Acquisition and Expansion - The company completed the acquisition of Torcatt Enterprises Limitada for $16.0 million, expanding its vessel and guest capacity in the Galápagos Islands[83]. Financial Performance - The company reported that tour revenues consist of guest ticket sales and other related services, with direct costs including payroll, food, and fuel expenses[87]. - Tour revenues for Q3 2025 increased by $34.2 million, or 17%, to $240.2 million compared to $206.0 million in Q3 2024, driven by a 12% increase in guest nights sold and guests traveled[109]. - For the nine months ended September 30, 2025, tour revenues rose by $91.7 million, or 18%, to $587.8 million, with an 11% increase in guest nights sold and a 9% increase in guests traveled, excluding Thomson Group[110]. - Operating income for Q3 2025 was $35.97 million, a 22% increase from $29.48 million in Q3 2024[122]. - Net income for Q3 2025 was a loss of $4.57 million, compared to a profit of $25.20 million in Q3 2024, reflecting a decrease of $20.63 million or 82%[120]. - Adjusted EBITDA for the three months ended September 30, 2025 was $57.3 million, compared to $45.8 million for the same period in 2024[135]. - Operating income for the three months ended September 30, 2025 increased by $1.6 million to $13.2 million compared to $11.7 million for the same period in 2024[127]. - Operating income for the nine months ended September 30, 2025 was $19.6 million, up from $10.1 million for the same period in 2024[128]. Revenue Segmentation - The company operates two segments: the Lindblad segment and the Land Experiences segment, which includes various adventure travel brands[82]. - The Lindblad segment's tour revenues for Q3 2025 increased by $16.3 million, or 13%, while the Land Experiences segment saw an increase of $17.9 million, or 21%[122]. - Tour revenues for the Land Experiences Segment for the three months ended September 30, 2025 increased by $17.9 million, or 21%, to $102.6 million compared to $84.7 million for the same period in 2024[130]. - For the nine months ended September 30, 2025, tour revenues for the Land Experiences Segment increased by $44.6 million, or 27%, to $208.1 million compared to $163.5 million for the same period in 2024[131]. Operational Metrics - The company utilizes various operational metrics, including Adjusted EBITDA and Net Yield, to analyze performance and financial condition[90]. - Adjusted EBITDA is defined as net income excluding depreciation, interest, and other non-operating items, providing insight into operating results[92]. - Net yield per available guest night increased by 9% to $1,314 from $1,205 in 2024 for the three months ended September 30, 2025[125]. Costs and Expenses - Total cost of tours for Q3 2025 increased by $14.6 million, or 13%, to $124.4 million, attributed to higher operating costs from additional voyages and trips[111]. - General and administrative expenses for Q3 2025 rose by $5.8 million, or 20%, to $34.8 million, mainly due to higher stock-based compensation and personnel costs[113]. - Selling and marketing expenses for Q3 2025 increased by $5.1 million, or 20%, to $30.1 million, driven by higher royalties and commission expenses associated with increased revenues[115]. - Depreciation and amortization expenses for Q3 2025 increased by $2.2 million, or 17%, to $14.9 million, primarily due to depreciation of assets supporting the vessel fleet[117]. Cash Flow and Debt - Net cash provided by operating activities increased to $96.9 million for the nine months ended September 30, 2025, compared to $90.7 million for the same period in 2024, reflecting a $6.2 million increase[2]. - The company had $261.8 million in unrestricted cash and cash equivalents as of September 30, 2025[3]. - Long-term debt obligations totaled $675.0 million as of September 30, 2025, with cash on hand expected to cover operations and debt service for at least the next 12 months[4]. - The company issued $675.0 million of 7.00% senior secured notes in August 2025, primarily to repay prior senior secured notes[6]. - The Revolving Credit Facility was amended to increase commitments from $45.0 million to $60.0 million, extending the maturity date to August 2030[7]. - As of September 30, 2025, the company had a working capital deficit of $74.8 million, improved from a deficit of $114.0 million as of December 31, 2024[8]. Guest Experience and Partnerships - The relationship with National Geographic has been extended through 2040, enhancing guest experiences through expert-led expeditions[74]. - The company emphasizes eco-conscious travel and partnerships with organizations like the World Wildlife Fund to promote sustainable tourism[76]. Guest Metrics - Occupancy for the Lindblad segment improved to 88% in Q3 2025, up from 82% in Q3 2024, with guest nights sold increasing to 84,143 from 74,845[123]. - The number of guests for the Land Experiences Segment increased to 8,746 for the three months ended September 30, 2025, up from 7,806 in 2024[129]. - The company’s Lindblad brand tour revenues are traditionally higher in the first and third quarters, influenced by seasonal demand and maintenance schedules[106].

