Full Year 2023 Highlights:
- Total revenues increased 35% to $569.5
million
- Net loss available to stockholders improved $66.1 million
- Adjusted EBITDA increased $82.7
million to $71.2 million
- Lindblad segment available guest nights increased 33%
- Net yield per available guest night increased 12% to
$1,097 and occupancy increased to
77%
- Further increased financial flexibility with refinancing of
export credit agreements through issuance of new senior secured
notes
- Extended and expanded strategic relationship with National
Geographic for an additional 17 years through 2040
NEW
YORK, Feb. 28, 2024 /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,
2023.
Sven Lindblad, Chief Executive
Officer, said "The record full year results we delivered in 2023
provides a glimpse of the earnings power of the Company as we
further ramp our expedition operations and maximize the potential
across our platform of leading land-based travel companies. The
strategic investments we have already made to expand our ship
capacity and diversify our land-based product offerings provides us
significant opportunity in both the short and long-term given the
growing market demand for authentic and immersive experiential
travel. This past quarter we took another important step to
solidify and accelerate that opportunity by extending, and most
importantly, expanding our strategic relationship with National
Geographic. Over the past two decades, our intuitive connection and
shared ethos has positively impacted hundreds of thousands of
guests, while also providing meaningful support to some of the
world's most remarkable destinations. The expanded agreement will
enable us to build on that success in the years ahead as we expand
our addressable audiences, develop additional innovative
expeditions and reach more citizen explorers than ever before."
FULL YEAR RESULTS
Tour Revenues
Full year tour revenues of $569.5
million increased $148.0
million, or 35%, as compared to 2022. The increase was
driven by a $119.0 million increase
at the Lindblad segment and a $29.1
million increase at the Land Experiences segment.
Lindblad segment tour revenues of $397.4
million increased $119.0
million, or 43%, as compared to 2022 primarily due to a 33%
increase in available guest nights as we continued to ramp
operations. The year-on-year growth was also driven by a 12%
increase in net yield per available guest night to $1,097 driven by increased pricing and higher
occupancy of 77% in 2023 as compared to 75% a year ago.
Land Experiences tour revenues of $172.1
million increased $29.1
million, or 20%, compared to 2022 primarily due to
additional departures and higher pricing.
Net Income
Net loss available to stockholders for the full year was
$50.0 million, $0.94 per diluted share, as compared with net
loss available to stockholders of $116.1 million, $2.23 per diluted share, in 2022. The
$66.1 million improvement primarily
reflects the ramp in operations, partially offset by a $7.5 million increase in interest expense due to
additional borrowings and higher rates, a $6.9 million increase in stock-based compensation
and a $3.8 million increase in other
expense primarily from the write-off of $3.9
million in deferred financing fees due to refinancing the
Company's export credit facilities.
Adjusted EBITDA
Full year Adjusted EBITDA of $71.2
million increased $82.7 million as compared to 2022
driven by a $77.6 million increase at
the Lindblad segment and a $5.1
million increase at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $48.5
million increased $77.6 million as compared to 2022,
primarily due to increased tour revenues, partially offset by
higher cost of tours and personnel costs related to the ramp in
operations, increased commissions related to the revenue and
bookings growth and higher marketing spend to drive future
bookings.
Land Experiences segment Adjusted EBITDA of $22.8 million increased $5.1 million,
or 29%, as compared to 2022, as increased tour revenues were mostly
offset by higher cost of tours and increased personnel costs
related to the ramp in operations and higher marketing costs to
drive future bookings.
FOURTH QUARTER RESULTS
Tour Revenues
Fourth quarter tour revenues of $125.4
million increased $7.4
million, or 6%, as compared to the same period in 2022. The
increase was driven by a $5.4 million
increase at the Lindblad segment and a $2.0
million increase at the Land Experiences segment.
Lindblad segment tour revenues of $85.8
million increased $5.4
million, or 7%, as compared to the fourth quarter a year ago
primarily due to an 18% increase in available guest nights as we
continued to ramp operations. The year-on-year growth was partially
offset by an 8% decline in net yield per available guest night to
$1,021 primarily due to the impact of
transit voyages in the current year which resulted in decreased
pricing and lower occupancy of 70% as compared to 76% in the fourth
quarter a year ago.
Land Experiences tour revenues of $39.6
million increased $2.0
million, or 5%, compared to the fourth quarter a year ago
primarily due to additional departures and higher pricing.
