Lindblad Expeditions Holdings Inc (LIND)

Lindblad Expeditions Holdings, Inc. Reports 2026 First Quarter Financial ResultsMay 5, 2026 7:30 AM
PR Newswire (US) First Quarter 2026 Highlights:Total revenue increased 16% to $208.0 millionNet income available to stockholders was $6.0 millionAdjusted EBITDA increased 16% to $34.8 millionLindblad segment net yield per available guest night increased 7% to $1,631Occupancy increased to 93% from 89%NEW YORK, May 5, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the first quarter ended March 31, 2026. Natalya Leahy, Chief Executive Officer, said: "In a complex macro and geopolitical environment, our team delivered another record quarter, achieving 93% occupancy- highest in the Company's history, record yields, and 16% EBITDA growth. These results reflect the strength of our strategy and execution, and we remain confident in our ability to drive long-term value as we navigate external dynamics."FIRST QUARTER RESULTSTour RevenuesFirst quarter tour revenues of $208.0 million increased $28.3 million, or 16%, as compared to the same period in 2025. The increase was driven by a $21.4 million increase at the Lindblad segment and a $6.9 million increase at the Land Experiences segment.Lindblad segment tour revenues of $152.5 million increased 16%, compared to the first quarter a year ago, primarily due to a 7% increase in net yield per available guest night to $1,631 driven by higher pricing and an increase in occupancy to 93% from 89%.Land Experiences tour revenues of $55.5 million increased 14%, compared to the first quarter a year ago, primarily due to higher pricing and itinerary changes.Net IncomeNet income available to stockholders for the first quarter was $6.0 million, $0.09 per diluted share, as compared with a net loss available to stockholders of $0.0 million, $0.00 per diluted share, in the first quarter of 2025. The $6.0 million improvement primarily reflects the higher operating results and lower interest expense than prior year.Adjusted EBITDAFirst quarter Adjusted EBITDA of $34.8 million increased $4.8 million as compared to the same period in 2025 driven by a $3.2 million increase at the Land Experiences segment and $1.6 million at the Lindblad segment.Lindblad segment Adjusted EBITDA of $27.9 million increased $1.6 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages, and increased sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, and marketing spend to drive long-term growth initiatives.Land Experiences segment Adjusted EBITDA of $6.9 million increased $3.2 million as compared to the same period in 2025, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

For the three months ended March 31,
(In thousands)
2026

2025

Change

%Tour revenues:















Lindblad
$152,489

$131,108

$21,381


16%Land Experiences

55,524


48,613


6,911


14%Total tour revenues
$208,013

$179,721

$28,292


16%Operating income:















Lindblad
$10,562

$8,387

$2,175


26%Land Experiences

5,053


2,227


2,826


127%Operating income
$15,615

$10,614

$5,001


47%Adjusted EBITDA:















Lindblad
$27,942

$26,320

$1,622


6%Land Experiences

6,887


3,662


3,225


88%Total adjusted EBITDA
$34,829

$29,982

$4,847


16%Balance Sheet and LiquidityThe Company's cash and cash equivalents and restricted cash were $321.1 million as of March 31, 2026, as compared with $289.7 million as of December 31, 2025. The increase primarily reflects $49.5 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $6.9 million in cash used in the purchasing of property and equipment.As of March 31, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.2026 OUTLOOK The Company's current expectations for the full year 2026 are as follows:Tour revenues of $800 - $850 millionAdjusted EBITDA of $130 - $140 millionSTOCK REPURCHASE PLANThe Company currently has a $35.0 million stock repurchase plan in place. As of April 30, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of April 30, 2026, there were 65.6 million shares of common stock outstanding.NON-GAAP FINANCIAL MEASURESThe Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.Conference Call InformationThe Company has scheduled a conference call at 9:00 a.m. Eastern Time on May 5, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States and Canada), 1-646-307-1963 (International).The Access Code is 5396422. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.About Lindblad Expeditions Holdings, Inc.Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.Forward Looking StatementsCertain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website. LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)


As of March 31, 2026

As of December 31, 2025


(unaudited)




ASSETS







Current Assets:







Cash and cash equivalents
$275,012

$256,692
Restricted cash

46,067


33,043
Prepaid expenses and other current assets

63,673


78,145
Total current assets

384,752


367,880









Property and equipment, net

511,764


522,123
Goodwill

60,609


60,609
Intangibles, net

16,031


16,599
Other long-term assets

14,026


12,747
Total assets
$987,182

$979,958









LIABILITIES







Current Liabilities:







Unearned passenger revenues
$399,156

$361,481
Accrued expenses

47,497


76,732
Accounts payable

24,981


22,227
Lease liabilities - current portion

1,486


1,151
Long-term debt - current portion

-


3
Total current liabilities

473,120


461,594









Long-term debt, less current portion

663,217


662,671
Deferred tax liabilities

227


2,224
Other long-term liabilities

7,445


6,968
Total liabilities

1,144,009


1,133,457









Commitments and contingencies

-


-
Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of March 31, 2026, 62,000 shares issued and outstanding as of December 31, 2025

-


83,079
Redeemable noncontrolling interests

33,298


47,948



33,298


131,027









STOCKHOLDERS' DEFICIT







Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025

-


-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,550,401 and 55,421,384 issued, 65,452,512 and 55,323,495 outstanding as of March 31, 2026 and December 31, 2025, respectively

7


6
Additional paid-in capital

218,809


126,873
Accumulated deficit

(408,941)


(411,405)
Total stockholders' deficit

(190,125)


(284,526)
Total liabilities, mezzanine equity and stockholders' deficit
$987,182

$979,958
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)


For the three months ended March 31,


2026

2025









Tour revenues
$208,013

$179,721









Operating expenses:







Cost of tours

106,743


92,848
General and administrative

32,047


32,722
Selling and marketing

35,936


28,242
Depreciation and amortization

17,672


15,295
Total operating expenses

192,398


169,107









Operating income

15,615


10,614









Other (expense) income:







Interest expense, net

(10,579)


(11,630)
(Loss) gain on foreign currency

(269)


542
Other income (expense)

58


(1)
Total other expense

(10,790)


(11,089)









Income (loss) before income taxes

4,825


(475)
Income tax benefit

(1,226)


(1,486)









Net income

6,051


1,011
Net loss attributable to noncontrolling interest

(449)


(150)
Net income attributable to Lindblad Expeditions Holdings, Inc.

6,500


1,161
Series A redeemable convertible preferred stock dividend

497


1,204
Net income (loss) available to stockholders
$6,003

$(43)









Weighted average shares outstanding:







Basic

60,247,385


54,623,008
Diluted

61,113,044


54,623,008









Undistributed income (loss) per share available to stockholders:







Basic
$0.10

$(0.00)
Diluted
$0.09

$(0.00)
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


For the three months ended March 31,


2026

2025
Cash Flows From Operating Activities







Net income
$6,051

$1,011
Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization

17,672


15,295
Amortization of deferred financing costs, net

662


924
Amortization of right-to-use lease assets

767


440
Stock-based compensation

1,746


3,727
Deferred income taxes

(1,997)


(1,395)
Loss (gain) on foreign currency

269


(542)
Changes in operating assets and liabilities







Prepaid expenses and other current assets

14,472


2,796
Unearned passenger revenues

37,675


36,190
Other long-term assets

(539)


(875)
Accounts payable and accrued expenses

(26,750)


(8,717)
Operating lease liabilities

(554)


(455)
Net cash provided by operating activities

49,474


48,399









Cash Flows From Investing Activities







Purchases of property and equipment

(6,886)


(13,415)
Acquisitions (net of cash acquired)

-


(15,582)
Net cash used in investing activities

(6,886)


(28,997)









Cash Flows From Financing Activities







Repayments of long-term debt

(3)


(10)
Payment of deferred financing costs

(116)


-
Proceeds from exercise of options

6,603


-
Repurchase under stock-based compensation plans, related tax impacts

(1,072)


(7)
Additional acquisition of redeemable noncontrolling interest

(16,586)


-
Noncontrolling interest distributions

(70)


(310)
Net cash used in financing activities

(11,244)


(327)
Effect of exchange rate changes on cash

-


6
Net increase in cash, cash equivalents and restricted cash

31,344


19,081
Cash, cash equivalents and restricted cash at beginning of period

289,735


216,143









Cash, cash equivalents and restricted cash at end of period
$321,079

$235,224









Supplemental disclosures of cash flow information:







Cash paid during the period:







Interest
$26,953

$12,261
Income taxes

285


416
Non-cash investing and financing activities:







Non-cash preferred stock dividend
$497

$1,204
Non-cash recognition of new leases

1,366


-
Additional paid-in capital exercise proceeds of option shares

(933)


-
Additional paid-in capital exchange proceeds used for option shares

933


-
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands)
(unaudited)
Reconciliation of Net Income to Adjusted EBITDA Consolidated
Consolidated
For the three months ended March 31,
(In thousands)
2026

2025
Net income
$6,051

$1,011
Interest expense, net

10,579


11,630
Income tax benefit

(1,226)


(1,486)
Depreciation and amortization

17,672


15,295
Loss (gain) on foreign currency

269


(542)
Stock-based compensation

1,746


3,727
Transaction-related costs

75


346
Reorganization costs

(279)


-
Other (income) expense

(58)


1
Adjusted EBITDA
$34,829

$29,982

Reconciliation of Operating Income to Adjusted EBITDA
Lindblad Segment
For the three months ended March 31,
(In thousands)
2026

2025
Operating income
$10,562

$8,387
Depreciation and amortization

16,056


14,060
Stock-based compensation

1,603


3,727
Reorganization costs

(279)


-
Transaction-related costs

-


146
Adjusted EBITDA
$27,942

$26,320

Land Experiences Segment
For the three months ended March 31,
(In thousands)
2026