Financial Data and Key Metrics Changes - Total company revenues for Q3 2025 were $240 million, an increase of $34 million or 16.6% compared to Q3 2024 [22] - Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in company history, reflecting a 25% increase year over year [24][25] - Net income available to stockholders for Q3 was approximately breakeven, reflecting $23.5 million in debt refinancing expenses [25] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $138 million, an increase of $16 million or 13.4% compared to the prior year, with occupancy increasing from 82% to 88% [22][23] - Land Experience segment revenues were $103 million, an increase of $18 million or 21.1%, driven by a 12% increase in guests and an 8% increase in revenue per guest [23] Market Data and Key Metrics Changes - The luxury travel segment is expected to grow at a 10% CAGR through 2028, reinforcing confidence in the company's positioning for sustained growth [10] - The company has seen a significant uptick in bookings for 2027, with strong demand in popular destinations like Alaska [9][10] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [10][11] - The partnership with Disney and National Geographic is expected to introduce the brand to new audiences and expand distribution channels [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving historical occupancy levels in 2026 and beyond, supported by strong booking momentum for 2025 and 2026 [9][29] - The company is raising full-year guidance for net yields, revenue, and EBITDA due to strong performance [20][30] Other Important Information - The company completed a comprehensive refinancing of its debt, lowering its cost of debt by approximately 75 basis points and enhancing financial flexibility [28] - The company ended the quarter with total cash of $290.1 million, an increase of $74 million compared to the previous year [26] Q&A Session Summary Question: Can you provide more color around booking trends for 2026 and 2027? - Management noted that bookings for 2026 are strong, with significant upticks in both segments, and they are on track to achieve historical occupancy levels [38][39] Question: How do you view pricing and yield growth for next year? - Management indicated that while double-digit yield growth is not expected to continue, they will maintain price integrity and continue to increase occupancy [41][42] Question: Are there any macroeconomic headwinds affecting the business? - Management acknowledged the geopolitical environment but noted that demand remains stable, particularly among higher net worth customers [56][57] Question: What are the financing alternatives for growth opportunities? - Management expressed confidence in pursuing expansion opportunities through charters, acquisitions, and new builds, supported by a strengthened balance sheet [63][65]

Financial Data and Key Metrics Changes - Total company revenues for Q3 2025 were $240 million, an increase of $34 million, or 16.6% compared to Q3 2024 [16] - Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in company history, reflecting a 25% increase year over year [18] - Net income available to stockholders for the third quarter was roughly break-even, reflecting $23.5 million in debt refinancing expenses [19] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $138 million, an increase of $16 million, or 13.4% compared to the prior year, with occupancy increasing from 82% to 88% [16][17] - Land Experiences segment revenues were $103 million, an increase of $18 million, or 21.1% compared to Q3 2024, driven by a 12% increase in guests and an 8% increase in revenue per guest [17] Market Data and Key Metrics Changes - The company reported a 9% increase in net yield per available guest night to $1,314, the highest third-quarter yield in company history [16][18] - The demand for luxury tourism is projected to grow at a 10% CAGR through 2028, reinforcing the company's confidence in its positioning for sustained growth [7] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [7][12] - The company is actively expanding its charter offerings and evaluating accretive acquisitions to enhance its capacity and market presence [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong booking trends for 2026 and 2027, with bookings significantly ahead of the prior year [7][25] - The company raised its full-year guidance for net yields, revenue, and EBITDA, reflecting continued strength in business performance [14][22] Other Important Information - The company completed a comprehensive refinancing of its debt, which strengthens its balance sheet and enhances financial flexibility [21] - The company ended the quarter with total cash of $290.1 million, an increase of $74 million versus the end of 2024 [19] Q&A Session Summary Question: Can you provide more color around booking trends for 2026 and 2027? - Management noted that bookings for 2026 are significantly ahead of the previous year, with encouraging upticks in demand [25][26] Question: How do you view pricing and yield growth for next year? - Management indicated that while double-digit yield growth is not expected to continue, they maintain pricing integrity and anticipate continued occupancy increases [28][30] Question: Are there any macroeconomic headwinds affecting demand? - Management acknowledged the importance of monitoring the geopolitical environment but noted that demand has remained stable despite economic changes [33] Question: What is the current mix of revenues and future plans for expansion? - Management expressed comfort with the current revenue mix and highlighted plans to pursue charters, acquisitions, and new builds for growth [35][36]

