Lindblad Expeditions Holdings, Inc. Reports 2024 Second Quarter Financial Results
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) reported Q2 2024 financial results with total revenues increasing 9% to $136.5 million. The company saw a net loss of $25.8 million, or $0.48 per diluted share. Adjusted EBITDA increased by $4.2 million to $10.4 million. The Lindblad segment's Available Guest Nights increased 4%, while Net Yield per Available Guest Night rose 6% to $1,094 with 78% occupancy.
The company announced an agreement to acquire two vessels for the Galápagos market and expanded its land-based portfolio by acquiring Wineland-Thompson Adventures. Bookings for future travel increased 17% compared to the same period in 2023. Lindblad expects full-year 2024 tour revenues of $610-$630 million and Adjusted EBITDA of $88-$98 million.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) ha riportato i risultati finanziari del Q2 2024, con un aumento del 9% dei ricavi totali, pari a $136,5 milioni. L'azienda ha registrato una perdita netta di $25,8 milioni, ovvero $0,48 per azione diluita. L'EBITDA rettificato è aumentato di $4,2 milioni, arrivando a $10,4 milioni. Le Notti Disponibili per Ospiti del segmento Lindblad sono aumentate del 4%, mentre il Ricavo Netto per Notte Disponibile per Ospiti è salito del 6%, raggiungendo $1.094, con un'occupazione del 78%.
L'azienda ha annunciato un accordo per acquisire due navi per il mercato delle Galápagos e ha ampliato il suo portafoglio di attività terrestri acquisendo Wineland-Thompson Adventures. Le prenotazioni per viaggi futuri sono aumentate del 17% rispetto allo stesso periodo del 2023. Lindblad prevede ricavi turistici per l'intero anno 2024 tra $610 e $630 milioni e un EBITDA rettificato tra $88 e $98 milioni.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) informó sobre los resultados financieros del Q2 2024, con un aumento del 9% en los ingresos totales, alcanzando los $136.5 millones. La compañía experimentó una pérdida neta de $25.8 millones, o $0.48 por acción diluida. El EBITDA ajustado creció en $4.2 millones, alcanzando los $10.4 millones. Las Noches Disponibles para Huéspedes del segmento Lindblad aumentaron un 4%, mientras que el Ingreso Neto por Noche Disponible por Huésped subió un 6% a $1,094, con una ocupación del 78%.
La empresa anunció un acuerdo para adquirir dos embarcaciones para el mercado de Galápagos y amplió su portafolio terrestre al adquirir Wineland-Thompson Adventures. Las reservas para futuros viajes aumentaron un 17% en comparación con el mismo período de 2023. Lindblad espera ingresos turísticos para el año completo 2024 de entre $610 y $630 millones y un EBITDA ajustado de entre $88 y $98 millones.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND)는 2024년 2분기 재무 결과를 보고하며, 총 수익이 9% 증가하여 1억 3,650만 달러에 이르렀습니다. 이 회사는 2,580만 달러의 순손실을 기록했으며, 주당 희석 기준으로는 0.48 달러입니다. 조정된 EBITDA는 420만 달러 증가하여 1,040만 달러에 도달했습니다. Lindblad 부문의 사용 가능 숙소 수가 4% 증가했으며, 사용 가능한 숙소당 순 수익은 6% 상승하여 1,094달러에, 점유율은 78%에 이르렀습니다.
회사는 갈라파고스 시장을 위한 두 척의 선박을 인수하는 계약을 발표하고, Wineland-Thompson Adventures를 인수하여 육상 포트폴리오를 확장했습니다. 2023년 같은 기간에 비해 미래 여행 예약은 17% 증가했습니다. Lindblad는 2024년 전체 연도 투어 수익이 6억 1,000만 달러에서 6억 3,000만 달러 사이가 될 것으로 예상하며, 조정된 EBITDA는 8,800만 달러에서 9,800만 달러 사이일 것으로 보고 있습니다.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) a publié ses résultats financiers du T2 2024, avec une augmentation de 9 % des revenus totaux, atteignant 136,5 millions de dollars. L'entreprise a enregistré une perte nette de 25,8 millions de dollars, soit 0,48 dollar par action diluée. L'EBITDA ajusté a augmenté de 4,2 millions de dollars pour atteindre 10,4 millions de dollars. Les Nuits Disponibles pour Invités du segment Lindblad ont augmenté de 4 %, tandis que le Revenu Net par Nuit Disponible par Invité a augmenté de 6 % pour atteindre 1 094 dollars, avec un taux d'occupation de 78 %.
