OneSpaWorld Holdings Limited

Thank you for standing by. This is the conference operator. Welcome to the One SPA World Fourth Quarter and Fiscal 2020 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Alison Malkin with ICR. Please go ahead.

Thank you. Good morning, and welcome to OneSpot World's fourth quarter and fiscal 2020 earnings call-in webcast. Before we begin, I'd like to remind you that certain statements and information made available on today's call-in webcast may be deemed to constitute forward-looking statements. The COVID-19 pandemic continues to have a significant impact on our operations, cash flow, and financial position. The uncertain and dynamic nature of current conditions and its ongoing impact could materially alter our outlook. These forward-looking statements reflect our judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting our business. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made in this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our fourth quarter and fiscal 2020 earnings release. which was furnished to the SEC today on Form 8K. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, the company may refer to certain adjusted non-GAAP metrics on this call. An explanation of these metrics can be found in the earnings release file this morning. Joining me today are Leonard Fluxman, Executive Chairman, Glenn Fusfield, Chief Executive Officer and President, and Steven Lazarus, Chief Financial Officer and Chief Operating Officer. Leonard will begin with a review of our fourth quarter and fiscal 2020 performance and provide an update on our operations, our key priorities, and liquidity. Then Glenn will discuss initiatives taken to ensure a safe and welcome environment to guests as our health and wellness centers reopen and review our service offering innovation. Then Stephen will provide more details on the financials and liquidity. I would now like to turn the call over to Leonard.

Thank you, Alison. Good morning and welcome to One Spot World's fourth quarter and fiscal 2020 results conference call. Before turning to our results, I would like to personally thank my entire leadership team and team members around the globe for their resiliency and agility this year. To say that 2020 wasn't challenging would be an incredible understatement. It was without doubt the most difficult and challenging in our company's 50 plus year history. After delivering strong performance in 2019, after reclaiming and being awarded the legacy ships of celebrity that we lost in 2013, as well as winning the luxury brands of Oceana and Regent Seven Seas, the foundation was well set for 2020 to be even a more successful year than 2019. until that pandemic hit us in March of 2020. But 2020 was unprecedented, and I'm proud of the efforts of our team as their passion, commitment, and ability to quickly adapt to the challenging environment enabled us to navigate this extraordinary period. As expected, our fourth quarter results reflected the significant impact to operations driven by the COVID-19 pandemic. as we ended a year with the global pandemic shuttered our operations. In response to the pandemic, we remain focused on three key priorities throughout fiscal 2020, which served us well. These priorities were, one, ensuring the safety of our staff, two, preserving liquidity, and thirdly, preparing for a successful resumption of our cruise and destination resort spa operations as restrictions are lifted through innovation and collaboration with our partners. As it relates to our first priority to keep our staff safe, I want to extend my deep gratitude to our cruise line and resort partners and each of our corporate employees as they ensured the safety of our shipboard and resort personnel during the height of the pandemic. As of today, one vessel of our cruise line partners is sailing. and 44 of our destination resort spas are now open. Regarding our second priority, preserving liquidity, we ended the year with $56.4 million in liquidity, giving us the ability to sustain operations through March 2022 with no significant voyages. This strong liquidity position is reflective of our disciplined approach to managing the business throughout the year, increased cash from equity financing, and pulling back on expenses and working capital. Turning to our third priority, which is preparing for a successful resumption of our cruise and destination resort spa operations as restrictions are lifted, we innovated our compelling range of services and guest experiences even further to provide a safe and welcoming environment across our health and wellness centers as they resume operations during the year. We are hopeful that a higher percentage of the global population is vaccinated. More cruise ships will return to service in the second half of 2021. Looking ahead, our priorities in fiscal 2021 remain focused on maintaining strong liquidity while further evolving our innovative service offering and operating platform to allow One Spa World to be even more powerfully positioned as operations resume. Overall, we remain very confident in our ability to continue to capitalize on the strength of our operating platform and advantageous business model to drive long-term profitable growth for the benefit of all One Spa World stakeholders. In addition to the 159 vessels that we expect to come back into service over the next 24 months, we are very excited by the prospects of having 24 new vessels being introduced into service by our cruise line partners between now and year-ended 2022. And now I'll turn the call over to Glenn. Glenn?