Lindblad Expedition Holdings reported 2022 tour revenues of $421.5 mill, an increase of $274.4 mill, compared to the same period in 2021.
The rise was driven by a $195.6 mill increase at the Lindblad segment and a $78.8 mill increase at the Land Experiences segment, primarily due to the ramp up in expeditions and trips and higher pricing.
Land Experiences also included the full year of results for the three companies acquired in 2021.
Net loss for the full year was $116.1 mill, or $2.23 per diluted share, compared with net loss of $124.7 mill, $2.41 per diluted share, in 2021.
The $8.6 mill improvement primarily reflected the ramp up in operations, partially offset by a $12.9 mill increase in interest expense, due to additional borrowings and higher rates, a $8.1 mill increase in tax expense and a $4.5 mill increase in depreciation and amortisation, primarily due to the addition of the ’National Geographic Resolution’ to the fleet in September, 2021.
Other income declined by $15.8 mill, primarily due to $10.9 mill of costs related to refinancing the company’s term loan and revolving credit facilities and a $3.8 mill decrease in 2022 versus 2021 for income recognised through utilisation of the grant for the Coronavirus Economic Relief for Transportation Services (CERTS) Act for covered expenses.
Full year adjusted EBITDA loss of $11.5 mill was an improvement of $52.5 mill, compared to the same period in 2021 driven by a $38.1 mill improvement at the Lindblad segment and a $14.4 mill increase at the Land Experiences segment.
Lindblad segment adjusted EBITDA loss of $29.2 mill was an improvement of $38.1 mill, compared to 2021, primarily from increased tour revenues, partially offset by higher cost of tours and increased personnel costs from the ramp up in operations, higher commissions related to the revenue and bookings increase and higher marketing costs to drive future growth.
Land Experiences segment adjusted EBITDA of $17.6 mill was an increased of $14.4 mill, compared to 2021, primarily due to additional trips, partially offset by higher cost of tours and increased personnel costs from the ramp up in operations and increased marketing costs to drive future bookings.
Fourth quarter 2022 tour revenues were $118 mill, an increase of $52.4 mill, compared to the same period in 2021.
The 4Q22 net loss was $33.2 mill, $0.63 per diluted share, compared with net loss of $27.8 mill, $0.54 per diluted share, in 4Q21.
The $5.4 mill drop primarily reflected the ramp up in operations, which was offset by a decline in other income of $11.5 mill primarily due to the utilisation in 4Q21 of the CERTS grant for covered expense.
The period also included an increase in tax expense of $4.8 mill and an increase in interest expense of $3.9 mill, due to additional borrowings and higher rates.
Fourth quarter adjusted EBITDA loss of $2.7 mill was an improvement of $11 mill, compared to the same period in 2021 driven by a $10.3 mill improvement at the Lindblad segment and a $0.7 mill increase at the Land Experiences segment.
A Lindblad segment adjusted EBITDA loss of $5.6 mill was an improvement of $10.3 mill, compared to the same period in 2021, primarily from increased tour revenues, partially offset by higher cost of tours and increased personnel costs from the ramp up in operations, higher commissions related to the revenue and bookings increase and higher marketing costs to drive future growth.
Land Experiences segment adjusted EBITDA of $2.9 mill was an increase of $0.7 mill, compared to 2021, primarily due to additional trips, partially offset by higher cost of tours, increased personnel costs related to the ramp up in operations and increased marketing costs to drive future bookings.
CEO Dolf Berle (pictured), said “Throughout 2022, Lindblad generated strong revenue growth as we successfully ramped our operations, returning to geographies we have been exploring for decades. We also expanded our product offerings, with broader utilisation of our two new Polar ships and further integration of our three acquired land-based travel companies.
“More travellers than ever before are looking for authentic and immersive experiences in unique destinations and with a proven track record of delivering high-quality expeditions in the world’s most remarkable geographies, Lindblad is distinctly positioned to capitalise on this growing demand.
“In 2023, we expect to further harness the expanded earnings power of the company and deliver strong growth from pre-pandemic levels, while continuing to build long-term shareholder value,” he said.
As of December 31, 2022, the company had $87.2 mill in unrestricted cash and $28.8 mill in restricted cash, primarily related to deposits on future travel originating from US ports and credit card reserves.
As of 31st December, 2022, the company had a total debt position of $565.8 mill and was in compliance with all of its applicable debt covenants, it claimed.
The company’s current expectations for the full year 2023 are as follows:
- tour revenues of $550 – $575 mill
- adjusted EBITDA of $70 – $80 mill.
As of 21st February, 2023, Lindblad segment bookings for travel this year had increased 47%, compared with bookings for 2019 as of the same date.
