Greetings, and welcome to the OneSpaWorld Q2 2021 earnings call. During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session. If you have a question, please press the one followed by the four on your telephone at any time during the presentation. At that time, your line will briefly be accessed from the conference to obtain information. If at any time during the conference you need to reach an operator, please press star 0. As a reminder, this conference is being recorded Thursday, August 5th, 2021. I would now like to turn the conference over to Allison Malkin, Investor Relations. Please go ahead. Thank you. Good morning, and welcome to OneSpaWorld's Q2 2021 earnings call and webcast. Before we begin, I'd like to remind you that certain statements and information made available on today's call and webcast may be deemed to constitute forward-looking statements. The COVID-19 pandemic continues to have a significant impact on our operations, cash flow, and financial position. The uncertain and dynamic nature of current conditions and its ongoing impact could materially alter our outlook. These forward-looking statements reflect our judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting our business. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with forward-looking statements to be made in this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our Q2 2021 earnings release, which was furnished to the SEC today on Form 8-K. We do not undertake any obligation to update or alter any forward looking statements, whether as a result of new information, future events, or otherwise. In addition, the company may refer to certain adjusted non-GAAP metrics on this call. An explanation of these metrics can be found in our earnings release issued earlier this morning. Joining me today are Leonard Fluxman, Executive Chairman and CEO, and Stephen Lazarus, CFO and COO. Leonard will begin with a review of our Q2 2021 performance and provide an update on our operations and our key priorities. Steven will provide more details on the financials and our liquidity. I would now like to turn the call over to Leonard. Thank you, Allison. Good morning, all, welcome to OneSpaWorld's second quarter 2021 results conference call. The second quarter represented a terrific start to OneSpaWorld's resumption of service at sea and continued positive momentum across our destination resort spas that have reopened. While we continue to operate in a fluid environment, sequential revenue improvement from the Q1 was significant. In total, our Q2 results mainly reflect the performance of our destination resort spas. Of the 14 ships in service at the end of the quarter, 10 resumed operations in June. Our intense focus and successful implementation of our actions to ready our staff and health and wellness centers to safety opened led to a flawless execution of our new protocols and outstanding service by our highly dedicated staff members. I would like to thank our cruise and destination resort spa staff and corporate teams for enduring endless hours of training, among many other hardships, to support our outstanding return to service. We expect to build upon our favorable momentum as more ships return to service during the second half of the year. Turning to highlights of the quarter. Total revenues were $9.2 million and mainly reflected destination resort spa revenues. Adjusted EBITDA was a loss of $9.7 million. Of note, our destination resort spas generated positive EBITDA in the quarter, and we are increasing staff at almost all locations to meet higher than expected demand. We ended the quarter with total liquidity of $54.8 million. As of yesterday, we operated on a total of 42 cruise ships, seven more than we estimated when we reported Q1 results in May. While occupancy and staffing are below historical levels, we are continuing to see strong customer demand and spend for our services. To this end, in the month of July, customer spend exceeded July 2019 levels on board the cruise ships that we sailed. This was accomplished despite lower than historical promotional activity. We also are encouraged that recent pre-booking statistics are up versus 2019. In keeping with OneSpaWorld's tradition of supporting our onboard staff, our corporate team has already visited 30 of the 42 ships that have returned to service to ensure we generate the highest possible revenue while maintaining the highest standards. Flawless return to service is our top priority. We successfully placed 779 cruise ship personnel and vessels at the end of the Q2 for actual and anticipated voyages, overcoming the challenges of the pandemic, securing visas, COVID testing, and other travel restrictions. Despite these hurdles, our team members are ecstatic to be back at sea. We are adjusting our plans on a daily basis so that we are in a position to react immediately to any additional unplanned return to service. By the end of September, we expect to have 1,383 staff reembarked on vessels. We believe we are well-positioned to continue our flawless execution as we welcome staff back and prepare to resume operations on an additional 37 ships by the end of September. We were also delighted to see the U.S. government approved sailings in Alaska, which represents an important market for us, generating some of our best operating metrics. We believe our initial return to service performance confirms that we are positioned powerfully to capitalize on the strength of our team, operating platform, and business model to drive long term profitable growth as cruise ships and destination results spa operations fully resume. Overall, we will continue to execute with intense financial discipline while implementing strategies that enable the company to not only return to peak levels of sales and profitability, but also elevate our brand and further expand our service offering in our ongoing efforts to increase value for all our OneSpaWorld stakeholders. With that, I will turn the call over to Stephen, who will comment on our Q2 2021 results and liquidity position. Stephen? Thank you, Leonard, and good morning, ladies and gentlemen. As Leonard mentioned, the Q2 saw sales and operating performance accelerate from the Q1 of the year, reflecting our team's expert ability to prepare and return staff to service under extraordinary conditions. I will now share just a few of the second quarter 2021 highlights. For the Q2, total revenues were $9.2 million compared to $1 million in the Q2 last year. Revenues were generated primarily from our destination resort spas. 14 of our health and wellness centers on board ships had