Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were $167 million, an increase of $31 million or 23% compared to Q2 2024 [22] - Adjusted EBITDA for Q2 2025 was $24.8 million, an increase of $14.5 million or 139% year over year [23] - Net loss available to stockholders improved to $9.7 million or $0.18 per diluted share, reflecting significant operational improvements [25] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $111 million, an increase of $18 million or 19% compared to the prior year [22] - Land Experiences segment revenues were $57 million, an increase of $13 million or 31% driven by increased trips and higher revenue per guest [23] - Occupancy rose to 86%, an 8 percentage point increase from 78% despite a 5% increase in available guest nights [22][10] Market Data and Key Metrics Changes - Bookings remain strong and are tracking ahead of last year for both 2025 and 2026, indicating robust demand for travel experiences [10][29] - The partnership with Disney has led to a 45% increase in bookings from Disney's travel advisors [14] Company Strategy and Development Direction - The company is focused on three long-term strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring growth opportunities [12][18] - The introduction of new strategic revenue management capabilities and partnerships, such as with Disney, is aimed at increasing occupancy and expanding market reach [7][14] - Sustainability remains a central mission, with plans to release the first ESG report highlighting environmental and social impact efforts [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong performance and strategic initiatives [6][20] - The company is raising full-year guidance for net yields, revenue, and adjusted EBITDA, reflecting strong business performance [20][29] - Management acknowledged that 2025 is an investment year, with higher costs expected in the second half due to ongoing investments [33][34] Other Important Information - The company has implemented over 20 cost innovation initiatives targeting cost optimization and productivity improvements [18] - The acquisition of four safari camps in East Africa is aimed at enhancing the company's footprint in the region [18] Q&A Session Summary Question: Concerns about EBITDA guidance for the second half of the year - Management indicated that while they remain optimistic, 2025 is an investment year, leading to higher costs and lower flow-through in the second half [33][34] Question: Changes in sales and marketing expenses - Management noted increased investments in new sales channels and partnerships, particularly with Disney, which will continue to drive occupancy and net yield growth [41] Question: Reduction in non-revenue days - Management explained that the 38% reduction in non-revenue days is based on optimized scheduling and planning, with steady improvements expected until 2027 [42][44] Question: Demographic profile of customers booking through Disney - Management highlighted an increase in multigenerational travel, with a focus on educational experiences for younger travelers [50][51] Question: Opportunities for acquiring used boats in the market - Management confirmed ongoing demand for their products and noted that growth opportunities could come from acquisitions or chartering rather than solely new builds [54][56]

Second Quarter 2025 Performance Highlights [Key Financial and Operational Highlights](index=1&type=section&id=1.1.%20Key%20Financial%20and%20Operational%20Highlights) Lindblad Expeditions Holdings, Inc. achieved significant financial and operational growth in Q2 2025, with total revenue up 23% year-over-year, Adjusted EBITDA increasing by 139%, and occupancy rising to 86% Key Financial and Operational Metrics for Q2 2025 | Metric | Q2 2025 | Q2 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Revenue (USD Million) | $167.9 | - | $31.4 | 23% | | Net Loss (Attributable to Shareholders) (USD Million) | $9.7 | $25.8 | Improved by $16.1 | - | | Adjusted EBITDA (USD Million) | $24.8 | - | $14.5 | 139% | | Lindblad Segment Net Yield Per Available Guest Night (USD) | $1,241 | - | - | 13% | | Occupancy Rate | 86% | 78% | 8% | - | [CEO Commentary](index=1&type=section&id=1.2.