L'entreprise a annoncé un accord pour acquérir deux navires pour le marché des Galápagos et a élargi son portefeuille terrestre en acquérant Wineland-Thompson Adventures. Les réservations pour les voyages futurs ont augmenté de 17 % par rapport à la même période en 2023. Lindblad s'attend à des revenus de tournées pour l'année complète 2024 compris entre 610 et 630 millions de dollars et un EBITDA ajusté compris entre 88 et 98 millions de dollars.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) berichtete über die Finanzergebnisse des 2. Quartals 2024, wobei die Gesamteinnahmen um 9% auf 136,5 Millionen Dollar stiegen. Das Unternehmen verzeichnete einen Nettoverlust von 25,8 Millionen Dollar, was 0,48 Dollar pro verwässerter Aktie entspricht. Das bereinigte EBITDA stieg um 4,2 Millionen Dollar auf 10,4 Millionen Dollar. Die Verfügbaren Gästeübernachtungen des Lindblad-Segments erhöhten sich um 4%, während der Nettoertrag pro Verfügbarer Gästeübernachtung um 6% auf 1.094 Dollar stieg, bei einer Auslastung von 78%.
Das Unternehmen kündigte eine Vereinbarung an, um zwei Schiffe für den Galápagos-Markt zu erwerben, und erweiterte sein landgestütztes Portfolio durch den Erwerb von Wineland-Thompson Adventures. Die Buchungen für zukünftige Reisen stiegen um 17% im Vergleich zum gleichen Zeitraum im Jahr 2023. Lindblad erwartet für das Gesamtjahr 2024 Einnahmen aus Touren zwischen 610 und 630 Millionen Dollar und ein bereinigtes EBITDA zwischen 88 und 98 Millionen Dollar.
- Total revenues increased 9% to $136.5 million
- Adjusted EBITDA increased $4.2 million to $10.4 million
- Lindblad segment Net Yield per Available Guest Night increased 6% to $1,094
- Occupancy increased to 78% from 74% compared to Q2 2023
- Bookings for future travel increased 17% vs the same period in 2023
- Acquired two vessels to expand core Galápagos market
- Expanded land-based portfolio with acquisition of Wineland-Thompson Adventures
- Net loss available to stockholders increased $0.3 million to $25.8 million
- Operating loss of $8.2 million, although improved from $8.5 million in Q2 2023
- Total debt position of $635.1 million as of June 30, 2024
Insights
Lindblad Expeditions' Q2 2024 results show positive momentum in the expedition cruise and adventure travel sector. The 9% increase in total revenues to
However, the company still reported a net loss, albeit slightly increased. The 17% increase in future travel bookings is a positive indicator for future growth. The strategic acquisitions in the Galápagos market and the land-based portfolio expansion demonstrate a focus on diversification and market penetration. These moves could potentially enhance long-term revenue streams but may impact short-term financials due to integration costs.
The expedition cruise market is showing resilience and growth potential, as evidenced by Lindblad's results. The 16% increase in Land Experiences revenues highlights a growing consumer appetite for unique, experiential travel. This trend aligns with post-pandemic travel preferences for smaller, more intimate experiences.
The acquisition of Wineland-Thomson Adventures and increased stakes in Natural Habitat and DuVine indicate a strategic push into the high-end adventure travel segment. This diversification could help Lindblad weather potential volatility in the cruise sector. The company's focus on efficiency improvements and disciplined capital allocation suggests a balanced approach to growth and financial stability, which could appeal to investors looking for both expansion and fiscal responsibility in the travel sector.