Net Income
Net loss available to stockholders for the
fourth quarter was $28.5
million, $0.53 per diluted
share, as compared with net loss available to stockholders of
$33.2 million, $0.63 per diluted share, in the fourth quarter of
2022. The $4.7 million improvement
primarily reflects the ramp in operations, partially offset by a
$4.0 million decline in tax benefit
due to the improved operating results, a $2.9 million increase in stock-based compensation
and $2.2 million of higher
depreciation and amortization.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA of $3.8
million increased $6.6 million as compared to the same
period in 2022 driven by a $5.2
million improvement at the Lindblad segment and a
$1.4 million increase at the Land
Experiences segment.
Lindblad segment Adjusted EBITDA loss of $0.4 million improved $5.2 million as
compared to the same period in 2022, primarily due to increased
tour revenues and lower fuel and drydock costs, partially offset by
higher costs associated with operating additional trips and
increased commissions related to the revenue and bookings
growth.
Land Experiences segment Adjusted EBITDA of $4.3 million increased $1.4 million, or 48%, as compared to the same
period in 2022, as increased tour revenues and lower selling and
marketing expenses were partially offset by higher cost of tours
and increased personnel costs related to the ramp in
operations.
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
(In
thousands)
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
%
|
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
%
|
|
Tour
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
85,750
|
|
|
$
|
80,386
|
|
|
$
|
5,364
|
|
|
|
7 %
|
|
|
$
|
397,410
|
|
|
$
|
278,449
|
|
|
$
|
118,961
|
|
|
|
43 %
|
|
Land
Experiences
|
|
|
39,610
|
|
|
|
37,572
|
|
|
|
2,038
|
|
|
|
5 %
|
|
|
|
172,133
|
|
|
|
143,051
|
|
|
|
29,082
|
|
|
|
20 %
|
|
Total tour
revenues
|
|
$
|
125,360
|
|
|
$
|
117,958
|
|
|
$
|
7,402
|
|
|
|
6 %
|
|
|
$
|
569,543
|
|
|
$
|
421,500
|
|
|
$
|
148,043
|
|
|
|
35 %
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(17,268)
|
|
|
$
|
(17,490)
|
|
|
$
|
222
|
|
|
|
1 %
|
|
|
$
|
(8,692)
|
|
|
$
|
(77,871)
|
|
|
$
|
69,179
|
|
|
|
89 %
|
|
Land
Experiences
|
|
|
3,424
|
|
|
|
2,192
|
|
|
|
1,232
|
|
|
|
56 %
|
|
|
|
19,291
|
|
|
|
14,825
|
|
|
|
4,466
|
|
|
|
30 %
|
|
Total operating
loss
|
|
$
|
(13,844)
|
|
|
$
|
(15,298)
|
|
|
$
|
1,454
|
|
|
|
10 %
|
|
|
$
|
10,599
|
|
|
$
|
(63,046)
|
|
|
$
|
73,645
|
|
|
|
NM
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(431)
|
|
|
$
|
(5,594)
|
|
|
$
|
5,163
|
|
|
|
92 %
|
|
|
$
|
48,456
|
|
|
$
|
(29,154)
|
|
|
$
|
77,610
|
|
|
|
NM
|
|
Land
Experiences
|
|
|
4,279
|
|
|
|
2,891
|
|
|
|
1,388
|
|
|
|
48 %
|
|
|
|
22,750
|
|
|
|
17,628
|
|
|
|
5,122
|
|
|
|
29 %
|
|
Total adjusted
EBITDA
|
|
$
|
3,848
|
|
|
$
|
(2,703)
|
|
|
$
|
6,551
|
|
|
|
NM
|
|
|
$
|
71,206
|
|
|
$
|
(11,526)
|
|
|
$
|
82,732
|
|
|
|
NM
|
|
OTHER
During November 2023 the Company
extended and expanded it's 20-year relationship with National
Geographic for an additional 17 years, with a commitment through
2040. The new agreement will allow the brand to reach new worldwide
audiences through global rights to the National Geographic brand
for expedition cruises, by leveraging of The Walt Disney Company as
an affiliate of National Geographic Partners to distribute product
through Disney's powerful sales channels and support robust joint
marketing campaigns, and through enhancements to the onboard guest
experience with more immersive storytelling and experiences
connected to the National Geographic brand.
