NEW YORK, Nov. 9, 2015 /PRNewswire/ -- Lindblad
Expeditions Holdings, Inc. (NASDAQ: LIND; "Lindblad", the
"Company"), a global provider of expedition cruises and adventure
travel experiences, today reported its financial results for the
quarter ended September 30,
2015.
Lindblad also announced today that the Company's Board of
Directors has approved a $20 million
stock and warrant repurchase plan, which authorizes the Company to
purchase its stock and warrants from time to time.
Lindblad's Financial Highlights for the Third Quarter and
First Nine Months of 2015
- Lindblad generated tour revenue of $58.6
million in the third quarter of 2015, an increase of
$7.1 million or 13.8% compared to the
prior year quarter
- Tour revenue for the first nine months of 2015 amounted to
$163.5 million, an increase of
$9.8 million or 6.4% compared to the
prior year period
- Net Yield for the third quarter was $935.21 compared to $950.02 in the prior year quarter, and
$966.09 in the first nine months of
2015 compared to $964.61 in the prior
year period
- Adjusted EBITDA for the third quarter was $15.8 million, a 16.2% increase from $13.6 million in the prior year quarter. Adjusted
EBITDA was $42.1 million for the
first nine months of 2015, an 8.8% increase from $38.7 million in the prior year period
Review of Lindblad's Third Quarter 2015 Results
"The Company continued to post excellent results in the third
quarter, driven specifically by the strong performance of the owned
and chartered fleet, supplemented by additional charter inventory
and a slight increase in departures of the owned vessels. We were
pleased to see tour revenue and Adjusted EBITDA grow 13.8% and
16.2%, respectively, compared to the prior year quarter, and we
remain confident in the outlook for the rest of the year," said
Sven-Olof Lindblad, President and
Chief Executive Officer of Lindblad. "These results also
demonstrate the resilience of our business as we made up for weak
demand in Australia related to the
downturn in the Australian economy and currency by successfully
refocusing on our core U.S. market."
Tour revenue in the third quarter amounted to $58.6 million, compared to $51.5 million in the third quarter in 2014 which
represents an increase of $7.1
million or 13.8%. The growth was primarily driven by
$5.7 million higher guest ticket
revenues derived from an increase in the number of voyages, both on
chartered and owned vessels, as well as the timing of dry docks in
2015 when compared to 2014. This increase was partially offset by
slightly lower occupancy for the fleet, a 2.5% change, primarily
related to the National Geographic Orion in the Kimberley
season in Australia and on its
Indonesian and South Pacific itineraries. As part of the
redeployment of this vessel, these voyages will not be repeated in
2016. Tour revenues for the first nine months of 2015
increased 6.4% compared to the prior year, to $163.5 million from $153.7
million in the first nine months of 2014.
Net Yield in the quarter amounted to $935.21 compared to $950.02 in the third quarter of 2014, which
represents a decrease of 1.6%, related to the decrease of occupancy
in the quarter as well as an increase in commissions and
incentives. Lindblad recorded 48,200 Guest Nights Sold in the
third quarter of 2015, 5,817 guests, and an occupancy rate of
90.5%. Net Yield for the first nine months of 2015 amounted
to $966.09 compared to $964.61 in the prior year period.
Adjusted Net Cruise Cost per Available Guest Night amounted to
$637.90 in the third quarter of 2015,
compared to $660.60 in the same
period in the prior year, which represents a decrease of 3.4%. The
decrease in Adjusted Net Cruise Cost per Available Guest Night was
primarily driven by a reduction in the cost of fuel in the third
quarter of 2015 compared to 2014 and a decrease in dry dock costs
and related fleet expenses for the owned fleet due to improved cost
controls. Adjusted Net Cruise Cost per Available Guest Night
amounted to $674.84 for the first
nine months of 2015 compared with $683.63 for the same time period in 2014.
Adjusted EBITDA increased 16.2% in the third quarter of 2015 to
$15.8 million compared to
$13.6 million in the same period in
2014. Adjusted EBITDA increased 8.8% in the first nine months of
2015 to $42.1 million compared to
$38.7 million in the first nine
months of 2014. A reconciliation between Adjusted EBITDA and
GAAP net income is included in the accompanying financial data.
Full Year 2015
The Company continues to be confident it will achieve the 2015
financial projections set forth in the investor presentation filed
with the Securities and Exchange Commission ("SEC") on April 1, 2015 which projected revenue of
$204 million and Adjusted EBITDA of
$45 million for the full year of
2015.
