Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results

Company Release - 8/3/2026 Second Quarter 2026 Highlights: Total revenue increased 19% to $199.2 millionNet loss available to stockholders improved $8.3 million to $1.4 millionAdjusted EBITDA increased 31% to $32.5 millionLindblad segment net yield per available guest night increased 4% to $1,294Occupancy increased to 91% from 86% , /PRNewswire/ -- 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 second quarter ended June 30, 2026. Natalya Leahy, Chief Executive Officer, said "Our second-quarter results once again demonstrate the strength of our strategy and the focused execution of our team. We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%. Adjusted EBITDA increased 31%, and margins expanded despite higher fuel costs. These results reinforce our confidence in the company's ability to deliver sustainable long-term growth and value creation." SECOND QUARTER RESULTS Tour Revenues Second quarter tour revenues of $199.2 million increased $31.3 million, or 19%, as compared to the same period in 2025. The increase was driven by an $18.2 million increase at the Lindblad segment and a $13.1 million increase at the Land Experiences segment. Lindblad segment tour revenues of $129.2 million increased $18.2 million, or 16%, compared to the second quarter a year ago primarily due to a 4% increase in net yield per available guest night to $1,294 driven by an increase in occupancy to 91% from 86% in the second quarter a year ago. Land Experiences tour revenues of $70.0 million increased $13.1 million, or 23%, compared to the second quarter a year ago primarily due to operating additional trips and higher pricing. Net Loss Net loss available to stockholders for the second quarter was $1.4 million, $0.02 per diluted share, as compared with a net loss available to stockholders of $9.7 million, $0.18 per diluted share, in the second quarter of 2025. The $8.3 million decrease in net loss primarily reflects improved operating results, despite a $3.4 million benefit related to employee retention tax credits in the prior year, and the absence of a preferred stock dividend compared to the $1.2 million preferred stock dividend in the same period in 2025. Adjusted EBITDA Second quarter Adjusted EBITDA of $32.5 million increased $7.6 million as compared to the same period in 2025 driven by a $6.1 million increase at the Lindblad segment and $1.5 million at the Land Experiences segment. Lindblad segment Adjusted EBITDA of $22.5 million increased $6.1 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages and higher fuel costs, increased sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher marketing spend to drive long-term growth initiatives, and the benefit of employee retention tax credits received in prior year. Land Experiences segment Adjusted EBITDA of $10.0 million increased $1.5 million as compared to the same period in 2025, due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, higher marketing spend to drive future growth, and the benefit of employee retention tax credits received in prior year. For the three months ended June 30, For the six months ended June 30, (In thousands) 2026 2025 Change % 2026 2025 Change % Tour revenues: Lindblad $ 129,232 $ 111,045 $ 18,187 16 % $ 281,721 $ 242,153 $ 39,568 16 % Land Experiences 70,015 56,900 13,115 23 % 125,539 105,513 20,026 19 % Total tour revenues $ 199,247 $ 167,945 $ 31,302 19 % $ 407,260 $ 347,666 $ 59,594 17 % Operating income: Lindblad $ 3,850 $ (2,070) $ 5,920 NM $ 14,415 $ 6,316 $ 8,099 128 % Land Experiences 8,104 6,477 1,627 25 % 13,153 8,705 4,448 51 % Operating income $ 11,954 $ 4,407 $ 7,547 171 % $ 27,568 $ 15,021 $ 12,547 84 % Adjusted EBITDA: Lindblad $ 22,460 $ 16,330 $ 6,130 38 % $ 50,405 $ 42,649 $ 7,756 18 % Land Experiences 10,003 8,511 1,492 18 % 16,887 12,174 4,713 39 % Total adjusted EBITDA $ 32,463 $ 24,841 $ 7,622 31 % $ 67,292 $ 54,823 $ 12,469 23 % Balance Sheet and Liquidity The Company's cash and cash equivalents and restricted cash were $364.9 million as of June 30, 2026, as compared with $289.7 million as of December 31, 2025. The increase primarily reflects $108.5 million of net cash provided by operating activities, due primarily to increased bookings for future travel, which was partially offset by $14.9 