%20CEO%20Commentary) CEO Natalya Leahy commended the team's achievements, highlighting strong momentum in revenue growth, increased occupancy, and substantial Adjusted EBITDA growth, while reaffirming a strategic focus on value creation through sustained revenue and cost innovation - The company achieved **23% revenue growth**, **86% occupancy** (with a 5% increase in capacity), and **139% Adjusted EBITDA growth**[4](index=4&type=chunk) - The company's strategic focus is on sustained revenue growth and rigorous cost innovation to unlock meaningful value[4](index=4&type=chunk) Detailed Financial Results for Q2 2025 [Tour Revenues](index=1&type=section&id=2.1.%20Tour%20Revenues) Total tour revenues for Q2 2025 reached $167.9 million, a 23% year-over-year increase, driven by growth in both the Lindblad and Land Experiences segments Q2 2025 Tour Revenue Overview | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Tour Revenues | 167.9 | 136.5 | 31.4 | 23% | [Lindblad Segment Tour Revenues](index=1&type=section&id=2.1.1.%20Lindblad%20Segment%20Tour%20Revenues) Lindblad segment tour revenues increased by 19% to $111.0 million, primarily due to higher pricing and improved occupancy rates Lindblad Segment Tour Revenues | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Lindblad Tour Revenues | 111.0 | 93.1 | 17.9 | 19% | | Net Yield Per Available Guest Night (USD) | $1,241 | - | - | 13% | | Occupancy Rate | 86% | 78% | - | - | [Land Experiences Segment Tour Revenues](index=1&type=section&id=2.1.2.%20Land%20Experiences%20Segment%20Tour%20Revenues) Land Experiences segment tour revenues grew 31% to $56.9 million, driven by more itineraries, higher pricing, and the contribution from the Wineland-Thomson Adventures acquisition Land Experiences Segment Tour Revenues | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Land Experiences Tour Revenues | 56.9 | 43.4 | 13.5 | 31% | - Growth was primarily driven by operating more itineraries, higher pricing, and the full contribution from Wineland-Thomson Adventures (acquired in Q3 2024)[7](index=7&type=chunk) [Net Income](index=2&type=section&id=2.2.%20Net%20Income) Net loss attributable to shareholders for Q2 2025 significantly narrowed to $9.7 million ($0.18 per share), an improvement of $16.1 million year-over-year, primarily due to improved operating performance, employee retention tax credits, and foreign exchange gains Q2 2025 Net Loss Overview | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss (Attributable to Shareholders) (USD Million) | $9.7 | $25.8 | Improved by $16.1 | | Diluted Loss Per Share (USD) | $0.18 | $0.48 | Improved by $0.30 | - The improvement in net loss primarily reflects enhanced operating performance, along with **$3.4 million in employee retention tax credits**, **$0.8 million in foreign exchange gains**, and a reduction in tax expenses from **$4.5 million to $0.5 million** compared to the prior year period[9](index=9&type=chunk) [Adjusted EBITDA](index=2&type=section&id=2.3.%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 reached $24.8 million, a 139% year-over-year increase, primarily driven by strong growth in both the Lindblad and Land Experiences segments Q2 2025 Adjusted EBITDA Overview | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Adjusted EBITDA | 24.8 | 10.4 | 14.5 | 139% | [Lindblad Segment Adjusted EBITDA](index=2&type=section&id=2.3.1.%20Lindblad%20Segment%20Adjusted%20EBITDA) Lindblad segment Adjusted EBITDA increased 150% to $16.3 million, primarily due to higher tour revenues and employee retention tax credits, partially offset by increased royalties, commissions, and marketing expenses Lindblad Segment Adjusted EBITDA | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Lindblad Adjusted EBITDA | 16.3 | 6.5 | 9.8 | 150% | - Growth was primarily attributable to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commissions related to increased revenue, and increased marketing expenses to drive long-term growth initiatives[11](index=11&type=chunk) [Land Experiences Segment Adjusted EBITDA](index=2&type=section&id=2.3.2.