OneSpaWorld Holdings Limited

Good morning, and welcome to the OneSpar World fourth quarter and fiscal year 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Allison Malkin, Investor Relations. Please go ahead.

Thank you. Good morning, and welcome to OneSpot World's fourth quarter and fiscal year 2025 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. 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 year 2025 earnings release, which was furnished to the SEC today on Form 8-K. 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 our earnings release issued earlier this morning. Joining me today are Leonard Fluxman, Executive Chairman and Chief Executive Officer, and Stephen Lazarus, President, Chief Operating Officer, and Chief Financial Officer. Leonard will begin with a review of our fourth quarter 2025 performance and provide an update on our key priorities for 2026. Then Steven will provide more details on the financials and guidance. Following our prepared remarks, we will turn the call over to the operator to begin the question and answer portion of the call. I would now like to turn the call over to Leonard.

Thank you, Alison. Good morning and welcome to One Small World's fourth quarter and fiscal year 2025 earnings call. It's a pleasure to speak with you all today about our record fourth quarter. The period kept a year of exceptional performance underpinned by innovation across our global operating platform and the delivery of extraordinary guest experiences and excellent results for our cruise line and destination resort partners. During the quarter, we advanced our strategic priorities, driving growth in key operating metrics and introducing two new shipbuilds. This served to further cement our market leadership and resulted in double-digit growth in total revenues and adjusted EBITDA. Our unique capabilities and the successful execution of our strategy have produced 19 consecutive quarters of year-over-year growth and a fourth consecutive year of record performance of both metrics. We continue to identify ways to elevate our positioning, increase efficiency, and accelerate growth. Innovation, AI, and the reorganization of certain operations at year held included the strategic decision to exit land-based health and wellness centers in Asia and reorganize operations in the United Kingdom and Italy have us poised to achieve this objective. We begin 2026 even more strongly positioned to maximize our powerful standing as the preeminent operator of health and wellness centers at sea. I'm extremely proud of the team that assisted in delivering the year-end, equally confident that the year ahead will represent another year of outstanding performance. At year-end, we operated health and wellness centers on 206 ships with an average ship count of 199 for the quarter. This compares with a total of 199 ships at year-end and an average ship count of 188 ships in fiscal 2024. Also at year end, we had 4,582 cruise ship personnel on vessels compared with 4,352 cruise ship personnel on vessels at year end in fiscal 2024. Along with our strong financial results, the quarter year and year included noteworthy progress towards our key strategic priorities. Let me share some of those highlights with you. First, we captured highly visible new ship growth with current cruise line partners. We continue to solidify our market leadership, introducing two new health and wellness centers aboard two new ship builds, Disney Destiny and Star Seeker, during the quarter, which brought our total ship builds to eight for the year. In 2026, we'll introduce health and wellness centers on six new ship builds, three of which are expected to commence voyages in the first half of the year. Second, we continue to expand higher value services and products. These higher value services include MediSpar and acupuncture, to name a few, increases our addressable market and help to grow some ship revenue performance. We continue to introduce these services to more ships and expand offerings with the latest innovations and adding to our growth. In addition, we continue to elevate the innovation in our MedSpar services with the expansion of further rollout of next generation technology with the Marge FLX CoolSculpting Elite and Acupuncture LED, which offer improved results and reduce treatment time by up to 50%. These new technologies generated between 23% and 40% revenue growth in Q4 versus last year. In addition, the adoption of LED light therapy with acupuncture remains a high conversion Add on the treatment. At year end MediSpar services were available on 153 ships up from 147 ships at year end of fiscal 24. We expect to have MediSpar offerings on 157 ships by year end 2026. Thirdly, we focused on enhancing health and wellness center productivity. This is best reflected in the delivery of across the board increases in key operating metrics, including revenue per passenger per day, weekly revenue, pre-cruise revenue, and revenue per staff per day. Our unique ability to identify onboard and retain staff is leading to this performance. We continue to be known as a great place to work and take pride in being a desired employer, striving to create an environment that fosters retention. These and other onboard employee initiatives have led to a four percentage point increase in stop retention versus 2024. Importantly, experienced stop generates significantly higher revenue per day versus first stop contract. And lastly, we possess a strong and durable balance sheet, which combined with our ongoing successful growth enabled us to advance each of our capital allocation objectives in the quarter. These are invest in our future growth, return value to our shareholders, and reduce debt. During the year, we returned nearly $93 million to shareholders. During the year, through our stock buyback and quarterly dividend and reduced outstanding debt. Our AcidLight business model delivers consistent off-the-tax free cash flow. This combined with our positive long-term growth prospects has made us poised to continue to advance our value creation objectives going forward. We remain confident in our ability to continue our strong performance in 2026. Our positive outlook is supported by the continued innovation of our product and service offerings and the unwavering commitment to service excellence by our standing staff, further buoyed by the implementation of emerging AI technologies that enhance our unique global positioning. These growth drivers are complemented by the contribution from the annualization of new ships that entered service in 2025, six of which commenced voyages in the second half of the year, as well as the introduction of six new health and wellness centers beginning voyages in 2026. In summary, we believe our highly visible revenue growth, along with the continued discipline with which we execute our asset-light business model, positions us very well to deliver strong results for our stakeholders and shareholders in the near and long term. As Stephen will share momentarily, we have reiterated our 2026 guidance and expect total revenues excluding revenues associated with restructured operations and adjusted EBITDA to increase high single digits at the midpoint of the range. With that, I will turn the call over to Stephen, who will provide more details on our third quarter financial results and guidance. Stephen.