Lindblad Expeditions Holdings, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results

Rhea-AI Summary

Lindblad Expeditions (NASDAQ: LIND) reported its 2024 financial results with total revenues increasing 13% to $644.7 million. The company's net loss improved by $14.2 million, with Adjusted EBITDA rising 28% to $91.2 million.

Key highlights include:

• Lindblad segment achieved 78% occupancy and increased Net Yield per Available Guest Night by 7% to $1,170
• Tour revenues grew with Lindblad segment up 7% to $423.3 million and Land Experiences segment up 29% to $221.4 million
• Cash position strengthened to $216.1 million as of December 31, 2024

The company expanded its fleet with two new Galápagos expedition vessels and acquired Wineland-Thomson Adventures for $30 million. Looking ahead, LIND projects 2025 tour revenues of $700-$750 million and Adjusted EBITDA of $100-$112 million, with strong booking trends for 2025 and 2026.

Positive

• Revenue growth of 13% to $644.7M
• Adjusted EBITDA increased 28% to $91.2M
• Net loss improved by $14.2M
• Strong cash position of $216.1M
• Expansion with two new Galápagos vessels
• Booking trends ahead of prior year for 2025/2026

Negative

• Still operating at net loss of $35.8M
• High debt position of $635.0M
• Relatively modest occupancy rate of 78%
• Increased operating and marketing costs

Insights

Financial Analyst

Lindblad Expeditions' FY2024 results demonstrate meaningful financial progress with 13% revenue growth to $644.7 million and a 28% jump in Adjusted EBITDA to $91.2 million. The $14.2 million improvement in net loss signals the company is advancing toward profitability, though still operating at a loss.

The financial results reveal an important divergence between segments. While the core Lindblad cruise business delivered solid 7% revenue growth with improved yields, the Land Experiences segment's 29% revenue surge suggests this diversification strategy is paying significant dividends. This segment diversification reduces the company's exposure to cruise-specific headwinds while capturing broader adventure travel demand.

Cash flow generation has markedly improved, with $92.4 million from operations funding strategic investments without significantly increasing leverage. However, the $635 million debt position remains substantial relative to EBITDA (approximately 7x), creating a financial constraint that will require continued EBITDA expansion to meaningfully reduce.

The company's 2025 guidance implies revenue growth of 8-16% and Adjusted EBITDA growth of 10-23%, suggesting continued margin expansion. This outlook, combined with stronger booking curves for both 2025 and 2026, indicates robust demand despite luxury travel's typical sensitivity to economic conditions.

Strategically, Lindblad is executing a clear portfolio expansion with the Galápagos vessels acquisition addressing capacity constraints in a premium destination, while the Wineland-Thomson purchase accelerates their land-based adventure portfolio. This six-brand structure creates multiple growth vectors while leveraging shared expertise and cross-selling opportunities.

The ongoing share repurchase program ($12 million remaining authorization) reflects management's confidence in the company's intrinsic value despite continued net losses, suggesting they view the current valuation as underappreciating their growth trajectory and improving fundamentals.

Travel Industry Expert

Lindblad's 2024 results demonstrate the company is successfully executing its dual-growth strategy across both expedition cruising and land adventures. The 13% total revenue growth to $644.7 million outpaces the broader adventure travel market's estimated 8-10% growth, indicating market share gains in this premium segment.

The company's strategic positioning is particularly noteworthy. While competitors like Hurtigruten and Ponant primarily focus on vessel expansion, Lindblad has created a more balanced portfolio approach. The 29% revenue surge in Land Experiences provides important diversification, reducing seasonal volatility and creating year-round revenue streams that vessel-only operators lack.

The strengthened Disney/National Geographic relationship represents a significant competitive moat. This partnership delivers three critical advantages: premium pricing power (commands 15-20% higher rates than comparable non-branded expeditions), marketing reach to high-value demographics, and exclusive content/expertise that enhances the guest experience.

The Galápagos vessel acquisitions reflect strategic capacity management rather than mere expansion. By deploying smaller, purpose-built vessels (48 and 16 guests respectively), Lindblad maintains their premium positioning while addressing capacity constraints in a destination where permits are strictly This contrasts with competitors who often deploy larger vessels that sacrifice intimacy.

Their six-brand portfolio structure (now including Wineland-Thomson Adventures) allows Lindblad to target distinct customer segments across price points and experience types. This multi-brand approach enables precise customer targeting while leveraging shared operational infrastructure.

