LIND Q1 2024 Earnings

Call Details

• Call Title: Lindblad Expeditions Q1 2024 Earnings Call
• Date: April 30, 2024 at 12:30 PM UTC
• Management Team:
  • Craig Felenstein (Chief Financial Officer)
  • Sven Lindblad (Chief Executive Officer)

Call Summary

Financial Performance

• Total company revenue was $154 million, which increased $10 million, or 7%, versus the first quarter of 2023.
• Lindblad segment revenue was $118.3 million, which increased $2.8 million, or 2%, versus the first quarter of 2023.
• Land experiences revenue was $35.3 million, which increased $7.4 million, or 27%, versus the first quarter a year ago.
• Adjusted EBITDA was $21.6 million, which declined $5.6 million versus the same period a year ago.
• Net loss available to stockholders was $5.1 million, or $0.10 per diluted share, versus a $0.4 million loss, or $0.01 per diluted share, in the prior-year quarter.
• Cash balance at quarter-end was $224 million, which was an increase of $37 million versus the end of 2023 driven by free cash flow of $37 million in the quarter.
• Fuel costs represented 6% of revenue in Q1 2024, which was stated to be in line with Q1 2023.

Guidance

• Company reiterated full-year tour revenue guidance of $610 to $630 million for 2024.
• Company reiterated full-year adjusted EBITDA guidance of $88 to $98 million for 2024.
• Lindblad segment has booked over 94% of its full-year projected ticket revenues for 2024.
• Guidance assumes minimal contributions from the announced Wineland Thompson acquisition due to uncertainty on timing of close.
• Company confirmed that two cancelled voyages on the Explorer to avoid the Red Sea will slightly impact Q2 results.
• Company identified fuel price trajectory and the ability to fill the remaining sold-out inventory as key variables to achieve the higher end of the guidance range.
• The company expects the majority of the benefit from the expanded National Geographic/Disney arrangement to materialize in 2025 rather than materially in 2024.