Lindblad Expeditions (US:LIND)2024-04-30 11:27Revenue Performance - First quarter tour revenues increased by 7% to $153.6 million, driven by a $2.8 million increase in the Lindblad segment and a $7.4 million increase in the Land Experiences segment [4]. - Total tour revenues for Q1 2024 were $153.6 million, an increase of 7.6% compared to $143.4 million in Q1 2023 [34]. - For the full year 2024, the company expects tour revenues between $610 million and $630 million [23]. - Bookings for 2024 are 4% ahead of the same point in 2023, with 94% of projected guest ticket revenues already on the books [18]. Financial Performance - The company reported a net loss of $5.1 million, or $0.10 per diluted share, compared to a net loss of $0.4 million, or $0.01 per diluted share, in the same quarter of 2023 [8]. - Operating income decreased to $7.9 million in Q1 2024 from $12.5 million in Q1 2023, reflecting a decline of 36.5% [34]. - Net loss attributable to Lindblad Expeditions Holdings, Inc. was $4.0 million in Q1 2024, compared to a net income of $0.6 million in Q1 2023 [34]. - Adjusted EBITDA for the first quarter decreased by 21% to $21.6 million, with a significant decline of $5.6 million in the Lindblad segment [9]. - Adjusted EBITDA for Q1 2024 was $21.6 million, down 20.6% from $27.2 million in Q1 2023 [37]. - Free Cash Flow turned positive at $37,448,000 in Q1 2024 compared to a negative $4,367,000 in Q1 2023 [40]. Cash and Debt Management - As of March 31, 2024, the company had cash and cash equivalents of $224.2 million, an increase from $187.3 million at the end of 2023 [16]. - Total debt as of March 31, 2024, was $635.1 million, with compliance to all applicable debt covenants [17]. - Cash and cash equivalents increased to $177.7 million as of March 31, 2024, compared to $156.8 million as of December 31, 2023 [32]. - Total current assets rose to $286.6 million as of March 31, 2024, up from $244.5 million as of December 31, 2023 [32]. - Total liabilities increased to $984.5 million as of March 31, 2024, from $945.1 million as of December 31, 2023 [32]. Operational Metrics - Available Guest Nights rose to 85,954 in Q1 2024, up from 83,184 in Q1 2023, while Guest Nights Sold decreased to 64,963 from 67,057 [40]. - Occupancy rate declined to 76% in Q1 2024 from 81% in Q1 2023 [40]. - Gross Yield per Available Guest Night slightly decreased to $1,376 in Q1 2024 from $1,388 in Q1 2023, while Net Yield per Available Guest Night increased to $1,219 from $1,205 [40]. - Adjusted Net Cruise Cost per Available Guest Night increased to $981 in Q1 2024 from $891 in Q1 2023 [42]. - The number of voyages completed increased to 122 in Q1 2024 from 113 in Q1 2023 [40]. - The maximum guest capacity increased to 9,714 in Q1 2024 from 8,990 in Q1 2023 [40]. Strategic Initiatives - The company announced the acquisition of Wineland-Thomson Adventures for approximately $30 million, expected to close after regulatory approvals in Tanzania [15]. - The company anticipates continued growth in tour revenues and plans to focus on expanding its market presence and enhancing customer experiences [30]. - The company has a $35 million stock repurchase plan, with $12 million remaining as of April 29, 2024 [19].