XML 43 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (as Restated) (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Effect of Correction to Applicable Reporting Periods for Financial Statements The effect of this correction to the applicable reporting periods for the financial statement line items impacted is as follows (in thousands, except per share data):

 

As of December 31, 2020

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

$

-

 

 

$

104,700

 

 

$

104,700

 

Total liabilities

$

276,751

 

 

$

104,700

 

 

$

381,451

 

Additional paid-in-capital

$

727,054

 

 

$

(77,514

)

 

$

649,540

 

Accumulated deficit

$

(296,060

)

 

$

(27,186

)

 

$

(323,246

)

Total shareholders' equity

$

425,528

 

 

$

(104,700

)

 

$

320,828

 

 

 

 

 

As of December 31, 2019

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

$

-

 

 

$

55,900

 

 

$

55,900

 

Total liabilities

$

277,301

 

 

$

55,900

 

 

$

333,201

 

Additional paid-in-capital

$

653,088

 

 

$

(36,200

)

 

$

616,888

 

Accumulated deficit

$

(15,569

)

 

$

(19,700

)

 

$

(35,269

)

Total  OneSpaWorld shareholders' equity

$

638,244

 

 

$

(55,900

)

 

$

582,344

 

Total shareholders' equity

$

646,368

 

 

$

(55,900

)

 

$

590,468

 

 

 

 

Year Ended December 31, 2020

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated and Combined Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

$

-

 

 

$

(6,100

)

 

$

(6,100

)

Interest expense and warrant issuance costs

$

(14,703

)

 

$

(1,386

)

 

$

(16,089

)

Total other expense, net

$

(14,673

)

 

$

(7,486

)

 

$

(22,159

)

(Loss) income before income tax expense (benefit)

$

(279,677

)

 

$

(7,486

)

 

$

(287,163

)

Net (loss) income

$

(280,491

)

 

$

(7,486

)

 

$

(287,977

)

Comprehensive (loss) income

$

(286,685

)

 

$

(7,486

)

 

$

(294,171

)

Net loss per voting and non-voting share

 

 

 

 

 

 

 

 

 

 

 

  Basic and diluted

$

(3.77

)

 

$

(0.10

)

 

$

(3.87

)

 

 

March 20, 2019 to December 31, 2019 (Successor)

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated and Combined Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

$

-

 

 

$

(19,700

)

 

$

(19,700

)

Total other expense, net

$

(13,479

)

 

$

(19,700

)

 

$

(33,179

)

(Loss) income before income tax expense (benefit)

$

(12,355

)

 

$

(19,700

)

 

$

(32,055

)

Net (loss) income

$

(12,235

)

 

$

(19,700

)

 

$

(31,935

)

Comprehensive (loss) income attributable to common shareholders and parent, respectively

$

(15,569

)

 

$

(19,700

)

 

$

(35,269

)

Comprehensive income (loss)

$

(14,850

)

 

$

(19,700

)

 

$

(34,550

)

Net loss per voting and non-voting share

 

 

 

 

 

 

 

 

 

 

 

  Basic and diluted

$

(0.25

)

 

$

(0.33

)

 

$

(0.58

)
The following tables presents the effect on the individual line items within operating cash flows on the Company’s consolidated Statement of Cash Flows.

 

Year Ended December 31, 2020

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Net (loss) income

$

(280,491

)

 

$

(7,486

)

 

$

(287,977

)

Change in fair value of warrant liabilities

$

-

 

 

$

6,100

 

 

$

6,100

 

Warrants issuance costs

$

-

 

 

$

1,386

 

 

$

1,386

 

Net cash provided by (used in) financing activities

$

(36,550

)

 

$

-

 

 

$

(36,550

)

 

 

March 20, 2019 to December 31, 1019

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Net (loss) income

$

(12,235

)

 

$

(19,700

)

 

$

(31,935

)

Change in fair value of warrant liabilities

$

-

 

 

$

19,700

 

 

$

19,700

 

Net cash provided by (used in) financing activities

$

(3,174

)

 

$

-

 

 

$

(3,174

)

The following represents the reconciliation of our unaudited interim Condensed Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income for the three-months ended March 31, June 30, September 30, and December 31, 2020.

