OneSpaWorld Holdings Limited (OSW) 10-K 21 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Document and Entity Information [Line Items]
Document Type	10-K
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	OneSpaWorld Holdings Limited
Entity Central Index Key	0001758488
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		104,667,247
Entity Public Float			$ 1,550,948,121
Entity Tax Identification Number	00-0000000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity File Number	001-38843
Entity Incorporation, State or Country Code	C5
Entity Address, Address Line One	Office Number 2
Entity Address, Address Line Two	Pineapple Business ParkAirport Industrial Park
Entity Address, City or Town	Nassau
Entity Address, Country	BS
Entity Address, Address Line Three	P.O. Box N-624
Entity Address, Postal Zip Code	00000
City Area Code	242
Local Phone Number	322-2670
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Miami, Florida
Title of 12(b) Security	Common Shares, par value (U.S.) $0.0001 per share
Trading Symbol	OSW
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The registrant’s Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of OneSpaWorld Holdings Limited and subsidiaries(the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years in the period ended December 31, 2024 and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 21, 2025 expressed an unqualified opinion thereon.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 57,439	$ 27,704
Restricted cash	1,198	1,198
Accounts receivable, net	46,264	40,784
Inventories, net	46,748	47,504
Prepaid expenses	3,849	3,172
Other current assets	6,007	6,360
Total current assets	161,505	126,722
Property and equipment, net	17,678	15,006
Operating lease right-of-use assets, net	13,898	12,132
Intangible assets, net	530,032	546,968
OTHER ASSETS:
Deferred tax assets	1,233	2,340
Other non-current assets	22,077	2,972
Total other assets	23,310	5,312
Total assets	746,423	706,140
LIABILITIES:
Accounts payable	29,748	31,705
Accrued expenses	41,218	45,991
Current portion of operating leases	2,555	2,264
Current portion of long-term debt	5,000
Other current liabilities	884	899
Total current liabilities	79,405	80,859
Warrant liabilities		20,400
Other long-term liabilities	7,333	2,449
Long-term operating leases	11,631	10,156
Long-term debt, net	93,557	158,207
Total liabilities	191,926	272,071
Commitments and contingencies (Note 13)
Common stock:
Additional paid-in capital	833,979	777,062
Accumulated deficit	(279,889)	(344,458)
Accumulated other comprehensive income	397	1,455
Total shareholders' equity	554,497	434,069
Total liabilities and shareholders' equity	746,423	706,140
Voting Common Stock [Member]
Common stock:
Common stock	$ 10	$ 10

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Voting Common Stock [Member] - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	104,551,189	99,734,672
Common stock, shares outstanding	104,551,189	99,734,672

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Revenues		$ 895,019	$ 794,045	$ 546,259
COST OF REVENUES AND OPERATING EXPENSES
Administrative		18,827	17,111	15,777
Salary, benefits and payroll taxes		35,630	36,805	35,830
Amortization of intangible assets		16,571	16,823	16,823
Long-lived assets impairment		376	2,129
Total cost of revenues and operating expenses		816,959	739,873	531,121
Income from operations		78,060	54,172	15,138
OTHER (EXPENSE) INCOME, NET
Interest expense		(10,048)	(21,395)	(15,755)
Interest income		1,167	280
Change in fair value of warrant liabilities		7,677	(37,557)	54,400
Total other (expense) income , net		(1,204)	(58,672)	38,645
Income (loss) before income tax expense (benefit)		76,856	(4,500)	53,783
INCOME TAX EXPENSE (BENEFIT)		3,992	(1,526)	624
NET INCOME (LOSS)		$ 72,864	$ (2,974)	$ 53,159
NET INCOME (LOSS) PER VOTING AND NON-VOTING SHARE
Basic		$ 0.7	$ (0.03)	$ 0.57
Diluted		$ 0.69	$ (0.03)	$ 0.49
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic		104,024	97,826	92,507
Diluted	[1]	104,940	97,826	95,105
Service [Member]
REVENUES
Revenues		$ 723,273	$ 648,091	$ 446,518
COST OF REVENUES AND OPERATING EXPENSES
Cost of Revenue		599,756	541,356	375,136
Product [Member]
REVENUES
Revenues		171,746	145,954	99,741
COST OF REVENUES AND OPERATING EXPENSES
Cost of Revenue		$ 145,799	$ 125,649	$ 87,555
[1] During the years ended December 31, 2023, potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period and the effect of the change in the fair value of warrants was antidilutive. 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.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ 72,864	$ (2,974)	$ 53,159
Other comprehensive (income) loss, net of tax:
Foreign currency translation adjustment	(51)	312	(556)
Net unrealized gain on derivative	2,065	834	6,536
Amount realized and reclassified into earnings	(3,072)	(3,488)	(186)
Total other comprehensive (loss) income, net of tax	(1,058)	(2,342)	5,794
Total Comprehensive income (loss)	$ 71,806	$ (5,316)	$ 58,953

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member] Voting Common Stock [Member]	Common Stock [Member] Non-Voting Common Stock [Member]	Common Stock [Member] Voting and Non-Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
BALANCE at Dec. 31, 2021	$ 293,904			$ 9	$ 687,660	$ (1,997)	$ (391,768)
BALANCE (In Shares) at Dec. 31, 2021		78,423	13,422
Net income (loss)	53,159						53,159
Stock-based compensation	12,893				12,893
Foreign currency translation adjustment	(556)					(556)
Unrecognized gain (loss) on derivatives	6,350					6,350
Proceeds from 2021 exercise of public warrants	59				59
Common shares issued under equity incentive plan, Shares		1,121
BALANCE at Dec. 31, 2022	365,809			9	700,612	3,797	(338,609)
BALANCE (In Shares) at Dec. 31, 2022		79,544	13,422
Net income (loss)	(2,974)						(2,974)
Stock-based compensation	10,138				10,138
Foreign currency translation adjustment	312					312
Repurchase and retirement of common shares, Value	(9,042)				(6,167)		(2,875)
Repurchase and retirement of common shares, Shares		(789)
Unrecognized gain (loss) on derivatives	(2,654)					(2,654)
Exchange of warrants into common shares	45,261			1	45,260
Exchange of warrants into common shares, Shares		3,854
Exercise of warrants	2,849				2,849
Exercise of warrants, Shares		212
Cashless exercise of warrants	24,370				24,370
Cashless exercise of warrants, Shares		84	2,123
Common shares issued under equity incentive plan, Shares		1,285
Conversion of non-voting common shares into voting common shares (In Shares)		15,545	(15,545)
BALANCE at Dec. 31, 2023	434,069			10	777,062	1,455	(344,458)
BALANCE (In Shares) at Dec. 31, 2023		99,735
Net income (loss)	72,864						72,864
Stock-based compensation	9,071				9,071
Foreign currency translation adjustment	(51)					(51)
Repurchase and retirement of common shares, Value	(18,988)				(10,693)		(8,295)
Repurchase and retirement of common shares, Shares		(1,351)
Unrecognized gain (loss) on derivatives	(1,007)					(1,007)
Accrued dividends cancelled on common stock	2,449				2,449
Exercise of Sponsor and Public Warrants	57,628				57,628
Exercise of Sponsor and Public Warrants (In Shares)		4,503
Cashless exercise of warrants	6,793				6,793
Cashless exercise of warrants, Shares		497
Dividends	(8,331)				(8,331)
Common shares issued under equity incentive plan, Shares		1,167
BALANCE at Dec. 31, 2024	$ 554,497			$ 10	$ 833,979	$ 397	$ (279,889)
BALANCE (In Shares) at Dec. 31, 2024		104,551

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Proceeds from exercise of warrants	$ 51,698	$ 2,426	$ 59
Cashless exercise of Warrants/ 2020 PIPE Warrants	6,793	24,370
Additional Paid-in Capital [Member]
Cashless exercise of Warrants/ 2020 PIPE Warrants	6,793	$ 24,370
Sponsor and Public Warrants [Member]
Proceeds from exercise of warrants	$ 51,700

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 72,864	$ (2,974)	$ 53,159
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	24,276	22,040	22,353
Long-lived assets impairment	376	2,129
Stock-based compensation	9,071	10,138	12,893
Amortization of deferred financing costs	782	1,463	1,103
Income tax benefit from change in reserve of uncertain tax positions		(3,440)
Losses on early extinguishment of debt	735
Change in fair value of warrant liabilities	(7,677)	37,557	(54,400)
Provision for doubtful accounts	18	59	18
Loss from write-offs of property and equipment	119	14	10
Deferred income taxes	1,137	(2,092)	(181)
Changes in:
Accounts receivable. net	(5,498)	(7,285)	(14,096)
Inventories, net	756	(7,669)	(10,352)
Prepaid expenses	(677)	3,440	(510)
Other current assets	(1,396)	(2,953)	(460)
Other non-current assets	(22,096)	(434)	55
Accounts payable	(1,957)	7,581	8,278
Accrued expenses	647	5,992	6,567
Other current liabilities	(15)	(238)	242
Other long-term liabilities	7,333
Income tax contingency			17
Noncash lease expense		48	67
Net cash provided by operating activities	78,798	63,376	24,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,743)	(5,415)	(4,825)
Net cash used in investing activities	(6,743)	(5,415)	(4,825)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants	51,698	2,426	59
Repurchase of common shares	(18,988)	(9,042)
Proceeds from term loan facility	100,000
Repayment on first and second lien term loan facilities	(159,639)	(56,042)	(18,776)
Payment of deleveraging fee on first lien term loan facilities	(5,420)
Dividends	(8,331)
Payment of deferred financing costs	(1,528)
Net cash used in financing activities	(42,208)	(62,658)	(18,717)
Effect of exchange rate changes on cash	(112)	337	(792)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,735	(4,360)	429
Cash, cash equivalents and restricted cash, Beginning of period	28,902	33,262	32,833
Cash, cash equivalents and restricted cash, End of period	58,637	28,902	33,262
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes	3,260	4,716	434
Interest	11,366	21,343	$ 14,008
Non-cash financing transactions:
Exchange of warrants into common shares		45,261
Cashless exercise of warrants	6,793	$ 24,370
Accrued dividends cancelled on common stock	$ 2,449

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We manage cybersecurity risks as part of our oversight, evaluation, and mitigation of enterprise-level risks. We have based our cybersecurity program on defined industry accepted frameworks with the goal of building enterprise resilience against an evolving cybersecurity threat landscape and to respond to cybersecurity threats as they materialize. Our program includes identification, assessment, monitoring, and management components, as well as informational and escalation components designed to inform management and the Board of prospective risks and developments. Our information security program encompasses functions dedicated to both proactive and reactive management of cybersecurity threats. We implement our cybersecurity program internally through maintaining cybersecurity policies; deploying updated security technologies; and using third-party services and consultants to support and improve our cybersecurity program. Our proactive management of cybersecurity risks entails many actions, including actively monitoring our information technology systems; engaging service providers to monitor and, as appropriate, respond to cybersecurity threats; developing and updating incident response plans to address potential cybersecurity threats; and training our personnel on cybersecurity. We regularly engage third-party auditors and consultants and leverage our internal information security, audit, and compliance functions to assess various facets of our cybersecurity program. We also maintain enterprise-wide processes to oversee and identify risks from cybersecurity threats associated with our use of third-party service providers. We assess cybersecurity contingencies within our overall business continuity risk management planning process. Our information technology and information security teams utilize various technology tools to prevent, monitor, detect, and respond to cybersecurity threats. Our incident response policy outlines processes, roles, responsibilities, notifications, and other communications applicable to the assessment, mitigation, and remediation of realized cybersecurity events. The nature and scope of assessed risk of a realized cybersecurity event dictates the pace and extent of relevant processes, and communications, including an evaluation of any necessary or required disclosure. Depending on its nature and scope, a cybersecurity threat may be managed within our Information Security Operations Committee (ISOC), responsible for day-to-day management of cybersecurity risks, and escalated to our executive management team, the Audit Committee, and the Board, as appropriate. We have not historically been materially impacted by risks from cybersecurity threats. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, the breadth and scope of cybersecurity threats have grown over time and our systems and networks may be the target of increasingly sophisticated cyberattacks. For more information on our cybersecurity risks and their potential impact to our business, see Item 1A, “Risk Factors—Risks related to our Business—We May Be Exposed to the Threat of Cyber Attacks and/or Data Breaches, which Could Cause Business Disruptions and Loss.”
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management, under the supervision of our Chief Financial Officer (CFO), is directly responsible for assessing and managing cybersecurity risks and otherwise implementing our cybersecurity program. The CFO reports directly to the Executive Chairman. Our CFO regularly updates our Audit Committee and Board on cybersecurity matters. In addition to providing regular updates to our Audit Committee and Board, the CFO is a member of the ISOC. The ISOC is also composed of leadership from a variety of functions, including information technology, information security, audit, compliance, finance and legal (when needed), to assess and manage cybersecurity developments and risks and our internal programs. Our Chief Information Officer (“CIO”) has over 25 years’ experience in information technology, including cybersecurity, and is supplemented by our Information Security and Compliance Manager, who also has over 25 years of experience in audit, compliance and cybersecurity, and maintains Certified Information Systems Auditor and Certified in Risk and Information Systems Control professional certifications. In addition to the ISOC, the CFO may call upon other business and legal stakeholders across our company to help manage cybersecurity threats and incidents. Our Audit Committee is responsible for oversight of our programs, policies, procedures, and risk management activities related to information security and data protection. The Audit Committee meets regularly with the CFO and CIO to discuss threats, risks, and ongoing efforts to enhance cyber resiliency, as well as changes to the broader cybersecurity landscape. Our Board also periodically participates in presentations on cybersecurity and information technology from internal leadership and external advisors. In addition to regular presentations, management promptly updates our Audit Committee and Board regarding significant threats and incidents as they arise.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for oversight of our programs, policies, procedures, and risk management activities related to information security and data protection.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee meets regularly with the CFO and CIO to discuss threats, risks, and ongoing efforts to enhance cyber resiliency, as well as changes to the broader cybersecurity landscape. Our Board also periodically participates in presentations on cybersecurity and information technology from internal leadership and external advisors. In addition to regular presentations, management promptly updates our Audit Committee and Board regarding significant threats and incidents as they arise.
Cybersecurity Risk Role of Management [Text Block]	Management, under the supervision of our Chief Financial Officer (CFO), is directly responsible for assessing and managing cybersecurity risks and otherwise implementing our cybersecurity program. The CFO reports directly to the Executive Chairman. Our CFO regularly updates our Audit Committee and Board on cybersecurity matters. In addition to providing regular updates to our Audit Committee and Board, the CFO is a member of the ISOC. The ISOC is also composed of leadership from a variety of functions, including information technology, information security, audit, compliance, finance and legal (when needed), to assess and manage cybersecurity developments and risks and our internal programs. Our Chief Information Officer (“CIO”) has over 25 years’ experience in information technology, including cybersecurity, and is supplemented by our Information Security and Compliance Manager, who also has over 25 years of experience in audit, compliance and cybersecurity, and maintains Certified Information Systems Auditor and Certified in Risk and Information Systems Control professional certifications.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management, under the supervision of our Chief Financial Officer (CFO), is directly responsible for assessing and managing cybersecurity risks and otherwise implementing our cybersecurity program. The CFO reports directly to the Executive Chairman. Our CFO regularly updates our Audit Committee and Board on cybersecurity matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer (“CIO”) has over 25 years’ experience in information technology, including cybersecurity, and is supplemented by our Information Security and Compliance Manager, who also has over 25 years of experience in audit, compliance and cybersecurity, and maintains Certified Information Systems Auditor and Certified in Risk and Information Systems Control professional certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In addition to providing regular updates to our Audit Committee and Board, the CFO is a member of the ISOC. The ISOC is also composed of leadership from a variety of functions, including information technology, information security, audit, compliance, finance and legal (when needed), to assess and manage cybersecurity developments and risks and our internal programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 72,864	$ (2,974)	$ 53,159

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 13, 2024 , Leonard Fluxman , the Company’s Executive Chairman, President and Chief Executive Officer , adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K. The trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and is scheduled to expire on November 4, 2026 , subject to earlier termination in accordance with its terms . The aggregate number of common shares authorized to be sold pursuant to the trading arrangement is 600,000 shares.
Name	Leonard Fluxman
Title	Executive Chairman, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2024
Expiration Date	November 4, 2026
Arrangement Duration	722 days
Aggregate Available	600,000

