Lindblad Expeditions (LIND) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 results with total revenues up 17% year-over-year to $206 million, driven by increased guest nights, higher pricing, and the acquisition of Wineland-Thomson Adventures.

• Net income for Q3 2024 was $25.2 million, up from $8.5 million in Q3 2023; net income available to stockholders was $21.3 million, or $0.39 per basic share.

• Bookings for future travel increased 26% year-over-year, reflecting strong demand and the release of all 2026 inventory for sale.

• Launched a refreshed co-branded identity with National Geographic and Disney, aiming for global expansion and enhanced marketing.

• Completed acquisition of Wineland-Thomson Adventures (Thomson Safaris), expanding presence in Tanzania and East Africa.

Financial highlights

• Q3 2024 total revenue reached $206 million, up 17% year-over-year; Lindblad segment revenue was $121.3 million (+12%), Land Experiences revenue was $84.7 million (+26%).

• Q3 Adjusted EBITDA was $45.8 million, up 35% year-over-year; Lindblad segment Adjusted EBITDA rose 30%, Land Experiences Adjusted EBITDA rose 42%.

• Net income available to stockholders was $21.3 million ($0.36 per diluted share), up from $4.5 million ($0.08 per share) in Q3 2023, aided by a $6.8 million tax benefit.

• Net yield per available guest night increased 9% to $1,205; occupancy rose from 81% to 82%.

• Cash and equivalents increased to $224.6 million as of September 30, 2024, from $187.3 million at year-end 2023.

Outlook and guidance

• 2024 tour revenue expected between $610 million and $630 million; Adjusted EBITDA between $88 million and $98 million.

• Bookings position covers approximately 99% of full-year projected marine revenue.

• Expect to return to historical occupancy levels by 2026, with potential for EBITDA in the mid-$120 million range if upper 80s-low 90s% occupancy is achieved.

• International expansion, especially in Europe and Asia, is in early stages and not yet factored into 2026 occupancy targets.

• Two new Galápagos expedition vessels to join the fleet in early 2025, following revitalization.