Lindblad Expeditions Holdings, Inc. Reports 2024 Third Quarter Financial Results
Lindblad Expeditions (NASDAQ: LIND) reported strong Q3 2024 financial results with total revenues increasing 17% to $206.0 million. Net income available to stockholders rose by $16.8 million to $21.3 million, or $0.36 per diluted share. The company's Adjusted EBITDA grew 35% to $45.8 million. The Lindblad segment saw a 6% increase in Available Guest Nights and a 9% increase in Net Yield to $1,205, with 82% occupancy. Bookings for future travel increased 26% compared to 2023. The company expanded its portfolio by acquiring Wineland-Thompson Adventures and announced the addition of two new Galápagos expedition vessels.
Lindblad Expeditions (NASDAQ: LIND) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali in aumento del 17% a $206,0 milioni. L'utile netto disponibile per gli azionisti è aumentato di $16,8 milioni, raggiungendo $21,3 milioni, ovvero $0,36 per azione diluita. L'EBITDA rettificato della società è cresciuto del 35%, arrivando a $45,8 milioni. Il segmento Lindblad ha visto un aumento del 6% nelle Notte Ospiti Disponibili e un incremento del 9% nel Rendita Netta a $1.205, con un tasso di occupazione dell'82%. Le prenotazioni per viaggi futuri sono aumentate del 26% rispetto al 2023. L'azienda ha ampliato il proprio portafoglio acquisendo Wineland-Thompson Adventures e ha annunciato l'aggiunta di due nuove navi da esplorazione per le Galápagos.
Lindblad Expeditions (NASDAQ: LIND) reportó sólidos resultados financieros del tercer trimestre de 2024, con ingresos totales que aumentaron un 17% a $206,0 millones. El ingreso neto disponible para los accionistas creció en $16,8 millones, alcanzando $21,3 millones, o $0,36 por acción diluida. El EBITDA ajustado de la compañía creció un 35%, alcanzando $45,8 millones. El segmento de Lindblad experimentó un aumento del 6% en las Noches de Huéspedes Disponibles y un incremento del 9% en el Rendimiento Neto a $1.205, con una ocupación del 82%. Las reservas para viajes futuros aumentaron un 26% en comparación con 2023. La compañía amplió su portafolio al adquirir Wineland-Thompson Adventures y anunció la adición de dos nuevos buques de expedición para Galápagos.
린블라드 익스페디션 (NASDAQ: LIND)는 2024년 3분기에 강력한 재무 실적을 보고하며 전체 수익이 17% 증가한 $206.0 백만에 이르렀습니다. 주주에게 제공되는 순이익은 $16.8 백만 증가하여 $21.3 백만, 즉 희석 주당 $0.36로 상승했습니다. 회사의 조정된 EBITDA는 35% 증가하여 $45.8 백만에 도달했습니다. 린블라드 부문은 가용 고객 숙박 수가 6% 증가하고 순 수익이 9% 증가하여 $1,205에 이르렀으며, 점유율은 82%입니다. 향후 여행 예약은 2023년 대비 26% 증가했습니다. 회사는 윈랜드-톰슨 어드벤처스를 인수하여 포트폴리오를 확장하였고, 갈라파고스 탐사 선박 2척을 추가한다고 발표했습니다.
Lindblad Expeditions (NASDAQ: LIND) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires total en hausse de 17 % à $206,0 millions. Le bénéfice net disponible pour les actionnaires a augmenté de 16,8 millions de dollars pour atteindre $21,3 millions, soit 0,36 $ par action diluée. L'EBITDA ajusté de la société a augmenté de 35 % pour atteindre $45,8 millions. Le segment Lindblad a enregistré une augmentation de 6 % des Nuits Disponibles Invités et une hausse de 9 % du Rendement Net à 1 205 $, avec un taux d'occupation de 82 %. Les réservations pour les futurs voyages ont augmenté de 26 % par rapport à 2023. La société a élargi son portefeuille en acquérant Wineland-Thompson Adventures et a annoncé l'ajout de deux nouveaux navires d'expédition pour les Galápagos.
