Lindblad Expeditions (US:LIND)2024-04-30 17:12Financial Data and Key Metrics Changes - Total company revenue for Q1 2024 was $154 million, an increase of $10 million or 7% compared to Q1 2023 [59] - Adjusted EBITDA decreased to $21.6 million, down $5.6 million from the same period last year [34] - The net loss available to stockholders was $5.1 million or $0.10 per diluted share, compared to a loss of $0.4 million or $0.01 per diluted share in Q1 2023 [62] Business Line Data and Key Metrics Changes - Lindblad segment revenue was $118.3 million, a 2% increase year-over-year, driven by a 3% increase in available guest nights and a 1% net yield growth [33] - Land Experiences segment revenue increased by $7.4 million or 27% to $35.3 million, attributed to higher guest counts and pricing across various tours [60] Market Data and Key Metrics Changes - Bookings for future travel were up 20% year-to-date compared to the same period in 2023, with a 35% increase in bookings for 2024 travel [5][10] - Occupancy rates decreased to 76% from 81% in Q1 2023, influenced by carryover bookings from 2023 and geopolitical events [33][6] Company Strategy and Development Direction - The company is focusing on maximizing brand opportunities through an extended partnership with National Geographic until 2040, leveraging Disney's distribution channels [7][9] - A new acquisition of Wineland-Thomson Adventures is expected to enhance the company's land-based portfolio and capitalize on the growing demand for adventure travel [11][63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external headwinds such as geopolitical events affecting revenue and occupancy, but remains optimistic about long-term growth in experiential travel [6][4] - The company anticipates significant growth in 2024, with 94% of projected ticket revenues already booked for the year [37] Other Important Information - Operating expenses increased by $15.8 million or 14% year-over-year, primarily due to higher costs associated with tours and increased personnel costs [17][18] - The company ended Q1 2024 with $224 million in cash, an increase of $37 million from the end of 2023 [36] Q&A Session Summary Question: How will the Disney partnership impact costs and revenue? - Management indicated that the investment in the Disney partnership will be more significant this year, with benefits expected to materialize in 2025 and beyond [67][68] Question: What are the implications of the recent acquisition on capital allocation? - Management emphasized the balance between long-term growth through acquisitions and returning capital to shareholders, noting the favorable acquisition multiple for Wineland-Thomson [44][45] Question: How is the company addressing competitive pricing pressures? - Management acknowledged increased competition and pricing pressures but emphasized maintaining price integrity and exploring innovative offerings to attract guests [24][84]