This expanded relationship will elevate the brand's position as
the leader in expedition cruise and will increase the earnings
potential of the Company by opening larger addressable markets and
potential expansion into additional market segments through: a
global license to use the National Geographic Expeditions brand to
market, sell and operate co-branded trips on expedition ships;
exclusivity on trips marketed in the
United States and Canada
for ships up to 295 passengers, with the ability to expand that
exclusive license globally and to ships with guest capacity of up
to 530 passengers; and a global license to market co-branded river
cruises.
Balance Sheet and Liquidity
The Company's cash and cash equivalents, restricted cash and
short-term securities were $187.3
million as of December 31,
2023, as compared with $129.6
million as of December 31,
2022. The increase primarily reflects $60.7 million in net cash from financing
activities primarily related to the May issuance of $275.0 million of 9.00% senior secured notes and
$25.4 million in cash from operations
due to the strong operating performance and increased bookings for
future travel, partially offset by $30.0
million in cash used in purchasing property and equipment,
predominantly related to maintenance on existing vessels and
investments in our digital initiatives.
During May, the Company issued $275.0
million of 9.00% senior secured notes, maturing 2028, with
proceeds used primarily to pay the outstanding borrowings under the
Company's previously existing export credit agreements. The senior
secured notes are guaranteed on a senior secured basis by the
Company and certain of the Company's subsidiaries and are
collateralized by certain of the Company's assets.
As of December 31, 2023, the
Company had a total debt position of $635.1
million and was in compliance with all of its applicable
debt covenants.
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
The Company has substantial advance reservations for future
travel with strong gross bookings, partially offset by the
short-term impact of instability in Ecuador and the Middle East. As of February 26, 2024, bookings for travel during
2024 have increased 2% as compared with bookings in 2023 as of the
same date a year ago and the Lindblad segment had 87% of full year
2024 projected guest ticket revenues already on the books.
STOCK REPURCHASE PLAN
The Company currently has a $35.0
million stock repurchase plan in place. As of February 26, 2024, 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 26, 2024, there were 53.4
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 28, 2024, to discuss the earnings of the
Company. The conference call can be accessed by dialing
833-470-1428 (United States),
1-833-950-0062 (Canada). The
Access Code is 437869. 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 partners with the World Wildlife Fund to offer
and promote conservation and sustainable travel that directly
protects nature. Natural Habitat's adventures include polar bear
tours in Churchill, Canada,
Alaskan grizzly bear adventures and African safaris.
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 Italy's
sun-bleached villages and the medieval towns of Provence to
Portugal's Douro Valley and the
vineyards of Napa, California.
Guests bike, eat, drink, and sleep their way through these regions
and many more while sampling the finest cuisine, hotels, and
wine.
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 Alaska.
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, 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 Ecuador, the
Israel-Hamas war, the Russia-Ukraine conflict, political unrest, terrorism,
war or another unexpected event in destinations we visit;
(iii) events and conditions around the world, including war
and other military actions, such as the 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 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 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 severe or unusual weather conditions, including
climate change, on our business; (xv) adverse publicity regarding
