Lindblad Expeditions Holdings, Inc 8-K, filed May 6, 2025
Lindblad Expeditions Holdings, Inc. (LIND)
About this 8-K
Lindblad Expeditions Holdings, Inc filed this 8-K on May 6, 2025.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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LINDBLAD EXPEDITIONS HOLDINGS, INC.
(registrant) |
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May 6, 2025
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By:
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/s/ Frederick Goldberg
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Frederick Goldberg, Chief Financial Officer
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Exhibit 99.1
Lindblad Expeditions Holdings, Inc. Reports 2025
First Quarter Financial Results
First Quarter 2025 Highlights:
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Total revenue increased 17% to $179.7 million |
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Net loss available to stockholders improved $5.1 million to $0.04 million |
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Adjusted EBITDA increased 39% to $30.0 million |
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Lindblad segment net yield per available guest night increased 25% to $1,521 |
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Occupancy increased to 89% from 76% |
NEW YORK, May 6, 2025 – 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 first quarter ended March 31, 2025.
Natalya Leahy, Chief Executive Officer, said “We delivered outstanding results in Q1, and I couldn’t be more proud of our team. With 89% occupancy and a historically high yield of $1,521 we’ve set a powerful tone for the year ahead.
As we navigate a complex macroeconomic environment, we remain cautiously optimistic that our guests will continue to prioritize meaningful experiences. Our focus stays firmly on the elements within our control: delivering exceptional adventure experiences, optimizing revenue, innovating around cost efficiency, and investing in long-term growth. With this continued consistent approach, I’m confident will delight our guests and our shareholders alike.”
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $179.7 million increased $26.1 million, or 17%, as compared to the same period in 2024. The increase was driven by a $12.8 million increase at the Lindblad segment and a $13.3 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $131.1 million increased $12.8 million, or 11%, compared to the first quarter a year ago primarily due to a 25% increase in net yield per available guest night to $1,521 driven by higher pricing and an increase in occupancy to 89% from 76% in the first quarter a year ago.
Land Experiences tour revenues of $48.6 million increased $13.3 million, or 38%, compared to the first quarter a year ago primarily due to operating additional trips and higher pricing. The Land Experiences segment also includes a full quarter of results for Wineland-Thomson Adventures, which was acquired during the third quarter of 2024.
Net Income
Net loss available to stockholders for the first quarter was $0.04 million, $0.00 per diluted share, as compared with a net loss available to stockholders of $5.1 million, $0.10 per diluted share, in the first quarter of 2024. The $5.1 million improvement primarily reflects the higher operating results, a $1.5 million tax benefit versus a $0.2 million tax expense and a $0.5 million gain on foreign currency versus a $0.2 million loss in the first quarter a year ago.
Adjusted EBITDA
First quarter Adjusted EBITDA of $30.0 million increased $8.4 million as compared to the same period in 2024 driven by a $5.9 million increase at the Lindblad segment and $2.5 million at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $26.3 million increased $5.9 million as compared to the same period in 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and higher general and administrative costs.
Land Experiences segment Adjusted EBITDA of $3.7 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues and the addition of Wineland-Thomson Adventures, which was acquired during the third quarter of 2024, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.
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For the three months ended |
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(In thousands) |
2025 |
2024 |
Change |
% |
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Tour revenues: |
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Lindblad |
$ | 131,108 | $ | 118,303 | $ | 12,805 | 11 | % | ||||||||
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Land Experiences |
48,613 | 35,311 | 13,302 | 38 | % | |||||||||||
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Total tour revenues |
$ | 179,721 | $ | 153,614 | $ | 26,107 | 17 | % | ||||||||
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Operating income: |
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Lindblad |
$ | 8,387 | $ | 7,783 | $ | 604 | 8 | % | ||||||||
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Land Experiences |
2,227 | 67 | 2,160 | NM | ||||||||||||
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Operating income |
$ | 10,614 | $ | 7,850 | $ | 2,764 | 35 | % | ||||||||
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Adjusted EBITDA: |
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Lindblad |
$ | 26,320 | $ | 20,472 | $ | 5,848 | 29 | % | ||||||||
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Land Experiences |
3,662 | 1,134 | 2,528 | 223 | % | |||||||||||
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Total adjusted EBITDA |
$ | 29,982 | $ | 21,606 | $ | 8,376 | 39 | % | ||||||||
Balance Sheet and Liquidity
The Company’s cash and cash equivalents and restricted cash were $235.2 million as of March 31, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $48.4 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $29.0 million in cash used in the purchasing property and equipment and the addition of the National Geographic Delfina and the National Geographic Gemini.