2025
Operating income
$5,053

$2,227
Depreciation and amortization

1,616


1,235
Stock-based compensation

143


-
Transaction-related costs

75


200
Adjusted EBITDA
$6,887

$3,662
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)
(unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
For the three months ended March 31,


2026

2025
Net cash provided by operating activities
$49,474

$48,399
Less: purchases of property and equipment

(6,886)


(13,415)
Free Cash Flow
$42,588

$34,984



For the three months ended March 31,


2026

2025
Available Guest Nights

80,161


75,325
Guest Nights Sold

74,722


66,974
Occupancy

93%

89%Maximum Guests

11,363


9,604
Number of Guests

10,504


8,543
Voyages

156


121

Calculation of Gross and Net Yield per Available Guest Night
For the three months ended March 31,
(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)
2026

2025
Guest ticket revenues
$124,184

$112,649
Other tour revenue

28,305


18,459
Tour revenues

152,489


131,108
Less: Commissions

(6,032)


(5,621)
Less: Other tour expenses

(15,701)


(10,889)
Net Yield
$130,756

$114,598
Available Guest Nights

80,161


75,325
Gross Yield per Available Guest Night
$1,902

$1,741
Net Yield per Available Guest Night

1,631


1,521



For the three months ended March 31,
(In thousands)
2026

2025
Operating income
$10,562

$8,387
Cost of tours

76,896


64,823
General and administrative

19,675


21,131
Selling and marketing

29,300


22,707
Depreciation and amortization

16,056


14,060
Less: Commissions

(6,032)


(5,621)
Less: Other tour expenses

(15,701)


(10,889)
Net Yield
$130,756

$114,598
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)
(unaudited)
Calculation of Gross and Net Cruise Cost
For the three months ended March 31,
(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)
2026

2025
Cost of tours
$76,896

$64,823
Plus: Selling and marketing

29,300


22,707
Plus: General and administrative

19,675


21,131
Gross Cruise Cost

125,871


108,661
Less: Commissions

(6,032)


(5,621)
Less: Other tour expenses

(15,701)


(10,889)
Net Cruise Cost

104,138


92,151
Less: Fuel Expense

(7,985)


(7,309)
Net Cruise Cost Excluding Fuel

96,153


84,842
Non-GAAP Adjustments:







Stock-based compensation

(1,603)


(3,727)
Reorganization costs

279


-
Transaction-related costs

-


(146)
Adjusted Net Cruise Cost Excluding Fuel
$94,829

$80,969
Adjusted Net Cruise Cost
$102,814

$88,278
Available Guest Nights

80,161


75,325
Gross Cruise Cost per Available Guest Night
$1,570

$1,443
Net Cruise Cost per Available Guest Night

1,299


1,223
Net Cruise Cost Excluding Fuel per Available Guest Night

1,199


1,126
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

1,183


1,075
Adjusted Net Cruise Cost per Available Guest Night

1,283


1,172
 Reconciliation of 2026 Adjusted EBITDA guidance:
(In millions)
Full Year 2026
Income before income taxes
$(6)


to

$14
Depreciation and amortization

77


to


75
Interest expense, net

43


to


41
Stock-based compensation

11


to


8
Other

45


to


2
Adjusted EBITDA
$130


to

$140
A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. Operational and Financial MetricsAdjusted EBITDA is defined by us as, net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and other certain non-operating items. Other non-operating items excluded, include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.The following metrics apply to the Lindblad segment:Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses.Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.Net Yield represents tour revenues less commissions and direct costs of other tour revenues.Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.Number of Guests represents the number of guests that travel with us in a period.Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.Voyages represent the number of ship expeditions completed during the period.  View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2026-first-quarter-financial-results-302762401.htmlSOURCE Lindblad Expeditions Holdings, Inc. Original: Lindblad Expeditions Holdings, Inc. Reports 2026 First Quarter Financial Results

National Geographic Society and Lindblad Expeditions Celebrate 20 Years of the Grosvenor Teacher FellowshipApril 29, 2026 11:01 AM
PR Newswire (US)

Introducing a new cohort of 36 educators who will embark on expeditions worldwide, continuing a 20-year legacy of once-in-a-lifetime educational and professional learning opportunitiesWASHINGTON, April 29, 2026 /PRNewswire/ -- Today, the National Geographic Society, in collaboration with Lindblad Expeditions, is proud to announce the 2026 Grosvenor Teacher Fellowship cohort. This year marks 20 years since the fellowship's founding. It brings together an outstanding cohort of 36 educators from across North America who embody the program's spirit of shaping the planetary stewards of tomorrow through learning, creating, connecting and exploring.







Supported through the Lindblad Expedition–National Geographic (LEX-NG) Fund, the Grosvenor Teacher Fellowship is a professional learning opportunity for pre-K-12 educators who will embark on expeditions around the world. This year's Fellows will travel to destinations such as the Arctic, Europe and the Mediterranean, Galapágos, and the Southern Ocean on board National Geographic-Lindblad Expeditions' state-of-the-art expedition vessels. Through this extraordinary travel experience, the Fellows will deepen their geographic knowledge through immersive, field-based experiences they will bring back to their classrooms, communities and professional networks to ignite curiosity about the world. They will also take on a two-year commitment to support National Geographic's education initiatives and may be asked to conduct webinars, co-design resources, participate in meetups, and mentor other educators."As we celebrate the 20th anniversary of the Grosvenor Teacher Fellowship, I am inspired by the energy and expertise this new cohort of educators brings to our global community," said Dr. Deborah Grayson, the National Geographic Society's chief education and community engagement officer. "Fellows bring the spirit of exploration directly to their students. Whether they are teaching chemistry through Galápagos ocean research or sparking creative writing with stories of Antarctic penguins, they equip students with an Explorer Mindset. By fostering geographic thinking, these educators are inspiring a new generation of changemakers to stay curious and explore the world. We are proud to support these leaders as they inspire the next generation to see beyond their horizons."Consisting of educators from 22 U.S. states, the District of Columbia and three Canadian provinces, the 2026 cohort has a combined teaching experience of over 570 years. Their subject matter expertise ranges from geography, science and math to fine arts, music and foreign languages, and they teach learners at elementary through high school levels. Additionally, they represent a wide variety of student populations and school locations, including public schools, charter schools and informal learning environments across urban, suburban and rural settings."We are thrilled to welcome the next cohort of Grosvenor Teacher Fellows as we celebrate 20 years of this incredible program," said Amy Berquist, vice president of conservation, education, and sustainability at Lindblad Expeditions. "I am particularly excited to have an educator from Wyoming in this year's cohort, which means we now have Grosvenor Teacher Fellows in all 50 U.S. states plus the District of Columbia, Puerto Rico, and abroad at Department of Defense Education Activity Schools. Through immersive travel to some of the planet's most extraordinary ecosystems, these educators will gain invaluable perspectives they can bring back to the classroom: sparking curiosity, deepening understanding, and fostering a sense of responsibility for the natural world among their students."The 2026 Grosvenor Teacher Fellows include:Alexandra Valen, Gunston Middle School, Arlington, VirginiaAllison Weller, Copiague Public Schools, Copiague, New YorkAndrew Coburn, The Metropolitan Regional Career and Technical Center, Providence, Rhode IslandAndrew Thomas, Zela Elementary, Summersville, West VirginiaAntoinette Tessaro, Roseville Joint Union High School District, Roseville, CaliforniaAustin Marsh, St. Thomas School, Medina, WashingtonBraeden Kelly, Canadian Rockies Outdoor Learning Centre, Kananaskis Country, Alberta, CanadaBrittany DeValk, Ensworth School, Nashville, TennesseeBrooke Nenadal, Williamsport Area School District, Williamsport, PennsylvaniaBryan Price, Sparks Elementary School, Sparks, MarylandDakota Bahlau, George Long Elementary, Grass Lake, MichiganDiane Chang-Ho, Temple City High School, Temple City, CaliforniaErik Eckhoff, Poudre High School, Fort Collins, ColoradoGeraldine Maskelony, Arlington Tech, Arlington, VirginiaJennifer Hairrell, Maple Grove Middle School, Maple Grove, MinnesotaJinhui Yu, William Land Elementary School, Sacramento, CaliforniaJoshua Chard, East End Community School, Portland, MaineKacie Seitz, Kamali'i Elementary School, Kihei, Hawai'iKatherine Adamson, Stockdale High School, Bakersfield, CaliforniaKathryn Berlin, Grizzlies Prep, Memphis, TennesseeKatie Ryan, Academy of Arts and Academics, Springfield, OregonKim Etsitty, Navajo Pine High School, Navajo, New MexicoLauren Parker, Fort Worth Academy, Fort Worth, TexasMelaney Sanchez, Mount Harmony Elementary, Owings, MarylandMelissa Easley, Episcopal School of Baton Rouge, Baton Rouge, LouisianaNewstein Chang, Bernards High School, Bernardsville, New JerseyPerry Acorn, Wesmor Public High School, Prince Albert, Saskatchewan, CanadaReva Lobatos, Aspen Elementary School, Riverton, WyomingRhonda Burrough, Katy High School, Katy, TexasSamantha Gomes, Preston High School, Cambridge, Ontario, CanadaSarah Slack, IS 223 The Montauk School, Brooklyn, New YorkSeamus Russell, St. Luke's Episcopal School, Mobile, AlabamaShakira Provasoli, PS 333 Manhattan School for Children, New York, New YorkShelina Warren, Paul Laurence Dunbar High School, Washington D.C.Susan Thompson, Grimmer Middle School, Schererville, IndianaTaylah Hawks, Calvin Coolidge Senior High School, Washington D.C.Since 2006, 470 educators have been selected for the Grosvenor Teacher Fellowship. The program is named in honor of Gilbert M. Grosvenor, chairman emeritus of the National Geographic Society, in recognition of his decades-long work supporting pre-K–12 teachers and advancing geographic education across the United States and Canada. The expeditions were donated in perpetuity to the Society by Lindblad Expeditions' Founder and Board Co-Chair, Sven-Olof Lindblad in 2006 to mark Grosvenor's 75th birthday and to honor his service to the enhancement and advancement of geographic education.The Fellows are chosen each year through a competitive application process. In addition to being hosted aboard the National Geographic-Lindblad Expeditions fleet for a life-changing, field-based experience, they may be asked to conduct webinars, co-design resources, participate in meetups, and mentor other educators.Submissions for the 2027 Grosvenor Teacher Fellowship cohort are scheduled to open this fall. To learn more about the program, visit here.About National Geographic Society:
The National Geographic Society is a global nonprofit organization that uses the power of science, exploration, education and storytelling to illuminate and protect the wonder of our world. Since 1888, National Geographic has pushed the boundaries of exploration, investing in bold people and transformative ideas, providing more than 15,000 grants for work across all seven continents, reaching 3 million students each year through education offerings, and engaging audiences around the globe through signature experiences, stories and content. To learn more, visit www.nationalgeographic.org or follow us on Instagram, LinkedIn, and Facebook.About Lindblad Expeditions-National Geographic Fund:
The Lindblad Expeditions-National Geographic (LEX-NG) Fund is a collaboration between Lindblad Expeditions and the National Geographic Society that supports projects to understand and protect our world's oceans, restore critical marine and coastal habitats, and foster environmental stewardship in the regions visited by our fleet, and beyond. The Fund is supported by generous travelers onboard the National Geographic-Lindblad Expeditions fleet and is made possible by the collaboration between National Geographic-Lindblad Expeditions (www.expeditions.com) and National Geographic Society (www.nationalgeographic.org).About Lindblad Expeditions:
Lindblad Expeditions, LLC, a subsidiary of Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND), is the recognized pioneer of modern expedition cruising, creating the category after the family led the first non-scientific civilian expedition to Antarctica in 1966.With nearly 60 years of experience and operational excellence, Lindblad Expeditions now commands the largest, most diverse fleet of expedition ships in the industry, consisting of 22 owned and chartered mission-built vessels ranging in size from 16-148 guests. Lindblad Expeditions offers over 100 unique itineraries across six continents, selling and operating over 600 annual departures on behalf of the National Geographic-Lindblad Expeditions co-brand. Together, the two industry leaders deliver unmatched expertise, bringing together leading scientists, naturalists and researchers to inspire travelers, highlight moments that elevate the soul, and foster a lifelong passion for the planet and its people.To learn more about Lindblad Expeditions, its growing fleet and the National Geographic-Lindblad Expeditions co-brand, visit www.expeditions.com.










