Lindblad Expeditions Holdings today reported financial results for the second quarter ended June 30, 2023.

Sven Lindblad, Chief Executive Officer, said “Lindblad delivered another quarter of strong year on year growth as we continue to ramp operations and put the pandemic behind us. While we are proud of what we have achieved thus far, what really excites us is the opportunity ahead given the massive interest in experiential travel. With a proven track record of delivering high quality and authentic travel experiences over the last five decades, along with the strategic investments we have made over the last several years to expand our fleet, diversify our portfolio of land offerings, upgrade our technology footprint and enhance our overall infrastructure, we are uniquely positioned to significantly capitalize on that growing demand. There will certainly still be short-term challenges given what the industry is emerging from, but we are beginning to meaningfully tap into the expanded earnings power of the Company and look forward to building additional shareholder value in the months and years ahead.”

Key Highlights:

• Total revenues increased 37% to $124.8 million
• Net loss available to stockholders improved $4.5 million
• Adjusted EBITDA increased $12.4 million to $6.2 million
• Lindblad segment Available Guest Nights increased 34%
• Net Yield per Available Guest Night increased 5% to $1,034 and Occupancy was 74%
• Strong reservations for future travel with bookings for 2023 43% ahead of bookings for 2019 at the same point in 2019
• Further increased financial flexibility through issuance of $275.0 million new senior secured notes

SECOND QUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $124.8 million increased $33.9 million, or 37%, as compared to the same period in 2022. The increase was driven by a $23.4 million increase at the Lindblad segment and a $10.5 million increase at the Land Experiences segment, according to a press release.

Lindblad segment tour revenues of $87.4 million increased $23.4 million, or 36%, compared to the second quarter a year ago primarily due to a 34% increase in available guest nights as we continued to ramp operations. The year-on-year growth was also driven by a 5% increase in net yield per available guest night to $1,034 due to increased pricing and broader fleet utilization.

Land Experiences tour revenues of $37.4 million increased $10.5 million, or 39%, compared to the second quarter a year ago primarily due to additional departures and higher pricing.

Net Income

Net loss available to stockholders for the second quarter was $25.6 million, $0.48 per diluted share, as compared with net loss available to stockholders of $30.0 million, $0.59 per diluted share, in the second quarter of 2022. The $4.5 million improvement primarily reflects the ramp in operations, partially offset by the write-off of $3.9 million in deferred financing fees due to refinancing the Company’s export credit facilities, a $2.2 million increase in interest expense due to additional borrowings and higher rates, a $1.6 million increase in stock-based compensation and a $1.0 million tax benefit in the second quarter a year ago.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $6.2 million increased $12.4 million as compared to the same period in 2022 driven by a $10.1 million increase at the Lindblad segment and a $2.3 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $2.7 million increased $10.1 million as compared to the same period in 2022, primarily due to increased tour revenues, partially offset by higher cost of tours and increased personnel and sales tax costs related to the ramp in operations and increased commissions related to the revenue and bookings growth.

Land Experiences segment Adjusted EBITDA of $3.5 million increased $2.3 million as compared to the same period in 2022, primarily due to increased tour revenues, partially offset by higher cost of tours and increased personnel costs related to the ramp in operations, increased commissions related to the revenue and bookings growth and higher marketing costs to drive future growth.

FINANCIAL OUTLOOK

The Company’s current expectations for the full year 2023 are as follows:

Tour revenues of $550 – $575 million

The Company has substantial advance reservations for future travel with strong gross bookings, partially offset by short-term cancellations. As of July 24, 2023, Lindblad segment bookings for travel during 2023 have increased 43% as compared with bookings for 2019 as of the same date in 2019.

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of July 24, 2023, 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 July 24, 2023, there were 53.3 million shares common stock outstanding.