Lindblad Expeditions Holdings total revenues increased by 9% to $136.5 mill in the second quarter of this year.
However, the net loss increased by $0.3 mill, but adjusted EBITDA rose by $4.2 mill to $10.4 mill.
The Lindblad segment available guest nights increased by 4%, net yield per available guest night increased by 6% to $1,094 and occupancy was 78%.
Bookings to date for future travel increased by 17% versus the same period in 2023 and in-year bookings expanded to 6% over the same point in 2023 and over 29%, excluding carry over bookings.
CEO, Sven Lindblad, said: “We continued our growth trajectory this quarter with a 9% increase in revenue, demonstrating that more and more people are keen to explore the less travelled destinations and appreciate our dedication to providing our guests unique and valuable travel experiences.
“We are focused on maximising the value of our fleet, by continually increasing occupancy and yield, while also implementing initial phases of efficiency improvement in our operations across the company. We continue to be disciplined in our capital allocation, as we seek to reduce our leverage.
“To further our continued growth efforts, we expanded our portfolio of successful land companies with the acquisition of Thomson Safaris, and a commitment to acquire two more ships in our core Galapagos market. This was a rare opportunity to expand our fleet in the limited license Galapagos environment, while at the same time eliminating two ships that competed with us,” he said.
Second quarter tour revenues of $136.5 mill increased $11.7 mill, or 9%, compared to the same period in 2023. This increase was driven by a $5.6 mill rise at the Lindblad segment and a $6.1 mill hike at the Land Experiences segment.
Lindblad segment tour revenues of $93.1 mill increased $5.6 mill, or 6%, compared to 2Q23. This increase was driven by a 4% rise in available guest nights, due to greater fleet utilisation, a 6% increase in net yield per available guest night to $1,094, due to higher pricing and an increase in occupancy to 78% from 74%, compared to the second quarter a year ago.
Land Experiences tour revenues of $43.4 mill increased $6.1 mill, or 16%, compared to the second quarter a year ago, primarily due to an increase in guests travelled and higher pricing.
The 2Q24 net loss was $25.8 mill, $0.48 per diluted share, compared with net loss of $25.6 mill, $0.48 per diluted share, in 2Q23.
The decrease was down to the $3.9 mill write off in deferred financing fees in 2Q23, due to refinancing the company’s export credit facilities. which was more than offset by $4.4 mill increase in tax expense.
Lindblad segment adjusted EBITDA of $6.5 mill increased $3.9 mill, compared to the same period in 2023, primarily due to increased tour revenues, partially offset by higher general and administrative costs, primarily due to increased personnel costs and increased royalties associated with the expanded National Geographic agreement.
Land Experiences segment adjusted EBITDA of $3.8 mill increased $0.3 mill, compared to the same period in 2023, as increased tour revenues were offset by increased operating and personnel costs, higher marketing spend to drive future growth, credit card fees and commission expense.
The company’s cash and cash equivalents and restricted cash stood at $217.7 mill as of 30th June, 2024, compared with $187.3 mill as of 31st December, 2023.
This increase primarily reflected $62.6 mill in cash from operations, due mainly to increased bookings for future travel, which was partially offset by $16.7 mill in cash used in the acquisition of additional ownership in Natural Habitat and DuVine, as well as, $13.9 mill used in purchasing property and equipment.
As of 30th June, 2024, the company had total debts of $635.1 mill and was in compliance with all of its applicable debt covenants.
Lindblad also announced that it had added two purpose-built Galápagos expedition vessels to the Lindblad Expeditions/National Geographic fleet.
The first of the two new ships, the ‘National Geographic Gemini’, is a 48 pax configuration vessel featuring two dining venues and 24 outward-facing cabins, including 13 balcony suites.
The second vessel, the ‘National Geographic Delfina’, is a 16 guest, eight-cabin catamaran perfect for family vacations, affinity groups, and private charters.
Following the expected closing of the transaction in January, 2025, both ships will undergo refurbishment.
They will embark on their inaugural voyages on 14th February, 2025, and 14th March, 2025, respectively.
Lindblad’s current expectations for the full year 2024 are as follows:
- Tour revenues of $610 – $630 mill.
- Adjusted EBITDA of $88 – $98 mill.
The company also has a $35 mill stock repurchase plan in place. As of 5th August, 2024, Lindblad had repurchased 875,218 shares and 6 mill warrants under the plan for a total of $23 mill and had $12 mill remaining under the plan.
As of the same date, there were 53.3 mill shares common stock outstanding.
