NEW YORK, March 11, 2016 /PRNewswire/ -- Lindblad
Expeditions Holdings, Inc. (NASDAQ: LIND; "Lindblad", the
"Company"), a global provider of expedition cruises and adventure
travel experiences, today reported results for the fourth quarter
and year ended December 31,
2015.
Lindblad's Financial Highlights for the Fourth Quarter and
Full Year of 2015
- Lindblad generated tour revenues of $46.5 million in the fourth quarter of 2015, an
increase of $1.7 million or 3.8% as
compared with the prior year quarter
- Tour revenues for the full year 2015 amounted to $210.0 million, an increase of $11.5 million or 5.8% as compared with the full
year 2014
- Net Yield for the fourth quarter of 2015 was $989 as compared with $901 in the prior year quarter, an increase of
9.8%. Net Yield was $971 for
the full year 2015, as compared with $950 for the full year 2014
- Adjusted EBITDA for the fourth quarter of 2015 was $4.7 million as compared with $5.8 million in the prior year quarter. Adjusted
EBITDA was $46.8 million for the full
year 2015, as compared with $44.6
million for the full year 2014
Review of Lindblad's Fourth Quarter 2015 Results
"The Company continued to post solid results in the fourth
quarter from a strong performance by the entire fleet. We were
pleased to see Net Yield grow about 10% for the quarter, which was
driven by strong inventory management and focused tactical
marketing," said Sven-Olof Lindblad,
President and Chief Executive Officer of Lindblad. "Adjusted
EBITDA was down slightly in the quarter, which was primarily caused
by the timing of vessel drydocking and the related reduction in
revenue and increase in expense."
Tour revenues in the fourth quarter amounted to $46.5 million, as compared with $44.8 million in the fourth quarter of 2014,
which represents an increase of $1.7
million or 3.8%. The growth was primarily driven by
$3.0 million higher guest ticket
revenues derived from price increases and changes in vessel
deployments. This increase was partially offset by a decline
in other revenues. Tour revenues for full year 2015 increased
5.8% as compared with the prior year, to $210.0 million from $198.5
million for the full year 2014.
Net Yield in the quarter amounted to $989 as compared with $901 in the fourth quarter of 2014, which
represents an increase of 9.8%, related primarily to the increase
in pricing and changes in vessel deployments in the quarter.
Lindblad recorded 37,296 Guest Nights Sold and an occupancy rate of
93.3% in the fourth quarter of 2015. Net Yield for the full
year 2015 amounted to $971 as
compared with $950 for the full year
2014.
Adjusted Net Cruise Cost per Available Guest Night amounted to
$870 in the fourth quarter of 2015,
as compared with $763 in the same
period in the prior year, which represents an increase of 14.0%.
The increase was primarily driven by an increase in cost of tours
due to an additional voyage and drydock costs due to timing,
partially offset by a reduction in the cost of fuel. Adjusted Net
Cruise Cost per Available Guest Night amounted to $717 for the full year 2015 as compared with
$702 for the full year 2014, an
increase of 2.1%.
Adjusted EBITDA was $4.7 million
in the fourth quarter of 2015 as compared with $5.8 million in the same period in 2014, a
decrease of $1.1 million. This
decrease is primarily due to the timing of vessel drydocking
expenses, where one additional vessel was in drydock in the 2015
fourth quarter as compared with the same quarter in 2014.
Adjusted EBITDA increased 4.9% for the full year 2015 to
$46.8 million as compared with
$44.6 million for the full year
2014. Net income was $19.7
million for the full year 2015 as compared with $22.2 million for the year 2014.
Lindblad uses a variety of operational and financial metrics,
including non-GAAP financial measures, to evaluate its performance
and financial condition. The accompanying financial data includes
additional information regarding these metrics and a reconciliation
of non-GAAP financial information to GAAP.
Full Year 2016
The Company continues to expect that it will achieve the 2016
financial projections set forth in the investor presentation
furnished with a Form 8-K filed with the Securities and Exchange
Commission ("SEC") on April 1, 2015,
which projected revenue of $217
million and Adjusted EBITDA of $51
million for the full year of 2016.
John T. McClain, the Company's
Chief Financial Officer also added: "We continue to see a strong
booking pace for 2016 with 85% of guest ticket revenues for the
2016 financial year on the books as of March
7, 2016, compared with 89% at the same time in 2015 for the
2015 financial year."