Forward booking trends exceeding prior years suggest strong demand resilience despite luxury travel's typical economic sensitivity. This demand strength, combined with their improved 78% occupancy and 7% yield growth, indicates pricing power remains intact even as capacity returns across the broader expedition market.

The $635 million debt position remains the primary concern, though improved cash generation ($92.4 million from operations) suggests they're making progress toward a more sustainable financial structure.

Full Year Highlights:

• Total revenues increased 13% to $644.7 million
• Net loss available to stockholders improved by $14.2 million
• Adjusted EBITDA increased 28% to $91.2 million
• Lindblad segment Net Yield per Available Guest Night increased 7% to $1,170 and Occupancy was 78%

NEW YORK, Feb. 27, 2025 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2024.

Natalya Leahy, Chief Executive Officer, commented, "Experiencing our ships firsthand, I was both humbled and inspired by the truly unmatched adventures we offer, from the most agile and immersive expeditions to the warmth and intimacy of the atmosphere onboard. Lindblad Expeditions pioneered and perfected exploration in the world's most awe-inspiring destinations. 2024 was not only a record year, it was also a foundational one for future growth. With a strengthened Disney/National Geographic relationship, expanded capacity in core markets, and the increased scale of our six-brand portfolio, we are entering 2025 with strong tailwinds. This year, we are focused on driving demand, innovating smartly on costs, and unlocking new portfolio opportunities to further expand our reach and impact."

FULL YEAR RESULTS

Tour Revenues

Full year tour revenues of $644.7 million increased $75.2 million, or 13%, as compared to a year ago. The increase was driven by a $25.9 million increase at the Lindblad segment and a $49.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $423.3 million increased $25.9 million, or 7%, compared to a year ago. The increase was driven by a 2% increase in available guest nights due to greater fleet utilization, a 7% increase in net yield per available guest night to $1,170 due to higher pricing and higher occupancy of 78% in 2024 as compared to 77% a year ago.

Land Experiences segment tour revenues of $221.4 million increased $49.2 million, or 29%, compared to a year ago primarily due to an increase in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.

Net Income

Net loss available to stockholders for the full year was $35.8 million, $0.67 per diluted share, as compared with a net loss available to stockholders of $50.0 million, $0.94 per diluted share, in 2023. The $14.2 million improvement primarily reflects higher operating results, lower tax expense, and lower stock-based compensation expense, partially offset by higher depreciation and amortization, transaction-related costs and foreign currency losses.

Adjusted EBITDA

Full year Adjusted EBITDA of $91.2 million increased $20.0 million as compared to 2023 driven by a $10.9 million increase at the Lindblad segment and a $9.1 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $59.4 million increased $10.9 million as compared to 2023, primarily due to increased tour revenues, partially offset by increased marketing and higher general and administrative investments to drive long-term growth initiatives, and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $31.8 million increased $9.1 million as compared to 2023, due to increased tour revenues and the addition of Wineland-Thomson Adventures partially offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.

FOURTH QUARTER RESULTS

Tour Revenues

Fourth quarter tour revenues of $148.6 million increased $23.2 million, or 19%, as compared to the same period in 2023. The increase was driven by a $4.9 million increase at the Lindblad segment and a $18.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $90.7 million increased $4.9 million, or 6%, compared to the fourth quarter a year ago. The increase was driven by a 13% increase in net yield per available guest night to $1,150 due to higher pricing and an increase in occupancy to 78% compared to 70% as compared to the fourth quarter a year ago.

Land Experiences tour revenues of $57.9 million increased $39.6 million, or 46%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.

Net Income

Net loss available to stockholders for the fourth quarter was $26.2 million, $0.48 per diluted share, as compared with net loss available to stockholders of $28.5 million, $0.53 per diluted share, in the fourth quarter of 2023. The $2.3 million improvement primarily reflects higher operating results and lower stock-based compensation expense, partially offset by higher depreciation and amortization and foreign currency losses. 

Adjusted EBITDA

Fourth quarter Adjusted EBITDA of $13.4 million increased $9.6 million as compared to the same period in 2023 driven by a $6.6 million increase at the Lindblad segment and a $3.0 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $6.1 million increased $6.6 million as compared to the same period in 2023, primarily due to increased tour revenues, partially offset by increased marketing spend and higher general and administrative investments to drive long-term growth initiatives, and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $7.3 million increased $3.0 million as compared to the same period in 2023, due to increased tour revenues and the addition of Wineland-Thomson Adventures partially offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.

