Lindblad starts to reduce losses

2021-08-12T18:46:20+00:00 August 12th, 2021|Finance|

Lindblad Expeditions Holdings has reported a net loss $36.6 mill, or $0.71 per diluted share, for the second quarter of this year, compared with a net loss of $39.7 mill, or $0.80 per diluted share, in 2Q20.

The $3 mill improvement primarily reflects the resumption of several expeditions and trips and a $0.2 mill foreign currency gain in the current year versus a $3.9 mill foreign currency loss in 2Q20, the company said.

These increases were partially offset by a $1.5 mill rise in interest expenses, due to additional borrowings and higher rates.

The 2Q21 adjusted EBITDA loss was $23 mill, an improvement of $2.5 mill when compared to the same period in 2020. The increase was driven by a $1.2 mill improvement in the Lindblad segment and a $1.4 mill improvement in the Land Experiences segment.

Lindblad segment’s adjusted EBITDA loss of $21.8 mill was an improvement of $1.2 mill versus 2Q20, primarily due to the resumption of several expeditions during June, 2021, partially offset by higher cost of tours and increased personnel costs related to restarting operations and higher credit card commissions related to bookings for future travel.

Land Experiences segment adjusted EBITDA loss of $1.1 mill was an improvement of $1.4 mill year-on-year, primarily due to additional trips, partially offset by higher cost of tours and increased personnel costs related to the additional departures and increased marketing costs to drive long-term growth initiatives.

Lindblad resumed ship operations in June, 2021 and as of 31st July, 2021 had eight of its nine vessels sailing.

Bookings for the full year 2022 were 36% ahead of 2021 bookings as of the same date and 36% ahead of the bookings for 2020, as of the same date two years ago.

The company continues to see new bookings for future travel, including over $174.0 million since the beginning of 2021, and is receiving significant deposits and final payments for future travel.

As of 30th June, 2021, the company had $160.1 mill in unrestricted cash and $43.5 mill in restricted cash primarily related to deposits on future travel originating from US ports and credit card reserves. Its total debt position was $514.7 mill and the company was in compliance with all of its debt covenants.

Dolf Berle, Lindblad’s CEO (pictured), said: “It is a great privilege to succeed our founder Sven Lindblad in the CEO role of this remarkable company. Over the past 40 years Sven has built the pre-eminent expedition travel business, providing high-quality and immersive experiences in the world’s most extraordinary destinations.

“I am excited, together with Sven and the entire Lindblad Board of Directors, to build upon this past success and further capitalize on the substantial demand for authentic adventure travel. Much of our short-term focus is on ramping up operations, and we couldn’t be happier to have nearly all our ships back delivering unparalleled experiences to our loyal guests.

“At the same time, the comprehensive plan the company has been executing during the pandemic has enabled us to return to operations as a vibrant company. While it will take some time to fully regain the momentum we were generating before the pandemic, we are well on our way and, with additional capacity from two new Polar ships, an expanded product platform that includes our two recently acquired land-based business, and a strong balance sheet that will enable us to explore additional opportunities, we are well positioned for sustained growth and building additional shareholder value in the years ahead,” he said.