the travel and cruise industry in general; (xvi) loss of business
due to competition; (xvii) the inability to meet or achieve our
sustainability related goals, aspirations, initiatives, and our
public statements and disclosures regarding them; (xviii) the
result of future financing efforts; (xix) 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 (xx) 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,
|
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
156,845
|
|
|
$
|
87,177
|
|
Restricted
cash
|
|
|
30,499
|
|
|
|
28,847
|
|
Short-term
securities
|
|
|
-
|
|
|
|
13,591
|
|
Prepaid expenses and
other current assets
|
|
|
57,158
|
|
|
|
53,704
|
|
Total current
assets
|
|
|
244,502
|
|
|
|
183,319
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
526,002
|
|
|
|
539,406
|
|
Goodwill
|
|
|
42,017
|
|
|
|
42,017
|
|
Intangibles,
net
|
|
|
9,412
|
|
|
|
11,219
|
|
Other long-term
assets
|
|
|
9,364
|
|
|
|
12,014
|
|
Total
assets
|
|
$
|
831,297
|
|
|
$
|
787,975
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Unearned passenger
revenues
|
|
$
|
252,199
|
|
|
$
|
245,101
|
|
Accounts payable and
accrued expenses
|
|
|
65,055
|
|
|
|
71,019
|
|
Long-term debt -
current
|
|
|
47
|
|
|
|
23,337
|
|
Lease liabilities -
current
|
|
|
1,923
|
|
|
|
1,663
|
|
Total current
liabilities
|
|
|
319,224
|
|
|
|
341,120
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
621,778
|
|
|
|
529,452
|
|
Deferred tax
liabilities
|
|
|
2,118
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
1,943
|
|
|
|
3,049
|
|
Total
liabilities
|
|
|
945,063
|
|
|
|
873,621
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
Series A redeemable
convertible preferred stock, 165,000 shares authorized; 62,000
shares issued and
outstanding as of December 31, 2023 and December 31, 2022,
respectively
|
|
|
73,514
|
|
|
|
69,143
|
|
Redeemable
noncontrolling interests
|
|
|
37,784
|
|
|
|
27,886
|
|
|
|
|
111,298
|
|
|
|
97,029
|
|
|
|
|
|
|
|
|
|
|
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, 2023 and December 31, 2022,
respectively
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 200,000,000 shares authorized; 53,390,082 and 53,177,437
issued,
53,332,150 and 53,110,132 outstanding as of December 31, 2023 and
December 31, 2022, respectively
|
|
|
5
|
|
|
|
5
|
|
Additional paid-in
capital
|
|
|
97,139
|
|
|
|
83,850
|
|
Accumulated
deficit
|
|
|
(322,208)
|
|
|
|
(266,530)
|
|
Total stockholders'
deficit
|
|
|
(225,064)
|
|
|
|
(182,675)
|
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
|
$
|
831,297
|
|
|
$
|
787,975
|
|
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,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
|
125,362
|
|
|
$
|
117,961
|
|
|
$
|
569,543
|
|
|
$
|
421,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
tours
|
|
|
77,082
|
|
|
|
75,194
|
|
|
|
322,376
|
|
|
|
283,217
|
|
General and
administrative
|
|
|
32,842
|
|
|
|
27,409
|
|
|
|
118,431
|
|
|
|
96,291
|
|
Selling and
marketing
|
|
|
16,229
|
|
|
|
19,803
|
|
|
|
71,426
|
|
|
|
60,996
|
|
Depreciation and
amortization
|
|
|
13,051
|
|
|
|
10,850
|
|
|
|
46,711
|
|
|
|
44,042
|
|
Total operating
expenses
|
|
|
139,204
|
|
|
|
133,256
|
|
|
|
558,944
|
|
|
|
484,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(13,842)
|
|
|
|
(15,295)
|
|
|
|
10,599
|
|
|
|
(63,046)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(11,421)
|
|
|
|
(10,996)
|
|
|
|
(45,014)
|
|
|
|
(37,495)
|
|
Gain (loss) on foreign
currency
|
|
|
705
|
|
|
|
181
|
|
|
|
751
|
|
|
|
(1,236)
|
|
Other (expense)
income
|
|
|
(293)
|
|
|
|
(390)
|
|
|
|
(4,066)
|
|
|
|
(307)
|
|
Total other
expense
|
|
|
(11,009)
|
|
|
|
(11,205)
|
|
|
|
(48,329)
|
|
|
|
(39,038)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(24,851)
|
|
|
|
(26,500)
|
|
|
|
(37,730)
|
|
|
|
(102,084)
|
|
Income tax
expense
|
|
|
1,561
|
|
|
|
5,460
|
|
|
|
3,146
|
|
|
|
6,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(26,412)
|
|
|
|
(31,960)
|
|
|
|
(40,876)
|
|
|
|
(108,160)
|
|
Net income (loss)
attributable to noncontrolling interest
|
|
|
992
|
|
|
|
222
|
|
|
|
4,734
|
|
|
|
3,221
|
|
Net loss attributable
to Lindblad Expeditions Holdings, Inc.
