NEW YORK, May 9, 2017 /PRNewswire/ --
First Quarter 2017 Highlights:
- Tour Revenues increased 3% to $63.1
million; Excluding the impact of voyage cancellations, it is
estimated Tour Revenues would have increased 17% to $72.3 million
- Net income of $0.6 million as
compared with $10.5 million in
2016
- Adjusted EBITDA of $10.3 million
as compared with $17.6 million in
2016; Excluding the impact of voyage cancellations, it is estimated
Adjusted EBITDA would have been $16.7
million
- Lindblad segment Net Yield of $1,008 and Occupancy of 87%
- Repurchased $5.6 million of stock
and warrants
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 March 31, 2017.
Sven-Olof Lindblad, President and
Chief Executive Officer, said, "Lindblad has started 2017 with
significant operating momentum as bookings for future travel are up
nearly 60% from the same period a year ago. While first quarter
financial results were negatively impacted by unique voyage
cancellations, the meaningful demand we are seeing for both
existing and new vessels across our expedition fleet reinforces the
appeal of our product and the opportunity we have to grow this
business as we expand our current capacity. The National
Geographic Quest will launch next month and has virtually sold
out its inaugural Alaskan season, while its sister ship the
National Geographic Venture is well under way for delivery
in June 2018. We are also close to finalizing our plans for a
new build blue water vessel to be delivered in the second quarter
of 2019. This increased capacity, combined with a loyal and
expanding customer base which seeks an authentic expedition
experience that we have a proven track record of providing, is
expected to generate significant earnings growth and create
additional shareholder value in the years ahead."
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $63.1
million increased $1.6
million, or 3%, as compared to 2016. The increase was
primarily due to contributions from Natural Habitat, which was
acquired in May of 2016, mostly offset by lower Lindblad segment
revenues due in large part to an estimated $9.1 million impact from voyage cancellations.
These voyage cancellations included four highly booked expeditions
on the National Geographic Orion to repair the engine and
the cancellation of two highly booked expeditions on the
National Geographic Sea Lion to repair the air conditioning
system. Excluding the impact of these voyage cancellations, the
Company estimates that total Company tour revenue would have
increased 17% to $72.3 million.
Lindblad segment revenues of $53.2
million decreased $8.4
million, or 14%, compared to 2016, due to an $8.9 million decrease in ticket revenues driven
by the voyage cancellations, partially offset by a $0.5 million increase in other tour
revenues. Other tour revenues increased due to $1.9 million of insurance revenue related to the
National Geographic Orion cancellations, which was mostly
offset by lower other tour revenue due to the voyage cancellations.
Excluding the impact of the voyage cancellations, the Company
estimates that Lindblad segment revenue would have increased 1% to
$62.3 million mainly due to the
launch of charter expeditions in Cuba, offset by lower overall Occupancy.
Available Guest Nights declined by 18% as compared with the
first quarter a year ago, primarily due to the voyage
cancellations, partially offset by the launch of charter
expeditions in Cuba. Lindblad segment Net Yield of
$1,008 was in-line with the first
quarter a year ago as increased pricing was offset by the impact of
voyage cancellations on itineraries with higher net yields, as well
as from a decline in overall Occupancy. Occupancy decreased
to 87% from 92% a year ago primarily due to the cancellation of
high occupancy voyages as well as from lower bookings during the
first half of 2016 due to concerns over the Zika virus and
terrorism and from a delay in direct mail marketing.
Net Income
Net income for the first quarter was $0.6
million, $0.01 per diluted
share, as compared with net income of $10.5
million, $0.23 per diluted
share, in the first quarter of 2016. The $9.8 million decrease is primarily due to the
lower operating results and $2.9
million of additional stock based compensation expense in
the current year primarily related to grants under the 2016 CEO
Share Allocation Plan, which provides our CEO the ability to
transfer shares from his existing holdings in the Company to
eligible employees.
Adjusted EBITDA
First quarter adjusted EBITDA of $10.3
million decreased $7.3
million, or 42%, compared to the same period in 2016, due to
a $7.7 million decrease at the
Lindblad segment, partially offset by $0.4
million of contributions from Natural Habitat.
