ONESPAWORLD HOLDINGS Ltd
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
OSW$31.13+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0000950170-24-052486
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0000950170-24-089288
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 103 current paragraphs.
57 unchanged; 24 reworded; 16 added; 5 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
(1) Refer to Note 2 to the Condensed Consolidated Financial Statements in this report for details underlying OneSpaWorld’s income diluted share calculation.
Current report
Service revenues. Service revenues for the three months ended June 30, 2024 were $180.8 million, an increase of $17.6 million, or 11%, compared to $163.2 million for the three months ended June 30, 2023.
Current report
Product revenues. Product revenues for the three months ended June 30, 2024 were $44.0 million, an increase of $6.8 million, or 18%, compared to $37.3 million for the three months ended June 30, 2023.
Current report
Cost of services. Cost of services for the three months ended June 30, 2024 were $150.8 million, an increase of $13.6 million, or 10%, compared to $137.2 million for the three months ended June 30, 2023. The increase primarily was attributable to costs associated with increased Service revenues of $180.8 million in the quarter compared with Service revenues of $163.2 million in the second quarter of 2023.
Current report
Cost of products. Cost of products for the three months ended June 30, 2024 were $37.1 million, an increase of $4.9 million, or 15%, compared to $32.2 million for the three months ended June 30, 2023. The increase primarily was attributable to costs associated with increased Product revenues of $44.0 million in the quarter compared to Product revenues of $37.3 million in the second quarter of 2023.
Current report
Administrative. Administrative expenses for the three months ended June 30, 2024 were $4.7 million, an increase of $0.2 million, or 5%, compared to $4.5 million for the three months ended June 30, 2023. The increase primarily was attributable to timing of professional fees agreed in connection with public company costs.
Current report
Salary, benefits and payroll taxes. Salary, benefits and payroll taxes for the three months ended June 30, 2024 were $9.2 million, an increase of $0.3 million, or 3%, compared to $9.0 million for the three months ended June 30, 2023. The increase primarily was attributable to annual merit increases for Corporate employees.
Current report
Income tax expense. Income tax expense for the three months ended June 30, 2024 was an expense of $0.8 million, an increase of $0.8 million, or 1278%, compared to $59.0 thousand for the three months ended June 30, 2023. The increase primarily driven by an increase in the taxable income, the change in valuation allowance and decrease in availability of net operating losses.
Current report
(1) Refer to Note 2 to the Condensed Consolidated Financial Statements in this report for details underlying OneSpaWorld’s income diluted share calculation.
Current report
Comparison of Results for the six months ended June 30, 2024 compared to six months ended June 30, 2023
Current report
Service revenues. Service revenues for the six months ended June 30, 2024 were $353.1 million, an increase of $39.7 million, or 13%, compared to $313.4 million for the six months ended June 30, 2023.
Current report
Product revenues. Product revenues for the six months ended June 30, 2024 were $83.1 million, an increase of $13.4 million, or 19%, compared to $69.6 million for the six months ended June 30, 2023.
Current report
Administrative. Administrative expenses for the six months ended June 30, 2024 were $8.8 million, an increase of $0.7 million, or 9%, compared to $8.1 million for the six months ended June 30, 2023. The increase primarily was attributable to timing of professional fees agreed in connection with public company costs.
Current report
Amortization of intangible assets. Amortization of intangible assets for the six months ended June 30, 2024 and 2023 were $8.3 million and $8.4 million, respectively.
Current report
Income tax expense. Income tax expense for the six months ended June 30, 2024 was an expense of $1.4 million, an increase of $0.8 million, or 125%, compared to $0.6 million tax expense for the six months ended June 30, 2023. The increase primarily was driven by an increase in the taxable income, the change in valuation allowance and the decrease in availability of net operating losses.
Current report
Comparison of Results for the six months ended June 30, 2024 and 2023
Removed paragraphs (5)
Previous report
Service revenues. Service revenues for the three months ended March 31, 2024 were $172.2 million, an increase of $22.1 million, or 15%, compared to $150.1 million for the three months ended March 31, 2023.
