Lindblad reports increased revenues

2018-08-11T06:56:05+00:00 August 11th, 2018|Finance|

Lindblad Expeditions Holdings second quarter tour revenues of $69.5 mill was an increase of 25%, compared to the same period in 2017.

This increase was driven by growth of $12.3 mill at the Lindblad segment and a $1.6 mill increase at Natural Habitat.

Lindblad segment tour revenues of $59.6 mill increased by 26%, compared to 2Q17, primarily due to an 18% increase in available guest nights, mostly from the launch of the ‘National Geographic Quest’ in July, 2017 and fewer planned drydock days in 2Q18.

The year -on-year growth also reflected an increase in occupancy from 85% to 90%, due to higher demand across the fleet and a 6% increase in net yield to $1,002 due to increased prices and itinerary changes.
Natural Habitat revenues of $9.9 mill were an increase of 19%, compared to 2Q17, due primarily to higher ticket revenue from additional departures and increased pricing.

Net income for 2Q18 was $0.1 mill, $0.00 per diluted share, compared to a net loss of $2.5 mill, $0.06 per diluted share, in 2Q17.

The $2.7 mill improvement primarily reflected the higher operating results and $1.1 mill of lower stock-based compensation expense in the current year, partially offset by a $1.1 mill loss on foreign currency, a $1.1 mill increase in depreciation and amortisation, primarily due to the addition of the ‘National Geographic Quest’ and a $0.8 mill increase in interest expense primarily related to refinancing the company’s credit facility during 1Q18.
Second quarter adjusted EBITD was $11.5 mill, an increase of 117%, compared to the same period in 2017. This increase was driven by growth of $6.3 mill at the Lindblad segment slightly offset by a $0.2 mill decrease at Natural Habitat.

Lindblad segment adjusted EBITDA of $12 mill, an increase of 112%, compared to 2Q17, as the increased tour revenues were partially offset by operating costs on the ‘National Geographic Quest’.
The second quarter also included higher operating costs, due to the additional guest nights, increased fuel costs across the fleet, due to higher pricing, increased commission expense related to the revenue growth and higher personnel costs.

Lindblad’s cash and cash equivalents were $91.6 mill as of 30th June, 2018, compared with $96.4 mill as of 31st December, 2017. This decrease primarily reflected purchases of property and equipment of $31.5 mill, mostly related to the construction of two new vessels, and a $15.7 mill increase in restricted cash related to higher deposits for travel on the company’s US flagged vessels.

These decreases were mostly offset by $24.8 mill in net cash provided by operating activities, due to the improved operating performance and $17.6 mill in net cash provided by financing activities primarily due to the increase in long-term debt associated with refinancing our credit facility.
The company’s current expectations for the full year 2018 are as follows:
⦁ Tour revenues of $308 – $315 mill (16-18% growth).
⦁ Adjusted EBITDA of $54 – $57 mill (24-31% growth).

As of 31st July, 2018, the Lindblad segment had 99% of full year 2018 projected guest ticket revenues on the books, versus 99% of full year 2017 guest ticket revenue at the same time last year.
President and CEO, Sven-Olof Lindblad (pictured), said “Lindblad delivered another quarter of strong financial results during the second quarter as the strategic investments we have made to expand capacity and develop our sales and marketing infrastructure continue to deliver significant returns.
“As we have added inventory, we have also been able to increase our occupancy and yields from increased demand across our existing loyal customer base and a growing population of new guests who are seeking high quality and immersive expedition experiences.
“Given the robust demand for authentic adventure travel, we announced last month that we will be building an additional new Polar ice class vessel. This will be the fourth newbuild for Lindblad and allow us to add to our proven track record of delivering unparalleled expeditions to the world’s most remarkable destinations,” he concluded.