to robust operational performance, resolution of prior one-time expenses, and improved cost efficiencies; this builds on the operational improvements noted in Q3 where similar trends were emerging. " " The elimination of past unfavorable items such as one-off tax or warrant-related effects was a key factor.

Operating Income

Increased to $17.23M from $12.62M (37% increase)

Operating income benefited from revenue growth as well as continued productivity gains and cost management strategies that were being implemented in earlier periods. This solid improvement mirrors the Q3 trends where enhanced onboard performance and disciplined execution across operations yielded better margins. " "

Weighted-average Basic Shares

Dropped from 851K to 200K

A significant reduction in the weighted-average basic shares outstanding reflects a major share consolidation or aggressive buyback initiative in Q4 2024. This contrasts with earlier periods where share count increases were due to share conversions and warrant exercises; now, the company appears to be driving shareholder value through consolidation. " "

Cash and Cash Equivalents

Increased from $27.70M to $57.44M (over 100% increase)

The strengthened cash position is primarily due to robust operating cash flows and proceeds from financing activities (including new term loan facilities and warrant exercises) that built on improved operational performance seen in prior quarters. " " These moves, along with better liquidity management, have markedly boosted available cash compared to Q4 2023.

Long-term Debt (net)

Reduced to $93.56M from $158.21M (approx. 41% reduction)

A notable reduction in long-term debt in Q4 2024 can be traced to targeted debt refinancing and significant repayments, continuing the deleveraging strategy initiated in previous quarters. The lower debt levels improve financial flexibility and reflect the company’s ongoing commitment to improving its balance sheet. " "

Total Shareholders’ Equity

Increased from $434.07M to $554.50M (up nearly 28%)

Total shareholders’ equity increased as a result of a combination of improved net income, stock-based compensation inflows, and positive operational adjustments. This upward trend reinforces the momentum from previous periods where enhanced operational performance and strategic initiatives began to reflect in a healthier balance sheet. " "

Total Revenue

FY 2024

$870 million to $890 million "

$888 million to $893 million "

raised

Adjusted EBITDA

FY 2024

$102 million to $108 million "

$110 million to $112 million "

raised

Operating Platforms

FY 2024

no prior guidance

198 cruise ships and 51 land-based resorts "

no prior guidance

Total Revenue

Q4 2024

no prior guidance

$210 million to $215 million "

no prior guidance

Adjusted EBITDA

Q4 2024

no prior guidance

$25 million to $27 million "

no prior guidance

Total Revenue

FY 2025

no prior guidance

$950 million to $970 million "

no prior guidance

Adjusted EBITDA

FY 2025

no prior guidance

$115 million to $125 million "

no prior guidance

New Health Centers

FY 2025

no prior guidance

9 new shipbuild introductions, majority commencing Q4 2025 "

no prior guidance

Total Revenue

Q1 2025

no prior guidance

$215 million to $220 million "

no prior guidance

Adjusted EBITDA

Q1 2025

no prior guidance

$25 million to $27 million "

no prior guidance

Revenue Impact

Q1 2025

no prior guidance

Reduction of approx $4.3 million due to one less operating day & higher dry docks "

no prior guidance

MedSpa Revenue

In Q1–Q3 earnings calls, MedSpa performance was consistently highlighted with same-spa revenue growth in double digits, expansion across increasing numbers of ships, and enhancements driven by added staff and higher ticket pricing. " " "

Q4 2024 reported MedSpa same-spa revenue up by more than 30% YoY, with service availability now on 147 ships and strategic facility repurposing to address demand. " " "

Strong and improving growth in the MedSpa segment, with increased emphasis on capacity and revenue optimization.

Land-Based Spa Revenue

Q1 mentioned ongoing operations at 51 resorts and revenue growth, while Q3 detailed challenges such as hotel renovations, softness in key markets, and temporary closures impacting performance. " " "

There was no specific discussion of land-based spa revenue performance in Q4 2024. "

Reduced focus in Q4, suggesting a potential strategic de-prioritization or shift in emphasis away from land-based operations.