Ian Rogers, the Company's Chief
Financial and Operating Officer also added: "We continue to see
early indicators of a strong booking pace for 2016 with 63% of
ticket revenue for the 2016 financial year on the books as of
October 15, 2015, compared with 61%
at the same time in 2014 for the 2015 financial year."
Fleet Expansion
During the third quarter of 2015, the Company signed a
non-binding letter of intent to build two new coastal vessels with
expected deliveries on target for the second quarter of 2017 and
2018. The Company paid a $4 million
non-refundable slot fee to reserve a shipyard's capacity for the
purpose of these builds. Negotiations of the final contract
based on the letter of intent are ongoing and the build is expected
to commence in the fourth quarter. "We are deep in final
details for the new U.S. flagged vessels for delivery in 2017 and
2018. As mentioned before, these two new 100-passenger ships will
be deployed in geographies complementary to our existing U.S.
coastal vessels where demand is strong," said Sven-Olof Lindblad. "We also continue to
explore a range of acquisition opportunities that we believe would
be accretive to our planned newbuild expansion."
Stock and Warrant Repurchase Plan
The Company also announced today that its Board of Directors has
approved a $20 million stock and
warrant repurchase plan. This plan authorizes the Company to
purchase from time to time the Company's outstanding common stock
and warrants through open market repurchases in compliance with
Rule 10b-18 of the Securities Exchange Act of 1934, as amended,
and/or in privately negotiated transactions based on market and
business conditions, applicable legal requirements and other
factors. Any shares and warrants purchased will be retired. The
plan has no time deadline and will continue until otherwise
modified or terminated by the Company's Board of Directors at any
time in the Company's sole discretion.
"We have significant available liquidity beyond the planned
investment in the expansion of our fleet and we have established
this repurchase program to have the flexibility to
opportunistically buy back our stock or warrants and thereby
maximize stockholder returns," said Ian
Rogers.
New Chief Financial Officer
On October 28, 2015, the Company
announced it had named John McClain
as its Chief Financial Officer. He will join Lindblad on
November 10, 2015. Mr.
McClain brings a long history of leadership positions in a wide
range of public companies, most recently serving as the chief
financial officer of The Jones Group Inc. until its sale to
Sycamore Partners in April 2014.
Prior to Jones, he held senior positions at Avis Budget Group,
Inc., Cendant Corporation, Sirius Satellite Radio Inc., ITT
Corporation and Arthur Andersen & Co.
Current Chief Operating Officer Ian
Rogers, who previously also held the CFO title, will
continue as COO and be focused on driving Lindblad's existing
operations and its significant growth initiatives.
Mark D. Ein, Chairman of Lindblad
said, "We are excited to welcome John to the leadership team at
Lindblad. He brings significant public company, financial market
and M&A expertise that will be highly valuable to the Company
as we execute our plan to grow the platform through an expansion of
the fleet and opportunistically seeking compelling strategic
acquisitions."
Conference Call Scheduled
The Company has scheduled a conference call at 10:00 a.m. Eastern Time on November 9, 2015 to discuss the earnings of
Lindblad. The conference call can be accessed by dialing
(844) 378-6487 (United States),
(855) 669-9657 (Canada) or (412)
542-4182 (outside the U.S.). 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. is an expedition travel
company that works in partnership with National Geographic to
inspire people to explore and care about the planet. The
organizations work in tandem to produce innovative marine
expedition programs and to promote conservation and sustainable
