OneSpaWorld operates health and wellness centers — spas, fitness centers, medi-spas, salons, and thermal suites — aboard cruise ships and, to a lesser extent, at land-based destination resorts. The company is an outsourced service provider: cruise lines own and fund the physical spa facilities, while OneSpaWorld staffs and runs them under long-term, exclusive contracts. OneSpaWorld operates on 206 ships across all major cruise lines, with Carnival (~40% of revenue), Royal Caribbean (~28%), and Norwegian (~18%) together accounting for roughly 85% of total revenue. The company also operates 48 destination resort spas at properties owned by partners like Marriott, Hilton, and Four Seasons, though this land-based business is smaller, less profitable, and shrinking as OneSpaWorld exits underperforming locations. OneSpaWorld earns revenue through a sharing arrangement where cruise lines retain a specified percentage of gross spa revenue and remit the remainder. The model is highly variable-cost and asset-light, with capex expected around 2% of revenue. Key revenue drivers include the number of ships served, guest spend per visit, and passenger penetration rate. OneSpaWorld is pushing into higher-ticket medi-spa services (Botox, fillers, CoolSculpting, IV therapy), which generate up to 4x more spend per guest than traditional treatments, and is expanding pre-booking, which drives ~30% higher spend versus walk-ins. The company holds an estimated 90%+ share of the outsourced maritime spa market and has renewed approximately 97% of contracts by ship count over the last 15 years.