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LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered double‑digit growth and operational leverage: revenue $179.7M (+17% y/y), Adjusted EBITDA $30.0M (+39% y/y), occupancy 89% (+13 pts) and record net yield per available guest night of $1,521; diluted EPS was ~$0.00 as net loss available to stockholders narrowed to $(0.04)M .
  • Versus Wall Street consensus, Lindblad posted a material beat: revenue $179.7M vs $151.3M est., EPS ~$0.03 vs $(0.12) est.; Adjusted EBITDA far outpaced consensus for EBITDA (definitions differ) *.
  • Full‑year 2025 guidance reaffirmed: tour revenue $700–$750M and Adjusted EBITDA $100–$112M; management introduced net yield guidance of +7–10% for 2025, supporting pricing discipline and demand generation initiatives .
  • Strategic catalysts: expanded Disney/National Geographic sales channels, international market activation (UK), onboard sales rollout, and a multi‑year European river cruise charter launching April 2026, all aimed at sustaining occupancy and yield momentum .

* Values retrieved from S&P Global

What Went Well and What Went Wrong

What Went Well

  • Record pricing/yield and occupancy: “With 89% occupancy and a historically high yield of $1,521 we've set a powerful tone for the year ahead.” — CEO Natalya Leahy .
  • Strategic demand engines progressing: Disney/National Geographic activations, onboard sales program, and UK launch to broaden audience and drive bookings .
  • Strong operating leverage despite dry dock timing: Adjusted EBITDA +39% y/y to $29.982M on revenue +17%, with margin improvement and fuel costs down as a % of segment revenue .

What Went Wrong

  • Macro variability: “April bookings have been less consistent… we are watching that,” though recent weeks showed positive momentum; guidance reflects macro headwinds and dry dock/occupancy cadence .
  • Cost pressure from growth investments: Marketing and G&A increased (salesforce expansion, international market builds, royalties under expanded NG agreement), moderating flow‑through .
  • Capacity down q/q due to dry docks/repositioning, which aided occupancy/yield but adds quarterly variability; total debt remains $635M (covenant compliant) .

Financial Results

Consolidated Results vs Prior Year, Prior Quarter, and Estimates

MetricQ1 2024Q4 2024Q1 2025
Tour Revenues ($USD Millions)$153.6 $148.6 $179.7
Operating Income ($USD Millions)$7.85 $(7.57) $10.61
Adjusted EBITDA ($USD Millions)$21.61 $13.43 $29.98
Net Loss Available to Stockholders ($USD Millions)$(5.12) $(26.24) $(0.04)
Diluted EPS ($USD)$(0.10) $(0.48) $(0.00)
Adjusted EBITDA Margin (%)14.1% (calc from )9.0% (calc from )16.7% (calc from )

Estimates comparison (S&P Global):

  • Revenue: $179.7M actual vs $151.3M est. — beat*
  • EPS: ~$0.03 actual vs $(0.12) est. — beat*
  • EBITDA (consensus): $26.1M est. vs $29.98M Adjusted EBITDA actual — beat on adjusted basis*

* Values retrieved from S&P Global

Segment Performance (Q1 2024 vs Q1 2025)

MetricQ1 2024Q1 2025
Lindblad Segment Tour Revenues ($USD Millions)$118.3 $131.1
Land Experiences Tour Revenues ($USD Millions)$35.3 $48.6
Lindblad Operating Income ($USD Millions)$7.78 $8.39
Land Experiences Operating Income ($USD Millions)$0.07 $2.23
Lindblad Adjusted EBITDA ($USD Millions)$20.47 $26.32
Land Experiences Adjusted EBITDA ($USD Millions)$1.13 $3.66

KPIs (Lindblad Segment)

KPIQ1 2024Q1 2025
Available Guest Nights85,954 75,325
Guest Nights Sold64,963 66,974
Occupancy (%)76% 89%
Gross Yield per AGN ($)$1,376 $1,741
Net Yield per AGN ($)$1,219 $1,521
Net Yield ($USD Thousands)$104,777 $114,598
Free Cash Flow ($USD Thousands)$37,448 $34,984

Balance sheet and liquidity snapshot:

  • Cash & restricted cash: $235.2M at 3/31/25 (vs $216.1M at 12/31/24), driven by $48.4M operating cash inflow partially offset by $29.0M investing outflows; total debt $635.0M, covenant compliant .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Tour Revenues ($USD Millions)FY 2025$700–$750 $700–$750 Maintained
Adjusted EBITDA ($USD Millions)FY 2025$100–$112 $100–$112 Maintained
Net Yield per AGN Growth (%)FY 2025N/A (not provided)+7% to +10% Introduced

Stock repurchase plan: $35M authorized; $23M executed (875,218 shares + 6.0M warrants), $12M remaining; shares o/s 54.7M as of 4/30/25 .