tourism around the world. The partnership's educationally oriented
voyages allow guests to interact with and learn from leading
scientists, naturalists and researchers while discovering stunning
natural environments, above and below the sea, through
state-of-the-art exploration tools.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include our 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, including, but not
limited to, the following: (i) changes adversely affecting the
business in which we are engaged; (ii) management of our growth and
our ability to execute on our planned growth; (iii) general
economic conditions; (iv) our business strategy and plans; (v)
compliance with applicable laws and regulations; (vi) compliance
with the financial and/or operating covenants in our amended credit
agreement; (vii) adverse publicity regarding the cruise industry in
general; (viii) loss of business due to competition; (ix) the
result of future financing efforts; (x) the inability to meet
revenue and Adjusted EBITDA projections and (xi) those risks
described in our 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 our performance may be found in our 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
|
|
|
|
|
|
As
of
|
|
September 30,
2015
|
|
December 31,
2014
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
208,751,533
|
|
$
39,678,720
|
Restricted cash and
marketable securities
|
9,284,500
|
|
8,334,632
|
Inventories
|
1,835,325
|
|
1,700,226
|
Marine operating
supplies
|
4,178,662
|
|
5,078,552
|
Prepaid expenses and
other current assets
|
10,153,283
|
|
11,320,698
|
Total current
assets
|
234,203,303
|
|
66,112,828
|
|
|
|
|
Property and
equipment, net
|
122,027,393
|
|
121,873,440
|
Due from
shareholder
|
-
|
|
1,500,926
|
Other long-term
assets
|
13,081,755
|
|
2,019,503
|
Operating
rights
|
6,528,949
|
|
6,528,949
|
Deferred tax
assets
|
121,330
|
|
101,860
|
Investment in
CFMF
|
-
|
|
47,787,835
|
Total
assets
|
$
375,962,730
|
|
$
245,925,341
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned passenger
revenues
|
$
72,946,189
|
|
$
73,195,195
|
Accounts payable and
accrued expenses
|
18,629,236
|
|
20,028,315
|
Long-term debt -
current
|
1,750,000
|
|
4,934,030
|
Obligation to
repurchase shares of common stock
|
-
|
|
4,965,792
|
Due to
CFMF
|
-
|
|
22,733,000
|
Total current
liabilities
|
93,325,425
|
|
125,856,332
|
|
|
|
|
Long-term debt, less
current portion
|
162,697,005
|
|
51,755,608
|
Other long-term
liabilities
|
638,862
|
|
447,145
|
Deferred income taxes
- long-term
|
703,506
|
|
299,035
|
Total
liabilities
|
257,364,798
|
|
178,358,120
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized;
|
|
|
|
0 shares issued and
outstanding
|
-
|
|
-
|
Common stock, $0.0001
par value, 200,000,000 shares authorized;
|
|
|
|
45,224,881 and
44,717,759 issued and outstanding as of September 30, 2015 and
December 31, 2014, respectively
|
4,522
|
|
-
|
Additional paid-in
capital
|
52,308,452
|
|
21,466,308
|
Retained
earnings
|
66,284,958
|
|
46,100,913
|
Total shareholders'
equity
|
118,597,932
|
|
67,567,221
|
Total liabilities and
shareholders' equity
|
$
375,962,730
|
|
$
245,925,341
|
|
|
|
|
|
|
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
September 30,
|
|
For the Nine
Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Tour
revenues
|
$
58,561,323
|
|
$
51,540,429
|
|
$ 163,512,874
|
|
$ 153,706,109
|
|
|
|
|
|
|
|
|
Cost of
tours
|
25,443,716
|
|
22,594,085
|
|
71,330,704
|
|
68,671,913
|
Gross
profit
|
33,117,607
|
|
28,946,344
|
|
92,182,170
|
|
85,034,196
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
9,709,100
|
|
7,551,316
|
|
27,620,640
|
|
22,794,039
|
Selling and
marketing
|
9,464,802
|
|
7,778,325
|
|
26,816,447
|
|
23,624,748
|
Merger related
expenses
|
5,494,975
|
|
-
|
|
13,265,866
|
|
-
|
Depreciation and
amortization
|
2,688,894
|
|
2,937,883
|
|
8,335,719
|
|
8,685,677
|
Total operating
expenses
|
27,357,771
|
|
18,267,524
|
|
76,038,672
