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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the three months ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-38843

 

OneSpaWorld Holdings Limited

(Exact name of Registrant as Specified in its Charter)

 

 

Commonwealth of The Bahamas

 

Not Applicable

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

Shirley House

253 Shirley Street

P.O. Box N-624

Nassau, The Bahamas

 

Not Applicable

(Address of principal executive offices)

 

(Zip Code)

(242) 356-0006

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Shares, par value (U.S.)
$0.0001 per share

 

OSW

 

The Nasdaq
Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-Accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of June 30, 2021, the registrant had 73,289,914 voting shares and 17,185,500 non-voting shares of common stock issued and outstanding.

 

 

 

 


Table of Contents

 

 

OneSpaWorld Holdings Limited

Table of Contents

 

 

 

Page

PART I - FINANCIAL INFORMATION

 

1

 

 

 

 

 

Item 1.

 

Unaudited Financial Statements

 

1

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

22

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

31

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

31

 

 

 

 

 

PART II - OTHER INFORMATION

 

33

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

33

 

 

 

 

 

Item 1A.

 

Risk Factors

 

33

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

36

 

 

 

 

 

Item 5.

 

Other Information

 

36

 

 

 

 

 

Item 6.

 

Exhibits

 

36

 

 

i


Table of Contents

 

 

PART I - FINANCIAL INFORMATION

Item 1.

Unaudited Financial Statements

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

June 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

  Cash and cash equivalents

 

$

39,899

 

 

$

41,552

 

  Restricted cash

 

 

1,896

 

 

 

1,896

 

  Accounts receivable, net

 

 

4,138

 

 

 

2,994

 

  Inventories

 

 

26,659

 

 

 

27,200

 

  Prepaid expenses

 

 

7,447

 

 

 

6,950

 

  Other current assets

 

 

997

 

 

 

1,590

 

  Total current assets

 

 

81,036

 

 

 

82,182

 

Property and equipment, net

 

 

14,586

 

 

 

17,056

 

Intangible assets, net

 

 

590,702

 

 

 

599,114

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

  Deferred tax assets

 

 

98

 

 

 

98

 

  Other non-current assets

 

 

3,673

 

 

 

3,829

 

  Total other assets

 

 

3,771

 

 

 

3,927

 

  Total assets

 

$

690,095

 

 

$

702,279

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,610

 

 

$

8,601

 

Accrued expenses

 

 

32,838

 

 

 

25,761

 

Current portion of long-term debt

 

 

734

 

 

 

 

Other current liabilities

 

 

2,539

 

 

 

2,713

 

  Total current liabilities

 

 

43,721

 

 

 

37,075

 

Deferred rent

 

 

336

 

 

 

283

 

Income tax contingency

 

 

4,289

 

 

 

4,392

 

Warrant liabilities

 

 

107,300

 

 

 

104,700

 

Other long-term liabilities

 

 

4,038

 

 

 

5,568

 

Long-term debt, net

 

 

229,212

 

 

 

229,433

 

  Total liabilities

 

 

388,896

 

 

 

381,451

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

Voting common stock, $0.0001 par value; 225,000,000 shares authorized, 73,289,914 issued and outstanding at June 30, 2021 and 69,292,596 shares issued and outstanding at December 31, 2020

 

 

7

 

 

 

7

 

Non-voting common stock, $0.0001 par value; 25,000,000 shares authorized, 17,185,500 shares issued and outstanding, at both June 30, 2021 and December 31, 2020

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

673,375

 

 

 

649,540

 

Accumulated deficit

 

 

(368,509

)

 

 

(323,246

)

Accumulated other comprehensive loss

 

 

(3,676

)

 

 

(5,475

)

Total shareholders' equity

 

 

301,199

 

 

 

320,828

 

Total liabilities and shareholders' equity

 

$

690,095

 

 

$

702,279

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

1


Table of Contents

 

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020 (as restated)

 

 

2021

 

 

2020 (as restated)

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues

 

$

7,648

 

 

$

214

 

 

$

12,252

 

 

$

89,787

 

Product revenues

 

 

1,507

 

 

 

784

 

 

 

2,493

 

 

 

25,518

 

Total revenues

 

 

9,155

 

 

 

998

 

 

 

14,745

 

 

 

115,305

 

COST OF REVENUES AND OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

9,561

 

 

 

12,559

 

 

 

17,045

 

 

 

93,138

 

Cost of products

 

 

1,504

 

 

 

1,623

 

 

 

2,799

 

 

 

23,759

 

Administrative

 

 

4,862

 

 

 

4,940

 

 

 

8,706

 

 

 

9,523

 

Salary and payroll taxes

 

 

5,988

 

 

 

5,091

 

 

 

13,640

 

 

 

10,263

 

Amortization of intangible assets

 

 

4,206

 

 

 

4,206

 

 

 

8,412

 

 

 

8,412

 

Goodwill and tradename intangible assets impairment

 

 

 

 

 