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business OneSpaWorld Holdings Limited (“OneSpaWorld”, the “Company”, “we”, “us”, “our”) is an international business company incorporated under the laws of the Commonwealth of The Bahamas. OneSpaWorld is a global provider and innovator in the fields of health and wellness, fitness and beauty. In facilities on cruise ships and in land-based destination resorts, the Company strives to create a relaxing and therapeutic environment where guests can receive health and wellness, fitness and beauty services and experiences of the highest quality. The Company’s services include traditional and alternative massage, body and skin treatments, fitness, acupuncture, and medi-spa treatments. The Company also sells premium quality health and wellness, fitness and beauty products at its facilities and through its timetospa.com website. The predominant business, based on revenues, is sales of services and products on cruise ships and in land-based destination resorts, followed by sales of products through the timetospa.com website.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation, Principles of Consolidation and Principles Combination The accompanying consolidated financial statements include the consolidated balance sheet and statements of operations, comprehensive income (loss), equity, and cash flows of OneSpaWorld. All significant intercompany items and transactions have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly our financial position, results of operations and cash flows. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents with reputable major financial institutions. Deposits with these banks exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. While the Company monitors daily the cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be impacted if one or more of the financial institutions with which the Company deposits funds fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has experienced no loss or lack of access to invested cash or cash equivalents; however, it can provide no assurance that access to invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets. Restricted Cash These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. See Note 13-"Commitment and Contingencies" for further information. The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated balance sheet as of December 31, 2024 and 2023, to the total amount presented in our consolidated statements of cash flows for years ended December 31, 2024 and 2023 (in thousands): As of December 31, 2024 2023 Cash and cash equivalents $ 57,439 $ 27,704 Restricted cash 1,198 1,198 Total cash and restricted cash in the consolidated statement of cash flows $ 58,637 $ 28,902 Inventories Inventories, consisting principally of personal care products, are stated at the lower of cost, as determined on a first-in, first-out basis, or market. All inventory balances are comprised of finished goods used in beauty and health and wellness services or held for sale to customers. Inventory reserve is recorded to write down the cost of inventory to the estimated market value. No inventory reserve was recorded during the years ended December 31, 2024 and 2023. The establishment of inventory reserves involved estimating the amount of inventories that would not be sold at or used in health and wellness services on cruises when they returned to sailing during 2022, after a cessation of operations due to the COVID-19 pandemic, which was uncertain and dependent on our cruise line partners and its customers that use our services and purchase our products. Write offs against the inventory reserve were $ 5.9 million during 2022. There was no incremental impairment during 2024 and 2023. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs, which do not add to the value of the related assets or materially extend their original lives, are expensed as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized in a straight-line basis over the shorter of the terms of the respective leases and the estimated useful lives of the respective assets. Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets The Company reviews long-lived assets including property and equipment and intangible assets with finite lives for impairment whenever events or changes in circumstances indicate, based on estimated future cash flows, that the carrying amount of these assets may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (asset group) to future undiscounted cash flows expected to be generated by the asset (asset group). An asset group is the lowest level of assets and liabilities for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When estimating future cash flows, the Company considers: • only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group; • potential events and changes in circumstance affecting key estimates and assumptions; and • the existing service potential of the asset (asset group) at the date tested. If an asset (asset group) is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset (asset group) exceeds its fair value. When determining the fair value of the asset (asset group), the Company considers the highest and best use of the assets from a market-participant perspective. The fair value measurement is generally determined through the use of independent third-party appraisals or an expected present value technique, both of which may include a discounted cash flow approach, which reflects assumptions of what market participants would utilize to price the asset (asset group). Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Assets to be abandoned, or from which no further benefit is expected, are written down to zero at the time that the determination is made, and the assets are removed entirely from service. Indefinite-Lived Intangible Assets Trade name represents our Identifiable intangible asset not subject to amortization and is assessed for impairment annually each October or, more frequently, when events or circumstances dictate an interim test is necessary. The impairment assessment for trade name allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trade name impairment test. We would perform the quantitative test if our qualitative assessment determined it was more-likely-than-not that the trade name is impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. The qualitative assessment evaluates factors including macro-economic conditions, industry and company-specific factors, and historical company performance in assessing fair value. Our trade name would be considered impaired if its carrying value exceeds its estimated fair value. Definite-Lived Intangible Assets The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Definite-Lived Intangible Assets include the contracts with cruise lines and leases with hotels and resorts. Contracts with cruise lines are generally renewed every five years . The Company has the intent and ability to renew such contracts over the estimated useful lives of the assets. Costs incurred to renew contracts are capitalized and amortized to cost of revenues and operating expenses over the term of the contract. Lease agreements with destination resorts in which the Company operates are generally renewed every ten years . The Company has the intent and ability to renew such contracts, except for the three destination resort health and wellness centers for which we recognized an impairment loss. See Note 15 – “Fair Value Measurements and Derivatives ” for further details. Other Assets-Deferred Costs Costs incurred to enter into new or to renew long-term contracts are capitalized and amortized to cost of revenues over the term of the contract. Deferred contract costs, which relate to fees accrued to cruise line partners, amounted to $ 21.0 million and $ 2.6 million as of December 31, 2024 and 2023, respectively, and is presented within other non-current assets in the accompanying consolidated balance sheets. Amortization of the deferred contract cost was $ 3.7 million, $ 1.0 million and $ 1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of deferred costs are included in cost of services in the accompanying consolidated statements of operations. Revenue Recognition Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. Amounts recognized are gross of commissions to cruise line or destination resort partners, which typically withhold commissions from customer payments. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are excluded from revenue. Revenue is reported net of discounts and net of any estimated refund liability, which is determined based on historical experience. The Company also issues gift cards for future goods or services; revenue is recognized when they are redeemed; we also recognize revenue for breakage based on past experience for gift card amounts we expect to go unredeemed. Cost of Revenues Cost of services consists primarily of the cost of product consumed in the rendering of a service, an allocable portion of wages paid to shipboard employees, an allocable portion of payments to cruise lines (which are derived as a percentage of service revenues or a minimum annual rent or a combination of both), an allocable portion of staff-related shipboard expenses, costs related to recruitment and training of shipboard employees, wages paid directly to destination resort employees, payments to destination resort venue owners, and health and wellness facility depreciation. Cost of products consists primarily of the cost of products sold through the Company’s various methods of distribution, an allocable portion of wages paid to shipboard employees, an allocable portion of payments to cruise lines (which are derived as a percentage of product revenues or a minimum annual rent or a combination of both), and an allocable portion of staff-related shipboard expenses. Costs incurred to renew long-term contracts are capitalized and amortized to cost of services over the term of the contract. Shipping and Handling Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in administrative expenses. The shipping and handling costs included in administrative expenses in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $ 0.1 million, $ 0.1 million and $ 0.2 million, respectively. Advertising Substantially all of the Company’s advertising costs are charged to expense as incurred, except costs that result in tangible assets, such as brochures, which are recorded as prepaid expenses and charged to expense as consumed. Advertising expenses included in cost of revenues in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $ 3.3 million, $ 3.8 million and $ 2.1 million, respectively. Share-Based Compensation The Company recognizes expense for our share-based compensation awards using a fair-value-based method. Share-based compensation expense is recognized over the requisite service period for awards that are based on a service period and not contingent upon any future performance. Share-based compensation expense is included within salary, benefits and payroll taxes expense in the consolidated statements of operations. We elected to treat shared-based awards with only service conditions and graded vesting features as a single award and recognize stock-based compensation expense on a straight-line basis. Share-based awards with performance and graded vesting features are expensed using the accelerated attribution method. We recognize forfeitures as they occur rather than estimating them over the life of the award. See Note 10 – “Stock Based Compensation” for further details. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. These deferred issuance costs are amortized over the term of the loan agreement. The amortization of deferred financing fees is included in interest expense, net in the consolidated statements of operations. Warrant Liabilities We account for common stock warrants in accordance with applicable guidance provided in ASC Topic 815 as either liability or equity instruments depending on the specific terms of the warrant agreement. We evaluated the warrants under this guidance and concluded that they do not meet the criteria to be classified in shareholders’ equity in all periods presented. Accordingly, the warrants are classified as a liability at fair value on the Company’s consolidated balance sheets at December 31, 2023. The change in the fair value of such liability in each period is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive (loss) income. There were no outstanding warrants as of December 31, 2024. See Note 8 – “Warrant Liabilities” for further details. Income Taxes As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves estimating the Company’s actual current income tax exposure together with an assessment of temporary differences resulting from differing treatment of items for tax purposes and accounting purposes, respectively. These differences result in deferred income tax assets and liabilities which are included in the accompanying consolidated balance sheet as of December 31, 2024 and 2023. Deferred taxes are recorded using the currently enacted tax rates that applied in the periods that the differences are expected to reverse. The Company must then assess the likelihood that its deferred income tax assets will be recovered from future taxable income and, to the extent that the Company believes that recovery is not likely, the Company must establish a valuation allowance. With respect to acquired deferred tax assets, changes within the measurement period, under ASC Topic 805, Business Combinations, that result from new information about facts and circumstances that existed at the acquisition date shall be recognized through a corresponding adjustment to goodwill. Subsequent to the measurement period, all other changes shall be reported as a reduction or increase to income tax expense in the Company’s consolidated statement of operations for the years ended December 31, 2024, 2023 and 2022. The Company believes a large percentage of its shipboard service’s income is foreign-source income, not effectively connected to a business it conducts in the U.S. and, therefore, not subject to U.S. income taxation. The Company recognizes interest and penalties within the provision for income taxes in the consolidated statements of operations. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued, therefore, will be reduced and reflected as a reduction of the overall income tax provision. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more than 50 % likely of being realized upon ultimate settlement. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) adjusted for the change in fair value of warrant liabilities, if the impact is dilutive, by the weighted average number of diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares, and contingently issuable shares. If the entity reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect is anti-dilutive. The following table provides details underlying OneSpaWorld’s income (loss) per basic and diluted share calculation (in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) $ 72,864 $ ( 2,974 ) $ 53,159 Gain on fair value of in-the-money warrant liabilities: - - ( 6,400 ) Net income (loss), adjusted for change in fair value of warrants for diluted earnings per share $ 72,864 $ ( 2,974 ) $ 46,759 Denominator: Weighted average shares outstanding – Basic 104,024 97,826 92,507 Dilutive effect of 2020 PIPE Warrants 219 - 1,914 Dilutive effect of stock-based awards 697 - 684 Diluted (a) 104,940 97,826 95,105 Net income (loss) per voting and non-voting share Basic $ 0.70 $ ( 0.03 ) $ 0.57 Diluted $ 0.69 $ ( 0.03 ) $ 0.49 (a) During the years ended December 31, 2023, potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period and the effect of the change in the fair value of warrants was antidilutive. 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. The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income (loss) per share (in thousands): Year Ended December 31, 2024 2023 2022 Common share warrants (a) - 5,494 24,145 Restricted share units - 827 511 Performance stock units 208 603 312 208 6,924 24,968 (a) Includes all Public, Sponsor and 2020 PIPE Warrants. Foreign Currency Transactions For currency exchange rate purposes, assets and liabilities of the Company’s foreign subsidiaries are translated at the rate of exchange in effect at the balance sheet date. Equity and other items are translated at historical rates, and income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected in the accumulated other comprehensive income caption of the Company’s balance sheets. Foreign currency gains and losses resulting from transactions, including intercompany transactions, are included in results of operations. The transaction gains (losses) included in the administrative expenses caption of the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $( 0.2 ) million, $( 0.04 ) million and $ ( 0.3 ) million, respectively. Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows: • Level 1—Value is based on quoted prices in active markets for identical assets and liabilities. • Level 2—Value is based on observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Value is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive (loss) income until the underlying hedged transactions are recognized in earnings. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the assessment of net realizable value of inventories, the recovery of long-lived assets and other intangible assets, the determination of deferred income taxes including valuation allowances, the useful lives of definite-lived intangible assets, the fair value of warrants, contingencies and property and equipment. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Our accounts receivable consist of amounts due from cruise line and destination resorts with whom we have long-term agreements. As of December 31, 2024, and 2023, the Company had three and two cruise companies, respectively, that represented greater than 10 % of accounts receivable. The Company does not normally require collateral or other security to support normal credit sales. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. Accounts receivable are stated at amounts due from customers, net of an allowance for credit losses. The Company records an allowance for credit losses with respect to accounts receivable using historical collection experience, current and forecasted business conditions and generally, an account receivable balance is written off once it is determined to be uncollectible. Our expected credit losses are based on historical collection experience, current and forecasted business conditions and other facts and circumstances. The allowance for credit losses was $ 0.2 million as of each of December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023 and 2022, allowance for credit losses expense amounted to $ 0.02 million, $ 0.06 million and $ 0.02 million, respectively. Allowance for credit losses expense is included within administrative operating expenses in the accompanying consolidated statements of operations. The activity in the Company’s allowance for credit losses is summarized as follows (in thousands): Year Ended December 31, 2024 2023 2022 Beginning balance $ ( 168 ) $ ( 116 ) $ ( 497 ) Provision for credit losses ( 18 ) ( 59 ) ( 18 ) Write-offs - 7 399 Ending balance $ ( 186 ) $ ( 168 ) $ ( 116 ) Adoption of Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance for the annual reporting period ended December 31, 2024, which did not have a material impact on our consolidated financial statements. See Note 17-"Segment and Geographic Information" for further details. Recent Accounting Pronouncements With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance, to the Company. The following summary of recent accounting pronouncements is not intended to be an exhaustive description of the respective pronouncement. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company is currently assessing the expected impact of the future adoption of this guidance. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40) amending existing income statement disclosure guidance, primarily requiring more detailed disclosure for expenses. The provisions of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments can be applied on either a prospective or retroactive basis. The Company is currently assessing the expected impact of the future adoption of this guidance.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	3. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands, except useful life): As of December 31, Useful Life in years 2024 2023 Furniture and fixtures 5 – 7 $ 7,012 $ 8,585 Computers and equipment 3 – 8 21,033 14,138 Leasehold improvements Shorter of remaining lease term or useful life (3-13) 17,296 17,763 45,341 40,486 Less: Accumulated depreciation and amortization ( 27,663 ) ( 25,480 ) $ 17,678 $ 15,006 Depreciation and amortization expense for years ended December 31, 2024, 2023 and 2022 was $ 4.0 million, $ 4.3 million and $ 4.4 million, respectively . During the years ended December 31, 2024 and 2023, we recognized $ 0.01 million and $ 0.5 million, respectively, of impairment losses in our consolidated statement of operations related to property and equipment, net; see Note 15-"Fair Value Measurements and Derivatives" for further information.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets	4. Intangible Assets Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of December 31, 2024 (in thousands, except amortization period): Cost Accumulated Amortization and Impairment Net Balance Original Weighted Average Amortization Period (in years) Retail concession agreements $ 604,700 $ ( 89,691 ) $ 515,009 39 Destination resort agreements 17,900 ( 8,377 ) 9,523 15 Trade name 6,200 ( 700 ) 5,500 Indefinite-life Licensing agreement 1,000 ( 1,000 ) - 8 $ 629,800 $ ( 99,768 ) $ 530,032 The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period): Cost Accumulated Amortization Net Balance Original Weighted Average Amortization Period (in years) Retail concession agreements $ 604,700 $ ( 74,186 ) $ 530,514 39 Destination resort agreements 17,900 ( 6,946 ) 10,954 15 Trade name 6,200 ( 700 ) 5,500 Indefinite-life Licensing agreement 1,000 ( 1,000 ) - 8 $ 629,800 $ ( 82,832 ) $ 546,968 The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $ 16.6 million, $ 16.8 million and $ 16.8 million, respectively. Amortization expense is estimated to be $ 16.5 million in each of the next five years beginning in 2025. During the year ended December 31, 2024. we recognized $ 0.4 million of impairment losses in our consolidated statement of operations related to destination resorts agreements. During the year ended December 31, 2023. we recognized $ 1.3 million of impairment losses in our consolidated statement of operations related to destination resorts agreements and $ 0.4 million related to licensing agreement; see Note 15-"Fair Value Measurements and Derivatives", for further information.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): As of December 31, 2024 2023 Operative commissions $ 8,309 $ 7,424 Minimum and other cruise line commissions 13,062 8,478 Professional fees 3,089 4,309 Payroll and bonuses 10,777 12,094 Interest 197 5,538 Other 5,784 8,148 $ 41,218 $ 45,991

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	6. Leases Nature of Leases We have operating leases related to the destination resort agreements, office space and certain equipment. There are certain immaterial finance equipment leases recorded in the consolidated balance sheets. Certain of our leases include both lease and non-lease components. We have adopted the practical expedient which allows us to combine lease and non-lease components by class of asset. We have entered into a sublease agreement for certain leased office space; however, the sublease income from this agreement is immaterial. Significant Assumptions and Judgments in Applying Leases (Topic 842) The Company has entered into agreements of varying terms with the cruise lines under which services and products are paid for by cruise passengers. These agreements provide for the Company to pay the cruise line commissions for use of their shipboard facilities, as well as fees for staff shipboard meals and accommodation. These commissions are generally based on a percentage of revenue for most of the agreements, and a minimum annual amount, or a combination of both for certain agreements. We believe that these agreements did not contain a lease since we concluded that we do not have the right to direct how and for what purpose the spa and fitness facilities, or related equipment is used . Most of our destination resort health and wellness centers generally require rent based on a percentage of revenues, with some locations having escalating percentages at different revenue amounts. In addition, as part of the rental arrangements for some of the destination resort health and wellness centers, the Company is required to pay a minimum annual rental regardless of whether such amount would be required to be paid under the percentage rent arrangement. Fixed or minimum payments and variable lease payments that depend on a rate or index are included in the calculation of the right-of-use asset. Other variable payments are excluded from the calculation and are recognized in the period in which the obligations for those payments is incurred. Certain leases include renewal options ranging from three to five years . The renewal options are included in the lease term only for those leases in which they are reasonably certain to be renewed. As our leases do not have a readily determinable implicit rate, we used our weighted average cost of debt to determine the net present value of the lease payments at the adoption date. Our weighted average cost of debt is similar to the incremental borrowing rate we would have obtained if we had borrowed collateralized debt over the lease term to purchase the asset. We have adopted the practical expedient to exclude leases with terms of less than one year from being included on the balance sheet. Lease expense for agreements that are short-term were immaterial for the year ended December 31, 2024, 2023 and 2022, respectively. See Note 2- "Summary of Significant Accounting Policies", for further information on the adoption of ASC 842. Supplemental Financial Statements Information The components of lease expense were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Minimum rentals $ 3,491 $ 3,521 $ 3,161 Contingent rentals 6,021 6,603 5,486 $ 9,512 $ 10,124 $ 8,647 Lease balances were as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Operating Leases Operating lease right-of-use assets, net $ 13,898 $ 12,132 Current portion of operating leases 2,555 2,264 Long-term operating leases 11,631 10,156 As of December 31, 2024, the Company’s operating leases have a weighted-average remaining lease term of 7.2 years and a weighted-average discount rate of 5.06 %. Future minimum lease payments under all non-cancelable lease agreements as of December 31, 2024, are as follows (in thousands): Year Amount 2025 $ 2,998 2026 2,664 2027 2,010 2028 2,044 2029 2,079 Thereafter 5,350 Total future minimum lease payments 17,145 Less imputed interest ( 2,959 ) Total $ 14,186 Supplemental cash flow information related to leases was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 3,170 $ 3,325 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 4,275 126