|
|
55,104,464
|
|
|
|
|
|
|
|
|
Operating
income
|
5,759,836
|
|
10,678,820
|
|
16,143,498
|
|
29,929,732
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Change in fair value
of obligation to
|
|
|
|
|
|
|
|
repurchase shares of
common stock
|
-
|
|
(2,463,336)
|
|
-
|
|
(3,035,767)
|
Gain (loss) on
foreign currency
|
147,833
|
|
718,620
|
|
(46,533)
|
|
499,334
|
Gain on transfer of
assets
|
-
|
|
-
|
|
7,501,948
|
|
-
|
Other (expense)
income, net
|
(23,978)
|
|
-
|
|
5,000,000
|
|
-
|
Interest expense,
net
|
(2,948,312)
|
|
(1,320,050)
|
|
(8,025,939)
|
|
(3,977,549)
|
Total other (expense)
income
|
(2,824,457)
|
|
(3,064,766)
|
|
4,429,476
|
|
(6,513,982)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
2,935,379
|
|
7,614,054
|
|
20,572,974
|
|
23,415,750
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
(1,480,899)
|
|
333,518
|
|
388,933
|
|
2,576,010
|
|
|
|
|
|
|
|
|
Net income
|
$
4,416,278
|
|
$
7,280,536
|
|
$
20,184,041
|
|
$
20,839,740
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
$
4,416,278
|
|
$
6,370,416
|
|
$
20,184,041
|
|
$
18,234,621
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
45,004,393
|
|
44,717,759
|
|
44,814,354
|
|
44,717,759
|
Diluted
|
46,456,315
|
|
44,717,759
|
|
45,544,382
|
|
44,717,759
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
Basic
|
$
0.10
|
|
$
0.14
|
|
$
0.45
|
|
$
0.41
|
Diluted
|
$
0.10
|
|
$
0.14
|
|
$
0.44
|
|
$
0.41
|
|
|
|
|
|
|
|
|
Class B common
stock
|
|
|
|
|
|
|
|
Net income available
to Class B common stockholders
|
$
-
|
|
$
910,120
|
|
$
-
|
|
$
2,605,119
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
-
|
|
6,388,677
|
|
-
|
|
6,388,677
|
Diluted
|
-
|
|
6,388,677
|
|
-
|
|
6,388,677
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
Basic
|
$
-
|
|
$
0.14
|
|
$
-
|
|
$
0.41
|
Diluted
|
$
-
|
|
$
0.14
|
|
$
-
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
|
|
|
|
|
|
|
For the Nine
Months Ended September 30,
|
|
|
2015
|
|
2014
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
20,184,041
|
|
$
20,839,740
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
8,335,719
|
|
8,685,677
|
Amortization of
National Geographic fee
|
670,239
|
|
-
|
Amortization of debt
discount and deferred financing costs
|
2,733,447
|
|
553,047
|
Stock-based
compensation
|
3,641,169
|
|
-
|
Deferred income
taxes
|
385,001
|
|
309,450
|
Gain on currency
translation
|
(46,533)
|
|
(499,334)
|
Gain on transfer of
assets
|
(7,502,668)
|
|
-
|
Changes in operating
assets and liabilities
|
|
|
|
Inventories and
marine operating supplies
|
761,051
|
|
(194,805)
|
Prepaid expenses and
other current assets
|
1,091,353
|
|
(776,311)
|
Unearned passenger
revenues
|
538,435
|
|
(2,251,189)
|
Other long-term
liabilities
|
191,717
|
|
165,180
|
Accounts payable and
accrued expenses
|
(715,919)
|
|
149,112
|
|
|
|
|
|
Net cash provided by
operating activities
|
30,267,052
|
|
26,980,567
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
Purchase of
investment in CFMF
|
(68,087,953)
|
|
-
|
Purchase of property
and equipment, net
|
(8,142,821)
|
|
(3,382,893)
|
Advance from (to)
shareholder
|
1,500,926
|
|
(70,745)
|
(Redemption) purchase
of restricted cash and marketable securities
|
(949,868)
|
|
246,384
|
|
|
|
|
|
Net cash used in
investing activities
|
(75,679,716)
|
|
(3,207,254)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
Proceeds from
long-term debt
|
175,000,000
|
|
-
|
Net proceeds from
merger
|
96,806,055
|
|
-
|
Deferred financing
costs
|
(10,943,676)
|
|
-
|
Repayments of
long-term debt
|
(41,440,732)
|
|
(2,985,406)
|
Proceeds used in
exchange of option shares
|
(4,850,437)
|
|
-
|
Repurchase of stock
from common shareholders
|
-
|
|
3,035,766
|
|
|
|
|
|
Net cash provided by
financing activities
|
214,571,210
|
|
50,360
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(85,733)
|
|
119,785
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
169,072,813
|
|
23,943,458
|
|
|
|
|
|
Cash and cash