%20Land%20Experiences%20Segment%20Adjusted%20EBITDA) Land Experiences segment Adjusted EBITDA grew 121% to $8.5 million, driven by increased tour revenues, the addition of Wineland-Thomson Adventures, and employee retention tax credits Land Experiences Segment Adjusted EBITDA | Metric | Q2 2025 (USD Million) | Q2 2024 (USD Million) | Change (USD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Land Experiences Adjusted EBITDA | 8.5 | 3.8 | 4.7 | 121% | - Growth was primarily attributable to increased tour revenues, the addition of Wineland-Thomson Adventures (acquired in Q3 2024), and employee retention tax credits, partially offset by increased operating and personnel costs and higher marketing expenses to drive future growth[12](index=12&type=chunk) Financial Position and Outlook [Balance Sheet and Liquidity](index=2&type=section&id=3.1.%20Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, the company's cash, cash equivalents, and restricted cash totaled $247.3 million, an increase from year-end 2024, primarily due to operating cash flow, with total debt at $635.0 million and compliance with all debt covenants Cash and Debt Status | Metric | June 30, 2025 (USD Million) | Dec 31, 2024 (USD Million) | Change (USD Million) | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents, and Restricted Cash | 247.3 | 216.1 | 31.2 | | Total Debt | 635.0 | - | - | - The increase in cash primarily reflects **$77.6 million in operating cash flow**, mainly from increased future travel bookings, partially offset by **$44.7 million in cash expenditures** for property and equipment purchases and the addition of National Geographic Delfina and National Geographic Gemini[14](index=14&type=chunk) - The company is in compliance with all applicable debt covenants[15](index=15&type=chunk) [2025 Full Year Outlook](index=3&type=section&id=3.2.%202025%20Full%20Year%20Outlook) The company projects full-year 2025 tour revenues to be between $725 million and $750 million, with Adjusted EBITDA expected to range from $108 million to $115 million 2025 Full Year Financial Guidance | Metric | Full Year 2025 Guidance (USD Million) | | :--- | :--- | | Tour Revenues | $725 - $750 | | Adjusted EBITDA | $108 - $115 | [Stock Repurchase Plan](index=3&type=section&id=3.3.%20Stock%20Repurchase%20Plan) The company is executing a $35.0 million stock repurchase program, having repurchased $23.0 million in stock and warrants as of July 31, 2025, with $12.0 million remaining for repurchases Stock Repurchase Plan Status (as of July 31, 2025) | Metric | Amount/Quantity | | :--- | :--- | | Total Program Amount (USD Million) | $35.0 | | Amount Repurchased (USD Million) | $23.0 | | Shares Repurchased | 875,218 shares | | Warrants Repurchased | 6.0 million warrants | | Remaining Program Amount (USD Million) | $12.0 | | Common Shares Outstanding | 54.8 million shares | Company Information [About Lindblad Expeditions Holdings, Inc.](index=4&type=section&id=4.1.%20About%20Lindblad%20Expeditions%20Holdings%2C%20Inc.) Lindblad Expeditions Holdings, Inc. is a global leader in expedition travel, offering immersive, educational journeys across six brands, focused on connecting travelers with the world's most inspiring natural and cultural landscapes - The company is a global leader in expedition travel, offering immersive, educational journeys across **six brands** and covering **seven continents**[21](index=21&type=chunk) - Key brands include National Geographic-Lindblad Expeditions in partnership with National Geographic, and land-based adventure brands Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures[21](index=21&type=chunk) - The company is committed to responsible exploration, aiming to foster a deep appreciation for the world[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=4.2.%20Non-GAAP%20Financial%20Measures%20Explanation) The company utilizes non-GAAP financial measures such as Adjusted EBITDA, occupancy, net yield, and net cruise cost to analyze performance and financial condition, believing these provide deeper insights, but emphasizes they are not substitutes for GAAP financial information - The company uses non-GAAP financial measures (such as Adjusted EBITDA, occupancy, net yield, and net cruise cost) to analyze performance and financial condition, considering them the most relevant metrics for measuring performance[17](index=17&type=chunk) - These non-GAAP metrics provide extended insights into revenue and cost performance but are not defined by specific rules or regulations, thus may not be comparable to metrics used by other companies[17](index=17&type=chunk) - The presentation of non-GAAP financial information should not be considered in isolation, as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP[18](index=18&type=chunk) [Forward-Looking Statements and Risk Factors](index=5&type=section&id=4.3.