Financial Data and Key Metrics Changes - Total company revenue for 2024 was $645 million, an increase of $75 million or 13% compared to 2023 [32] - Adjusted EBITDA for 2024 was $91.2 million, an increase of $20 million or 28% year-over-year [34] - Total company net loss available to stockholders improved to $35.8 million or $0.67 per diluted share, reflecting significant operational improvements [36] Business Line Data and Key Metrics Changes - Lindblad segment tour revenue was $423 million, an increase of $26 million or 7% compared to 2023, driven by a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [32][33] - Land Experiences tour revenues were $221 million, an increase of $49 million or 29% compared to 2023, attributed to additional trips and higher pricing [33] Market Data and Key Metrics Changes - Bookings for 2025 and 2026 are trending ahead of the prior year in both the Expedition and Land segments [16] - The 2025 program is nearly sold out, and 2026 is more than half booked [18] Company Strategy and Development Direction - The company aims to maximize revenue generation through higher occupancy, pricing, and deployment profitability [22] - Strategic initiatives include amplifying brand story through a new co-branded campaign with National Geographic and expanding sales channels [24][26] - Focus on international market expansion and enhancing operational efficiencies [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding pre-pandemic occupancy levels in 2026 [42] - The company is optimistic about strong demand in the adventure travel market across both segments [40] Other Important Information - The company facilitated 45 conservation, education, and research initiatives in 2024, emphasizing its commitment to sustainability [21] - The acquisition of Wineland-Thomson Adventures contributed to revenue growth [33] Q&A Session Summary Question: Guidance on EBITDA and revenue expectations - Management noted strong double-digit EBITDA growth in 2024 and forecasted continued growth in 2025, while also investing in future growth opportunities [49] Question: Long-term growth strategy with new management - Management highlighted three key areas for value creation: organic growth, smart cost innovation, and opportunistic fleet growth [51][53] Question: Update on Disney sales partnership - The National Geographic Disney partnership is gaining momentum, with strong expectations for 2025 based on the groundwork laid in 2024 [58]

Financial Performance - Tour revenues for 2024 reached $644.7 million, a 13% increase from $569.5 million in 2023, and a 35% increase from $421.5 million in 2022[314] - Cost of tours increased to $343.7 million in 2024, up 7% from $322.4 million in 2023, and up 14% from $283.2 million in 2022[314] - General and administrative expenses rose to $139.9 million in 2024, an 18% increase from $118.4 million in 2023[314] - Operating income improved to $21.6 million in 2024, a 103% increase from $10.6 million in 2023, compared to an operating loss of $63.0 million in 2022[314] - The company reported a net loss of $28.2 million in 2024, a 31% improvement from a net loss of $40.9 million in 2023[314] - Adjusted EBITDA for the year ended December 31, 2024 was $91.2 million, an increase of $20.0 million, or 28%, compared to $71.2 million in 2023[324] - The operating loss for the year ended December 31, 2024 was $2.9 million, a decrease of $5.8 million from a loss of $8.7 million in 2023, attributed to increased revenue despite higher operating expenses[332] Acquisitions and Investments - The acquisition of Torcatt Enterprises Limitada for $17.0 million was completed in January 2025, expanding vessel capacity in the Galápagos Islands[291] - The company increased its ownership of Natural Habitat from 80.1% to 90.1% for $15.2 million in April 2024[290] - The acquisition of Thomson Group for $30.0 million (including cash and stock) was aimed at expanding land-based experiential travel offerings[292] - The acquisition of Thomson Group contributed $49.3 million, or 29%, to tour revenues in 2024, with $19.6 million from an 11% increase in average revenue per guest[335] Guest Engagement and Revenue Generation - The number of guests in the Lindblad segment increased to 31,489 in 2024 from 29,719 in 2023, reflecting a growth in guest engagement[326] - Gross yield per available guest night increased to $1,308 in 2024 from $1,257 in 2023, indicating improved revenue generation per guest[327] - The Land Experiences segment saw an increase in guests from 18,704 in 2023 to 21,638 in 2024, representing a growth of 15.5%[334] - Tour revenues for the year ended December 31, 2024 increased by $25.9 million, or 6.5%, to $423.3 million compared to $397.4 million in 2023, driven by a 4% increase in guest nights sold and a 2% increase in revenue per guest night sold[331] Expenses and Costs - Selling and marketing expenses for the year ended December 31, 2024 increased by $15.6 million, or 22%, to $87.0 million compared to $71.4 million in 2023[318] - Depreciation and amortization expenses increased by $5.9 million, or 13%, to $52.6 million for the year ended December 31, 2024 compared to $46.7 million in 2023[319] - The adjusted net cruise cost excluding fuel for 2024 was $292.8 million, an increase from $270.3 million in 2023[330] - The gross cruise cost per available guest night increased to $1,167 in 2024 from $1,148 in 2023, reflecting higher operational costs[330] Cash Flow and Financial Position - Net cash provided by operating activities was $92.4 million in 2024, a significant increase of $117.8 million compared to a cash used in operations of $25.4 million in 2023[339] - As of December 31, 2024, the company had $183.9 million in cash and cash equivalents, including $32.2 million in restricted cash, and $635.0 million in long-term debt obligations[337] - The company had a working capital deficit of $114.0 million as of December 31, 2024, compared to $74.7 million in 2023, indicating increased financial obligations[350] - As of December 31, 2024, there were no amounts outstanding under the revolving credit facility, suggesting a strong liquidity position[360] Market and Currency Risks - The company is exposed to market risk from exchange rate fluctuations, particularly with currencies other than the U.S. dollar, affecting prepaid assets and current liabilities[356] - The company has ship maintenance and construction contracts denominated in foreign currencies, which may expose it to currency risk if not hedged[357] - The company primarily hedges its currency exposure related to Canadian and New Zealand dollars, Indian rupee, euro, and British pound sterling, mitigating some risks associated with foreign currency fluctuations[358] Accounting and Estimates - Significant judgment is required in estimating the future cash flows and fair values of intangible assets, including tradenames and customer lists, which could lead to impairment charges if conditions change[354] - The company’s accounting estimates for ship accounting involve assessing the useful life and residual values of ships, which could impact future depreciation expenses[353] - The company’s intangible assets include operating rights related to licenses required to operate within the Galápagos National Park, highlighting its unique market position[354] - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring management to make significant estimates and assumptions that could affect reported amounts[352] - The company has not hedged its fuel purchases due to the lack of a specific market or index, exposing it to price volatility in fuel costs[359]

