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]

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 [18] - Adjusted EBITDA increased by $8.4 million or 39% year-over-year, reaching $30 million [19] - Net income improved by $5.2 million to $1 million, with income available to stockholders approximately breakeven at $0.00 per diluted share [22] 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 [19] - Land experiences revenues were $49 million, an increase of $13 million or 38% compared to Q1 2024, driven by increased trips and the acquisition of Wyneland Thompson Adventures [19] - Occupancy increased by 13 percentage points from 76% to 89%, with net yield per available guest night increasing by 25% to $1,521, the highest in company history [19][6] Market Data and Key Metrics Changes - Bookings for 2025 and 2026 are tracking ahead of the prior year in both segments, indicating strong demand despite macroeconomic challenges [6][34] - The company is seeing positive momentum in bookings, particularly in the last couple of weeks, although April bookings were less consistent [34] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [8] - The company is enhancing its financial transparency practices and introducing net yield expectations for 2025, expecting a growth of 7% to 10% [14][25] - The company is committed to sustainability, which is central to its mission, and is actively involved in community initiatives [15][16] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the future, with bookings for 2025 and 2026 ahead of prior year levels [34] - The company acknowledges the complex macroeconomic environment but believes it is well-positioned due to its focus on experiential travel for high-income demographics [7][34] Other Important Information - The company completed the purchase of two expedition vessels, enhancing its fleet capacity [18] - The company is expanding its international presence, particularly in the UK, to tap into the growing adventure travel market [11] 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 [30] Question: How has the current booking environment been affected by macroeconomic factors? - Management noted that while April bookings were less consistent, there has been positive momentum in recent weeks, and bookings for 2025 and 2026 remain ahead of prior year [34] Question: How did capacity adjustments impact yields? - Management explained that lower capacity due to drydocks allowed for higher occupancy growth, supported by demand generation activities [38] Question: What is the status of dynamic pricing implementation? - Management confirmed that dynamic pricing strategies have been initiated, allowing for more flexible pricing based on demand [40] Question: How is the fly cruise program performing? - Management reported that the fly cruise program is in high demand and is practically sold out for 2026, with increased capacity planned for 2027 [43]

Core Insights - Lindblad Expeditions Holdings, Inc. reported strong financial results for Q1 2025, with a total tour revenue increase of 17% year-over-year to $179.7 million, driven by higher occupancy and pricing [3][11][25] - The company achieved an occupancy rate of 89%, up from 76% in the same quarter last year, and a net yield per available guest night of $1,521, reflecting a 25% increase [4][11][33] - Adjusted EBITDA for the first quarter rose by 39% to $30.0 million, indicating improved operational efficiency and profitability [7][11][29] Financial Performance - Tour revenues for the Lindblad segment reached $131.1 million, an 11% increase, while the Land Experiences segment saw revenues of $48.6 million, a 38% increase [10][11] - The net loss available to stockholders improved significantly to $0.04 million from a loss of $5.1 million in Q1 2024, reflecting better operational results and tax benefits [6][11][25] - Adjusted EBITDA for the Lindblad segment was $26.3 million, up 29%, while the Land Experiences segment's Adjusted EBITDA increased to $3.7 million, a 223% rise [8][9][12] Balance Sheet and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $235.2 million, an increase from $216.1 million at the end of 2024, primarily due to strong cash flow from operations [13] - 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 $700 million and $750 million and Adjusted EBITDA of $100 million to $112 million [21][36] - A stock repurchase plan of $35.0 million is in place, with $12.0 million remaining as of April 30, 2025 [15]

Revenue Performance - First quarter tour revenues reached $179.7 million, an increase of $26.1 million or 17% compared to the same period in 2024[4] - Lindblad segment tour revenues were $131.1 million, up $12.8 million or 11%, driven by a 25% increase in net yield per available guest night to $1,521 and occupancy rising to 89% from 76%[5] - Land Experiences segment tour revenues increased to $48.6 million, a rise of $13.3 million or 38%, attributed to additional trips and higher pricing[6] - Total tour revenues for Q1 2025 increased to $179.721 million, up 16.99% from $153.614 million in Q1 2024[26] Profitability Metrics - Adjusted EBITDA for the first quarter was $30.0 million, reflecting a 39% increase compared to the same period in 2024[9] - Operating income for Q1 2025 was $10.614 million, representing a 35.6% increase compared to $7.850 million in Q1 2024[26] - Net income attributable to Lindblad Expeditions Holdings, Inc. for Q1 2025 was $1.161 million, a significant improvement from a net loss of $3.979 million in Q1 2024[26] - Adjusted EBITDA for Q1 2025 reached $29.982 million, up 38.8% from $21.606 million in Q1 2024[29] - The Land Experiences segment's Adjusted EBITDA increased to $3.7 million, a rise of $2.5 million or 223% compared to the same period in 2024[11] Cash and Debt Position - Cash and cash equivalents as of March 31, 2025, were $235.2 million, up from $216.1 million as of December 31, 2024[13] - The company has a total debt position of $635.0 million and is in compliance with all applicable debt covenants[14] - The company has a $35.0 million stock repurchase plan, with $12.0 million remaining as of April 30, 2025[15] Future Guidance - For the full year 2025, the company expects tour revenues between $700 million and $750 million and Adjusted EBITDA of $100 million to $112 million[19] - Adjusted EBITDA guidance for full year 2025 is projected between $100 million and $112 million[35] Operational Metrics - Available guest nights decreased to 75,325 in Q1 2025 from 85,954 in Q1 2024, while occupancy increased to 89% from 76%[32] - Gross yield per available guest night rose to $1,741 in Q1 2025, compared to $1,376 in Q1 2024, reflecting a 26.5% increase[32] - The number of guests carried during the period is a key operational metric, though specific figures are not provided[44] Cost Analysis - Gross Cruise Cost for Q1 2025 increased to $108.661 million from $100.038 million in Q1 2024, representing a 8.2% increase[34] - Net Cruise Cost for Q1 2025 was $92.151 million, up from $86.512 million in Q1 2024, reflecting a 6.3% increase[34] - Adjusted Net Cruise Cost Excluding Fuel for Q1 2025 was $80.969 million, compared to $75.554 million in Q1 2024, indicating a 7.9% increase[34] - The company reported a Gross Cruise Cost per Available Guest Night of $1,443 in Q1 2025, up from $1,164 in Q1 2024, a 24% increase[34] Asset and Liability Overview - Total assets as of March 31, 2025, were $908.829 million, an increase from $876.905 million as of December 31, 2024[24] - Total liabilities increased to $1.049937 billion as of March 31, 2025, compared to $1.022440 billion as of December 31, 2024[24] Non-GAAP Measures - The company emphasizes that Adjusted EBITDA is a useful measure reflecting operating drivers, despite not being a liquidity measure[36] - Non-GAAP adjustments include stock-based compensation of $3.727 million for Q1 2025, up from $2.116 million in Q1 2024[34]

Core Viewpoint - Lindblad Expeditions Holdings, Inc. is set to report its first quarter financial results for 2025 on May 6, 2025, before market opening, followed by a conference call to discuss the results [1] Financial Reporting - The conference call will take place at 8:30 am Eastern Time and can be accessed via specific phone numbers for both the United States and international callers [1] - A replay of the call and a transcript will be available on the company's website within 48 hours after the call [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] - In addition to modern expedition cruises, the company offers award-winning land-based brands that focus on wildlife, culture, and adventure experiences [3] - The company's mission emphasizes responsible exploration and fostering appreciation for the planet's natural and cultural landscapes [4]