%20Forward-Looking%20Statements%20and%20Risk%20Factors) This press release contains forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from expectations, including economic factors, operational disruptions, cost increases, employee management, acquisition integration, regulatory compliance, debt, litigation, and climate change - Forward-looking statements include the company's financial projections and may contain words such as 'expect', 'believe', 'may', 'estimate', 'anticipate', and similar expressions[23](index=23&type=chunk) - Key risks and uncertainties include adverse macroeconomic factors, voyage cancellations or rescheduling, rising fuel prices, loss of key personnel, operational disruptions, growth management and acquisition integration, relationship with National Geographic, regulatory compliance, significant indebtedness, litigation, adverse weather conditions, and competition[23](index=23&type=chunk) - The company undertakes no obligation to publicly update any forward-looking statements and advises investors to carefully consider these factors[23](index=23&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Balance Sheets](index=6&type=section&id=5.1.%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company reported total assets of $936.5 million, total liabilities of $1,080.6 million, and a shareholder deficit of $263.8 million Condensed Consolidated Balance Sheets (Summary, USD Thousands) | Metric | June 30, 2025 (USD Thousands) | Dec 31, 2024 (USD Thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | $200,929 | $183,941 | | Restricted Cash | $46,398 | $32,202 | | Total Assets | $936,523 | $876,905 | | Unearned Passenger Revenues | $381,692 | $318,666 | | Total Liabilities | $1,080,566 | $1,022,440 | | Shareholder Deficit | $(263,809) | $(253,114) | [Condensed Consolidated Statements of Operations](index=7&type=section&id=5.2.%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, the company reported tour revenues of $167.9 million, operating income of $4.407 million, a net loss of $6.968 million, a net loss attributable to shareholders of $9.741 million, and a diluted loss per share of $0.18 Condensed Consolidated Statements of Operations (Summary, USD Thousands) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Tour Revenues | $167,945 | $136,499 | $347,666 | $290,113 | | Operating Income (Loss) | $4,407 | $(8,208) | $15,021 | $(357) | | Net Loss | $(6,968) | $(23,994) | $(5,958) | $(28,203) | | Net Loss Attributable to Lindblad Expeditions Holdings, Inc. | $(8,518) | $(24,667) | $(7,358) | $(28,645) | | Net Loss Attributable to Shareholders | $(9,741) | $(25,817) | $(9,784) | $(30,932) | | Diluted Loss Per Share (USD) | $(0.18) | $(0.48) | $(0.18) | $(0.58) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=5.3.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In the first half of 2025, operating activities provided $77.614 million in cash, investing activities used $44.741 million, and financing activities used $1.401 million, resulting in a net increase of $31.184 million in cash, cash equivalents, and restricted cash Condensed Consolidated Statements of Cash Flows (Summary, USD Thousands) | Metric | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $77,614 | $62,566 | | Net Cash Used in Investing Activities | $(44,741) | $(13,893) | | Net Cash Used in Financing Activities | $(1,401) | $(18,357) | | Net Increase in Cash, Cash Equivalents, and Restricted Cash | $31,184 | $30,316 | | End of Period Cash, Cash Equivalents, and Restricted Cash | $247,327 | $217,660 | Supplemental Financial Schedules [Reconciliation of Adjusted EBITDA](index=9&type=section&id=6.1.