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	7. Long-term Debt Long-term debt consisted of the following (in thousands, except interest rate): Interest Rate at December 31, Maturities Through As of December 31, 2024 2023 2024 2023 First lien term loan facility - 9.2 % - $ - $ 159,639 Term loan facility 6.3 % - 2029 100,000 - Total debt 100,000 159,639 Less: unamortized debt issuance cost ( 1,443 ) ( 1,432 ) Total debt, net of unamortized debt issuance cost 98,557 158,207 Less: current portion of long-term debt ( 5,000 ) - Long-term debt, net $ 93,557 $ 158,207 On September 20, 2024 (the “Closing Date”), the Company and its subsidiaries, Dory Acquisition Sub, Inc. (“Dory Acquisition”) and OneSpaWorld (Bahamas) Limited (“OneSpaWorld Bahamas” and together with Dory Acquisition, the “Borrowers”), entered into a credit agreement (the “New Credit Agreement”) with Bank of America, N.A., as administrative agent, and certain lenders party thereto, providing for senior secured credit facilities consisting of (x) a term loan facility of $ 100 million (of which $ 70 million was borrowed by Dory Acquisition and $ 30 million was borrowed by OneSpaWorld Bahamas) (the “Term Loan Facility”), which was fully drawn on the Closing Date, and (y) a revolving loan facility of up to $ 50 million (the “Revolving Facility” and, together with the Term Loan Facility, the “Credit Facilities”), which Revolving Facility remained undrawn upon the closing of the Credit Facilities and as of December 31, 2024. The Revolving Facility includes borrowing capacity available for letters of credit up to $ 5 million. Any issuance of letters of credit reduces the amount available under the Revolving Facility. The Credit Facilities mature on September 20, 2029 . Loans outstanding under the Credit Facilities will accrue interest at a rate per annum equal to Term SOFR plus a margin of 1.90 % , with three step ups to a maximum margin of 2.65 % depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries, and undrawn amounts under the Revolving Facility will accrue a commitment fee at a rate per annum of 0.25 % on the average daily undrawn portion of the commitments thereunder, with three step ups to a maximum commitment fee of 0.40 % depending on the most recent consolidated leverage ratio of the Company and its restricted subsidiaries. The obligations under the Credit Facilities are guaranteed by the Company and each of its direct or indirect wholly-owned subsidiaries other than certain excluded subsidiaries (the “Subsidiary Guarantors”). The obligations of the Company, the Borrowers and the Subsidiary Guarantors under the Credit Facilities are secured by substantially all of their assets. The Term Loan Facility requires the Borrowers to make certain mandatory prepayments, with (i) 100 % of net cash proceeds of all non-ordinary course asset sales or other dispositions of property, subject to the ability to reinvest such proceeds and certain other exceptions, and (ii) 100 % of the net cash proceeds of any debt incurrence, other than debt permitted under the definitive agreements (but excluding debt incurred to refinance the Credit Facilities). The Borrowers also are required to make quarterly amortization payments equal to 1.25 % of the original principal amount of the Term Loan Facility commencing on March 31, 2025 (subject to reductions by optional and mandatory prepayments of the loans). The Borrowers may prepay the Credit Facilities at any time without premium or penalty, subject to payment of customary breakage costs. The New Credit Agreement contains a financial covenant requiring the Company and its restricted subsidiaries to maintain a maximum consolidated total leverage ratio of 4.00 to 1.00 , subject to certain exceptions, and a minimum fixed charge coverage ratio of 1.25 to 1.00 . Additionally, the New Credit Agreement contains a number of customary negative covenants that restrict, among other things and in each case subject to specified exceptions, the Company's and its restricted subsidiaries' ability to: consummate consolidations, mergers and sales of assets; grant certain liens; incur additional debt; pay certain dividends; and engage in transactions with affiliates. As of December 31, 2024, the Company was in compliance with all of the covenants contained in the New Credit Agreement. The New Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Credit Facilities are entitled to take various actions, including the acceleration of amounts due under the Credit Facilities and all actions permitted to be taken by a secured creditor. The proceeds from the Credit Facilities were used, together with cash on hand, to repay in full the remaining principal balance of the First Lien Term Loan Facility and to pay related financing costs of the Credit Facilities. Accordingly, as of December 31, 2024, our First Lien Term Loan Facility has been fully paid and terminated. The Company recorded a loss on early extinguishment of debt of $ 0.7 million. This amount is reflected as part of the interest expense, net on the condensed consolidated statement of operations. Borrowing Capacity: As of December 31, 2024, our available borrowing capacity under the Revolving Facility was $ 50 million. Utilization of the borrowing capacity was as follows (in thousands): Borrowing Capacity Amount Borrowed Revolving Facility $ 50,000 $ - The following are scheduled principal repayments on long-term debt as of December 31, 2024 for each of the next five years (in thousands): Year Amount 2025 $ 5,000 2026 5,000 2027 5,000 2028 5,000 2029 80,000 Thereafter - $ 100,000

Warrant Liabilities

Warrant Liabilities	12 Months Ended
	Dec. 31, 2024
Warrant Liabilities [Abstract]
Warrant Liabilities	8. Warrant Liabilities Sponsor and Public Warrants Each whole Sponsor and Public Warrant was exercisable to purchase one share of common stock and only whole warrants were exercisable. Each whole Sponsor and Public Warrant entitled the holder to purchase one share of OneSpaWorld common stock at an exercise price of $ 11.50 or on a “cashless” basis, in accordance with a specified formula. As of December 31, 2023, 3,823,847 and 841,414 , respectively, Sponsor and Public Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the Sponsor and Public Warrants elected to exercise 4,502,970 warrants for which the Company issued 4,502,970 common shares. Net cash proceeds from the exercise of the warrants amounted to $ 51.7 million. Immediately prior to the exercises, the Sponsor and Public Warrants exercised were remeasured to fair value, resulting in a gain of $ 7.4 million in "Change in fair value of warrant liabilities" on the consolidated statement of operations for the year ended December 31, 2024 and Warrant liabilities of $ 5.9 million, which was then reclassified to Additional paid-in capital on the consolidated balance sheet as of December 31, 2024. The Sponsor and Public Warrants expired on March 19, 2024 and there were no Sponsor and Public Warrants outstanding as of December 31, 2024. The Sponsor and Public Warrants were classified as a liability at fair value upon issuance and subsequently (See “Note 2”). 2020 PIPE Warrants Each Warrant entitled the holder to purchase one share of OneSpaWorld common stock at an exercise price of $ 5.75 or on a “cashless” basis, with a specified formula in accordance with a private placement transaction that occurred on June 12, 2020 (the "2020 Private Placement"). As of December 31 2023, 828,334 2020 PIPE Warrants were issued and outstanding. During the first quarter of 2024, certain holders of the 2020 PIPE Warrants elected to exercise 806,667 warrants on a cashless basis pursuant to the agreements governing the warrants, in exchange for which the Company issued 484,040 common shares. During the second quarter of 2024, one holder of the 2020 PIPE Warrants elected to exercise the remaining 21,667 outstanding warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 13,625 common shares on July 1, 2024. Immediately prior to the exchanges, the 2020 PIPE Warrants exercised were remeasured to fair value, resulting in a gain of $ 0.3 million in "Change in fair value of warrant liabilities" on the consolidated statement of operations for the year ended December 31, 2024 and Warrant liabilities of $ 6.8 million, which was then reclassified to Additional paid-in capital on the consolidated balance sheet as of December 31, 2024. There were no 2020 PIPE Warrants outstanding as of December 31, 2024. The 2020 PIPE Warrants were classified as a liability at fair value upon issuance and subsequently (See “Note 2”).

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	9. Equity Common Shares The Company is authorized to issue 250,000,000 common shares with a par value of $ 0.0001 per share. Pursuant to the Investment Agreement discussed below, we have amended our Articles of Incorporation (the “Articles”) and created a new class of Non-Voting Common Shares, par value $ 0.0001 per share. Of the authorized shares 225,000,000 are “Voting Common Shares” and 25,000,000 are “Non-Voting Common Shares.” The Non-Voting Common Shares are of equal rank to the Voting Common Shares, in terms of dividends, liquidation, preferences and all other rights and features, with the following exceptions: (i) the Non-Voting Common Shares have no voting rights, except as may be required by law; (ii) Steiner Leisure Limited (“Steiner Leisure”) may vote its Non-Voting Common Shares in favor of its director designees; and (iii) the Non-Voting Common Shares will automatically be converted to Voting Common Shares upon the occurrence of certain events set forth in the Articles. Holders of the Company’s voting common stock are entitled to one vote for each share. At December 31, 2024, there were 104,551,189 voting shares and zero non-voting shares of OneSpaWorld common stock issued and outstanding. At December 31, 2023, there were 99,734,672 voting shares and zero non-voting shares of OneSpaWorld common stock issued and outstanding. Conversion of Non-Voting Common Shares to Voting Common Shares Automatic Conversion Each Non-Voting Common Share will automatically convert into one Voting Common Share, upon the occurrence of a Qualified Transfer of such Non-Voting Common Share or with the prior consent of our Board. A “Qualified Transfer” means a transfer (x) to a third party that is not (1) an affiliate of such holder nor (2) a person whose ownership thereof would result in such shares being treated as constructively owned by such holder under Section 958(b) of the U.S. Tax Code, applicable Treasury Regulations and other official guidance (a Person described in this clause (x), an “Unrelated Person”), and (y) that is not otherwise prohibited under the Articles. Elective Conversion Upon the occurrence of a Contingent Conversion Triggering Event (as defined below), a number of Non-Voting Common Shares as elected will be converted into an identical number of Voting Common Shares; provided, that the number of Non-Voting Common Shares so converted may not exceed the number of Non-Voting Common Shares that, if converted, would reasonably be expected to (1) cause the Company to become a “CFC” (as defined in the Articles) as reasonably determined in good faith by the Company, upon the advice of its legal counsel, or (2) cause such holder, together with its affiliates, to hold voting power exceeding 44.9 % (as reasonably determined in good faith by the Company). A “Contingent Conversion Triggering Event” shall mean (1) a decrease in the number of directors that the applicable holder has the right to designate for appointment or nomination or a decrease in the number of directors so designated by the applicable holder as a result of an irrevocable waiver of such rights, (2) the transfer of Voting Common Shares by certain holders that participated in the 2020 Private Placement or any of their affiliates on or prior to the one year anniversary of the closing of the 2020 Private Placement (I) to an “Unrelated Person” (as defined in the Articles), and (II) that is not prohibited under the Articles, or (3) the exercise by a the holder or its affiliates of a warrant to purchase Non-Voting Common Shares (or a warrant for which such holder or such affiliate has previously agreed to receive Non- Voting Common Shares upon exercise); provided that, with respect to clause (3), the number of shares designated for conversion shall not exceed the number of Non-Voting Common Shares received upon exercise of such warrant. Each Non-Voting Common Share that is converted into a Voting Common Share shall be canceled by the Company and shall not be available for reissuance. Governance Agreement In connection with the 2020 Private Placement, the Company, Steiner Leisure and, solely for the purpose of Section 18 thereof, Haymaker, entered into a Governance Agreement (the “Governance Agreement”), pursuant to which, Steiner Leisure and certain of its affiliates were granted certain consent, director designation, and other rights with respect to the Company. The Governance Agreement superseded the Director Designation Agreement, dated as of November 1, 2018, by and among the Company, Steiner Leisure and Haymaker. Under the terms of the Governance Agreement, among other things, Steiner Leisure has the right to designate and appoint two directors so long as Steiner Leisure and its affiliates own at least 15 % of the issued and outstanding common shares and one director so long as Steiner Leisure and its affiliates own at least 5 % of the issued and outstanding common shares. Although Steiner Leisure owns less than 5 % of our outstanding shares of common stock as of the date of this Annual Report on Form 10-K, two directors originally nominated by Steiner Leisure continue to serve on our Board. The continued service by these two directors has been approved by our Board. Shares Repurchase Agreement On March 13, 2024, the Company entered into a Shares Repurchase Agreement between the Company and Steiner Leisure Limited (the “Seller”), pursuant to which the Company purchased 606,386 common shares, par value $ 0.0001 per share, from the Seller at a purchase price of $ 12.76 per Common Share (the “Repurchase”). The Repurchase resulted in the sale of all remaining common shares of the Company held by the Seller, which ceased to be a shareholder of the Company after the closing of the Repurchase. The Repurchase closed on March 20, 2024. Upon the consummation of the Repurchase, such shares reverted to authorized but unissued shares of the Company. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulate d deficit. Dividends Cancelled In November 2019, the Company adopted a cash dividend program and declared an initial quarterly payment of $ 0.04 per common share. On March 24, 2020, due to the onset of the COVID-19 pandemic, the Company announced that it was deferring payment of its dividend declared on February 26, 2020 (the "2020 Dividend"), for payment on May 29, 2020 , to shareholders of record on April 10, 2020 , until the Board reapproves its payment. The Company also announced it was withdrawing its dividend program until further notice. As of December 31, 2023, dividends payable amounted to approximately $ 2.4 million which was presented as other-long term liabilities and other current liabilities in the accompanying consolidated balance sheets. During the first quarter of 2024, the Board determined that although the Company then had the liquidity to enable it to pay the 2020 Dividend, such payment could no longer be made to the shareholders of record as of the original record date for the 2020 Dividend and it was deemed in the Company’s best interest to cancel the 2020 Dividend. As a result, we reversed the dividend payable of $ 2.4 million against additional paid-in capital during the first quarter of 2024. Dividends Declared Per Common Share Our Board declared the following quarterly dividends in 2024: (1) $ 0.04 per common share declared on July 23, 2024 and paid on September 4, 2024 to shareholders of record as of the close of business on August 21, 2024 ; and (2) $ 0.04 per common share declared on October 24, 2024 and paid on December 4, 2024 to shareholders of record as of the close of business on November 20, 2024 . Share Repurchase Program On April 24, 2024, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $ 50 million of its common shares. The share repurchases will be funded through the Company’s available cash. The Company may repurchase shares of its outstanding common stock from time to time on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of share repurchases will depend on a variety of factors, including business and market conditions. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any specific value or number of its common shares under the program. Under the foregoing program, the Company purchased 745,302 common shares during the year ended December 31, 2024. Upon the consummation of the Repurchase, such common shares reverted to authorized but unissued common shares of the Company. We allocated the excess of the repurchase price over the par value of the shares acquired between Additional paid-in capital and Accumulate d deficit.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation 2019 Equity Incentive Plan and Stock-Based Compensation The Company’s Board and shareholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) on March 18, 2019. The purpose of the 2019 Plan is to make available incentives that will assist the Company to attract, retain, and motivate employees, including officers, consultants and directors. The Company may provide these incentives through the grant of share options, share appreciation rights, restricted shares, restricted share units, performance shares and units and other cash-based or share-based awards. The 2019 Plan provides participants an option to defer compensation on a tax-deferred basis. Awards may be granted under the 2019 Plan to OneSpaWorld participants, including employees, officers, directors or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. A total of 7,000,000 OneSpaWorld Shares have been authorized and reserved for issuance under the 2019 Plan. Stock Based Compensation Cost Stock based compensation cost, which is included as a component of salary, benefits and payroll taxes in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 was $ 9.1 million, $ 10.1 million and $ 12.9 million, respectively. As of December 31, 2024, the Company had $ 14.0 million of total unrecognized compensation expense related to restricted stock units and performance stock units. Restricted Share Units The Company’s restricted share units (“RSUs”) have been issued to employees and directors with vesting periods ranging from one year to three years and vest based solely on service conditions. RSUs become unrestricted common stock upon vesting on a one-for-one basis. The cost of these awards is determined using the fair value of our common stock on the date of the grant, and compensation expense is recognized over the vesting period. The following is a summary of RSUs activity for the years ended December 31, 2024, 2023 and 2022: RSU Activity Number of Awards Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (1) Non-Vested share units as of December 31, 2021 1,498,045 $ 8.76 Granted 701,066 9.20 Vested ( 912,619 ) 8.36 Forfeited ( 1,922 ) 10.26 Non-Vested share units as of December 31, 2022 1,284,570 $ 9.28 $ 11,985 Granted 396,556 $ 12.32 Vested ( 946,500 ) 7.94 Forfeited ( 33,780 ) 7.16 Non-Vested share units as of December 31, 2023 700,846 $ 12.91 $ 9,882 Granted 303,506 $ 18.75 Vested ( 398,711 ) 11.19 Forfeited ( 14,902 ) 11.45 Non-Vested share units as of December 31, 2024 590,739 $ 17.10 $ 11,756 (1) The aggregate intrinsic value is calculat ed based on the fair value of $ 19.90 , $ 14.10 and $ 9.33 per share of the Company’s common stock on December 31, 2024, 2023 and 2022, respectively, due to the fact that the performance stock units carry a $ 0 exercise price. The total fair value of RSUs that vested in 2024, 2023 and 2022, based on the market price of the underlying shares on that day of vesting, was $ 7.6 million, $ 11.1 million and $ 8.6 million, respectively. As of December 31, 2024, the Company had $ 8.1 million of total unrecognized compensation expense related to restricted stock award grants, which will be recognized over the weighted-average period of approximately 1.7 years. Performance Share Units The Company grants certain executive officers and senior-level employees performance share units that generally vest based on either performance and time-based service conditions (“Performance Condition-Based Awards”) or market and time-based service conditions (“Market Condition-Based Awards”) which are referred to herein as Performance Share Units (“PSUs”). The number of shares of common stock underlying each award is determined at the end of the performance period. In order to vest, the employee must be employed by the Company, with certain contractual exclusions, at the end of the performance period. Performance Condition-Based Awards PSUs are converted into shares of common stock upon vesting on a one-for-one basis. The Company estimates the fair value of each performance share unit when the grant is authorized, and the related service period has commenced. The Company recognizes compensation cost over the vesting period based on the probability of the performance conditions being achieved. If the specified service and performance conditions are not met, compensation expense is not recognized, and any previously recognized compensation expense will be reversed. As of December 31, 2024, we determined that the performance measures for the outstanding PSUs were probable. Market Condition-Based Awards The Company estimates the fair value of each PSU when the grant is authorized, and the related service period has commenced. Expense for these PSUs is recorded over the derived service period. PSUs Activity The following is a summary of PSUs activity for the years ended December 31, 2024, 2023 and 2022: PSUs Activity Number of Market Based-Awards Weighted-Average Grant Date Fair Value Number of Performance -Based Awards Weighted-Average Grant Date Fair Value Non-Vested share units as of December 31, 2021 438,249 $ 5.04 786,971 $ 10.63 Granted - - 312,137 10.30 Vested - - ( 305,078 ) 10.68 Forfeited - - ( 1,922 ) 10.63 Non-Vested share units as of December 31, 2022 438,249 $ 5.04 792,108 $ 10.48 Granted - - 367,643 12.00 Vested ( 438,249 ) 5.36 ( 426,225 ) 10.57 Forfeited - - ( 1,637 ) 10.25 Non-Vested share units as of December 31, 2023 - $ - 731,889 $ 11.19 Granted - - 305,546 16.56 Vested - - ( 428,801 ) 10.26 Forfeited - - ( 17,309 ) 11.59 Non-Vested share units as of December 31, 2024 - $ - 591,325 $ 14.62 The total fair value of PSUs that vested in 2024, 2023 and 2022 was $ 7.7 million, $ 11.4 million and $ 3.0 million, respectively, based on the market price of the underlying shares on that day of vesting. As of December 31, 2024, there was total unrecognized compensation cost related to non-vested performance-based PSUs of $ 5.9 million. The costs are expected to be recognized over the weighted-average period of approximately 1.8 years. As of December 31, 2024, there was no unrecognized compensation cost related to non-vested market-based PSUs. The aggregate intrinsic value of PSUs was $ 11.8 million and $ 10.3 million as of December 31, 2024 and December 31, 2023, respectively. The aggregate intrinsic value of PSUs is based on the number of nonvested PSUs and the market value of the Company’s common stock as of December 31, 2024 and 2023, respectively. Stock Options There were no outstanding stock options as of December 31, 2024 and 2023. As of December 31, 2024, there was no unrecognized compensation cost related to the share options granted or exercised under the plan. No share options were granted during the years ended December 31, 2024, 2023 and 2022. No share options were exercisable as of December 31, 2024 and 2023.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	11. Revenue Recognition The Company's revenue generating activities include the following: Service Revenues Service revenues consist primarily of sales of health, wellness and beauty services, including a full range of massage treatments, facial treatments, nutritional/weight management consultations, teeth whitening, mindfulness services and medi-spa services to cruise ship passengers and destination resort guests. Each service or consultation represents a separate performance obligation and revenues are generally recognized immediately upon the completion of our service. Given the short duration of our performance obligation, although some services are recognized over time, there is no material difference in the timing of recognition across reporting periods. Product Revenues Product revenues consist primarily of sales of health and wellness products, such as facial skincare, body care, hair care, orthotics and nutritional supplements to cruise ship passengers, destination resort guests and timetospa.com customers. Our Shop & Ship program provides guests the ability to buy retail products onboard and have products shipped directly to their home. Each product unit represents a separate performance obligation. Our performance obligations are satisfied, and revenue is recognized when the customer obtains control of the product, which occurs either at the point of sale for retail sales and at the time of shipping for Shop & Ship and timetospa.com product sales. The Company provides no warranty on products sold. Shipping and handling fees charged to customers are included in net sales. Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, no revenue is recognized; rather, the Company records a contract liability to customers. The liability is relieved, and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for products or services. The Company records revenue from an estimate of unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The liability for unredeemed gift cards is included in “Other current liabilities” on the Company's consolidated balance sheets and was not material as of December 31, 2024 and December 31, 2023. Customer Loyalty Rewards Program The Company initiated a customer loyalty program during October 2019 in which customers earn points based on their spending on timetospa.com . The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for customer loyalty programs was not material as of December 31, 2024 and 2023. Contract Balances Receivables from the Company’s contracts with customers are included within accounts receivables, net in the consolidated balance sheets. Such amounts are typically remitted to us by our cruise line or destination resort partners, except for online sales, and are net of commissions they withhold. Although paid by our cruise line partners, customers are typically required to pay with major credit cards, reducing our credit risk to individual customers. Amounts are billed immediately, and our cruise line and destination resort partners typically remit payments to us within 30 days. As of December 31, 2024, 2023 and 2022, our receivables from contracts with customers were $ 46.3 million, $ 40.8 million and $ 33.6 million, respectively. Our contract liabilities for gift cards and customer loyalty programs are described above. Disaggregation of Revenue and Segment Reporting The Company operates facilities on cruise ships and in destination resorts, where we provide health, fitness, beauty and wellness services and sell related products. The Company also sells health and wellness, fitness and beauty related products through its timetospa.com website which is a post-cruise sales tool where guests may continue their wellness journey after disembarking. The Company’s Maritime and Destination Resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, products, services, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the chief executive officer, who is the Company’s chief operating decision maker (CODM), in determining how to allocate the Company’s resources and evaluate performance. The following table disaggregates the Company’s revenues by revenue source and operating segment (in thousands): Year Ended December 31, 2024 2023 2022 Service Revenues: Maritime $ 688,164 $ 610,744 $ 412,593 Destination resorts 35,109 37,347 33,925 Total service revenues 723,273 648,091 446,518 Product Revenues: Maritime 166,987 140,718 94,530 Destination resorts 2,488 2,815 2,879 Timetospa.com 2,271 2,421 2,332 Total product revenues 171,746 145,954 99,741 Total revenues $ 895,019 $ 794,045 $ 546,259