Cruise Industry Dynamics

Across Q1–Q3, the company emphasized strong industry dynamics with consistent ship count growth, new ship build openings, and evolving partnerships—citing robust prebooking trends and favorable market conditions. " " "

Q4 2024 highlighted a strong wave season, record bookings by some partners, and the extension of key long-term partnerships (including a 7-year agreement with Royal Caribbean and Celebrity Cruises). " "

Consistently positive sentiment, with ongoing expansion of partnerships and a robust outlook in the cruise sector.

Prebooking Rate Improvements & Marketing Initiatives

In Q1–Q3, prebooking rates were stable around 22–23% with initiatives underway (including better imagery and simplified menus) to drive improvements, given that prebooked passengers spend about 30% more. " " "

Q4 2024 maintained a 22% prebooking revenue share while emphasizing enhanced marketing initiatives (pricing transformation, SKU rationalization, and improved sales training) to drive further attachment. " " "

Continuous focus with moderate optimism; targets remain to push rates above 25%, reflecting a steady commitment to revenue enhancement via prebooking.

Ship Count Expansion & Delivery Timing Challenges

Q1–Q3 consistently reported healthy growth in ship count (ranging from 189 to 197 ships) with notable openings on new ship builds and expectations to end the year with around 198 vessels. " " "

Q4 2024 reported operating on 199 ships and mentioned planned additions in 2025; however, it also introduced concerns about delivery timing challenges—with most new ship deliveries expected in Q4 2025—which may affect capacity benefits in the near term. " "

Ongoing ship count growth remains positive, but Q4 introduces a new concern regarding concentrated delivery timing, potentially impacting short-term revenue capture.

Margin Expansion & Pricing Strategies

Q1–Q3 discussions included reports of margin improvements (e.g., a 200 basis point EBITDA margin improvement in Q3) and efforts to simplify pricing mixes and modestly increase prices where possible. " " " " "

Q4 2024 indicated that margin guidance for 2025 will be flat at approximately 12.5%; while pricing initiatives (such as higher-value MedSpa services) are still in play, the outlook has become more cautious compared to earlier quarters. " "

A shift from an active margin improvement narrative earlier in the year to a more cautious, flat-margin guidance for 2025, with potential for modest improvements if pricing opportunities arise.

Shareholder Returns & Capital Allocation

In Q1–Q3, the company consistently discussed balanced capital allocation strategies, with share repurchases, dividend payments, debt reduction, and a focus on maintaining liquidity through proactive financial management. " " "

Q4 2024 reaffirmed continuation of share repurchase programs, the initiation/growth of dividend payments, and further debt reduction, maintaining a strong liquidity position. " "

Maintains a consistent and disciplined approach to capital allocation, with ongoing commitment to shareholder returns and balance sheet strengthening.

Operational Challenges (Dry Docks & Reduced Operating Days)

No mention of these challenges was made in Q1, Q2, or Q3 earnings calls, indicating that operational disruptions were not a focal point in earlier discussions.

Q4 2024 introduced concerns over operational challenges, noting that Q1 2025 will be impacted by dry docks and one fewer operating day (worth approximately $4.3 million in revenue impact), highlighting a near-term headwind. " "

A new operational challenge emerges in Q4, signaling potential near-term revenue impact and warranting close monitoring.

Passenger Data Accessibility

Q3 2024 highlighted issues with accessing granular passenger data, with management noting the strict data protection stance of cruise lines. "

Q4 2024 did not mention any issues regarding passenger data accessibility [document context].

Reduced emphasis in Q4 suggests that either the concern has been addressed or deprioritized in the discussion, representing a potential easing of earlier data access challenges.

Technology and AI Investments

Q1 discussions focused on investments in back-office automation and marketing enhancements using AI, and Q2–Q3 noted early development efforts and technology-driven productivity improvements. " " "

Q4 2024 did not provide any specific updates on technology or AI investments for productivity [document context].

The absence of mention in Q4 could indicate a temporary de-prioritization or a strategic pause in highlighting ongoing AI and technology initiatives, perhaps due to ongoing maturation of these projects.

Geographic Expansion Challenges

Q1 2024 discussions mentioned the challenges of expanding into new geographies, particularly in the Gulf region, due to cultural and operational differences. "

There was no discussion of geographic expansion challenges in Q4 2024 [document context].

A reduced focus in Q4 suggests that either initial challenges are being resolved or that geographic expansion is no longer a contentious issue, potentially reflecting successful adaptation in new markets.