Previous report
Product revenues. Product revenues for the three months ended March 31, 2024 were $39.0 million, an increase of $6.7 million, or 21%, compared to $32.3 million for the three months ended March 31, 2023.
Previous report
Administrative. Administrative expenses for the three months ended March 31, 2024 were $4.1 million, an increase of $0.5 million, or 14%, compared to $3.6 million for the three months ended March 31, 2023. The increase was primarily attributable to professional fees incurred in the three months ended March 31, 2024 in connection with increased public company costs as the Company emerged from emerging growth company status.
Previous report
Income tax expense. Income tax expense for the three months ended March 31, 2024 and 2023 was $0.6 million for each period.
Previous report
changes in the market for the products we offer for sale;
Reworded paragraphs (24)
Previous wording
Service revenues. Service revenues consist primarily of sales of health and wellness services, including a full range of massage and body care treatments, hair care treatments, skin and facial treatments, nutritional/weight management consultations, teeth whitening, ayurvedic treatments, acupuncture, medi-spa, and fitness personal training services to cruise ship passengers and destination resort guests. We bill our services at rates which inherently include an immaterial charge for products used in the rendering of such services, if applicable.
Current wording
Service revenues. Service revenues consist primarily of sales of health and wellness, aesthetics and fitness services, including a full range of body care, skin care, hair care, cosmetics, medi-spa, acupuncture, nutrition/weight management and mindfulness services, among others, to cruise ship passengers and destination resort guests. We bill our services at rates which inherently include an immaterial charge for products used in the rendering of such services, if applicable.
Previous wording
Product revenues. Product revenues consist primarily of sales of skincare, body care, hair care, orthotics, and nutritional supplement products, among others, to cruise ship passengers, destination resort guests andtimetospa.com customers.
Current wording
Product revenues. Product revenues consist primarily of sales of health and wellness products, such as skincare, body care, hair care, orthotics, and nutritional supplements to cruise ship passengers, destination resort guests andtimetospa.comcustomers.
Previous wording
Cost of services. Cost of services consists primarily of an allocable portion of payments to cruise line partners (which are derived as a percentage of service revenues or a minimum annual rent or a combination of both), an allocable portion of wages paid to shipboard employees, an allocable portion of staff-related shipboard expenses, wages paid directly to destination resort employees, payments to destination resort partners, the allocable cost of products consumed in the rendering of services, and health and wellness center depreciation. Cost of services has historically been highly variable; increases and decreases in cost of services are primarily attributable to corresponding increases or decreases in service revenues. Cost of services has tended to remain consistent as a percentage of service revenues.
Current wording
Cost of services. Cost of services consists primarily of an allocable portion of payments to cruise line partners (which are derived as a percentage of service revenues or a minimum annual rent or a combination of both), an allocable portion of wages paid to shipboard employees, an allocable portion of staff-related shipboard expenses, wages paid directly to destination resort employees, payments to destination resort partners, the allocable cost of products consumed in the rendering of services, and health and wellness center depreciation. Cost of services has historically been highly variable; increases and decreases in cost of services are primarily attributable to corresponding increases or decreases in service revenues. Cost of services has tended to remain materially consistent as a percentage of service revenues.
Previous wording
Cost of products. Cost of products consists primarily of the cost of products sold through our various methods of distribution, an allocable portion of wages paid to shipboard employees and an allocable portion of payments to cruise line and destination resort partners (which are derived as a percentage of product revenues or a minimum annual rent or a combination of both). Cost of products has historically been highly variable; increases and decreases in cost of products are primarily attributable to corresponding increases or decreases in product revenues and includes impairment of the carrying value of inventories. Cost of products has tended to remain consistent as a percentage of product revenues.
Current wording
Cost of products. Cost of products consists primarily of the cost of products sold through our various methods of distribution, an allocable portion of wages paid to shipboard employees and an allocable portion of payments to cruise line and destination resort partners (which are derived as a percentage of product revenues or a minimum annual rent or a combination of both). Cost of products has historically been highly variable; increases and decreases in cost of products are primarily attributable to corresponding increases or decreases in product revenues and includes impairment of the carrying value of inventories. Cost of products has tended to remain materially consistent as a percentage of product revenues.
