Lindblad Expeditions Holdings today reported financial results for the third quarter ended September 30, 2023.
Sven Lindblad, Chief Executive Officer, said: “Lindblad delivered record third quarter results as we continue to ramp operations and begin to meaningfully leverage the expanded earnings potential of the Company. The increased fleet capacity and diversified land offerings we have strategically invested in over the last several years provide an unparalleled opportunity to capitalize on the growing demand for experiential travel. At the same time, we have been committed to significantly upgrading our technological footprint and overall infrastructure, to help us maximize that opportunity and further support future growth initiatives. Overall, as we continue to navigate the complex short-term operating environment, we are excited by the momentum across our platform and look forward to building on that success in the months and years ahead. Our focus today remains the same as it has been for the last five decades, providing unmatched high quality, authentic and immersive travel experiences in the world’s most remarkable destinations.”
- Total revenues increased 22% to $176.0 million
- Net income available to stockholders increased $14.3 million to $4.5 million
- Adjusted EBITDA increased 83% to $34.0 million
- Lindblad segment available guest nights increased 21%
- Net yield per available guest night increased 9% to $1,110 and occupancy was 81%
- Strong reservations for future travel with bookings for 2023 42% ahead of bookings for 2019 at the same
THIRD QUARTER RESULTS
Third quarter tour revenues of $176.0 million increased $31.2 million, or 22%, as compared to the same period in 2022. The increase was driven by a $25.0 million increase at the Lindblad segment and a $6.2 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $108.8 million increased 25.0 million, or 30%, compared to the third quarter a year ago primarily due to a 21% increase in available guest nights as we continued to ramp operations. The year-on-year growth was also driven by a 9% increase in net yield per available guest night to $1,110 due to increased pricing and broader fleet utilization, while occupancy levels were in-line with a year ago at 81%.
Land Experiences tour revenues of $67.2 million increased $6.2 million, or 10%, compared to the third quarter a year ago primarily due to additional departures and higher pricing.
Net income available to stockholders for the third quarter was $4.5 million, $0.08 per diluted share, as compared with net loss available to stockholders of $9.8 million, $0.18 per diluted share, in the third quarter of 2022. The $14.3 million improvement primarily reflects the ramp in operations, partially offset by a $3.1 million increase in interest expense due to additional borrowings and higher rates and a $1.3 million increase in stock-based compensation.
Third quarter Adjusted EBITDA of $34.0 million increased $15.4 million, or 83%, as compared to the same period in 2022 driven by a $15.2 million increase at the Lindblad segment and a $0.1 million increase at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $20.1 million increased $15.2 million as compared to the same period in 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 $13.8 million increased $0.1 million as compared to the same period in 2022, as increased tour revenues was mostly 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 bookings.