NEW YORK, Nov. 2, 2018 /PRNewswire/ --
Third Quarter 2018 Highlights:
- Tour revenues of $87.2
million
- Net income available to common stockholders of $5.1 million
- Adjusted EBITDA of $17.1
million
- Lindblad segment Net Yield of $983 and Occupancy of 92%
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 September 30,
2018.
Sven-Olof Lindblad, President and
Chief Executive Officer, said "Lindblad continues to generate
strong operating momentum across our fleet with expanding capacity
being met by the growing demand for high quality and authentic
expedition travel. Bookings for future travel have been robust
throughout 2018 and have accelerated over the past few months as we
are generating strong demand for our existing inventory, as well as
our three new builds. The National Geographic Quest
just completed her first year of operations and we are excited to
welcome guests on her sister ship, the National Geographic
Venture, next month. At the same time, we are well
underway on the construction of our state-of-the-art polar ice
class vessel, the National Geographic Endurance, scheduled
for delivery in 2020. While our financial results in the
current quarter reflect the impact of the timing of drydocks versus
a year ago, our revenues are up 18% year to date and we are
generating real operating leverage with Adjusted EBITDA up
31%. Looking ahead, this strong growth is poised to continue
as we further increase our fleet size and build upon the sustained
booking strength we are generating today."
THIRD QUARTER RESULTS
Tour Revenues
Third quarter tour revenues of $87.2
million increased $2.7
million, or 3%, as compared to the same period in 2017. The
increase was driven by growth of $5.6
million at Natural Habitat, partially offset by a
$2.9 million decrease at the Lindblad
segment.
Lindblad segment tour revenues of $64.5
million decreased $2.9
million, or 4%, compared to the third quarter a year ago as
an increase in Occupancy to 92% due to higher demand across the
fleet was more than offset by a decrease in Available Guest Nights
and Net Yield. Available Guest Nights were 1% lower than the
third quarter a year ago primarily due to the timing of planned
drydock days, mostly offset by the launch of the National
Geographic Quest in late July 2017. Net Yield declined 6%
to $983 due primarily to changes in
itineraries, most notably on the National Geographic Orion.
The third quarter a year ago also included the cancellation
of four highly booked voyages on the National Geographic
Quest due to a delay in the launch of the vessel.
Natural Habitat revenues of $22.7
million increased $5.6
million, or 33%, compared to the third 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 third
quarter was $5.1 million,
$0.11 per diluted share, as compared
with net income available to common stockholders of $9.3 million, $0.20
per diluted share, in the third quarter of 2017. The $4.2 million decrease primarily reflects the
lower operating results and a $0.7
million increase in depreciation and amortization, primarily
due to the addition of the National Geographic Quest to the
fleet in July 2017, partially offset
by $1.8 million of lower stock-based
compensation expense in the current year.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $17.1
million decreased $6.0
million, or 26%, as compared to the same period in 2017 as
growth of $0.6 million at Natural
Habitat was more than offset by a $6.6
million decrease at the Lindblad segment.
Lindblad segment Adjusted EBITDA of $14.7
million decreased $6.6
million, or 31%, as compared to the third quarter a year ago
due to the decreased tour revenues and increased operating costs
primarily related to higher drydock expenses associated with the
timing of drydocks versus a year ago. The third quarter of
2018 also included increased fuel and personnel expenses as well as
a full quarter of costs on the National Geographic Quest,
which launched late in July 2017.
Natural Habitat Adjusted EBITDA of $2.5
million increased $0.6
million, or 33%, compared to the third quarter a year ago as
the revenue growth was partially 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
September 30,
|
|
For the nine
months ended
September 30,
|
(In
thousands)
|
|
2018
|
|
2017
|
|
Change
|
%
|
|
2018
|
|
2017
|
|
Change
|
%
|
Tour
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
64,507
|
|
$
67,451
|
|
$ (2,944)
|
(4%)
|
|
$ 194,516
|
|
$ 167,891
|
|
$ 26,625
|
16%
|
Natural
Habitat
|
|
22,735
|
|
17,133
|
|
5,602
|
33%
|
|
44,609
|
|
35,392
|
|
9,217
|
26%
|
Total tour
revenues
|
|
$
87,242
|
|
$
84,584
|
|
$
2,658
|
3%
|
|
$ 239,125
|
|
$ 203,283
|
|
$ 35,842
|
18%
|
Operating
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
8,209
|
|
$
12,070
|
|
$ (3,861)
|
(32%)
|
|
$
26,755
|
|
$
12,386
|
|
$ 14,369
|
116%
|
Natural
Habitat
|
|
2,072
|
|
1,478
|
|
594
|
40%
|
|
2,105
|
|
873
|
|
1,232
|
141%
|
Total operating
income
|
|
$
10,281
|
|
$
13,548
|
|
$ (3,267)
|
(24%)
|
|
$
28,860
|
|
$
13,259
|
|
$ 15,601
|
118%
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
14,668
|
|
$
21,277
|
|
$ (6,609)
|
(31%)
|
|
$
47,538
|
|
$
36,766
|
|
$ 10,771
|
29%
|
Natural
Habitat
|
|
2,451
|
|
1,838
|
|
613
|
33%
|
|
3,213
|
|
1,896
|
|
1,317
|
69%
|
Total adjusted
EBITDA
|
|
$
17,119
|
|
$
23,115
|
|
$ (5,996)
|
(26%)
|
|
$
50,751
|
|
$
38,662
|
|
$ 12,088
|
31%
|
Liquidity
The Company's cash and cash equivalents were $105.7 million as of September 30, 2018, as compared with $96.4 million as of December 31, 2017. The $9.3 million increase primarily reflects
$39.3 million in net cash provided by
operating activities due to the strong operating performance year
to date and $17.0 million in net cash
provided by financing activities, primarily due to the increase in
long-term debt associated with refinancing our credit facility.