 

 

 

Three months ended March 31, 2020

 

 

Three months ended June 30, 2020

 

 

Three months ended September 30, 2020

 

 

Three months ended December 31, 2020

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated and Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and warrant issuance costs

$

(3,743

)

 

$

-

 

 

$

(3,743

)

 

$

(4,001

)

 

$

(1,386

)

 

$

(5,387

)

 

$

(3,483

)

 

$

-

 

 

$

(3,483

)

 

$

(3,476

)

 

$

-

 

 

$

(3,476

)

Change in fair value of warrant liabilities

$

-

 

 

$

50,300

 

 

$

50,300

 

 

$

-

 

 

$

12,100

 

 

$

12,100

 

 

$

-

 

 

$

(25,100

)

 

$

(25,100

)

 

$

-

 

 

$

(43,400

)

 

$

(43,400

)

Total other expense, net

$

(3,743

)

 

$

50,300

 

 

$

46,557

 

 

$

(4,001

)

 

$

10,714

 

 

$

6,713

 

 

$

(3,464

)

 

$

(25,100

)

 

$

(28,564

)

 

$

(3,465

)

 

$

(43,400

)

 

$

(46,865

)

(Loss) income before income tax expense (benefit)

$

(196,889

)

 

$

50,300

 

 

$

(146,589

)

 

$

(31,422

)

 

$

10,714

 

 

$

(20,708

)

 

$

(22,835

)

 

$

(25,100

)

 

$

(47,935

)

 

$

(28,531

)

 

$

(43,400

)

 

$

(71,931

)

Net (loss) income

$

(198,662

)

 

$

50,300

 

 

$

(148,362

)

 

$

(31,407

)

 

$

10,714

 

 

$

(20,693

)

 

$

(22,447

)

 

$

(25,100

)

 

$

(47,547

)

 

$

(27,975

)

 

$

(43,400

)

 

$

(71,375

)

Comprehensive (loss) income

$

(205,148

)

 

$

50,300

 

 

$

(154,848

)

 

$

(31,909

)

 

$

10,714

 

 

$

(21,195

)

 

$

(21,965

)

 

$

(25,100

)

 

$

(47,065

)

 

$

(27,663

)

 

$

(43,400

)

 

$

(71,063

)

Net loss per voting and non-voting share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

$

(3.25

)

 

$

0.82

 

 

$

(2.43

)

 

$

(0.48

)

 

$

0.16

 

 

$

(0.31

)

 

$

(0.26

)

 

$

(0.30

)

 

$

(0.56

)

 

$

(0.33

)

 

$

(0.51

)

 

$

(0.84

)

  Diluted

$

(3.25

)

 

$

0.02

 

 

$

(3.23

)

 

$

(0.48

)

 

$

0.16

 

 

$

(0.31

)

 

$

(0.26

)

 

$

(0.30

)

 

$

(0.56

)

 

$

(0.33

)

 

$

(0.51

)

 

$

(0.84

)

 

 

 

The following the reconciliation of our unaudited interim Condensed Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income for the period from March 20, 2019 to March 31, 2019, and for the three-months ended June 30, September 30, and December 31, 2019.

 

 

March 20, 2019 to March 31, 2019

 

 

Three months ended June 30, 2019

 

 

Three months ended September 30, 2019

 

 

Three months ended December 31, 2019

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated and Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

$

-

 

 

$

(7,700

)

 

$

(7,700

)

 

$

-

 

 

$

(3,600

)

 

$

(3,600

)

 

$

-

 

 

$

600

 

 

$

600

 

 

$

-

 

 

$

(9,000

)

 

$

(9,000

)

Total other expense, net

$

(557

)

 

$

(7,700

)

 

$

(8,257

)

 

$

(4,271

)

 

$

(3,600

)

 

$

(7,871

)

 

$

(4,571

)

 

$

600

 

 