Lindblad Expeditions (NASDAQ: LIND) hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Umsatz von $206,0 Millionen, was einem Anstieg von 17% entspricht. Der den Aktionären zur Verfügung stehende Nettogewinn stieg um $16,8 Millionen auf $21,3 Millionen, oder $0,36 pro verwässerter Aktie. Das angepasst EBITDA des Unternehmens wuchs um 35% auf $45,8 Millionen. Im Lindblad-Segment gab es einen Anstieg der verfügbaren Gästeübernachtungen um 6% und einen Anstieg des Nettorendites um 9% auf $1.205, bei einer Auslastung von 82%. Die Buchungen für zukünftige Reisen stiegen im Vergleich zu 2023 um 26%. Das Unternehmen erweiterte sein Portfolio durch die Übernahme von Wineland-Thompson Adventures und kündigte die Hinzufügung von zwei neuen Expeditionsschiffen für die Galápagos-Inseln an.
- Revenue growth of 17% to $206.0 million in Q3 2024
- Net income increased significantly to $21.3 million ($0.36 per share)
- Adjusted EBITDA up 35% to $45.8 million
- 26% increase in future travel bookings
- Net Yield per Available Guest Night increased 9% to $1,205
- Strong cash position of $224.6 million, up from $187.3 million in December 2023
- High debt position of $635.0 million
- Increased marketing and operational costs affecting margins
- Additional transaction-related costs of $1.1 million from acquisitions
Insights
A stellar quarter for LIND with significant growth across key metrics. Tour revenues jumped
The balance sheet remains solid with
The luxury travel sector's recovery is evident in LIND's performance, with particularly strong metrics in the Land Experiences segment showing a
Third Quarter 2024 Highlights:
- Total revenues increased
17% to$206.0 million - Net income available to stockholders increased
$16.8 million - Adjusted EBITDA increased
35% to$45.8 million - Lindblad segment Available Guest Nights increased
6% - Net Yield per Available Guest Night increased
9% to$1,205 82% - Bookings to date for future travel increased
26% vs the same period in 2023 - Further expanded land-based portfolio with the closing of the acquisition of Wineland-Thompson Adventures
Sven Lindblad, Chief Executive Officer, said "Lindblad delivered a record third quarter as we continue to generate strong operating results across both our fleet and expanded land experiences portfolio. Looking ahead, this strong growth is poised to continue as current year bookings for future travel have reached record levels. Our focus continues to be on providing high quality travel experiences and strategically expanding our travel platform to capture this demand. We believe we are well positioned to deliver meaningful shareholder value in the years to come."
THIRD QUARTER RESULTS
Tour Revenues
Third quarter tour revenues of
Lindblad segment tour revenues of
Land Experiences tour revenues of
Net Income
Net income available to stockholders for the third quarter was
Adjusted EBITDA
Third quarter Adjusted EBITDA of
Lindblad segment Adjusted EBITDA of
Land Experiences segment Adjusted EBITDA of
For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | Change | % | 2024 | 2023 | Change | % | ||||||||||||||||||||||||
Tour revenues: | ||||||||||||||||||||||||||||||||
Lindblad | $ | 121,268 | $ | 108,750 | $ | 12,518 | 12 % | $ | 332,624 | $ | 311,660 | $ | 20,964 | 7 % | ||||||||||||||||||
Land Experiences | 84,737 | 67,239 | 17,498 | 26 % | 163,494 | 132,523 | 30,971 | 23 % | ||||||||||||||||||||||||
Total tour revenues | $ | 206,005 | $ | 175,989 | $ | 30,016 | 17 % | $ | 496,118 | $ | 444,183 | $ | 51,935 | 12 % | ||||||||||||||||||
Operating (loss) income: | ||||||||||||||||||||||||||||||||
Lindblad | $ | 11,680 | $ | 7,501 | $ | 4,179 | 56 % | $ | 10,092 | $ | 8,576 | $ | 1,516 | 18 % | ||||||||||||||||||
