LIND Q4 2024 Earnings

Call Details

• Call Title: Lindblad Expeditions Q4 2024 Earnings Call
• Date: February 27, 2025 at 1:30 PM UTC
• Management Team:
  • Natalya Leahy (Chief Executive Officer)
  • Rick Goldberg (Chief Financial Officer)
  • Sven Lindblad (Founder and Co-Chairman)
  • Dyson Dryden (Board Member and Former Interim Chief Financial Officer)

Call Summary

Financial Performance

• Total company revenue for the full year 2024 was $645M, an increase of $75M or 13% versus 2023.
• Lindblad segment tour revenue was $423M, an increase of $26M or 7% versus 2023 driven by a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170.
• Land experiences tour revenue was $221M, an increase of $49M or 29% versus 2023 driven by additional trips, higher pricing, and the July 31 acquisition of Wineland Thompson Adventures.
• Adjusted EBITDA for 2024 was $91.2M, an increase of $20M or 28% versus prior year, and adjusted EBITDA margin increased 170 bps to 14.4%.
• Fourth quarter revenues increased 19% year-over-year and fourth quarter adjusted EBITDA was $13.4M, an increase of $9.6M versus Q4 2023.
• Total company net loss available to stockholders improved by $14.2M to a net loss of $35.8M, or $0.67 per diluted share.
• Cash from operations for 2024 was $92.4M and year-end total cash was $216M, an increase of $29M versus 2023.

Guidance

• For 2025 the company expects total company tour revenue between $700M and $750M.
• For 2025 the company expects adjusted EBITDA between $100M and $112M.
• Cash used for investing activities in 2025 is expected to increase by approximately $20M versus 2024 due to vessel acquisitions, refurbishments, and increased dry dock days.
• Available guest nights in the Lindblad segment are expected to increase 1.5% for the full year 2025, with Q1 guest nights down double digits due to timing of dry docks and repositionings.
• Booking curves are trending ahead of prior year for 2025 and 2026 across both segments, and the company stated confidence in meeting or exceeding pre-pandemic occupancy levels in 2026.
• The company plans to accelerate investment in demand generation (sales team, charter and onboard sales, and international markets) which the company expects will drive 2025 revenue growth but also weigh on near-term flow-through.
• No explicit revision to previously announced multi-year targets or other formal prior guidance was disclosed on the call.