million in cash used in purchasing property and equipment and $19.8 million used to acquire an additional 5% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys. As of June 30, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants. 2026 OUTLOOK The Company's current expectations for the full year 2026 are as follows: Tour revenues of $830 - $860 millionAdjusted EBITDA of $130 - $140 million STOCK REPURCHASE PLAN The Company currently has a $35.0 million stock repurchase plan in place. As of July 31, 2026, 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 27, 2026, there were 65.6 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. Audio Conference Webcast Information The Company has scheduled an audio conference webcast at 9:00 a.m. Eastern Time on August 3, 2026, to discuss the Company's second quarter financial results. The webcast can be accessed at investors.expeditions.com, or at https://events.q4inc.com/attendee/736341126. Dial-in numbers by country are available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 736341126. To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/736341126?pwd=ezWQ4MYr, to receive a unique passcode. A replay of the webcast 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 and/or geopolitical factors that negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, crew or guest illness such as a gastrointestinal virus, pandemics, geopolitical issues or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) 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; (vii) management of our growth and our ability to execute our planned growth, including our ability to successfully integrate any future 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, the safety of travel, or passenger and crew illnesses such as gastrointestinal virus or other health issues; (xiv) the result of future financing efforts; and (xv) 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. 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. LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) As of June 30, 2026 As of December 31, 2025 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 318,886 $ 256,692 Restricted cash 46,016 33,043 Prepaid expenses and other current assets 77,834 78,145 Total current assets 442,736 367,880 Property and equipment, net 502,243 522,123 Goodwill 60,609 60,609 Intangibles, net 15,542 16,599 Other long-term assets 12,891 12,747 Total assets $ 1,034,021 $ 979,958 LIABILITIES Current Liabilities: Unearned passenger revenues $ 439,858 $ 361,481 Accrued expenses 68,235 76,732 Accounts payable 15,043 22,227 Lease liabilities - current portion 1,693 1,151 Long-term debt - current portion - 3 Total current liabilities 524,829 461,594 Long-term debt, less current portion 663,871 662,671 Deferred tax liabilities 854 2,224 Other long-term liabilities 6,933 6,968 Total liabilities 1,196,487 1,133,457 Commitments and contingencies Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of June 30, 2026, 62,000 shares issued and outstanding as of December 31, 2025 - 83,079 Redeemable noncontrolling interests 33,372 47,948 33,372 131,027 STOCKHOLDERS' DEFICIT Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025 - - Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,613,308 and 55,421,384 issued, 65,515,419 and 55,323,495 outstanding as of June 30, 2026 and December 31, 2025, respectively 7 6 Additional paid-in capital 216,460 126,873 Accumulated deficit (412,305) (411,405) Total stockholders' deficit (195,838) (284,526) Total liabilities, mezzanine equity and stockholders' deficit $ 1,034,021 $ 979,958 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Tour revenues $ 199,247 $ 167,945 $ 407,260 $ 347,666 Operating expenses: Cost of tours 102,612 91,391 209,355 184,239 General and administrative 34,169 31,083 66,216 63,805 Selling and marketing 32,024 26,390 67,960 54,632 Depreciation and amortization 18,488 14,674 36,161 29,969 Total operating expenses 187,293 163,538 379,692 332,645 Operating income 11,954 4,407 27,568 15,021 Other (expense) income: Interest expense, net (10,494) (11,617) (21,073) (23,247) (Loss) gain on foreign currency (360) 759 (629) 1,300 Other (expense) income (4) 30 55 29 Total other expense (10,858) (10,828) (21,647) (21,918) Income (loss) before income taxes 1,096 (6,421) 