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income (loss) before income tax expense (benefit) consists of (in thousands): Year Ended December 31, 2024 2023 2022 U.S. $ 12,918 $ 5,012 $ ( 2,053 ) Foreign 63,938 ( 9,512 ) 55,836 $ 76,856 $ ( 4,500 ) $ 53,783 The income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2024 2023 2022 U.S. Federal $ 2,738 $ 1,071 $ 192 U.S. State 969 369 147 Foreign 285 ( 2,966 ) 285 3,992 ( 1,526 ) 624 Current 2,855 566 805 Deferred 1,137 ( 2,092 ) ( 181 ) $ 3,992 $ ( 1,526 ) $ 624 A reconciliation of the difference between the expected income tax expense (benefit) using the U.S. federal tax rate and our actual provision is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Provision (benefit) using statutory U.S. federal tax rate $ 16,140 $ ( 945 ) $ 11,295 Foreign rate differential ( 11,741 ) ( 5,709 ) ( 12,123 ) Prior period true up adjustment current taxes payable 214 761 4,630 Prior period true up adjustment of deferred taxes 319 2,129 — State taxes 485 460 133 Change in valuation allowance ( 30 ) ( 3,971 ) ( 5,266 ) Permanent differences ( 468 ) 10,280 2,305 Reversal of contingency — ( 3,440 ) — Foreign derived Intangible Income (Section 250) deduction ( 883 ) ( 1,330 ) — Other ( 44 ) 239 ( 350 ) Total $ 3,992 $ ( 1,526 ) $ 624 The difference between the expected provision for income taxes using the 21 % U.S. federal income tax rate for 2024, 2023 and 2022, and the Company’s actual provision is primarily attributable to the foreign rate differential including income earned in jurisdictions not subject to income taxes and permanent differences. A reconciliation of the beginning and ending amounts of uncertain tax positions, excluding interest and penalties, is as follows (in thousands): 2024 2023 2022 Beginning balance $ — $ 1,663 $ 1,663 Gross (decreases) increases—prior period tax position — ( 1,663 ) — Ending balance $ — $ — $ 1,663 As of December 31, 2024 and 2023, the Company accrued zero for uncertain tax positions. In the third quarter of 2023, the Company filed and application of tax amnesty with the revenue authority. The amnesty application was accepted and the contingency reversed. Deferred income taxes consist of the following (in thousands): As of December 31, 2024 2023 Deferred income tax assets: Stock options $ 269 $ 412 Inventory reserves 41 42 Depreciation and amortization 2,664 3,639 Other reserves and accruals 212 271 Gift certificates 626 588 Net operating losses 993 1,031 Lease liability 1,912 1,635 Total deferred income tax assets 6,717 7,618 Less valuation allowance ( 1,035 ) ( 1,065 ) Deferred income tax asset, net $ 5,682 $ 6,553 Deferred income tax liabilities: Right of use assets ( 1,752 ) ( 1,514 ) Trade name ( 664 ) ( 655 ) Other ( 2,033 ) ( 2,044 ) Total deferred income tax liability $ ( 4,449 ) $ ( 4,213 ) Net deferred income tax asset $ 1,233 $ 2,340 Following is the activity of the valuation allowance (in thousands): 2024 2023 Beginning balance $ 1,065 $ 5,034 Additions - - Deductions ( 30 ) ( 3,969 ) Ending balance $ 1,035 $ 1,065 As of December 31, 2024, we had $ 4.3 million of foreign tax operating loss carryforwards expiring as follows (in millions): Expires 2025 0.9 2026 0.1 2027 0.1 2028 0.1 2029 0.3 2030 0.6 2031 0.3 2032 0.2 2033 0.7 2034 0.5 Indefinite 0.5 Total $ 4.3 The Company is subject to routine audits by U.S. federal, state, local and foreign tax authorities. These audits include questioning the timing and the amount of deductions and the allocation of income among various tax jurisdictions. Generally, tax years 2021-2024 remain subject to examination by taxing authorities throughout the world in major jurisdictions, such as the U.S.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	13. Commitment and Contingencies Cruise Line Agreements A large portion of the Company’s revenues are generated on cruise ships. The Company has entered into agreements of varying terms with the cruise lines under which services and products are paid for by cruise passengers. These agreements provide for the Company to pay the cruise line commissions for use of their shipboard facilities, as well as fees for staff shipboard meals and accommodations. These commissions are based on a percentage of revenue, a minimum annual amount, or a combination of both. Some of the minimum commissions are calculated as a flat dollar amount while others are based upon minimum passenger per diems for passengers actually embarked on each cruise of the respective vessel. Staff shipboard meals and accommodations are charged by the cruise lines on a per staff per day basis. The Company recognizes all expenses related to cruise line commissions, minimum guarantees, and staff shipboard meals and accommodations, generally, as they are incurred and includes such expenses in cost of revenues and operating expenses in the accompanying consolidated statements of operations. For cruises in process at period end, an accrual is made to record such expenses in a manner that approximates a pro-rata basis. In addition, staff-related expenses such as shipboard employee commissions are recognized in the same manner. Pursuant to agreements that provide for minimum commissions, the Company guaranteed total minimum payments to cruise line (excluding payments based on minimum amounts per passenger per day of a cruise applicable to certain ships served by us). Following are the minimum payments guarantee amounts to be paid in the year indicated based on the agreements in effect as of December 31, 2024 (in thousands): Year Amount 2025 $ 173,308 The total minimum payment guarantee amounts referenced in the above calculation does not take into account canceled cruise voyages. Such canceled voyages would not be subject to guaranteed minimum payments to the cruise line . Revenues from passengers of each of the following cruise line companies accounted for more than ten percent of the Company’s total revenues in 2024, 2023 and 2022, respectively: Carnival (including Carnival, Carnival Australia, Costa, Cunard, Holland America, P&O, Princess and Seabourn cruise lines): 41.2 %, 41.1 % and 41.0 %; Royal Caribbean (including Royal Caribbean, Celebrity, and Silversea cruise lines): 27.9 %, 27.9 % and 28.0 %; and Norwegian Cruise Line (including Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises) 16.8 %, 16.4 % and 15.6 %. Litigation We are routinely involved in legal proceedings, disputes, regulatory matters, and various claims and lawsuits that have been filed or are pending against us, including as noted below, arising in the ordinary course of our business. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of those claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our legal proceedings, threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete and adequate information is not available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. In February 2020, the Company received a formal assessment of $ 1.9 million by a foreign tax authority over how the value added tax (“VAT”) law was applied on the change in the ultimate beneficial ownership of one of our subsidiaries as result of the business combination in March 2019. The Company is disputing the assessment and recorded an accrual of $ 1.2 million for this matter during the year ended December 31, 2020 and is included in “Accrued expenses” on the Company's consolidated balance sheets as of December 31, 2024 and 2023. The Company believes the ultimate outcome of this matter will not have a material adverse impact on the consolidated financial statements.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component	14. Changes in Accumulated Other Comprehensive (Loss) Income by Component The following table presents the changes in accumulated other comprehensive (loss) income by component (in thousands): Accumulated Other Comprehensive Income for the year ended December 31, 2024 Accumulated Other Comprehensive Income for the year ended December 31, 2023 Accumulated Other Comprehensive (Loss) Income for the year ended December 31, 2022 Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive Income Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive(Loss) Income Accumulated other comprehensive (loss) income, beginning of the period $ ( 917 ) $ 2,372 $ 1,455 $ ( 1,229 ) $ 5,026 $ 3,797 $ ( 673 ) $ ( 1,324 ) $ ( 1,997 ) Other comprehensive (loss) income before reclassifications ( 51 ) 2,065 2,014 312 834 1,146 ( 556 ) 6,536 5,980 Amounts reclassified into earnings - ( 3,072 ) ( 3,072 ) - ( 3,488 ) ( 3,488 ) - ( 186 ) ( 186 ) Net current period other comprehensive(loss) income ( 51 ) ( 1,007 ) ( 1,058 ) 312 ( 2,654 ) ( 2,342 ) ( 556 ) 6,350 5,794 Ending balance $ ( 968 ) $ 1,365 $ 397 $ ( 917 ) $ 2,372 $ 1,455 $ ( 1,229 ) $ 5,026 $ 3,797 (1) See Note 15.