 

 

 

 

 

 

190,777

 

Total cost of revenues and operating expenses

 

 

26,121

 

 

 

28,419

 

 

 

50,602

 

 

 

335,872

 

Loss from operations

 

 

(16,966

)

 

 

(27,421

)

 

 

(35,857

)

 

 

(220,567

)

OTHER INCOME (EXPENSE), NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and warrants issuance cost

 

 

(3,412

)

 

 

(5,387

)

 

 

(6,763

)

 

 

(9,130

)

Change in fair value of warrant liabilities

 

 

20,700

 

 

 

12,100

 

 

 

(2,600

)

 

 

62,400

 

Total other income (expense), net

 

 

17,288

 

 

 

6,713

 

 

 

(9,363

)

 

 

53,270

 

Income (loss) before income tax expense (benefit)

 

 

322

 

 

 

(20,708

)

 

 

(45,220

)

 

 

(167,297

)

INCOME TAX EXPENSE (BENEFIT)

 

 

17

 

 

 

(15

)

 

 

43

 

 

 

1,758

 

NET INCOME (LOSS)

 

$

305

 

 

$

(20,693

)

 

$

(45,263

)

 

$

(169,055

)

NET INCOME (LOSS) PER VOTING AND NON-VOTING SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

(0.31

)

 

$

(0.51

)

 

$

(2.66

)

Diluted

 

$

(0.04

)

 

$

(0.31

)

 

$

(0.51

)

 

$

(2.66

)

WEIGHTED-AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

90,563

 

 

 

65,916

 

 

 

88,903

 

 

 

63,543

 

Diluted

 

 

92,932

 

 

 

65,916

 

 

 

88,903

 

 

 

63,543

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

2


Table of Contents

 

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020 (as restated)

 

 

2021

 

 

2020 (as restated)

 

Net income (loss)

$

305

 

 

$

(20,693

)

 

$

(45,263

)

 

$

(169,055

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

2

 

 

 

188

 

 

 

114

 

 

 

(304

)

Cash flows hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on derivative

 

(194

)

 

 

(1,098

)

 

 

705

 

 

 

(7,054

)

Amount realized and reclassified into earnings

 

487

 

 

 

408

 

 

 

980

 

 

 

370

 

Total other comprehensive income (loss) net of tax

 

295

 

 

 

(502

)

 

 

1,799

 

 

 

(6,988

)

Total comprehensive income (loss)

$

600

 

 

$

(21,195

)

 

$

(43,464

)

 

$

(176,043

)

The accompanying notes are an integral part of the condensed consolidated financial statements.

3


Table of Contents

 

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

 

Issued Common Voting Shares

 

 

Issued Common Non-Voting Shares

 

 

Voting and Non-Voting Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders’ Equity

 

BALANCE, March 31, 2021

 

 

73,282

 

 

 

17,186

 

 

$

9

 

 

$

671,646

 

 

$

(3,971

)

 

$

(368,814

)

 

$

298,870

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

305

 

 

 

305

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

 

 

 

1,729

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Unrecognized gain on derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293

 

 

 

 

 

 

293

 

Common shares issued under equity incentive plan

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, June 30, 2021

 

 

73,290

 

 

 

17,186

 

 

$

9

 

 

$

673,375

 

 

$

(3,676

)

 

$

(368,509

)

 

$

301,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

Issued Common Voting Shares

 

 

Issued Common Non-Voting Shares

 

 

Voting and Non-Voting Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders’ Equity

 

BALANCE, December 31, 2020

 

 

69,292

 

 

 

17,186

 

 

$

9

 

 

$

649,540

 

 

$

(5,475

)

 

$

(323,246

)

 

$

320,828

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,263

)

 

 

(45,263

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

5,360

 

 

 

 

 

 

 

 

 

5,360

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

114

 

Unrecognized gain on derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

1,685

 

At-The Market Equity Offering, net of issuance cost

 

 

1,712

 

 

 

 

 

 

 

 

 

18,475

 

 

 

 

 

 

 

 

 

18,475

 

Common shares issued under equity incentive plan

 

 

681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of deferred shares into common shares

 

 

1,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of public warrants into common shares

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, June 30, 2021

 

 

73,290

 

 

 

17,186

 

 

$

9

 

 

$

673,375

 

 

$

(3,676

)

 

$

(368,509

)

 

$

301,199

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020 (as restated)

 

 

 

 

 

Issued Common Voting Shares

 

 

Issued Common Non-Voting Shares

 

 

Voting and Non-Voting Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total  Shareholders’ Equity

 

 

 

BALANCE, March 31, 2020

 

 

61,218

 

 

$

 

 

$

6

 

 

$

607,289

 

 

$

(5,767

)

 

$

(183,631

)

 

$

417,897

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,693

)

 

 

(20,693

)

 

 

2020 Private Placement, net of

issuance costs

 

 

6,564

 

 

 

17,186

 

 

 

3

 

 

 

53,785