5,921 (6,897) Income tax provision (benefit) 1,439 547 213 (939) Net income (loss) (343) (6,968) 5,708 (5,958) Net income attributable to noncontrolling interest 1,063 1,550 614 1,400 Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. (1,406) (8,518) 5,094 (7,358) Series A redeemable convertible preferred stock dividend - 1,223 497 2,426 Net income (loss) available to stockholders $ (1,406) $ (9,741) $ 4,597 $ (9,784) Weighted average shares outstanding: Basic 65,473,335 54,590,783 63,529,776 54,511,173 Diluted 65,473,335 54,590,783 64,354,788 54,511,173 Undistributed income (loss) per share available to stockholders: Basic $ (0.02) $ (0.18) $ 0.07 $ (0.18) Diluted $ (0.02) $ (0.18) $ 0.07 $ (0.18) LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) For the six months ended June 30, 2026 2025 Cash Flows From Operating Activities Net income (loss) $ 5,708 $ (5,958) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 36,161 29,969 Amortization of deferred financing costs, net 1,317 1,848 Amortization of right-to-use lease assets 1,477 869 Stock-based compensation 3,681 9,119 Deferred income taxes (1,370) (1,135) Loss (gain) on foreign currency 629 (1,300) Changes in operating assets and liabilities Prepaid expenses and other current assets 311 (11,787) Unearned passenger revenues 78,377 63,026 Other long-term assets (389) (1,242) Accounts payable and accrued expenses (16,309) (4,871) Operating lease liabilities (1,064) (924) Net cash provided by operating activities 108,529 77,614 Cash Flows From Investing Activities Purchases of property and equipment (14,885) (29,159) Acquisitions (net of cash acquired) - (15,582) Net cash used in investing activities (14,885) (44,741) Cash Flows From Financing Activities Repayments of long-term debt (3) (21) Payment of deferred financing costs (117) - Proceeds from exercise of options 6,603 - Repurchase under stock-based compensation plans, related tax impacts (4,596) (1,380) Additional acquisition of redeemable noncontrolling interest (19,760) - Noncontrolling interest distributions (604) - Net cash used in financing activities (18,477) (1,401) Effect of exchange rate changes on cash - (288) Net increase in cash, cash equivalents and restricted cash 75,167 31,184 Cash, cash equivalents and restricted cash at beginning of period 289,735 216,143 Cash, cash equivalents and restricted cash at end of period $ 364,902 $ 247,327 Supplemental disclosures of cash flow information: Cash paid during the period: Interest $ 27,035 $ 24,730 Income taxes 2,360 1,253 Non-cash investing and financing activities: Non-cash preferred stock dividend $ 497 $ 2,426 Non-cash recognition of new leases 1,571 - Additional paid-in capital exercise proceeds of option shares (933) - Additional paid-in capital exchange proceeds used for option shares 933 - LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands) (unaudited) Reconciliation of Net Income (Loss) to Adjusted EBITDA Consolidated Consolidated For the three months ended June 30, For the six months ended June 30, (In thousands) 2026 2025 2026 2025 Net income (loss) $ (343) $ (6,968) $ 5,708 $ (5,958) Interest expense, net 10,494 11,617 21,073 23,247 Income tax provision (benefit) 1,439 547 213 (939) Depreciation and amortization 18,488 14,674 36,161 29,969 Loss (gain) on foreign currency 360 (759) 629 (1,300) Stock-based compensation 1,935 5,392 3,681 9,119 Transaction-related costs 86 368 161 714 Reorganization costs - - (279) - Other expense (income) 4 (30) (55) (29) Adjusted EBITDA $ 32,463 $ 24,841 $ 67,292 $ 54,823 Reconciliation of Operating Income to Adjusted EBITDA Lindblad Segment For the three months ended June 30, For the six months ended June 30, (In thousands) 2026 2025 2026 2025 Operating income (loss) $ 3,850 $ (2,070) $ 14,415 $ 6,316 Depreciation and amortization 16,843 13,252 32,898 27,312 Stock-based compensation 1,767 5,135 3,371 8,862 Reorganization costs - - (279) - Transaction-related costs - 13 - 159 Adjusted EBITDA $ 22,460 $ 16,330 $ 50,405 $ 42,649 Land Experiences Segment For the three months ended June 30, For the six months ended June 30, (In thousands) 2026 2025 2026 2025 Operating income $ 8,104 $ 6,477 $ 13,153 $ 8,705 Depreciation and amortization 1,645 1,422 3,263 2,657 Stock-based compensation 168 257 310 257 Transaction-related costs 86 355 161 