Earnings Call Themes & Trends

TopicQ3 2024Q4 2024Q1 2025Trend
Demand/Occupancy82% occupancy; bookings for future travel +26% y/y 78% occupancy; bookings trending ahead for 2025/26 89% occupancy; bookings for 2025/26 ahead; April variability noted Improving occupancy with near‑term macro noise
Pricing/Net YieldNet yield $1,205 (+9% y/y) Net yield $1,150 (+13% y/y in Q4) Record net yield $1,521 (+25% y/y) Strong pricing power; revenue management effective
Disney/NG ChannelsExpanded NG relationship; acquisition momentum “Reframed” co‑branded campaign; Disney earmarked agencies plan Disney/NG activations gaining momentum; direct mail and agency outreach Channel build accelerating
International Expansion—Plans for intl markets; brand amplification UK launch event with >50 media/travel partners Early traction internationally
Cost Innovation—Focus on supply chain, crew planning, dry dock optimization Margin improvement; dry dock optimization adding 3 voyages in 2026 Initiatives starting to show benefits
Fleet/AdditionsAnnounced purchase of 2 Galápagos vessels (closing expected Jan ’25) Closed purchase; vessels revitalized; inaugural voyages Feb/Mar ’25 Both ships sailing; supports capacity plans Fleet scale‑up completed
Antarctica Fly‑CruiseProgram expanded; inaugural schedule announced 2025 nearly sold out; 2026 >50% booked 2026 “practically sold out”; adding capacity into 2026/27 High‑demand product scaling
Macro/Supply ChainCivil unrest and geopolitical risks noted Macro/tariff/inflation risks highlighted Macro turbulence acknowledged; bookings still ahead Monitoring; demand resilient

Management Commentary

  • “We delivered outstanding results in Q1… With 89% occupancy and a historically high yield of $1,521 we've set a powerful tone for the year ahead.” — CEO Natalya Leahy .
  • “We are reaffirming total company tour revenue between $700 million and $750 million and adjusted EBITDA between $100 million and $112 million… we expect net yield per available guest night to increase 7% to 10% versus the prior year.” — CFO Rick Goldberg .
  • “We successfully piloted an onboard cruise sales program… will be fully rolled out by the end of this year.” — CEO Natalya Leahy .
  • “Fuel costs were 5.6% of Lindblad segment revenue, down 180 bps y/y.” — CFO Rick Goldberg .
  • European river charter: “National Geographic Expeditions will introduce European river experience… long‑term partnership… debut in April of 2026.” — CEO Natalya Leahy ; press release confirmation .

Q&A Highlights

  • Occupancy strength drivers: broader audience via Disney/NG, charter/group sales, dynamic pricing; capacity reductions (dry dock timing) also lifted occupancy in Q1 .
  • Bookings cadence: 2025/26 ahead of prior year; April showed inconsistency amid macro noise but recent weeks improved; guidance embeds anticipated challenges and capacity timing .
  • Yield trajectory: net yield growth guided +7–10% for 2025; capacity to rise modestly for full year (~+1.5%), contrasting Q1 capacity decline due to dry docks .
  • Dynamic pricing & systems: new booking platform enables flexibility; onboard/group/charter programs are scaling .
  • Antarctica Direct fly‑cruise: demand extremely strong; 2026 practically sold out; capacity added for 2026/27 .

Estimates Context

  • Coverage is light but indicates material beats: revenue $179.7M actual vs $151.3M est.; EPS ~$0.03 actual vs $(0.12) est.; EBITDA consensus (non‑adjusted) ~$26.1M vs Adjusted EBITDA $29.98M actual* .
  • Post‑Q1 trajectory (consensus) implies continued strength in seasonally strong quarters, with variability in Q4/Q2 typical for expedition travel*.

* Values retrieved from S&P Global

Key Takeaways for Investors

  • Pricing power and mix: Record net yield and 89% occupancy underscore effective revenue management and channel expansion; expect yields to remain firm with guided +7–10% for 2025 .
  • Near‑term cadence: Dry dock timing will create quarterly capacity swings; monitor bookings consistency amid macro headlines, but backlog/curves remain ahead y/y .
  • Operating leverage: Cost innovation (supply chain, crew planning, dry dock optimization) and lower fuel intensity are supporting margin expansion .
  • Strategic pipeline: European river charter (2026), Galápagos fleet additions, onboard sales rollout, and UK market activation are incremental growth drivers .
  • Balance sheet: Cash increased to $235.2M; debt stable at $635.0M; repurchase capacity remains ($12M) — provides optionality but leverage requires disciplined execution .
  • Estimate revisions: Expect upward adjustments to revenue/EPS given the Q1 beat and reaffirmed FY guidance; note limited consensus coverage increases volatility*.
  • Trading implications: Narrative tilt positive on pricing/occupancy momentum and guidance maintenance; watch macro booking cadence and cost inflation for any pressure on second‑half yields .

* Values retrieved from S&P Global