%20Reconciliation%20of%20Adjusted%20EBITDA) This section provides detailed reconciliations of net loss or operating income to Adjusted EBITDA, covering both the consolidated level and the Lindblad and Land Experiences segments Consolidated Adjusted EBITDA Reconciliation (USD Thousands) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Loss | $(6,968) | $(23,994) | $(5,958) | $(28,203) | | Interest Expense, Net | $11,617 | $11,321 | $23,247 | $22,906 | | Income Tax Expense (Benefit) | $547 | $4,453 | $(939) | $4,697 | | Depreciation and Amortization | $14,674 | $13,637 | $29,969 | $24,954 | | Stock-Based Compensation | $5,392 | $2,718 | $9,119 | $4,833 | | Adjusted EBITDA | $24,841 | $10,384 | $54,823 | $31,990 | Lindblad Segment Adjusted EBITDA Reconciliation (USD Thousands) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Operating (Loss) Income | $(2,070) | $(9,372) | $6,316 | $(1,589) | | Depreciation and Amortization | $13,252 | $12,749 | $27,312 | $23,231 | | Stock-Based Compensation | $5,135 | $2,541 | $8,862 | $4,656 | | Adjusted EBITDA | $16,330 | $6,541 | $42,649 | $27,013 | Land Experiences Segment Adjusted EBITDA Reconciliation (USD Thousands) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Operating Income | $6,477 | $1,164 | $8,705 | $1,232 | | Depreciation and Amortization | $1,422 | $888 | $2,657 | $1,723 | | Transaction-Related Costs | $355 | $1,614 | $555 | $1,845 | | Stock-Based Compensation | $257 | $177 | $257 | $177 | | Adjusted EBITDA | $8,511 | $3,843 | $12,174 | $4,977 | [Reconciliation of Free Cash Flow](index=10&type=section&id=6.2.%20Reconciliation%20of%20Free%20Cash%20Flow) For the first half of 2025, the company's free cash flow was $48.455 million, slightly lower than $48.673 million in the prior year period Free Cash Flow Reconciliation (USD Thousands) | Metric | H1 2025 (USD Thousands) | H1 2024 (USD Thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $77,614 | $62,566 | | Less: Purchases of Property and Equipment | $(29,159) | $(13,893) | | Free Cash Flow | $48,455 | $48,673 | [Operational Metrics and Yield Calculation (Lindblad Segment)](index=10&type=section&id=6.3.%20Operational%20Metrics%20and%20Yield%20Calculation%20%28Lindblad%20Segment%29) The Lindblad segment achieved an 86% occupancy rate in Q2 2025, with total yield per available guest night at $1,362 and net yield at $1,241, both showing year-over-year growth Lindblad Segment Operational Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Available Guest Nights | 81,515 | 77,404 | | Sold Guest Nights | 70,198 | 60,174 | | Occupancy Rate | 86% | 78% | | Number of Guests | 9,937 | 7,773 | | Number of Voyages | 153 | 121 | Lindblad Segment Yield Per Available Guest Night Calculation (USD Thousands, except per available guest night yield) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | | :--- | :--- | :--- | | Tour Revenues | $111,045 | $93,053 | | Net Yield | $101,177 | $84,642 | | Total Yield Per Available Guest Night (USD) | $1,362 | $1,202 | | Net Yield Per Available Guest Night (USD) | $1,241 | $1,094 | [Cruise Cost Calculation (Lindblad Segment)](index=11&type=section&id=6.4.%20Cruise%20Cost%20Calculation%20%28Lindblad%20Segment%29) The Lindblad segment's Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night was $989 in Q2 2025, an increase from $936 in the prior year period Lindblad Segment Cruise Cost Calculation (USD Thousands, except per available guest night cost) | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | | :--- | :--- | :--- | | Total Cruise Cost | $99,863 | $89,676 | | Net Cruise Cost | $89,995 | $81,265 | | Net Cruise Cost Excluding Fuel | $85,774 | $75,581 | | Adjusted Net Cruise Cost Excluding Fuel | $80,626 | $72,417 | | Total Cruise Cost Per Available Guest Night (USD) | $1,225 | $1,159 | | Net Cruise Cost Per Available Guest Night (USD) | $1,104 | $1,050 | | Net Cruise Cost Excluding Fuel Per Available Guest Night (USD) | $1,052 | $976 | | Adjusted Net Cruise Cost Excluding Fuel Per Available Guest Night (USD) | $989 | $936 | [Reconciliation of 2025 Adjusted EBITDA Guidance](index=11&type=section&id=6.5.%20Reconciliation%20of%202025%20Adjusted%20EBITDA%20Guidance) The company provided a reconciliation for its full-year 2025 Adjusted EBITDA guidance, projecting a range of $108 million to $115 million, based on factors such as pre-tax loss, depreciation and amortization, interest expense, and stock-based compensation 2025 Full Year Adjusted EBITDA Guidance Reconciliation (USD Million) | Metric | Full Year 2025 Guidance (USD Million) | | :--- | :--- | | Pre-Tax Loss | $(15) to $(5) | | Depreciation and Amortization | $61 to $60 | | Interest Expense, Net | $46 to $46 | | Stock-Based Compensation | $16 to $16 | | Other | $0 to $(2) | | Adjusted EBITDA | $108 to $115 | [Definitions of Operational and Financial Metrics](index=12&type=section&id=6.6.