$

(3,971

)

 

$

(4,080

)

 

$

(9,000

)

 

$

(13,080

)

(Loss) income before income tax expense (benefit)

$

(21,833

)

 

$

(7,700

)

 

$

(29,533

)

 

$

3,827

 

 

$

(3,600

)

 

$

227

 

 

$

3,767

 

 

$

600

 

 

$

4,367

 

 

$

1,884

 

 

$

(9,000

)

 

$

(7,116

)

Net (loss) income

$

(22,579

)

 

$

(7,700

)

 

$

(30,279

)

 

$

4,559

 

 

$

(3,600

)

 

$

959

 

 

$

3,670

 

 

$

600

 

 

$

4,270

 

 

$

2,115

 

 

$

(9,000

)

 

$

(6,885

)

Net (loss) income attributable to common shareholders and Parent, respectively

$

(22,683

)

 

$

(7,700

)

 

$

(30,383

)

 

$

3,609

 

 

$

(3,600

)

 

$

9

 

 

$

2,362

 

 

$

600

 

 

$

2,962

 

 

$

1,143

 

 

$

(9,000

)

 

$

(7,857

)

Comprehensive (loss) income attributable to common shareholders and Parent

$

(23,508

)

 

$

(7,700

)

 

$

(31,208

)

 

$

3,479

 

 

$

(3,600

)

 

$

(121

)

 

$

2,422

 

 

$

600

 

 

$

3,022

 

 

$

2,757

 

 

$

(9,000

)

 

$

(6,243

)

Net loss per voting and non-voting share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.37

)

 

$

(0.13

)

 

$

(0.50

)

 

$

0.06

 

 

$

(0.06

)

 

$

0.00

 

 

$

0.04

 

 

$

0.01

 

 

$

0.05

 

 

$

0.02

 

 

$

(0.15

)

 

$

(0.13

)

Diluted

$

(0.37

)

 

$

(0.13

)

 

$

(0.50

)

 

$

0.05

 

 

$

(0.05

)

 

$

0.00

 

 

$

0.03

 

 

$

0.01

 

 

$

0.04

 

 

$

0.02

 

 

$

(0.15

)

 

$

(0.13

)

 

 

The following represents the reconciliation of our unaudited interim Condensed Consolidated Statements of Operations and our Condensed Consolidated Statements of Comprehensive Income for the six and nine-months ended June 30, 2020 and September 30, 2020, and for the periods from March 20, 2019 to June 30, 2019 and from March 20, 2019 to September 30, 2019.

 

 

 

Six months ended June 30, 2020

 

 

Nine months ended September 30, 2020

 

 

March 20, 2019 to June 30, 2019

 

 

March 20, 2019 to September 30, 2019

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated and Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and warrant issuance costs

$

(7,744

)

 

$

(1,386

)

 

$

(9,130

)

 

$

(11,227

)

 

$

(1,386

)

 

$

(12,613

)

 

$

(4,828

)

 

$

-

 

 

$

(4,828

)

 

$

(11,227

)

 

$

-

 

 

$

(11,227

)

Change in fair value of warrant liabilities

$

-

 

 

$

62,400

 

 

$

62,400

 

 

$

-

 

 

$

37,300

 

 

$

37,300

 

 

$

-

 

 

$

(11,300

)

 

$

(11,300

)

 

$

-

 

 

$

(10,700

)

 

$

(10,700

)

Total other expense, net

$

(7,744

)

 

$

61,014

 

 

$

53,270

 

 

$

(11,208

)

 

$

35,914

 

 

$

24,706

 

 

$

(4,828

)

 

$

(11,300

)

 

$

(16,128

)

 

$

(9,399

)

 

$

(10,700

)

 

$

(20,099

)

(Loss) income before income tax expense (benefit)

$

(228,311

)

 

$

61,014

 

 

$

(167,297

)

 

$

(251,146

)

 

$

35,914

 

 

$

(215,232

)

 

$

(18,006

)

 

$

(11,300

)

 

$

(29,306

)

 

$

(14,239

)

