Financial Data and Key Metrics Changes - Total company revenue for Q3 2023 was $176 million, an increase of $31 million or 22% compared to Q3 2022 [40] - Adjusted EBITDA for the total company reached $34 million, an increase of 83% year-over-year [25] - Net income available to stockholders improved to $4.5 million or $0.08 per diluted share, compared to a net loss of $9.8 million or $0.18 per diluted share in the same quarter last year [26] Business Line Data and Key Metrics Changes - Lindblad segment revenue was $109 million, up $25 million or 30% year-over-year, driven by a 21% increase in available guest nights and a 9% increase in net yield to $1,110 per available guest night [23] - Land Experiences segment revenue was $67 million, an increase of $6 million or 10% year-over-year, supported by additional departures and guests across various land trips [24] Market Data and Key Metrics Changes - Occupancy rate remained at 81%, consistent with Q3 2022, despite a significant increase in available guest nights [24] - The company has seen a steady increase in bookings, with gross production in Q3 up nearly 20% compared to the same quarter in 2022 [60] Company Strategy and Development Direction - The company has three key priorities: enhancing guest experience, expanding fleet capacity to pre-pandemic levels, and growing acquired businesses while seeking strategic acquisitions [3][4] - The focus is on modernizing marketing and sales platforms to drive growth, including a blend of traditional and digital marketing strategies [5][6] - The company aims to maintain premium pricing while increasing occupancy, emphasizing the unique value proposition of their high-quality expedition experiences [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing demand for experiential travel and the company's ability to capitalize on this trend [39] - There are expectations for total company revenue in 2023 to be between $550 million and $575 million, with adjusted EBITDA between $70 million and $80 million [44] - Management acknowledged potential short-term fluctuations due to external factors but remains confident in the long-term growth trajectory [46] Other Important Information - The company ended the quarter with $205 million in cash and short-term investments, reflecting a $7 million increase from the previous quarter [28] - G&A expenses increased by 18% year-over-year, primarily due to higher personnel costs and increased credit card commissions [26] Q&A Session Summary Question: Why was guidance left unchanged despite a strong quarter? - Management cited three main uncertainties: cancellation levels, geopolitical impacts particularly in Egypt, and variability in fuel prices affecting future quarters [47][56] Question: How are booking trends for 2024? - Booking trends remain consistent, with gross production in Q3 up nearly 20% year-over-year, and the company is in a good position heading into 2024 [60][61] Question: What is the difference between current occupancy and pre-pandemic levels? - The current occupancy of 81% is below the pre-pandemic levels of around 90%, with short-term cancellations and the need for more time to ramp up new itineraries contributing to this difference [72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35898 LINDBLAD EXPEDITIONS HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | 27-4749725 | | --- | --- | | ...

29 | Board of Directors | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35898 LINDBLAD EXPEDITIONS HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | 27-4749725 | | --- | --- | | (Sta ...

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Craig Felenstein - Chief Financial Officer Sven-Olof Lindblad - Founder, Chief Executive Officer & Co-Chair Conference Call Participants Steven Wieczynski - Stifel Alex Fuhrman - Craig-Hallum Capital Operator Ladies and gentlemen, welcome to the Lindblad Expeditions Holdings, Inc. report internally Second Quarter Financial Results. My name is Glenn, and I will be the operator for ...