Second Quarter 2024 Highlights:
- Total revenues increased
9% to$136.5 million
- Net loss available to stockholders increased
$0.3 million
- Adjusted EBITDA increased
$4.2 million $10.4 million
- Lindblad segment Available Guest Nights increased
4%
- Net Yield per Available Guest Night increased
6% to$1,094 78%
- Bookings to date for future travel increased
17% vs the same period in 2023 and in-year bookings expanded to6% over the same point in 2023 and over29% excluding carryover bookings
- Announced an agreement for the acquisition of two vessels to expand core Galápagos market
- Further expanded land-based portfolio with the closing of the acquisition of Wineland-Thompson Adventures
Sven Lindblad, Chief Executive Officer, said "We continued our growth trajectory this quarter with a
We are focused on maximizing the value of our fleet, by continually increasing occupancy and yield, while also implementing initial phases of efficiency improvement in our operations across the company. We continue to be disciplined in our capital allocation as we seek to reduce our leverage. To further our continued growth efforts, we expanded our portfolio of successful land companies with the acquisition of Thomson Safaris, and a commitment to acquire two more ships in our core Galapagos market. This was a rare opportunity to expand our fleet in the limited license Galapagos environment while at the same time eliminating two ships that competed with us."
SECOND QUARTER RESULTS
Tour Revenues
Second quarter tour revenues of
Lindblad segment tour revenues of
Land Experiences tour revenues of
Net Income
Net loss available to stockholders for the second quarter was
Adjusted EBITDA
Second quarter Adjusted EBITDA of
Lindblad segment Adjusted EBITDA of
Land Experiences segment Adjusted EBITDA of
For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | Change | % | 2024 | 2023 | Change | % | ||||||||||||||||||||||||
Tour revenues: | ||||||||||||||||||||||||||||||||
Lindblad | $ | 93,053 | $ | 87,412 | $ | 5,641 | 6 % | $ | 211,356 | $ | 202,910 | $ | 8,446 | 4 % | ||||||||||||||||||
Land Experiences | 43,446 | 37,386 | 6,060 | 16 % | 78,757 | 65,284 | 13,473 | 21 % | ||||||||||||||||||||||||
Total tour revenues | $ | 136,499 | $ | 124,798 | $ | 11,701 | 9 % | $ | 290,113 | $ | 268,194 | $ | 21,919 | 8 % | ||||||||||||||||||
Operating (loss) income: | ||||||||||||||||||||||||||||||||
Lindblad | $ | (9,372) | $ | (11,043) | $ | 1,671 | 15 % | $ | (1,589) | $ | 1,076 | $ | (2,665) | (248 %) | ||||||||||||||||||
Land Experiences | 1,164 | 2,543 | (1,379) | (54 %) | 1,232 | 2,892 | (1,660) | (57 %) | ||||||||||||||||||||||||
Operating (loss) income | $ | (8,208) | $ | (8,500) | $ | 292 | 3 % | $ | (357) | $ | 3,968 | $ | (4,325) | (109 %) | ||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Lindblad | $ | 6,541 | $ | 2,685 | $ | 3,856 | 144 % | $ | 27,013 | $ | 28,769 | $ | (1,756) | (6 %) | ||||||||||||||||||
Land Experiences | 3,843 | 3,536 | 307 | 9 % | 4,977 | 4,640 | 337 | 7 % | ||||||||||||||||||||||||
Total adjusted EBITDA | $ | 10,384 | $ | 6,221 | $ | 4,163 | 67 % | $ | 31,990 | $ | 33,409 | $ | (1,419) | (4 %) | ||||||||||||||||||
Balance Sheet and Liquidity
The Company's cash and cash equivalents and restricted cash were
As of June 30, 2024, the Company had a total debt position of
Strategic Growth Initiatives
The Company announced that it has added two purpose-built Galápagos expedition vessels to join the Lindblad Expeditions-National Geographic fleet. The first of the two new ships, the National Geographic Gemini, is a 48-guest configuration featuring two unique dining venues and 24 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. Following the expected closing of the transaction in January 2025, the ships will undergo revitalizations. Once complete, the ships will embody the spirit of adventure and extreme comfort, both synonymous with Lindblad Expeditions-National Geographic, and will celebrate the Company's deep connection to the islands,
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
FINANCIAL OUTLOOK
The Company's current expectations for the full year 2024 are as follows:
- Tour revenues of
$610 $630 million - Adjusted EBITDA of
$88 $98 million
STOCK REPURCHASE PLAN
The Company currently has a
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 August 8, 2024, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (
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. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and land-based travel through its subsidiaries, Natural Habitat, Inc. ("Natural Habitat"), Off the Beaten Path LLC ("Off the Beaten Path"), DuVine Cycling + Adventure Co. ("DuVine"), and Classic Journeys, LLC ("Classic Journeys").
Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and promote conservation and sustainable tourism around the world. The partnership's educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.
Natural Habitat's adventures include polar bear tours in Churchill,
Classic Journeys is a luxury cultural walking tour company that operates a portfolio of curated tours centered around cinematic walks led by expert local guides. Classic Journeys offers active small-group and private custom journeys in over 50 countries around the world.
DuVine designs and leads luxury bike tours in the world's most amazing destinations, from
Off the Beaten Path is an outdoor, active travel company offering guided small group adventures and private custom journeys that connect travelers with the wild nature and authentic culture of their destinations. Off the Beaten Path's trips extend across the globe, with a focus on exceptional national park experiences in the Rocky Mountains, Desert Southwest, and
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. Many of these risks and uncertainties are currently amplified by, and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. 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 the COVID-19 virus or other health pandemic, the civil unrest in
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) | ||||||||
As of 2024 | As of | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 168,123 | $ | 156,845 | ||||
Restricted cash | 49,537 | 30,499 | ||||||
Prepaid expenses and other current assets | 65,902 | 57,158 | ||||||
Total current assets | 283,562 | 244,502 | ||||||
Property and equipment, net | 515,870 | 526,002 | ||||||
Goodwill | 42,017 | 42,017 | ||||||
Intangibles, net | 8,508 | 9,412 | ||||||
Other long-term assets | 8,380 | 9,364 | ||||||
Total assets | $ | 858,337 | $ | 831,297 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Unearned passenger revenues | $ | 319,655 | $ | 252,199 | ||||
Accounts payable and accrued expenses | 61,222 | 65,055 | ||||||
Long-term debt - current | 46 | 47 | ||||||
Lease liabilities - current | 1,591 | 1,923 | ||||||
Total current liabilities | 382,514 | 319,224 | ||||||
Long-term debt, less current portion | 623,585 | 621,778 | ||||||
Deferred tax liabilities | 6,306 | 2,118 | ||||||
Other long-term liabilities | 1,386 | 1,943 | ||||||
Total liabilities | 1,013,791 | 945,063 | ||||||
Commitments and contingencies | - | - | ||||||
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares | 75,800 | 73,514 | ||||||
Redeemable noncontrolling interests | 24,233 | 37,784 | ||||||
100,033 | 111,298 | |||||||
STOCKHOLDERS' DEFICIT | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 6 | 5 | ||||||
Additional paid-in capital | 99,351 | 97,139 | ||||||
Accumulated deficit | (354,844) | (322,208) | ||||||
Total stockholders' deficit | (255,487) | (225,064) | ||||||
Total liabilities, mezzanine equity and stockholders' deficit | $ | 858,337 | $ | 831,297 | ||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited) | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Tour revenues | $ | 136,499 | $ | 124,798 | $ | 290,113 | $ | 268,194 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of tours | 78,641 | 77,654 | 157,943 | 149,703 | ||||||||||||
General and administrative | 34,148 | 29,155 | 66,535 | 55,574 | ||||||||||||
Selling and marketing | 18,281 | 15,158 | 41,038 | 35,810 | ||||||||||||
Depreciation and amortization | 13,637 | 11,331 | 24,954 | 23,139 | ||||||||||||