%20Definitions%20of%20Operational%20and%20Financial%20Metrics) This section details the definitions of various non-GAAP operational and financial metrics used by the company to assess performance, including Adjusted EBITDA, occupancy, net yield, and various cruise cost metrics - **Adjusted EBITDA**: Net income (loss) adjusted for depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, foreign currency (gain) loss, gain (loss) on asset dispositions, restructuring costs, and other supplemental adjustments (such as stock-based compensation, executive severance, debt refinancing costs, acquisition-related expenses, and other non-recurring expenses)[37](index=37&type=chunk) - **Available Guest Nights**: A measure of capacity available for sale, representing double occupancy per cabin (single occupancy for single cabins) multiplied by the number of cruise days in the period, also including guest nights for limited land programs[39](index=39&type=chunk) - **Occupancy Rate**: Calculated by dividing sold guest nights by available guest nights[46](index=46&type=chunk) - **Net Yield**: Tour revenues less commissions and other direct costs of tour revenues[43](index=43&type=chunk) - **Net Cruise Cost**: Total cruise cost less commissions and certain other direct costs of passenger ticket revenues and other tour revenues[41](index=41&type=chunk)

Core Insights - Lindblad Expeditions Holdings, Inc. reported a 23% increase in revenue for Q2 2025, reaching $167.9 million, driven by strong performance in both the Lindblad and Land Experiences segments [4][13] - The company achieved an 86% occupancy rate, up from 78% in the same quarter last year, alongside a 139% increase in Adjusted EBITDA to $24.8 million [3][8] - The net loss available to stockholders improved to $9.7 million, a $16.1 million reduction compared to Q2 2024 [7][13] Financial Performance - Tour revenues for the Lindblad segment increased by 19% to $111.0 million, attributed to a 13% rise in net yield per available guest night to $1,241 [5][11] - The Land Experiences segment saw a 31% revenue increase to $56.9 million, benefiting from additional trips and higher pricing [6][11] - Adjusted EBITDA for the Lindblad segment rose by 150% to $16.3 million, while the Land Experiences segment's Adjusted EBITDA increased by 121% to $8.5 million [9][10] Balance Sheet and Liquidity - As of June 30, 2025, the company had cash and cash equivalents totaling $247.3 million, up from $216.1 million at the end of 2024 [12] - Total debt stood at $635.0 million, with the company in compliance with all applicable debt covenants [14] 2025 Outlook - The company anticipates full-year tour revenues between $725 million and $750 million, with Adjusted EBITDA projected to be between $108 million and $115 million [22][30] - A stock repurchase plan of $35.0 million is currently in place, with $12.0 million remaining as of July 31, 2025 [15]

INVESTOR PRESENTATION DISCLAIMER Important Notices Not an Offer or Sale: This,presentation is nether to sell nor a solüctation of an offer to buy any securities of Lindblad Expeditions Holdings, Inc. (the "Company") Lindbl This presentation and information contained herein constitutes confidential information and is provided by ou on the condition that yeu willnoldi in strict confidente and wibrout the prior written consent of the Company. In presentation, we have relied upon and assumed, without integenden ...

Core Viewpoint - Lindblad Expeditions Holdings, Inc. is set to report its second quarter financial results for 2025 on August 4, 2025, before market opening, followed by a conference call to discuss the results [1]. Company Overview - Lindblad Expeditions Holdings, Inc. is a leader in global expedition travel, offering immersive and educational journeys across all seven continents through six pioneering brands [3]. - The company collaborates with National Geographic to operate the National Geographic-Lindblad Expeditions co-brand, providing 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 such as Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures, which focus on wildlife, cultural, and adventure experiences [3].