resumed operations as of June 30th, 2021, with the majority of those coming into service towards the end of the quarter. Cost of service were $9.6 million compared to $12.6 million in the 2020 Q2. The decrease was attributable to significant costs incurred related to the COVID-related closure of all of our health and wellness centers in the 2020 second quarter. Cost of products were $1.5 million compared to $1.6 million in the 2020 Q2. Cost of product in the Q2 this year reflected increased freight expense related to the resumption of service, while cost of product for the 2020 Q2 included the establishment of a $500,000 inventory reserve. Net income was $300,000 compared to a loss of $20.7 million in the Q2 of 2020. The $21 million improvement in the Q2 of fiscal 2021 was primarily a result of a $10.5 million improvement in our loss from operations, plus the $8.6 million positive change in the fair value of warrants. The change in the fair value of warrants is the result of changes in the market prices deriving the value of these financial instruments. Adjusted EBITDA was a loss of $9.7 million as compared to a loss of $20.1 million in the Q2 of 2020. We ended the quarter with total liquidity of $54.8 million. Additionally, at quarter end, $19.3 million remained available under the ATM program. Availability under our line of credit was $13 million at quarter end. The cash burn rate for the quarter of $10.9 million was approximately $4.1 million below our expectations, driven by timing of payments and increased revenue. We expect cash burn between $10 million and $12 million in the third quarter as we increase activity in anticipation of increased sailings. We expect resumption of our cruise ship operations to accelerate in the Q3 and thereafter and generate improved cash flow from operations, ultimately leading to positive cash flow in December. As it relates to our outlook for 2021, due to the ongoing business disruption and uncertainty surrounding the continued impact to our business from the COVID-19 pandemic, we will continue to not provide guidance. Notwithstanding the foregoing, for the Q3 and 2021 fiscal year, we expect to incur a net loss on a GAAP and adjusted basis. With that, we will open up the call for questions. Operator, if you could please take over. Thank you very much. We do welcome all questions or comments. To register, please press the one followed by the four on your telephone. You will hear a three tone prompt to acknowledge your request. If your question has been answered or you would like to withdraw a registration, please press one, three. Again, we do welcome all questions or comments. To register, please press one, four. Our first question comes from the line of Steven Wieczynski of Stifel. Please proceed with your question. Yeah. Hey, guys. Excuse me. Good morning. First of all, obviously labor is a big pressure point out there for most companies at this point. I fully understand you guys are better positioned versus most employers given your specialized labor fleet and the fact that, for the most part, they're pretty much commissioned. If you look at your land-based operations, can you give us any idea what labor availability has looked like or if that's a pressure point for you guys? Yeah. Look, it's two complete different labor pool models, Steve. You're correct. We certainly are staffing up where necessary with demand and extended hours being given to us by the different resorts that we operate in. Certain positions are proving a little tougher to get. There is increased competition on land for staff. So far so good. We're managing to staff up where necessary and stay abreast with the demand. It's definitely a tight market, no question about it. Probably not as fluid as we're able to get staff from 85 different countries that we recruit from. Yeah, it's definitely a tighter model at this point, but so far so good. Okay. Gotcha. You guys mentioned that spend levels on board have been very strong and above 2019. Can you help us think about what passengers are spending on? Meaning, is it more spending on products after services are complete, or is it folks just wanting more complex or expensive services? I don't know if there's any way you can talk us through this, but is most of the spend coming from a cash paying customer, or are these from onboard credits? Hopefully, that all makes sense. Look, we've got July under wraps. We've had a good look at it, and I can tell you right now, every single metric has been positive and above where we were at July 2019, which is very encouraging. With ship occupancy only being about 39% overall on all the ships that we're at. While our ship occupancies are down, frequency is up, spend is up. Spend is up despite onboard credits. While we don't have enough data right now to be able to pull to what extent that's factoring into the total spend, I can tell you that people are spending more on a pre book basis on the first day of invocation than we've ever seen before. Some of the amounts that we've seen spent on the first day is mind-blowing, and very encouraging, which is a testament to us getting up our pre book system with shorter lead times on changing itineraries. Overall, if I look at a summary and snapshot of what we're seeing for July, in every single category, frequency spend, average ticket total, it's up versus 2019. It's a good indication thus far of pent-up demand for just legacy services. Obviously with that comes some retail attachments. We're excited about what we're seeing so far, and the execution from our team has really been incredible. Okay. That sounds great. Thanks. If I could sneak one more in. Your liquidity position hovering in that mid-50s - 65 if you include the ATM component. I guess obviously there's a fear out there around variants and what that could do to the operators themselves, whether it's having to eventually cancel cruises or adjust itineraries and stuff like that. With where your liquidity position is today and your cash burn, so to speak, do you guys feel pretty comfortable that even if there is some kind of slight disruption, you guys are still pretty well positioned? The short answer to that is yes. With a slight disruption, I think we would be okay. Clearly, the cruise lines are taking increased initiatives right now, just in the last day or so, in fact. On Carnival, for example, with requiring outdoors testing despite vaccination status in order to board a vessel will be now required. We think the cruise lines are doing a great job in terms of mitigating any potential exposure on board. While it will certainly happen, we've also seen