Lindblad Expeditions Holdings has reported that its full year 2024 tour revenues of $644.7 mill was an increase of $75.2 mill, or 13%, compared to the previous year.
This increase was driven by a $25.9 mill rise at the Lindblad segment and a $49.3 mill increase at the Land Experiences segment.
Lindblad segment tour revenues of $423.3 mill, was an increase of $25.9 mill, or 7%, compared to 2023.
The rise was driven by a 2% rise in available guest nights, due to greater fleet utilisation, a 7% increase in net yield per available guest night to $1,170, due to higher pricing and higher occupancy of 78% in 2024, compared to 77% in the previous year.
Land Experiences segment tour revenues of $221.4 mill was an increase of $49.2 mill, or 29%, compared to 2023, primarily due to an increase in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.
However, Lindblad reported a net loss of $35.8 mill, $0.67 per diluted share, compared with a net loss of $50 mill, $0.94 per diluted share, in 2023.
The $14.2 mill improvement primarily reflected higher operating results, lower tax expense, and lower stock-based compensation expense, partially offset by higher depreciation and amortisation, transaction-related costs and foreign currency losses.
Full year adjusted EBITDA increased by $20 mill to $91.2 mill, compared to 2023 driven by a $10.9 mill rise at the Lindblad segment and a $9.1 mill increase at the Land Experiences segment.
Lindblad segment adjusted EBITDA of $59.4 mill was an increase of $10.9 mill, compared to 2023, primarily due to increased tour revenues, partially offset by increased marketing and higher general and administrative investments to drive long-term growth initiatives, and increased royalties associated with the expanded National Geographic agreement.
Land Experiences segment adjusted EBITDA of $31.8 mill was an increase of $9.1 mill, compared to 2023, due to increased tour revenues and the addition of Wineland-Thomson Adventures, partially offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.
For the fourth quarter of last year, tour revenues were $148.6 mill, a rise of $23.2 mill, or 19%, compared to the same period in 2023.
This increase was driven by a $4.9 mill rise at the Lindblad segment and a $18.3 mill increase at the Land Experiences segment.
Lindblad segment tour revenues of $90.7 mill was an increase of $4.9 mill, or 6%, compared to 4Q23.
The increase was driven by a 13% rise in net yield per available guest night to $1,150, due to higher pricing and an increase in occupancy to 78%, compared to 70% in the fourth quarter a year ago.
Land Experiences tour revenues of $57.9 mill was an increase of $39.6 mill, or 46%, compared to 4Q23, primarily due to a rise in guests traveled, higher pricing and the addition of Wineland-Thomson Adventures.
Fourth quarter net loss was $26.2 mill, $0.48 per diluted share, compared with a net loss of $28.5 mill, $0.53 per diluted share, in 4Q23.
The $2.3 mill improvement primarily reflected higher operating results and lower stock-based compensation expense, partially offset by higher depreciation and amortisation and foreign currency losses.
Fourth quarter Adjusted EBITDA of $13.4 mill was an increase of $9.6 mill, compared to the same period in 2023, driven by a $6.6 mill rise at the Lindblad segment and a $3 mill increase at the Land Experiences segment.
The company’s cash and cash equivalents and restricted cash amounted to $216.1 mill as of 31st December, 2024, compared with $187.3 mill as at the end of 2023.
This increase primarily reflected $92.4 mill in cash from operations, due primarily to a rise in bookings for future travel, which was partially offset by $33.5 mill used to purchase 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 31st December, 2024, the company’s total debt position was $635 mill and was in compliance with all of its applicable debt covenants.
CEO Natalya Leahy (pictured), commented, “Experiencing our ships first hand, I was both humbled and inspired by the truly unmatched adventures we offer, from the most agile and immersive expeditions to the warmth and intimacy of the atmosphere onboard. Lindblad Expeditions pioneered and perfected exploration in the world’s most awe-inspiring destinations.
“2024 was not only a record year, it was also a foundational one for future growth. With a strengthened Disney/National Geographic relationship, expanded capacity in core markets, and the increased scale of our six-brand portfolio, we are entering 2025 with strong tailwinds.
“This year, we are focused on driving demand, innovating smartly on costs, and unlocking new portfolio opportunities to further expand our reach and impact,” she said.
The company also said that it continued to be encouraged by the strong demand in the adventure travel market for both the Lindblad and Land Experiences segments.
Booking curves were trending ahead of 2024 for 2025 and 2026 in both segments.
Lindblad’s current expectations for 2025 were – tour revenues of $700 – $750 mill and an adjusted EBITDA of $100 – $112 mill.
