In This Article:
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Total Revenue: $645 million, a 13% increase from 2023.
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Lindblad Segment Revenue: $423 million, a 7% increase from 2023.
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Land Experiences Revenue: $221 million, a 29% increase from 2023.
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Adjusted EBITDA: $91.2 million, a 28% increase from the prior year.
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Operating Expenses: Increased by $55.2 million or 11.1% from 2023.
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Net Loss: Improved by $14.2 million to $35.8 million or $0.67 per diluted share.
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Cash Position: Ended the year with $216 million, an increase of $29 million from 2023.
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2025 Revenue Guidance: Expected between $700 million and $750 million.
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2025 Adjusted EBITDA Guidance: Expected between $100 million and $112 million.
Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Lindblad Expeditions Holdings Inc (NASDAQ:LIND) reported a record-breaking 2024 with a 13% increase in revenue to $645 million.
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The company saw a 28% increase in adjusted EBITDA, with margins improving by 170 basis points to 14.4%.
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Bookings for 2025 and 2026 are trending ahead of the prior year in both the expedition and land segments.
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The introduction of new vessels in the Galapagos market and the expansion of the Antarctica cruise program are expected to drive future growth.
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Lindblad Expeditions Holdings Inc (NASDAQ:LIND) is focusing on sustainability, having facilitated 45 conservation, education, and research initiatives in 2024.
Negative Points
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The EBITDA guidance for 2025 came in around 5% below consensus at the midpoint.
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Operating expenses increased by 11.1% compared to 2023, driven by higher costs in tours, sales, and marketing.
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General and administrative costs rose by 17.4% due to higher personnel costs and credit card commissions.
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The company reported a net loss available to stockholders of $35.8 million, despite improvements in operations.
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Available guest nights are expected to decrease in Q1 2025 due to the timing of dry docks and repositionings.
Q & A Highlights
Q: Could you talk about the factors affecting the EBITDA guidance for 2025, which seems lower than expected, despite higher revenue targets? What occupancy expectations are embedded, and what could influence the range? A: Natalya Leahy, CEO: We delivered strong double-digit EBITDA growth in 2024 and expect continued growth in 2025. Our revenue is trending strongly based on current bookings for 2025 and 2026. We are investing in future growth opportunities, such as expanding our salesforce and sales channels, which will yield strong returns in 2026.