Excluding the estimated $6.5
million impact from the voyage cancellations, total Company
adjusted EBITDA would have declined 5% to $16.7 million and Lindblad segment adjusted
EBITDA would have declined 7% to $16.3
million, primarily reflecting the lower Occupancy.
On a reported basis, the decline in the Lindblad segment
primarily reflects the lower tour revenues in 2017 as well as
higher charter costs, partially offset by a decline in fuel costs
and lower operating expenses on the vessels with cancelled
voyages.
SEGMENT
RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
March
31,
|
(In
thousands)
|
2017
|
|
2016
|
|
Change
|
%
|
|
|
|
|
|
|
|
Tour
revenues:
|
|
|
|
|
|
|
Lindblad
|
$
53,202
|
|
$
61,574
|
|
$
(8,372)
|
(14%)
|
Natural
Habitat
|
9,926
|
|
-
|
|
9,926
|
NA
|
Total tour
revenues
|
$
63,128
|
|
$
61,574
|
|
$
1,554
|
3%
|
Impact of voyage
cancellations
|
9,140
|
|
-
|
|
9,140
|
NA
|
Total tour revenues
excluding voyage cancellations
|
$
72,268
|
|
$
61,574
|
|
$
10,694
|
17%
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
Lindblad
|
$
1,266
|
|
$
10,919
|
|
$
(9,653)
|
(88%)
|
Natural
Habitat
|
99
|
|
-
|
|
99
|
NA
|
Total operating
income
|
$
1,365
|
|
$
10,919
|
|
$
(9,554)
|
(87%)
|
Impact of voyage
cancellations
|
6,464
|
|
-
|
|
6,464
|
NA
|
Total operating
income excluding voyage cancellations
|
$
7,829
|
|
$
10,919
|
|
$
(3,090)
|
(28%)
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
Lindblad
|
$
9,842
|
|
$
17,555
|
|
$
(7,713)
|
(44%)
|
Natural
Habitat
|
422
|
|
-
|
|
422
|
NA
|
Total adjusted
EBITDA
|
$
10,264
|
|
$
17,555
|
|
$
(7,291)
|
(42%)
|
Impact of voyage
cancellations
|
6,464
|
|
-
|
|
6,464
|
NA
|
Total adjusted EBITDA
excluding voyage cancellations
|
$
16,728
|
|
$
17,555
|
|
$
(827)
|
(5%)
|
The impact of the cancelled voyages on tour revenues was
calculated as booked tour revenue at the time of cancellation less
insurance proceeds. The impact of the cancelled voyages on
operating income and adjusted EBITDA was calculated as booked tour
revenue at the time of cancellation less insurance proceeds and
estimated operating costs.
Liquidity
The Company's cash and cash equivalents were $103.8 million as of March
31, 2017, as compared with $135.4
million as of December 31,
2016. The decrease primarily reflects purchases of property
and equipment of $22.8 million,
mostly related to the construction of two new coastal vessels
partially offset by $2.7 million in
net cash provided by operating activities. The current quarter also
reflects $5.6 million of cash used to
repurchase stock and warrants.
Free cash flow use was $20.1
million for the first quarter of 2017 as compared with
$7.9 million in the first
quarter of 2016 primarily due to the capital expenditures for the
new vessels. Free cash flow is defined as net cash provided by
operating activities less purchases of property and equipment.
LINDBLAD FLEET ACTIVITIES
The Company expanded its travel offerings in December 2016 with new expeditions in
Cuba that will operate on a
seasonal basis from December through March.
The Company's two new-build coastal vessels are proceeding on
schedule. The first vessel, National Geographic Quest, is
expected to launch on June 26, 2017
and will sail in Alaska and
British Columbia during the summer
of 2017 before voyaging to Costa
Rica and Panama to provide
expeditions for the Northern Hemisphere winter season. The second
vessel, National Geographic Venture, is expected to launch
in June of 2018.
STOCK AND WARRANT REPURCHASE PLAN
Pursuant to its existing $35
million stock and warrant repurchase plan, during the first
quarter the Company repurchased 513,372 warrants for $1.1 million at an average price of $2.15 and 480,864 shares of stock for
$4.5 million at an average price of
$9.25. As of May 3, 2017 the Company had repurchased 5.4
million warrants and 830,382 shares under the plan for a total of
$21.6 million and had $13.4 million remaining under the plan. As
of May 3, 2017 there were 45.1
million common shares and 10.7 million warrants outstanding.