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Original: National Geographic Society and Lindblad Expeditions Celebrate 20 Years of the Grosvenor Teacher Fellowship

LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2026 FIRST QUARTER FINANCIAL RESULTS ON MAY 5, 2026April 28, 2026 4:05 PM
PR Newswire (US)

NEW YORK, April 28, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; "Lindblad"; the "Company"), a global provider of expedition cruises and adventure travel experiences, will report 2026 first quarter financial results on Tuesday May 5, 2026, before the market opens. The Company will host a conference call to discuss the results at 9:00 am Eastern Time. The conference call can be accessed by dialing 1-800-715-9871 (United States and Canada), 1-646-307-1963 (International).







The Access Code is 5396422. The earnings release and a live audio webcast of the call will be available in the investor relations section of the Company's website at investors.expeditions.com.A replay of the call, along with a transcript, will be available on the website within 48 hours of its completion.  The replay will also be accessible by phone by dialing 1-800-770-2030 (United States and Canada) and 1-647-362-9199 (International). The Replay Access Code is 5396422.About Lindblad ExpeditionsLindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the  "Company" ) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.



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Original: LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2026 FIRST QUARTER FINANCIAL RESULTS ON MAY 5, 2026

/C O R R E C T I O N -- Lindblad Expeditions Holdings, Inc./February 26, 2026 8:47 AM
PR Newswire (US)

In the news release, Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results, issued 26-Feb-2026 by Lindblad Expeditions Holdings, Inc. over PR Newswire, we are advised by the company that the conference call time is 9:00 a.m. Eastern Time on February 26, 2026 rather than 8:30 a.m. Eastern Time. The complete, corrected release follows:
Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
2025 Delivered the Strongest Adjusted EBITDA Performance in Company HistoryHighlights:Total revenues increased 20% to $771.0 millionNet loss available to stockholders decreased $1.2 million to $34.6 million; including a $23.5 million loss on extinguishment of debtAdjusted EBITDA increased 38% to $126.2 millionNet Yield per Available Guest Night increased 14% to $1,335 and Occupancy was 88%Refinanced long-term debt with $675.0 million of 7.00% senior secured notes, extending debt maturity to 2030, and increased the amount available under our revolving credit facility to $60.0 millionOn February 3, 2026, all outstanding Preferred Stock was converted into 9.0 million shares of Common StockNEW YORK, Feb. 26, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2025.







Natalya Leahy, Chief Executive Officer, said "In 2025, we delivered the strongest performance in our company's history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We're even better positioned to add to our fleet and portfolio of land experience brands."FULL YEAR RESULTSTour RevenuesFull year tour revenues of $771.0 million increased $126.3 million, or 20%, as compared to a year ago. The increase was driven by a $72.3 million increase at the Lindblad segment and a $54.0 million increase at the Land Experiences segment.Lindblad segment tour revenues of $495.6 million increased $72.3 million, or 17%, compared to a year ago. The increase was driven by a 2% increase in available guest nights, and a 14% increase in net yield per available guest night to $1,335 due to higher pricing and higher occupancy, 88% in 2025 as compared to 78% a year ago.Land Experiences tour revenues of $275.4 million increased $54.0 million, or 24%, compared to a year ago primarily due to an increase in guests traveled and higher pricing.Net IncomeNet loss available to stockholders for the full year was $34.6 million, $0.63 per diluted share, as compared with a net loss available to stockholders of $35.8 million, $0.67 per diluted share, in 2024. The $1.2 million decrease primarily reflects improved operating results, partially offset a $23.5 million loss on extinguishment of debt, $13.9 million higher commissions and royalties due to higher revenues and $3.6 million higher stock-based compensation expense.Adjusted EBITDAFull year Adjusted EBITDA of $126.2 million increased $35.0 million as compared to 2024 driven by a $20.4 million increase at the Lindblad segment and a $14.6 million increase at the Land Experiences segment.Lindblad segment Adjusted EBITDA of $79.8 million increased $20.4 million as compared to 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and increased royalties associated with the expanded National Geographic agreement.Land Experiences segment Adjusted EBITDA of $46.5 million increased $14.6 million as compared to 2024, due to increased tour revenues, including a full year of results of Thomson Group, partially offset by higher operating and personnel costs related to additional departures, and higher marketing spend to drive future growth.FOURTH QUARTER RESULTSTour RevenuesFourth quarter tour revenues of $183.2 million increased $34.6 million, or 23%, as compared to the same period in 2024. The increase was driven by a $25.2 million increase at the Lindblad segment and a $9.3 million increase at the Land Experiences segment.Lindblad segment tour revenues of $115.9 million increased $25.2 million, or 28%, compared to the fourth quarter a year ago. The increase was driven by an 11% increase in net yield per available guest night to $1,279 due to higher pricing and an increase in occupancy, 87% in 2025 as compared to 78% in the fourth quarter a year ago.Land Experiences tour revenues of $67.2 million increased $9.3 million, or 16%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled and higher pricing.Net IncomeNet loss available to stockholders for the fourth quarter was $24.8 million, $0.45 per diluted share, as compared with net loss available to stockholders of $26.2 million, $0.48 per diluted share, in the fourth quarter of 2024. The $1.4 million decrease primarily reflects improved operating results and $3.5 million lower stock-based compensation expense, partially offset by $3.0 million higher depreciation and amortization expense driven by capital expenditures on vessels, and reorganizational costs.Adjusted EBITDAFourth quarter Adjusted EBITDA of $14.2 million increased $0.7 million as compared to the same period in 2024 driven by a $2.5 million increase at the Land Experiences segment, partially offset by a $1.8 million decrease at the Lindblad segment. Lindblad segment Adjusted EBITDA of $4.4 million decreased $1.8 million as compared to the same period in 2024, primarily due to higher operating costs related to additional voyages, increased drydock costs due to timing as compared to prior year, increased royalties associated with the expanded National Geographic agreement and marketing spend to drive long-term growth initiatives, partially offset by increased tour revenues.Land Experiences segment Adjusted EBITDA of $9.8 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth. 

