Lindblad Expeditions (US:LIND)2025-05-06 11:25Revenue 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]