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OneSpaWorld Reports Third Quarter Fiscal 2021 Financial Results Ends Third Quarter with Total Liquidity of $ 48 Million Company Expects Sailing to Resume on 70 % of Contracted Ships by Year - End Nassau , Bahamas , November 3 , 2021 - OneSpaWorld Holdings Limited ( NASDAQ : OSW ) ( " OneSpaWorld , " or the " Company " ) , the pre eminent global provider of health and wellness services and products on - board cruise ships and in destination resorts around the world , today announced its financial results for its third quarter and first nine months of fiscal 2021 , ended September 30 , 2021 . Leonard Fluxman , Executive Chairman and Chief Executive Officer of OneSpaWorld , commented : " we are very pleased with our third quarter performance , which was highlighted by significant growth in revenue and operating profitability compared to prior year and the 2021 second quarter . We are greatly encouraged with the results of our enhanced business model that we worked so hard to implement prior to return - to service . The quarter included significant progress on these initiatives to ensure a strong return to service and position OneSpaWorld for consistent future growth and profitability . Mr. Fluxman added that " key operating metrics during the third quarter of 2021 also compared favorably with our third quarter 2019 performance , the most recent comparable period of normalized operations . For example , we saw the highest ever penetration rate of overall cruise ship guests serviced in our health and wellness centers . Additionally , pre - booking statistics and average guest spend handily exceeded 2019 performance . As of September 30th , we had welcomed back 1,653 staff members who began to serve onboard 78 of our 167 cruise ships . As a leader in training and certification , we were also pleased to reopen our London Wellness Academy during the quarter . The academy is experiencing strong demand from applicants with nearly 300 students trained since reopening . In addition , on land , our destination resort spas in North America generated positive EBITDA for the second consecutive quarter with staffing levels continuing to increase to meet higher than - expected guest demand . " Mr. Fluxman concluded , " we are also delighted that OneSpaWorld has extended its contract with Azamara through early 2026 covering all of Azamara's ships sailing during the term of the agreement . As we look ahead , we continue to expect our exemplary staff commitment and service our always innovating guest service , product and solution offerings , and our virtually irreplicable global operating infrastructure will enable us to capitalize on our significant opportunities to further expand our preeminent position as conditions continue to normalize . Clearly , we believe our unwavering strategy throughout this devastating pandemic positions us to deliver long - term revenue and earnings growth across the global expanse of our operations always seeking to enhance value for all OneSpaWorld stakeholders . " Stephen Lazarus , Chief Financial Officer and Chief Operating Officer , commented , " We ended the quarter with total liquidity of $ 47.6 million , including $ 34.6 million in cash and $ 13.0 million available under our credit facility . Our cash burn rate was $ 12.7 million for the quarter with the positive impact from the resumption of sailings offset by the increased cash expenditures incurred in return to service and timing of cash receipts . We expect the continued resumption of our cruise ship operations in the fourth quarter to generate positive cash flow from operations in December and ongoing into fiscal 2022. " Operating Network Update : Ship Count : The Company ended the third quarter with health and wellness centers on 167 ships , of which 78 had resumed voyages as of quarter - end , compared with 14 ships having resumed voyages by the end of the second quarter ; another 13 ships resumed voyages in October . The Company expects that voyages will have resumed on 118 ships by the end of December 2021 . We believe all of our contracted ships will return to sailing no later than Q3 2022 . Destination Resort Count : The Company ended the third quarter with spas in 53 destination resorts , of which 45 were open and operating as of September 30 , 2021 . Staff Count : The Company had re - embarked 1,653 cruise ship personnel on vessels at the end of the third quarter for actual and anticipated voyages and expects 2,467 employees to re - embark on vessels by the end of December 2021 for actual and anticipated voyages . ● Liquidity Update : Cash and borrowing capacity under the Company's line of credit at September 30 , 2021 totalled $ 47.6 million . At quarter end , $ 13.6 million remained available under the ATM program . Availability under the Company's line of credit was $ 13.0 million at September 30 , 2021. Subsequent to quarter end , the Company sold an additional 350,000 shares with gross proceeds of $ 3.6 million with $ 10.0 million remaining available under the ATM program as of November 3 , 2021 . The cash burn rate for the quarter of $ 12.7 million was slightly above the Company's expectations , driven by timing of receipts . The Company expects a cash burn rate of between $ 8.0 million and $ 10.0 million in the fourth quarter as revenues generated from an increasing number of voyages offset some of the higher cash expenditures in anticipation of these increased sailings . The Company's results are reported in this press release on a GAAP basis and on an as adjusted non - GAAP basis . A reconciliation of GAAP to non - GAAP financial information is provided at the end of this press release . This press release also refers to Adjusted EBITDA and Adjusted Net Income ( non - GAAP financial measures ) , terms for which the definition and reconciliation are presented below .