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Cue Health Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary8 Aug, 2024

Executive summary

  • Second quarter 2024 revenues rose 9% year-over-year to $136.5 million, driven by both Lindblad and Land Experiences segments.

  • Net loss available to stockholders increased slightly to $25.8 million, or $0.48 per diluted share.

  • Adjusted EBITDA improved by $4.2 million to $10.4 million, reflecting higher tour revenues and improved operational efficiency.

  • Bookings for future travel up 17% versus the same period in 2023, with in-year bookings up 6% and 29% excluding carryover.

  • Announced acquisition of two Galápagos vessels and completed acquisition of Wineland-Thomson Adventures to expand land-based offerings.

Financial highlights

  • Lindblad segment revenues increased 6% to $93.1 million, with available guest nights up 4% and net yield per available guest night up 6% to $1,094; occupancy rose to 78%.

  • Land Experiences revenues grew 16% to $43.4 million, driven by more guests and higher pricing.

  • Adjusted EBITDA for Lindblad segment rose $3.9 million to $6.5 million; Land Experiences segment Adjusted EBITDA up $0.3 million to $3.8 million.

  • Cash and equivalents increased to $217.7 million as of June 30, 2024, up from $187.3 million at year-end 2023.

  • Total debt stood at $635.1 million, with compliance on all covenants.

Outlook and guidance

  • Full-year 2024 tour revenues expected between $610–$630 million.

  • Full-year 2024 Adjusted EBITDA projected at $88–$98 million.

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