Previous wording
Comparison of Results for the Three Months Ended March 31, 2024 and 2023
Current wording
Comparison of Results for the three months ended June 30, 2024 compared to three months ended June 30, 2023
Previous wording
Revenues. Revenues for the three months ended March 31, 2024 and 2023 were $211.2 million and $182.5 million, respectively. The increase was attributable to our average ship count increasing 9% to 188 health and wellness centers onboard ships operating during the quarter, compared with our average ship count of 173 health and wellness centers onboard ships operating during the first quarter of 2023. In addition, we benefited from our initiatives to drive revenue growth in each of our on-board health and wellness centers through enhanced guest engagement and experiences, our guest service and product offering innovations, and the disciplined execution of our complex operating protocols by our on-board and corporate teams.
Current wording
Revenues. Revenues for the three months ended June 30, 2024 and 2023 were $224.9 million and $200.5 million, respectively. The increase primarily was attributable to our average ship count increasing 6% to 188 health and wellness centers onboard ships operating during the quarter, compared with our average ship count of 177 health and wellness centers onboard ships operating during the second quarter of 2023, together with continued productivity gains across our operations. In addition, we benefited from our initiatives to drive revenue growth in each of our on-board health and wellness centers through enhanced guest engagement and experiences, our guest service and product offering innovations, and the disciplined execution of our complex operating protocols by our on-board and corporate teams.
Previous wording
Amortization of intangible assets. Amortization of intangible assets for the three months ended March 31, 2024 were $4.1 million, a decrease of $0.1 million, or 1% compared to $4.2 million for the three months ended March 31, 2023.
Current wording
Amortization of intangible assets. Amortization of intangible assets for the three months ended June 30, 2024 and June 30, 2023 was $4.1 million and 4.2 million, respectively.
Previous wording
Net income (loss). Net income for the three months ended March 31, 2024 was $21.2 million, an increase of $37.1 million, or 233%, compared to a net loss of ($15.9) million for the three months ended March 31, 2023. The $37.1 million increase in net income was attributable to: (i) a $29.6 million positive change in fair value of warrant liabilities; (ii) a $1.7 million decrease in interest expense; and (iii) a $5.8 million positive change in income from operations. The change in fair value of warrant liabilities during the three months ended March 31, 2024 was a gain of $7.7 million compared to a loss of ($21.9) million during the three months ended March 31, 2023. The change in fair value of warrant liabilities was the result of changes in market prices of our common stock and other observable inputs deriving the value of the financial instruments.
Current wording
Other (expense) income. Other (expense) income includes interest expense and change in the fair value of the warrant liabilities. Interest expense, net for the three months ended June 30, 2024 was $2.2 million, a decrease of $2.1 million, or 49%, compared to $4.4 million for the three months ended June 30, 2023. The decrease primarily was attributable to lower debt balances. Since the year ended December 31, 2022, we have repaid a total of $91.0 million in debt instruments. The change in fair value of the outstanding warrants during the three months ended June 30, 2024 was a loss of ($0.046) million compared to a loss of ($12.2) million during the three months ended June 30, 2023. The decrease was primarily attributable to lower warrants outstanding at the end of each period. The change in fair value of warrant liabilities was the result of the remeasurement to fair value of the warrants exercised during the second quarter of 2024 reflecting changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments.
Previous wording
Cost of services. Cost of services for the three months ended March 31, 2024 were $144.0 million, an increase of $17.7 million, or 14%, compared to $126.3 million for the three months ended March 31, 2023. The increase was primarily attributable to costs associated with increased service revenues of $172.2 million in the quarter from our operating health and wellness centers at sea and on land, compared with service revenues of $150.1 million in the first quarter of 2023.
Current wording
Cost of services. Cost of services for the six months ended June 30, 2024 were $294.8 million, an increase of $31.3 million, or 12%, compared to $263.5 million for the six months ended June 30, 2023. The increase primarily was attributable to costs associated with increased Service revenues of $353.1 million in the six months ended June 30, 2024 from our operating health and wellness centers at sea and on land, compared with Service revenues of $313.4 million in the six months ended June 30, 2023.