Fair Value Measurements and Der

Fair Value Measurements and Derivatives	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivatives	15. Fair Value Measurements and Derivatives Fair Value Measurements Cash and cash equivalents at December 31, 2024 and December 31, 2023 are comprised of cash and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. Restricted cash at December 31, 2024 and December 31, 2023 is comprised of amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment and is categorized as a Level 1 instrument. The fair value of outstanding long-term debt as of December 31, 2024, and 2023 is estimated using a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years-to-maturity and adjusted for credit risk, which represents a Level 3 measurement in the fair value hierarchy. The carrying amounts and estimated fair values of the Company's cash, restricted cash and long-term debt were as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash $ 57,439 $ 57,439 $ 27,704 $ 27,704 Restricted cash 1,198 1,198 1,198 1,198 Total Cash $ 58,637 $ 58,637 $ 28,902 $ 28,902 First lien term loan facility $ - $ - $ 159,639 $ 162,560 Term loan facility (a) 100,000 100,740 - - Total debt $ 100,000 $ 100,740 $ 159,639 $ 162,560 (a) The amounts above do not include the impact of the interest rate swap or debt issuance costs. Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2024 Fair Value Measurements at December 31, 2023 Description Balance Sheet Location Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments (1) Other current assets $ 653 $ - $ 653 $ - $ 2,372 $ - $ 2,372 $ - Derivative financial instruments (1) Other non-current assets 711 - 711 - - - - - Total Assets $ 1,364 $ - $ 1,364 $ - $ 2,372 $ - $ 2,372 $ - Liabilities: Warrant liabilities Warrant liabilities - - - - 20,400 - 20,400 - Total Liabilities $ - $ - $ - $ - $ 20,400 $ - $ 20,400 $ - (1) Consists of an interest rate swap. Warrants Public and 2020 PIPE Warrants There were no Public and PIPE Warrants outstanding as of December 31, 2024. The fair value of the Public and PIPE Warrants is considered a Level 2 valuation and is determined using the Monte Carlo model. The significant assumptions which the Company used in the model are: December 31, 2023 Public Warrants 2020 PIPE Warrants Stock price $ 14.10 $ 14.10 Strike price $ 11.50 $ 5.75 Remaining life (in years) 0.22 1.45 Volatility 34 % 38 % Interest rate 5.36 % 4.49 % Redemption price $ 18.00 $ 14.50 Sponsor Warrants There were no Sponsor Warrants outstanding as of December 31, 2024. The fair value of the Sponsor Warrants is considered a Level 2 valuation and is determined using the Black-Scholes model. The significant assumptions which the Company used in the model are: December 31, 2023 Stock price $ 14.10 Strike price $ 11.50 Remaining life (in years) 0.22 Volatility 38 % Interest rate 5.36 % Dividend yield 0.0 % Derivatives Market risk associated with the Company’s long-term floating rate debt is the potential increase in interest expense from an increase in interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. These instruments are recorded on the balance sheet at their fair value and are designated as hedges. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. The Company assesses whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of its hedged forecasted transactions. The Company uses regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective agreement without an exchange of the underlying notional amount. The Company classifies derivative instrument cash flows from hedges of benchmark interest rate as operating activities due to the nature of the hedged item. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive income (loss) until the underlying hedged transactions are recognized in earnings. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. The Company monitors concentrations of credit risk associated with financial and other institutions with which the Company conducts significant business. Credit risk, including, but not limited to, counterparty nonperformance under derivatives, is not considered significant, as the Company primarily conducts business with large, well-established financial institutions with which the Company has established relationships, and which have credit risks acceptable to the Company. The Company does not anticipate non-performance by its counterparty. The amount of the Company’s credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position. In September 2019, the Company entered into a floating-to-fixed interest rate swap agreement to make a series of payments based on a fixed interest rate of 1.457 % and receive a series of payments based on the greater of 1 Month USD LIBOR or Strike which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate First Lien Term Loan Facility and has designated this derivative as a cash flow hedge. Both the fixed and floating payment streams are based on a notional amount of $ 174.7 million at the inception of the contract. In June 2023, the interest rate swap agreement was amended to replace the reference rate from LIBOR to SOFR, to be consistent with the amended First Lien Credit Facilities. The interest rate swap agreement matured on September 19, 2024 . As of December 31, 2023, the notional amount was $ 95.4 million. In September 2024, the Borrowers entered into two floating-to-fixed interest rate swap agreements with a notional amount of $ 70 million and $ 30 million, respectively, with Bank of America, N.A. to make a series of payments based on a fixed interest rate of 3.341 % and 3.564 %, respectively, and receive a series of payments based on the 1 Month USD-SOFR CME term which is used to hedge the Company’s exposure to changes in cash flows associated with its variable rate Term Loan Facility and has designated this derivative as a cash flow hedge. The interest rate swap agreements expire on September 20, 2027 and December 20, 2026 , respectively. As of December 31, 2024, the aggregate notional amount of the interest rate swap agreements was $ 100.0 million. There was no ineffectiveness related to the interest rate swaps. The gain or loss on the derivatives is recorded as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. The Company expects to reclassify $ 0.7 million of income from accumulated other comprehensive income (loss) into interest expense within the next twelve months. The fair value of the interest rate swap contracts is measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap contracts were categorized as Level 2 in the fair value hierarchy. The Company is not required to post cash collateral related to these derivative instruments. The effect of the interest rate swap contracts designated as cash flows hedging instrument on the consolidated financial statements was as follows (in thousands): Derivative Amount of Gain Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Gains Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Interest rate swap $ 2,065 $ 834 $ 6,536 $ ( 3,072 ) $ ( 3,488 ) $ ( 186 ) Total $ 2,065 $ 834 $ 6,536 $ ( 3,072 ) $ ( 3,488 ) $ ( 186 ) Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Nonrecurring Fair Value Measurements During the year ended December 31, 2024, the closure of a destination resort health and wellness center caused us to evaluate the carrying value of the affected destination resort health and wellness center for impairment. We recognized a long-lived asset impairment loss of $ 0.4 million which was related to the closure in November 2024, of one of our Orlando destination resort health and wellness centers as a result of the hotel operator deciding to no longer offer spa operations and reported in the long-lived assets impairment line item of the accompanying consolidated statement of operations. We fully impaired the remaining carrying value of the intangible assets and equipment related to this resort health and wellness center considering that no further revenue was reflected in the discounted cash flow analysis. We estimated the fair value of the related assets using discounted cash flow analyses and Level 3 valuation inputs including growth rates, a royalty rate and discount rates that reflected the risk profile of the underlying cash flows where the assets are located. Estimations of the growth rates was zero or negative percent. See “Note 3” – “Property and Equipment, and “Note 4” – “Intangible Assets” for further detail. During the year ended December 31, 2023, the forecasted operating results of two destination resort health and wellness centers caused us to evaluate the carrying value of the affected destination resort health and wellness centers for impairment. One of the forecasted operating results, pertaining to the expected closure in 2024 of a resort health and wellness center due to the expected demolition of the hotel where the health and wellness center is located. We estimated the fair value of the related assets using discounted cash flow analyses and Level 3 valuation inputs including growth rates, a royalty rate and discount rates that reflected the risk profile of the underlying cash flows where the assets are located. Estimations of the growth rates approximated zero or negative percent and the discount rates ranged from 12.5 percent to 13.5 percent. As a result of these non-recurring fair value measurements, we recognized a long-lived asset impairment loss of $ 2.1 million during the year ended December 31, 2023 which is reported in the long-lived assets impairment line item of the accompanying consolidated statement of operations. See “Note 3” – “Property and Equipment, and “Note 4” – “Intangible Assets” for further detail.

Profit Sharing Plans

Profit Sharing Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Profit Sharing Plans	16. Profit Sharing Plans Eligible employees participate in the Company’s profit sharing retirement plans, which are qualified under Section 401(k) of the Internal Revenue Code. With respect to one of the profit sharing retirement plans, the Company makes discretionary annual matching contributions in cash based on a percentage of eligible employee compensation deferrals. The contribution to the plans, included in salary, benefits and payroll taxes in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 was $ 0.4 million for each period, respectively.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	17. Segment and Geographic Information The Company operates facilities, provides health and wellness services, and sells related products onboard cruise ships and at destination resort health and wellness centers. The Company’s Maritime and Destination Resorts operating segments are aggregated into a single reportable segment based upon similar economic characteristics, services and products offered, customers and delivery methods. Additionally, the Company’s operating segments represent components of the Company for which separate financial information is available. Our chief executive officer, who is the Company’s chief operating decision maker (CODM), reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. The basis for determining the geographic information below is based on the countries in which the Company operates. The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands): Year ended, 2024 2023 2022 Revenues: U.S. $ 17,806 $ 19,968 $ 19,903 Not connected to a country 854,544 750,736 506,405 Other 22,669 23,341 19,951 Total $ 895,019 $ 794,045 $ 546,259 As of December 31, 2024 2023 Property and equipment, net: U.S. $ 4,977 $ 4,536 Not connected to a country 11,068 8,448 Other 1,633 2,022 Total $ 17,678 $ 15,006 The Company adopted ASU 2023-07 for the annual reporting period ended December 31, 2024. The most significant provision was for the Company to disclose significant segment expenses that are regularly provided to the CODM. All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. The Company’s CODM, reviews financial information presented on a consolidated basis for the purpose of making operating decisions, allocating resources, assessing financial performance and making strategic decisions related to headcount and capital expenditures. The CODM regularly reviews net income (loss) as reported on the Company’s consolidated statements of operations. The CODM uses net income (loss) as the measure of profit or loss to allocate resources and assess performance. Since the Company operates as one reportable segment, all financial information required by “Segment Reporting” can be found in the accompanying financial statements. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets. There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. Information related to the Company’s services and products is disclosed in Note 11, “Revenue Recognition”.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation, Principles of Consolidation and Principles Combination	Basis of Presentation, Principles of Consolidation and Principles Combination The accompanying consolidated financial statements include the consolidated balance sheet and statements of operations, comprehensive income (loss), equity, and cash flows of OneSpaWorld. All significant intercompany items and transactions have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly our financial position, results of operations and cash flows. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents with reputable major financial institutions. Deposits with these banks exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. While the Company monitors daily the cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be impacted if one or more of the financial institutions with which the Company deposits funds fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has experienced no loss or lack of access to invested cash or cash equivalents; however, it can provide no assurance that access to invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets.
Restricted Cash	Restricted Cash These balances include amounts held in escrow accounts, as a result of a legal proceeding related to a tax assessment. See Note 13-"Commitment and Contingencies" for further information. The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated balance sheet as of December 31, 2024 and 2023, to the total amount presented in our consolidated statements of cash flows for years ended December 31, 2024 and 2023 (in thousands): As of December 31, 2024 2023 Cash and cash equivalents $ 57,439 $ 27,704 Restricted cash 1,198 1,198 Total cash and restricted cash in the consolidated statement of cash flows $ 58,637 $ 28,902
Inventories	Inventories Inventories, consisting principally of personal care products, are stated at the lower of cost, as determined on a first-in, first-out basis, or market. All inventory balances are comprised of finished goods used in beauty and health and wellness services or held for sale to customers. Inventory reserve is recorded to write down the cost of inventory to the estimated market value. No inventory reserve was recorded during the years ended December 31, 2024 and 2023. The establishment of inventory reserves involved estimating the amount of inventories that would not be sold at or used in health and wellness services on cruises when they returned to sailing during 2022, after a cessation of operations due to the COVID-19 pandemic, which was uncertain and dependent on our cruise line partners and its customers that use our services and purchase our products. Write offs against the inventory reserve were $ 5.9 million during 2022. There was no incremental impairment during 2024 and 2023. Property and Equipment
Property and Equipment	Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs, which do not add to the value of the related assets or materially extend their original lives, are expensed as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized in a straight-line basis over the shorter of the terms of the respective leases and the estimated useful lives of the respective assets.
Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets	Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets The Company reviews long-lived assets including property and equipment and intangible assets with finite lives for impairment whenever events or changes in circumstances indicate, based on estimated future cash flows, that the carrying amount of these assets may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (asset group) to future undiscounted cash flows expected to be generated by the asset (asset group). An asset group is the lowest level of assets and liabilities for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When estimating future cash flows, the Company considers: • only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group; • potential events and changes in circumstance affecting key estimates and assumptions; and • the existing service potential of the asset (asset group) at the date tested. If an asset (asset group) is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset (asset group) exceeds its fair value. When determining the fair value of the asset (asset group), the Company considers the highest and best use of the assets from a market-participant perspective. The fair value measurement is generally determined through the use of independent third-party appraisals or an expected present value technique, both of which may include a discounted cash flow approach, which reflects assumptions of what market participants would utilize to price the asset (asset group). Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Assets to be abandoned, or from which no further benefit is expected, are written down to zero at the time that the determination is made, and the assets are removed entirely from service.
Indefinite-Lived Intangible Assets	Indefinite-Lived Intangible Assets Trade name represents our Identifiable intangible asset not subject to amortization and is assessed for impairment annually each October or, more frequently, when events or circumstances dictate an interim test is necessary. The impairment assessment for trade name allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trade name impairment test. We would perform the quantitative test if our qualitative assessment determined it was more-likely-than-not that the trade name is impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. The qualitative assessment evaluates factors including macro-economic conditions, industry and company-specific factors, and historical company performance in assessing fair value. Our trade name would be considered impaired if its carrying value exceeds its estimated fair value.
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Definite-Lived Intangible Assets include the contracts with cruise lines and leases with hotels and resorts. Contracts with cruise lines are generally renewed every five years . The Company has the intent and ability to renew such contracts over the estimated useful lives of the assets. Costs incurred to renew contracts are capitalized and amortized to cost of revenues and operating expenses over the term of the contract. Lease agreements with destination resorts in which the Company operates are generally renewed every ten years . The Company has the intent and ability to renew such contracts, except for the three destination resort health and wellness centers for which we recognized an impairment loss. See Note 15 – “Fair Value Measurements and Derivatives ” for further details. Other Assets-Deferred Costs Costs incurred to enter into new or to renew long-term contracts are capitalized and amortized to cost of revenues over the term of the contract. Deferred contract costs, which relate to fees accrued to cruise line partners, amounted to $ 21.0 million and $ 2.6 million as of December 31, 2024 and 2023, respectively, and is presented within other non-current assets in the accompanying consolidated balance sheets. Amortization of the deferred contract cost was $ 3.7 million, $ 1.0 million and $ 1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of deferred costs are included in cost of services in the accompanying consolidated statements of operations.
Other Assets-Deferred Costs	Other Assets-Deferred Costs Costs incurred to enter into new or to renew long-term contracts are capitalized and amortized to cost of revenues over the term of the contract. Deferred contract costs, which relate to fees accrued to cruise line partners, amounted to $ 21.0 million and $ 2.6 million as of December 31, 2024 and 2023, respectively, and is presented within other non-current assets in the accompanying consolidated balance sheets. Amortization of the deferred contract cost was $ 3.7 million, $ 1.0 million and $ 1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of deferred costs are included in cost of services in the accompanying consolidated statements of operations.
Revenue Recognition	Revenue Recognition Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. Amounts recognized are gross of commissions to cruise line or destination resort partners, which typically withhold commissions from customer payments. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are excluded from revenue. Revenue is reported net of discounts and net of any estimated refund liability, which is determined based on historical experience. The Company also issues gift cards for future goods or services; revenue is recognized when they are redeemed; we also recognize revenue for breakage based on past experience for gift card amounts we expect to go unredeemed.
Cost of Revenues	Cost of Revenues Cost of services consists primarily of the cost of product consumed in the rendering of a service, an allocable portion of wages paid to shipboard employees, an allocable portion of payments to cruise lines (which are derived as a percentage of service revenues or a minimum annual rent or a combination of both), an allocable portion of staff-related shipboard expenses, costs related to recruitment and training of shipboard employees, wages paid directly to destination resort employees, payments to destination resort venue owners, and health and wellness facility depreciation. Cost of products consists primarily of the cost of products sold through the Company’s various methods of distribution, an allocable portion of wages paid to shipboard employees, an allocable portion of payments to cruise lines (which are derived as a percentage of product revenues or a minimum annual rent or a combination of both), and an allocable portion of staff-related shipboard expenses. Costs incurred to renew long-term contracts are capitalized and amortized to cost of services over the term of the contract.
Shipping and Handling	Shipping and Handling Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in administrative expenses. The shipping and handling costs included in administrative expenses in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $ 0.1 million, $ 0.1 million and $ 0.2 million, respectively.
Advertising	Advertising Substantially all of the Company’s advertising costs are charged to expense as incurred, except costs that result in tangible assets, such as brochures, which are recorded as prepaid expenses and charged to expense as consumed. Advertising expenses included in cost of revenues in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $ 3.3 million, $ 3.8 million and $ 2.1 million, respectively.
Share-Based Compensation	Share-Based Compensation The Company recognizes expense for our share-based compensation awards using a fair-value-based method. Share-based compensation expense is recognized over the requisite service period for awards that are based on a service period and not contingent upon any future performance. Share-based compensation expense is included within salary, benefits and payroll taxes expense in the consolidated statements of operations. We elected to treat shared-based awards with only service conditions and graded vesting features as a single award and recognize stock-based compensation expense on a straight-line basis. Share-based awards with performance and graded vesting features are expensed using the accelerated attribution method. We recognize forfeitures as they occur rather than estimating them over the life of the award. See Note 10 – “Stock Based Compensation” for further details.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. These deferred issuance costs are amortized over the term of the loan agreement. The amortization of deferred financing fees is included in interest expense, net in the consolidated statements of operations.
Warrant Liabilities	Warrant Liabilities We account for common stock warrants in accordance with applicable guidance provided in ASC Topic 815 as either liability or equity instruments depending on the specific terms of the warrant agreement. We evaluated the warrants under this guidance and concluded that they do not meet the criteria to be classified in shareholders’ equity in all periods presented. Accordingly, the warrants are classified as a liability at fair value on the Company’s consolidated balance sheets at December 31, 2023. The change in the fair value of such liability in each period is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive (loss) income. There were no outstanding warrants as of December 31, 2024. See Note 8 – “Warrant Liabilities” for further details.
Income Taxes	Income Taxes As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves estimating the Company’s actual current income tax exposure together with an assessment of temporary differences resulting from differing treatment of items for tax purposes and accounting purposes, respectively. These differences result in deferred income tax assets and liabilities which are included in the accompanying consolidated balance sheet as of December 31, 2024 and 2023. Deferred taxes are recorded using the currently enacted tax rates that applied in the periods that the differences are expected to reverse. The Company must then assess the likelihood that its deferred income tax assets will be recovered from future taxable income and, to the extent that the Company believes that recovery is not likely, the Company must establish a valuation allowance. With respect to acquired deferred tax assets, changes within the measurement period, under ASC Topic 805, Business Combinations, that result from new information about facts and circumstances that existed at the acquisition date shall be recognized through a corresponding adjustment to goodwill. Subsequent to the measurement period, all other changes shall be reported as a reduction or increase to income tax expense in the Company’s consolidated statement of operations for the years ended December 31, 2024, 2023 and 2022. The Company believes a large percentage of its shipboard service’s income is foreign-source income, not effectively connected to a business it conducts in the U.S. and, therefore, not subject to U.S. income taxation. The Company recognizes interest and penalties within the provision for income taxes in the consolidated statements of operations. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued, therefore, will be reduced and reflected as a reduction of the overall income tax provision. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more than 50 % likely of being realized upon ultimate settlement.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) adjusted for the change in fair value of warrant liabilities, if the impact is dilutive, by the weighted average number of diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as options and warrants to purchase common shares, and contingently issuable shares. If the entity reports a net loss, rather than net income for the period, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect is anti-dilutive. The following table provides details underlying OneSpaWorld’s income (loss) per basic and diluted share calculation (in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) $ 72,864 $ ( 2,974 ) $ 53,159 Gain on fair value of in-the-money warrant liabilities: - - ( 6,400 ) Net income (loss), adjusted for change in fair value of warrants for diluted earnings per share $ 72,864 $ ( 2,974 ) $ 46,759 Denominator: Weighted average shares outstanding – Basic 104,024 97,826 92,507 Dilutive effect of 2020 PIPE Warrants 219 - 1,914 Dilutive effect of stock-based awards 697 - 684 Diluted (a) 104,940 97,826 95,105 Net income (loss) per voting and non-voting share Basic $ 0.70 $ ( 0.03 ) $ 0.57 Diluted $ 0.69 $ ( 0.03 ) $ 0.49 (a) During the years ended December 31, 2023, potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period and the effect of the change in the fair value of warrants was antidilutive. 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. The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income (loss) per share (in thousands): Year Ended December 31, 2024 2023 2022 Common share warrants (a) - 5,494 24,145 Restricted share units - 827 511 Performance stock units 208 603 312 208 6,924 24,968 (a) Includes all Public, Sponsor and 2020 PIPE Warrants.
Foreign Currency Transactions	Foreign Currency Transactions For currency exchange rate purposes, assets and liabilities of the Company’s foreign subsidiaries are translated at the rate of exchange in effect at the balance sheet date. Equity and other items are translated at historical rates, and income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected in the accumulated other comprehensive income caption of the Company’s balance sheets. Foreign currency gains and losses resulting from transactions, including intercompany transactions, are included in results of operations. The transaction gains (losses) included in the administrative expenses caption of the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were $( 0.2 ) million, $( 0.04 ) million and $ ( 0.3 ) million, respectively.
Fair Value Measurements	Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows: • Level 1—Value is based on quoted prices in active markets for identical assets and liabilities. • Level 2—Value is based on observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Value is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive (loss) income until the underlying hedged transactions are recognized in earnings.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the assessment of net realizable value of inventories, the recovery of long-lived assets and other intangible assets, the determination of deferred income taxes including valuation allowances, the useful lives of definite-lived intangible assets, the fair value of warrants, contingencies and property and equipment.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Our accounts receivable consist of amounts due from cruise line and destination resorts with whom we have long-term agreements. As of December 31, 2024, and 2023, the Company had three and two cruise companies, respectively, that represented greater than 10 % of accounts receivable. The Company does not normally require collateral or other security to support normal credit sales. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. Accounts receivable are stated at amounts due from customers, net of an allowance for credit losses. The Company records an allowance for credit losses with respect to accounts receivable using historical collection experience, current and forecasted business conditions and generally, an account receivable balance is written off once it is determined to be uncollectible. Our expected credit losses are based on historical collection experience, current and forecasted business conditions and other facts and circumstances. The allowance for credit losses was $ 0.2 million as of each of December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023 and 2022, allowance for credit losses expense amounted to $ 0.02 million, $ 0.06 million and $ 0.02 million, respectively. Allowance for credit losses expense is included within administrative operating expenses in the accompanying consolidated statements of operations. The activity in the Company’s allowance for credit losses is summarized as follows (in thousands): Year Ended December 31, 2024 2023 2022 Beginning balance $ ( 168 ) $ ( 116 ) $ ( 497 ) Provision for credit losses ( 18 ) ( 59 ) ( 18 ) Write-offs - 7 399 Ending balance $ ( 186 ) $ ( 168 ) $ ( 116 )
Adoption of Accounting Pronouncements	Adoption of Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance for the annual reporting period ended December 31, 2024, which did not have a material impact on our consolidated financial statements. See Note 17-"Segment and Geographic Information" for further details.
Recent Accounting Pronouncements	Recent Accounting Pronouncements With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements that are of significance, or potential significance, to the Company. The following summary of recent accounting pronouncements is not intended to be an exhaustive description of the respective pronouncement. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company is currently assessing the expected impact of the future adoption of this guidance. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40) amending existing income statement disclosure guidance, primarily requiring more detailed disclosure for expenses. The provisions of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments can be applied on either a prospective or retroactive basis. The Company is currently assessing the expected impact of the future adoption of this guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Reconciles Cash, Cash Equivalents and Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated balance sheet as of December 31, 2024 and 2023, to the total amount presented in our consolidated statements of cash flows for years ended December 31, 2024 and 2023 (in thousands): As of December 31, 2024 2023 Cash and cash equivalents $ 57,439 $ 27,704 Restricted cash 1,198 1,198 Total cash and restricted cash in the consolidated statement of cash flows $ 58,637 $ 28,902
Summary of Income (Loss) per Basic and Diluted Share Calculation	The following table provides details underlying OneSpaWorld’s income (loss) per basic and diluted share calculation (in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) $ 72,864 $ ( 2,974 ) $ 53,159 Gain on fair value of in-the-money warrant liabilities: - - ( 6,400 ) Net income (loss), adjusted for change in fair value of warrants for diluted earnings per share $ 72,864 $ ( 2,974 ) $ 46,759 Denominator: Weighted average shares outstanding – Basic 104,024 97,826 92,507 Dilutive effect of 2020 PIPE Warrants 219 - 1,914 Dilutive effect of stock-based awards 697 - 684 Diluted (a) 104,940 97,826 95,105 Net income (loss) per voting and non-voting share Basic $ 0.70 $ ( 0.03 ) $ 0.57 Diluted $ 0.69 $ ( 0.03 ) $ 0.49 (a) During the years ended December 31, 2023, potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period and the effect of the change in the fair value of warrants was antidilutive. 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.
Summary of Number of Antidilutive Potential Common Shares	The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted income (loss) per share (in thousands): Year Ended December 31, 2024 2023 2022 Common share warrants (a) - 5,494 24,145 Restricted share units - 827 511 Performance stock units 208 603 312 208 6,924 24,968 (a) Includes all Public, Sponsor and 2020 PIPE Warrants.
Summary of Allowance for Credit Losses	The activity in the Company’s allowance for credit losses is summarized as follows (in thousands): Year Ended December 31, 2024 2023 2022 Beginning balance $ ( 168 ) $ ( 116 ) $ ( 497 ) Provision for credit losses ( 18 ) ( 59 ) ( 18 ) Write-offs - 7 399 Ending balance $ ( 186 ) $ ( 168 ) $ ( 116 )

