Lindblad Expeditions announced on Monday morning it would announce first quarter 2023 results on May 3, and provided what it said was preliminary estimated financial results for the first quarter 2023. The company also issued $275 million in new unsecured notes.
Highlights:
- Total tour revenues for the three months ended March 31, 2023 in the range of approximately $141 million to $144 million, compared to $67.8 million for the three months ended March 31, 2022;
- Adjusted EBITDA for the three months ended March 31, 2023 in the range of approximately $26 million to $28 million, compared to Adjusted EBITDA loss of $21.2 million for the three months ended March 31, 2022; and
- Cash and cash equivalents at March 31, 2023 of approximately $121 million, including restricted cash.
With respect to its Lindblad segment, the company also expects to report:
- Available Guest Nights of 83,184 for the three months ended March 31, 2023, compared to 48,546 for the three months ended March 31, 2022;
- Occupancy rates of 81% for the three months ended March 31, 2023, compared to 66% for the three months ended March 31, 2022; and
- Net Yield Per Available Guest Nights in a range of approximately $1,200 to $1,220 for the three months ended March 31, 2023, compared to $739 for the three months ended March 31, 2022.
During the first quarter ended March 31, 2023, the company said it also continued to see significant new bookings across the fleet and have substantial advanced reservations for the future.
As of April 10, 2023, bookings for full year 2023 are approximately 46% ahead of the company’s bookings for the comparable look-forward period as of this date in April 2019, before the COVID-19 pandemic began to impact the company’s bookings and operations.