Total operating expenses | 144,707 | 133,298 | 290,470 | 264,226 | ||||||||||||
Operating (loss) income | (8,208) | (8,500) | (357) | 3,968 | ||||||||||||
Other (expense) income: | ||||||||||||||||
Interest expense, net | (11,321) | (11,645) | (22,906) | (22,112) | ||||||||||||
(Loss) gain on foreign currency | (12) | 348 | (251) | 500 | ||||||||||||
Other income (expense) | - | (3,867) | 8 | (3,696) | ||||||||||||
Total other expense | (11,333) | (15,164) | (23,149) | (25,308) | ||||||||||||
Loss before income taxes | (19,541) | (23,664) | (23,506) | (21,340) | ||||||||||||
Income tax expense | 4,453 | 41 | 4,697 | 1,584 | ||||||||||||
Net loss | (23,994) | (23,705) | (28,203) | (22,924) | ||||||||||||
Net income attributable to noncontrolling interest | 673 | 765 | 442 | 922 | ||||||||||||
Net loss attributable to Lindblad Expeditions Holdings, Inc. | (24,667) | (24,470) | (28,645) | (23,846) | ||||||||||||
Series A redeemable convertible preferred stock dividend | 1,150 | 1,083 | 2,287 | 2,155 | ||||||||||||
Net loss available to stockholders | $ | (25,817) | $ | (25,553) | $ | (30,932) | $ | (26,001) | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 | ||||||||||||
Diluted | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 | ||||||||||||
Undistributed loss per share available to stockholders: | ||||||||||||||||
Basic | $ | (0.48) | $ | (0.48) | $ | (0.58) | $ | (0.49) | ||||||||
Diluted | $ | (0.48) | $ | (0.48) | $ | (0.58) | $ | (0.49) | ||||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) | ||||||||
For the six months ended | ||||||||
2024 | 2023 | |||||||
Cash Flows From Operating Activities | ||||||||
Net loss | $ | (28,203) | $ | (22,924) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 24,954 | 23,139 | ||||||
Amortization of deferred financing costs and other, net | 1,847 | 1,509 | ||||||
Amortization of right-to-use lease assets | 839 | 711 | ||||||
Stock-based compensation | 4,833 | 6,292 | ||||||
Deferred income taxes | 4,188 | 1,501 | ||||||
Loss (gain) on foreign currency | 251 | (500) | ||||||
Write-off of unamortized issuance costs related to debt refinancing | - | 3,860 | ||||||
Changes in operating assets and liabilities | ||||||||
Prepaid expenses and other current assets | (8,744) | (7,740) | ||||||
Unearned passenger revenues | 67,456 | 27,824 | ||||||
Other long-term assets | 120 | (1,046) | ||||||
Other long-term liabilities | - | (3) | ||||||
Accounts payable and accrued expenses | (4,088) | (12,395) | ||||||
Operating lease liabilities | (887) | (724) | ||||||
Net cash provided by operating activities | 62,566 | 19,504 | ||||||
Cash Flows From Investing Activities | ||||||||
Purchases of property and equipment | (13,893) | (14,718) | ||||||
Sale of securities | - | 15,163 | ||||||
Net cash (used in) provided by investing activities | (13,893) | 445 | ||||||
Cash Flows From Financing Activities | ||||||||
Additional acquisition of redeemable noncontrolling interest | (16,720) | - | ||||||
Proceeds from long-term debt | - | 275,000 | ||||||
Repayments of long-term debt | (24) | (205,693) | ||||||
Payment of deferred financing costs | (17) | (7,043) | ||||||
Repurchase under stock-based compensation plans and related tax impacts | (1,596) | (796) | ||||||
Net cash (used in) provided by financing activities | (18,357) | 61,468 | ||||||
Net increase in cash, cash equivalents and restricted cash | 30,316 | 81,417 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 187,344 | 116,024 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 217,660 | $ | 197,441 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period: | ||||||||