As of March 31, 2025, the Company had a total debt position of $635.0 million and was in compliance with all of its applicable debt covenants.
2025 OUTLOOK
The Company’s current expectations for the full year 2025 are as follows
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Tour revenues of $700 - $750 million |
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Adjusted EBITDA of $100 - $112 million |
STOCK REPURCHASE PLAN
The Company currently has a $35.0 million stock repurchase plan in place. As of April 30, 2025, 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 April 30, 2025, there were 54.7 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 May 6, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).
The Access Code is 2974921. 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. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.
To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.
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. 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, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii) suspended operations, cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) 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; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) loss of business due to competition; (xv) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvi) the result of future financing efforts; and (xvii) 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. 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.
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
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Condensed Consolidated Balance Sheets |
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(In thousands, except share and per share data) |
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As of |
As of |
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(unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ | 188,854 | $ | 183,941 | ||||
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Restricted cash |
46,370 | 32,202 | ||||||
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Prepaid expenses and other current assets |
60,608 | 62,290 | ||||||
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Total current assets |
295,832 | 278,433 | ||||||
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Property and equipment, net |
531,540 | 518,390 | ||||||
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Goodwill |
59,198 | 59,031 | ||||||
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Intangibles, net |
15,281 | 15,923 | ||||||
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Other long-term assets |
6,978 | 5,128 | ||||||
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Total assets |
$ | 908,829 | $ | 876,905 | ||||
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LIABILITIES |
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Current Liabilities: |
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Unearned passenger revenues |
$ | 354,856 | $ | 318,666 | ||||
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Accrued expenses |
53,479 | 58,054 | ||||||
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Accounts payable |
10,686 | 13,860 | ||||||
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Lease liabilities - current |
1,497 | 1,845 | ||||||
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Long-term debt - current |
19 | 29 | ||||||
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Total current liabilities |
420,537 | 392,454 | ||||||
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Long-term debt, less current portion |
626,349 | 625,425 | ||||||
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Deferred tax liabilities |
2,134 | 3,537 | ||||||
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Other long-term liabilities |
917 | 1,024 | ||||||
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Total liabilities |
1,049,937 | 1,022,440 | ||||||
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Commitments and contingencies |
- | - | ||||||
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Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively |
79,359 | 78,155 | ||||||
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Redeemable noncontrolling interests |
31,756 | 29,424 | ||||||
| 111,115 | 107,579 | |||||||
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STOCKHOLDERS’ DEFICIT |
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Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively |
- | - | ||||||
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Common stock, $0.0001 par value, 200,000,000 shares authorized; 54,699,422 and 54,507,977 issued, 54,567,599 and 54,376,154 outstanding as of March 31, 2025 and December 31, 2024, respectively |
6 | 6 | ||||||
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Additional paid-in capital |
113,193 | 109,473 | ||||||
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Accumulated deficit |
(365,716 | ) | (362,881 | ) | ||||
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Accumulated other comprehensive income |
294 | 288 | ||||||
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Total stockholder’s deficit |
(252,223 | ) | (253,114 | ) | ||||
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Total liabilities, mezzanine equity and stockholders’ deficit |
$ | 908,829 | $ | 876,905 | ||||
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited) |
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For the three months ended |
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2025 |
2024 |
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Tour revenues |
$ | 179,721 | $ | 153,614 | ||||
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Operating expenses: |
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Cost of tours |
92,848 | 84,453 | ||||||
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General and administrative |
32,722 | 27,236 | ||||||
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Selling and marketing |
28,242 | 22,758 | ||||||
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Depreciation and amortization |
15,295 | 11,317 | ||||||
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Total operating expenses |
169,107 | 145,764 | ||||||
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Operating income |
10,614 | 7,850 | ||||||
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Other (expense) income: |
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Interest expense, net |
(11,630 | ) | (11,585 | ) | ||||
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Gain (loss) on foreign currency |
542 | (239 | ) | |||||
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Other (expense) income |
(1 | ) | 8 | |||||
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Total other expense |
(11,089 | ) | (11,816 | ) | ||||
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Loss before income taxes |
(475 | ) | (3,966 | ) | ||||
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Income tax (benefit) expense |
(1,486 | ) | 244 | |||||
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Net income (loss) |
1,011 | (4,210 | ) | |||||
