LIND Q1 2023 Earnings

Call Details

• Call Title: Lindblad Expeditions Q1 2023 Earnings Call
• Date: May 3, 2023 at 12:30 PM UTC
• Management Team:
  • Craig Felenstein (Chief Financial Officer)
  • Dolf Berle (Chief Executive Officer)

Call Summary

Financial Performance

• Total company revenue for Q1 2023 was $143 million, an increase of $76 million or 111% versus Q1 2022.
• Total company revenue for Q1 2023 was $54 million or 60% higher than Q1 2019.
• Lindblad segment revenue was $115 million, up $65 million or 130% versus Q1 2022 and up $39 million or 52% versus Q1 2019.
• Total company adjusted EBITDA for Q1 2023 was $27 million, an increase of $48 million versus Q1 2022 and up 23% versus Q1 2019.
• Net loss available to stockholders was $0.4 million, or $0.01 per diluted share, which improved $43 million versus the prior-year loss of $43 million or $0.85 per diluted share.
• Lindblad segment net yields were $1,205 per night in Q1 2023, an increase of 63% from Q1 2022.

Demand & Booking Trends

• Fleet-wide occupancy in Q1 2023 was 81%, up from 66% in Q1 2022.
• Bookings for 2023 are 45% higher than pre-pandemic bookings in 2019 for the comparable booking period referenced on the call.
• The Lindblad segment had booked well over 90% of its full-year projected ticket revenues at the time of the call.
• First-time guests are at historically high levels while repeat guests still comprise on average more than 35% of each voyage.
• Cancellations, which had more than doubled as a percentage of booked revenue late last year, have settled down significantly but remain higher than 2019 levels.
• The land experiences businesses delivered positive earnings in Q1 and are positioned for record results driven by pent-up demand and seasonality shifts.