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands, except useful life): As of December 31, Useful Life in years 2024 2023 Furniture and fixtures 5 – 7 $ 7,012 $ 8,585 Computers and equipment 3 – 8 21,033 14,138 Leasehold improvements Shorter of remaining lease term or useful life (3-13) 17,296 17,763 45,341 40,486 Less: Accumulated depreciation and amortization ( 27,663 ) ( 25,480 ) $ 17,678 $ 15,006

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Summary of Cost, Accumulated Amortization, and Net Balance of the Definite-Lived Intangible Assets	The following is a summary of the Company’s intangible assets as of December 31, 2024 (in thousands, except amortization period): Cost Accumulated Amortization and Impairment Net Balance Original Weighted Average Amortization Period (in years) Retail concession agreements $ 604,700 $ ( 89,691 ) $ 515,009 39 Destination resort agreements 17,900 ( 8,377 ) 9,523 15 Trade name 6,200 ( 700 ) 5,500 Indefinite-life Licensing agreement 1,000 ( 1,000 ) - 8 $ 629,800 $ ( 99,768 ) $ 530,032 The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period): Cost Accumulated Amortization Net Balance Original Weighted Average Amortization Period (in years) Retail concession agreements $ 604,700 $ ( 74,186 ) $ 530,514 39 Destination resort agreements 17,900 ( 6,946 ) 10,954 15 Trade name 6,200 ( 700 ) 5,500 Indefinite-life Licensing agreement 1,000 ( 1,000 ) - 8 $ 629,800 $ ( 82,832 ) $ 546,968

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses consisted of the following (in thousands): As of December 31, 2024 2023 Operative commissions $ 8,309 $ 7,424 Minimum and other cruise line commissions 13,062 8,478 Professional fees 3,089 4,309 Payroll and bonuses 10,777 12,094 Interest 197 5,538 Other 5,784 8,148 $ 41,218 $ 45,991

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Minimum rentals $ 3,491 $ 3,521 $ 3,161 Contingent rentals 6,021 6,603 5,486 $ 9,512 $ 10,124 $ 8,647
Summary of Lease Balances	Lease balances were as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Operating Leases Operating lease right-of-use assets, net $ 13,898 $ 12,132 Current portion of operating leases 2,555 2,264 Long-term operating leases 11,631 10,156
Summary of Future Minimum Lease Payments under Non-cancelable Lease Agreements	Future minimum lease payments under all non-cancelable lease agreements as of December 31, 2024, are as follows (in thousands): Year Amount 2025 $ 2,998 2026 2,664 2027 2,010 2028 2,044 2029 2,079 Thereafter 5,350 Total future minimum lease payments 17,145 Less imputed interest ( 2,959 ) Total $ 14,186
Summary of Supplemental Cash Flow Information	Supplemental cash flow information related to leases was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 3,170 $ 3,325 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 4,275 126

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands, except interest rate): Interest Rate at December 31, Maturities Through As of December 31, 2024 2023 2024 2023 First lien term loan facility - 9.2 % - $ - $ 159,639 Term loan facility 6.3 % - 2029 100,000 - Total debt 100,000 159,639 Less: unamortized debt issuance cost ( 1,443 ) ( 1,432 ) Total debt, net of unamortized debt issuance cost 98,557 158,207 Less: current portion of long-term debt ( 5,000 ) - Long-term debt, net $ 93,557 $ 158,207
Schedule of Borrowing Capacity and Amount Borrowed	As of December 31, 2024, our available borrowing capacity under the Revolving Facility was $ 50 million. Utilization of the borrowing capacity was as follows (in thousands): Borrowing Capacity Amount Borrowed Revolving Facility $ 50,000 $ -
Schedule of Principal Repayments on Long-term Debt	The following are scheduled principal repayments on long-term debt as of December 31, 2024 for each of the next five years (in thousands): Year Amount 2025 $ 5,000 2026 5,000 2027 5,000 2028 5,000 2029 80,000 Thereafter - $ 100,000

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Units Activity	The following is a summary of RSUs activity for the years ended December 31, 2024, 2023 and 2022: RSU Activity Number of Awards Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (1) Non-Vested share units as of December 31, 2021 1,498,045 $ 8.76 Granted 701,066 9.20 Vested ( 912,619 ) 8.36 Forfeited ( 1,922 ) 10.26 Non-Vested share units as of December 31, 2022 1,284,570 $ 9.28 $ 11,985 Granted 396,556 $ 12.32 Vested ( 946,500 ) 7.94 Forfeited ( 33,780 ) 7.16 Non-Vested share units as of December 31, 2023 700,846 $ 12.91 $ 9,882 Granted 303,506 $ 18.75 Vested ( 398,711 ) 11.19 Forfeited ( 14,902 ) 11.45 Non-Vested share units as of December 31, 2024 590,739 $ 17.10 $ 11,756 (1) The aggregate intrinsic value is calculat ed based on the fair value of $ 19.90 , $ 14.10 and $ 9.33 per share of the Company’s common stock on December 31, 2024, 2023 and 2022, respectively, due to the fact that the performance stock units carry a $ 0 exercise price.
Summary of PSUs Activity	The following is a summary of PSUs activity for the years ended December 31, 2024, 2023 and 2022: PSUs Activity Number of Market Based-Awards Weighted-Average Grant Date Fair Value Number of Performance -Based Awards Weighted-Average Grant Date Fair Value Non-Vested share units as of December 31, 2021 438,249 $ 5.04 786,971 $ 10.63 Granted - - 312,137 10.30 Vested - - ( 305,078 ) 10.68 Forfeited - - ( 1,922 ) 10.63 Non-Vested share units as of December 31, 2022 438,249 $ 5.04 792,108 $ 10.48 Granted - - 367,643 12.00 Vested ( 438,249 ) 5.36 ( 426,225 ) 10.57 Forfeited - - ( 1,637 ) 10.25 Non-Vested share units as of December 31, 2023 - $ - 731,889 $ 11.19 Granted - - 305,546 16.56 Vested - - ( 428,801 ) 10.26 Forfeited - - ( 17,309 ) 11.59 Non-Vested share units as of December 31, 2024 - $ - 591,325 $ 14.62

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue By Revenue Source and Operating Segment	The following table disaggregates the Company’s revenues by revenue source and operating segment (in thousands): Year Ended December 31, 2024 2023 2022 Service Revenues: Maritime $ 688,164 $ 610,744 $ 412,593 Destination resorts 35,109 37,347 33,925 Total service revenues 723,273 648,091 446,518 Product Revenues: Maritime 166,987 140,718 94,530 Destination resorts 2,488 2,815 2,879 Timetospa.com 2,271 2,421 2,332 Total product revenues 171,746 145,954 99,741 Total revenues $ 895,019 $ 794,045 $ 546,259

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Tax Expense (Benefit)	Income (loss) before income tax expense (benefit) consists of (in thousands): Year Ended December 31, 2024 2023 2022 U.S. $ 12,918 $ 5,012 $ ( 2,053 ) Foreign 63,938 ( 9,512 ) 55,836 $ 76,856 $ ( 4,500 ) $ 53,783
Schedule of Provision for Income Taxes	The income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2024 2023 2022 U.S. Federal $ 2,738 $ 1,071 $ 192 U.S. State 969 369 147 Foreign 285 ( 2,966 ) 285 3,992 ( 1,526 ) 624 Current 2,855 566 805 Deferred 1,137 ( 2,092 ) ( 181 ) $ 3,992 $ ( 1,526 ) $ 624
Schedule of Reconciliation of Difference between Expected Income Tax Expense (Benefit)	A reconciliation of the difference between the expected income tax expense (benefit) using the U.S. federal tax rate and our actual provision is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Provision (benefit) using statutory U.S. federal tax rate $ 16,140 $ ( 945 ) $ 11,295 Foreign rate differential ( 11,741 ) ( 5,709 ) ( 12,123 ) Prior period true up adjustment current taxes payable 214 761 4,630 Prior period true up adjustment of deferred taxes 319 2,129 — State taxes 485 460 133 Change in valuation allowance ( 30 ) ( 3,971 ) ( 5,266 ) Permanent differences ( 468 ) 10,280 2,305 Reversal of contingency — ( 3,440 ) — Foreign derived Intangible Income (Section 250) deduction ( 883 ) ( 1,330 ) — Other ( 44 ) 239 ( 350 ) Total $ 3,992 $ ( 1,526 ) $ 624
Schedule of Reconciliation of Beginning and Ending Amounts of Uncertain Tax Positions Excluding Interest and Penalties	A reconciliation of the beginning and ending amounts of uncertain tax positions, excluding interest and penalties, is as follows (in thousands): 2024 2023 2022 Beginning balance $ — $ 1,663 $ 1,663 Gross (decreases) increases—prior period tax position — ( 1,663 ) — Ending balance $ — $ — $ 1,663
Schedule of Deferred Income Taxes	Deferred income taxes consist of the following (in thousands): As of December 31, 2024 2023 Deferred income tax assets: Stock options $ 269 $ 412 Inventory reserves 41 42 Depreciation and amortization 2,664 3,639 Other reserves and accruals 212 271 Gift certificates 626 588 Net operating losses 993 1,031 Lease liability 1,912 1,635 Total deferred income tax assets 6,717 7,618 Less valuation allowance ( 1,035 ) ( 1,065 ) Deferred income tax asset, net $ 5,682 $ 6,553 Deferred income tax liabilities: Right of use assets ( 1,752 ) ( 1,514 ) Trade name ( 664 ) ( 655 ) Other ( 2,033 ) ( 2,044 ) Total deferred income tax liability $ ( 4,449 ) $ ( 4,213 ) Net deferred income tax asset $ 1,233 $ 2,340
Schedule of Valuation Allowance	Following is the activity of the valuation allowance (in thousands): 2024 2023 Beginning balance $ 1,065 $ 5,034 Additions - - Deductions ( 30 ) ( 3,969 ) Ending balance $ 1,035 $ 1,065
Schedule of Foreign Tax Operating Loss Carryforwards Expiring	As of December 31, 2024, we had $ 4.3 million of foreign tax operating loss carryforwards expiring as follows (in millions): Expires 2025 0.9 2026 0.1 2027 0.1 2028 0.1 2029 0.3 2030 0.6 2031 0.3 2032 0.2 2033 0.7 2034 0.5 Indefinite 0.5 Total $ 4.3

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum payments guarantee amounts	Following are the minimum payments guarantee amounts to be paid in the year indicated based on the agreements in effect as of December 31, 2024 (in thousands): Year Amount 2025 $ 173,308

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive (loss) income by component (in thousands): Accumulated Other Comprehensive Income for the year ended December 31, 2024 Accumulated Other Comprehensive Income for the year ended December 31, 2023 Accumulated Other Comprehensive (Loss) Income for the year ended December 31, 2022 Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive Income Foreign Currency Translation Adjustments Changes Related to Cash Flow Derivative Hedge (1) Accumulated Other Comprehensive(Loss) Income Accumulated other comprehensive (loss) income, beginning of the period $ ( 917 ) $ 2,372 $ 1,455 $ ( 1,229 ) $ 5,026 $ 3,797 $ ( 673 ) $ ( 1,324 ) $ ( 1,997 ) Other comprehensive (loss) income before reclassifications ( 51 ) 2,065 2,014 312 834 1,146 ( 556 ) 6,536 5,980 Amounts reclassified into earnings - ( 3,072 ) ( 3,072 ) - ( 3,488 ) ( 3,488 ) - ( 186 ) ( 186 ) Net current period other comprehensive(loss) income ( 51 ) ( 1,007 ) ( 1,058 ) 312 ( 2,654 ) ( 2,342 ) ( 556 ) 6,350 5,794 Ending balance $ ( 968 ) $ 1,365 $ 397 $ ( 917 ) $ 2,372 $ 1,455 $ ( 1,229 ) $ 5,026 $ 3,797 (1) See Note 15.