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Net loss attributable to noncontrolling interest |
(150 | ) | (231 | ) | ||||
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Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. |
1,161 | (3,979 | ) | |||||
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Series A redeemable convertible preferred stock dividend |
1,204 | 1,136 | ||||||
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Net loss available to stockholders |
$ | (43 | ) | $ | (5,115 | ) | ||
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Weighted average shares outstanding |
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Basic |
54,623,008 | 53,372,171 | ||||||
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Diluted |
54,623,008 | 53,372,171 | ||||||
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Undistributed loss per share available to stockholders: |
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Basic |
$ | (0.00 | ) | $ | (0.10 | ) | ||
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Diluted |
$ | (0.00 | ) | $ | (0.10 | ) | ||
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
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Condensed Consolidated Statements of Cash Flows |
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(In thousands) (unaudited) |
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For the three months ended |
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2025 |
2024 |
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Cash Flows From Operating Activities |
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Net income (loss) |
$ | 1,011 | $ | (4,210 | ) | |||
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Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
15,295 | 11,317 | ||||||
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Amortization of deferred financing costs and other, net |
924 | 927 | ||||||
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Amortization of right-to-use lease assets |
440 | 417 | ||||||
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Stock-based compensation |
3,727 | 2,116 | ||||||
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Deferred income taxes |
(1,395 | ) | 474 | |||||
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(Gain) loss on foreign currency |
(542 | ) | 239 | |||||
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Changes in operating assets and liabilities |
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Prepaid expenses and other current assets |
2,796 | (5,236 | ) | |||||
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Unearned passenger revenues |
36,190 | 38,591 | ||||||
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Other long-term assets |
(875 | ) | 52 | |||||
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Accounts payable and accrued expenses |
(8,717 | ) | (331 | ) | ||||
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Operating lease liabilities |
(455 | ) | (440 | ) | ||||
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Net cash provided by operating activities |
48,399 | 43,916 | ||||||
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Cash Flows From Investing Activities |
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Purchases of property and equipment |
(13,415 | ) | (6,468 | ) | ||||
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Acquisition (net of cash acquired) |
(15,582 | ) | - | |||||
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Net cash used in investing activities |
(28,997 | ) | (6,468 | ) | ||||
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Cash Flows From Financing Activities |
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Repayments of long-term debt |
(10 | ) | (13 | ) | ||||
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Payment of deferred financing costs |
- | (17 | ) | |||||
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Repurchase under stock-based compensation plans and related tax impacts |
(317 | ) | (592 | ) | ||||
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Net cash used in by financing activities |
(327 | ) | (622 | ) | ||||
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Effect of exchange rate changes on cash |
6 | - | ||||||
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Net increase in cash, cash equivalents and restricted cash |
19,081 | 36,826 | ||||||
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Cash, cash equivalents and restricted cash at beginning of period |
216,143 | 187,344 | ||||||
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Cash, cash equivalents and restricted cash at end of period |
$ | 235,224 | $ | 224,170 | ||||
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Supplemental disclosures of cash flow information: |
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Cash paid during the period: |
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Interest |
$ | 12,261 | $ | 12,320 | ||||
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Income taxes |
416 | 91 | ||||||
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Non-cash investing and financing activities: |
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Non-cash preferred stock deemed dividend |
1,204 | 1,136 | ||||||
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
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Supplemental Financial Schedules |
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(In thousands) |
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(unaudited) |
Reconciliation of Net Income to Adjusted EBITDA Consolidated
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Consolidated |
For the three months ended |
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2025 |
2024 |
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Net income (loss) |
$ | 1,011 | $ | (4,210 | ) | |||
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Interest expense, net |
11,630 | 11,585 | ||||||
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Income tax (benefit) expense |
(1,486 | ) | 244 | |||||
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Depreciation and amortization |
15,295 | 11,317 | ||||||
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Loss (gain) loss on foreign currency |
(542 | ) | 239 | |||||
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Stock-based compensation |
3,727 | 2,116 | ||||||
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Transaction-related costs |
346 | 323 | ||||||
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Other (income) expense |
1 | (8 | ) | |||||
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Adjusted EBITDA |
$ | 29,982 | $ | 21,606 | ||||
Reconciliation of Operating Income to Adjusted EBITDA
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Lindblad Segment |
For the three months ended |
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2025 |
2024 |
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Operating income |
$ | 8,387 | $ | 7,783 | ||||
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Depreciation and amortization |
14,060 | 10,482 | ||||||
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Stock-based compensation |