Previous wording
Cost of products. Cost of products for the three months ended March 31, 2024 were $33.5 million, an increase of $5.3 million, or 19%, compared to $28.3 million for the three months ended March 31, 2023. The increase was primarily attributable to costs associated with increased product revenues of $39.0 million in the quarter from our operating health and wellness centers at sea and on land, compared to product revenues of $32.3 million in the first quarter of 2023.
Current wording
Cost of products. Cost of products for the six months ended June 30, 2024 were $70.7 million, an increase of $10.2 million, or 17%, compared to $60.5 million for the six months ended June 30, 2023. The increase primarily was attributable to costs associated with increased Product revenues of $83.1 million in the six months ended June 30, 2024 from our operating health and wellness centers at sea and on land, compared to Product revenues of $69.6 million in the six months ended June 30, 2023.
Previous wording
Salaries, benefits and payroll taxes. Salaries, benefits and payroll taxes for the three months ended March 31, 2024 were $8.5 million, a decrease of $0.4 million, or 5%, compared to $8.9 million for the three months ended March 31, 2023. The decrease was primarily attributable the lower stock-based compensation expense in the three months ended March 31, 2024.
Current wording
Salary, benefits and payroll taxes. Salary, benefits and payroll taxes for the six months ended June 30, 2024 were $17.7 million, a decrease of $0.2 million, or (1%), compared to $17.9 million for the six months ended June 30, 2023. The decrease primarily was attributable to lower stock-based compensation expense in the six months ended June 30, 2024 offset by annual merit increases for Corporate employees in 2024.
Previous wording
Other (expense) income. Other (expense) income includes interest expense and change in the fair value of the warrant liabilities. Interest expense, net for the three months ended March 31, 2024 was $3.0 million, a decrease of $1.7 million, or 36%, compared to $4.6 million for the three months ended March 31, 2023. The decrease was primarily attributable to lower debt balances. Since the year ended December 31, 2022, we have repaid a total of $76.0 million in debt instruments. The change in fair value of the outstanding warrants during the three months ended March 31, 2024 was a gain of $7.7 million compared to a loss of ($21.9) million during the three months ended March 31, 2023. Net gain in the change in fair value of warrant liabilities was the result of the remeasurement to fair value of the warrants exercised during the first quarter of 2024 and changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments.
Current wording
Other income (expense). Other income (expense) includes interest expense and change in the fair value of the warrant liabilities. Interest expense, net for the six months ended June 30, 2024 was $5.2 million, a decrease of $3.8 million, or (42%), compared to $9.0 million for the six months ended June 30, 2023. The decrease primarily was attributable to lower debt balances. Since the year ended December 31, 2022, we have repaid a total of $91.0 million in debt instruments. The change in fair value of the outstanding warrants during the six months ended June 30, 2024 was a gain of $7.7 million compared to a loss of ($34.1) million during the six months ended June 30, 2023. The change in fair value of warrant liabilities was the result of the remeasurement to fair value of the warrants exercised during the six months ended June 30, 2024 reflecting changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments.
Previous wording
Since our resumption of operations following the conclusion of the COVID-19 pandemic, we have funded our operations principally with cash flow from operations. Our principal uses for our liquidity have been funding our return to service of our health and wellness centers onboard 193 cruise ships and in 51 destination resorts, including associated working capital investment and capital expenditures; debt service, including full repayment of $7 million borrowed under our First Lien Revolving Facility, full repayment of our $25 million Second Lien Term Loan Facility, and $62 million repayment of our First Lien Term Loan Facility; and purchasing 1,395,432 of our common shares from Steiner Leisure Limited pursuant to a share repurchase agreement, among other uses of our liquidity.
Current wording
We fund our operations principally with cash flow from operations. Our principal uses for our liquidity have been funding our return to service of our health and wellness centers onboard 197 cruise ships and in 52 destination resorts, including associated working capital investment and capital expenditures; debt service, including full repayment of $7 million borrowed under our First Lien Revolving Facility, full repayment of our $25 million Second Lien Term Loan Facility, and $77 million repayment of our First Lien Term Loan Facility; and purchasing 1,395,432 of our common shares from Steiner Leisure Limited pursuant to a Shares Repurchase Agreement, among other uses of our liquidity.
