LIND Q1 2022 Earnings

Call Details

• Call Title: Lindblad Expeditions Q1 2022 Earnings Call
• Date: May 3, 2022 at 12:30 PM UTC
• Management Team:
  • Craig Felenstein (Chief Financial Officer)
  • Dolf Berle (Chief Executive Officer)

Call Summary

Financial Performance

• Reported revenue for Q1 2022 was $67.8M versus $1.8M in Q1 2021.
• Lindblad segment revenue was $50.3M and land experience segment revenue was $17.6M in the quarter.
• The company reported an EBITDA loss of $21.2M for the quarter (non-GAAP EBITDA figure as referenced on the call).
• Total company net loss available to common stockholders was $43.0M, or $0.85 per diluted share, versus a loss of $34.5M, or $0.66 per diluted share, in the prior-year quarter (GAAP).
• Operating expenses before depreciation and amortization, interest, and taxes increased by $66.3M year-over-year in the quarter.
• Key expense increases included a $49.7M increase in cost of tours, a $9.8M increase in sales and marketing, and a $6.8M increase in G&A excluding stock-based compensation and one-time items.

Guidance

• The company stated it expects to return to profitability in Q3 2022 despite rescheduled voyages and itinerary changes related to the Russia-Ukraine conflict.
• The company indicated Q2 2022 should see a dramatic improvement from Q1 2022 but will still be impacted by Omicron-related rescheduling.
• There was no explicit full-year revenue or EPS guidance provided on the call.
• Management noted a prior near-term expectation for Q1 profitability was revised downward due to the Omicron wave and higher fuel costs triggered by the Russia-Ukraine conflict.
• The company expects ship-level operations and deposits/final payments to continue improving free cash flow into the back half of 2022.
• Booked position metrics were cited as support for forward guidance, with bookings for back half 2022 and for full year 2023 presented as directional indicators rather than firm financial targets.