Financial Data and Key Metrics Changes - The company reported record revenue of $645 million for 2024, an increase of 13% compared to 2023, with adjusted EBITDA rising 28% to $91.2 million [15][32][34] - The net loss available to stockholders improved to $35.8 million, or $0.67 per diluted share, reflecting significant operational improvements [36] - Total cash at year-end was $216 million, an increase of $29 million from 2023, driven by strong cash from operations [37] Business Line Data and Key Metrics Changes - Lindblad segment tour revenue increased by 7% to $423 million, driven by a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [32][33] - Land Experiences tour revenues surged by 29% to $221 million, attributed to additional trips and higher pricing, including contributions from the acquisition of Wineland-Thomson Adventures [33] Market Data and Key Metrics Changes - Bookings for 2025 and 2026 are trending ahead of the previous year in both the Expedition and Land segments, with the 2025 program nearly sold out and 2026 over half booked [16][42] - The company is experiencing strong demand in the adventure travel market, with expectations to meet or exceed pre-pandemic occupancy levels in 2026 [40][43] Company Strategy and Development Direction - The company aims to maximize revenue generation through higher occupancy, pricing, and deployment profitability, while also optimizing financial performance through cost innovations [22][23] - Strategic initiatives include amplifying the brand story through a new co-branded campaign with National Geographic, expanding charter and group businesses, and focusing on international market growth [24][27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum across their diverse portfolio and the ability to drive long-term sustainable growth through strategic investments and operational excellence [29][30] - The new management team is focused on organic growth, smart cost innovations, and exploring opportunistic fleet growth to enhance shareholder value [51][52] Other Important Information - The company completed the rollout of key technology advancements, including the Seaware booking platform and onboard technology upgrades, aimed at improving operational efficiencies [19][20] - Sustainability remains a core mission, with 45 conservation initiatives facilitated in 2024, including significant projects like the Floreana Island restoration [21] Q&A Session Summary Question: Guidance on EBITDA and occupancy expectations - Management noted strong double-digit EBITDA growth in 2024 and expects continued growth in 2025, while also investing in future growth opportunities [47][49] Question: Long-term growth strategy with new management - Management highlighted three key areas for value creation: organic growth through maximizing revenues, smart cost innovations, and opportunistic fleet growth [50][52] Question: Update on Disney sales partnership - The partnership with Disney is gaining momentum, with a strong roadmap for 2025 and positive returns from new sales channels and direct mail campaigns [56][58]

