Lindblad Expeditions (LIND) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues rose 9% year-over-year to $136.5 million, driven by higher guest counts and pricing in both Lindblad and Land Experiences segments.

• Bookings for future travel increased 17% year-over-year, with in-year bookings up 6% and over 29% excluding pandemic carryover.

• Occupancy increased to 78% from 74% in Q2 2023, with stabilized cancellation rates.

• Expanded land-based offerings and partnerships, including the acquisition of Wineland-Thomson Adventures and increased ownership in Natural Habitat and DuVine.

• Strategic focus remains on price integrity, rebuilding the past guest base, and launching a new co-branded consumer brand with National Geographic and Disney by September.

Financial highlights

• Q2 2024 total revenue was $136.5 million, up 9% year-over-year; Adjusted EBITDA was $10.4 million, up $4.2 million.

• Lindblad segment revenues reached $93.1 million (+6%), and Land Experiences revenues were $43.4 million (+16%).

• Net loss for Q2 2024 was $24.0 million to $25.8 million, similar to Q2 2023, due to higher operating expenses.

• Operating expenses before D&A, interest, and taxes increased 6.4% year-over-year, driven by higher personnel, marketing, and credit card costs.

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

Outlook and guidance

• 2024 full-year tour revenue expected between $610 million and $630 million, with Adjusted EBITDA between $88 million and $98 million.

• 98% of Lindblad segment projected ticket revenues for 2024 already booked; remaining 2% targeted for high-margin fill.

• Land business bookings, especially in Natural Habitat, are up 20% year-over-year.

• Q3 expected to benefit from peak seasonality; Q4 will see lower guest nights due to dry dock and transit.

• Acquisition of Torcatt Enterprises Limitada in the Galápagos Islands expected to close January 2025, expanding vessel capacity.