|
|
|
(27,404)
|
|
|
|
(32,182)
|
|
|
|
(45,610)
|
|
|
|
(111,381)
|
|
Series A redeemable
convertible preferred stock dividend
|
|
|
1,117
|
|
|
|
1,053
|
|
|
|
4,373
|
|
|
|
4,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
stockholders
|
|
$
|
(28,521)
|
|
|
$
|
(33,235)
|
|
|
$
|
(49,983)
|
|
|
$
|
(116,052)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
53,343,125
|
|
|
|
53,078,214
|
|
|
|
53,256,513
|
|
|
|
52,018,987
|
|
Diluted
|
|
|
53,343,125
|
|
|
|
53,078,214
|
|
|
|
53,256,513
|
|
|
|
52,018,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed loss per
share available to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.53)
|
|
|
$
|
(0.63)
|
|
|
$
|
(0.94)
|
|
|
$
|
(2.23)
|
|
Diluted
|
|
$
|
(0.53)
|
|
|
$
|
(0.63)
|
|
|
$
|
(0.94)
|
|
|
$
|
(2.23)
|
|
LINDBLAD EXPEDITIONS
HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
|
|
|
|
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(40,876)
|
|
|
$
|
(108,160)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
46,711
|
|
|
|
44,042
|
|
Amortization of
deferred financing costs and other, net
|
|
|
3,368
|
|
|
|
2,669
|
|
Amortization of
right-to-use lease assets
|
|
|
811
|
|
|
|
608
|
|
Stock-based
compensation
|
|
|
13,886
|
|
|
|
6,992
|
|
Deferred income
taxes
|
|
|
2,719
|
|
|
|
5,481
|
|
(Gain) loss on foreign
currency
|
|
|
(751)
|
|
|
|
1,236
|
|
Write-off of
unamortized issuance costs related to debt refinancing
|
|
|
3,860
|
|
|
|
9,004
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Prepaid expenses and
other current assets
|
|
|
(3,454)
|
|
|
|
(19,695)
|
|
Unearned passenger
revenues
|
|
|
7,098
|
|
|
|
32,503
|
|
Other long-term
assets
|
|
|
(1,871)
|
|
|
|
2,556
|
|
Other long-term
liabilities
|
|
|
-
|
|
|
|
689
|
|
Accounts payable and
accrued expenses
|
|
|
(5,210)
|
|
|
|
20,530
|
|
Operating lease
liabilities
|
|
|
(850)
|
|
|
|
(658)
|
|
Net cash provided by
(used in) operating activities
|
|
|
25,441
|
|
|
|
(2,203)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(29,963)
|
|
|
|
(38,205)
|
|
Sale (purchase) of
short-term securities
|
|
|
15,163
|
|
|
|
(15,000)
|
|
Proceeds from loan
principal repayment
|
|
|
-
|
|
|
|
3,610
|
|
Net cash used in
investing activities
|
|
|
(14,800)
|
|
|
|
(49,595)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
275,000
|
|
|
|
360,000
|
|
Repayments of
long-term debt
|
|
|
(205,704)
|
|
|
|
(352,941)
|
|
Payment of deferred
financing costs
|
|
|
(7,489)
|
|
|
|
(10,874)
|
|
Repurchase under
stock-based compensation plans and related tax impacts
|
|
|
(1,128)
|
|
|
|
(1,056)
|
|
Net cash provided by
(used in) financing activities
|
|
|
60,679
|
|
|
|
(4,871)
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
|
|
71,320
|
|
|
|
(56,669)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
116,024
|
|
|
|
172,693
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
187,344
|
|
|
$
|
116,024
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
43,695
|
|
|
$
|
25,815
|
|
Income
taxes
|
|
|
711
|
|
|
|
309
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Non-cash preferred
stock dividend
|
|
|
4,373
|
|
|
|
4,671
|
|
Value of shares issued
for acquisition
|
|
|
-
|
