Lindblad Expeditions Holdings, Inc. Reports 2025 First Quarter Financial Results

Core Insights - Lindblad Expeditions Holdings, Inc. reported strong financial results for Q1 2025, with a total tour revenue increase of 17% year-over-year to $179.7 million, driven by higher occupancy and pricing [3][11][25] - The company achieved an occupancy rate of 89%, up from 76% in the same quarter last year, and a net yield per available guest night of $1,521, reflecting a 25% increase [4][11][33] - Adjusted EBITDA for the first quarter rose by 39% to $30.0 million, indicating improved operational efficiency and profitability [7][11][29] Financial Performance - Tour revenues for the Lindblad segment reached $131.1 million, an 11% increase, while the Land Experiences segment saw revenues of $48.6 million, a 38% increase [10][11] - The net loss available to stockholders improved significantly to $0.04 million from a loss of $5.1 million in Q1 2024, reflecting better operational results and tax benefits [6][11][25] - Adjusted EBITDA for the Lindblad segment was $26.3 million, up 29%, while the Land Experiences segment's Adjusted EBITDA increased to $3.7 million, a 223% rise [8][9][12] Balance Sheet and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $235.2 million, an increase from $216.1 million at the end of 2024, primarily due to strong cash flow from operations [13] - Total debt stood at $635.0 million, with the company in compliance with all applicable debt covenants [14] 2025 Outlook - The company anticipates full-year tour revenues between $700 million and $750 million and Adjusted EBITDA of $100 million to $112 million [21][36] - A stock repurchase plan of $35.0 million is in place, with $12.0 million remaining as of April 30, 2025 [15]