Fleet Activities
During the fourth quarter of 2015, the Company signed definitive
agreements for the newbuild of two U.S. flagged coastal
vessels. The first completed ship is expected to be delivered
in the second quarter of 2017 and the second vessel is expected to
be delivered in the second quarter of 2018. "These new ships
mark an exciting step in the long-term growth of the Company, and
enable us to capitalize on the substantial demand for our
expeditions. With our significant resources we can continue
to deliver on our promise of expedition travel at its best, and can
expand our unique offerings in the Americas where we have very
strong demand," said Sven-Olof
Lindblad.
During the fourth quarter of 2015, the Company also signed a
definitive agreement for the purchase of the Via Australis
to be used in the Company's operations in the Galápagos
Islands. The Company expects to take possession of the ship
in the second quarter of 2016 and following a significant
renovation expects to deploy the ship during the fourth quarter of
2016. The Via Australis will replace the National
Geographic Endeavour.
Amended and Restated Credit Facility
On March 7, 2016, the Company
amended its senior secured credit facility with Credit Suisse as
administrative agent and collateral agent (the "Credit Facility")
to add on a new $45.0 million senior
secured incremental revolving credit facility, including a
$5.0 million letter of credit
subfacility (the "Revolving Credit Facility").
Borrowings under the Revolving Credit Facility will bear an
interest rate of LIBOR plus a spread of 4.00%, or, at the option of
the Company, an alternative base rate plus a spread of 3.00%, and
matures on May 8, 2020.
The Company is also required to pay a 0.5% annual commitment fee on
undrawn amounts under the Revolving Credit Facility. The
financial and operational covenants, interest rates and maturity
for term loan borrowings under the Credit Facility remain
unchanged. Borrowings under the Revolving Credit Facility
will be used for general corporate and working capital purposes and
related fees and expenses. The amendment also expanded the
lender base, adding Citibank, N.A. as syndication agent and
SunTrust Bank as documentation agent.
Stock and Warrant Repurchase Plan Update
In the fourth quarter of 2015, the Company repurchased 2.09
million of our warrants for $5.5
million, representing an average price of $2.62 per warrant. In the first quarter of
2016, the Company repurchased 1.97 million warrants for
$5.4 million, representing an average
price of $2.76 per warrant.
Total program to date, the Company repurchased 4.06 million of our
warrants for $10.9 million,
representing an average price of $2.69 per warrant. The Company currently
has $9.1 million available under its
$20 million repurchase
authorization.
Conference Call Scheduled
The Company has scheduled a conference call at 10:00 a.m. Eastern Time on March 11, 2016 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
|
Consolidated
Balance Sheets
|
(In thousands, except
share data)
|
|
|
|
|
|
As of
December 31,
|
|
2015
|
|
2014
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and
cash equivalents
|
$
206,903
|
|
$
39,679
|
Restricted cash and marketable securities
|
8,460
|
|
8,335
|
Inventories
|
1,746
|
|
1,700
|
Marine
operating supplies
|
4,969
|
|
5,078
|
Prepaid
expenses and other current assets
|
12,266
|
|
11,321
|
Total current
assets
|
234,344
|
|
66,113
|
|
|
|
|
Property and
equipment, net
|
125,471
|
|
121,873
|
Due from
shareholder
|
-
|
|
1,501
|
Other long-term
assets
|
12,355
|
|
2,019
|
Operating
rights
|
6,227
|
|
6,529
|
Deferred tax
assets
|
3,216
|
|
102
|
Investment in
CFMF
|
-
|
|
47,788
|
Total
assets
|
$
381,613
|
|
$
245,925
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned
passenger revenues
|
$
76,604
|
|
$
73,195
|
Accounts
payable and accrued expenses
|
25,968
|
|
20,028
|