555 Adjusted EBITDA $ 10,003 $ 8,511 $ 16,887 $ 12,174 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited) Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities For the six months ended June 30, 2026 2025 Net cash provided by operating activities $ 108,529 $ 77,614 Less: purchases of property and equipment (14,885) (29,159) Free Cash Flow $ 93,644 $ 48,455 Guest Metrics — Lindblad Segment For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Available Guest Nights 91,185 81,515 171,346 156,840 Guest Nights Sold 82,922 70,198 157,644 137,172 Occupancy 91 % 86 % 92 % 87 % Maximum Guests 12,561 11,393 23,924 20,997 Number of Guests 11,521 9,937 22,025 18,480 Voyages 162 153 318 274 Calculation of Gross and Net Yield per Available Guest Night For the three months ended June 30, For the six months ended June 30, (In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night) 2026 2025 2026 2025 Guest ticket revenues $ 113,364 $ 98,175 $ 237,548 $ 210,825 Other tour revenue 15,868 12,870 44,173 31,328 Tour revenues 129,232 111,045 281,721 242,153 Less: Commissions (4,958) (4,423) (10,990) (10,045) Less: Other tour expenses (6,261) (5,445) (21,963) (16,333) Net Yield $ 118,013 $ 101,177 $ 248,768 $ 215,775 Available Guest Nights 91,185 81,515 171,346 156,840 Gross Yield per Available Guest Night $ 1,417 $ 1,362 $ 1,644 $ 1,544 Net Yield per Available Guest Night 1,294 1,241 1,452 1,376 For the three months ended June 30, For the six months ended June 30, (In thousands) 2026 2025 2026 2025 Operating income (loss) $ 3,850 $ (2,070) $ 14,415 $ 6,316 Cost of tours 61,644 58,469 138,539 123,292 General and administrative 21,514 20,945 41,188 42,077 Selling and marketing 25,381 20,449 54,681 43,156 Depreciation and amortization 16,843 13,252 32,898 27,312 Less: Commissions (4,958) (4,423) (10,990) (10,045) Less: Other tour expenses (6,261) (5,445) (21,963) (16,333) Net Yield $ 118,013 $ 101,177 $ 248,768 $ 215,775 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited) Calculation of Gross and Net Cruise Cost For the three months ended June 30, For the six months ended June 30, (In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night) 2026 2025 2026 2025 Cost of tours $ 61,644 $ 58,469 $ 138,539 $ 123,292 Plus: Selling and marketing 25,381 20,449 54,681 43,156 Plus: General and administrative 21,514 20,945 41,188 42,077 Gross Cruise Cost 108,539 99,863 234,408 208,525 Less: Commissions (4,958) (4,423) (10,990) (10,045) Less: Other tour expenses (6,261) (5,445) (21,963) (16,333) Net Cruise Cost 97,320 89,995 201,455 182,147 Less: Fuel Expense (6,911) (4,221) (14,896) (11,530) Net Cruise Cost Excluding Fuel 90,409 85,774 186,559 170,617 Non-GAAP Adjustments: Stock-based compensation (1,767) (5,135) (3,371) (8,862) Reorganization costs - - 279 - Transaction-related costs - (13) - (159) Adjusted Net Cruise Cost Excluding Fuel $ 88,642 $ 80,626 $ 183,467 $ 161,596 Adjusted Net Cruise Cost $ 95,553 $ 84,847 $ 198,363 $ 173,126 Available Guest Nights 91,185 81,515 171,346 156,840 Gross Cruise Cost per Available Guest Night $ 1,190 $ 1,225 $ 1,368 $ 1,330 Net Cruise Cost per Available Guest Night 1,067 1,104 1,176 1,161 Net Cruise Cost Excluding Fuel per Available Guest Night 991 1,052 1,089 1,088 Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night 972 989 1,071 1,030 Adjusted Net Cruise Cost per Available Guest Night 1,048 1,041 1,158 1,104 Reconciliation of 2026 Adjusted EBITDA guidance: (In millions) Full Year 2026 Loss before income taxes $ (5) to $ 14 Depreciation and amortization 77 to 75 Interest expense, net 43 to 41 Stock-based compensation 11 to 8 Other 4 to 2 Adjusted EBITDA $ 130 to $ 140 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 defined by us as, net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and other certain non-operating items. Other non-operating items excluded, include such items as stock-based compensation, reorganization costs, 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 to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. 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. 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 insurance proceeds, 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2026-second-quarter-financial-results-302840508.html SOURCE Lindblad Expeditions Holdings, Inc.