Land Experiences | 17,801 | 12,975 | 4,826 | 37 % | 19,032 | 15,868 | 3,164 | 20 % | ||||||||||||||||||||||||
Operating income | $ | 29,481 | $ | 20,476 | $ | 9,005 | 44 % | $ | 29,124 | $ | 24,444 | $ | 4,680 | 19 % | ||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Lindblad | $ | 26,238 | $ | 20,119 | $ | 6,119 | 30 % | $ | 53,429 | $ | 48,887 | $ | 4,542 | 9 % | ||||||||||||||||||
Land Experiences | 19,574 | 13,831 | 5,743 | 42 % | 24,373 | 18,472 | 5,901 | 32 % | ||||||||||||||||||||||||
Total adjusted EBITDA | $ | 45,812 | $ | 33,950 | $ | 11,862 | 35 % | $ | 77,802 | $ | 67,359 | $ | 10,443 | 16 % | ||||||||||||||||||
Balance Sheet and Liquidity
The Company's cash and cash equivalents and restricted cash were
As of September 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 November 5, 2024, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span 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, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists, naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—including 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, and the Company's commitment to responsible exploration, 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, the civil unrest in
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data)
| ||||||||
As of | As of | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 193,881 | $ | 156,845 | ||||
Restricted cash | 30,694 | 30,499 | ||||||
Prepaid expenses and other current assets | 63,275 | 57,158 | ||||||
Total current assets | 287,850 | 244,502 | ||||||
Property and equipment, net | 516,939 | 526,002 | ||||||
Goodwill | 67,801 | 42,017 | ||||||
Intangibles, net | 8,058 | 9,412 | ||||||
Other long-term assets | 9,174 | 9,364 | ||||||
Total assets | $ | 889,822 | $ | 831,297 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Unearned passenger revenues | $ | 314,233 | $ | 252,199 | ||||
Accounts payable and accrued expenses | 70,327 | 65,055 | ||||||
Lease liabilities - current | 1,554 | 1,923 | ||||||
Long-term debt - current`` | - | 47 | ||||||
Total current liabilities | 386,114 | 319,224 | ||||||
Long-term debt, less current portion | 624,501 | 621,778 | ||||||
Deferred tax liabilities | - | 2,118 | ||||||
Other long-term liabilities | 1,575 | 1,943 | ||||||
Total liabilities | 1,012,190 | 945,063 | ||||||
Commitments and contingencies | - | - | ||||||
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 76,968 | 73,514 | ||||||
Redeemable noncontrolling interests | 27,542 | 37,784 | ||||||
104,510 | 111,298 | |||||||
STOCKHOLDERS' DEFICIT | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 6 | 5 | ||||||
Additional paid-in capital | 107,739 | 97,139 | ||||||
Accumulated deficit | (334,623) | (322,208) | ||||||
Total stockholders' deficit | (226,878) | (225,064) | ||||||
Total liabilities, mezzanine equity and stockholders' deficit | $ | 889,822 | $ | 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 nine months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Tour revenues | $ | 206,005 | $ | 175,989 | $ | 496,118 | $ | 444,183 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of tours | 104,488 | 95,590 | 262,430 | 245,293 | ||||||||||||
General and administrative | 34,300 | 30,015 | 100,835 | 85,589 | ||||||||||||
Selling and marketing | 25,003 | 19,387 | 66,042 | 55,197 | ||||||||||||
Depreciation and amortization | 12,733 | 10,521 | 37,687 | 33,660 | ||||||||||||
Total operating expenses | 176,524 | 155,513 | 466,994 | 419,739 | ||||||||||||
Operating income | 29,481 | 20,476 | 29,124 | 24,444 | ||||||||||||
Other (expense) income: | ||||||||||||||||
