OneSpaWorld Holdings Limited

Welcome to the One Spa World first quarter 2021 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 0. I would now like to turn the conference over to Alison Malkin of ICR for opening remarks. Please go ahead.

Thank you. Good morning, and welcome to One Spout World's first quarter 2021 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 poor-looking statements. The COVID-19 pandemic continues to have a significant impact on our operations, cash flow, and financial positions. 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 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 first quarter 2021 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 filed this morning. Joining me today are Leonard Fluxman, Executive Chairman and CEO, and Stephen Lazarus, CFO, and COO. Leonard will begin with a review of our first quarter 2021 performance and provide an update on our operations and our key priorities. 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 Spa World's first quarter 2021 results conference call. As the travel and tourism industry has begun to reopen, we are ready, we are eager, and we are excited to welcome guests to our health and wellness centers and deliver our extraordinary Once For A World guest experiences. We have invested aggressively for 14 months in protecting our people, sustaining our operations, enhancing our competitive position, and comprehensive protocols to ensure a safe and successful return to service. while taking actions to maintain strong liquidity. The dedication of our team throughout this unprecedented pandemic positions us to flawlessly execute our resumption of operations aboard the first 33 expected ships scheduled to resume sailing by the end of July. Our onboard operating protocols are complete, and our onboard staff is fully trained. We are operating health and wellness centers aboard three of our 160 cruise line vessels that have commenced voyages. We have opened our spas in 47 of our 53 destination resorts, realizing revenue and staff utilization in line with our expectations and with operating metrics increasing sequentially month over month. These initial returns confirm that we are positioned powerfully to capitalize on the strength of our team, operating platform, and business model to drive long-term profitable growth as cruise ship and destination resort operations fully resume. During the quarter, we prioritize activities to ensure a successful return to service and maintain strong liquidity with the first quarter, making strong progress on both fronts, including continuing to focus on elevating our practices, including previously mentioned digital training, implementation of guidelines for protection and sanitization, culture and standards, as well as expansion of our service offering and technology. We are implementing these initiatives with the focus on flawless delivery to the additional 31 ships expected to return by the end of July. Importantly, our initiatives have shifted from creating and stress testing in anticipation of return to service to going live, providing feedback, and making enhancements to our processes. Each of our initiatives optimizes our effectiveness, focuses on cost efficiencies, and ensures a flawless return to service. Following the completion of return to service checklist and utilizing Manning's strategies to align stopping to expected return dates and load factors, we estimate approximately 640 staff members are required for the initial return of vessels. To that end, we have created digital content for new service requirements through virtual training, including twice daily Zoom training conducted by our renowned London Wellness Academy. To date, 130 staff members were trained for our new contactless services while retraining with the emphasis on COVID safety protocols was managed on our e-learning platform. Along these lines, our staff is eager to return to work. We conducted a survey of 2,800 staff members, and 93% said they plan to return to work, and 97% said they will get vaccinated for COVID-19 which we view as very encouraging. As of today, three vessels of our cruise line partners are sailing and 47 of our destination resort spas are operating. While there remains uncertainty as to the timing for return to normal operation, we are confident in the advantages of our business model. Notably, we remain encouraged by the early strong demand and spend we are seeing where we are operating with destination resort spa revenue and staff utilization increasing sequentially month after month. Overall, we believe we remain powerfully positioned to capitalize on the strength of our operating platform and advantageous business model as operations resume and, importantly, achieve our goal to drive long-term profitable growth for the benefit of one SPAR shareholder. With that, I'll turn the call over to Stephen, who will comment on our first quarter 2021 results. and liquidity position. Steven.