Lindblad Expeditions Holdings enjoyed a 17% rise in total revenues to $206 mill during the third quarter of this year.
Net income available to stockholders increased by $16.8 mill, while adjusted EBITDA rose by 35% to $45.8 mill.
Lindblad segment available guest nights increased by 6% and the net yield per available guest night increased 9% to $1,205 while the occupancy was 82%.
Bookings to date for future travel increased 26% versus the same period in 2023.
In addition, the company further expanded its land-based portfolio with the closing of the acquisition of Wineland-Thompson Adventures.
CEO Sven Lindblad said, “Lindblad delivered a record third quarter, as we continue to generate strong operating results across both our fleet and expanded land experiences portfolio.
“Looking ahead, this strong growth is poised to continue as current year bookings for future travel have reached record levels.
“Our focus continues to be on providing high quality travel experiences and strategically expanding our travel platform to capture this demand. We believe we are well positioned to deliver meaningful shareholder value in the years to come,” he added.
The 3Q24 tour revenues of $206 mill was an increase of $30 mill, or 17%, compared to the same period in 2023. This increase was driven by a $12.5 mill rise at the Lindblad segment and a $17.5 mill increase at the Land Experiences segment.
Lindblad segment tour revenues of $121.3 mill was an increase of $12.5 mill, or 12%, compared to 3Q23. This was driven by a 6% increase in available guest nights, due to greater fleet utilisation, a 9% increase in net yield per available guest night to $1,205 taking advantage of higher pricing and an increase in occupancy to 82% from 81%, compared to the third quarter a year ago.
Land Experiences tour revenues of $84.7 mill was an increase of $17.5 mill, or 26%, compared to 3Q23, primarily due to an increase in guests booking, higher pricing and the addition of Wineland-Thompson Adventures.
The 3Q24 net income available to stockholders was $21.3 mill, $0.36 per diluted share, compared with net income of $4.5 mill, $0.08 per diluted share, in the third quarter of 2023.
The $16.8 mill increase primarily reflected higher operating results, a $6.8 mill tax benefit, $0.4 mill of lower stock-based compensation expense and $0.2 mill in foreign currency gains, compared with $0.5 mill in foreign currency losses in 3Q23, partially offset by $2.2 mill of higher depreciation and amortisation driven by digital transformation projects implemented in 2023 and $1.1 mill in transaction-related costs driven by the acquisition of Wineland-Thomson Adventures.
Third quarter adjusted EBITDA of $45.8 mill was an increase of $11.9 mill, compared to the same period in 2023, driven by a $6.1 mill increase at the Lindblad segment and a $5.7 mill increase at the Land Experiences segment.
Lindblad segment adjusted EBITDA of $26.2 mill was an increase of $6.1 mill, compared to the same period in 2023, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives, higher general and administrative costs, primarily due to increased personnel costs and increased royalties associated with the expanded National Geographic agreement.
The company’s cash and cash equivalents and restricted cash totalled $224.6 mill as of 30th September, 2024, compared with $187.3 mill as of 31st December, 2023.
This increase primarily reflected $90.7 mill in cash from operations, due primarily to increased bookings for future travel, which was partially offset by $23.7 mill used in purchasing property and equipment, as well as, $16.7 mill in cash used in the acquisition of additional ownership in Natural Habitat and DuVine.
As of 30th September, 2024, the company had a total debt position of $635 mill and was in compliance with all of its applicable debt covenants.
During the period, the company announced that it has added two purpose-built Galápagos expedition vessels, which will join the Lindblad Expeditions/National Geographic fleet.
Following the expected closing of the transaction in January, 2025, the ships will undergo upgrades. Once completed, the vessels will embark on their inaugural voyages on 14th February, 2025, and 14th March, 2025, respectively.
During April, 2024, the company increased its ownership of Natural Habitat to 90.1% for $15.2 mill, as Mr Bressler, Founder and CEO of Natural Habitat Adventures, exercised a portion of his put option, and Lindblad exercised part of its call option on DuVine, increasing the ownership to 75% for $1.5 mill.
Lindblad’s current expectations for the full year 2024 are as follows:
- Tour revenues of $610 – $630 mill.
- Adjusted EBITDA of $88 – $98 mill.
