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Lindblad Expeditions Holdings, Inc. Reports 2025 Third Quarter Financial Results

1. Total revenue rose 17% in Q3 2025, reaching $240.2 million. 2. Net loss of $49 thousand; significant decrease from $21.3 million profit a year ago. 3. Adjusted EBITDA increased 25% to $57.3 million due to revenue growth. 4. Lindblad segment saw a 13% revenue rise, aided by higher occupancy at 88%. 5. Company refinanced debt, extending maturity to 2030 and reducing interest rates.

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Why Bullish?

The company reported increased revenue and EBITDA, which typically suggests strong financial health. Historically, companies showing rising revenues and profits often see a positive impact on their stock price.

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Key financial metrics reported suggest improved operational efficiency and profitability, likely boosting investor confidence.

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Strong quarterly results may drive immediate investor interest and stock performance. Historical trends show stocks rising after favorable earnings reports.

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Third Quarter 2025 Highlights: Total revenue increased 17% to $240.2 million Net loss available to stockholders was $49 thousand Adjusted EBITDA increased 25% to $57.3 million Lindblad segment net yield per available guest night increased 9% to $1,314 Occupancy increased to 88% from 82% The Company refinanced its long-term debt, lowering its interest rate to 7.00% and extending maturity to 2030 , /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) (the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the third quarter ended September 30, 2025. Natalya Leahy, Chief Executive Officer, said, "Our latest quarter is a testament to our great team and disciplined focus on strategic priorities and unforgettable guest experiences. Both our land and marine segments grew strongly with overall corporate revenue up 17% and a new record level of adjusted EBITDA while achieving highest ever measured guest satisfaction scores. Finally, the excellent work done to strengthen our balance sheet positions us for durable and profitable growth well into 2030." THIRD QUARTER RESULTS Tour Revenues Third quarter tour revenues of $240.2 million increased $34.2 million, or 17%, as compared to the same period in 2024. The increase was driven by a $16.3 million increase at the Lindblad segment and a $17.9 million increase at the Land Experiences segment. Lindblad segment tour revenues of $137.6 million increased $16.3 million, or 13%, compared to the third quarter a year ago primarily due to a 9% increase in net yield per available guest night to $1,314 driven by higher pricing and an increase in occupancy to 88% from 82% in the third quarter a year ago. Land Experiences tour revenues of $102.6 million increased $17.9 million, or 21%, compared to the third quarter a year ago primarily due to operating additional trips and higher pricing. Net Income Net loss available to stockholders for the third quarter was $49 thousand, $0.00 per diluted share, as compared with net income available to stockholders of $21.3 million, $0.36 per diluted share, in the third quarter of 2024. The $21.4 million decrease primarily reflects $23.5 million in debt refinancing expenses and a $4.2 million decrease in the income tax benefit recorded during the quarter, partially offset by improved operating results, including a $1.8 million benefit related to employee retention tax credits received. Adjusted EBITDA Third quarter Adjusted EBITDA of $57.3 million increased $11.4 million as compared to the same period in 2024 driven by a $6.5 million increase at the Lindblad segment and $4.9 million at the Land Experiences segment. Lindblad segment Adjusted EBITDA of $32.8 million increased $6.5 million as compared to the same period in 2024, primarily due to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commission expense related to the increased revenues and royalty rates per the National Geographic agreement. Land Experiences segment Adjusted EBITDA of $24.5 million increased $4.9 million as compared to the same period in 2024, primarily due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth. For the three months ended September 30, For the nine months ended September 30, (In thousands) 2025 2024 Change % 2025 2024 Change % Tour revenues: Lindblad $ 137,561 $ 121,268 $ 16,293 13 % $ 379,714 $ 332,624 $ 47,090 14 % Land Experiences 102,611 84,737 17,874 21 % 208,124 163,494 44,630 27 % Total tour revenues $ 240,172 $ 206,005 $ 34,167 17 % $ 587,838 $ 496,118 $ 91,720 18 % Operating income: Lindblad $ 13,236 $ 11,680 $ 1,556 13 % $ 19,553 $ 10,092 $ 9,461 94 % Land Experiences 22,734 17,801 4,933 28 % 31,440 19,032 12,408 65 % Operating income $ 35,970 $ 29,481 $ 6,489 22 % $ 50,993 $ 29,124 $ 21,869 75 % Adjusted EBITDA: Lindblad $ 32,773 $ 26,238 $ 