Core Insights - Lindblad Expeditions (LIND) reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.22 per share, but down from $0.36 per share a year ago, representing an earnings surprise of +50.00% [1] - The company achieved revenues of $240.17 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.07% and up from $206.01 million year-over-year [2] - Lindblad Expeditions has outperformed consensus EPS estimates three times over the last four quarters and has topped revenue estimates four times in the same period [2] Earnings Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is -$0.30 on revenues of $168.75 million, and for the current fiscal year, it is -$0.28 on revenues of $747.22 million [7] Industry Context - The Leisure and Recreation Services industry, to which Lindblad Expeditions belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Revenue Growth - Total revenue for Q3 2025 increased by 17% to $240.2 million compared to Q3 2024, driven by growth in both Lindblad and Land Experiences segments[5] - Tour revenues for the three months ended September 30, 2025, were $240.172 million, a 16.5% increase from $206.005 million in the same period of 2024[28] - Total guest ticket revenues for Q3 2025 were $120,979,000, up from $109,140,000 in Q3 2024, reflecting an increase of 10.9%[34] Segment Performance - Lindblad segment tour revenues rose by 13% to $137.6 million, with a net yield per available guest night increasing by 9% to $1,314 and occupancy improving to 88% from 82%[6] - Land Experiences segment tour revenues increased by 21% to $102.6 million, driven by additional trips and higher pricing[6] - Adjusted EBITDA for the Lindblad segment reached $32,773,000 in Q3 2025, compared to $26,238,000 in Q3 2024, reflecting a year-over-year increase of 24.5%[32] Financial Performance - Adjusted EBITDA for Q3 2025 increased by 25% to $57.3 million, reflecting strong performance in both segments[9] - Operating income for Q3 2025 increased by 22% to $35.97 million compared to Q3 2024, with both segments contributing to this growth[12] - Operating income for the nine months ended September 30, 2025, was $50.993 million, compared to $29.124 million for the same period in 2024, reflecting a growth of 74.5%[28] Cash and Debt Management - Cash and cash equivalents increased to $290.1 million as of September 30, 2025, up from $216.1 million at the end of 2024, largely due to increased bookings[13] - The company refinanced its long-term debt, lowering the interest rate to 7.00% and extending maturity to 2030, enhancing financial flexibility[14] - The company had a total debt position of $675.0 million as of September 30, 2025, and was in compliance with all applicable debt covenants[15] Loss and Adjustments - The net loss available to stockholders was $49 thousand, a significant decrease from a net income of $21.3 million in Q3 2024, primarily due to $23.5 million in debt refinancing expenses[8] - The company incurred a loss on extinguishment of debt amounting to $23.492 million during the nine months ended September 30, 2025[28] - The company reported a net loss of $1.383 million for the nine months ended September 30, 2025, an improvement from a net loss of $3.005 million in the same period of 2024[30] Cash Flow and Assets - Net cash provided by operating activities for the nine months ended September 30, 2025, was $97.141 million, an increase from $90.675 million in 2024[30] - Total assets increased to $976.534 million as of September 30, 2025, up from $876.905 million as of December 31, 2024, representing an increase of 11.4%[26] - Total liabilities increased to $1,105.338 million as of September 30, 2025, from $1,022.440 million as of December 31, 2024, reflecting an increase of 8.1%[26] Guest Metrics - The number of guests increased to 10,685 in Q3 2025, compared to 9,414 in Q3 2024, marking a growth of 13.5%[34] - Occupancy rate improved to 88% in Q3 2025, up from 82% in Q3 2024, showing a significant increase of 7.3 percentage points[34] - The maximum guests capacity increased to 11,909 in Q3 2025 from 11,225 in Q3 2024, indicating a growth of 6.1%[34] Guidance - The company expects full-year 2025 Adjusted EBITDA to be in the range of $119 million to $123 million[17] - The company provided Adjusted EBITDA guidance for the full year 2025 in the range of $119 million to $123 million[37] Cost Management - Adjusted Net Cruise Cost Excluding Fuel for the nine months ended September 30, 2025, was $248,093,000, compared to $226,092,000 in the same period of 2024, an increase of 9.7%[36] - Free Cash Flow for the nine months ended September 30, 2025, was $60,363,000, a decrease from $67,028,000 in the same period of 2024, indicating a decline of 10.0%[34]

Core Insights - Lindblad Expeditions Holdings, Inc. will report its third quarter financial results for 2025 on November 4, 2025, before the market opens [1] - A conference call to discuss the results will take place at 9:00 am Eastern Time, accessible via specific phone numbers for both the United States and international callers [1][2] Company Overview - Lindblad Expeditions is a leader in global expedition travel, offering immersive journeys across all seven continents through six pioneering brands [3] - The company collaborates with National Geographic to provide ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists [3] - Lindblad's portfolio includes modern expedition cruises and award-winning land-based brands, focusing on wildlife, cultural, and adventure experiences [3][4]

