LIND Q3 2023 Earnings

Call Details

• Call Title: Lindblad Expeditions Q3 2023 Earnings Call
• Date: November 2, 2023 at 12:30 PM UTC
• Management Team:
  • Sven Lindblad (Chief Executive Officer)
  • Craig Felenstein (Chief Financial Officer)

Call Summary

Financial Performance

• Total company revenue for Q3 2023 was $176 million, an increase of $31 million, or 22% versus Q3 2022.
• Lindblad segment revenue for Q3 2023 was $109 million, an increase of $25 million, or 30% versus Q3 2022.
• Land experiences segment revenue for Q3 2023 was $67 million, an increase of $6 million, or 10% versus Q3 2022.
• Total company adjusted EBITDA for Q3 2023 was $34 million, an increase of 83% versus Q3 2022.
• Net income available to stockholders in Q3 2023 was $4.5 million, or $0.08 per diluted share, versus a net loss of $9.8 million, or $(0.18) per diluted share in Q3 2022.
• Operating cash flow for Q3 2023 was $27 million, which helped drive a $7 million sequential increase in cash and short-term investments to $205 million.
• Interest expense increased by $3.1 million versus the prior year, which partially offset operating improvements.

Guidance

• Full year 2023 revenue guidance range remains $550 million to $575 million and adjusted EBITDA guidance range remains $70 million to $80 million.
• The Lindblad segment has already booked nearly all of its full-year projected ticket revenues for 2023, according to commentary on the call.
• The company cited three primary sources of variability keeping guidance unchanged: cancellation levels, Egypt-specific cancellations, and rising fuel costs.
• Fourth quarter results are expected to be impacted by heavy dry dock and transit times, more shoulder-season inventory, and seasonality in land businesses.
• Repositioning trips opened to guests will increase available guest nights but are expected to have lower occupancy given their nature.
• The company cautioned that fuel cost increases seen since Q2 could likely impact fourth quarter and 2024 results.