Interest | $ | 24,785 | $ | 18,232 | ||||
Income taxes | 201 | 206 | ||||||
Non-cash investing and financing activities: | ||||||||
Non-cash preferred stock dividend | 2,287 | 2,155 | ||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA Consolidated | For the three months ended | For the six months ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net loss | $ | (23,994) | $ | (23,705) | $ | (28,203) | $ | (22,924) | ||||||||
Interest expense, net | 11,321 | 11,645 | 22,906 | 22,112 | ||||||||||||
Income tax expense | 4,453 | 41 | 4,697 | 1,584 | ||||||||||||
Depreciation and amortization | 13,637 | 11,331 | 24,954 | 23,139 | ||||||||||||
Loss (gain) on foreign currency | 12 | (348) | 251 | (500) | ||||||||||||
Other expense (income) | - | 3,867 | (8) | 3,696 | ||||||||||||
Stock-based compensation | 2,718 | 3,390 | 4,833 | 6,292 | ||||||||||||
Transaction-related costs | 1,866 | - | 2,189 | - | ||||||||||||
Reorganization costs | 371 | - | 371 | - | ||||||||||||
Other | - | - | - | 10 | ||||||||||||
Adjusted EBITDA | $ | 10,384 | $ | 6,221 | $ | 31,990 | $ | 33,409 | ||||||||
Reconciliation of Operating (Loss) Income to Adjusted EBITDA | ||||||||||||||||
Lindblad Segment | For the three months ended | For the six months ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating (loss) income | $ | (9,372) | $ | (11,043) | $ | (1,589) | $ | 1,076 | ||||||||
Depreciation and amortization | 12,749 | 10,338 | 23,231 | 21,490 | ||||||||||||
Stock-based compensation | 2,541 | 3,390 | 4,656 | 6,193 | ||||||||||||
Transaction-related costs | 252 | - | 344 | - | ||||||||||||
Reorganization costs | 371 | - | 371 | - | ||||||||||||
Other | - | - | - | 10 | ||||||||||||
Adjusted EBITDA | $ | 6,541 | $ | 2,685 | $ | 27,013 | $ | 28,769 | ||||||||
Land Experiences Segment | For the three months ended | For the six months ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating income | $ | 1,164 | $ | 2,543 | $ | 1,232 | $ | 2,892 | ||||||||
Depreciation and amortization | 888 | 993 | 1,723 | 1,649 | ||||||||||||
Stock-based compensation | 177 | - | 177 | 99 | ||||||||||||
Transaction-related costs | 1,614 | - | 1,845 | - | ||||||||||||
Adjusted EBITDA | $ | 3,843 | $ | 3,536 | $ | 4,977 | $ | 4,640 | ||||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities | For the six months ended | |||||||
2024 | 2023 | |||||||
Net cash provided by operating activities | $ | 62,566 | $ | 19,504 | ||||
Less: purchases of property and equipment | (13,893) | (14,718) | ||||||
Free Cash Flow | $ | 48,673 | $ | 4,786 | ||||
For the three months ended | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Available Guest Nights | 77,404 | 74,186 | 163,358 | 157,370 | ||||||||||||
Guest Nights Sold | 60,174 | 55,092 | 125,137 | 122,149 | ||||||||||||
Occupancy | 78 % | 74 % | 77 % | 78 % | ||||||||||||
Maximum Guests | 9,562 | 9,510 | 19,276 | 18,500 | ||||||||||||
Number of Guests | 7,773 | 7,384 | 15,281 | 14,738 | ||||||||||||
Voyages | 121 | 117 | 243 | 230 | ||||||||||||
Calculation of Gross and Net Yield per Available Guest Night | For the three months ended | For the six months ended | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Guest ticket revenues | ||||||||
Other tour revenue | 9,483 | 11,123 | 24,769 | 24,007 | ||||
Tour Revenues | 93,053 | 87,412 | 211,356 | 202,910 | ||||
Less: Commissions | (3,205) | (5,448) | (8,579) | (13,265) | ||||
