LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 tour revenues were $148.6M, up 19% year over year, with Adjusted EBITDA of $13.4M vs. $3.9M in Q4 2023, and diluted EPS of -$0.48 vs. -$0.53 a year ago .
• Lindblad segment revenue rose 6% to $90.7M with Net Yield per Available Guest Night up 13% to $1,150 and occupancy up to 78% (from 70%) .
• Land Experiences revenue grew 46% to $57.9M, driven by increased guests traveled, pricing, and Wineland‑Thomson; segment Adjusted EBITDA rose to $7.3M .
• FY2025 guidance introduced: tour revenues of $700–$750M and Adjusted EBITDA of $100–$112M; management flagged bookings trending ahead for 2025 and 2026 .
• Potential stock reaction catalyst: midpoint FY2025 EBITDA guide referenced as ~5% below Street by an analyst on the call, while revenue targets were higher; management emphasized demand momentum and cost initiatives .

What Went Well and What Went Wrong

What Went Well

• Record year with total revenues up 13% to $644.7M and Adjusted EBITDA up 28% to $91.2M; CEO: “2024 was not only a record year, it was also a foundational one for future growth” .
• Pricing power and utilization: Lindblad Net Yield per Available Guest Night increased 13% YoY in Q4 to $1,150; occupancy rose 8 pts to 78%, supporting segment revenue growth .
• Strategic expansion: two Galápagos vessels (National Geographic Gemini and Delfina) closed in Jan 2025; Antarctica Direct fly‑cruise program expanding (4 voyages in 2024 → 19 in 2025 → 24 in 2026); management: booking curves trending ahead for 2025/2026 .

What Went Wrong

• Profitability still constrained: Q4 net loss available to stockholders of -$26.2M; diluted EPS -$0.48; higher depreciation, amortization, and FX losses cited .
• Cost pressure: increased marketing and G&A to drive growth; Q4 Lindblad operating loss of -$13.0M despite revenue gains; FX loss and legal settlement noted in adjustments .
• Near‑term capacity timing headwind: CFO flagged double‑digit decline in Q1 2025 available guest nights due to dry docks and repositionings, impacting near‑term flow‑through .

Financial Results

Consolidated Quarterly Comparison

Segment Revenue and Adjusted EBITDA

Key Operating KPIs (Lindblad Segment)

Note: The press‑release narrative states Land Experiences Q4 revenue increased “$39.6M, or 46%,” but the tabular detail shows a $18.3M increase (from $39.612M to $57.926M), which aligns with 46% growth .

Guidance Changes

Management also disclosed a $35M repurchase authorization, with $23M executed (875,218 shares + 6.0M warrants) and $12M remaining as of Feb 24, 2025 .

Earnings Call Themes & Trends

Management Commentary

• “2024 was not only a record year, it was also a foundational one for future growth. With a strengthened Disney/National Geographic relationship… we are entering 2025 with strong tailwinds.” — CEO Natalya Leahy .
• “Booking curves are trending ahead of prior year for 2025 and 2026 for both segments… we’re confident that we’re on track to meet or even exceed pre‑pandemic occupancy levels in 2026.” — CFO Rick Goldberg .
• “We recently launched our new co‑branded campaign with National Geographic, Reframed Travel… It is launched across multiple channels and early engagements are very promising.” — CEO Natalya Leahy .
• “Available guest nights are expected to increase ~1.5% for the full year in the Lindblad segment… Q1 guest nights are down double digits due to dry docks and repositionings.” — CFO Rick Goldberg .
• “We are amplifying our brand story… expanding charter and group businesses… and mindful expansion in key international markets.” — CEO Natalya Leahy .

Q&A Highlights

• Guidance flow‑through: Analyst noted FY2025 EBITDA guide midpoint ~5% below consensus, with revenue targets higher; management emphasized continued EBITDA growth, investments in sales channels, and cost initiatives driving stronger 2026 outcomes .
• Long‑term growth: Focus on organic growth via pricing/occupancy and demand generation, smart cost innovation/fixed asset utilization, and opportunistic fleet/brand additions; leveraging Disney/National Geographic for reach .
• Disney partnership ramp: Integration into Disney’s platform, earmarked agency access, and low‑overlap direct mail showed positive early returns; expectation of strong 2025 impact based on 2024 groundwork .

Estimates Context

• S&P Global consensus data could not be retrieved at this time due to system limits; as such, specific consensus figures are unavailable for this recap (S&P Global retrieval attempt failed).
• On the call, an analyst referenced that the FY2025 EBITDA guidance midpoint was ~5% below Street, while revenue targets were higher, implying potential near‑term estimate recalibration toward lower EBITDA flow‑through given capacity timing and growth investments .

Key Takeaways for Investors

• Demand momentum with pricing discipline: Q4 Net Yield/AGN +13% and occupancy +8 pts YoY suggest continued pricing power and utilization improvements into 2025 .
• Mix and portfolio expansion: Land Experiences scaled to $57.9M (+46% YoY) in Q4 with Wineland‑Thomson; two Galápagos vessels add premium capacity and charter potential .
• Near‑term capacity timing is a watch‑item: Q1 2025 AGN down double digits due to dry docks/repositioning; flow‑through likely second‑half weighted — monitor quarterly cadence versus full‑year guide .
• FY2025 guide implies continued growth: $700–$750M revenues and $100–$112M Adjusted EBITDA; Street may adjust EBITDA expectations lower near‑term given investments and timing .
• Liquidity and leverage: $216.1M cash/restricted cash with $635.0M total debt; repurchase authorization ($12M remaining) provides capital allocation flexibility alongside growth initiatives .
• Execution on commercial initiatives: Disney/National Geographic distribution integration, charter/group focus, and international expansion should support load and yield; track KPIs and sales channel contribution in 2025 .
• Operational excellence/upgrades: Tech stack enhancements (Seaware, onboard transparency, telephony) and supply‑chain/crew/drydock optimizations should ease unit costs and improve margins over time .