These increases were mostly offset by purchases of property and
equipment of $45.5 million, primarily
related to the construction of two new vessels.
Free cash flow use was $6.2
million for the nine months ended September 30, 2018 as compared with a use of
$14.6 million in the same period of
2017. The $8.4 million improvement is
primarily due to the strong operating performance in the current
year. 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 July 2017 with the launch of the National
Geographic Quest. A second new-build coastal vessel, the
National Geographic Venture, is scheduled for delivery in
the fourth quarter of 2018 and is expected to have its first voyage
with passengers during December
2018.
The Company is also building a polar ice class vessel, the
National Geographic Endurance, for delivery in January 2020. This state-of-the-art vessel will
join the National Geographic Explorer and the National
Geographic Orion as the third polar ice class vessel in the
Lindblad National Geographic fleet, with the ability to voyage
anywhere around the globe and specializing in polar travel.
The vessel will be capable of exploring deep into the Antarctic and
Arctic waters, and will be built with the Ulstein X-BOW® design
allowing for greater comfort and speed through rough waters.
In July 2018, the Company
announced that its Board of Directors has authorized the building
of an additional polar ice class vessel for delivery in
2021.
STOCK AND WARRANT REPURCHASE PLAN
The Company currently has a $35.0
million stock and warrant repurchase plan in place. As of
October 31, 2018, the Company had
repurchased 6.0 million warrants and 864,806 shares under the plan
for a total of $22.9 million and had
$12.1 million remaining under the
plan. As of October 31, 2018,
there were 45.8 million shares of common stock and 10.1 million
warrants outstanding.
FINANCIAL OUTLOOK
The Company's current expectations for the full year 2018 are as
follows:
- Tour revenues of $308 -
$315 million (16-18% growth)
- Adjusted EBITDA of $54 -
$57 million (24-31% growth)
As of October 31, 2018, the
Lindblad segment had 100% of full year 2018 projected guest ticket
revenues on the books versus 100% of full year 2017 guest ticket
revenue at the same time last year.
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
9.
Conference Call Information
The Company has scheduled a conference call at 8:30 a.m. Eastern Time on November 2, 2018 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 laws and regulations; (vii) compliance with the
financial and/or operating covenants in the Company's credit
agreements; (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; (xii) delays and costs
overruns with respect to the construction and delivery of newly
constructed vessels; and (xiii) 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 and per share data)
|
|
|
|
|
|
As of
September 30,
|
|
As of
December 31,
|
|
2018
|
|
2017
|
ASSETS
|
(unaudited)
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
105,688
|
|
$
96,443
|
Restricted cash and
marketable securities
|
8,593
|
|
7,057
|
Marine operating
supplies
|
5,024
|
|
5,045
|
Inventories
|
1,646
|
|
1,794
|
Prepaid expenses and
other current assets
|
21,917
|
|
21,351
|
Total current
assets
|
142,868
|
|
131,690
|
|
|
|
|
Property and
equipment, net
|
282,455
|
|
250,952
|
Goodwill
|
22,105
|
|
22,105
|
Intangibles,
net
|
8,370
|
|
9,554
|
Other long-term
assets
|
9,017
|
|
10,047
|
Total
assets
|
$
464,815
|
|
$
424,348
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned passenger
revenues
|
$
112,694
|
|
$
112,238
|
Accounts payable and
accrued expenses
|
29,305
|
|
30,422
|
Long-term debt -
current
|
2,000
|
|
1,750
|
|
143,999
|
|
144,410
|
|
|
|
|
Long-term debt, less
current portion
|
188,161
|
|
164,186
|
Deferred tax
liabilties
|
5,097
|
|
2,444
|
Other long-term
liabilities
|
706
|
|
684
|
Total
liabilities
|
337,963
|
|
311,724
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
REDEEMABLE
NONCONTROLLING INTEREST
|
6,409
|
|
6,302
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized;
|
|
|
|
no shares issued and
outstanding
|
-
|
|
-
|
Common stock, $0.0001
par value, 200,000,000 shares authorized;
|
|
|
|
45,815,425 and
45,427,030 issued, 45,442,728 and 44,787,608 outstanding
|
|
|
|
as of September 30,