FINANCIAL OUTLOOK
The Company's current expectations for the full year 2017 are as
follows:
- Tour revenues of $275 - $281
million (14 – 16% growth)
- Adjusted EBITDA of $47 - $49
million (12 – 17% growth)
This outlook includes the estimated $9.1
million revenue impact and estimated $6.5 million adjusted EBITDA impact associated
with the cancellation of four voyages on the National Geographic
Orion and two voyages on the National Geographic Sea
Lion for necessary repairs. As of May 1, 2017, the Lindblad segment had 92% of full
year 2017 projected guest ticket revenues on the books versus 93%
of full year 2016 revenue at the same time last year. The
Company also continues to anticipate it will achieve its long-range
revenue and adjusted EBITDA targets.
NON-GAAP FINANCIAL MEASURES
The 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 beginning on page
10.
Conference Call Information
The Company has scheduled a conference call at 8:30 a.m. Eastern Time on May 9, 2017 to discuss the earnings of the
Company. 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 focuses on ship-based voyages through its Lindblad
Expeditions brand and on land-based travel through its subsidiary,
Natural Habitat Adventures, an adventure travel and ecotourism
company with a focus on responsible nature travel.
Lindblad Expeditions 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.
Natural Habitat partners with the World Wildlife Fund to offer
and promote conservation and sustainable travel that directly
protects nature. Natural Habitat's adventures include polar bear
tours in Churchill, Canada, Alaskan grizzly bear adventures and
African safaris.
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 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, including, but not
limited to, the following: (i) changes adversely affecting the
business in which the Company is engaged; (ii) management of the
Company's growth and its ability to execute on its planned growth;
(iii) general economic conditions; (iv) the Company's business
strategy and plans; (v) unscheduled disruptions in our business due
to weather events, mechanical failures, or other events; (vi)
compliance with applicable laws and regulations; (vii) compliance
with the financial and/or operating covenants in the Company's
amended and restated credit agreement; (viii) adverse publicity
regarding the cruise industry in general; (ix) loss of business due
to competition; (x) the result of future financing efforts; (xi)
the inability to meet revenue and adjusted EBITDA projections; and
(xii) 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 data)
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
103,782
|
|
$
135,416
|
Restricted cash and
marketable securities
|
13,426
|
|
9,015
|
Inventories
|
1,594
|
|
1,665
|
Marine operating
supplies
|
4,096
|
|
4,142
|
Prepaid expenses and
other current assets
|
22,140
|
|
20,782
|
Total current
assets
|
145,038
|
|
171,020
|
|
|
|
|
Property and
equipment, net
|
205,712
|
|
186,236
|
Goodwill
|
22,105
|
|
22,105
|
Intangibles,
net
|
10,738
|
|
11,132
|
Other long-term
assets
|
12,334
|
|
13,090
|
Deferred tax
assets
|
7,965
|
|
4,118
|
Total
assets
|
$
403,892
|
|
$
407,701
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned
passenger revenues
|
$
95,762
|
|
$
91,501
|
Accounts
payable and accrued expenses
|
22,551
|
|
30,662
|
Long-term debt
- current
|
1,750
|
|
1,750
|
Total current
liabilities
|
120,063
|
|