		For the three months ended December 31,																For the years ended December 31,
(In thousands)		2024				2023				Change				%				2024				2023				Change				%
Tour revenues:
Lindblad		$	90,683			$	85,750			$	4,933				6 %			$	423,306			$	397,410			$	25,896				7 %
Land Experiences			57,926				39,612				18,314				46 %				221,421				172,133				49,288				29 %
Total tour revenues		$	148,609			$	125,362			$	23,247				19 %			$	644,727			$	569,543			$	75,184				13 %
Operating income (loss):
Lindblad		$	(13,019)			$	(17,268)			$	4,249				25 %			$	(2,928)			$	(8,692)			$	5,764				66 %
Land Experiences			5,448				3,426				2,022				59 %				24,481				19,291				5,190				27 %
Total operating (loss) income		$	(7,571)			$	(13,842)			$	6,271				45 %			$	21,553			$	10,599			$	10,954				103 %
Adjusted EBITDA:
Lindblad		$	6,149			$	(431)			$	6,579				NM			$	59,400			$	48,456			$	10,944				23 %
Land Experiences			7,281				4,281				3,001				70 %				31,832				22,750				9,082				40 %
Total adjusted EBITDA		$	13,430			$	3,850			$	9,580				249 %			$	91,232			$	71,206			$	20,026				28 %

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $216.1 million as of December 31, 2024, as compared with $187.3 million as of December 31, 2023. The increase primarily reflects $92.4 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $33.5 used in purchasing property and equipment, as well as, $16.7 million in cash used in the acquisition of additional ownership in Natural Habitat and DuVine.

As of December 31, 2024, the Company had a total debt position of $635.0 million and was in compliance with all of its applicable debt covenants.

Acquisitions

In January 2025, the Company closed on two purpose-built Galápagos expedition vessels to join the National Geographic-Lindblad Expeditions fleet. The first of the two new ships, the National Geographic Gemini, is a 48-guest configuration featuring two unique dining venues and 28 outward-facing cabins, including 13 balcony suites. Even more intimate, the second vessel, the National Geographic Delfina, is a 16-guest, eight-cabin catamaran perfect for family vacations, affinity groups, and private charters. Both ships have gone through revitalizations and will embody the spirit of adventure and extreme comfort, both synonymous with National Geographic-Lindblad Expeditions, and will celebrate the Company's deep connection to the islands, Ecuador, and its people. The National Geographic Delfina embarked on its inaugural voyage in February 2025, with the National Geographic Gemini set to embark on its inaugural voyage in March 2025.

The Company continues to expand its land-based experiential travel offerings and increase the addressable market. On July 31, 2024, the Company completed the acquisition Wineland-Thomson Adventures Inc., an adventure travel group that primarily operates African safaris. The aggregate purchase price was $30 million and was financed through $24.0 million and $6.0 million in Lindblad stock. With the addition of Wineland-Thomson Adventures, Lindblad Expeditions creates a portfolio of six adventure brands targeting the growing adventure travel market with unique, authentic experiences on both land and at sea.

FINANCIAL OUTLOOK 

We continue to be encouraged by the strong demand in the adventure travel market for both the Lindblad and Land Experiences segments. Booking curves are trending ahead of prior year for 2025 and 2026 for both segments.

The Company's current expectations for the full year 2025 are as follows:

• Tour revenues of $700 - $750 million

• Adjusted EBITDA of $100 - $112 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of February 24, 2025, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of February 24, 2025, there were 54.6 million shares common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on February 27, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).

The Access Code is 2974921. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands.  Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, offering ship-based voyages that allow guests to explore remote destinations alongside scientists, naturalists, photographers and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, visit investors.expeditions.com.

Forward Looking Statements

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic factors, such as fluctuating or increasing levels of interest rates, taxes, inflation, unemployment and perceptions of these and similar conditions that decrease the level of disposable income of consumers or consumer confidence that negatively impact the ability or desire of people to travel; (ii) suspended operations, cancelling or rescheduling of voyages and other potential disruptions to our business and operations related to health pandemics or geopolitical events such as  the Israel-Hamas war and the Russia-Ukraine conflict, political unrest, terrorism, war, the denial and/or unavailability of ports of call, or another unexpected event in destinations we visit; (iii) events and conditions around the world, including war and other military actions, such as civil unrest in Ecuador, the Israel-Hamas war, the current conflict between Russia and Ukraine, inflation, higher fuel prices, higher interest rates and other general concerns about the state of the economy or other events impacting the ability or desire of people to travel; (iv) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (viii) changes adversely affecting the business in which we are engaged; (ix) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (x) our business strategy and plans; (xi) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (xii) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (xiii) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xiv) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xv) the impact of severe or unusual weather conditions, including climate change, on our business; (xvi) adverse publicity regarding the travel and cruise industry in general; (xvii) loss of business due to competition; (xviii) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xiv) the result of future financing efforts; (xx) our common stock ranks junior to our Series A Convertible Preferred Stock with respect to dividends and amounts payable in the event of our liquidation, dissolution or winding-up of our affairs; and (xxi) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website. 

