LIND Q1 2025 Earnings

Call Details

• Call Title: Lindblad Expeditions Q1 2025 Earnings Call
• Date: May 6, 2025 at 12:30 PM UTC
• Management Team:
  • Rick Goldberg (Chief Financial Officer)
  • Natalya Leahy (Chief Executive Officer)

Call Summary

Financial Performance

• Total company revenue for Q1 2025 was $180 million, an increase of $26 million or 17% versus Q1 2024.
• Lindblad segment revenues were $131 million, an increase of $13 million or 11% versus prior year.
• Land experiences revenues were $49 million, an increase of $13 million, or 38% versus Q1 2024.
• Q1 2025 adjusted EBITDA was $30 million, an increase of $8.4 million or 39% versus the prior year.
• Net income for the quarter improved by $5.2 million to $1 million, with income available to stockholders roughly breakeven at zero cents per diluted share.
• Total cash at quarter end was $235.2 million, an increase of $19.1 million versus the end of 2024.

Guidance

• The company reaffirmed full year total tour revenue guidance of $700 million to $750 million.
• The company reaffirmed full year adjusted EBITDA guidance of $100 million to $112 million.
• The company introduced net yield guidance for 2025 and expects net yield per available guest night to increase 7% to 10% versus 2024.
• The company expects available guest nights to grow approximately 1.5% for the full year 2025.
• At the midpoint of the net yield range, estimated 2025 net yields are expected to be up 21% versus 2019 levels despite a 49% increase in expedition capacity since 2019.
• Booking curves for 2025 and 2026 are stated to be ahead of prior year for both Lindblad and land experience segments.