For the three months ended December 31,

For the years ended December 31,
(In thousands)
2025

2024

Change

%
2025

2024

Change

%Tour revenues:































Lindblad
$115,928

$90,683

$25,245


28%
$495,642

$423,306

$72,336


17%Land Experiences

67,253


57,926


9,327


16%

275,377


221,421


53,956


24%Total tour revenues
$183,181

$148,609

$34,572


23%
$771,019

$644,727

$126,292


20%Operating income (loss):































Lindblad
$(12,498)

$(13,018)

$520


4%
$7,055

$(2,928)

$9,983


341%Land Experiences

6,992


5,448


1,544


28%

38,432


24,481


13,951


57%Total operating (loss) income
$(5,506)

$(7,570)

$2,064


(27)%
$45,487

$21,553

$23,934


111%Adjusted EBITDA:































Lindblad
$4,354

$6,149

$(1,795)


(29)%
$79,775

$59,400

$20,375


34%Land Experiences

9,797


7,281


2,516


35%

46,463


31,832


14,631


46%Total adjusted EBITDA
$14,151

$13,430

$721


5%
$126,238

$91,232

$35,006


38% Balance Sheet and LiquidityThe Company's cash and cash equivalents and restricted cash were $289.7 million as of December 31, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $111.6 million in cash from operations due primarily to increased bookings for future travel and timing of operating expense payments, and $29.6 million in cash from financing activities primarily related to the $26.8 million in net cash provided by the refinancing of our long-term debt, partially offset by $67.3 million in cash used by investing activities primarily for vessel capital expenditure improvements and for acquisitions.As of December 31, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.Preferred SharesOn January 20, 2026, the Company issued a Notice of Conversion to each holder of the Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion (the "Mandatory Conversion") of all the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 outstanding shares of Preferred Stock were converted into approximately 9.0 million shares of Common Stock, in accordance with the terms of the Certificate of Designations.FINANCIAL OUTLOOK The Company's current expectations for the full year 2026 are as follows:Tour revenues of $800 - $850 millionAdjusted EBITDA of $130 - $140 millionSTOCK REPURCHASE PLANThe Company currently has a $35.0 million stock repurchase plan in place. As of February 23, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of February 23, 2026, there were 65.3 million shares common stock outstanding.NON-GAAP FINANCIAL MEASURESThe Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.Conference Call InformationThe Company has scheduled a conference call at 9:00 a.m. Eastern Time on February 26, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).The Access Code is 5396422. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.About Lindblad Expeditions Holdings, Inc.Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. In collaboration with National Geographic,?Lindblad Expeditions?operates and sells ship-based voyages under the?National Geographic-Lindblad Expeditions?co-brand, allowing guests to explore remote destinations alongside scientists and naturalists, embodying Lindblad's belief that it isn't only what travelers see, but how they see it that matters. The Company's award-winning land-based brands—Natural Habitat Adventures,?Off the Beaten Path,?DuVine Cycling + Adventure Co.,?Classic Journeys, and?Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused travel experiences. Driven by a mission to improve the relationship between people and the planet and a decades-long commitment to explore responsibly, the Company connects curious travelers with transformative experiences in some of the planet's most inspiring places. To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, visit?investors.expeditions.com. Forward Looking StatementsCertain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to ;travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website. LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share data)


As of December 31,


2025

2024
ASSETS







Current Assets:







Cash and cash equivalents
$256,692

$183,941
Restricted cash

33,043


32,202
Prepaid expenses and other current assets

78,145


62,290
Total current assets

367,880


278,433









Property and equipment, net

522,123


518,390
Goodwill

60,609


59,031
Intangibles, net

16,599


15,923
Other long-term assets

12,747


5,128
Total assets
$979,958

$876,905









LIABILITIES







Current Liabilities:







Unearned passenger revenues
$361,481

$318,666
Accrued expenses

76,732


58,054
Accounts payable

22,227


13,860
Lease liabilities - current portion

1,151


1,845
Long-term debt - current portion

3


29
Total current liabilities

461,594


392,454









Long-term debt, less current portion

662,671


625,425
Deferred tax liabilities

2,224


3,537
Other long-term liabilities

6,968


1,024
Total liabilities

1,133,457


1,022,440









Commitments and contingencies

-


-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

83,079


78,155
Redeemable noncontrolling interests

47,948


29,424



131,027


107,579









STOCKHOLDERS' DEFICIT







Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

-


-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and
54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and
December 31, 2024, respectively

6


6
Additional paid-in capital

126,873


109,473
Accumulated deficit

(411,405)


(362,881)
Accumulated other comprehensive income

-


288
Total stockholder's deficit

(284,526)


(253,114)
Total liabilities, mezzanine equity and stockholders' deficit
$979,958

$876,905
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)



For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024

















Tour revenues
$183,181

$148,609

$771,019

$644,727

















Operating expenses:















Cost of tours

109,407


85,391


418,018


362,581
General and administrative

31,363


34,937


129,976


121,013
Selling and marketing

29,994


20,976


114,716


87,018
Depreciation and amortization

17,923


14,875


62,822


52,562
Total operating expenses

188,687


156,179


725,532


623,174

















Operating (loss) income

(5,506)


(7,570)


45,487


21,553

















Other (expense) income:















Interest expense, net

(10,728)


(11,598)


(45,231)


(45,738)
Gain (loss) on foreign currency

95


(1,017)


1,077


(1,065)
Other (expense) income

(725)


150


409


159
Loss on extinguishment of debt

-


-


(23,492)


-
Total other expense

(11,358)


(12,465)


(67,237)


(46,644)

















Loss before income taxes

(16,864)


(20,035)


(21,750)


(25,091)
Income tax expense

5,978


5,154


2,475


3,104

















Net loss

(22,842)


(25,189)


(24,225)


(28,195)
Net income (loss) attributable to noncontrolling interest

713


(141)


5,496


2,984
Net loss attributable to Lindblad Expeditions Holdings, Inc

(23,555)


(25,048)


(29,721)


(31,179)
Series A redeemable convertible preferred stock dividend

1,259


1,187


4,926


4,641

















Net loss available to stockholders
$(24,814)

$(26,235)

$(34,647)

$(35,820)

















Weighted average shares outstanding:















Basic

55,303,371


54,368,520


54,970,812


53,817,462
Diluted

55,303,371


54,368,520


54,970,812


53,817,462

















Undistributed loss per share available to stockholders:















Basic
$(0.45)

$(0.48)

$(0.63)

$(0.67)
Diluted
$(0.45)

$(0.48)

$(0.63)

$(0.67)
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)


For the years ended December 31,


2025

2024
Cash Flows From Operating Activities







Net loss
$(24,225)

$(28,195)
Adjustments to reconcile net loss to net cash provided by operating activities:







Depreciation and amortization

62,822


52,562
Amortization of deferred financing costs and other, net

3,329


3,699
Amortization of right-to-use lease assets

1,734


893
Stock-based compensation

13,461


9,833
Deferred income taxes

(1,262)


2,052
Loss (gain) on foreign currency

(1,077)


1,065
Write-off of unamortized issuance costs related to debt refinancing

7,111


-
Changes in operating assets and liabilities







Prepaid expenses and other current assets

(11,386)


(1,238)
Unearned passenger revenues

39,516


52,966
Other long-term assets

(1,787)


(2,037)
Other long-term liabilities

(462)


-
Accounts payable and accrued expenses

25,475


1,750
Operating lease liabilities

(1,666)


(995)
Net cash provided by (used in) operating activities

111,583


92,355









Cash Flows From Investing Activities







Purchases of property and equipment

(47,745)


(33,520)
Acquisition (net of cash acquired)

(19,522)


(10,559)
Net cash used in investing activities

(67,267)


(44,079)









Cash Flows From Financing Activities







Proceeds from long-term debt

675,000


-
Repayments of long-term debt

(635,036)


(49)
Payment of deferred financing costs

(13,194)


(21)
Proceeds from exercise of options

4,259


0
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling
interest distributions

(1,465)


(2,974)
Additional acquisition of redeemable noncontrolling interest

-


(16,721)
Net cash (used in) provided by financing activities

29,564


(19,765)
Effect of exchange rate changes on cash

(288)


288
Net increase in cash, cash equivalents and restricted cash

73,592


28,799
Cash, cash equivalents and restricted cash at beginning of period

216,143


187,344









Cash, cash equivalents and restricted cash at end of period
$289,735

$216,143









 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands)
(unaudited)
Reconciliation of Net Income to Adjusted EBITDA -
Consolidated

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Net loss
$(22,842)

$(25,189)

$(24,225)

$(28,195)
Interest expense, net

10,728


11,598


45,231


45,738
Income tax expense

5,978


5,154


2,475


3,104
Depreciation and amortization

17,923


14,875


62,822


52,562
(Gain) loss on foreign currency

(95)


1,017


(1,077)


1,065
Other expense (income)

725


(150)


716


(159)
Stock-based compensation

(1,028)


2,470


13,461


9,833
Debt extinguishment

-


-


23,492


-
Legal settlement

1,028


3,000


1,028


3,000
Transaction-related costs

24


655


897


3,913
Reorganization costs

1,710


-


2,543


371
Acquisition gain

-


-


(1,125)


-
Adjusted EBITDA
$14,151

$13,430

$126,238

$91,232

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -
Lindblad Segment

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Operating (loss) income
$(12,498)

$(13,019)

$7,055

$(2,928)
Depreciation and amortization

16,219


13,441


56,891


48,433
Stock-based compensation

(1,073)


2,647


13,113


9,656
Legal settlement

-


3,000


-


3,000
Transaction-related costs

(4)


80


173


868
Reorganization costs

1,710


-


2,543


371
Adjusted EBITDA
$4,354

$6,149

$79,775

$59,400

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -
Land Experiences Segment

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Operating income
$6,992

$5,449

$38,432

$24,481
Depreciation and amortization

1,704


1,434


5,931


4,129
Transaction-related costs

28


575


724


3,045
Stock-based compensation

45


(177)


348


177
Legal settlement

1,028


-


1,028


-
Adjusted EBITDA
$9,797

$7,281

$46,463

$31,832
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)
(unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
For the years ended December 31,


2025

2024
Net cash provided by operating activities
$111,583

$92,355
Less: purchases of property and equipment

(47,745)


(33,520)
Free Cash Flow
$63,838

$58,835



For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Available Guest Nights

76,290


69,040


328,617


323,691
Guest Nights Sold

66,515


53,959


287,830


253,941
Occupancy

87%

78%

88%

78%Maximum Guests

9,960


8,463


42,866


38,964
Number of Guests

8,828


6,794


37,993


31,489
Voyages

128


95


561


475

Calculation of Gross and Net Yield per Available Guest Night
For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Guest ticket revenues
$96,545

$77,328

$428,349

$373,055
Other tour revenue

19,383


13,355


67,293


50,251
Tour Revenues

115,928


90,683


495,642


423,306
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Yield
$97,576

$79,427

$438,845

$378,843
Available Guest Nights

76,290


69,040


328,617


323,691
Gross Yield per Available Guest Night
$1,520

$1,313

$1,508

$1,308
Net Yield per Available Guest Night

1,279


1,150


1,335


1,170



For the three months ended
December 31,

For the years ended
December 31,
(In thousands)
2025

2024

2025

2024
Operating income (loss)
$(12,498)

$(13,019)