|
|
|
-
|
|
Non-cash preferred
stock deemed dividend
|
|
|
-
|
|
|
|
-
|
|
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,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Net loss
|
|
$
|
(26,412)
|
|
|
$
|
(31,960)
|
|
|
$
|
(40,876)
|
|
|
$
|
(108,160)
|
|
Interest expense,
net
|
|
|
11,421
|
|
|
|
10,996
|
|
|
|
45,014
|
|
|
|
37,495
|
|
Income tax expense
(benefit)
|
|
|
1,559
|
|
|
|
5,457
|
|
|
|
3,146
|
|
|
|
6,076
|
|
Depreciation and
amortization
|
|
|
13,051
|
|
|
|
10,850
|
|
|
|
46,711
|
|
|
|
44,042
|
|
(Gain) loss on foreign
currency
|
|
|
(705)
|
|
|
|
(181)
|
|
|
|
(751)
|
|
|
|
1,236
|
|
Other expense
(income)
|
|
|
293
|
|
|
|
390
|
|
|
|
4,066
|
|
|
|
307
|
|
Stock-based
compensation
|
|
|
4,641
|
|
|
|
1,709
|
|
|
|
13,886
|
|
|
|
6,992
|
|
Other
|
|
|
-
|
|
|
|
36
|
|
|
|
10
|
|
|
|
486
|
|
Adjusted
EBITDA
|
|
$
|
3,848
|
|
|
$
|
(2,703)
|
|
|
$
|
71,206
|
|
|
$
|
(11,526)
|
|
Reconciliation of
Operating (Loss) Income to Adjusted EBITDA
Lindblad Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Operating
loss
|
|
$
|
(17,268)
|
|
|
$
|
(17,490)
|
|
|
$
|
(8,692)
|
|
|
$
|
(77,871)
|
|
Depreciation and
amortization
|
|
|
12,196
|
|
|
|
10,187
|
|
|
|
43,351
|
|
|
|
41,275
|
|
Stock-based
compensation
|
|
|
4,641
|
|
|
|
1,709
|
|
|
|
13,787
|
|
|
|
6,992
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
450
|
|
Adjusted
EBITDA
|
|
$
|
(431)
|
|
|
$
|
(5,594)
|
|
|
$
|
48,456
|
|
|
$
|
(29,154)
|
|
Land Experiences
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Operating
income
|
|
$
|
3,424
|
|
|
$
|
2,192
|
|
|
$
|
19,291
|
|
|
$
|
14,825
|
|
Depreciation and
amortization
|
|
|
855
|
|
|
|
663
|
|
|
|
3,360
|
|
|
|
2,767
|
|
Stock-based
compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
99
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
36
|
|
|
|
-
|
|
|
|
36
|
|
Adjusted
EBITDA
|
|
$
|
4,279
|
|
|
$
|
2,891
|
|
|
$
|
22,750
|
|
|
$
|
17,628
|
|
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,
|
|
|
|
2023
|
|
|
2022
|
|
Net cash provided by
operating activities
|
|
$
|
25,441
|
|
|
$
|
(2,203)
|
|
Less: purchases of
property and equipment
|
|
|
(29,963)
|
|
|
|
(38,205)
|
|
Free Cash
Flow
|
|
$
|
(4,522)
|
|
|
$
|
(40,408)
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Available Guest
Nights
|
|
|
72,762
|
|
|
|
61,830
|
|
|
|
316,091
|
|
|
|
236,784
|
|
Guest Nights
Sold
|
|
|
51,217
|
|
|
|
46,685
|
|
|
|
243,269
|
|
|
|
177,521
|
|
Occupancy
|
|
|
70
|
%
|
|
|
76
|
%
|
|
|
77
|
%
|
|
|
75
|
%
|
Maximum
Guests
|
|
|
8,226
|
|
|
|
7,310
|
|
|
|
37,339
|
|
|
|
29,095
|
|
Number of
Guests
|
|
|
6,071
|
|
|
|
5,691
|
|
|
|
29,719
|
|
|
|
22,347
|
|
Voyages
|
|
|
95
|
|
|
|
91
|
|
|
|
454
|
|
|
|
393
|
|
Calculation of Gross
and Net Yield per Available Guest Night
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Guest ticket
revenues
|
|
$
|
72,218
|
|
|
$
|
65,830
|
|
|
$
|
345,871
|
|
|
$
|
240,592
|
|
Other tour
revenue
|
|
|
13,532
|
|
|
|
14,556
|
|
|
|
51,539
|
|
|
|
37,857
|
|
Tour
Revenues
|
|
|
85,750
|
|
|
|
80,386
|
|
|
|
397,410
|
|
|
|
278,449
|
|
Less:
Commissions
|
|
|
(5,790)
|
|
|
|
(4,768)
|
|
|
|
(25,787)
|
|
|
|
(19,149)
|
|
Less: Other tour
