Lindblad Expeditions (US:LIND) Prnewswire·2025-02-27 12:30Core Insights - Lindblad Expeditions Holdings, Inc. reported a record year in 2024, with a focus on future growth driven by a strengthened relationship with Disney/National Geographic and expanded capacity in core markets [2][12][24] - The company aims to drive demand, innovate on costs, and unlock new portfolio opportunities in 2025 [2] Financial Performance - Full year tour revenues reached $644.7 million, an increase of $75.2 million or 13% compared to the previous year, driven by growth in both the Lindblad segment and Land Experiences segment [3][12] - Lindblad segment tour revenues were $423.3 million, up $25.9 million or 7%, attributed to a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [4][12] - Land Experiences segment tour revenues increased to $221.4 million, a rise of $49.2 million or 29%, primarily due to an increase in guests traveled and higher pricing [5][12] Net Income and Adjusted EBITDA - The net loss available to stockholders for the full year was $35.8 million, improving by $14.2 million from a loss of $50.0 million in 2023 [6][12] - Adjusted EBITDA for the full year was $91.2 million, an increase of $20.0 million or 28% compared to 2023, with contributions from both segments [7][12] Fourth Quarter Highlights - Fourth quarter tour revenues were $148.6 million, up $23.2 million or 19% year-over-year, with significant contributions from both segments [10][12] - Lindblad segment tour revenues for the fourth quarter were $90.7 million, a 6% increase, driven by a 13% rise in net yield per available guest night to $1,150 [11][12] - Land Experiences segment tour revenues for the fourth quarter surged to $57.9 million, a 46% increase, primarily due to higher guest numbers and pricing [13][12] Balance Sheet and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of $216.1 million, up from $187.3 million a year earlier, reflecting strong cash flow from operations [19] - Total debt stood at $635.0 million, with compliance to all applicable debt covenants [20] Acquisitions and Expansion - In January 2025, the company acquired two new Galápagos expedition vessels to enhance its fleet, with the first vessel set to embark on its inaugural voyage in February 2025 [21] - The acquisition of Wineland-Thomson Adventures in July 2024 for $30 million expanded the company's portfolio to six adventure brands, targeting the growing adventure travel market [22][23] Financial Outlook - The company anticipates full year 2025 tour revenues between $700 million and $750 million and Adjusted EBITDA between $100 million and $112 million [31][12]