Fair Value Measurements and D_2

Fair Value Measurements and Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Carrying Amounts and Estimated Fair Values of the Company's Cash, Restricted Cash, and Long-Term Debt	The carrying amounts and estimated fair values of the Company's cash, restricted cash and long-term debt were as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash $ 57,439 $ 57,439 $ 27,704 $ 27,704 Restricted cash 1,198 1,198 1,198 1,198 Total Cash $ 58,637 $ 58,637 $ 28,902 $ 28,902 First lien term loan facility $ - $ - $ 159,639 $ 162,560 Term loan facility (a) 100,000 100,740 - - Total debt $ 100,000 $ 100,740 $ 159,639 $ 162,560 (a) The amounts above do not include the impact of the interest rate swap or debt issuance costs.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2024 Fair Value Measurements at December 31, 2023 Description Balance Sheet Location Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments (1) Other current assets $ 653 $ - $ 653 $ - $ 2,372 $ - $ 2,372 $ - Derivative financial instruments (1) Other non-current assets 711 - 711 - - - - - Total Assets $ 1,364 $ - $ 1,364 $ - $ 2,372 $ - $ 2,372 $ - Liabilities: Warrant liabilities Warrant liabilities - - - - 20,400 - 20,400 - Total Liabilities $ - $ - $ - $ - $ 20,400 $ - $ 20,400 $ - (1) Consists of an interest rate swap.
Schedule of Interest Rate Derivatives	The effect of the interest rate swap contracts designated as cash flows hedging instrument on the consolidated financial statements was as follows (in thousands): Derivative Amount of Gain Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Gains Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Interest rate swap $ 2,065 $ 834 $ 6,536 $ ( 3,072 ) $ ( 3,488 ) $ ( 186 ) Total $ 2,065 $ 834 $ 6,536 $ ( 3,072 ) $ ( 3,488 ) $ ( 186 )
Monte Carlo Model [Member]
Significant Assumptions used in the Model to Determine Fair Value of Warrants	The fair value of the Public and PIPE Warrants is considered a Level 2 valuation and is determined using the Monte Carlo model. The significant assumptions which the Company used in the model are: December 31, 2023 Public Warrants 2020 PIPE Warrants Stock price $ 14.10 $ 14.10 Strike price $ 11.50 $ 5.75 Remaining life (in years) 0.22 1.45 Volatility 34 % 38 % Interest rate 5.36 % 4.49 % Redemption price $ 18.00 $ 14.50
Black Sholes Models [Member]
Significant Assumptions used in the Model to Determine Fair Value of Warrants	The fair value of the Sponsor Warrants is considered a Level 2 valuation and is determined using the Black-Scholes model. The significant assumptions which the Company used in the model are: December 31, 2023 Stock price $ 14.10 Strike price $ 11.50 Remaining life (in years) 0.22 Volatility 38 % Interest rate 5.36 % Dividend yield 0.0 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Geographic Information	The Company is not able to identify the country of origin for the customers to which revenues from cruise ship operations relate. Geographic information is as follows (in thousands): Year ended, 2024 2023 2022 Revenues: U.S. $ 17,806 $ 19,968 $ 19,903 Not connected to a country 854,544 750,736 506,405 Other 22,669 23,341 19,951 Total $ 895,019 $ 794,045 $ 546,259 As of December 31, 2024 2023 Property and equipment, net: U.S. $ 4,977 $ 4,536 Not connected to a country 11,068 8,448 Other 1,633 2,022 Total $ 17,678 $ 15,006

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Business shares	Dec. 31, 2023 USD ($) Business	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Inventory reserve write offs			$ 5,900,000
Inventory impairment charges	$ 0	$ 0
Contract renewal term	five years
Operating lease, renewal term	10 years
Shipping and handling costs	$ 18,827,000	$ 17,111,000	15,777,000
Number of cruise business | Business	3	2
Allowance for credit losses	$ 186,000	$ 168,000	116,000	$ 497,000
Provision for credit losses	$ 18,000	59,000	18,000
Warrants and rights outstanding | shares	0
Other Non-current Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred contract cost	$ 21,000,000	$ 2,600,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, renewal term	3 years
Tax benefit realized upon ultimate settlement	50%
Minimum [Member] | Concentration of Credit Risk [Member] | Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10%	10%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, renewal term	5 years
Cost of Revenue and Operating Expenses [Member]
Summary Of Significant Accounting Policies [Line Items]
Advertising expenses	$ 3,300,000	$ 3,800,000	2,100,000
Administrative Expenses [Member]
Summary Of Significant Accounting Policies [Line Items]
Transaction gains (losses) included in administrative expenses	(200,000)	(40,000)	(300,000)
Shipping And Handling [Member]
Summary Of Significant Accounting Policies [Line Items]
Shipping and handling costs	100,000	100,000	200,000
Service [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization of deferred contract cost	$ 3,700,000	$ 1,000,000	$ 1,100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Reconciles Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 57,439	$ 27,704
Restricted cash	1,198	1,198
Total cash and restricted cash in the consolidated statement of cash flows	$ 58,637	$ 28,902	$ 33,262	$ 32,833

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rollforward of Inventory Reserve (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Impairment charges	$ 0	$ 0
Write-offs			$ 5,900,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Income (Loss) per Basic and Diluted Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net Income (Loss)		$ 72,864	$ (2,974)	$ 53,159
Gain on fair value of in-the-money warrant liabilities:				(6,400)
Net income (loss), adjusted for change in fair value of warrants for diluted earnings per share		$ 72,864	$ (2,974)	$ 46,759
Weighted average shares outstanding - Basic		104,024	97,826	92,507
Dilutive effect of 2020 PIPE Warrants		219		1,914
Dilutive effect of stock-based awards		697		684
Diluted	[1]	104,940	97,826	95,105
Net income (loss) per voting and non-voting share
Basic		$ 0.7	$ (0.03)	$ 0.57
Diluted		$ 0.69	$ (0.03)	$ 0.49
[1] During the years ended December 31, 2023, potential common shares under the treasury stock method were antidilutive because the Company reported a net loss in this period and the effect of the change in the fair value of warrants was antidilutive. 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.

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Number of Antidilutive Potential Common Shares (Details) - shares shares in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		208	6,924	24,968
Common Share Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	[1]	0	5,494	24,145
Restricted Share Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		0	827	511
Performance Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		208	603	312
[1] Includes all Public, Sponsor and 2020 PIPE Warrants.

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Beginning balance	$ (168)	$ (116)	$ (497)
Provision for credit losses	(18)	(59)	(18)
Write-offs	0	7	399
Ending balance	$ (186)	$ (168)	$ (116)

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 45,341	$ 40,486
Less: Accumulated depreciation and amortization	(27,663)	(25,480)
Property plant and equipment, net	$ 17,678	15,006
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 7,012	8,585
Furniture and Fixtures [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, useful life in years	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, useful life in years	7 years
Computers and Equipment [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 21,033	14,138
Computers and Equipment [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, useful life in years	3 years
Computers and Equipment [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, useful life in years	8 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 17,296	$ 17,763

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,000	$ 4,300	$ 4,400
Impairment loss	376	2,129
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment loss	$ 10	$ 500

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Line Items]
Impairment loss	$ 376	$ 2,129
Amortization of intangible assets	16,571	16,823	$ 16,823
Estimated amortization expense in 2025	16,500
Estimated amortization expense in 2026	16,500
Estimated amortization expense in 2027	16,500
Estimated amortization expense in 2028	16,500
Estimated amortization expense in 2029	16,500
Destination Resort Agreements [Member]
Goodwill And Intangible Assets Disclosure [Line Items]
Impairment loss	$ 400	1,300
Licensing Agreements [Member]
Goodwill And Intangible Assets Disclosure [Line Items]
Impairment loss		$ 400

Intangible Assets - Summary of

Intangible Assets - Summary of Cost, Accumulated Amortization, and Net Balance of the Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cost	$ 629,800	$ 629,800
Accumulated Amortization and Impairment	(99,768)	(82,832)
Net Balance	530,032	546,968
Retail Concession Agreements [Member]
Cost	604,700	604,700
Accumulated Amortization and Impairment	(89,691)	(74,186)
Net Balance	$ 515,009	$ 530,514
Weighted Average Amortization Period (in years)	39 years	39 years
Destination Resort Agreements [Member]
Cost	$ 17,900	$ 17,900
Accumulated Amortization and Impairment	(8,377)	(6,946)
Net Balance	$ 9,523	$ 10,954
Weighted Average Amortization Period (in years)	15 years	15 years
Licensing Agreements [Member]
Cost	$ 1,000	$ 1,000
Accumulated Amortization and Impairment	(1,000)	(1,000)
Net Balance	$ 0	$ 0
Weighted Average Amortization Period (in years)	8 years	8 years
Trade Name [Member]
Cost	$ 6,200	$ 6,200
Accumulated Amortization and Impairment	(700)	(700)
Net Balance	$ 5,500	$ 5,500
Weighted Average Amortization Period (in years)	Indefinite-life	Indefinite-life

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Operative commissions	$ 8,309	$ 7,424
Minimum cruise line commissions	13,062	8,478
Professional fees	3,089	4,309
Payroll and bonuses	10,777	12,094
Interest	197	5,538
Other	5,784	8,148
Total	$ 41,218	$ 45,991

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	10 years
Weighted-average remaining lease term	7 years 2 months 12 days
Weighted-average discount rate	5.06%
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	3 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Minimum rentals	$ 3,491	$ 3,521	$ 3,161
Contingent rentals	6,021	6,603	5,486
Lease expense	$ 9,512	$ 10,124	$ 8,647

Leases - Summary of Lease Balan

Leases - Summary of Lease Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 13,898	$ 12,132
Current portion of operating leases	2,555	2,264
Long-term operating leases	$ 11,631	$ 10,156

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Non-cancelable Lease Agreements (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 2,998
2026	2,664
2027	2,010
2028	2,044
2029	2,079
Thereafter	5,350
Total future minimum lease payments	17,145
Less imputed interest	(2,959)
Total	$ 14,186

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash outflows from operating leases	$ 3,170	$ 3,325
Right-of-use assets obtained in exchange for new lease obligations - Operating leases	$ 4,275	$ 126

Long-term Debt - Summary of Lon

Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total debt	$ 100,000	$ 159,639
Less: unamortized debt issuance cost	(1,443)	(1,432)
Total debt, net of unamortized debt issuance cost	98,557	158,207
Less: current portion of long-term debt	(5,000)
Long-term debt, net	$ 93,557	$ 158,207
First Lien Term Loan Facility [Member]
Long-term debt, Interest Rate	0%	9.20%
Total debt	$ 0	$ 159,639
Term Loan Facility [Member]
Long-term debt, Interest Rate	6.30%
Long-term debt, Maturities Through	2029
Total debt	$ 100,000

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 20, 2024	Dec. 31, 2024
Commitment fee rate on consolidated leverage ratio	0.40%
Commitment Fee Rate	0.25%
Percentage of net cash proceeds on asset sales or other property dispositions		100%
Percentage of net cash proceeds on debt incurrence		100%
Quarterly amortization payments		1.25%
Debt instrument, covenant compliance		The New Credit Agreement contains a financial covenant requiring the Company and its restricted subsidiaries to maintain a maximum consolidated total leverage ratio of 4.00 to 1.00, subject to certain exceptions, and a minimum fixed charge coverage ratio of 1.25 to 1.00
Losses on early extinguishment of debt		$ 735
Maximum [Member]
Debt instrument leverage ratio		4%
Debt instrument coverage ratio		1.25%
Minimum [Member]
Debt instrument leverage ratio		1%
Debt instrument coverage ratio		1%
Interest Expense [Member]
Losses on early extinguishment of debt		$ 700
Letter of Credit [Member]
Maximum borrowing capacity	$ 5,000
Revolving Credit Facility [Member]
Maximum borrowing capacity		50,000
Available borrowing capacity		$ 50,000
Term Loan Facility [Member]
Maximum borrowing capacity	$ 100,000
Debt instrument maturity date	Sep. 20, 2029
Debt instrument variable rate basis	SOFR plus a margin of 1.90%
Debt instrument variable rate	1.90%
Debt instrument variable rate basis on leverage ratio	2.65%
Term Loan Facility [Member] | Dory Acquisition [Member]
Debt instrument face amount	$ 70,000
Term Loan Facility [Member] | OneSpaWorld Bahamas [Member]
Debt instrument face amount	30,000
Term Loan Facility [Member] | Revolving Credit Facility [Member]
Maximum borrowing capacity	$ 50,000

Long-term Debt - Schedule of Pr

Long-term Debt - Schedule of Principal Repayments on Long-term (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 5,000
2026	5,000
2027	5,000
2028	5,000
2029	80,000
Thereafter	0
Total debt	$ 100,000	$ 159,639

Long-term Debt - Schedule of Bo

Long-term Debt - Schedule of Borrowing Capacity and Amount Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amount Borrowed	$ 100,000	$ 159,639
Revolving Credit Facility [Member]
Borrowing Capacity	50,000
Amount Borrowed	$ 0

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 30, 2024 shares	Mar. 31, 2024 shares	Apr. 30, 2020 Vote $ / shares
Class of Warrant or Right [Line Items]
Warrant exercise price | $ / shares	$ 11.5
Warrants and rights outstanding	0
Change in fair value of warrant liabilities | $	$ (7,677)	$ 37,557	$ (54,400)
Warrant liabilities | $		20,400
Proceeds from exercise of warrants | $	$ 51,698	$ 2,426	$ 59
2020 PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued		484,040		13,625
Warrants and rights outstanding	0	828,334
Change in fair value of warrant liabilities | $	$ 300
Warrant liabilities | $	$ 6,800
Class of warrant or rights exchanged		806,667		21,667
2020 PIPE Warrants [Member] | Investment Agreement [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price | $ / shares						$ 5.75
Number of common stock voting rights | Vote						1
Warrant expiration, description	Each Warrant entitled the holder to purchase one share of OneSpaWorld common stock at an exercise price of $5.75 or on a “cashless” basis, with a specified formula in accordance with a private placement transaction that occurred on June 12, 2020 (the "2020 Private Placement").
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		841,414
Sponsor and Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrant agreement expiration date	Mar. 19, 2024
Common stock, shares issued					4,502,970
Warrants and rights outstanding	0
Change in fair value of warrant liabilities | $	$ 7,400
Warrant liabilities | $	5,900
Class of warrant or rights exchanged					4,502,970
Proceeds from exercise of warrants | $	$ 51,700
Sponsor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		3,823,847