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share data)
		As of December 31, 2024				As of  December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	183,941			$	156,845
Restricted cash			32,202				30,499
Prepaid expenses and other current assets			62,290				57,158
Total current assets			278,433				244,502
Property and equipment, net			518,390				526,002
Goodwill			59,031				42,017
Intangibles, net			15,923				9,412
Other long-term assets			5,128				9,364
Total assets		$	876,905			$	831,297
LIABILITIES
Current Liabilities:
Unearned passenger revenues		$	318,666			$	252,199
Accrued expenses			58,054				48,901
Accounts payable			13,860				16,154
Lease liabilities - current			1,845				1,923
Long-term debt - current			29				47
Total current liabilities			392,454				319,224
Long-term debt, less current portion			625,425				621,778
Deferred tax liabilities			3,537				2,118
Other long-term liabilities			1,024				1,943
Total liabilities			1,022,440				945,063
Commitments and contingencies			-				-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively			78,155				73,514
Redeemable noncontrolling interests			29,424				37,784
			107,579				111,298
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively			-				-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 54,507,977 and 53,390,082 issued, 54,376,154 and 53,332,150 outstanding as of December 31, 2024 and December 31, 2023, respectively			6				5
Additional paid-in capital			109,473				97,139
Accumulated deficit			(362,881)				(322,208)
Accumulated other comprehensive income			288				-
Total stockholder's deficit			(253,114)				(225,064)
Total liabilities, mezzanine equity and stockholders' deficit		$	876,905			$	831,297

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)
		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Tour revenues		$	148,609			$	125,362			$	644,727			$	569,543
Operating expenses:
Cost of tours			81,242				77,082				343,673				322,376
General and administrative			39,086				32,842				139,921				118,431
Selling and marketing			20,976				16,229				87,018				71,426
Depreciation and amortization			14,875				13,051				52,562				46,711
Total operating expenses			156,179				139,204				623,174				558,944
Operating income			(7,570)				(13,842)				21,553				10,599
Other (expense) income:
Interest expense, net			(11,598)				(11,421)				(45,738)				(45,014)
Gain (loss) on foreign currency			(1,017)				705				(1,065)				751
Other (expense) income			150				(293)				159				(4,066)
Total other expense			(12,465)				(11,009)				(46,644)				(48,329)
Income (loss) before income taxes			(20,035)				(24,851)				(25,091)				(37,730)
Income tax expense			5,154				1,561				3,104				3,146
Net income (loss)			(25,189)				(26,412)				(28,195)				(40,876)
Net income attributable to noncontrolling interest			(141)				992				2,984				4,734
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.			(25,048)				(27,404)				(31,179)				(45,610)
Series A redeemable convertible preferred stock dividend			1,187				1,117				4,641				4,373
Net income (loss) available to stockholders		$	(26,235)			$	(28,521)			$	(35,820)			$	(49,983)
Weighted average shares outstanding
Basic			54,368,520				53,343,125				53,817,462				53,256,513
Diluted			54,368,520				53,343,125				53,817,462				53,256,513
Undistributed income (loss) per share available to stockholders:
Basic		$	(0.48)			$	(0.53)			$	(0.67)			$	(0.94)
Diluted		$	(0.48)			$	(0.53)			$	(0.67)			$	(0.94)