$7,055

$(2,928)
Cost of tours

71,587


52,769


258,679


230,075
General and administrative

17,973


22,368


83,731


79,995
Selling and marketing

22,647


15,124


89,286


67,731
Depreciation and amortization

16,219


13,441


56,891


48,433
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Yield
$97,576

$79,427

$438,845

$378,843
   LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)
(unaudited)


Calculation of Gross Cruise Cost and Net Cruise Cost Lindblad Segment
For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Cost of tours
$71,587

$52,769

$258,679

$230,075
Plus: Selling and marketing

22,647


15,124


89,286


67,731
Plus: General and administrative

17,973


22,367


83,731


79,995
Gross Cruise Cost

112,207


90,260


431,696


377,801
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Cruise Cost

93,855


79,004


374,899


333,338
Less: Fuel Expense

(6,277)


(6,753)


(24,032)


(26,648)
Net Cruise Cost Excluding Fuel

87,578


72,251


350,867


306,690
Non-GAAP Adjustments:















Stock-based compensation

1,073


(2,647)


(13,113)


(9,656)
Legal settlement

-


(3,000)


-


-
Transaction-related costs

4


(80)


(173)


(868)
Reorganization costs

(1,710)


-


(2,543)


(371)
Adjusted Net Cruise Cost Excluding Fuel
$86,945

$66,524

$335,038

$292,795
Adjusted Net Cruise Cost
$93,222

$73,277

$359,070

$319,443
Available Guest Nights

76,290


69,040


328,617


323,691
Gross Cruise Cost per Available Guest Night
$1,471

$1,307

$1,314

$1,167
Net Cruise Cost per Available Guest Night

1,230


1,144


1,141


1,030
Net Cruise Cost Excluding Fuel per Available Guest Night

1,148


1,047


1,068


947
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

1,140


964


1,020


905
Adjusted Net Cruise Cost per Available Guest Night

1,222


1,061


1,093


987

Reconciliation of 2026 Adjusted EBITDA guidance:


(in millions)
Full Year 2026
(Loss) income before income taxes
$(6)


to

$14
Depreciation and amortization

77


to


75
Interest expense, net

43


to


41
Stock-based compensation

11


to


8
Other

5


to


2
Adjusted EBITDA
$130


to

$140
 A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. Operational and Financial MetricsAdjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.The following metrics apply to the Lindblad segment:Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, reorganization costs and acquisition-related expenses.Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.Net Yield represents tour revenues less commissions and direct costs of other tour revenues.Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.Number of Guests represents the number of guests that travel with us in a period.Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.Voyages represent the number of ship expeditions completed during the period. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2025-fourth-quarter-and-full-year-financial-results-302698445.htmlSOURCE Lindblad Expeditions Holdings, Inc.

Original: /C O R R E C T I O N -- Lindblad Expeditions Holdings, Inc./

Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial ResultsFebruary 26, 2026 7:30 AM
PR Newswire (US)

2025 Delivered the Strongest Adjusted EBITDA Performance in Company HistoryHighlights:Total revenues increased 20% to $771.0 millionNet loss available to stockholders decreased $1.2 million to $34.6 million; including a $23.5 million loss on extinguishment of debtAdjusted EBITDA increased 38% to $126.2 millionNet Yield per Available Guest Night increased 14% to $1,335 and Occupancy was 88%Refinanced long-term debt with $675.0 million of 7.00% senior secured notes, extending debt maturity to 2030, and increased the amount available under our revolving credit facility to $60.0 millionOn February 3, 2026, all outstanding Preferred Stock was converted into 9.0 million shares of Common StockNEW YORK, Feb. 26, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2025.







Natalya Leahy, Chief Executive Officer, said "In 2025, we delivered the strongest performance in our company's history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We're even better positioned to add to our fleet and portfolio of land experience brands."FULL YEAR RESULTSTour RevenuesFull year tour revenues of $771.0 million increased $126.3 million, or 20%, as compared to a year ago. The increase was driven by a $72.3 million increase at the Lindblad segment and a $54.0 million increase at the Land Experiences segment.Lindblad segment tour revenues of $495.6 million increased $72.3 million, or 17%, compared to a year ago. The increase was driven by a 2% increase in available guest nights, and a 14% increase in net yield per available guest night to $1,335 due to higher pricing and higher occupancy, 88% in 2025 as compared to 78% a year ago.Land Experiences tour revenues of $275.4 million increased $54.0 million, or 24%, compared to a year ago primarily due to an increase in guests traveled and higher pricing.Net IncomeNet loss available to stockholders for the full year was $34.6 million, $0.63 per diluted share, as compared with a net loss available to stockholders of $35.8 million, $0.67 per diluted share, in 2024. The $1.2 million decrease primarily reflects improved operating results, partially offset a $23.5 million loss on extinguishment of debt, $13.9 million higher commissions and royalties due to higher revenues and $3.6 million higher stock-based compensation expense.Adjusted EBITDAFull year Adjusted EBITDA of $126.2 million increased $35.0 million as compared to 2024 driven by a $20.4 million increase at the Lindblad segment and a $14.6 million increase at the Land Experiences segment.Lindblad segment Adjusted EBITDA of $79.8 million increased $20.4 million as compared to 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and increased royalties associated with the expanded National Geographic agreement.Land Experiences segment Adjusted EBITDA of $46.5 million increased $14.6 million as compared to 2024, due to increased tour revenues, including a full year of results of Thomson Group, partially offset by higher operating and personnel costs related to additional departures, and higher marketing spend to drive future growth.FOURTH QUARTER RESULTSTour RevenuesFourth quarter tour revenues of $183.2 million increased $34.6 million, or 23%, as compared to the same period in 2024. The increase was driven by a $25.2 million increase at the Lindblad segment and a $9.3 million increase at the Land Experiences segment.Lindblad segment tour revenues of $115.9 million increased $25.2 million, or 28%, compared to the fourth quarter a year ago. The increase was driven by an 11% increase in net yield per available guest night to $1,279 due to higher pricing and an increase in occupancy, 87% in 2025 as compared to 78% in the fourth quarter a year ago.Land Experiences tour revenues of $67.2 million increased $9.3 million, or 16%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled and higher pricing.Net IncomeNet loss available to stockholders for the fourth quarter was $24.8 million, $0.45 per diluted share, as compared with net loss available to stockholders of $26.2 million, $0.48 per diluted share, in the fourth quarter of 2024. The $1.4 million decrease primarily reflects improved operating results and $3.5 million lower stock-based compensation expense, partially offset by $3.0 million higher depreciation and amortization expense driven by capital expenditures on vessels, and reorganizational costs.Adjusted EBITDAFourth quarter Adjusted EBITDA of $14.2 million increased $0.7 million as compared to the same period in 2024 driven by a $2.5 million increase at the Land Experiences segment, partially offset by a $1.8 million decrease at the Lindblad segment. Lindblad segment Adjusted EBITDA of $4.4 million decreased $1.8 million as compared to the same period in 2024, primarily due to higher operating costs related to additional voyages, increased drydock costs due to timing as compared to prior year, increased royalties associated with the expanded National Geographic agreement and marketing spend to drive long-term growth initiatives, partially offset by increased tour revenues.Land Experiences segment Adjusted EBITDA of $9.8 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth. 

For the three months ended December 31,

For the years ended December 31,
(In thousands)
2025

2024

Change

%
2025

2024

Change

%Tour revenues:































Lindblad
$115,928

$90,683

$25,245


28%
$495,642

$423,306

$72,336


17%Land Experiences

67,253


57,926


9,327


16%

275,377


221,421


53,956


24%Total tour revenues
$183,181

$148,609

$34,572


23%
$771,019

$644,727

$126,292


20%Operating income (loss):































Lindblad
$(12,498)

$(13,018)

$520


4%
$7,055

$(2,928)

$9,983


341%Land Experiences

6,992


5,448


1,544


28%

38,432


24,481


13,951


57%Total operating (loss) income
$(5,506)

$(7,570)

$2,064


(27)%
$45,487

$21,553

$23,934


111%Adjusted EBITDA:































Lindblad
$4,354

$6,149

$(1,795)


(29)%
$79,775

$59,400

$20,375


34%Land Experiences

9,797


7,281


2,516


35%

46,463


31,832


14,631


46%Total adjusted EBITDA
$14,151

$13,430

$721


5%
$126,238

$91,232

$35,006


38% Balance Sheet and LiquidityThe Company's cash and cash equivalents and restricted cash were $289.7 million as of December 31, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $111.6 million in cash from operations due primarily to increased bookings for future travel and timing of operating expense payments, and $29.6 million in cash from financing activities primarily related to the $26.8 million in net cash provided by the refinancing of our long-term debt, partially offset by $67.3 million in cash used by investing activities primarily for vessel capital expenditure improvements and for acquisitions.As of December 31, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.Preferred SharesOn January 20, 2026, the Company issued a Notice of Conversion to each holder of the Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion (the "Mandatory Conversion") of all the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 outstanding shares of Preferred Stock were converted into approximately 9.0 million shares of Common Stock, in accordance with the terms of the Certificate of Designations.FINANCIAL OUTLOOK The Company's current expectations for the full year 2026 are as follows:Tour revenues of $800 - $850 millionAdjusted EBITDA of $130 - $140 millionSTOCK REPURCHASE PLANThe Company currently has a $35.0 million stock repurchase plan in place. As of February 23, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of February 23, 2026, there were 65.3 million shares common stock outstanding.NON-GAAP FINANCIAL MEASURESThe Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.Conference Call InformationThe Company has scheduled a conference call at 8:30 a.m. Eastern Time on February 26, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).The Access Code is 5396422. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.About Lindblad Expeditions Holdings, Inc.Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. In collaboration with National Geographic,?Lindblad Expeditions?operates and sells ship-based voyages under the?National Geographic-Lindblad Expeditions?co-brand, allowing guests to explore remote destinations alongside scientists and naturalists, embodying Lindblad's belief that it isn't only what travelers see, but how they see it that matters. The Company's award-winning land-based brands—Natural Habitat Adventures,?Off the Beaten Path,?DuVine Cycling + Adventure Co.,?Classic Journeys, and?Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused travel experiences. Driven by a mission to improve the relationship between people and the planet and a decades-long commitment to explore responsibly, the Company connects curious travelers with transformative experiences in some of the planet's most inspiring places. To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, visit?investors.expeditions.com. Forward Looking StatementsCertain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to ;travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website. LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share data)