 

$

(10,700

)

 

$

(24,939

)

Net (loss) income

$

(230,069

)

 

$

61,014

 

 

$

(169,055

)

 

$

(252,516

)

 

$

35,914

 

 

$

(216,602

)

 

$

(18,020

)

 

$

(11,300

)

 

$

(29,320

)

 

$

(14,350

)

 

$

(10,700

)

 

$

(25,050

)

Net (loss) income attributable to common shareholders and Parent, respectively

$

(230,069

)

 

$

61,014

 

 

$

(169,055

)

 

$

(252,516

)

 

$

35,914

 

 

$

(216,602

)

 

$

(19,074

)

 

$

(11,300

)

 

$

(30,374

)

 

$

(16,712

)

 

$

(10,700

)

 

$

(27,412

)

Comprehensive (loss) income attributable to common shareholders and Parent

$

(237,057

)

 

$

61,014

 

 

$

(176,043

)

 

$

(259,022

)

 

$

35,914

 

 

$

(223,108

)

 

$

(20,029

)

 

$

(11,300

)

 

$

(31,329

)

 

$

(17,043

)

 

$

(10,700

)

 

$

(27,743

)

Net loss per voting and non-voting share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

$

(3.62

)

 

$

0.96

 

 

$

(2.66

)

 

$

(3.57

)

 

$

0.51

 

 

$

(3.06

)

 

$

(0.31

)

 

$

(0.18

)

 

$

(0.50

)

 

$

(0.27

)

 

$

(0.18

)

 

$

(0.45

)

  Diluted

$

(3.62

)

 

$

0.96

 

 

$

(2.66

)

 

$

(3.57

)

 

$

0.51

 

 

$

(3.06

)

 

$

(0.31

)

 

$

(0.18

)

 

$

(0.50

)

 

$

(0.27

)

 

$

(0.18

)

 

$

(0.45

)

 

The following represents the reconciliation of our unaudited interim Condensed Consolidated Balance Sheets as of March 31, June 30, and September 30, 2020:

 

 

As of September 30, 2020

 

 

As of June 30, 2020

 

 

As of March 31, 2020

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

$

-

 

 

$

61,300

 

 

$

61,300

 

 

$

-

 

 

$

36,200

 

 

$

36,200

 

 

$

-

 

 

$

5,600

 

 

$

5,600

 

Total liabilities

$

277,516

 

 

$

61,300

 

 

$

338,816

 

 

$

283,219

 

 

$

36,200

 

 

$

319,419

 

 

$

293,882

 

 

$

5,600

 

 

$

299,482

 

Additional paid-in-capital

$

713,622

 

 

$

(78,900

)

 

$

634,722

 

 

$

712,512

 

 

$

(78,900

)

 

$

633,612

 

 

$

643,489

 

 

$

(36,200

)

 

$

607,289

 

Accumulated deficit

$

(268,085

)

 

$

17,600

 

 

$

(250,485

)

 

$

(245,638

)

 

$

42,700

 

 

$

(202,938

)

 

$

(214,231

)

 

$

30,600

 

 

$

(183,631

)

Total  OneSpaWorld shareholders' equity

$

439,759

 

 

$

(61,300

)

 

$

378,459

 

 

$

460,614

 

 

$

(36,200

)

 

$

424,414

 

 

$

423,497

 

 

$

(5,600

)

 

$

417,897

 

Total shareholders' equity

$

439,759

 

 

$

(61,300

)

 

$

378,459

 

 

$

460,614

 

 

$

(36,200

)

 

$

424,414

 

 

$

423,497

 

 

$

(5,600

)

 

$

417,897

 

 

The following represents the reconciliation of our unaudited interim Condensed Consolidated Balance Sheets as of March 31, June 30, and September 30, 2019:

 

As of September 30, 2019

 

 

As of June 30, 2019

 

 

As of March 31, 2019

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

 

As Reported

 

 

Restatement Impact

 

 

As Restated

 

Warrant liabilities

$

-

 

 

$

46,900

 

 

$

46,900

 