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET Company Participants Craig Felenstein - Chief Financial Officer Dolf Berle - Chief Executive Officer Conference Call Participants Steven Wieczynski - Stifel, Nicolaus & Company, Inc. Jonathan Jenkins - Oppenheimer & Co. Inc. Alex Fuhrman - Craig-Hallum Capital Group LLC Operator Good morning or good afternoon, and welcome to the Lindblad Expeditions First Quarter Financial Results Call. My name is Adam, ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2023 financial statements reflect a significant turnaround with net income, positive operating cash flow, and detailed segment performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets were $774.3 million, total liabilities $856.5 million, resulting in a $178.1 million stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $83,984 | $87,177 | | Total current assets | $175,926 | $183,319 | | Total assets | $774,268 | $787,975 | | Unearned passenger revenues | $249,633 | $245,101 | | Total current liabilities | $328,012 | $341,120 | | Total liabilities | $856,501 | $873,621 | | Total stockholders' deficit | $(178,142) | $(182,675) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 saw a significant financial turnaround with net income of $0.8 million, a 111% increase in tour revenues, and positive operating income Q1 2023 vs Q1 2022 Performance (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Tour revenues | $143,395 | $67,846 | | Operating income (loss) | $12,466 | $(34,245) | | Net income (loss) | $778 | $(42,148) | | Basic & Diluted Loss Per Share | $(0.01) | $(0.85) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 net cash from operations was $2.1 million, with $8.7 million from investing activities and $6.1 million used in financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,058 | $5,162 | | Net cash provided by (used in) investing activities | $8,738 | $(7,522) | | Net cash (used in) provided by financing activities | $(6,096) | $14,529 | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail two operating segments, Lindblad and Land Experiences, $547.6 million in long-term debt, and a May 2023 debt refinancing - The company operates two reportable business segments: Lindblad (ship-based expeditions) and Land Experiences (land-based tours through brands like Natural Habitat, DuVine, Off the Beaten Path, and Classic Journeys)[21](index=21&type=chunk)[22](index=22&type=chunk) Segment Tour Revenues (in thousands) | Segment | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Lindblad | $115,498 | $50,274 | | Land Experiences | $27,897 | $17,572 | | **Total** | **$143,395** | **$67,846** | - As of March 31, 2023, total long-term debt stood at **$547.6 million**, primarily composed of 6.75% Notes and two Export Credit Agreements[35](index=35&type=chunk) - In May 2023, the company issued **$275.0 million** of 9.00% senior secured notes due 2028, with proceeds used to prepay outstanding borrowings under its export credit facilities[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2023 performance to increased tour revenues and Adjusted EBITDA, with robust future bookings and sufficient liquidity - In Q1 2023, the company generated **$143.4 million** in revenue, **$12.5 million** in operating income, and **$27.2 million** in Adjusted EBITDA[92](index=92&type=chunk) - Bookings for the full year 2023 are **45% ahead** of bookings for 2019 at the same point in 2019, indicating strong future demand[93](index=93&type=chunk) Consolidated Results Summary (in thousands) | Metric | Q1 2023 | Q1 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Tour revenues | $143,395 | $67,846 | $75,549 | 111% | | Operating income (loss) | $12,466 | $(34,245) | $46,711 | 136% | | Net income (loss) | $778 | $(42,148) | $42,926 | 102% | [Results of Operations — Segments](index=28&type=section&id=Results%20of%20Operations%20%E2%80%94%20Segments) Both Lindblad and Land Experiences segments achieved significant revenue growth and swung to operating income in Q1 2023 Segment Operating Performance (in thousands) | Segment | Q1 2023 Revenue | Q1 2022 Revenue | Q1 2023 Operating Income (Loss) | Q1 2022 Operating Income (Loss) | | :--- | :--- | :--- | :--- | :--- | | Lindblad | $115,498 | $50,274 | $12,118 | $(33,569) | | Land Experiences | $27,897 | $17,572 | $348 | $(676) | Lindblad Segment Guest Metrics | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Available Guest Nights | 83,184 | 48,546 | | Occupancy | 81% | 66% | | Net Yield per Available Guest Night | $1,205 | $739 | [Adjusted EBITDA — Consolidated](index=31&type=section&id=Adjusted%20EBITDA%20%E2%80%94%20Consolidated) Consolidated Adjusted EBITDA for Q1 2023 significantly improved to $27.2 million from a negative $21.2 million in Q1 2022 Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income (loss) | $778 | $(42,148) | | Adjustments (Interest, Tax, D&A, etc.) | $26,408 | $20,928 | | **Adjusted EBITDA** | **$27,186** | **$(21,220)** | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company held $84.0 million in unrestricted cash and refinanced debt with $275.0 million in new notes - As of March 31, 2023, the Company had **$84.0 million** in unrestricted cash and cash equivalents and **$36.7 million** in restricted cash[132](index=132&type=chunk) - In February 2022, the company issued **$360.0 million** of 6.75% senior secured notes due 2027 and entered into a new **$45.0 million** revolving credit facility[137](index=137&type=chunk)[139](index=139&type=chunk) - In April 2023, the company issued **$275.0 million** of 9.00% senior secured notes due 2028, using the proceeds to pay down borrowings under its First and Second Export Credit Agreements[144](index=144&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure, with a 100 basis point LIBOR increase impacting annual interest expense by $2.0 million - A hypothetical **100 basis point** increase in LIBOR interest rates would impact annual interest expense by approximately **$2.0 million**[152](index=152&type=chunk) [Controls and Procedures](index=34&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of March 31, 2023, with no material changes to internal controls - The Company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of March 31, 2023[153](index=153&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[154](index=154&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal claims, maintaining insurance coverage for potential damages - The Company is involved in various claims and legal actions in the ordinary course of business and has insurance coverage for potential damages[155](index=155&type=chunk) [Risk Factors](index=34&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2022 Annual Report disclosure - The risks and uncertainties discussed in the 2022 Annual Report remain the most important for consideration[156](index=156&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=34&type=section&id=ITEM%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales occurred; the stock repurchase plan has a remaining authorized amount of $12.0 million - The company's stock repurchase plan has a remaining balance of **$12.0 million** for future repurchases as of March 31, 2023[158](index=158&type=chunk) - No unregistered sales of equity securities occurred during the quarter ended March 31, 2023[157](index=157&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the current reporting period [Mine Safety Disclosures](index=35&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period [Other Information](index=35&type=section&id=ITEM%205.%20Other%20Information) This section is not applicable for the current reporting period [Exhibits](index=36&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including supplemental indentures and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________to ______________ Commission File Number 001-35898 LINDBLAD EXPEDITIONS HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) | Delaware ...

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET Company Participants Craig Felenstein - Chief Financial Officer Dolf Berle - Chief Executive Officer Conference Call Participants Steve Wieczynski - Stifel Alex Fuhrman - Craig-Hallum Capital Group Ryan Sundby - William Blair Operator Hello, everyone, and welcome to the Lindblad Expeditions Holding's 2022 Fourth Quarter and Full Year Financial Results. My name is Bruno, and I will be operating you ...

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants Craig Felenstein - Chief Financial Officer Dolf Berle - Chief Executive Officer Conference Call Participants Steve Wieczynski - Stifel Ryan Sundby - William Blair Chris Woronka - Deutsche Bank Alex Fuhrman - Craig-Hallum Christine Webb - Artisan Partners Operator Hello and welcome to today's Lindblad Expeditions Holdings Inc. Third Quarter 2022 Financial Results Call. My name i ...