6,535 25 % $ 75,422 $ 53,429 $ 21,993 41 % Land Experiences 24,490 19,574 4,916 25 % 36,666 24,373 12,293 50 % Total adjusted EBITDA $ 57,263 $ 45,812 $ 11,451 25 % $ 112,088 $ 77,802 $ 34,286 44 % Balance Sheet and Liquidity The Company's cash and cash equivalents and restricted cash were $290.1 million as of September 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $97.1 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $36.8 million in cash used in purchasing property and equipment. During the third quarter, the Company completed a refinancing of its long-term debt through the issuance of new Senior Secured Notes due 2030, bearing interest at a rate of 7.00%. The refinancing extended the Company's weighted average debt maturity profile by several years and reduced its blended borrowing rate by approximately 75 basis points compared to the prior structure, which included 2027 Notes at 6.75% and 2028 Notes at 9.00%. This refinancing simplified the Company's capital structure and enhanced financial flexibility to support strategic growth initiatives across both its ship- and land-based operations. As of September 30, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants. S&P Global also upgraded the Company's corporate credit rating during the quarter, citing the Company's strong operating performance and its forward-booked position. 2025 OUTLOOK The Company's current expectations for the full year 2025 are as follows Tour revenues of $745 - $760 million Adjusted EBITDA of $119 - $123 millio NON-GAAP FINANCIAL MEASURES The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules. Conference Call Information The Company has scheduled a conference call at 9:00 a.m. Eastern Time on November 4, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International). The Access Code is 1144402. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com. About Lindblad Expeditions Holdings, Inc. Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world. To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com. Forward Looking Statements Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following:(i) adverse general economic factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii) cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) the impact of changes in tax policies and other governmental regulations in the geographies in which we operate; (xiv) adverse publicity regarding the travel and cruise industry in general; (xv) loss of business due to competition; (xvi) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvii) the result of future financing efforts; and (xviii) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website. LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheet (In thousands, except share and per share data) As of September 30,2025 As of December 31, 2024 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 261,781 $ 183,941 Restricted cash 28,343 32,202 Prepaid expenses and other current assets 73,664 62,290 Total current assets 363,788 278,433 Property and equipment, net 527,609 518,390 Goodwill 61,145 59,031 Intangibles, net 17,365 15,923 Other long-term assets 6,627 5,128 Total assets $ 976,534 $ 876,905 LIABILITIES Current Liabilities: Unearned passenger revenues $ 362,276 $ 318,666 Accrued expenses 54,848 58,054 Accounts payable 20,650 13,860 Lease liabilities - current 821 1,845 Long-term debt - current 10 29 Total current liabilities 438,605 392,454 Long-term debt, less current portion 663,443 625,425 Deferred tax liabilities 2,545 3,537 Other long-term liabilities 745 1,024 Total liabilities 1,105,338 1,022,440 Commitments and contingencies - - Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 sharesissued and outstanding as of September 30, 2025 and December 31, 2024, respectively 81,821 78,155 Redeemable noncontrolling interests 45,968 29,424 127,789 107,579 STOCKHOLDERS' DEFICIT Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A sharesissued and outstanding as of September 30, 2025 and December 31, 2024, respectively - - Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,392,217 and54,507,977 issued, 55,294,328 and 54,376,154 outstanding as of September 30, 2025 and December 31, 2024, respectively 6 6 Additional paid-in capital 127,973 109,473 Accumulated deficit (384,572) (362,881) Accumulated other comprehensive income - 288 Total stockholder's deficit (256,593) (253,114) Total liabilities, mezzanine equity and stockholders' deficit $ 976,534 $ 876,905 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data)(unaudited) For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Tour revenues $ 240,172 $ 206,005 $ 587,838 $ 496,118 Operating expenses: Cost of tours 124,373 109,786 308,611 277,191 General and administrative 34,808 29,002 98,613 86,074 Selling and marketing 30,091 25,003 84,722 66,042 Depreciation and amortization 14,930 12,733 44,899 37,687 Total operating expenses 204,202 176,524 536,845 466,994 Operating income 35,970 29,481 50,993 29,124 Other (expense) income: Interest expense, net (11,256) (11,234) (34,503) (34,140) (Loss) gain on foreign currency (318) 203 982 (48) Other income 1,105 1 1,134 9 Loss on extinguishment of debt (23,492) - (23,492) - Total other expense (33,961) (11,030) (55,879) (34,179) Income (loss) before income taxes 2,009 18,451 (4,886) (5,055) Income tax benefit (2,564) (6,747) (3,503) (2,050) Net income (loss) 4,573 25,198 (1,383) (3,005) Net income attributable to noncontrolling interest 3,383 2,683 4,783 3,125 Net income (loss) attributable to Lindblad Expeditions Holdings, Inc 1,190 22,515 (6,166) (6,130) Series A redeemable convertible preferred stock dividend 1,239 1,168 3,667 3,455 Net (loss) income available to stockholders $ (49) $ 21,347 $ (9,833) $ (9,585) Weighted average shares outstanding Basic 55,557,530 54,097,365 54,859,959 53,662,237 Diluted 55,557,530 62,591,165 54,859,959 53,662,237 Undistributed (loss) income per share available to stockholders: Basic $ (0.00) $ 0.39 $ (0.18) $ (0.18) Diluted $ (0.00) $ 0.36 $ (0.18) $ (0.18) LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands)(unaudited) For the nine months ended September 30, 2025 2024 Cash Flows From Operating Activities Net loss $ (1,383) $ (3,005) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 44,899 37,687 Amortization of deferred financing costs, net 2,684 2,775 Amortization of right-to-use lease assets 1,254 705 Stock-based compensation 14,489 7,362 Deferred income taxes (984) (2,118) (Gain) loss on foreign currency (982) 48 Write-off of unamortized deferred financing costs due to debt extinguishment 7,111 - Changes in operating assets and liabilities Prepaid expenses and other current assets (8,891) (2,221) Unearned passenger revenues 41,134 48,440 Other long-term assets (1,023) (519) Other long-term liabilities (1,010) - Accounts payable and accrued expenses 1,147 2,256 Operating lease liabilities (1,304) (735) Net cash provided by operating activities 97,141 90,675 Cash Flows From Investing Activities Purchases of property and equipment (36,778) (23,647) Acquisitions (net of cash acquired) (17,359) (10,741) Net cash used in investing activities (54,137) (34,388) Cash Flows From Financing Activities Proceeds from long-term debt 675,010 - Repayments of long-term debt (635,029) (78) Payment of deferred financing costs (11,777) (21) Additional acquisition of redeemable noncontrolling interest - (16,720) Repurchase under stock-based compensation plans and related tax impacts 3,061 (2,237) Net cash provided by (used in) financing activities 31,265 (19,056) Effect of exchange rate changes on cash (288) - Net increase in cash, cash equivalents and restricted cash 73,981 37,231 Cash, cash equivalents and restricted cash at beginning of period 216,143 187,344 Cash, cash equivalents and restricted cash at end of period $ 290,124 $ 224,575 Supplemental disclosures of cash flow information: Cash paid during the period: Interest $ 43,875 $ 36,994 Income taxes 2,239 - Non-cash investing and financing activities: Shares issued in connection with acquisition - 6,000 Non-cash preferred stock dividend $ 3,667 $ 3,455 Additional paid-in capital exercise proceeds of option shares 358 117 Additional paid-in capital exchange proceeds used for option shares (358) (117) LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESSupplemental Financial Schedules(In thousands)(unaudited) Reconciliation of Net Income to Adjusted EBITDA Consolidated Consolidated For the three months ended September 30, For the nine months ended September 30, (In thousands) 2025 2024 2025 2024 Net income (loss) $ 4,573 $ 25,198 $ (1,383) $ (3,005) Interest expense, net 11,256 11,234 34,503 34,140 Income tax benefit (2,564) (6,747) (3,503) (2,050) Depreciation and amortization 14,930 12,733 44,899 37,687 Loss (gain) loss on foreign currency 318 (203) (982) 48 Stock-based compensation 5,370 2,529 14,489 7,362 Transaction-related costs 159 1,069 873 3,258 Other (income) expense 20 (1) (9) (9) Debt extinguishment 23,492 - 23,492 - Acquisition gain (1,125) - (1,125) - Reorganization costs 834 - 834 371 Adjusted EBITDA $ 57,263 $ 45,812 $ 112,088 $ 77,802 Reconciliation of Operating Income to Adjusted EBITDA Lindblad Segment For the three months endedSeptember 30, For the nine months ended September 30, (In thousands) 2025 2024 2025 2024 Operating income $ 13,236 $ 11,680 $ 19,553 $ 10,092 Depreciation and amortization 13,360 11,761 40,672 34,992 Stock-based compensation 5,325 2,352 14,186 7,185 Transaction-related costs 18 445 177 789 Reorganization costs 834 - 834 371 Adjusted EBITDA $ 32,773 $ 26,238 $ 75,422 $ 53,429 Land Experiences Segment For the three months endedSeptember 30, For the nine months ended September 30, (In thousands) 2025 2024 2025 2024 Operating income $ 22,734 $ 17,801 $ 31,440 $ 19,032 Depreciation and amortization 1,570 972 4,227 2,695 Transaction-related costs 141 624 696 2,469 Stock-based compensation 45 177 303 177 Adjusted EBITDA $ 24,490 $ 19,574 $ 36,666 $ 24,373 