Long-term debt - current
|
1,750
|
|
4,934
|
Obligation to repurchase shares of common stock
|
-
|
|
4,966
|
Due to
CFMF
|
-
|
|
22,733
|
Total current
liabilities
|
104,322
|
|
125,856
|
|
|
|
|
Long-term debt, less
current portion
|
162,693
|
|
51,756
|
Other long-term
liabilities
|
677
|
|
447
|
Deferred income taxes
- long-term
|
-
|
|
299
|
Total
liabilities
|
267,692
|
|
178,358
|
|
|
|
|
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
December 31, 2015 and 2014,
respectively
|
5
|
|
5
|
Additional paid-in capital
|
48,073
|
|
21,461
|
Retained
earnings
|
65,843
|
|
46,101
|
Total shareholders'
equity
|
113,921
|
|
67,567
|
Total liabilities and
shareholders' equity
|
$
381,613
|
|
$
245,925
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Consolidated
Statements of Operations
|
(In thousands, except
shares, per share data)
|
|
|
|
|
|
|
|
For the Three
Months Ended
December 31,
|
|
For the Years
Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Tour
revenues
|
$
46,472
|
|
$
44,753
|
|
$ 209,985
|
|
$ 198,459
|
|
|
|
|
|
|
|
|
Cost of
tours
|
24,086
|
|
21,330
|
|
95,417
|
|
90,002
|
Gross
profit
|
22,386
|
|
23,423
|
|
114,568
|
|
108,457
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General
and administrative
|
11,477
|
|
13,259
|
|
39,097
|
|
36,053
|
Selling
and marketing
|
8,163
|
|
7,094
|
|
34,980
|
|
30,718
|
Merger-related expenses
|
78
|
|
-
|
|
13,344
|
|
-
|
Depreciation and amortization
|
3,309
|
|
2,580
|
|
11,645
|
|
11,266
|
Total operating expenses
|
23,027
|
|
22,933
|
|
99,066
|
|
78,037
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(641)
|
|
490
|
|
15,502
|
|
30,420
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Change
in fair value of obligation to
|
|
|
|
|
|
|
|
repurchase shares of common stock
|
-
|
|
3,046
|
|
-
|
|
10
|
Gain
(loss) on foreign currency
|
7
|
|
(648)
|
|
(40)
|
|
(149)
|
Gain on
transfer of assets
|
-
|
|
-
|
|
7,502
|
|
-
|
Other
income, net
|
30
|
|
57
|
|
5,030
|
|
57
|
Interest
expense, net
|
(2,875)
|
|
(1,315)
|
|
(10,901)
|
|
(5,293)
|
Total other (expense) income
|
(2,838)
|
|
1,140
|
|
1,591
|
|
(5,375)
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
(3,479)
|
|
1,630
|
|
17,093
|
|
25,045
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
(3,037)
|
|
224
|
|
(2,649)
|
|
2,800
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(442)
|
|
$
1,406
|
|
$
19,742
|
|
$
22,245
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
|
|
|
Net
(loss) income available to common
stockholders
|
$
(442)
|
|
$
1,252
|
|
$
19,742
|
|
$
19,551
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
Basic
|
45,224,881
|
|
44,717,759
|
|
44,917,829
|
|
44,717,759
|
Diluted
|
45,917,343
|
|
44,717,759
|
|
45,575,387
|
|
44,717,759
|
|
|
|
|
|
|
|
|
(Loss)
earnings per share
|
|
|
|
|
|
|
|
Basic
|
$
(0.01)
|
|
$
0.03
|
|
$
0.44
|
|
$
0.44
|
Diluted
|
$
(0.01)
|
|
$
0.03
|
|
$
0.43
|
|
$
0.44
|
|
|
|
|
|
|
|
|
Class B common
stock
|
|
|
|
|
|
|
|
Net
income available to common stockholders
|
$
-
|
|
$
154
|
|
$
-
|
|
$
2,694
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
Basic
|
-
|
|
5,485,929
|
|
-
|
|
6,161,135
|
Diluted
|
-
|
|
5,485,929
|
|
-
|
|
6,161,135
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
Basic
|
$
-
|
|
$
0.03
|
|
$
-
|
|
$
0.44
|
Diluted
|
$
-
|
|
$
0.03
|
|
$
-
|
|
$
0.44
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(In
thousands)
|
|
|
|
|
|
|
|
For the Years
Ended
December 31,
|
|
|
2015
|
|
2014
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
19,742
|
|
$
22,245
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
11,645
|
|
11,266
|
Amortization of
National Geographic fee
|
1,397
|
|
-
|
Amortization of debt
discount and deferred financing costs
|
3,576
|
|
744
|
Stock-based
compensation
|
4,913
|
|
274
|
Deferred income
taxes
|
(3,413)
|
|
289
|
Loss on currency
translation
|
40
|
|
149
|
Gain on transfer of