As of December 31,


2025

2024
ASSETS







Current Assets:







Cash and cash equivalents
$256,692

$183,941
Restricted cash

33,043


32,202
Prepaid expenses and other current assets

78,145


62,290
Total current assets

367,880


278,433









Property and equipment, net

522,123


518,390
Goodwill

60,609


59,031
Intangibles, net

16,599


15,923
Other long-term assets

12,747


5,128
Total assets
$979,958

$876,905









LIABILITIES







Current Liabilities:







Unearned passenger revenues
$361,481

$318,666
Accrued expenses

76,732


58,054
Accounts payable

22,227


13,860
Lease liabilities - current portion

1,151


1,845
Long-term debt - current portion

3


29
Total current liabilities

461,594


392,454









Long-term debt, less current portion

662,671


625,425
Deferred tax liabilities

2,224


3,537
Other long-term liabilities

6,968


1,024
Total liabilities

1,133,457


1,022,440









Commitments and contingencies

-


-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

83,079


78,155
Redeemable noncontrolling interests

47,948


29,424



131,027


107,579









STOCKHOLDERS' DEFICIT







Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

-


-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and
54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and
December 31, 2024, respectively

6


6
Additional paid-in capital

126,873


109,473
Accumulated deficit

(411,405)


(362,881)
Accumulated other comprehensive income

-


288
Total stockholder's deficit

(284,526)


(253,114)
Total liabilities, mezzanine equity and stockholders' deficit
$979,958

$876,905
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)



For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024

















Tour revenues
$183,181

$148,609

$771,019

$644,727

















Operating expenses:















Cost of tours

109,407


85,391


418,018


362,581
General and administrative

31,363


34,937


129,976


121,013
Selling and marketing

29,994


20,976


114,716


87,018
Depreciation and amortization

17,923


14,875


62,822


52,562
Total operating expenses

188,687


156,179


725,532


623,174

















Operating (loss) income

(5,506)


(7,570)


45,487


21,553

















Other (expense) income:















Interest expense, net

(10,728)


(11,598)


(45,231)


(45,738)
Gain (loss) on foreign currency

95


(1,017)


1,077


(1,065)
Other (expense) income

(725)


150


409


159
Loss on extinguishment of debt

-


-


(23,492)


-
Total other expense

(11,358)


(12,465)


(67,237)


(46,644)

















Loss before income taxes

(16,864)


(20,035)


(21,750)


(25,091)
Income tax expense

5,978


5,154


2,475


3,104

















Net loss

(22,842)


(25,189)


(24,225)


(28,195)
Net income (loss) attributable to noncontrolling interest

713


(141)


5,496


2,984
Net loss attributable to Lindblad Expeditions Holdings, Inc

(23,555)


(25,048)


(29,721)


(31,179)
Series A redeemable convertible preferred stock dividend

1,259


1,187


4,926


4,641

















Net loss available to stockholders
$(24,814)

$(26,235)

$(34,647)

$(35,820)

















Weighted average shares outstanding:















Basic

55,303,371


54,368,520


54,970,812


53,817,462
Diluted

55,303,371


54,368,520


54,970,812


53,817,462

















Undistributed loss per share available to stockholders:















Basic
$(0.45)

$(0.48)

$(0.63)

$(0.67)
Diluted
$(0.45)

$(0.48)

$(0.63)

$(0.67)
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)


For the years ended December 31,


2025

2024
Cash Flows From Operating Activities







Net loss
$(24,225)

$(28,195)
Adjustments to reconcile net loss to net cash provided by operating activities:







Depreciation and amortization

62,822


52,562
Amortization of deferred financing costs and other, net

3,329


3,699
Amortization of right-to-use lease assets

1,734


893
Stock-based compensation

13,461


9,833
Deferred income taxes

(1,262)


2,052
Loss (gain) on foreign currency

(1,077)


1,065
Write-off of unamortized issuance costs related to debt refinancing

7,111


-
Changes in operating assets and liabilities







Prepaid expenses and other current assets

(11,386)


(1,238)
Unearned passenger revenues

39,516


52,966
Other long-term assets

(1,787)


(2,037)
Other long-term liabilities

(462)


-
Accounts payable and accrued expenses

25,475


1,750
Operating lease liabilities

(1,666)


(995)
Net cash provided by (used in) operating activities

111,583


92,355









Cash Flows From Investing Activities







Purchases of property and equipment

(47,745)


(33,520)
Acquisition (net of cash acquired)

(19,522)


(10,559)
Net cash used in investing activities

(67,267)


(44,079)









Cash Flows From Financing Activities







Proceeds from long-term debt

675,000


-
Repayments of long-term debt

(635,036)


(49)
Payment of deferred financing costs

(13,194)


(21)
Proceeds from exercise of options

4,259


0
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling
interest distributions

(1,465)


(2,974)
Additional acquisition of redeemable noncontrolling interest

-


(16,721)
Net cash (used in) provided by financing activities

29,564


(19,765)
Effect of exchange rate changes on cash

(288)


288
Net increase in cash, cash equivalents and restricted cash

73,592


28,799
Cash, cash equivalents and restricted cash at beginning of period

216,143


187,344









Cash, cash equivalents and restricted cash at end of period
$289,735

$216,143









 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands)
(unaudited)
Reconciliation of Net Income to Adjusted EBITDA -
Consolidated

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Net loss
$(22,842)

$(25,189)

$(24,225)

$(28,195)
Interest expense, net

10,728


11,598


45,231


45,738
Income tax expense

5,978


5,154


2,475


3,104
Depreciation and amortization

17,923


14,875


62,822


52,562
(Gain) loss on foreign currency

(95)


1,017


(1,077)


1,065
Other expense (income)

725


(150)


716


(159)
Stock-based compensation

(1,028)


2,470


13,461


9,833
Debt extinguishment

-


-


23,492


-
Legal settlement

1,028


3,000


1,028


3,000
Transaction-related costs

24


655


897


3,913
Reorganization costs

1,710


-


2,543


371
Acquisition gain

-


-


(1,125)


-
Adjusted EBITDA
$14,151

$13,430

$126,238

$91,232

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -
Lindblad Segment

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Operating (loss) income
$(12,498)

$(13,019)

$7,055

$(2,928)
Depreciation and amortization

16,219


13,441


56,891


48,433
Stock-based compensation

(1,073)


2,647


13,113


9,656
Legal settlement

-


3,000


-


3,000
Transaction-related costs

(4)


80


173


868
Reorganization costs

1,710


-


2,543


371
Adjusted EBITDA
$4,354

$6,149

$79,775

$59,400

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -
Land Experiences Segment

















For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Operating income
$6,992

$5,449

$38,432

$24,481
Depreciation and amortization

1,704


1,434


5,931


4,129
Transaction-related costs

28


575


724


3,045
Stock-based compensation

45


(177)


348


177
Legal settlement

1,028


-


1,028


-
Adjusted EBITDA
$9,797

$7,281

$46,463

$31,832
 LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)
(unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
For the years ended December 31,


2025

2024
Net cash provided by operating activities
$111,583

$92,355
Less: purchases of property and equipment

(47,745)


(33,520)
Free Cash Flow
$63,838

$58,835



For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Available Guest Nights

76,290


69,040


328,617


323,691
Guest Nights Sold

66,515


53,959


287,830


253,941
Occupancy

87%

78%

88%

78%Maximum Guests

9,960


8,463


42,866


38,964
Number of Guests

8,828


6,794


37,993


31,489
Voyages

128


95


561


475

Calculation of Gross and Net Yield per Available Guest Night
For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Guest ticket revenues
$96,545

$77,328

$428,349

$373,055
Other tour revenue

19,383


13,355


67,293


50,251
Tour Revenues

115,928


90,683


495,642


423,306
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Yield
$97,576

$79,427

$438,845

$378,843
Available Guest Nights

76,290


69,040


328,617


323,691
Gross Yield per Available Guest Night
$1,520

$1,313

$1,508

$1,308
Net Yield per Available Guest Night

1,279


1,150


1,335


1,170



For the three months ended
December 31,

For the years ended
December 31,
(In thousands)
2025

2024

2025

2024
Operating income (loss)
$(12,498)

$(13,019)

$7,055

$(2,928)
Cost of tours

71,587


52,769


258,679


230,075
General and administrative

17,973


22,368


83,731


79,995
Selling and marketing

22,647


15,124


89,286


67,731
Depreciation and amortization

16,219


13,441


56,891


48,433
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Yield
$97,576

$79,427

$438,845

$378,843
   LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)
(unaudited)


Calculation of Gross Cruise Cost and Net Cruise Cost Lindblad Segment
For the three months ended
December 31,

For the years ended
December 31,


2025

2024

2025

2024
Cost of tours
$71,587

$52,769

$258,679

$230,075
Plus: Selling and marketing

22,647


15,124


89,286


67,731
Plus: General and administrative

17,973


22,367


83,731


79,995
Gross Cruise Cost

112,207


90,260


431,696


377,801
Less: Commissions

(5,172)


(3,367)


(20,521)


(17,157)
Less: Other tour expenses

(13,180)


(7,889)


(36,276)


(27,306)
Net Cruise Cost

93,855


79,004


374,899


333,338
Less: Fuel Expense

(6,277)


(6,753)


(24,032)


(26,648)
Net Cruise Cost Excluding Fuel

87,578


72,251


350,867


306,690
Non-GAAP Adjustments:















