Lindblad Expeditions (LIND) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 17% year-over-year to $179.7 million, driven by increased guest nights, higher pricing, and contributions from Lindblad Expeditions and Land Experiences segments.

• Adjusted EBITDA increased 39% to $30.0 million, with margins improving and strong performance across both segments.

• Occupancy climbed 13 points to 89%, nearing pre-pandemic levels, and net yield per available guest night rose 25% to $1,521.

• Net income improved by $5.2 million to $1 million, marking a return to profitability from a prior net loss.

• Record bookings for 2025 and 2026 are tracking ahead of the prior year in both segments.

Financial highlights

• Lindblad segment revenue reached $131.1 million (+11%), Land Experiences $48.6 million (+38%), aided by acquisitions.

• Operating income grew 35% to $10.6 million compared to $7.9 million in Q1 2024.

• Cash and cash equivalents plus restricted cash totaled $235.2 million as of March 31, 2025, up from $216.1 million at year-end 2024.

• Free cash flow for Q1 2025 was $35.0 million.

• Net income improved to $1.0 million; EPS was roughly breakeven.

Outlook and guidance

• Full-year 2025 guidance: tour revenue of $700–$750 million and Adjusted EBITDA of $100–$112 million.

• Bookings for 2025 and 2026 are ahead of prior year across both segments.

• Net yield per available guest night expected to grow 7%-10% in 2025.

• Capacity for 2025 to increase 1.5% year-over-year.

• Management expects sufficient liquidity for at least the next 12 months.