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
																		For the years ended December 31,
																		2024				2023
Cash Flows From Operating Activities
Net loss																		$	(28,195)			$	(40,876)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization																			52,562				46,711
Amortization of deferred financing costs and other, net																			3,699				3,368
Amortization of right-to-use lease assets																			893				811
Stock-based compensation																			9,833				13,886
Deferred income taxes																			2,052				2,719
Loss (gain) on foreign currency																			1,065				(751)
Write-off of unamortized issuance costs related to debt refinancing																			-				3,860
Changes in operating assets and liabilities
Prepaid expenses and other current assets																			(1,238)				(3,454)
Unearned passenger revenues																			52,966				7,098
Other long-term assets																			(2,037)				(1,871)
Other long-term liabilities																			-				-
Accounts payable and accrued expenses																			1,750				(5,210)
Operating lease liabilities																			(995)				(850)
Net cash provided by (used in) operating activities																			92,355				25,441
Cash Flows From Investing Activities
Purchases of property and equipment																			(33,520)				(29,963)
Acquisition (net of cash acquired)																			(10,559)				-
Sale of securities																			-				15,163
Net cash used in investing activities																			(44,079)				(14,800)
Cash Flows From Financing Activities
Purchase of redeemable noncontrolling interest																			(16,721)				-
Proceeds from long-term debt																			-				275,000
Repayments of long-term debt																			(49)				(205,704)
Payment of deferred financing costs																			(21)				(7,489)
Repurchase under stock-based compensation plans and related tax impacts																			(2,974)				(1,128)
Net cash (used in) provided by financing activities																			(19,765)				60,679
Effect of exchange rate changes on cash																			288				-
Net increase in cash, cash equivalents and restricted cash																			28,799				71,320
Cash, cash equivalents and restricted cash at beginning of period																			187,344				116,024
Cash, cash equivalents and restricted cash at end of period																		$	216,143			$	187,344
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest																		$	49,423			$	43,695
Income taxes																			319				711
Non-cash investing and financing activities:
Non-cash preferred stock dividend																		$	4,641			$	4,373
Shares issued in connection with acquisition																			6,000				-
Additional paid-in capital exercise proceeds of option shares																			145				-
Additional paid-in capital exchange proceeds used for option shares																			(145)				-

 

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands)
(unaudited)
Reconciliation of Net Income to Adjusted EBITDA Consolidated
		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Net loss		$	(25,189)			$	(26,412)			$	(28,195)			$	(40,876)
Interest expense, net			11,598				11,421				45,738				45,014
Income tax expense			5,154				1,561				3,104				3,146
Depreciation and amortization			14,875				13,051				52,562				46,711
Loss (gain) loss on foreign currency			1,017				(705)				1,065				(751)
Other (income) expense			(150)				293				(159)				4,066
Stock-based compensation			2,470				4,641				9,833				13,886
Legal settlement			3,000				-				3,000				-
Transaction-related costs			655				-				3,913				-
Reorganization costs			-				-				371				-
Other			-				-				-				10
Adjusted EBITDA		$	13,430			$	3,850			$	91,232			$	71,206
Reconciliation of Operating Income  to Adjusted EBITDA
Reconciliation of Operating (Loss) Income to Adjusted EBITDA Lindblad Segment
		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Operating loss		$	(13,019)			$	(17,268)			$	(2,928)			$	(8,692)
Depreciation and amortization			13,441				12,196				48,433				43,351
Stock-based compensation			2,647				4,641				9,656				13,787
Legal settlement			3,000				-				3,000				-
Transaction-related costs			80				-				868				-
Reorganization costs			-				-				371				-
Other			-				-				-				10
Adjusted EBITDA		$	6,149			$	(431)			$	59,400			$	48,456
Land Experiences Segment
		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Operating income		$	5,449			$	3,426			$	24,481			$	19,291
Depreciation and amortization			1,434				855				4,129				3,360
Transaction-related costs			575				-				3,045				-
Stock-based compensation			(177)				-				177				99
Adjusted EBITDA		$	7,281			$	4,281			$	31,832			$	22,750

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)
(unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities		For the years ended  December 31,
		2024				2023
Net cash provided by operating activities		$	92,355			$	25,441
Less: purchases of property and equipment			(33,520)				(29,963)
Free Cash Flow		$	58,835			$	(4,522)

 