123,913
|
|
|
|
|
Long-term debt, less
current portion
|
164,236
|
|
164,128
|
Other long-term
liabilities
|
688
|
|
681
|
Total
liabilities
|
284,987
|
|
288,722
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE
NONCONTROLLING INTEREST
|
5,199
|
|
5,170
|
|
|
|
|
STOCKHOLDERS'
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;
|
|
|
|
45,138,691 and
45,659,762 issued and outstanding as of
|
|
|
|
March 31,
2017, and December 31, 2016, respectively
|
5
|
|
5
|
Additional paid-in
capital
|
40,624
|
|
43,097
|
Retained
earnings
|
73,077
|
|
70,707
|
Total stockholders'
equity
|
113,706
|
|
113,809
|
Total liabilities,
redeemable noncontrolling interest and stockholders'
equity
|
$
403,892
|
|
$
407,701
|
|
|
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income
|
(In thousands, except
share and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
63,128
|
|
$
61,574
|
|
|
|
|
|
|
|
Cost of
tours
|
|
32,603
|
|
25,275
|
|
Gross
profit
|
|
30,525
|
|
36,299
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
General and
administrative
|
|
15,101
|
|
11,188
|
|
Selling and
marketing
|
|
10,296
|
|
9,618
|
|
Depreciation and
amortization
|
|
3,763
|
|
4,574
|
|
Total
operating expenses
|
|
29,160
|
|
25,380
|
|
|
|
|
|
|
|
Operating
income
|
|
1,365
|
|
10,919
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
Loss on foreign
currency
|
|
246
|
|
71
|
|
Other
expense
|
|
(263)
|
|
-
|
|
Interest expense,
net
|
|
(2,315)
|
|
(2,748)
|
|
Total other
expense
|
|
(2,332)
|
|
(2,677)
|
|
|
|
|
|
|
|
(Loss) Income before
income taxes
|
|
(967)
|
|
8,242
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
(1,592)
|
|
(2,225)
|
|
|
|
|
|
|
|
Net income
|
|
$
625
|
|
$
10,467
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
29
|
|
-
|
|
|
|
|
|
|
|
Net income
attributable to Lindblad
|
|
$
596
|
|
$
10,467
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
596
|
|
$
10,467
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
Basic
|
|
44,707,273
|
|
45,470,155
|
|
Diluted
|
|
45,761,938
|
|
46,122,844
|
|
|
|
|
|
|
|
Earnings per share
attributable to Lindblad
|
|
|
|
|
|
Basic
|
|
$
0.01
|
|
$
0.23
|
|
Diluted
|
|
$
0.01
|
|
$
0.23
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
For the Three
Months Ended March 31,
|
|
|
2017
|
|
2016
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
625
|
|
$
10,467
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,763
|
|
4,574
|
Amortization of
National Geographic fee
|
727
|
|
727
|
Amortization of debt
discount, deferred financing and other, net
|
552
|
|
552
|
Stock-based
compensation expense
|
4,202
|
|
1,335
|
Deferred income
taxes
|
(2,073)
|
|
(2,032)
|
Loss on currency
translation
|
(246)
|
|
(71)
|
Changes in operating
assets and liabilities
|
|
|
|
Inventories and
marine operating supplies
|
116
|
|
623
|
Prepaid expenses and
other current assets
|
(1,358)
|
|
(940)
|
Unearned passenger
revenues
|
4,261
|
|
(6,326)
|
Other long-term
assets
|
29
|
|
-
|
Other long-term
liabilities
|
-
|
|
8
|
Accounts payable and
accrued expenses
|
(7,861)
|
|
(9,930)
|
Net cash provided by
(used in) operating activities
|
2,737
|
|
(1,013)
|
Cash Flows From
Investing Activities
|
|
|
|
Purchases of property
and equipment
|
(22,844)
|
|
(6,872)
|
Purchase of
restricted cash and marketable securities
|
(4,411)
|
|
(7,038)
|
Net cash used in
investing activities
|
(27,255)
|
|
(13,910)
|
Cash Flows From
Financing Activities
|
|
|
|
Payment of deferred