Previous wording
Our results continued to experience significant recovery from the adverse impact of the recent pandemic during the three months ended March 31, 2024 when compared to the prior year period, building upon the increasing magnitude of our positive net operating cash flows. Taking into account the magnitude and positive trend of our results of operations, and our current financial condition and resources, we have concluded that we will have sufficient liquidity to satisfy our existing and planned capital requirements over the next twelve months and thereafter and comply with all debt covenants as required by our debt agreements.
Current wording
We have concluded that we will have sufficient liquidity to satisfy our existing and planned capital requirements over the next twelve months and thereafter and comply with all debt covenants as required by our debt agreement.
Previous wording
The following table shows summary cash flow information for the three months ended March 31, 2024 and 2023.
Current wording
The following table shows summary cash flow information for the six months ended June 30, 2024 and the six months ended June 30, 2023.
Previous wording
Operating activities. Our net cash provided by operating activities for the three months ended March 31, 2024 and 2023 were $15.0 million and $2.2 million, respectively. In the three months ended March 31, 2024, net operating cash flows continue to accelerate from 2023, as the Company grew total revenue 16%, income from operations by 52% and enhanced our balance sheet.
Current wording
Operating activities. Our net cash provided by operating activities for the six months ended June 30, 2024 and 2023 were $33.6 million and $27.5 million, respectively. In the six months ended June 30, 2024, net operating cash flows continued to accelerate from 2023, as the Company grew total revenue 14%, income from operations by 46% and enhanced our balance sheet.
Previous wording
Investing activities. Our net cash used in investing activities for the three months ended March 31, 2024 and 2023 were $1.2 million and $1.3 million, respectively.
Current wording
Investing activities. Our net cash used in investing activities for the six months ended June 30, 2024 and 2023 were $2.3 million and $2.2 million, respectively.
Previous wording
Financing activities. Our net cash provided by (used in) financing activities for the three months ended March 31, 2024 and 2023 were $24.0 million and ($10.3) million, respectively. For the three months ended March 31, 2024, the Company received proceeds from the exercise of public and private warrants of $51.7 million, repaid $20.0 million on the First Lien Term Loan Facility and utilized $7.7 million to repurchase 606,386 of our common shares. For the three months ended March 31, 2023, the Company repaid $0.5 million on the First Lien Term Loan Facility and $10.0 million on the Second Lien Term Loan Facility and received proceeds from the exercise of public warrants of $0.2 million.
Current wording
Financing activities. Our net cash provided by (used in) financing activities for the six months ended June 30, 2024 and 2023 were $3.5 million and ($28.8) million, respectively. For the six months ended June 30, 2024, the Company received proceeds from the exercise of public and private warrants of $51.7 million, repaid $35 million on the First Lien Term Loan Facility, paid $5.4 million of deleveraging fee on the First Lien Credit Facilities and utilized $7.7 million to repurchase 606,386 of our common shares. For the six months ended June 30, 2023, the Company repaid $16.0 million on the First Lien Term Loan Facility and $15.0 million on the Second Lien Term Loan Facility and received proceeds from the exercise of warrants of $2.2 million.
Previous wording
A significant portion of our revenues are generated onboard cruise ships and are subject to specific individual cruise itineraries, dependent on time of year and geographic location, among other factors. As a result, we experience varying degrees of seasonality as the demand for cruises is stronger in the Northern Hemisphere during the summer months and during holidays. Accordingly, the third quarter and holiday periods generally result in our highest revenue yields. Further, cruises and destination resorts have been negatively affected by the frequency and intensity of hurricanes, particularly during the August through October period, which may be increasing in frequency and intensity due to climate change.
Current wording
A significant portion of our revenues are generated onboard cruise ships and are subject to specific individual cruise itineraries, which are dependent on time of year and geographic location, among other factors. As a result, we experience varying degrees of seasonality as the demand for cruises is stronger in the Northern Hemisphere during the summer months and during holidays. Accordingly, the third quarter and holiday periods generally result in higher revenues for us. Further, cruises and destination resorts have been negatively affected by the frequency and intensity of hurricanes, particularly during the August through October period, which may be increasing in frequency and intensity due to climate change.