Company Performance - Lindblad Expeditions reported a quarterly loss of $0.48 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.29, but an improvement from a loss of $0.53 per share a year ago, indicating a surprise of -65.52% [1] - The company posted revenues of $148.61 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 10.21% and showing an increase from $125.36 million in the same quarter last year [2] - Over the last four quarters, Lindblad Expeditions has surpassed consensus revenue estimates three times, but has only exceeded EPS estimates once [2] Stock Outlook - The immediate price movement of Lindblad Expeditions' stock will largely depend on management's commentary during the earnings call, as the stock has underperformed with a loss of about 6.1% since the beginning of the year compared to the S&P 500's gain of 1.3% [3][4] - The current consensus EPS estimate for the upcoming quarter is -$0.01 on revenues of $161.2 million, and for the current fiscal year, it is -$0.02 on revenues of $689.56 million [7] Industry Context - The Leisure and Recreation Services industry, to which Lindblad Expeditions belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Lindblad Expeditions Holdings, Inc. reported a record year in 2024, with a focus on future growth driven by a strengthened relationship with Disney/National Geographic and expanded capacity in core markets [2][12][24] - The company aims to drive demand, innovate on costs, and unlock new portfolio opportunities in 2025 [2] Financial Performance - Full year tour revenues reached $644.7 million, an increase of $75.2 million or 13% compared to the previous year, driven by growth in both the Lindblad segment and Land Experiences segment [3][12] - Lindblad segment tour revenues were $423.3 million, up $25.9 million or 7%, attributed to a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [4][12] - Land Experiences segment tour revenues increased to $221.4 million, a rise of $49.2 million or 29%, primarily due to an increase in guests traveled and higher pricing [5][12] Net Income and Adjusted EBITDA - The net loss available to stockholders for the full year was $35.8 million, improving by $14.2 million from a loss of $50.0 million in 2023 [6][12] - Adjusted EBITDA for the full year was $91.2 million, an increase of $20.0 million or 28% compared to 2023, with contributions from both segments [7][12] Fourth Quarter Highlights - Fourth quarter tour revenues were $148.6 million, up $23.2 million or 19% year-over-year, with significant contributions from both segments [10][12] - Lindblad segment tour revenues for the fourth quarter were $90.7 million, a 6% increase, driven by a 13% rise in net yield per available guest night to $1,150 [11][12] - Land Experiences segment tour revenues for the fourth quarter surged to $57.9 million, a 46% increase, primarily due to higher guest numbers and pricing [13][12] Balance Sheet and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of $216.1 million, up from $187.3 million a year earlier, reflecting strong cash flow from operations [19] - Total debt stood at $635.0 million, with compliance to all applicable debt covenants [20] Acquisitions and Expansion - In January 2025, the company acquired two new Galápagos expedition vessels to enhance its fleet, with the first vessel set to embark on its inaugural voyage in February 2025 [21] - The acquisition of Wineland-Thomson Adventures in July 2024 for $30 million expanded the company's portfolio to six adventure brands, targeting the growing adventure travel market [22][23] Financial Outlook - The company anticipates full year 2025 tour revenues between $700 million and $750 million and Adjusted EBITDA between $100 million and $112 million [31][12]