Core Viewpoint - Lindblad Expeditions Holdings, Inc. is set to report its second quarter financial results for 2025 on August 4, 2025, before market opening, followed by a conference call to discuss the results [1]. Company Overview - Lindblad Expeditions Holdings, Inc. is a leader in global expedition travel, offering immersive and educational journeys across all seven continents through six pioneering brands [3]. - The company collaborates with National Geographic to operate the National Geographic-Lindblad Expeditions co-brand, providing 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 such as Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures, which focus on wildlife, cultural, and adventure experiences [3].

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1]. Group 1 - The investment strategy is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1].

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[74]. - The company operates a fleet of 12 owned expedition ships and seven seasonal charter vessels, focusing on remote destinations such as Alaska, the Arctic, and the Galápagos Islands[65]. Financial Performance - Tour revenues for Q1 2025 increased by $26.1 million, or 17%, to $179.7 million compared to $153.6 million in Q1 2024, driven by a 3% increase in guest nights sold and a 7% increase in guests traveled[99]. - The cost of tours rose by $8.4 million, or 10%, to $92.8 million in Q1 2025, primarily due to operating additional voyages and higher costs[100]. - General and administrative expenses increased by $5.5 million, or 20%, to $32.7 million in Q1 2025, mainly due to higher personnel costs and stock-based compensation[101]. - Selling and marketing expenses grew by $5.5 million, or 24%, to $28.2 million in Q1 2025, attributed to higher commissions and increased marketing spend[102]. - Depreciation and amortization expenses increased by $4.0 million, or 35%, to $15.3 million in Q1 2025, related to asset depreciation and amortization from the Thomson Group acquisition[103]. - Net income for Q1 2025 was $1.0 million, a significant improvement of $5.2 million compared to a net loss of $4.2 million in Q1 2024[99]. - Adjusted EBITDA for the company increased by $8.4 million, or 39%, to $29.98 million in Q1 2025 compared to $21.61 million in Q1 2024[107]. - For the three months ended March 31, 2025, the company reported a net income of $1,011,000 compared to a net loss of $4,210,000 for the same period in 2024, indicating a significant turnaround in performance[116]. - Adjusted EBITDA for the consolidated entity increased to $29,982,000 in Q1 2025, up from $21,606,000 in Q1 2024, reflecting a growth of approximately 38.7%[116]. - The Lindblad Segment's Adjusted EBITDA rose to $26,320,000 in Q1 2025 from $20,472,000 in Q1 2024, representing an increase of about 28.5%[118]. - The Land Experiences Segment saw its Adjusted EBITDA increase to $3,662,000 in Q1 2025, up from $1,134,000 in Q1 2024, marking a substantial growth of approximately 223.5%[118]. Operational Metrics - The company utilizes various operational and financial metrics, including Adjusted EBITDA, Net Yields, and Occupancy, to assess performance and financial condition[80]. - The company’s operational metrics include Available Guest Nights, Gross Yield per Available Guest Night, and Net Yield per Available Guest Night, which are critical for performance evaluation[84][88]. - The company reported that its Lindblad brand tour revenues are traditionally larger in the first and third quarters, influenced by seasonal demand[96]. Debt and Cash Management - As of March 31, 2025, the company had $188.9 million in unrestricted cash and cash equivalents, alongside $46.4 million in restricted cash[119]. - The company reported long-term debt obligations of $635.0 million as of March 31, 2025, with expectations that cash on hand and future operating cash inflows will be sufficient to meet obligations for at least the next 12 months[120]. - Net cash provided by operating activities increased to $48.4 million for the three months ended March 31, 2025, compared to $43.9 million for the same period in 2024, reflecting an improvement of $4.5 million[121]. - Net cash used in investing activities rose to $29.0 million in Q1 2025 from $6.5 million in Q1 2024, primarily due to the acquisition of Torcatt Enterprises Limitada and capital expenditures on vessels[122]. - The company had a working capital deficit of $124.7 million as of March 31, 2025, compared to a deficit of $114.0 million as of December 31, 2024[129]. - As of March 31, 2025, the company was in compliance with all covenants related to its debt facilities[127]. Strategic Partnerships and Sustainability - The relationship with National Geographic has been extended through 2040, enhancing guest experiences through expert-led expeditions[65]. - The company emphasizes eco-conscious travel through partnerships with organizations like the World Wildlife Fund, enhancing its sustainability initiatives[67]. Risks and Challenges - The company faces risks such as geopolitical factors, fuel price fluctuations, and competition, which could impact its financial performance[62]. - The company operates two segments: the Lindblad segment and the Land Experiences segment, which includes various adventure travel brands[73].