Equity - Additional Information

Equity - Additional Information (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 13, 2024 $ / shares shares	Mar. 24, 2020	Nov. 30, 2019 $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Non-voting common share convert into voting common share					1
Percentage of voting power on contingent conversion triggering event					44.90%
Dividends payable | $						$ 2.4
Dividend payable reversed | $				$ 2.4
Stock repurchase program authorized amount | $					$ 50
O2020Q1 Dividends [Member]
Cash dividend per share | $ / shares			$ 0.04
Dividend declared date		Feb. 26, 2020
Dividend payable date		May 29, 2020
Dividend record date		Apr. 10, 2020
O2024Q3 Dividends [Member]
Cash dividend per share | $ / shares					$ 0.04
Dividend payable date					Sep. 04, 2024
Dividend record date					Aug. 21, 2024
O2024Q4 Dividends [Member]
Cash dividend per share | $ / shares					$ 0.04
Dividend payable date					Dec. 04, 2024
Dividend record date					Nov. 20, 2024
Shares Repurchase Agreement [Member]
Common stock, par value | $ / shares	$ 0.0001
Number of shares purchased	606,386
Purchase price per common share | $ / shares	$ 12.76
Common Stock [Member]
Shares repurchase during period					(745,302)
Two Directors [Member] | Minimum [Member] | Steiner [Member]
Percentage of issued and outstanding common shares					15%
Two Directors [Member] | Maximum [Member] | Steiner [Member]
Percentage on outstanding common shares					5%
One Directors [Member] | Minimum [Member] | Steiner [Member]
Percentage of issued and outstanding common shares					5%
Common Class A [Member]
Common stock, shares authorized					250,000,000
Common stock, par value | $ / shares					$ 0.0001
Number of common stock voting rights | Vote					1
Voting Common Stock [Member]
Common stock, shares authorized					225,000,000	225,000,000
Common stock, par value | $ / shares					$ 0.0001	$ 0.0001
Common stock, shares issued					104,551,189	99,734,672
Common stock, shares outstanding					104,551,189	99,734,672
Non-Voting Common Stock [Member]
Common stock, shares authorized					25,000,000
Common stock, par value | $ / shares					$ 0.0001
Common stock, shares issued					0	0
Common stock, shares outstanding					0	0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 18, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation cost	$ 9,100,000	$ 10,100,000	$ 12,900,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	3 years
Restricted Stock Units and Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 14,000,000
Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of awards vested	$ 7,600,000	$ 11,100,000	$ 8,600,000
Number of awards granted to certain employees	303,506	396,556	701,066
Weighted-average grant date fair value, Granted	$ 18.75	$ 12.32	$ 9.20
Restricted Stock Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 8,100,000
Unrecognized stock-based compensation expense, weighted-average recognition period	1 year 8 months 12 days
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 5,900,000
Total fair value of awards vested	$ 7,700,000	$ 11,400,000	$ 3,000,000
Number of awards granted to certain employees	305,546	367,643	312,137
Weighted-average grant date fair value, Granted	$ 16.56	$ 12	$ 10.3
Unrecognized stock-based compensation expense, weighted-average recognition period	1 year 9 months 18 days
Aggregate intrinsic value	$ 11,800,000	$ 10,300,000
Market Condition Based Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of awards vested	$ 0
2019 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation initially authorized				7,000,000
Share based compensation grant	0	0	0
Outstanding stock options	0	0
Unrecognized compensation cost related to the share options granted or exercised	$ 0
Share options, exercisable	0	0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Share Units Activity (Details) - Restricted Share Units [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards, Non-Vested	700,846	1,284,570	1,498,045
Number of awards, Granted	303,506	396,556	701,066
Number of awards, Vested	(398,711)	(946,500)	(912,619)
Number of awards, Forfeited	(14,902)	(33,780)	(1,922)
Number of awards, Non-Vested	590,739	700,846	1,284,570
Weighted-average grant date fair value, Non-Vested	$ 12.91	$ 9.28	$ 8.76
Weighted-average grant date fair value, Granted	18.75	12.32	9.20
Weighted-average grant date fair value, Vested	11.19	7.94	8.36
Weighted-average grant date fair value, Forfeited	11.45	7.16	10.26
Weighted-average grant date fair value, Non-Vested	$ 17.1	$ 12.91	$ 9.28
Aggregate Intrinsic Value, Non-vested	$ 11,756	$ 9,882	$ 11,985

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Share Units Activity (Parenthetical) (Details) - Restricted Share Units [Member] - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value per share	$ 19.9	$ 14.1	$ 9.33
Exercise price	$ 0	$ 0	$ 0

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Condition Based Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards, Non-Vested		438,249	438,249
Number of awards, Vested		(438,249)
Number of awards, Non-Vested			438,249
Weighted-average grant date fair value, Non-Vested		$ 5.04	$ 5.04
Weighted-average grant date fair value, Vested		$ 5.36
Weighted-average grant date fair value, Non-Vested			$ 5.04
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards, Non-Vested	731,889	792,108	786,971
Number of awards, Granted	305,546	367,643	312,137
Number of awards, Vested	(428,801)	(426,225)	(305,078)
Number of awards, Forfeited	(17,309)	(1,637)	(1,922)
Number of awards, Non-Vested	591,325	731,889	792,108
Weighted-average grant date fair value, Non-Vested	$ 11.19	$ 10.48	$ 10.63
Weighted-average grant date fair value, Granted	16.56	12	10.3
Weighted-average grant date fair value, Vested	10.26	10.57	10.68
Weighted-average grant date fair value, Forfeited	11.59	10.25	10.63
Weighted-average grant date fair value, Non-Vested	$ 14.62	$ 11.19	$ 10.48

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - Accounts Receivable [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Description of payment terms	customers are typically required to pay with major credit cards, reducing our credit risk to individual customers. Amounts are billed immediately, and our cruise line and destination resort partners typically remit payments to us within 30 days.
Receivables from contracts with customers	$ 46.3	$ 40.8	$ 33.6

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue By Revenue Source and Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 895,019	$ 794,045	$ 546,259
Service [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	723,273	648,091	446,518
Service [Member] | Maritime [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	688,164	610,744	412,593
Service [Member] | Destination Resorts [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	35,109	37,347	33,925
Product [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	171,746	145,954	99,741
Product [Member] | Maritime [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	166,987	140,718	94,530
Product [Member] | Destination Resorts [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	2,488	2,815	2,879
Product [Member] | Timetospa.com [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	$ 2,271	$ 2,421	$ 2,332

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 12,918	$ 5,012	$ (2,053)
Foreign	63,938	(9,512)	55,836
Income (loss) before income tax expense (benefit)	$ 76,856	$ (4,500)	$ 53,783

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. Federal	$ 2,738	$ 1,071	$ 192
U.S. State	969	369	147
Foreign	285	(2,966)	285
Income tax expense	3,992	(1,526)	624
Current	2,855	566	805
Deferred	$ 1,137	$ (2,092)	$ (181)

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Difference between Expected Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Provision using statutory
Provision (benefit) using statutory U.S. federal tax rate	$ 16,140	$ (945)	$ 11,295
Foreign rate differential	(11,741)	(5,709)	(12,123)
Prior period true up adjustment current taxes payable	214	761	4,630
Prior period true up adjustment of deferred taxes	319	2,129
State taxes	485	460	133
Change in valuation allowance	(30)	(3,971)	(5,266)
Permanent differences	(468)	10,280	2,305
Reversal of contingency		(3,440)
Foreign derived Intangible Income (Section 250) deduction	(883)	(1,330)
Other	(44)	239	(350)
Income tax expense	$ 3,992	$ (1,526)	$ 624

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
U.S. federal income tax rate	21%	21%	21%
Uncertain tax positions, including interest and penalties accrued that would affect effective income tax rate	$ 0	$ 0
Income tax examination year	2021 2022 2023 2024
Foreign [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 4.3

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Uncertain Tax Positions Excluding Interest and Penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,663	$ 1,663
Gross (decreases) increases—prior period tax position	$ (1,663)	0
Ending balance		$ 1,663

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Stock options	$ 269	$ 412
Inventory reserves	41	42
Depreciation and amortization	2,664	3,639
Other reserves and accruals	212	271
Gift certificates	626	588
Net operating losses	993	1,031
Lease liability	1,912	1,635
Total deferred income tax assets	6,717	7,618
Less valuation allowance	(1,035)	(1,065)
Deferred income tax asset, net	5,682	6,553
Deferred income tax liabilities:
Right of use assets	(1,752)	(1,514)
Trade name	(664)	(655)
Other	(2,033)	(2,044)
Total deferred income tax liability	(4,449)	(4,213)
Net deferred income tax asset	$ 1,233	$ 2,340

Income Taxes - Schedule Of Valu

Income Taxes - Schedule Of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,065	$ 5,034
Deductions	(30)	(3,969)
Ending balance	$ 1,035	$ 1,065

Income Taxes - Schedule of Fore

Income Taxes - Schedule of Foreign Tax Operating Loss Carryforwards Expiring (Details) $ in Millions	Dec. 31, 2024 USD ($)
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 4.3
Expires on 2025 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.9
Expires on 2026 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.1
Expires on 2027 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.1
Expires on 2028 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.1
Expires on 2029 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.3
Expires on 2030 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.6
Expires on 2031 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.3
Expires on 2032 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.2
Expires on 2033 [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.7
Expires on 2034 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.5
Expires on Indefinite [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 0.5

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020 USD ($) Beneficialownershipsubsidiary	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Commitment And Contingencies [Line Items]
Assessment amount	$ 1.9
Number of beneficial ownership subsidiaries from business acquisition | Beneficialownershipsubsidiary	1
Accrued Expenses [Member]
Commitment And Contingencies [Line Items]
Accrual for disputing assessment		$ 1.2	$ 1.2
Carnival [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Commitment And Contingencies [Line Items]
Concentration risk, percentage		41.20%	41.10%	41%
Royal Caribbean [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Commitment And Contingencies [Line Items]
Concentration risk, percentage		27.90%	27.90%	28%
Norwegian Cruise Line [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Commitment And Contingencies [Line Items]
Concentration risk, percentage		16.80%	16.40%	15.60%

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of minimum payments guarantee amounts (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 173,308

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
BALANCE		$ 434,069	$ 365,809	$ 293,904
Total other comprehensive (loss) income, net of tax		(1,058)	(2,342)	5,794
BALANCE		554,497	434,069	365,809
Foreign Currency Translation Adjustments [Member]
BALANCE		(917)	(1,229)	(673)
Other comprehensive (loss) income before reclassifications		(51)	312	(556)
Total other comprehensive (loss) income, net of tax		(51)	312	(556)
BALANCE		(968)	(917)	(1,229)
Changes Related to Cash Flow Derivative Hedge [Member]
BALANCE	[1]	2,372	5,026	(1,324)
Other comprehensive (loss) income before reclassifications	[1]	2,065	834	6,536
Amounts reclassified into earnings	[1]	(3,072)	(3,488)	(186)
Total other comprehensive (loss) income, net of tax	[1]	(1,007)	(2,654)	6,350
BALANCE	[1]	1,365	2,372	5,026
Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE		1,455	3,797	(1,997)
Other comprehensive (loss) income before reclassifications		2,014	1,146	5,980
Amounts reclassified into earnings		(3,072)	(3,488)	(186)
Total other comprehensive (loss) income, net of tax		(1,058)	(2,342)	5,794
BALANCE		$ 397	$ 1,455	$ 3,797
[1] See Note 15.

Fair Value Measurements and D_3

Fair Value Measurements and Derivatives - Summary of Carrying Amounts and Estimated Fair Values of the Company's Cash, Restricted Cash, and Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash	$ 57,439	$ 27,704
Restricted cash	1,198	1,198
Total cash and restricted cash in the consolidated statement of cash flows	58,637	28,902	$ 33,262	$ 32,833
Total debt	100,000	159,639
Carrying Value [Member]
Debt Instrument [Line Items]
Cash	57,439	27,704
Restricted cash	1,198	1,198
Total cash and restricted cash in the consolidated statement of cash flows	58,637	28,902
Total debt	100,000	159,639
Estimated Fair Value [Member]
Debt Instrument [Line Items]
Cash	57,439	27,704
Restricted cash	1,198	1,198
Total cash and restricted cash in the consolidated statement of cash flows	58,637	28,902
Total debt	100,740	162,560
First Lien Term Loan Facility [Member]
Debt Instrument [Line Items]
Total debt	0	159,639
First Lien Term Loan Facility [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Total debt		159,639
First Lien Term Loan Facility [Member] | Estimated Fair Value [Member]
Debt Instrument [Line Items]
Total debt		$ 162,560
Term Loan Facility [Member]
Debt Instrument [Line Items]
Total debt	100,000
Term Loan Facility [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Total debt	100,000
Term Loan Facility [Member] | Estimated Fair Value [Member]
Debt Instrument [Line Items]
Total debt	$ 100,740

Fair Value Measurements and D_4

Fair Value Measurements and Derivatives - Summary of Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Fair value of assets	$ 1,364	$ 2,372
Liabilities:
Fair value of liabilities		20,400
Derivative Financial Instruments [Member] | Other Current Assets [Member]
Assets
Fair value of assets	653	2,372
Derivative Financial Instruments [Member] | Other Noncurrent Assets [Member]
Assets
Fair value of assets	711
Derivative Financial Instruments [Member] | Warrant Liabilities [Member]
Liabilities:
Fair value of liabilities		20,400
Fair Value, Inputs, Level 2 [Member]
Assets
Fair value of assets	1,364	2,372
Liabilities:
Fair value of liabilities		20,400
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments [Member] | Other Current Assets [Member]
Assets
Fair value of assets	653	2,372
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments [Member] | Other Noncurrent Assets [Member]
Assets
Fair value of assets	$ 711
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments [Member] | Warrant Liabilities [Member]
Liabilities:
Fair value of liabilities		$ 20,400

Fair Value Measurements and D_5

Fair Value Measurements and Derivatives - Significant Assumptions used to Determine Fair Value of Public and 2020 PIPE Warrants (Details) - Fair Value, Inputs, Level 2 [Member] - Monte Carlo Model [Member]	Dec. 31, 2023 $ / shares
Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Remaining life (in years)	2 months 19 days
2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Remaining life (in years)	1 year 5 months 12 days
Stock Price [Member] | Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	14.1
Stock Price [Member] | 2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	14.1
Strike Price [Member] | Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	11.5
Strike Price [Member] | 2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	5.75
Volatility [Member] | Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.34
Volatility [Member] | 2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.38
Interest Rate [Member] | Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.0536
Interest Rate [Member] | 2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.0449
Redemption Price [Member] | Public Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	18
Redemption Price [Member] | 2020 PIPE Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	14.5

Fair Value Measurements and D_6

Fair Value Measurements and Derivatives - Significant Assumptions used to Determine Fair Value of Sponsor Warrants (Details) - Fair Value, Inputs, Level 2 [Member] - Black-Sholes Model [Member] - Sponsor Warrants [Member]	Dec. 31, 2023 $ / shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Remaining life (in years)	2 months 19 days
Stock Price [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	14.1
Strike Price [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	11.5
Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.38
Interest Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0.0536
Dividend Yield [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, measurement input	0

Fair Value Measurements and D_7

Fair Value Measurements and Derivatives - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) Agreement	Sep. 30, 2019 USD ($)
Long-lived assets impairment	$ 376	$ 2,129
Minimum [Member]
Discount rate		12.50%
Maximum [Member]
Discount rate		13.50%
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Fixed interest rate payments				1.457%
Notional derivative amount at the contract inception,liability	$ 100,000	$ 95,400		$ 174,700
Interest rate swap maturity date	Sep. 19, 2024
Interest rate cash flow hedge gain or loss to be reclassified within the next twelve months	$ 700
Derivative, Number Of Instruments Held | Agreement			2
Interest Rate Swap One [Member] | Cash Flow Hedging [Member]
Fixed interest rate payments			3.341%
Notional derivative amount at the contract inception,liability			$ 70,000
Interest rate swap maturity date	Sep. 20, 2027
Interest Rate Swap Two [Member] | Cash Flow Hedging [Member]
Fixed interest rate payments			3.564%
Notional derivative amount at the contract inception,liability			$ 30,000
Interest rate swap maturity date	Dec. 20, 2026

Fair Value Measurements and D_8

Fair Value Measurements and Derivatives - Summary of Interest Rate Swap Contract (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount of Gain Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative	$ 2,065	$ 834	$ 6,536
Gain Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense	(3,072)	(3,488)	(186)
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]
Amount of Gain Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative	2,065	834	6,536
Gain Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense	$ (3,072)	$ (3,488)	$ (186)

Profit Sharing Plans - Addition

Profit Sharing Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Salary and Payroll Taxes [Member]
Defined Contribution Plan Disclosure [Line Items]
Contribution under profit sharing retirement plan	$ 0.4	$ 0.4	$ 0.4

Segment and Geographic Inform_3

Segment and Geographic Information - Summary of Geographic information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Revenues	$ 895,019	$ 794,045	$ 546,259
Property and equipment, net:
Property and equipment, net	17,678	15,006
U.S. [Member]
Revenues:
Revenues	17,806	19,968	19,903
Property and equipment, net:
Property and equipment, net	4,977	4,536
Not connected to a country [Member]
Revenues:
Revenues	854,544	750,736	506,405
Property and equipment, net:
Property and equipment, net	11,068	8,448
Other [Member]
Revenues:
Revenues	22,669	23,341	$ 19,951
Property and equipment, net:
Property and equipment, net	$ 1,633	$ 2,022

Segment and Geographic Inform_4

Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202307Member
Number of reportable segment	1