Interest expense, net | (11,234) | (11,482) | (34,140) | (33,593) | ||||||||||||
Gain (loss) on foreign currency | 203 | (455) | (48) | 46 | ||||||||||||
Other income (expense) | 1 | (77) | 9 | (3,773) | ||||||||||||
Total other expense | (11,030) | (12,014) | (34,179) | (37,320) | ||||||||||||
Income (loss) before income taxes | 18,451 | 8,462 | (5,055) | (12,876) | ||||||||||||
Income tax (benefit) expense | (6,747) | 3 | (2,050) | 1,587 | ||||||||||||
Net income (loss) | 25,198 | 8,459 | (3,005) | (14,463) | ||||||||||||
Net income attributable to noncontrolling interest | 2,683 | 2,821 | 3,125 | 3,742 | ||||||||||||
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. | 22,515 | 5,638 | (6,130) | (18,205) | ||||||||||||
Series A redeemable convertible preferred stock dividend | 1,168 | 1,098 | 3,455 | 3,255 | ||||||||||||
Net income (loss) available to stockholders | $ | 21,347 | $ | 4,540 | $ | (9,585) | $ | (21,460) | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 54,097,365 | 53,309,336 | 53,662,237 | 53,227,642 | ||||||||||||
Diluted | 62,591,165 | 53,401,799 | 53,662,237 | 53,227,642 | ||||||||||||
Undistributed income (loss) per share available to stockholders: | ||||||||||||||||
Basic | $ | 0.39 | $ | 0.08 | $ | (0.18) | $ | (0.40) | ||||||||
Diluted | $ | 0.36 | $ | 0.08 | $ | (0.18) | $ | (0.40) | ||||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited)
| ||||||||
For the nine months ended | ||||||||
2024 | 2023 | |||||||
Cash Flows From Operating Activities | ||||||||
Net loss | $ | (3,005) | $ | (14,463) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 37,687 | 33,660 | ||||||
Amortization of deferred financing costs and other, net | 2,775 | 2,444 | ||||||
Amortization of right-to-use lease assets | 705 | 1,074 | ||||||
Stock-based compensation | 7,362 | 9,245 | ||||||
Deferred income taxes | (2,118) | 1,241 | ||||||
Loss (gain) on foreign currency | 48 | (46) | ||||||
Write-off of unamortized issuance costs related to debt refinancing | - | 3,860 | ||||||
Changes in operating assets and liabilities | ||||||||
Prepaid expenses and other current assets | (2,221) | (633) | ||||||
Unearned passenger revenues | 48,440 | 5,467 | ||||||
Other long-term assets | (519) | (1,165) | ||||||
Accounts payable and accrued expenses | 2,256 | (4,272) | ||||||
Operating lease liabilities | (735) | (1,099) | ||||||
Net cash provided by operating activities | 90,675 | 35,313 | ||||||
Cash Flows From Investing Activities | ||||||||
Purchases of property and equipment | (23,647) | (22,723) | ||||||
Acquisition (net of cash acquired) | (10,741) | - | ||||||
Sale of securities | - | 15,163 | ||||||
Net cash used in investing activities | (34,388) | (7,560) | ||||||
Cash Flows From Financing Activities | ||||||||
Purchase of redeemable noncontrolling interest | (16,720) | - | ||||||
Proceeds from long-term debt | - | 275,000 | ||||||
Repayments of long-term debt | (78) | (205,704) | ||||||
Payment of deferred financing costs | (21) | (7,455) | ||||||
Repurchase under stock-based compensation plans and related tax impacts | (2,237) | (801) | ||||||
Net cash (used in) provided by financing activities | (19,056) | 61,040 | ||||||
Net increase in cash, cash equivalents and restricted cash | 37,231 | 88,793 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 187,344 | 116,024 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 224,575 | $ | 204,817 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period: | ||||||||
Interest | $ | 36,994 | $ | 30,369 | ||||
Income taxes | - | 388 | ||||||
Non-cash investing and financing activities: | ||||||||
Non-cash preferred stock dividend | $ | 3,455 | $ | 3,255 | ||||