Financial Performance - Lindblad Expeditions reported break-even quarterly earnings per share, compared to a Zacks Consensus Estimate of a loss of $0.12, and a loss of $0.10 per share a year ago, indicating an earnings surprise of 100% [1] - The company posted revenues of $179.72 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 19.65%, compared to year-ago revenues of $153.61 million [2] - Over the last four quarters, Lindblad Expeditions has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Lindblad Expeditions shares have lost about 23.1% since the beginning of the year, while the S&P 500 has declined by 3.9% [3] - The current status of estimate revisions translates into a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is -$0.25 on $154 million in revenues, and -$0.06 on $709.4 million in revenues for the current fiscal year [7] - The outlook for the industry, particularly the Leisure and Recreation Services sector, is currently in the bottom 27% of over 250 Zacks industries, which may impact stock performance [8]

Financial Data and Key Metrics Changes - Total company revenue for Q1 2025 was $180 million, an increase of $26 million or 17% compared to Q1 2024 [19] - Adjusted EBITDA increased by 39% to $30 million, with margins improving by 260 basis points [7][20] - Net income improved by $5.2 million to $1 million, with income available to stockholders roughly breakeven at $0.00 per diluted share [23] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $131 million, an increase of $13 million or 11% compared to the prior year [20] - Land experiences revenues were $49 million, an increase of $13 million or 38% compared to Q1 2024, driven by increased trips and higher revenue per guest [20] - Net yields increased by 25% to $1,521, the highest quarterly net yield in the company's history [7][20] Market Data and Key Metrics Changes - Occupancy increased by 13 percentage points from 76% to 89% compared to the prior year [20] - Bookings for 2025 and 2026 are tracking ahead of the prior year in both segments [7][35] Company Strategy and Development Direction - The company focuses on maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [9] - Strategic initiatives include a partnership with Disney and international expansion efforts, particularly in the UK [12][14] - The company aims to enhance financial transparency and has introduced net yield expectations for 2025, expecting growth of 7% to 10% [15][26] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the demand for experiential travel despite economic volatility [8] - The company is closely monitoring the macroeconomic environment and has seen fluctuations in bookings, particularly in April [35] - Future guidance reaffirms total company tour revenue between $700 million and $750 million for the year [26] Other Important Information - The company completed the purchase of two expedition vessels, enhancing its fleet [19] - A new dynamic pricing strategy has been implemented to better manage pricing based on demand [41] - The company is committed to sustainability and community impact through various initiatives [16][18] Q&A Session Summary Question: What drove the strong occupancy in the quarter? - Management indicated that the strong occupancy was due to a combination of expanded audience from the Disney partnership, charter businesses, and a stronger revenue management strategy [31] Question: How has the current booking environment been affected by macroeconomic factors? - Management noted that bookings for 2025 and 2026 remain ahead of the prior year, but April bookings were less consistent [35] Question: What is the status of dynamic pricing implementation? - Management confirmed that dynamic pricing has been initiated and is expected to enhance flexibility in pricing based on demand [41] Question: How is the company performing in terms of the Antarctica program? - Management reported that the Antarctica program is performing extremely well, with high demand and nearly sold out for 2026 [44]