expenses
|
|
|
(5,656)
|
|
|
|
(6,755)
|
|
|
|
(24,952)
|
|
|
|
(27,780)
|
|
Net
Yield
|
|
$
|
74,304
|
|
|
$
|
68,863
|
|
|
$
|
346,671
|
|
|
$
|
231,520
|
|
Available Guest
Nights
|
|
|
72,762
|
|
|
|
61,830
|
|
|
|
316,091
|
|
|
|
236,784
|
|
Gross Yield per
Available Guest Night
|
|
$
|
1,178
|
|
|
$
|
1,300
|
|
|
$
|
1,257
|
|
|
$
|
1,176
|
|
Net Yield per Available
Guest Night
|
|
|
1,021
|
|
|
|
1,114
|
|
|
|
1,097
|
|
|
|
978
|
|
Reconciliation of
Operating (Loss) Income to Net Yield
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Operating
loss
|
|
$
|
(17,268)
|
|
|
$
|
(17,490)
|
|
|
$
|
(8,692)
|
|
|
$
|
(77,871)
|
|
Cost of
tours
|
|
|
55,021
|
|
|
|
56,004
|
|
|
|
222,413
|
|
|
|
201,255
|
|
General and
administrative
|
|
|
22,630
|
|
|
|
19,077
|
|
|
|
83,004
|
|
|
|
67,564
|
|
Selling and
marketing
|
|
|
13,171
|
|
|
|
12,608
|
|
|
|
57,334
|
|
|
|
46,226
|
|
Depreciation and
amortization
|
|
|
12,196
|
|
|
|
10,187
|
|
|
|
43,351
|
|
|
|
41,275
|
|
Less:
Commissions
|
|
|
(5,790)
|
|
|
|
(4,768)
|
|
|
|
(25,787)
|
|
|
|
(19,149)
|
|
Less: Other tour
expenses
|
|
|
(5,656)
|
|
|
|
(6,755)
|
|
|
|
(24,952)
|
|
|
|
(27,780)
|
|
Net
Yield
|
|
|
74,304
|
|
|
|
68,863
|
|
|
|
346,671
|
|
|
|
231,520
|
|
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,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Cost of
tours
|
|
$
|
55,021
|
|
|
$
|
56,004
|
|
|
$
|
222,413
|
|
|
$
|
201,255
|
|
Plus: Selling and
marketing
|
|
|
13,171
|
|
|
|
12,608
|
|
|
|
57,334
|
|
|
|
46,226
|
|
Plus: General and
administrative
|
|
|
22,630
|
|
|
|
19,077
|
|
|
|
83,004
|
|
|
|
67,564
|
|
Gross Cruise
Cost
|
|
|
90,822
|
|
|
|
87,689
|
|
|
|
362,751
|
|
|
|
315,045
|
|
Less:
Commissions
|
|
|
(5,790)
|
|
|
|
(4,768)
|
|
|
|
(25,787)
|
|
|
|
(19,149)
|
|
Less: Other tour
expenses
|
|
|
(5,656)
|
|
|
|
(6,755)
|
|
|
|
(24,952)
|
|
|
|
(27,780)
|
|
Net Cruise
Cost
|
|
|
79,376
|
|
|
|
76,166
|
|
|
|
312,012
|
|
|
|
268,116
|
|
Less: Fuel
Expense
|
|
|
(7,974)
|
|
|
|
(9,716)
|
|
|
|
(27,913)
|
|
|
|
(31,135)
|
|
Net Cruise Cost
Excluding Fuel
|
|
|
71,402
|
|
|
|
66,450
|
|
|
|
284,099
|
|
|
|
236,981
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
(4,641)
|
|
|
|
(1,709)
|
|
|
|
(13,787)
|
|
|
|
(6,992)
|
|
Other
|
|
|
-
|
|
|
|
(36)
|
|
|
|
(10)
|
|
|
|
(450)
|
|
Adjusted Net Cruise
Cost Excluding Fuel
|
|
$
|
66,761
|
|
|
$
|
64,705
|
|
|
$
|
270,302
|
|
|
$
|
229,539
|
|
Adjusted Net Cruise
Cost
|
|
$
|
74,735
|
|
|
$
|
74,421
|
|
|
$
|
298,215
|
|
|
$
|
260,674
|
|
Available Guest
Nights
|
|
|
72,762
|
|
|
|
61,830
|
|
|
|
316,091
|
|
|
|
236,784
|
|
Gross Cruise Cost per
Available Guest Night
|
|
$
|
1,248
|
|
|
$
|
1,418
|
|
|
$
|
1,148
|
|
|
$
|
1,331
|
|
Net Cruise Cost per
Available Guest Night
|
|
|
1,091
|
|
|
|
1,232
|
|
|
|
987
|
|
|
|
1,132
|
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
|
|
981
|
|
|
|
1,075
|
|
|
|
899
|
|
|
|
1,001
|
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
|
|
918
|
|
|
|
1,046
|
|
|
|
855
|
|
|
|
969
|
|
Adjusted Net Cruise
Cost per Available Guest Night
|
|
|
1,027
|
|
|
|
1,204
|
|
|
|
943
|
|
|
|
1,101
|
|
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