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  "documentTitle": "OnesSpaWorld | Investor Presentation Deck | 23 slides",
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  "authorName": "OneSpaWorld",
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  "presentationDate": "2023-11-01 00:00:00",
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      "text": "~90%1\n72%2\n63%2\n62%2\n62%2\n51%2\n9%2",
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      "kind": "image",
      "text": "ONESPAWORLD\nAT SEA. ON LAND.",
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      "kind": "list",
      "text": "OneSpaWorld\nHighly Franchised Restaurants\nHealth & Wellness\nAsset-Light Leisure\nBest In-Class Service\nAsset-Heavy Leisure\nCruise",
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      "kind": "other",
      "text": "PRIVILEGED, PROPRIETARY AND CONFIDENTIAL 20",
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      "kind": "paragraph",
      "text": "EFFECTIVE TAX RATE: ~2%\nSignificant majority of income earned in international waters",
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      "kind": "paragraph",
      "text": "MINIMAL NEW HEALTH & WELLNESS CENTER CAPEX\nCruise lines fund nearly all maritime health and wellness center buildout costs",
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      "kind": "paragraph",
      "text": "ASSET LIGHT MODEL\nOneSpaWorld does not own any of its maritime health and wellness centers – all major maintenance requirements funded by cruise lines",
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      "kind": "source-note",
      "text": "Source: SEC filings, Wall Street research.\nNote: Highly Franchised Restaurants includes YUM, QSR, DPZ and PZZA. Health & Wellness includes WTW, LULU, EYE, NKE and PLNT. Asset-Light Leisure includes MAR, HLT, IHG, H, AC-FR and CHH. Best-in-Class Service includes BFAM, CTAS, ROL, ECL and SITE. Asset-Heavy Leisure includes MTN, SIX, PLYA, MGM, LVS and BEL. Cruise includes CCL, RCL and NCLH.\n1. OneSpaWorld Adjusted Unlevered After-Tax Free Cash Flow Conversion reflects Fiscal Year 2022 performance and is calculated as Adjusted EBITDA less Capital Expenditures and Provision for Income Taxes, divided by Adjusted EBITDA.\n2. Adjusted Unlevered After-Tax FCF Conversion calculated as (Adjusted EBITDA less Estimated Unlevered Cash Taxes less Capex) / Adjusted EBITDA. Average conversion shown by sector.\n3. FCF Yield calculated as (Cash From Operations FY 23 - Cap ex FY 23E)/Market Capitalization.",
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      "text": "CAPEX AS % OF REVENUE\n1-2%\n3%\n5%\n6%\n3%\n14%\n28%\nEFFECTIVE TAX RATE\n2%\n21%\n21%\n21%\n21%\n21%\n2%\nFCF YIELD3\n6%\n5%\n4%\n6%\n5%\n6%\n-4%",
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      "text": "ASSET LIGHT BUSINESS MODEL & SUPERIOR LEVEL OF AFTER-TAX FREE CASH FLOW",
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      "text": "Exceptional After Tax Free Cash Flow Conversion",
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