Lindblad Expeditions (US:LIND)2025-02-27 21:18Financial Data and Key Metrics Changes - The company reported record revenue of $645 million for 2024, an increase of 13% compared to 2023, with adjusted EBITDA rising 28% to $91.2 million [15][32][34] - The net loss available to stockholders improved to $35.8 million, or $0.67 per diluted share, reflecting significant operational improvements [36] - Total cash at year-end was $216 million, an increase of $29 million from 2023, driven by strong cash from operations [37] Business Line Data and Key Metrics Changes - Lindblad segment tour revenue increased by 7% to $423 million, driven by a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [32][33] - Land Experiences tour revenues surged by 29% to $221 million, attributed to additional trips and higher pricing, including contributions from the acquisition of Wineland-Thomson Adventures [33] Market Data and Key Metrics Changes - Bookings for 2025 and 2026 are trending ahead of the previous year in both the Expedition and Land segments, with the 2025 program nearly sold out and 2026 over half booked [16][42] - The company is experiencing strong demand in the adventure travel market, with expectations to meet or exceed pre-pandemic occupancy levels in 2026 [40][43] Company Strategy and Development Direction - The company aims to maximize revenue generation through higher occupancy, pricing, and deployment profitability, while also optimizing financial performance through cost innovations [22][23] - Strategic initiatives include amplifying the brand story through a new co-branded campaign with National Geographic, expanding charter and group businesses, and focusing on international market growth [24][27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum across their diverse portfolio and the ability to drive long-term sustainable growth through strategic investments and operational excellence [29][30] - The new management team is focused on organic growth, smart cost innovations, and exploring opportunistic fleet growth to enhance shareholder value [51][52] Other Important Information - The company completed the rollout of key technology advancements, including the Seaware booking platform and onboard technology upgrades, aimed at improving operational efficiencies [19][20] - Sustainability remains a core mission, with 45 conservation initiatives facilitated in 2024, including significant projects like the Floreana Island restoration [21] Q&A Session Summary Question: Guidance on EBITDA and occupancy expectations - Management noted strong double-digit EBITDA growth in 2024 and expects continued growth in 2025, while also investing in future growth opportunities [47][49] Question: Long-term growth strategy with new management - Management highlighted three key areas for value creation: organic growth through maximizing revenues, smart cost innovations, and opportunistic fleet growth [50][52] Question: Update on Disney sales partnership - The partnership with Disney is gaining momentum, with a strong roadmap for 2025 and positive returns from new sales channels and direct mail campaigns [56][58]