Lindblad Expeditions Holdings, Inc. Reports 2024 Third Quarter Financial Results

Core Insights - Lindblad Expeditions Holdings, Inc. reported a record third quarter for 2024, with total revenues increasing by 17% to $206.0 million compared to the same period in 2023, driven by strong performance in both the Lindblad and Land Experiences segments [1][3][4] - The company achieved a net income available to stockholders of $21.3 million, significantly up from $4.5 million in the prior year, reflecting improved operating results and a tax benefit [6][23] - Adjusted EBITDA rose by 35% to $45.8 million, indicating robust operational efficiency and growth across segments [7][15] Financial Performance - Total tour revenues for the third quarter reached $206.0 million, an increase of $30.0 million or 17% year-over-year, with the Lindblad segment contributing $121.3 million and the Land Experiences segment $84.7 million [3][5] - The Lindblad segment saw a 12% increase in tour revenues, attributed to a 6% rise in available guest nights and a 9% increase in net yield per available guest night to $1,205 [4][10] - Land Experiences tour revenues surged by 26%, primarily due to increased guest travel and the acquisition of Wineland-Thompson Adventures [5][14] Operational Metrics - Available Guest Nights increased by 6%, with occupancy rates improving to 82% from 81% in the previous year [1][31] - Bookings for future travel have increased by 26% compared to the same period in 2023, indicating strong demand for the company's offerings [1][2] - The company expanded its land-based portfolio with the acquisition of Wineland-Thompson Adventures, enhancing its adventure travel offerings [1][14] Strategic Initiatives - The company announced the addition of two new Galápagos expedition vessels to its fleet, set to enhance its offerings in the region [13] - Lindblad continues to focus on high-quality travel experiences and strategic expansion to capture growing demand in the adventure travel market [2][18] Balance Sheet and Liquidity - As of September 30, 2024, the company reported cash and cash equivalents of $224.6 million, up from $187.3 million at the end of 2023, reflecting strong cash flow from operations [11] - Total debt stood at $635.0 million, with the company in compliance with all applicable debt covenants [12][22] Financial Outlook - The company expects full-year 2024 tour revenues to be in the range of $610 million to $630 million and Adjusted EBITDA between $88 million and $98 million [15][34] - A stock repurchase plan of $35.0 million is currently in place, with $12.0 million remaining as of November 4, 2024 [15]