equivalents as of beginning of period
|
39,678,720
|
|
44,353,563
|
|
|
|
|
|
Cash and cash
equivalents as of end of period
|
$
208,751,533
|
|
$
68,297,021
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period for:
|
|
|
|
Interest
|
$
4,549,829
|
|
$
3,193,037
|
|
|
|
|
|
Income
taxes
|
$
386,765
|
|
$
1,326,561
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
Investment in CFMF
liquidation of Junior debt asset, warrant
|
$
84,903,567
|
|
-
|
CFMF liquidation of
Junior debt long-term debt, additional paid-in capital
|
(84,903,567)
|
|
-
|
Transfer from
inventories and marine operating supplies
|
(413,593)
|
|
-
|
Transfer to property
and equipment, net
|
413,593
|
|
-
|
Additional paid-in
capital exercise proceeds of option shares
|
2,239,820
|
|
-
|
Additional paid-in
capital exchange proceeds used for option shares
|
(2,239,820)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Non-GAAP
Information
|
(unaudited)
|
Reconciliation of
Net Income to
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
|
|
$
4,416,278
|
|
$
7,280,536
|
|
$
20,184,041
|
|
$
20,839,740
|
Income tax (benefit)
expense
|
|
(1,480,899)
|
|
333,518
|
|
388,933
|
|
2,576,010
|
Interest expense,
net
|
|
2,948,312
|
|
1,320,050
|
|
8,025,939
|
|
3,977,549
|
Depreciation and
amortization expense
|
|
2,688,894
|
|
2,937,883
|
|
8,335,719
|
|
8,685,677
|
EBITDA
|
|
8,572,585
|
|
11,871,987
|
|
36,934,632
|
|
36,078,976
|
Change in fair value
of obligation to
|
|
|
|
|
|
|
|
|
repurchase shares of
common stock
|
|
-
|
|
2,463,336
|
|
-
|
|
3,035,767
|
(Gain) loss on
foreign currency translation
|
|
(147,833)
|
|
(718,620)
|
|
46,533
|
|
(499,334)
|
Stock-based
compensation
|
|
1,213,722
|
|
-
|
|
3,641,169
|
|
-
|
Loss (gain) on
transfer of assets
|
|
23,978
|
|
-
|
|
(7,501,948)
|
|
-
|
Other non-cash
income
|
|
-
|
|
-
|
|
(5,000,000)
|
|
-
|
National Geographic
fee amortization -non-cash
|
670,239
|
|
-
|
|
670,239
|
|
-
|
Merger related
expenses
|
|
5,494,975
|
|
-
|
|
13,265,866
|
|
-
|
Acquisition related
expenses
|
|
-
|
|
-
|
|
-
|
|
112,000
|
Adjusted
EBITDA
|
|
$
15,827,666
|
|
$ 13,616,703
|
|
$
42,056,491
|
|
$
38,727,409
|
|
|
|
|
|
|
|
|
|
Guest
Metrics
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Available Guest
Nights
|
53,235
|
|
47,047
|
|
144,399
|
|
137,827
|
Guest Nights
Sold
|
48,200
|
|
43,744
|
|
132,007
|
|
130,166
|
Occupancy
|
90.5%
|
|
93.0%
|
|
91.4%
|
|
94.4%
|
Maximum
Guests
|
6,391
|
|
5,415
|
|
17,001
|
|
15,683
|
Number of
Guests
|
5,817
|
|
5,047
|
|
15,623
|
|
14,851
|
|
|
|
|
|
|
|
|
Calculation of
Gross Yield and Net Yield
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Guest ticket
revenue
|
|
$
51,427,298
|
|
$
45,664,781
|
|
|
$ 142,380,845
|
|
$
135,169,451
|
Other
revenues
|
|
7,134,025
|
|
5,875,648
|
|
|
21,132,029
|
|
18,536,658
|
Tour
Revenues
|
|
58,561,323
|
|
51,540,429
|
|
|
163,512,874
|
|
153,706,109
|
Less:
Commissions
|
|
(4,205,456)
|
|
(3,449,808)
|
|
|
(11,328,554)
|
|
(10,141,819)
|
Less: Other
expense
|
|
(4,569,747)
|
|
(3,394,797)
|
|
|
(12,682,042)
|
|
(10,614,594)
|
Net
Revenue
|
|
$
49,786,120
|
|
$
44,695,824
|
|
|
$ 139,502,278
|
|
$
132,949,696
|
Available Guest
Nights
|
|
53,235
|
|
47,047
|
|
|
144,399
|
|
137,827
|
Gross
Yield
|
|
$1,100.05
|
|
$1,095.51
|
|
|
$1,132.37
|
|
$1,115.21
|
Net
Yield
|
|
|
$935.21
|
|
$950.02
|
|
|
$966.09
|
|
$964.61
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Net
Cruise Cost Metrics
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
Nine Months
Ended September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of
tours
|
$
25,443,716
|
|
$
22,594,085
|
|
$
71,330,704
|
|
$
68,671,913
|
Plus: Merger related
expenses
|
5,494,975
|
|
-
|
|
13,265,866
|
|
-
|
Plus: Selling and
marketing
|
9,464,802
|
|
7,778,325
|
|
26,816,447
|
|
23,624,748
|
Plus: General and
administrative
|
9,709,100
|
|
7,551,316
|
|
27,620,640
|
|
22,794,039
|
Gross Cruise
Cost
|
$
50,112,593
|
|
$
37,923,726
|
|
$
