Lindblad Expeditions Holdings has reported financial results for the fourth quarter and full year ended December 31, 2024.

Natalya Leahy, Chief Executive Officer, commented, “Experiencing our ships firsthand, I was both humbled and inspired by the truly unmatched adventures we offer, from the most agile and immersive expeditions to the warmth and intimacy of the atmosphere onboard. Lindblad Expeditions pioneered and perfected exploration in the world’s most awe-inspiring destinations. 2024 was not only a record year, it was also a foundational one for future growth. With a strengthened Disney/National Geographic relationship, expanded capacity in core markets, and the increased scale of our six-brand portfolio, we are entering 2025 with strong tailwinds. This year, we are focused on driving demand, innovating smartly on costs, and unlocking new portfolio opportunities to further expand our reach and impact.”

Full Year Highlights:

• Total revenues increased 13% to $644.7 million
• Net loss available to stockholders improved by $14.2 million
• Adjusted EBITDA increased 28% to $91.2 million
• Lindblad segment Net Yield per Available Guest Night increased 7% to $1,170 and Occupancy was 78%

Tour Revenues

Full year tour revenues of $644.7 million increased $75.2 million, or 13%, as compared to a year ago. The increase was driven by a $25.9 million increase at the Lindblad segment and a $49.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $423.3 million increased $25.9 million, or 7%, compared to a year ago. The increase was driven by a 2% increase in available guest nights due to greater fleet utilization, a 7% increase in net yield per available guest night to $1,170 due to higher pricing and higher occupancy of 78% in 2024 as compared to 77% a year ago.

Land Experiences segment tour revenues of $221.4 million increased $49.2 million, or 29%, compared to a year ago primarily due to an increase in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.

Net Income

Net loss available to stockholders for the full year was $35.8 million, $0.67 per diluted share, as compared with a net loss available to stockholders of $50.0 million, $0.94 per diluted share, in 2023. The $14.2 million improvement primarily reflects higher operating results, lower tax expense, and lower stock-based compensation expense, partially offset by higher depreciation and amortization, transaction-related costs and foreign currency losses.

Adjusted EBITDA

Full year Adjusted EBITDA of $91.2 million increased $20.0 million as compared to 2023 driven by a $10.9 million increase at the Lindblad segment and a $9.1 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $59.4 million increased $10.9 million as compared to 2023, primarily due to increased tour revenues, partially offset by increased marketing and higher general and administrative investments to drive long-term growth initiatives, and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $31.8 million increased $9.1 million as compared to 2023, due to increased tour revenues and the addition of Wineland-Thomson Adventures partially offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.

FOURTH QUARTER RESULTS

Tour Revenues

Fourth quarter tour revenues of $148.6 million increased $23.2 million, or 19%, as compared to the same period in 2023. The increase was driven by a $4.9 million increase at the Lindblad segment and a $18.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $90.7 million increased $4.9 million, or 6%, compared to the fourth quarter a year ago. The increase was driven by a 13% increase in net yield per available guest night to $1,150 due to higher pricing and an increase in occupancy to 78% compared to 70% as compared to the fourth quarter a year ago.

Land Experiences tour revenues of $57.9 million increased $39.6 million, or 46%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.

Net Income

Net loss available to stockholders for the fourth quarter was $26.2 million, $0.48 per diluted share, as compared with net loss available to stockholders of $28.5 million, $0.53 per diluted share, in the fourth quarter of 2023. The $2.3 million improvement primarily reflects higher operating results and lower stock-based compensation expense, partially offset by higher depreciation and amortization and foreign currency losses.

Adjusted EBITDA

Fourth quarter Adjusted EBITDA of $13.4 million increased $9.6 million as compared to the same period in 2023 driven by a $6.6 million increase at the Lindblad segment and a $3.0 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $6.1 million increased $6.6 million as compared to the same period in 2023, primarily due to increased tour revenues, partially offset by increased marketing spend and higher general and administrative investments to drive long-term growth initiatives, and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $7.3 million increased $3.0 million as compared to the same period in 2023, due to increased tour revenues and the addition of Wineland-Thomson Adventures partially offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.