Previous wording
As of March 31, 2024, our net future contractual obligations have not changed significantly from the amounts disclosed in our 2023 Form 10-K.
Current wording
As of June 30, 2024, our future contractual obligations have not changed significantly from the amounts disclosed in our 2023 Form 10-K.
Previous wording
Our critical accounting policies are included in our 2023 Form 10-K. We believe that there have been no significant changes during the three months ended March 31, 2024 to the critical accounting policies disclosed in our 2023 Form 10-K.
Current wording
Our critical accounting policies are included in our 2023 Form 10-K. We believe that there have been no significant changes during the six months ended June 30, 2024 to the critical accounting policies disclosed in our 2023 Form 10-K.
Previous wording
We do not believe that inflation has had a material adverse effect on our revenues or results of operations. However, public demand for activities, including cruises, is influenced by general economic conditions, including inflation, global health epidemics/pandemics and customer preferences. Periods of economic softness could have a material adverse effect on the cruise industry and hospitality industry upon which we are dependent. Such a slowdown could adversely affect our results of operations and financial condition. The COVID-19 pandemic substantially negatively impacted our business, operations, results of operations and financial condition in 2022 and 2021. Recurrence of the more severe aspects of the recent adverse economic conditions, increases in inflation rates and interest rates, as well as periods of fuel price increases, could have a material adverse effect on our business, results of operations and financial condition during the period of such recurrence.
Current wording
We do not believe that inflation has had a material adverse effect on our results of operations, financial condition and cash flows. However, public demand for activities, including cruises, is influenced by general economic conditions, including inflation, global health epidemics/pandemics and customer preferences. Periods of economic softness, increases in inflation rates and interest rates, as well as periods of fuel price increases, could have a material adverse effect on the cruise industry and hospitality industry upon which we are dependent and could have a material adverse effect on our business and our results of operations, financial condition and cash flows.
Previous wording
the loss of one or more members of the Company’s management team;
Current wording
the loss of one or more members of the Company’s executive management team;
Previous wording
the potential impact of a recurrence of the recent pandemic or future pandemics on the industries in which the Company operates and the Company’s business, operations, results of operations and financial condition, including cash flows and liquidity;
Current wording
the potential impact of a global health crisis on the industries in which the Company operates and the Company’s business, results of operations, financial condition and cash flows;
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
(1) Average Ship Count is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.
Current report — wording carried from elsewhere
(2) Average Resort Count is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.
Current report — wording carried from elsewhere
Net income (loss). Net income for the three months ended June 30, 2024 was $15.8 million, an increase of $18.9 million, or 596%, compared to a net loss of ($3.2) million for the three months ended June 30, 2023. The $18.9 million increase in net income was attributable to: (i) a $12.2 million positive change in fair value of warrant liabilities; (ii) a $2.1 million decrease in interest expense; and (iii) a $5.4 million positive change in income from operations.
Current report — wording carried from elsewhere
Revenues. Revenues for the six months ended June 30, 2024 and 2023 were $436.1 million and $383.0 million, respectively. The increase primarily was attributable to our average ship count increasing 7% to 188 health and wellness centers onboard ships operating during the six months ended June 30, 2024 compared with our average ship count of 175 health and wellness centers onboard ships operating during the six months ended June 30, 2023 together with continued productivity gains across our operations. In addition, we benefited from our initiatives to drive revenue growth in each of our on-board health and wellness centers through enhanced guest engagement and experiences, our guest service and product offering innovations, and the disciplined execution of our complex operating protocols by our on-board and corporate teams.
Current report — wording carried from elsewhere
The break-down of revenue between service and product revenues was as follows:
Current report — wording carried from elsewhere
Net income (loss). Net income for the six months ended June 30, 2024 was $36.9 million, an increase of $56.0 million, or 293%, compared to a net loss of ($19.1) million for the six months ended June 30, 2023. The $56.0 million increase in net income was attributable to: (i) a $41.8 million positive change in fair value of warrant liabilities; (ii) a $3.8 million decrease in interest expense; and (iii) a $11.2 million positive change in income from operations.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Comparison of Results for the Three Months Ended March 31, 2024 and 2023