LIND Q2 2023 Earnings

Call Details

• Call Title: Lindblad Expeditions Q2 2023 Earnings Call
• Date: July 27, 2023 at 12:30 PM UTC
• Management Team:
  • Craig Felenstein (Chief Financial Officer)
  • Sven Lindblad (Chief Executive Officer)

Call Summary

Financial Performance

• Total company revenue in Q2 was $125 million, an increase of $34 million, or 37%, versus Q2 2022.
• Lindblad segment revenue in Q2 was $87 million, up $23 million, or 36%, versus Q2 2022.
• Land experiences revenue in Q2 was $37 million, up $11 million, or 39%, versus Q2 2022.
• Total company adjusted EBITDA in Q2 was $6 million, which was up $12 million versus Q2 2022.
• Total company net loss available to stockholders was $25.6 million, or $0.48 per diluted share, improving $4.5 million versus a net loss of $30 million, or $0.59 per diluted share, in Q2 2022.
• The quarter included a $3.9 million write-off of deferred financing costs and $2.2 million of additional interest expense related to the May refinancing.
• Operating cash flow for the quarter was $17 million, CapEx was $8 million, and cash and short-term investments ended at $197 million.

Guidance

• Company continues to expect total company tour revenues for 2023 between $550 and $575 million.
• Company continues to expect adjusted EBITDA for 2023 between $70 and $80 million.
• The Lindblad segment has already booked nearly 100% of its full year projected ticket revenues for 2023.
• Guidance reflects elevated cancellations in H1 2023 and the expectation that cancellation rates will materially influence Q4 results.
• The third quarter is expected to benefit from more complete fleet usage and peak seasons across fleet and land businesses.
• The fourth quarter is expected to be impacted by fewer available guest nights due to heavy dry dock and transit time and by shoulder season inventory for land businesses.
• Company noted the booking window is trending shorter than the historical roughly nine-month window and that near-term marketing spend decisions could be adjusted based on returns.