3,727 | 2,116 | ||||||
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Transaction-related costs |
146 | 91 | ||||||
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Adjusted EBITDA |
$ | 26,320 | $ | 20,472 | ||||
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Land Experiences Segment |
For the three months ended |
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2025 |
2024 |
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Operating income |
$ | 2,227 | $ | 67 | ||||
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Depreciation and amortization |
1,235 | 835 | ||||||
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Transaction-related costs |
200 | 232 | ||||||
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Adjusted EBITDA |
$ | 3,662 | $ | 1,134 | ||||
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
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Supplemental Financial Schedules |
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(In thousands, except for Available Guest Nights, |
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(unaudited) |
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Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities |
For the three months ended |
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2025 |
2024 |
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Net cash provided by operating activities |
$ | 48,399 | $ | 43,916 | ||||
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Less: purchases of property and equipment |
(13,415 | ) | (6,468 | ) | ||||
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Free Cash Flow |
$ | 34,984 | $ | 37,448 | ||||
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For the three months ended |
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2025 |
2024 |
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Available Guest Nights |
75,325 | 85,954 | ||||||
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Guest Nights Sold |
66,974 | 64,963 | ||||||
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Occupancy |
89 | % | 76 | % | ||||
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Maximum Guests |
9,604 | 9,714 | ||||||
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Number of Guests |
8,543 | 7,508 | ||||||
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Voyages |
121 | 122 | ||||||
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Calculation of Gross and Net Yield per Available Guest Night |
For the three months ended |
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2025 |
2024 |
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Guest ticket revenues |
$ | 112,649 | $ | 103,017 | ||||
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Other tour revenue |
18,459 | 15,286 | ||||||
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Tour Revenues |
131,108 | 118,303 | ||||||
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Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
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Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
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Net Yield |
$ | 114,598 | $ | 104,777 | ||||
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Available Guest Nights |
75,325 | 85,954 | ||||||
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Gross Yield per Available Guest Night |
$ | 1,741 | $ | 1,376 | ||||
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Net Yield per Available Guest Night |
1,521 | 1,219 | ||||||
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For the three months ended |
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2025 |
2024 |
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Operating income |
$ | 8,387 | $ | 7,783 | ||||
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Cost of tours |
64,823 | 62,379 | ||||||
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General and administrative |
21,131 | 18,769 | ||||||
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Selling and marketing |
22,707 | 18,890 | ||||||
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Depreciation and amortization |
14,060 | 10,482 | ||||||
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Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
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Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
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Net Yield |
$ | 114,598 | $ | 104,777 | ||||
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LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
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Supplemental Financial Schedules |
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(In thousands, except for Available Guest Nights, |
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(unaudited) |
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Calculation of Gross and Net Cruise Cost |
For the three months ended |
|||||||
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|
2025 |
2024 |
||||||
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Cost of tours |
$ | 64,823 | $ | 62,379 | ||||
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Plus: Selling and marketing |
22,707 | 18,890 | ||||||
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Plus: General and administrative |
21,131 | 18,769 | ||||||
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Gross Cruise Cost |
108,661 | 100,038 | ||||||
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Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
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Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
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Net Cruise Cost |
92,151 | 86,512 | ||||||
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Less: Fuel Expense |
(7,309 | ) | (8,751 | ) | ||||
|
Net Cruise Cost Excluding Fuel |
84,842 | 77,761 | ||||||
|
Non-GAAP Adjustments: |
||||||||
|
Stock-based compensation |
(3,727 | ) | (2,116 | ) | ||||
|
Transaction-related costs |
(146 | ) | (91 | ) | ||||
|
Adjusted Net Cruise Cost Excluding Fuel |
$ | 80,969 | $ | 75,554 | ||||
|
Adjusted Net Cruise Cost |
$ | 88,278 | $ | 84,305 | ||||
|
Available Guest Nights |
75,325 | 85,954 | ||||||
|
Gross Cruise Cost per Available Guest Night |
$ | 1,443 | $ | 1,164 | ||||
|
Net Cruise Cost per Available Guest Night |
1,223 | 1,006 | ||||||
|
Net Cruise Cost Excluding Fuel per Available Guest Night |
1,126 | 905 | ||||||
|
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night |
1,075 | 879 | ||||||
|
Adjusted Net Cruise Cost per Available Guest Night |
1,172 | 981 | ||||||
Reconciliation of 2025 Adjusted EBITDA guidance:
|
(In millions) |
Full Year 2025 |
|||||||||||
|
Income before income taxes |
$ |
(21 |
) |
to |
$ |
(2 |
) |
|||||
|
Depreciation and amortization |
59 |
to |
56 |
|||||||||
|
Interest expense, net |
44 |
to |
44 |
|||||||||
|
Stock-based compensation |
15 |
to |
14 |
|||||||||
|
Other |
3 |
to |
0 |
|||||||||
|
Adjusted EBITDA |
$ |
100 |
to |
$ |
112 |
|||||||
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, 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 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.