Stock-based compensation

1,073


(2,647)


(13,113)


(9,656)
Legal settlement

-


(3,000)


-


-
Transaction-related costs

4


(80)


(173)


(868)
Reorganization costs

(1,710)


-


(2,543)


(371)
Adjusted Net Cruise Cost Excluding Fuel
$86,945

$66,524

$335,038

$292,795
Adjusted Net Cruise Cost
$93,222

$73,277

$359,070

$319,443
Available Guest Nights

76,290


69,040


328,617


323,691
Gross Cruise Cost per Available Guest Night
$1,471

$1,307

$1,314

$1,167
Net Cruise Cost per Available Guest Night

1,230


1,144


1,141


1,030
Net Cruise Cost Excluding Fuel per Available Guest Night

1,148


1,047


1,068


947
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

1,140


964


1,020


905
Adjusted Net Cruise Cost per Available Guest Night

1,222


1,061


1,093


987

Reconciliation of 2026 Adjusted EBITDA guidance:


(in millions)
Full Year 2026
(Loss) income before income taxes
$(6)


to

$14
Depreciation and amortization

77


to


75
Interest expense, net

43


to


41
Stock-based compensation

11


to


8
Other

5


to


2
Adjusted EBITDA
$130


to

$140
 A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. Operational and Financial MetricsAdjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.The following metrics apply to the Lindblad segment:Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, reorganization costs and acquisition-related expenses.Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.Net Yield represents tour revenues less commissions and direct costs of other tour revenues.Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.Number of Guests represents the number of guests that travel with us in a period.Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.Voyages represent the number of ship expeditions completed during the period. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2025-fourth-quarter-and-full-year-financial-results-302697971.htmlSOURCE Lindblad Expeditions Holdings, Inc.

Original: Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results

Awesome MFN, looks like you did your DD on this company and it is moving well.

I would think the pandemic would be a negative factor on the stock but sure doesn't look that way at all. Happy New Year and thanks for the great information you supply on IHub.

Merry Christmas and Happy New Year to you, Fullpower7!

No, I don't have a price target for LIND. It's a long hold investment for me. I love the company, and I think the experiential and exclusive nature of the product is a huge advantage as well as a substantial "barrier to entry" for competition in this unique slice of the cruise line market.

Also very forward-thinking management. They were working with a Dutch provider of a unique sanitizing solution well before the COVID-19 era.

I just love the NatGeo partnership, especially.

MFN, Merry Christmas! Looks like you found a winner here that has doubled since August. Any idea where this is going?
Best

LIND is a nice "little" stock for individual investors. Not so liquid for the big wall street players, just perfect for me. It will prove to be one of, if not THE best, cruise line stocks to own in this decade. (for the little guy)

Not only that, I look forward to supporting the company's top line real soon! Just as soon as practicable after this whole COVID thing is past.

$LIND Great news today, new marketing head has a great track record and perfect experience to bring to Lindblad! There is definitely pent-up demand for travel and leisure and, with Goodman steering the marketing, I think we'll see record growth in Lindblad's experiential cruise and adventure tours for the next 5 years+ - definitely much higher than any of the run of the mill "luxury" cruise lines. This is a great time to build a position!

https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-appoints-david-goodman-as-chief-commercial-and-marketing-officer-301171338.html

Lindblad Expeditions Holdings, Inc. Appoints David Goodman As Chief Commercial And Marketing Officer

NEW YORK, Nov. 11, 2020 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) ("Lindblad" or the "Company"), a global provider of expedition cruises and adventure travel experiences, announced today it has named David Goodman as its Chief Commercial and Marketing Officer, effective November 9, 2020.

David has spent 30+ years running divisions of global multi-media organizations, overseeing revenue, marketing, content creation, production, product/technology, distribution and oversight of some of the world's most recognizable brands and properties. Most recently he served as Executive Vice President, Marketing and Digital Development at Sotheby's, where he and his team were responsible for numerous initiatives which resulted in record growth in audience (physical/digital), revenue, e-commerce sales, content creation (web, mobile, social, video, print, AR/VR) while incorporating best-in-class technology into client-facing products and processes.

Under his leadership, David was the chief architect of Sotheby's highly successful digital strategy, which resulted in record online traffic; the creation of a global and "mobile first," discovery, registration, bidding and buying platform; a global publishing and content creation/audience platform; and apps for the iPhone, iPad, Android phone, Amazon Fire, Samsung Smart TV, and Apple TV (named one of Apple's "Best New Apps" when launched). He also created the award winning "Treasures From Chatsworth," a 13-part series and live exhibition; new sales categories, and the creation and implementation of sophisticated internal/external advertising, insight and analytics programs.

Goodman came to Sotheby's from The Madison Square Garden Company, where he was the President of Productions and Live Entertainment. Prior to his role at MSG, he spent 13 years at CBS in several roles, including President of CBS Live Experiences, President of CBS Interactive Music Group and President of Digital Media and Integrated Marketing for CBS Radio. David has also served as an executive at Warner Bros., President of Warnervision, a division of The Warner Music Group, and Saban Entertainment. Additionally, he has created and/or executive-produced numerous award-winning and critically acclaimed shows, series and specials across almost every facet of entertainment, which have reached, entertained and educated hundreds of millions of people around the world.

In his new role at Lindblad, Mr. Goodman will be responsible for all revenue production and will lead marketing, sales, digital product development and strategic partnerships.

"As we navigate through the COVID-19 pandemic and look to reactivate in 2021, David Goodman will be a very meaningful addition to our leadership team. Lindblad Expeditions was on a solid growth trajectory prior to the pandemic and intends to continue on an aggressive growth plan in 2021 and beyond. David's skills and background will add immeasurably in building the marketing and sales platform that will fuel that growth," stated Sven Lindblad, President and CEO of Lindblad Expeditions.

Mr. Goodman, who will be based at Lindblad's headquarters in New York, commented, "Since a young age, I've loved traveling, especially to places a bit off the beaten path. For almost 50 years, Lindblad has been the leader in experiential travel, taking hundreds of thousands of people on expeditions to the most extraordinary places in the world. We have a tremendous opportunity to innovate the existing business with new content, technology, products and services, which will drive interest and demand while positioning the company for future growth. I can't think of a better opportunity both personally and professionally, especially given the timing as we prepare for the world to start traveling again.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.

Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership's educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.

Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat's adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.

For more information visit us at www.expeditions.com or find us on Facebook, Twitter, Instagram, YouTube, Pinterest and LinkedIn.

$LIND Curious after-hours buying yesterday. Looks as if someone really wanted to buy a position before the end of trading last night? For what reason??? I like Lindblad Expeditions for now and for long, but... that's unusual.

Earnings Press Release, 10/29/2020 for Q3 Earnings Report -

Full press release with Summary and Highlights:
https://investors.expeditions.com/press-releases/news-details/2020/Lindblad-Expeditions-Holdings-Inc.-Reports-2020-Third-Quarter-Financial-Results/default.aspx

Lindblad Expeditions Holdings, Inc. Reports 2020 Third Quarter Financial Results
Company Release - 10/29/2020
NEW YORK, Oct. 29, 2020 /PRNewswire/ --

Third Quarter 2020 Highlights:

- Raised $85 million through private placement issuance of convertible preferred equity to prominent ("long-term") investors

- Amended term loan and revolving credit facilities to waive leverage covenants through Q2 2021

- Implemented significant cost reduction measures to further increase liquidity profile and ended the quarter with $129.6 million in unrestricted cash and $16.5 million in restricted cash

- Cash usage is approximately $10-15 million monthly excluding the impact of guest payments and refunds

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the quarter ended September 30, 2020.

Sven-Olof Lindblad, President and Chief Executive Officer, said "Since the COVID-19 pandemic began our focus has been on enhancing our existing rigorous protocols so we can return safely to the world's most remarkable destinations, while ensuring we have enough liquidity to withstand the uncertain time out of service and emerge in a position of strength. The response from local authorities and our loyal guests to the extensive protocols we have developed has been overwhelmingly positive and we continue to move closer to resuming operations in geographies that we have been visiting for over forty years. This past quarter we continued to reduce our cost structure while further enhancing our financial position by raising additional capital from a diversified group of long-term investors. This investment will provide significant runway as we prepare to return to exploring, while also providing us financial flexibility to pursue additional opportunities for growth as we emerge from the pandemic."

("long-term" - i.e. not immediately dilutive, not selling shares into the market)

COVID-19 BUSINESS UPDATE

Due to the spread of the COVID-19 virus and the effects of travel restrictions around the world, the Company has suspended or rescheduled the majority of its expeditions departing March 16, 2020 through December 31, 2020 and has rescheduled its 2020-2021 Antarctica season. The Company has been working with guests to amend travel plans and refund payments, as applicable. The Company's ships are currently being maintained with minimally required crew on-board to ensure they comply with all necessary regulations and can be fully put back into service quickly as needed. In accordance with local regulations, the Company closed its offices and most employees are working remotely to maintain general business operations, to provide assistance to existing and potential guests and to maintain information technology systems.

The Company moved quickly to implement a comprehensive plan to mitigate the impact of COVID-19 and preserve and enhance its liquidity position. The Company is employing a variety of cost reduction and cash preservation measures, while accessing available capital under its existing debt facilities and through the issuance of preferred equity, while exploring additional sources of capital and liquidity. These measures include the following operating expense and capital expenditure reductions:

Significantly reduced ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up.
Lowered expected annual maintenance capital expenditures by over $10 million, savings of more than 50% from originally planned levels.
Meaningfully reduced general and administrative expenses through employee furloughs, payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending.
Suspended the majority of planned advertising and marketing spend.
Suspended all repurchases of common stock under the stock repurchase plan.
Bookings Trends

The Company was off to a strong start to the year with Lindblad segment bookings at the end of February up 25% for the full year 2020 as compared to the same point a year ago for 2019, and had sold 86% of its originally projected guest ticket revenues for the year. Since that point, the Company has experienced a substantial impact from the COVID-19 virus including elevated cancellations and softness in near-term demand. As of October 26, 2020, Lindblad segment bookings for travel in 2020 are now 74% below the same point a year ago for 2019 due primarily to the cancelled and rescheduled voyages. The Company has substantial advanced bookings for travel in 2021 and despite increased cancellations for travel in the first quarter of 2021, total bookings for 2021 are 4% ahead of bookings for 2019 as of the same date in 2018 and only 12% below the same date a year ago for 2020. For the last nine months of 2021 bookings are 12% ahead of the bookings for the same period in 2020 as of the same date a year ago. The Company continues to see new bookings for future travel including over $44.0 million since March 1, 2020, and it is receiving deposits and final payments for future travel.