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESSupplemental Financial Schedules(In thousands, except for Available Guest Nights,Gross Yield, Net Yield and guest metrics)(unaudited) Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities For the nine months endedSeptember 30, 2025 2024 Net cash provided by operating activities $ 97,141 $ 90,675 Less: purchases of property and equipment (36,778) (23,647) Free Cash Flow $ 60,363 $ 67,028 For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Available Guest Nights 95,487 91,293 252,327 254,651 Guest Nights Sold 84,143 74,845 221,315 199,982 Occupancy 88 % 82 % 88 % 79 % Maximum Guests 11,909 11,225 32,906 30,501 Number of Guests 10,685 9,414 29,165 24,695 Voyages 159 137 433 380 Calculation of Gross and Net Yield per Available Guest Night For the three months ended September 30, For the nine months ended September 30, (In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night) 2025 2024 2025 2024 Guest ticket revenues $ 120,979 $ 109,140 $ 331,804 $ 295,727 Other tour revenue 16,582 12,128 47,910 36,897 Tour Revenues 137,561 121,268 379,714 332,624 Less: Commissions (5,304) (5,212) (15,349) (13,791) Less: Other tour expenses (6,762) (6,060) (23,095) (19,417) Net Yield $ 125,495 $ 109,996 $ 341,270 $ 299,416 Available Guest Nights 95,487 91,293 252,327 254,651 Gross Yield per Available Guest Night $ 1,441 $ 1,328 $ 1,505 $ 1,306 Net Yield per Available Guest Night 1,314 1,205 1,352 1,176 For the three months ended September 30, For the nine months ended September 30, (In thousands) 2025 2024 2025 2024 Operating income $ 13,236 $ 11,680 $ 19,553 $ 10,092 Cost of tours 63,800 59,202 187,092 177,306 General and administrative 23,682 19,089 65,758 57,628 Selling and marketing 23,483 19,536 66,639 52,606 Depreciation and amortization 13,360 11,761 40,672 34,992 Less: Commissions (5,304) (5,212) (15,349) (13,791) Less: Other tour expenses (6,762) (6,060) (23,095) (19,417) Net Yield $ 125,495 $ 109,996 $ 341,270 $ 299,416 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Available Guest Nights,Gross and Net Cruise cost Per Available Guest Night and guest metrics)(unaudited) Calculation of Gross and Net Cruise Cost For the three months ended September 30, For the nine months ended September 30, (In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night) 2025 2024 2025 2024 Cost of tours $ 63,800 $ 59,202 $ 187,092 $ 177,306 Plus: Selling and marketing 23,483 19,536 66,639 52,606 Plus: General and administrative 23,682 19,089 65,758 57,628 Gross Cruise Cost 110,965 97,827 319,489 287,540 Less: Commissions (5,304) (5,212) (15,349) (13,791) Less: Other tour expenses (6,762) (6,060) (23,095) (19,417) Net Cruise Cost 98,899 86,555 281,045 254,332 Less: Fuel Expense (6,224) (5,460) (17,755) (19,895) Net Cruise Cost Excluding Fuel 92,675 81,095 263,290 234,437 Non-GAAP Adjustments: Stock-based compensation (5,325) (2,352) (14,186) (7,185) Transaction-related costs (18) (445) (177) (789) Reorganization costs (834) - (834) (371) Adjusted Net Cruise Cost Excluding Fuel $ 86,498 $ 78,298 $ 248,093 $ 226,092 Adjusted Net Cruise Cost $ 92,722 $ 83,758 $ 265,848 $ 245,987 Available Guest Nights 95,487 91,293 252,327 254,651 Gross Cruise Cost per Available Guest Night $ 1,162 $ 1,072 $ 1,266 $ 1,129 Net Cruise Cost per Available Guest Night 1,036 948 1,114 999 Net Cruise Cost Excluding Fuel per Available Guest Night 971 888 1,043 921 Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night 906 858 983 888 Adjusted Net Cruise Cost per Available Guest Night 971 917 1,054 966 Reconciliation of 2025 Adjusted EBITDA guidance: (In millions) Full Year 2025 Loss before income taxes $ (29) to $ (19) Depreciation and amortization 60 to 59 Interest expense, net 46 to 46 Stock-based compensation 19 to 17 Other 23 to 20 Adjusted EBITDA $ 119 to $ 123 A reconciliation of net income to Adjusted EBITDA guidance is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. Operational and Financial Metrics Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry. The following metrics apply to the Lindblad segment: Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses. Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition. Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses. Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights. Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period. Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin). Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues. Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs. Net Yield represents tour revenues less commissions and direct costs of other tour revenues. Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights. Number of Guests represents the number of guests that travel with us in a period. Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights. Voyages represent the number of ship expeditions completed during the period. SOURCE Lindblad Expeditions Holdings, Inc.

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