139,033,657
|
|
$ 115,090,700
|
Less: Commission
expense
|
(4,205,456)
|
|
(3,449,808)
|
|
(11,328,554)
|
|
(10,141,819)
|
Less: Other
expenses
|
(4,569,747)
|
|
(3,394,797)
|
|
(12,682,042)
|
|
(10,614,594)
|
Net Cruise
Cost
|
$
41,337,390
|
|
$
31,079,121
|
|
$
115,023,061
|
|
$
94,334,287
|
Less: Fuel
expense
|
(2,106,725)
|
|
(2,730,916)
|
|
(6,831,311)
|
|
(9,092,437)
|
Net Cruise Cost
Excluding Fuel
|
$
39,230,665
|
|
$
28,348,205
|
|
$
108,191,750
|
|
$
85,241,850
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
(1,213,722)
|
|
-
|
|
(3,641,169)
|
|
-
|
National Geographic
fee amortization
|
(670,239)
|
|
-
|
|
(670,239)
|
|
-
|
Merger related
expenses
|
(5,494,975)
|
|
-
|
|
(13,265,866)
|
|
-
|
Acquisition related
expenses
|
-
|
|
-
|
|
-
|
|
(112,000)
|
Adjusted Net
Cruise Cost Excluding Fuel
|
$
31,851,729
|
|
$
28,348,205
|
|
$
90,614,476
|
|
$
85,129,850
|
Available Guest
Nights
|
53,235
|
|
47,047
|
|
144,399
|
|
137,827
|
Gross Cruise Cost per
Available Guest Night
|
$941.35
|
|
$806.08
|
|
$962.84
|
|
$835.04
|
Net Cruise Cost per
Available Guest Night
|
$776.51
|
|
$660.60
|
|
$796.56
|
|
$684.44
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
$736.93
|
|
$602.55
|
|
$749.26
|
|
$618.47
|
Adjusted Net
Cruise Cost per Available Guest Night
|
$637.90
|
|
$660.60
|
|
$674.84
|
|
$683.63
|
Adjusted Net Cruise
Cost Excl. Fuel per Available Guest Night
|
$598.32
|
|
$602.55
|
|
$627.53
|
|
$617.66
|
|
|
|
|
|
|
|
|
Key Operational and Financial Metrics
Lindblad uses a variety of operational and financial metrics,
which are defined below, to evaluate its performance and financial
condition. Lindblad uses certain non-GAAP financial measures, such
as EBITDA, Adjusted EBITDA, Net Yields and Net Cruise Costs, to
enable it to analyze its performance and financial condition.
Lindblad 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 industry to measure performance.
Lindblad believes these non-GAAP measures provide expanded insight
to measure 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.
Adjusted EBITDA is net income (loss) excluding
depreciation and amortization, net interest expense, other income
(expense), and income tax benefit (expense), and other supplemental
adjustments. The Company believes Adjusted EBITDA can provide a
more complete understanding of the underlying operating results and
trends and an enhanced overall understanding of the Company's
financial performance and prospects for the future. While Adjusted
EBITDA is not a recognized measure under GAAP, management uses this
financial measure to evaluate and forecast business performance.
Adjusted EBITDA is not intended to be a measure of liquidity or
cash flows from operations or a measure comparable to net income.
The Company's use of Adjusted EBITDA may not be comparable to other
companies within the industry.
Available Guest Nights is a measurement of capacity and
represents double occupancy per cabin (except single occupancy for
a single capacity cabin) multiplied by the number of cruise days
for the period. The Company also records the number of guest nights
available on its limited land programs in this definition.
Gross Cruise Cost represents the sum of cost of tours
plus selling and marketing expense and general and administrative
expense.
Gross Yield represents tour revenue 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 revenue
and other revenue.
Net Cruise Cost Excluding Fuel represents Net
Cruise Cost excluding fuel costs.
Net Revenue represents tour revenue less commissions and
direct costs of other revenue.
Net Yield represents Net Revenue divided by Available
Guest Nights.
Number of Guests represents the number of guests that
travel with the Company in a period.
Occupancy is calculated by dividing Guest Nights Sold by
Available Guest Nights.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-third-quarter-2015-financial-results-300174525.html
SOURCE Lindblad Expeditions Holdings, Inc.