assets
|
(7,502)
|
|
-
|
Changes in operating
assets and liabilities
|
|
|
|
Inventories and
marine operating supplies
|
(163)
|
|
(831)
|
Prepaid expenses and
other current assets
|
(1,100)
|
|
(2,420)
|
Unearned passenger
revenues
|
3,723
|
|
8,750
|
Other long-term
liabilities
|
230
|
|
184
|
Accounts payable and
accrued expenses
|
7,214
|
|
2,404
|
|
|
|
|
|
Net cash provided by
operating activities
|
40,302
|
|
43,054
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
Purchase of
investment in CFMF
|
(68,087)
|
|
(25,055)
|
Purchase of property
and equipment
|
(14,800)
|
|
(5,922)
|
Advance from (to)
shareholder
|
1,501
|
|
517
|
(Redemption) purchase
of restricted cash and marketable securities
|
(125)
|
|
1,458
|
|
|
|
|
|
Net cash used in
investing activities
|
(81,511)
|
|
(29,002)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
Proceeds from
long-term debt
|
175,000
|
|
-
|
Net proceeds from
merger
|
186,806
|
|
-
|
Payments to
shareholders for the merger
|
(90,000)
|
|
-
|
Deferred financing
costs
|
(11,045)
|
|
-
|
Repayments of
long-term debt
|
(41,879)
|
|
(3,989)
|
Proceeds used in
exchange of option shares
|
(4,880)
|
|
-
|
Repurchase of
warrants
|
(5,478)
|
|
-
|
Repurchase of stock
from common shareholders
|
-
|
|
(1,876)
|
Repurchase of stock
from Class B shareholders
|
-
|
|
(10,525)
|
Repayment of due to
stockholder
|
-
|
|
(1,000)
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
208,524
|
|
(17,390)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(91)
|
|
(1,337)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
167,224
|
|
(4,675)
|
|
|
|
|
|
Cash and cash
equivalents as of beginning of period
|
39,679
|
|
44,354
|
|
|
|
|
|
Cash and cash
equivalents as of end of period
|
$ 206,903
|
|
$
39,679
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period for:
|
|
|
|
Interest
|
$
7,003
|
|
$
4,844
|
|
|
|
|
|
Income
taxes
|
$
379
|
|
$
1,102
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
Investment to
CFMF
|
$
-
|
|
$
22,733
|
Due to
CFMF
|
-
|
|
(22,733)
|
Investment in CFMF
liquidation of Junior debt asset, warrant
|
84,903
|
|
-
|
CFMF liquidation of
Junior debt long-term debt, additional paid-in capital
|
(84,903)
|
|
-
|
Transfer from
inventories and marine operating supplies
|
(414)
|
|
-
|
Transfer to property
and equipment, net
|
414
|
|
-
|
Additional paid-in
capital exercise proceeds of option shares
|
2,240
|
|
-
|
Additional paid-in
capital exchange proceeds used for option shares
|
(2,240)
|
|
-
|
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.
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Non-GAAP
Information
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to EBITDA and
Adjusted EBITDA
|
|
Three Months
Ended
|
|
For the Years
Ended
|
|
|
December
31,
|
|
December
31,
|
(In
thousands)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net (loss)
income
|
|
$
(442)
|
|
$ 1,406
|
|
$ 19,742
|
|
$ 22,245
|
Income tax (benefit)
expense
|
|
(3,037)
|
|
224
|
|
(2,649)
|
|
2,800
|
Interest expense,
net
|
|
2,875
|
|
1,315
|
|
10,901
|
|
5,293
|
Depreciation and
amortization
|
|
3,309
|
|
2,580
|
|
11,645
|
|
11,266
|
EBITDA
|
|
2,705
|
|
5,525
|
|
39,639
|
|
41,604
|
Change in fair value
of obligation to
|
|
|
|
|
|
|
|
|
repurchase shares of
common stock
|
|
-
|
|
(3,046)
|
|
-
|
|
(10)
|
(Gain) loss on
foreign currency translation
|
|
(7)
|
|
648
|
|
40
|
|
149
|
Gain on transfer of
assets
|
|
-
|
|
-
|
|
(7,502)
|
|
-
|
Other
income
|
|
(30)
|
|
(57)
|
|
(5,030)
|
|
(57)
|
Stock-based
compensation
|
|
1,271
|
|
274
|
|
4,913
|
|
274
|
National Geographic
fee amortization -non-cash
|
727
|
|
-
|
|
1,397
|
|
-
|
Merger-related
expenses
|
|
78
|
|
-
|
|
13,344
|
|
-
|
Acquisition-related
expenses
|
|
-
|
|
-
|
|
-
|
|
112
|
Retention
expenses
|
|
-
|
|
2,500
|
|
-
|
|
2,500
|
Adjusted
EBITDA
|
|
$ 4,744
|
|
$ 5,844
|
|
$ 46,801
|
|
$ 44,572
|
Guest
Metrics
|
Three Months