Financial Performance - Full year tour revenues increased by 13% to $644.7 million, driven by a $25.9 million increase in the Lindblad segment and a $49.3 million increase in the Land Experiences segment[5]. - Adjusted EBITDA for the full year rose by 28% to $91.2 million, with a $10.9 million increase in the Lindblad segment and a $9.1 million increase in the Land Experiences segment[10]. - The net loss available to stockholders improved by $14.2 million to $35.8 million, or $0.67 per diluted share, compared to a net loss of $50.0 million, or $0.94 per diluted share, in 2023[9]. - Fourth quarter tour revenues increased by 19% to $148.6 million, with a $4.9 million increase in the Lindblad segment and an $18.3 million increase in the Land Experiences segment[13]. - Operating income for the year ended December 31, 2024, was $21.553 million, compared to $10.599 million in 2023, indicating a significant improvement[37]. - For Q4 2024, Lindblad Expeditions reported a net loss of $25,189 thousand, an improvement from a net loss of $26,412 thousand in Q4 2023[40]. - Adjusted EBITDA for Q4 2024 was $13,430 thousand, significantly up from $3,850 thousand in Q4 2023, indicating a strong operational performance[40]. - Total revenues for the year 2024 reached $423,306 thousand, compared to $397,410 thousand in 2023, demonstrating overall revenue growth[44]. Cash and Assets - The Company had cash and cash equivalents of $216.1 million as of December 31, 2024, up from $187.3 million a year earlier, reflecting $92.4 million in cash from operations[21]. - Cash and cash equivalents increased to $183.941 million as of December 31, 2024, compared to $156.845 million as of December 31, 2023, reflecting a growth of 17.3%[35]. - The company reported a net cash provided by operating activities of $92.355 million for the year ended December 31, 2024, compared to $25.441 million in 2023[39]. - Total assets as of December 31, 2024, were $876.905 million, up from $831.297 million in 2023, marking an increase of 5.5%[35]. - The company’s total liabilities increased to $1.022 billion as of December 31, 2024, from $945.063 million in 2023, reflecting a rise of 8.2%[35]. Future Outlook - The Company expects full year 2025 tour revenues to be between $700 million and $750 million, with Adjusted EBITDA projected between $100 million and $112 million[30]. - The Company is entering 2025 with strong demand trends, with booking curves ahead of the prior year for both segments[25]. - The company expects Adjusted EBITDA for the full year 2025 to be between $100 million and $112 million, reflecting positive future outlook[47]. Segment Performance - The Lindblad segment's net yield per available guest night increased by 7% to $1,170, with occupancy at 78% for the full year 2024[8]. - Operating loss for the Lindblad segment narrowed to $(13,019) thousand in Q4 2024 from $(17,268) thousand in Q4 2023, showing operational improvements[41]. - The Land Experiences segment reported an operating income of $5,449 thousand for Q4 2024, up from $3,426 thousand in Q4 2023, highlighting growth in this area[42]. Acquisitions and Investments - The Company closed on the acquisition of Wineland-Thomson Adventures for $30 million, expanding its portfolio to six adventure brands targeting the growing adventure travel market[24]. - The Company has a $35.0 million stock repurchase plan, with $12.0 million remaining as of February 24, 2025[26]. Revenue Metrics - Gross Yield per Available Guest Night increased to $1,313 in Q4 2024 from $1,178 in Q4 2023, indicating improved revenue generation[46]. - Available Guest Nights for Q4 2024 were 69,040, a decrease from 72,762 in Q4 2023, while Guest Nights Sold increased to 53,959 from 51,217[44]. - The occupancy rate improved to 78% in Q4 2024 compared to 70% in Q4 2023, reflecting better utilization of capacity[44]. - Unearned passenger revenues rose to $318.666 million as of December 31, 2024, compared to $252.199 million in 2023, an increase of 26.3%[35]. Shareholder Information - The Series A redeemable convertible preferred stock dividend for the year ended December 31, 2024, was $4.641 million, compared to $4.373 million in 2023[39]. - The weighted average shares outstanding for the year ended December 31, 2024, were 53.817 million, slightly up from 53.257 million in 2023[37].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Lindblad Expeditions (LIND) - Lindblad Expeditions currently holds a Momentum Style Score of B, indicating a positive momentum outlook [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4][12] Performance Metrics - Over the past week, LIND shares increased by 3.19%, outperforming the Zacks Leisure and Recreation Services industry, which rose by 1.29% [7] - In a longer timeframe, LIND's shares have appreciated by 14.35% over the past month, compared to the industry's 8.24% [7] - Over the last quarter, LIND shares surged by 44.13%, and over the past year, they gained 64.5%, while the S&P 500 only increased by 9.71% and 33.24%, respectively [8] Trading Volume - LIND's average 20-day trading volume is 306,250 shares, which serves as a bullish indicator when combined with rising stock prices [9] Earnings Outlook - In the past two months, two earnings estimates for LIND have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from -$0.65 to -$0.45 [11] - For the next fiscal year, two estimates have moved up, while one has been revised down [11]

Lindblad Expeditions (LIND) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Sin ...

Core Insights - Lindblad Expeditions Holdings, Inc. reported strong Q3 results on November 5, highlighting solid earnings and a robust partnership with National Geographic [1] Financial Performance - The company demonstrated significant financial performance in Q3, indicating a positive trend in earnings [1] Strategic Partnerships - Lindblad Expeditions has an extensive partnership with National Geographic, which enhances its brand and market presence [1]

Lindblad Expeditions (LIND) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this company would post a loss of $0.24 per share when it actually produced a loss of $0.48, delivering a surprise of -100%.Over the last four quarters, the company ha ...