LIND Q2 2022 Earnings

Call Details

• Call Title: Lindblad Expeditions Q2 2022 Earnings Call
• Date: August 1, 2022 at 12:30 PM UTC
• Management Team:
  • Dolf Berle (Chief Executive Officer)
  • Craig Felenstein (Chief Financial Officer)
  • Noah Brodsky (Chief Commercial Officer)

Call Summary

Financial Performance

• Company revenue increased to $90.9M in Q2 2022 versus $15.3M in Q2 2021 and $67.9M in Q1 2022.
• Second quarter EBITDA loss narrowed to $6.2M compared with a $23.0M EBITDA loss in Q2 2021 and a $21.2M loss in Q1 2022.
• Total company net loss available to common stockholders was $30.0M or $0.59 per diluted share in Q2 2022 versus $36.6M or $0.71 per diluted share in Q2 2021.
• Revenue mix in the quarter included $64.0M from ship operations and $26.9M from land experiences.
• Revenue in Q2 2022 was up 19% versus Q2 2019, driven primarily by higher pricing across new and existing capacity.
• The quarter included a $3.0M increase in depreciation and $3.7M of additional interest expense versus Q2 2021, negatively impacting GAAP profitability.

Guidance

• Company expects to return to profitability in Q3 2022, subject to cancellation levels and ongoing COVID impacts.
• Company stated 2023 bookings are currently 26% higher than at the same time in 2019, but noted a recent sequential slowdown tied to Russia itinerary changes and cancellations.
• Q4 2022 is characterized as potentially "wonky" due to the earlier repositioning of National Geographic Resolution and typical dry-dock seasonality affecting US-flag ships.
• Company reiterated no formal numeric forward-looking guidance beyond quarter-level profitability expectation for Q3 2022.
• Management expects 2023 to be close to or reach a normal year and to begin realizing expanded earnings potential as full itineraries operate.