Market Overview

Lindblad Expeditions Holdings, Inc. Reports 2019 Second Quarter Financial Results

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NEW YORK, August 1, 2019 /PRNewswire/ --

Second Quarter 2019 Highlights:

  • Tour revenues increased 10% to $76.7 million
  • Net income available to common stockholders increased $0.9 million to $1.0 million
  • Adjusted EBITDA increased 9% to $12.5 million
  • Lindblad segment Net Yield increased 3% to $1,030 and Occupancy was 89%
  • Commenced exchange offer for all outstanding warrants, expect to complete full redemption on August 1, 2019

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND, the ", Company", or ", Lindblad", )), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the quarter ended June 30, 2019.

Sven-Olof Lindblad, President and Chief Executive Officer, said "Lindblad's strong second quarter operating results further demonstrates the opportunity we have to deliver sustained growth as we expand our capacity while maintaining high occupancy levels and net yields. The additions of the National Geographic Quest and the National Geographic Venture to our fleet over the past two years has substantially increased our available berths and the growing demand for authentic expedition travel, along with a diverse base of loyal guests, has enabled us to fill this new inventory at healthy price points. We are still in the early days of our expansion plans and with strong demand across our growing fleet, including robust early bookings for our two new polar vessels scheduled for delivery in 2020 and 2021, we are poised to build on our sustained momentum in the years ahead."

SECOND QUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $76.7 million increased $7.2 million, or 10%, as compared to the same period in 2018. The increase was driven by growth of $5.4 million at the Lindblad segment and a $1.8 million increase at Natural Habitat.

Lindblad segment tour revenues of $64.9 million increased $5.4 million, or 9%, compared to the second quarter a year ago primarily due to a 6% increase in Available Guest Nights, mostly from the launch of the National Geographic Venture in December 2018. The year on year growth also reflects a 3% increase in Net Yield to $1,030 due primarily to higher pricing and changes in itineraries, partially offset by a slight decline in Occupancy to 89%.

Natural Habitat revenues of $11.7 million increased $1.8 million, or 18%, compared to the second quarter a year ago due primarily to higher ticket revenue from additional departures and increased pricing.

Net Income

Net income available to common stockholders for the second quarter was $1.0 million, $0.02 per diluted share, as compared with net income available to common stockholders of $0.1 million, $0.00 per diluted share, in the second quarter of 2018. The $0.9 million improvement primarily reflects the higher operating results and $0.5 million in foreign currency gains as compared with $1.1 million in foreign currency losses in the second quarter of 2018. These increases were partially offset primarily by a $1.2 million increase in depreciation and amortization due largely to the addition of the National Geographic Venture to the fleet in December 2018. 

Adjusted EBITDA

Second quarter Adjusted EBITDA of $12.5 million increased $1.0 million, or 9%, as compared to the same period in 2018. The increase was driven by growth of $1.3 million at the Lindblad segment slightly offset by a $0.2 million decrease at Natural Habitat.

Lindblad segment Adjusted EBITDA of $13.3 million increased $1.3 million, or 11%, as compared to the second quarter a year ago as the increased tour revenues were partially offset by operating costs on the National Geographic Venture. The second quarter also included increased costs due to higher marketing spend to drive long-term growth initiatives, increased commission expense related to the revenue growth and higher personnel costs partially offset by lower drydock expense.

Natural Habitat Adjusted EBITDA was a loss of $0.8 million, a $0.2 million, or 45%, decrease as compared to the second quarter a year ago as the revenue growth was more than offset by increased operating costs related to additional departures and higher marketing and personnel costs to drive long-term growth initiatives.

 



For the three months ended
June 30,



For the six months ended
June 30,




2019



2018



Change



%



2019



2018



Change



%


Tour revenues:

































Lindblad


$

64,930



$

59,556



$

5,374




9%



$

140,968



$

130,009



$

10,959




8%


Natural Habitat



11,728




9,917




1,811




18%




25,343




21,874




3,469




16%


Total tour revenues


$

76,658



$

69,473



$

7,185




10%



$

166,311



$

151,883



$

14,428




9%


Operating Income:




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