		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Available Guest Nights			69,040				72,762				323,691				316,091
Guest Nights Sold			53,959				51,217				253,941				243,269
Occupancy			78 %				70 %				78 %				77 %
Maximum Guests			8,463				8,226				38,964				37,339
Number of Guests			6,794				6,071				31,489				29,719
Voyages			95				95				475				454
Calculation of Gross and Net Yield per Available Guest Night		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Guest ticket revenues		$	77,328			$	72,218			$	373,055			$	345,871
Other tour revenue			13,355				13,532				50,251				51,539
Tour Revenues			90,683				85,750				423,306				397,410
Less: Commissions			(3,367)				(5,790)				(17,157)				(25,787)
Less: Other tour expenses			(7,889)				(5,656)				(27,306)				(24,952)
Net Yield		$	79,427			$	74,304			$	378,843			$	346,671
Available Guest Nights			69,040				72,762				323,691				316,091
Gross Yield per Available Guest Night		$	1,313			$	1,178			$	1,308			$	1,257
Net Yield per Available Guest Night			1,150				1,021				1,170				1,097
		For the three months ended December 31,								For the years ended December 31,
(In thousands)		2024				2023				2024				2023
Operating loss		$	(13,019)			$	(17,268)			$	(2,928)			$	(8,692)
Cost of tours			49,903				55,021				217,408				222,413
General and administrative			25,234				22,630				92,662				83,004
Selling and marketing			15,124				13,171				67,731				57,334
Depreciation and amortization			13,441				12,196				48,433				43,351
Less: Commissions			(3,367)				(5,790)				(17,157)				(25,787)
Less: Other tour expenses			(7,889)				(5,656)				(27,306)				(24,952)
Net Yield		$	79,427			$	74,304			$	378,843			$	346,671

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)
(unaudited)
Calculation of Gross Cruise Cost and Net Cruise Cost Lindblad Segment		For the three months ended December 31,								For the years ended December 31,
		2024				2023				2024				2023
Cost of tours		$	49,903			$	55,021			$	217,408			$	222,413
Plus: Selling and marketing			15,124				13,171				67,731				57,334
Plus: General and administrative			25,234				22,630				92,662				83,004
Gross Cruise Cost			90,261				90,822				377,801				362,751
Less: Commissions			(3,367)				(5,790)				(17,157)				(25,787)
Less: Other tour expenses			(7,889)				(5,656)				(27,306)				(24,952)
Net Cruise Cost			79,005				79,376				333,338				312,012
Less: Fuel Expense			(6,753)				(7,974)				(26,648)				(27,913)
Net Cruise Cost Excluding Fuel			72,252				71,402				306,690				284,099
Non-GAAP Adjustments:
Stock-based compensation			(2,470)				(4,641)				(9,656)				(13,787)
Legal settlement			(3,000)				-				(3,000)				-
Transaction-related costs			(79)				-				(868)				-
Reorganization costs			-				-				(371)				-
Other			-				-				-				(10)
Adjusted Net Cruise Cost Excluding Fuel		$	66,703			$	66,761			$	292,795			$	270,302
Adjusted Net Cruise Cost		$	73,456			$	74,735			$	319,443			$	298,215
Available Guest Nights			69,040				72,762				323,691				316,091
Gross Cruise Cost per Available Guest Night		$	1,307			$	1,248			$	1,167			$	1,148
Net Cruise Cost per Available Guest Night			1,144				1,091				1,030				987
Net Cruise Cost Excluding Fuel per Available Guest Night			1,047				981				947				899
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night			966				918				905				855
Adjusted Net Cruise Cost per Available Guest Night			1,064				1,027				987				943

 

Reconciliation of 2025 Adjusted EBITDA guidance:
In millions)		Full Year 2025
Income before income taxes		$	(21)				to			$	(2)
Depreciation and amortization			59				to				56
Interest expense, net			44				to				44
Stock-based compensation			15				to				14
Other			3				to				0
Adjusted EBITDA		$	100				to			$	112

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure.

Operational and Financial Metrics

Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, the National Geographic fee amortization and acquisition-related expenses.

Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

 

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SOURCE Lindblad Expeditions Holdings, Inc.

FAQ

What were Lindblad Expeditions' (LIND) key financial metrics for 2024?

LIND reported total revenues of $644.7M (+13%), net loss improvement of $14.2M, and Adjusted EBITDA of $91.2M (+28%) in 2024.

How much did Lindblad (LIND) pay for Wineland-Thomson Adventures acquisition in 2024?

LIND acquired Wineland-Thomson Adventures for $30M, paid through $24M cash and $6M in Lindblad stock.

What is Lindblad's (LIND) financial guidance for 2025?

LIND expects 2025 tour revenues of $700-$750M and Adjusted EBITDA of $100-$112M.

What is the status of Lindblad's (LIND) stock repurchase plan as of February 2025?

LIND has repurchased 875,218 shares and 6.0M warrants for $23M, with $12M remaining under the $35M plan.

What new vessels did Lindblad (LIND) acquire for Galápagos operations in 2025?

LIND acquired two vessels: the 48-guest National Geographic Gemini and 16-guest National Geographic Delfina.