financing costs
|
-
|
|
(1,487)
|
Repayments of
long-term debt
|
(438)
|
|
(438)
|
Proceeds used in
exchange of option shares
|
(202)
|
|
(2,695)
|
Repurchase of shares
as part of CEO Allocation Plan
|
(901)
|
|
-
|
Repurchase of
warrants and common shares
|
(5,572)
|
|
(5,420)
|
Net cash used in
financing activities
|
(7,113)
|
|
(10,040)
|
Effect of exchange
rate changes on cash
|
(3)
|
|
(67)
|
Net decrease in cash
and cash equivalents
|
(31,634)
|
|
(25,030)
|
Cash and cash
equivalents as of beginning of period
|
135,416
|
|
206,903
|
Cash and cash
equivalents as of end of period
|
$
103,782
|
|
$
181,873
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period for:
|
|
|
|
Interest
|
$
2,601
|
|
$
2,447
|
Income
taxes
|
$
12
|
|
$
433
|
Non-cash investing
and financing activities:
|
|
|
|
|
Additional
paid-in capital exercise proceeds of option shares
|
$
168
|
|
$
1,123
|
Additional paid-in capital exchange
proceeds used for option shares
|
(168)
|
|
(1,123)
|
Reconciliation of
Net Income to Adjusted EBITDA
|
|
|
|
Consolidated
|
|
|
|
|
(In
thousands)
|
|
For the Three
Months Ended March 31,
|
|
|
2017
|
|
2016
|
Net income
|
|
$
625
|
|
$
10,467
|
Income tax (benefit)
expense
|
|
(1,592)
|
|
(2,225)
|
Interest expense,
net
|
|
2,315
|
|
2,748
|
Depreciation and
amortization
|
|
3,763
|
|
4,574
|
Loss on foreign
currency
|
|
(246)
|
|
(71)
|
Other expense
(income), net
|
|
263
|
|
-
|
Stock-based
compensation
|
|
4,202
|
|
1,335
|
National Geographic
fee amortization
|
|
727
|
|
727
|
Reorganization
costs
|
|
207
|
|
-
|
Adjusted EBITDA -
Consolidated
|
|
10,264
|
|
17,555
|
Impact of voyage
cancellations
|
|
6,464
|
|
-
|
Adjusted EBITDA -
Consolidated excluding impact of voyage
cancellations
|
$
16,728
|
|
$
17,555
|
|
Reconciliation of
Operating Income to Adjusted EBITDA
|
|
|
|
Lindblad
Segment
|
|
|
|
|
(In
thousands)
|
|
For the Three
Months Ended March 31,
|
|
|
2017
|
|
2016
|
Operating
income
|
|
$
1,266
|
|
$
10,919
|
Depreciation and
amortization
|
|
3,440
|
|
4,574
|
Stock-based
compensation
|
|
4,202
|
|
1,335
|
National Geographic
fee amortization
|
|
727
|
|
727
|
Reorganization
costs
|
|
207
|
|
-
|
Adjusted EBITDA -
Lindblad segment
|
|
9,842
|
|
17,555
|
Impact of voyage
cancellations
|
|
6,464
|
|
-
|
Adjusted EBITDA -
Lindblad segment excluding impact of voyage
cancellations
|
$
16,306
|
|
$
17,555
|
|
Reconciliation of
Operating Income to Adjusted EBITDA
|
Natural Habitat
Segment
|
|
|
(In
thousands)
|
|
For the Three
Months Ended
March 31,
|
|
|
2017
|
Operating
income
|
|
$
99
|
Depreciation and
amortization
|
|
323
|
Adjusted EBITDA -
Natural Habitat
segment
|
|
$
422
|
Reconciliation of
Free Cash Flow to Net Cash Provided by Operating
Activities
|
|
|
|
|
|
For the Three
Months Ended
March 31,
|
(In
thousands)
|
|
2017
|
|
2016
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
$
2,737
|
|
$
(1,013)
|
Less: purchases of
property and equipment
|
|
(22,844)
|
|
(6,872)
|
Free Cash
Flow
|
|
$
(20,107)
|
|
$
(7,885)
|
|
|
|
Reconciliation of
2017 Adjusted EBITDA Guidance to Net Income
|
|
|
|
Consolidated
|
|
For the Year
Ended
|
(In
millions)
|
|
2017
|
|
|
From
|
|
To
|
|
|
|
|
|
Net income
|
|
$
7.0
|
|
$
9.0
|
Interest expense,
net
|
|
12.5
|
|
11.5
|
Depreciation and
amortization
|
|
18.0
|
|
17.0
|
Other (including
Income taxes, Loss (gain) on
foreign currency, Other expense (income), net,
Stock-based compensation, National
Geographic fee amortization)
|
|
