Lindblad Expeditions (US:LIND)2025-11-04 13:21Revenue Growth - Total revenue for Q3 2025 increased by 17% to $240.2 million compared to Q3 2024, driven by growth in both Lindblad and Land Experiences segments[5] - Tour revenues for the three months ended September 30, 2025, were $240.172 million, a 16.5% increase from $206.005 million in the same period of 2024[28] - Total guest ticket revenues for Q3 2025 were $120,979,000, up from $109,140,000 in Q3 2024, reflecting an increase of 10.9%[34] Segment Performance - Lindblad segment tour revenues rose by 13% to $137.6 million, with a net yield per available guest night increasing by 9% to $1,314 and occupancy improving to 88% from 82%[6] - Land Experiences segment tour revenues increased by 21% to $102.6 million, driven by additional trips and higher pricing[6] - Adjusted EBITDA for the Lindblad segment reached $32,773,000 in Q3 2025, compared to $26,238,000 in Q3 2024, reflecting a year-over-year increase of 24.5%[32] Financial Performance - Adjusted EBITDA for Q3 2025 increased by 25% to $57.3 million, reflecting strong performance in both segments[9] - Operating income for Q3 2025 increased by 22% to $35.97 million compared to Q3 2024, with both segments contributing to this growth[12] - Operating income for the nine months ended September 30, 2025, was $50.993 million, compared to $29.124 million for the same period in 2024, reflecting a growth of 74.5%[28] Cash and Debt Management - Cash and cash equivalents increased to $290.1 million as of September 30, 2025, up from $216.1 million at the end of 2024, largely due to increased bookings[13] - The company refinanced its long-term debt, lowering the interest rate to 7.00% and extending maturity to 2030, enhancing financial flexibility[14] - The company had a total debt position of $675.0 million as of September 30, 2025, and was in compliance with all applicable debt covenants[15] Loss and Adjustments - The net loss available to stockholders was $49 thousand, a significant decrease from a net income of $21.3 million in Q3 2024, primarily due to $23.5 million in debt refinancing expenses[8] - The company incurred a loss on extinguishment of debt amounting to $23.492 million during the nine months ended September 30, 2025[28] - The company reported a net loss of $1.383 million for the nine months ended September 30, 2025, an improvement from a net loss of $3.005 million in the same period of 2024[30] Cash Flow and Assets - Net cash provided by operating activities for the nine months ended September 30, 2025, was $97.141 million, an increase from $90.675 million in 2024[30] - Total assets increased to $976.534 million as of September 30, 2025, up from $876.905 million as of December 31, 2024, representing an increase of 11.4%[26] - Total liabilities increased to $1,105.338 million as of September 30, 2025, from $1,022.440 million as of December 31, 2024, reflecting an increase of 8.1%[26] Guest Metrics - The number of guests increased to 10,685 in Q3 2025, compared to 9,414 in Q3 2024, marking a growth of 13.5%[34] - Occupancy rate improved to 88% in Q3 2025, up from 82% in Q3 2024, showing a significant increase of 7.3 percentage points[34] - The maximum guests capacity increased to 11,909 in Q3 2025 from 11,225 in Q3 2024, indicating a growth of 6.1%[34] Guidance - The company expects full-year 2025 Adjusted EBITDA to be in the range of $119 million to $123 million[17] - The company provided Adjusted EBITDA guidance for the full year 2025 in the range of $119 million to $123 million[37] Cost Management - Adjusted Net Cruise Cost Excluding Fuel for the nine months ended September 30, 2025, was $248,093,000, compared to $226,092,000 in the same period of 2024, an increase of 9.7%[36] - Free Cash Flow for the nine months ended September 30, 2025, was $60,363,000, a decrease from $67,028,000 in the same period of 2024, indicating a decline of 10.0%[34]