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1月前
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
US Market News
1月前
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/national-geographic-society-and-lindblad-expeditions-celebrate-20-years-of-the-grosvenor-teacher-fellowship-302757445.htmlSOURCE Lindblad Expeditions
Original: National Geographic Society and Lindblad Expeditions Celebrate 20 Years of the Grosvenor Teacher Fellowship
US Market News
3月前
/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./
US Market News
3月前
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
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