9.5
|
|
11.5
|
Adjusted
EBITDA
|
|
$
47.0
|
|
$
49.0
|
Guest Metrics -
Lindblad
Segment
|
|
|
|
|
For the Three
Months
Ended March 31,
|
|
2017
|
|
2016
|
Available Guest
Nights
|
42,722
|
|
51,857
|
Guest Nights
Sold
|
37,064
|
|
47,619
|
Occupancy
|
86.8%
|
|
91.8%
|
Maximum
Guests
|
5,268
|
|
5,708
|
Number of
Guests
|
4,601
|
|
5,284
|
Voyages
|
81
|
|
79
|
Lindblad
Segment
|
|
|
|
Calculation of
Gross Yield and Net Yield - Lindblad Segment
|
|
|
|
(In thousands, except
for Available Guest Nights, Gross and Net Yield)
|
|
For the Three
Months Ended
March 31,
|
|
2017
|
|
2016
|
Guest ticket
revenues
|
|
$
45,045
|
|
$
53,914
|
Other tour
revenues
|
|
8,157
|
|
7,660
|
Tour
Revenues
|
|
53,202
|
|
61,574
|
Less: Orion Insurance
Proceeds
|
|
(1,900)
|
|
-
|
Adjusted Tour
Revenues
|
|
51,302
|
|
61,574
|
Less:
Commissions
|
|
(4,102)
|
|
(4,287)
|
Less: Other tour
expenses
|
|
(4,118)
|
|
(5,010)
|
Net
Revenue
|
|
$
43,082
|
|
$
52,277
|
Available Guest
Nights
|
|
42,722
|
|
51,857
|
Gross
Yield
|
|
$
1,201
|
|
$
1,187
|
Net
Yield
|
|
1,008
|
|
1,008
|
Calculation of Net
Cruise Cost Metrics - Lindblad
Segment
|
|
|
|
(In thousands, except
for Available Guest Nights,
Gross and Net Cruise Cost)
|
For the Three
Months
Ended March 31,
|
|
2017
|
|
2016
|
Cost of
tours
|
$
26,372
|
|
$
25,275
|
Plus: Selling and
marketing
|
9,311
|
|
9,618
|
Plus: General and
administrative
|
12,813
|
|
11,188
|
Gross Cruise
Cost
|
48,496
|
|
46,081
|
Less: Commission
expense
|
(4,102)
|
|
(4,287)
|
Less: Other tour
expenses
|
(4,118)
|
|
(5,010)
|
Net Cruise
Cost
|
40,276
|
|
36,784
|
Less: Fuel
expense
|
(1,668)
|
|
(2,530)
|
Net Cruise Cost
Excluding Fuel
|
38,608
|
|
34,254
|
Non-GAAP
Adjustments:
|
|
|
|
Stock-based
compensation
|
(4,202)
|
|
(1,335)
|
National Geographic
fee amortization
|
(727)
|
|
(727)
|
Adjusted Net
Cruise Cost Excluding Fuel
|
$
33,679
|
|
$
32,192
|
Adjusted Net
Cruise Cost
|
$
35,347
|
|
$
34,722
|
Available Guest
Nights
|
42,722
|
|
51,857
|
Gross Cruise Cost per
Available Guest Night
|
$
1,135
|
|
$
889
|
Net Cruise Cost per
Available Guest Night
|
943
|
|
709
|
Net Cruise Cost Excl.
Fuel per Available Guest Night
|
904
|
|
661
|
Adj. Net Cruise Cost
Excl. Fuel per Avail. Guest Night
|
788
|
|
621
|
Adjusted Net
Cruise Cost per Available Guest Night
|
827
|
|
670
|
Operational and Financial Metrics
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. Other supplemental adjustments include certain
non-operating items such as stock-based compensation, the National
Geographic fee amortization, merger-related expenses, and
acquisition-related expenses. The Company believes 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. The Company
believes adjusted EBITDA helps 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 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. The Company's
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, the
National Geographic fee amortization, merger-related expenses, and
acquisition-related expenses.
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, and
general and administrative expense.
Gross Yield represents tour revenues less insurance
proceeds 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 Revenue represents tour revenues less insurance
proceeds, commissions and direct costs of other tour 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-2017-first-quarter-financial-results-300453791.html
SOURCE Lindblad Expeditions Holdings, Inc.