Lindblad Expeditions (LIND) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking 2024 results with total revenues of $645 million, strong revenue and EBITDA growth, and a foundation for sustainable long-term expansion.

• Adjusted EBITDA rose 28% to $91.2 million, driven by both Lindblad and Land Experiences segments.

• Net loss improved by $14.2 million to $35.8 million, or $0.67 per diluted share.

• Leadership transition completed, with new CEO and CFO driving positive impact and strategic direction.

• Strengthened partnerships, expanded fleet, and acquisition of Wineland-Thomson Adventures contributed to growth.

Financial highlights

• Total revenue for 2024 rose 13% year-over-year to $645 million.

• Adjusted EBITDA increased 28% to $91.2 million, with margins up 170 basis points to 14.4%.

• Net loss for the year was $35.8 million, improved from $50 million in 2023.

• Fourth quarter tour revenues grew 19% year-over-year, with Adjusted EBITDA up $9.6 million.

• Ended 2024 with $216 million in cash, up $29 million from prior year.

Outlook and guidance

• 2025 tour revenue expected between $700 million and $750 million; Adjusted EBITDA forecasted at $100–$112 million.

• Available guest nights in 2025 to rise 1.5% in the Lindblad segment, with some quarterly fluctuations due to dry dock timing.

• Bookings for 2025 and 2026 trending ahead of prior year, with expectations to exceed pre-pandemic occupancy in 2026.

• Investing in sales, marketing, and operational efficiencies to drive future growth.