Less: Other tour expenses | (5,206) | (5,269) | (13,358) | (12,727) | ||||
Net Yield | ||||||||
Available Guest Nights | 77,404 | 74,186 | 163,358 | 157,370 | ||||
Gross Yield per Available Guest Night | ||||||||
Net Yield per Available Guest Night | 1,094 | 1,034 | 1,160 | 1,124 | ||||
For the three months ended | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating (loss) income | $ | (9,372) | $ | (11,043) | $ | (1,589) | $ | 1,076 | ||||||||
Cost of tours | 53,161 | 55,276 | 111,843 | 112,371 | ||||||||||||
General and administrative | 22,335 | 20,687 | 44,801 | 39,252 | ||||||||||||
Selling and marketing | 14,180 | 12,154 | 33,070 | 28,721 | ||||||||||||
Depreciation and amortization | 12,749 | 10,338 | 23,231 | 21,490 | ||||||||||||
Less: Commissions | (3,205) | (5,448) | (8,579) | (13,265) | ||||||||||||
Less: Other tour expenses | (5,206) | (5,269) | (13,358) | (12,727) | ||||||||||||
Net Yield | $ | 84,642 | $ | 76,695 | $ | 189,419 | $ | 176,918 | ||||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||
Calculation of Gross and Net Cruise Cost | For the three months ended | For the six months ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Cost of tours | $ | 53,161 | $ | 55,276 | $ | 111,843 | $ | 112,371 | ||||||||
Plus: Selling and marketing | 14,180 | 12,154 | 33,070 | 28,721 | ||||||||||||
Plus: General and administrative | 22,335 | 20,687 | 44,801 | 39,252 | ||||||||||||
Gross Cruise Cost | 89,676 | 88,117 | 189,714 | 180,344 | ||||||||||||
Less: Commissions | (3,205) | (5,448) | (8,579) | (13,265) | ||||||||||||
Less: Other tour expenses | (5,206) | (5,269) | (13,358) | (12,727) | ||||||||||||
Net Cruise Cost | 81,265 | 77,400 | 167,777 | 154,352 | ||||||||||||
Less: Fuel Expense | (5,684) | (6,153) | (14,435) | (14,504) | ||||||||||||
Net Cruise Cost Excluding Fuel | 75,581 | 71,247 | 153,342 | 139,848 | ||||||||||||
Non-GAAP Adjustments: | ||||||||||||||||
Stock-based compensation | (2,541) | (3,390) | (4,656) | (6,193) | ||||||||||||
Transaction-related costs | (252) | - | (344) | - | ||||||||||||
Reorganization costs | (371) | - | (371) | - | ||||||||||||
Other | - | - | - | (10) | ||||||||||||
Adjusted Net Cruise Cost Excluding Fuel | $ | 72,417 | $ | 67,857 | $ | 147,971 | $ | 133,645 | ||||||||
Adjusted Net Cruise Cost | $ | 78,101 | $ | 74,010 | $ | 162,406 | $ | 148,149 | ||||||||
Available Guest Nights | 77,404 | 74,186 | 163,358 | 157,370 | ||||||||||||
Gross Cruise Cost per Available Guest Night | $ | 1,159 | $ | 1,188 | $ | 1,161 | $ | 1,146 | ||||||||
Net Cruise Cost per Available Guest Night | 1,050 | 1,043 | 1,027 | 981 | ||||||||||||
Net Cruise Cost Excluding Fuel per Available Guest Night | 976 | 960 | 939 | 889 | ||||||||||||
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night | 936 | 915 | 906 | 849 | ||||||||||||
Adjusted Net Cruise Cost per Available Guest Night | 1,009 | 998 | 994 | 941 | ||||||||||||
Reconciliation of 2024 Adjusted EBITDA guidance: | ||||||||||||
(In millions) | Full Year 2024 | |||||||||||
Income before income taxes | $ | (27) | to | $ | (17) | |||||||
Depreciation and amortization | 50 | to | 48 | |||||||||
Interest expense, net | 49 | to | 49 | |||||||||
Stock-based compensation | 13 | to | 12 | |||||||||
Other | 3 | to | 6 | |||||||||
Adjusted EBITDA | $ | 88 | to | $ | 98 | |||||||
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, the National Geographic fee amortization, 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.
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