Lindblad Expeditions (LIND) - 2024 Q4 - Annual Results

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].