Ended
December 31,
|
|
For the Years
Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Available Guest
Nights
|
39,967
|
|
42,379
|
|
184,366
|
|
180,206
|
Guest Nights
Sold
|
37,296
|
|
37,317
|
|
169,303
|
|
167,483
|
Occupancy
|
93.3%
|
|
88.1%
|
|
91.8%
|
|
92.9%
|
Maximum
Guests
|
4,458
|
|
4,533
|
|
21,459
|
|
20,216
|
Number of
Guests
|
4,201
|
|
3,968
|
|
19,824
|
|
18,819
|
Voyages
|
55
|
|
54
|
|
281
|
|
262
|
Calculation of
Gross Yield and Net Yield
|
(In thousands, except
for Available Guest
Nights, Gross and Net Yield)
|
Three Months Ended
December 31,
|
|
For the Years
Ended
December 31,
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Guest ticket
revenues
|
$ 41,424
|
|
$ 38,367
|
|
$ 183,805
|
|
$ 173,536
|
Other
revenues
|
5,048
|
|
6,386
|
|
26,180
|
|
24,923
|
Tour
Revenues
|
46,472
|
|
44,753
|
|
209,985
|
|
198,459
|
Less:
Commissions
|
(3,132)
|
|
(2,799)
|
|
(14,460)
|
|
(12,941)
|
Less: Other
expense
|
(3,814)
|
|
(3,789)
|
|
(16,496)
|
|
(14,403)
|
Net
Revenue
|
$ 39,526
|
|
$ 38,165
|
|
$ 179,029
|
|
$ 171,115
|
Available Guest
Nights
|
39,967
|
|
42,379
|
|
184,366
|
|
180,206
|
Gross
Yield
|
$
1,163
|
|
$
1,056
|
|
$
1,139
|
|
$
1,101
|
Net
Yield
|
989
|
|
901
|
|
971
|
|
950
|
Calculation of Net
Cruise Cost Metrics
|
|
Three Months Ended
December 31,
|
|
For the Years
Ended December 31,
|
(In thousands, except
Available Guest Nights, Gross and
Net Cruise Cost)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of
tours
|
$ 24,086
|
|
$ 21,330
|
|
$ 95,417
|
|
$ 90,002
|
Plus: Merger-related
expenses
|
78
|
|
-
|
|
13,344
|
|
-
|
Plus: Selling and
marketing
|
8,163
|
|
7,094
|
|
34,980
|
|
30,718
|
Plus: General and
administrative
|
11,477
|
|
13,258
|
|
39,097
|
|
36,053
|
Gross Cruise
Cost
|
43,804
|
|
41,682
|
|
182,838
|
|
156,773
|
Less: Commission
expense
|
(3,132)
|
|
(2,799)
|
|
(14,460)
|
|
(12,941)
|
Less: Other
expenses
|
(3,814)
|
|
(3,789)
|
|
(16,496)
|
|
(14,403)
|
Net Cruise
Cost
|
36,858
|
|
35,094
|
|
151,882
|
|
129,429
|
Less: Fuel
expense
|
(2,173)
|
|
(2,579)
|
|
(9,004)
|
|
(11,671)
|
Net Cruise Cost
Excluding Fuel
|
34,685
|
|
32,515
|
|
142,878
|
|
117,758
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
(1,271)
|
|
(274)
|
|
(4,913)
|
|
(274)
|
National Geographic
fee amortization
|
(727)
|
|
-
|
|
(1,397)
|
|
-
|
Merger-related
expenses
|
(78)
|
|
-
|
|
(13,344)
|
|
-
|
Acquisition-related
expenses
|
-
|
|
-
|
|
-
|
|
(112)
|
Retention
expense
|
-
|
|
(2,500)
|
|
-
|
|
(2,500)
|
Adjusted Net
Cruise Cost Excluding Fuel
|
$ 32,609
|
|
$ 29,741
|
|
$ 123,224
|
|
$ 114,872
|
Available Guest
Nights
|
39,967
|
|
42,379
|
|
184,366
|
|
180,206
|
Gross Cruise Cost per
Available Guest Night
|
$ 1,096
|
|
$
984
|
|
$
992
|
|
$
870
|
Net Cruise Cost per
Available Guest Night
|
922
|
|
828
|
|
824
|
|
718
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
868
|
|
767
|
|
775
|
|
653
|
Adjusted Net
Cruise Cost per Available Guest Night
|
870
|
|
763
|
|
717
|
|
702
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
816
|
|
702
|
|
668
|
|
637
|
Key Operational and Financial Metrics
EBITDA is net income (loss) excluding depreciation and
amortization, net interest expense and income tax benefit
(expense).
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 merger-related expenses, selling and marketing expense,
general and administrative expense.
Gross Yield 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 revenues.
Net Cruise Cost Excluding Fuel represents Net
Cruise Cost excluding fuel costs.
Net Revenue represents tour revenues less commissions and
direct costs of other revenues.
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.
Voyages represent the number of ship expeditions
completed during the period.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2015-fourth-quarter-and-full-year-financial-results-300234594.html
SOURCE Lindblad Expeditions Holdings, Inc.