Shares issued in connection with acquisition | 6,000 | - | ||||||
Additional paid-in capital exercise proceeds of option shares | 117 | - | ||||||
Additional paid-in capital exchange proceeds used for option shares | (117) | - | ||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
Supplemental Financial Schedules | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||||||||||
Consolidated | September 30, | September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Net income (loss) | $ | 25,198 | $ | 8,459 | $ | (3,005) | $ | (14,463) | ||||||||||||||||
Interest expense, net | 11,234 | 11,482 | 34,140 | 33,593 | ||||||||||||||||||||
Income tax expense | (6,747) | 3 | (2,050) | 1,587 | ||||||||||||||||||||
Depreciation and amortization | 12,733 | 10,521 | 37,687 | 33,660 | ||||||||||||||||||||
(Gain) loss on foreign currency | (203) | 455 | 48 | (46) | ||||||||||||||||||||
Other (income) expense | (1) | 77 | (9) | 3,773 | ||||||||||||||||||||
Stock-based compensation | 2,529 | 2,953 | 7,362 | 9,245 | ||||||||||||||||||||
Transaction-related costs | 1,069 | - | 3,258 | - | ||||||||||||||||||||
Reorganization costs | - | - | 371 | - | ||||||||||||||||||||
Other | - | - | - | 10 | ||||||||||||||||||||
Adjusted EBITDA | $ | 45,812 | $ | 33,950 | $ | 77,802 | $ | 67,359 | ||||||||||||||||
Reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||||||||||
Lindblad Segment | September 30, | September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Operating income | $ | 11,680 | $ | 7,501 | $ | 10,092 | $ | 8,576 | ||||||||||||||||
Depreciation and amortization | 11,761 | 9,665 | 34,992 | 31,155 | ||||||||||||||||||||
Stock-based compensation | 2,352 | 2,953 | 7,185 | 9,146 | ||||||||||||||||||||
Transaction-related costs | 445 | - | 789 | - | ||||||||||||||||||||
Reorganization costs | - | - | 371 | - | ||||||||||||||||||||
Other | - | - | - | 10 | ||||||||||||||||||||
Adjusted EBITDA | $ | 26,238 | $ | 20,119 | $ | 53,429 | $ | 48,887 | ||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||||||||||
Land Experiences Segment | September 30, | September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Operating income | $ | 17,801 | $ | 12,975 | $ | 19,032 | $ | 15,868 | ||||||||||||||||
Depreciation and amortization | 972 | 856 | 2,695 | 2,505 | ||||||||||||||||||||
Stock-based compensation | 177 | - | 177 | 99 | ||||||||||||||||||||
Transaction-related costs | 624 | - | 2,469 | - | ||||||||||||||||||||
Adjusted EBITDA | $ | 19,574 | $ | 13,831 | $ | 24,373 | $ | 18,472 | ||||||||||||||||
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 nine months ended | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 90,675 | $ | 35,313 | ||||||||||||||||||||
Less: purchases of property and equipment | (23,647) | (22,723) | ||||||||||||||||||||||
Free Cash Flow | $ | 67,028 | $ | 12,590 | ||||||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Available Guest Nights | 91,293 | 85,959 | 254,651 | 243,329 | ||||||||||||||||||||
Guest Nights Sold | 74,845 | 69,903 | 199,982 | 192,052 | ||||||||||||||||||||
Occupancy | 82 | % | 81 | % | 79 | % | 79 | % | ||||||||||||||||
Maximum Guests | 11,225 | 10,613 | 30,501 | 29,113 | ||||||||||||||||||||
Number of Guests | 9,414 | 8,910 | 24,695 | 23,648 | ||||||||||||||||||||
Voyages | 137 | 129 | 380 | 359 | ||||||||||||||||||||
Calculation of Gross and Net Yield per Available Guest Night | For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Guest ticket revenues | $ | 109,140 | $ | 94,751 | $ | 295,727 | $ | 273,653 | ||||||||||||||||
Other tour revenue | 12,128 | 13,999 | 36,897 | 38,007 | ||||||||||||||||||||
Tour Revenues | 121,268 | 108,750 | 332,624 | 311,660 | ||||||||||||||||||||