in cases where it does, that the actions that they're taking and the protocols that they have in place are very good with containing and identifying very quickly potential exposure. It's pretty much a wait and see situation for us, but based upon everything that we see and know today, we feel comfortable. Okay, great. Thanks, guys. Appreciate it. Yeah. Again, as a reminder, to register questions, please press one, four. Our next question comes from the line of Stephanie Wissink of Jefferies. Please proceed with your question. Hey, everyone. It's Chris Niemiec on the line for Steph. Just a couple of quick ones from me. How should we be thinking about modeling revenue per ship as you ramp up from 14 - 79? Is there a general framework for volume per ship, or is there really a percentage of pre-pandemic levels that we should be thinking about here? It's probably a little too soon, honestly, to get that general because different cruise lines are starting out with different occupancy levels on board, depending on itineraries, depending on occupancy levels, depending on when in the quarter those ships come into service, will all influence the type of revenue generation. Honestly, at this stage, it's so fluid, and there's so many changes that overarching assumptions with regards to revenue generation are just too soon to be talked about for us. Fair enough. I also wanted to dig deeper on cash burn, specifically around staffing dynamics. How early do you need to bring back staffing pre-voyage? How do you really balance that staffing given the uncertainty around COVID variants? It's a great question, and it's something that our team has just done an incredible job. Our London Wellness Academy, all of our recruiting staff around the world. There are certain countries, obviously, that are just still in red, and we're not going to those countries. Each banner that we serve has different requirements in terms of the quarantine, the vaccination, et cetera. In some cases, we're bringing in staff 45 days ahead of the actual voyage, going either for a test cruise or for an actual revenue cruise to give us adequate time to quarantine and have them go through both of their vaccination protocols. What that does is it puts a lot of pressure and stress on all the recruiting and training, but this is something that we have done historically very well. Clearly, we have never put so many ships back in the water with staff. Yeah, it's a Herculean task, but at the same time, to date, we've been managing very well. There are obviously days where you have some blips or somebody is put back into quarantine, but we have enough staff on the bench right now to cope with all the demand that we're projecting through the end of the year. That's very helpful. Thank you. Yep. Thank you. Our next question comes from the line of Assia Georgieva of Infinity Research. Please proceed with your question. Good morning, guys. I think the industry in general, and you guys in particular, have done a really great job under these circumstances. Keeping my fingers crossed that everything continues to go ahead smoothly. In terms of the good spend that you're seeing, would you attribute some of that to the quality of passenger that you're seeing? I imagine these are more experienced cruisers that are coming back first on board. In the past, it seems that first time cruisers may have offered a better spend for you. Am I correct? Assia. I think it's hard to delineate between first-timers and experienced cruisers in terms of the total spend on board. That's just not something that we're able to dig into right now. I will say that there's definitely a higher percentage of experienced cruisers. Given that the more experienced cruisers typically don't spend as much as first timers, we're simply encouraged by the pent-up demand that we're seeing. It seems like the exuberance, getting out there on the sea again, all of that's playing well into the pre-book and the spend and demand for our services right now. Do FCCs issued by the cruise companies directly help, or is it difficult to delineate how much spend is coming from that portion? It's something we're going to try and get you more visibility on as we end the Q3 or Q4. It's a tough breakout in the recap of every single cruise. It's not something that we necessarily track on any of the individual POSs when we send it off back to the state portfolio. We'll try and get you better visibility. I will say that it's helping, but I think the spend above and beyond the FCCs is definitely encouraging because people are not only having one service, they're having more than one service, and they're spending on more of the expensive services. That's a good indication, not only of the quality of the guest but of the pent-up demand for these type of legacy services. That sounds great. We all are aware of the inherent uncertainties surrounding whether it's the Delta variant or possibly Lambda. If we exclude that for a moment, what are some of the potential risks that you see over the next, let's say, six to 12 months? Is there anything else that has you concerned at this point? No. I'm not. I'm not concerned about our team, our operation, our ability to execute. I think we've done an amazing job of returning onto so many ships this quickly with August, September being big months as well. The only thing that sort of keeps me up a little bit at night, obviously, is the continued ability to contain the Delta variant spreading where onto the ships. I will say that from everything that we've seen, from even the increased level of protocols that a lot of the brands are putting out there in the last couple of weeks with the increase in surge in the variant, it's encouraging to see how few outbreaks there've been on board. Their protocols are definitely working, and I think there's a heightened awareness of what they need to do going forward to keep the ships at sea. Well, I think the industry should deserve some credit for sort of being indirect advocates for vaccination and getting people to get vaccinated at a faster rate. Again, I think you guys are doing a great job, so keep it up. Thank you. There are no further questions at this time. I'll turn the call back to you, panelists. Please continue. All right. Thanks again, everyone, for joining us today. We look forward to speaking with you and updating you on our progress and report our Q3 results in early November. Thanks again for joining us today. That does conclude today's presentation. We do thank you for your participation and ask that you please disconnect your lines. Have a great rest of the day, everyone.