 

$

-

 

 

$

47,500

 

 

$

47,500

 

 

$

-

 

 

$

43,900

 

 

$

43,900

 

Total liabilities

$

269,617

 

 

$

46,900

 

 

$

316,517

 

 

$

282,227

 

 

$

47,500

 

 

$

329,727

 

 

$

286,635

 

 

$

43,900

 

 

$

330,535

 

Additional paid-in-capital

$

655,335

 

 

$

(36,200

)

 

$

619,135

 

 

$

655,210

 

 

$

(36,200

)

 

$

619,010

 

 

$

655,210

 

 

$

(36,200

)

 

$

619,010

 

Accumulated deficit

$

(16,712

)

 

$

(10,700

)

 

$

(27,412

)

 

$

(19,074

)

 

$

(11,300

)

 

$

(30,374

)

 

$

(22,683

)

 

$

(7,700

)

 

$

(30,383

)

Total  OneSpaWorld shareholders' equity

$

638,298

 

 

$

(46,900

)

 

$

591,398

 

 

$

635,751

 

 

$

(47,500

)

 

$

588,251

 

 

$

632,272

 

 

$

(43,900

)

 

$

588,372

 

Total Equity (deficit)

$

646,284

 

 

$

(46,900

)

 

$

599,384

 

 

$

642,429

 

 

$

(47,500

)

 

$

594,929

 

 

$

638,000

 

 

$

(43,900

)

 

$

594,100

 
Summary of Reconciles Cash, Cash Equivalents and Restricted Cash

These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated balance sheet as of December 31, 2020 to the total amount presented in our consolidated statements of cash flows for year ended December 31, 2020 (in thousands):

 

Cash and cash equivalents

 

$

41,552

 

Restricted cash

 

 

1,896

 

Total cash and restricted cash in the consolidated statement of cash flows

 

$

43,448

 
Summary of Loss per Basic and Diluted Share Calculation

The following table provides details underlying OneSpaWorld’s loss per basic and diluted share calculation (in thousands, except per share data):

 

Successor (as restated)

 

 

Year Ended December 31, 2020

 

 

March 20, 2019 to December 31, 2019

 

Numerator:

 

 

 

 

 

 

 

Net loss attributable to OneSpaWorld (a)

$

(287,977

)

 

$

(35,269

)

Denominator:

 

 

 

 

 

 

 

Weighted average shares issued and outstanding - basic

 

74,359

 

 

 

61,118

 

Weighted average shares issued and outstanding - diluted (b)

 

74,359

 

 

 

61,118

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

Basic

$

(3.87

)

 

$

(0.58

)

Diluted

$

(3.87

)

 

$

(0.58

)

(a) Calculated as total net loss less amounts attributable to noncontrolling interest.

(b) Potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period. Consequently, the Company did not have any adjustments in this period between basic and diluted loss per share related to stock options, warrants, deferred shares and restricted stock.
Schedule of Weighted-Average Number of Antidilutive Potential Common Shares

The table below presents the weighted-average number of antidilutive potential common shares that are not considered in the calculation of diluted loss per share for the year ended December 31, 2020 and for the period from March 20, 2019 to December 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

Year Ended December 31, 2020

 

 

March 20, 2019 to December 31, 2019

 

Common share warrants (a)

 

26,974

 

 

 

24,500

 

Deferred shares

 

3,840

 

 

 

6,600

 

Employee stock options

 

4,376

 

 

 

4,455

 

Restricted stock units

 

702

 

 

 

33

 

Performance stock units

 

589

 

 

 

-

 

 

 

36,481

 

 

 

35,588

 

 

 

 

 

 

 

 

 

 

(a)

Includes all Public, Sponsor and 2020 PIPE Warrants.
Summary of Allowance for Doubtful Accounts

Rollforward of allowance for doubtful accounts for the year ended December 31, 2020 (Successor) is as follows:

 

Beginning balance

$

(10

)

Provision for doubtful accounts

 

(172

)

Write-offs

138

 

Ending balance

$

(44

)