Lindblad Expeditions today reported financial results for the second quarter ended June 30, 2024.

Sven Lindblad, Chief Executive Officer, said “We continued our growth trajectory this quarter with a 9% increase in revenue, demonstrating that more and more people are keen to explore the less traveled destinations and appreciate our dedication to providing our guests unique and valuable travel experiences.

“We are focused on maximizing the value of our fleet, by continually increasing occupancy and yield, while also implementing initial phases of efficiency improvement in our operations across the company. We continue to be disciplined in our capital allocation as we seek to reduce our leverage. To further our continued growth efforts, we expanded our portfolio of successful land companies with the acquisition of Thomson Safaris, and a commitment to acquire two more ships in our core Galapagos market. This was a rare opportunity to expand our fleet in the limited license Galapagos environment while at the same time eliminating two ships that competed with us.”

Second Quarter 2024 Highlights:

• Total revenues increased 9% to $136.5 million
• Net loss available to stockholders increased $0.3 million
• Adjusted EBITDA increased $4.2 million to $10.4 million
• Lindblad segment Available Guest Nights increased 4%
• Net Yield per Available Guest Night increased 6% to $1,094 and Occupancy was 78%
• Bookings to date for future travel increased 17% vs the same period in 2023 and in-year bookings expanded to 6% over the same point in 2023 and over 29% excluding carryover bookings
• Announced an agreement for the acquisition of two vessels to expand core Galápagos market
• Further expanded land-based portfolio with the closing of the acquisition of Wineland-Thompson Adventures.

 

Tour Revenues

Second quarter tour revenues of $136.5 million increased $11.7 million, or 9%, as compared to the same period in 2023. The increase was driven by a $5.6 million increase at the Lindblad segment and a $6.1 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $93.1 million increased $5.6 million, or 6%, compared to the second quarter a year ago. The increase was driven by a 4% increase in available guest nights due to greater fleet utilization, a 6% increase in net yield per available guest night to $1,094 due to higher pricing and an increase in occupancy to 78% from 74% as compared to the second quarter a year ago.

Land Experiences tour revenues of $43.4 million increased $6.1 million, or 16%, compared to the second quarter a year ago primarily due to an increase in guests traveled and higher pricing.

Net Income

Net loss available to stockholders for the second quarter was $25.8 million, $0.48 per diluted share, as compared with net loss available to stockholders of $25.6 million, $0.48 per diluted share, in the second quarter of 2023. The $0.3 million decrease is due to the $3.9 million write off in deferred financing fees in the second quarter a year ago due to refinancing the Company’s export credit facilities which was more than offset by $4.4 million increase in tax expense.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $10.4 million increased $4.2 million as compared to the same period in 2023 driven by a $3.9 million increase at the Lindblad segment and a $0.3 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $6.5 million increased $3.9 million as compared to the same period in 2023, primarily due to increased tour revenues, partially offset by higher general and administrative costs primarily due to increased personnel costs and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $3.8 million increased $0.3 million as compared to the same period in 2023, as increased tour revenues were offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.