For 2020 voyages that have been cancelled or rescheduled, the Company is providing future travel credits with incremental value or full refunds, as applicable, to its fully paid guests. As of October 26, 2020, the majority of guests have opted for future travel credits.

Balance Sheet and Liquidity

As of September 30, 2020, the Company had $129.6 million in unrestricted cash and $16.5 million in restricted cash primarily related to deposits on future travel originating from U.S. ports. During the first quarter of 2020 the Company drew down $45.0 million under its revolving credit facility as a precautionary measure for working capital and general corporate purposes given the uncertainty related to the COVID-19 pandemic and borrowed $107.7 million under its first export credit agreement in conjunction with final payment on delivery of the National Geographic Endurance in March 2020.

During April 2020, the Company drew down $30.6 million under its second export credit agreement in conjunction with its third installment payment on the National Geographic Resolution scheduled for delivery in the fourth quarter of 2021.

During May 2020, the Company amended its $2.5 million promissory note, changing the maturity date of the principal payments to be due in three equal installments, with the first payment due on December 22, 2020, the second due on December 22, 2021 and the final payment due on December 22, 2022.

During June 2020, the Company amended its export credit agreements to defer approximately $9.0 million in aggregate scheduled amortization payments from June 2020 through March 2021 and to suspend the total net leverage ratio covenant from June 2020 through June 2021.

During August 2020, the Company amended its term loan and revolving credit facilities to waive the application of the total net leverage ratio covenant through June 2021. In connection with the amendment, the interest rate of the term loan has been increased by 125bps, to be paid-in-kind at maturity, a LIBOR floor of 75bps has been added to each facility and certain covenants have been amended to be more restrictive.

During August 2020, the Company raised $85.0 million in gross proceeds through the private placement issuance of Redeemable Convertible Series A Preferred Stock that carries a 6% annual dividend, which is payable in kind for two years and thereafter in cash or in-kind at the Company's option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of $9.50 per share, representing a premium of 23% to Lindblad's 30-trading volume weighted average price on the date of issuance.

As of September 30, 2020, the Company had a total debt position of $412.2 million and was in compliance with all of its debt covenants in effect. The Company has no material debt maturities until 2023.

The Company estimates its monthly cash usage while its vessels are not in operations to be approximately $10-15 million including ship and office operating expenses, necessary capital expenditures and interest and principal payments. This excludes guest payments for future travel and cash refunds requested on previously made guest payments. The Company continues to evaluate additional strategies to enhance its liquidity position which may include, but are not limited to, further reductions in operating expenses, capital expenditures and administrative costs as well as additional financings.

The Company has not previously experienced a complete cessation of its operations and, as a consequence, its ability to predict the impact of such cessation on its costs and future prospects is limited. Given the dynamic nature of this situation, the Company cannot reasonably estimate the impacts of the COVID-19 virus on its financial condition, results of operations, cash flows, plans and growth for the foreseeable future. It is unknown when travel restrictions and various border closures will be lifted and what the demand for expedition travel will be once these restrictions are no longer in place. The estimates for monthly cash usage reflect the Company's current forecast for operating costs, capital expenditures and expected debt and interest payments. Based on current liquidity, the actions taken to date and its current forecast, which assumes rescheduled operations during 2020 with a ramp up in operations throughout 2021, the Company believes that its liquidity should be adequate to meet its obligations for the next 12 months.

Return to Operations

The Company already has a robust set of operating protocols and, in preparation for the resumption of operations, has been proactively working in close cooperation with various medical policy experts and public health authorities to further augment its procedures and protocols for health and safety onboard its vessels to mitigate the potential impacts of the COVID-19 virus. These protocols encompass, but are not limited to, medical care, screening, testing, social distancing, personal protective equipment, and sanitization during all aspects of the expedition.

While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 to 148 passengers, allowing for a highly controlled environment that includes stringent cleaning protocols. The small nature of the Company's ships should also allow it to efficiently and effectively test its guests and crew prior to boarding. On average, the Company estimates it will only take a few thousand tests a month to ensure all guests and crew across its entire fleet have been tested. Additionally, the majority of its expeditions take place in remote locations where human interactions are limited, so there is less opportunity for external influence. The Company also has the ability to be flexible with regards to existing itineraries and is actively investigating additional itinerary opportunities both internationally and domestically. Lastly, the Company's guests are explorers by nature, eager to travel and have historically been very resilient following periods of uncertainty.

THIRD QUARTER RESULTS... (see full PR, link provided at top of post)

Lindblad Expeditions Raises $85 Million from Prominent Investors

https://www.expeditions.com/about-us/press-room/press-releases/lindblad-expeditions-raises-85-million-from-prominent-investors-enhance-financial-flexibility-support-long-term-growth/

Lindblad Expeditions Raises $85 Million from Prominent Investors to Enhance Financial Flexibility and Support Long-Term Growth

MSD Partners and Durable Capital lead private placement of convertible preferred stock to further boost cash reserves to support current operations and potential future growth opportunities

Lindblad plans to resume operations as soon as possible, but this capital raise is expected to support the Company’s liquidity needs through 2021, even in the event of an extended Covid-related shutdown


NEW YORK, August 27, 2020 – Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad”) today reported that it has entered into an agreement with a group of investors (the “Investors”), including MSD Partners, L.P., Durable Capital L.P., Headlands Capital, Deep Field Asset Management LLC and Declaration Capital, for the private placement of $85 million of convertible preferred stock.

“Since the global COVID-19 pandemic began, we have taken a variety of proactive measures to ensure that Lindblad is sufficiently capitalized to withstand this downturn and emerge in a position of strength,” commented Sven-Olof Lindblad, President and Chief Executive Officer. “I am happy to report that we have secured $85 million of additional capital from this outstanding, diversified group of experienced long-term investors.”

Lindblad continued, “We know our guests are eager to travel again and this investment provides us with additional financial flexibility as we prepare to return to exploring the world’s most remarkable destinations.”

The Investors have agreed to make an investment of $85 million in newly-issued convertible preferred stock that carries a 6.0% dividend, which is payable in kind for 2 years and thereafter in cash or in-kind at the Company’s option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of $9.50 per share, representing a premium of 23% to Lindblad’s 30-trading day volume-weighted average price. On an as-converted basis, the preferred stock will represent approximately 15.5% of the pro forma common shares outstanding.

“We were overwhelmed by the enthusiastic response to this offering and are thrilled to add such a high- quality set of value-add investors supporting the company,” said Mark Ein, Lindblad’s Chairman of the Board. “We believe this capital will not only secure our return to operations but, along with support from our committed investor base, will also position us to be offensive in pursuing opportunities to accelerate the growth of our platform coming out of the pandemic.”

“Lindblad Expeditions is a world-class franchise with a unique offering of expedition travel experiences. We have admired the company and its team for many years and are excited to partner with them at this time,” said Dan Bitar, a representative of MSD.

The net proceeds from the investment will be used for general corporate purposes. On a pro forma basis, Lindblad’s liquidity position at June 30, 2020 would have been approximately $187 million when factoring in this $85 million investment from the Investors.

Lindblad was represented in the transaction by Citigroup Global Markets Inc., as placement agent, and Latham & Watkins LLP, as legal advisor.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.

Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership’s educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.

Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat’s adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.

About MSD Partners

MSD Partners, L.P. is an SEC-registered investment adviser that was formed in 2009 by the principals of MSD Capital, L.P. to enable a select group of investors to invest in strategies that were developed by MSD Capital (the private investment firm for Michael Dell and his family). MSD Partners utilizes a multi-disciplinary investment strategy focused on maximizing long-term capital appreciation by making investments across the globe in the equities of public and private companies, credit, real estate and other asset classes and securities. MSD Partners is headquartered in New York with additional offices in Santa Monica and West Palm Beach. Additional information regarding MSD Partners may be found at msdpartners.com.

About Durable Capital Partners

Durable Capital Partners L.P. is an investment adviser founded by Henry Ellenbogen. Durable Capital Partners L.P.'s investment philosophy is grounded in sourcing small-cap and mid-cap compounders in both the private and public markets.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s financial projections and may also generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe the Company’s financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. Many of these risks and uncertainties are currently amplified by, and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) suspended operations and disruptions to our business and operations related to the novel corona virus COVID-19; (ii) the impacts of the novel coronavirus COVID-19 on our financial condition, liquidity, results of operations, cash flows, employees, plans and growth; (iii) the impacts of the novel coronavirus COVID-19 on future travel and the cruise and airline industries in general; (iv) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, pandemics or other events; (v) changes adversely affecting the business in which we are engaged; (vi) management of our growth and our ability to execute on our planned growth; (vii) our business strategy and plans; (viii) our ability to maintain our relationship with National Geographic; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) compliance with the financial and/or operating covenants in our debt arrangements; (xi) adverse publicity regarding the cruise industry in general; (xii) loss of business due to competition; (xiii) the result of future financing efforts; (xiv) delays and costs overruns with respect to the construction and delivery of newly constructed vessels; (xv) the inability to meet revenue and other financial projections; and (xvi) those risks described in the Company’s filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company’s performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company’s website.