Less: Commissions | (5,212) | (6,732) | (13,791) | (19,996) | ||||||||||||||||||||
Less: Other tour expenses | (6,060) | (6,569) | (19,417) | (19,296) | ||||||||||||||||||||
Net Yield | $ | 109,996 | $ | 95,449 | $ | 299,416 | $ | 272,368 | ||||||||||||||||
Available Guest Nights | 91,293 | 85,959 | 254,651 | 243,329 | ||||||||||||||||||||
Gross Yield per Available Guest Night | $ | 1,328 | $ | 1,265 | $ | 1,306 | $ | 1,281 | ||||||||||||||||
Net Yield per Available Guest Night | 1,205 | 1,110 | 1,176 | 1,119 | ||||||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
Operating income | $ | 11,680 | $ | 7,501 | $ | 10,092 | $ | 8,576 | ||||||||||||||||
Cost of tours | 55,663 | 55,021 | 167,506 | 167,392 | ||||||||||||||||||||
General and administrative | 22,628 | 21,122 | 67,428 | 60,374 | ||||||||||||||||||||
Selling and marketing | 19,536 | 15,441 | 52,606 | 44,163 | ||||||||||||||||||||
Depreciation and amortization | 11,761 | 9,665 | 34,992 | 31,155 | ||||||||||||||||||||
Less: Commissions | (5,212) | (6,732) | (13,791) | (19,996) | ||||||||||||||||||||
Less: Other tour expenses | (6,060) | (6,569) | (19,417) | (19,296) | ||||||||||||||||||||
Net Yield | $ | 109,996 | $ | 95,449 | $ | 299,416 | $ | 272,368 | ||||||||||||||||
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Available Guest Nights, (unaudited)
| ||||||||||||||||
Calculation of Gross and Net Cruise Cost | For the three months ended | For the nine months ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Cost of tours | $ | 55,663 | $ | 55,021 | $ | 167,506 | $ | 167,392 | ||||||||
Plus: Selling and marketing | 19,536 | 15,441 | 52,606 | 44,163 | ||||||||||||
Plus: General and administrative | 22,628 | 21,122 | 67,428 | 60,374 | ||||||||||||
Gross Cruise Cost | 97,827 | 91,584 | 287,540 | 271,929 | ||||||||||||
Less: Commissions | (5,212) | (6,732) | (13,791) | (19,996) | ||||||||||||
Less: Other tour expenses | (6,060) | (6,569) | (19,417) | (19,296) | ||||||||||||
Net Cruise Cost | 86,555 | 78,283 | 254,332 | 232,637 | ||||||||||||
Less: Fuel Expense | (5,460) | (5,434) | (19,895) | (19,939) | ||||||||||||
Net Cruise Cost Excluding Fuel | 81,095 | 72,849 | 234,437 | 212,698 | ||||||||||||
Non-GAAP Adjustments: | ||||||||||||||||
Stock-based compensation | (2,352) | (2,953) | (7,185) | (9,146) | ||||||||||||
Transaction-related costs | (445) | - | (789) | - | ||||||||||||
Reorganization costs | - | - | (371) | - | ||||||||||||
Other | - | - | - | (10) | ||||||||||||
Adjusted Net Cruise Cost Excluding Fuel | $ | 78,298 | $ | 69,896 | $ | 226,092 | $ | 203,542 | ||||||||
Adjusted Net Cruise Cost | $ | 83,758 | $ | 75,330 | $ | 245,987 | $ | 223,481 | ||||||||
Available Guest Nights | 91,293 | 85,959 | 254,651 | 243,329 | ||||||||||||
Gross Cruise Cost per Available Guest Night | $ | 1,072 | $ | 1,065 | $ | 1,129 | $ | 1,118 | ||||||||
Net Cruise Cost per Available Guest Night | 948 | 911 | 999 | 956 | ||||||||||||
Net Cruise Cost Excluding Fuel per Available Guest Night | 888 | 847 | 921 | 874 | ||||||||||||
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night | 858 | 813 | 888 | 836 | ||||||||||||
Adjusted Net Cruise Cost per Available Guest Night | 917 | 876 | 966 | 918 | ||||||||||||
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, 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2024-third-quarter-financial-results-302296136.html
SOURCE Lindblad Expeditions Holdings, Inc.
FAQ
What was Lindblad Expeditions (LIND) revenue in Q3 2024?
What was LIND's earnings per share in Q3 2024?
What is Lindblad's (LIND) occupancy rate in Q3 2024?
What are LIND's revenue projections for full-year 2024?