Company Overview - Lindblad Expeditions (LIND) currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4] Price Performance - Over the past week, LIND shares increased by 0.55%, while the Zacks Leisure and Recreation Services industry declined by 1% [6] - In a longer time frame, LIND's monthly price change is 3.47%, outperforming the industry's 1.94% [6] - Over the past quarter, LIND shares have risen by 26.43%, and over the last year, they are up 43.17%, compared to the S&P 500's increases of 9.68% and 20%, respectively [7] Trading Volume - LIND's average 20-day trading volume is 383,605 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Estimates - In the past two months, one earnings estimate for LIND has moved higher, raising the consensus estimate from -$0.36 to -$0.28 [10] - For the next fiscal year, two estimates have increased with no downward revisions during the same period [10] Conclusion - Considering the strong momentum indicators and positive earnings outlook, LIND is recommended as a solid pick for near-term investment [12]

Core Viewpoint - Lindblad Expeditions Holdings, Inc. has announced the pricing terms for a cash tender offer to purchase its outstanding 6.750% Senior Secured Notes due 2027, indicating a strategic move to manage its debt obligations and optimize its capital structure [1][2]. Group 1: Tender Offer Details - The total consideration for the Notes accepted for purchase is based on a fixed spread and the bid side yield to maturity of a U.S. Treasury reference security, with the Reference Yield calculated at 4.147% [2][3]. - The total consideration includes an early tender payment of $30.00 per $1,000 principal amount of Notes validly tendered by the early tender deadline of August 18, 2025 [2][3]. - Holders who tender their Notes after the early tender deadline will receive $979.98 per $1,000 principal amount, which excludes the early tender payment [5]. Group 2: Financial Information - The outstanding principal amount of the 6.750% Senior Secured Notes due 2027 is $360 million [3]. - The total consideration for the Notes, including the early tender payment, is $1,009.98 per $1,000 principal amount [3][4]. - The issuer will also pay accrued and unpaid interest on the principal amount of Notes accepted for purchase from August 15, 2025, until the settlement date [6]. Group 3: Additional Information - Copies of the Offer to Purchase and Consent Solicitation Statement are available through Global Bondholders Services Corporation, the information agent for the Tender Offer [7]. - Citigroup Global Markets Inc. is engaged as the sole dealer manager for the Tender Offer [7].

Group 1 - Lindblad Expeditions (LIND) is part of the Consumer Discretionary sector, which includes 253 companies and ranks 8 in the Zacks Sector Rank [2] - LIND has a Zacks Rank of 2 (Buy), with a consensus estimate for full-year earnings increasing by 22.4% over the past quarter, indicating positive analyst sentiment [3] - Year-to-date, LIND has returned 15.5%, outperforming the average return of 10.2% for Consumer Discretionary companies [4] Group 2 - Lindblad Expeditions operates within the Leisure and Recreation Services industry, which consists of 29 stocks and currently ranks 181 in the Zacks Industry Rank [5] - The average return for the Leisure and Recreation Services industry is 7.1% year-to-date, showing that LIND is performing better than its industry peers [5] - Investors may want to monitor both Lindblad Expeditions and Melco Resorts as they continue to show strong performance in the Consumer Discretionary sector [6]

Core Viewpoint - Lindblad Expeditions Holdings, Inc. is conducting a Tender Offer to purchase its outstanding 6.750% Senior Secured Notes due 2027, along with a Consent Solicitation to amend the indenture governing these Notes [1][2][3] Group 1: Tender Offer Details - The Tender Offer aims to purchase all outstanding Notes for cash, with a total principal amount of $360 million [4] - As of the Early Tender Deadline on August 18, 2025, approximately $263.3 million, or 73.1% of the outstanding Notes, were validly tendered [6] - The Tender Offer is set to expire on September 3, 2025 [6] Group 2: Consent Solicitation - The Consent Solicitation seeks to obtain the necessary consents to eliminate restrictive covenants and release the Notes as secured debt [2] - The Covenant Requisite Consent has been received, allowing the Issuer to enter into a supplemental indenture [7] - However, the Collateral Release Requisite Consent was not obtained by the Early Tender Deadline [7] Group 3: Financial Considerations - Holders of Notes who tendered by the Early Tender Deadline will receive a Total Consideration that includes an Early Tender Payment of $30 per $1,000 principal amount [4][8] - The Total Consideration is designed to yield a return equivalent to the bid side yield to maturity of a specified U.S. Treasury reference security [10] - The Issuer's obligation to purchase the Notes is contingent upon meeting certain conditions outlined in the Offer to Purchase and Consent Solicitation Statement [11] Group 4: Future Actions - The Issuer plans to call for redemption of any Notes not tendered by February 15, 2026, at a redemption price of 100% of the principal amount plus accrued interest [12] - The Issuer has engaged Citigroup Global Markets Inc. as the sole dealer manager for the Tender Offer and Consent Solicitation [13]