2018 and December 31, 2017, respectively
|
5
|
|
5
|
Additional paid-in
capital
|
40,391
|
|
42,498
|
Retained
earnings
|
79,817
|
|
63,819
|
Accumulated other
comprehensive income
|
230
|
|
-
|
Total stockholders'
equity
|
120,443
|
|
106,322
|
Total liabilities and
stockholders' equity
|
$
464,815
|
|
$
424,348
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Operations
|
(In thousands, except
share and per share data)
|
(unaudited)
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Tour
revenues
|
$
87,242
|
|
$
84,584
|
|
$
239,125
|
|
$
203,283
|
Cost of
tours
|
44,964
|
|
38,480
|
|
114,645
|
|
99,780
|
Gross
profit
|
42,278
|
|
46,104
|
|
124,480
|
|
103,503
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
14,718
|
|
16,526
|
|
45,647
|
|
46,710
|
Selling and
marketing
|
12,255
|
|
11,676
|
|
34,911
|
|
31,521
|
Depreciation and
amortization
|
5,024
|
|
4,354
|
|
15,062
|
|
12,012
|
Total operating
expenses
|
31,997
|
|
32,556
|
|
95,620
|
|
90,243
|
|
|
|
|
|
|
|
|
Operating
income
|
10,281
|
|
13,548
|
|
28,860
|
|
13,260
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,409)
|
|
(2,802)
|
|
(8,013)
|
|
(7,192)
|
Gain (loss) on
foreign currency
|
163
|
|
224
|
|
(1,430)
|
|
1,047
|
Other income
(expense)
|
1
|
|
59
|
|
(118)
|
|
(97)
|
Total other
expense
|
(2,245)
|
|
(2,519)
|
|
(9,561)
|
|
(6,242)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
8,036
|
|
11,029
|
|
19,299
|
|
7,018
|
Income tax expense
(benefit)
|
2,690
|
|
1,586
|
|
3,194
|
|
(473)
|
|
|
|
|
|
|
|
|
Net income
|
$
5,346
|
|
$
9,443
|
|
$
16,105
|
|
$
7,491
|
Net income
attributable to noncontrolling
interest
|
279
|
|
165
|
|
107
|
|
149
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
$
5,067
|
|
$
9,278
|
|
$
15,998
|
|
$
7,342
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
45,423,127
|
|
44,457,656
|
|
45,356,438
|
|
44,528,878
|
Diluted
|
47,690,395
|
|
45,718,513
|
|
45,963,669
|
|
45,609,560
|
|
|
|
|
|
|
|
|
Net income per share
available to common
stockholders
|
|
|
|
|
|
|
|
Basic
|
$
0.11
|
|
$
0.21
|
|
$
0.35
|
|
$
0.16
|
Diluted
|
$
0.11
|
|
$
0.20
|
|
$
0.35
|
|
$
0.16
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(unaudited)
|
|
For the nine
months ended
September 30,
|
|
2018
|
|
2017
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
16,105
|
|
$
7,491
|
Adjustments to
reconcile net income to net cash
provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
15,062
|
|
12,012
|
Amortization of
National Geographic fee
|
2,181
|
|
2,180
|
Amortization of
deferred financing costs
and other, net
|
1,477
|
|
1,662
|
Stock-based
compensation
|
3,256
|
|
9,464
|
Deferred income
taxes
|
2,653
|
|
(2,017)
|
Loss (gain) on
foreign currency
|
1,430
|
|
(1,047)
|
Loss on write-off of
assets
|
129
|
|
-
|
Changes in operating
assets and liabilities
|
|
|
|
Marine operating
supplies and inventories
|
169
|
|
(516)
|
Prepaid expenses and
other current assets
|
(1,806)
|
|
(1,087)
|
Unearned passenger
revenues
|
449
|
|
8,062
|
Write-off of
unamortized issuance costs
related to debt refinancing
|
359
|
|
-
|
Other long-term
assets
|
(1,981)
|
|
192
|
Other long-term
liabilities
|
22
|
|
14
|
Accounts payable and
accrued expenses
|
(247)
|
|
(6,964)
|
Net cash provided by
operating activities
|
39,258
|
|
29,446
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
Purchases of property
and equipment
|
(45,510)
|
|
(44,089)
|
Transfer to
restricted cash and marketable securities
|
(1,536)
|
|
311
|
Net cash used in
investing activities
|
(47,046)
|
|
(43,778)
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
Proceeds from
long-term debt
|
200,000
|
|
-
|
Repayments of
long-term debt
|
(171,125)
|
|
(1,312)
|
Payment of deferred
financing costs
|
(6,486)
|
|
(312)
|
Repurchase under
stock-based compensation plans and
related tax impacts
|
(4,509)
|
|
(1,182)
|
Repurchase of
warrants and common stock
|
(854)
|
|
(6,166)
|
Net cash provided by
(used in) financing activities
|
17,026
|
|
(8,972)
|
Effect of exchange
rate changes on cash
|
7
|
|
204
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
9,245
|
|
(23,100)
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
96,443
|
|
135,416
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$
105,688
|
|
$
112,316
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period:
|
|
|
|
Interest
|
$
9,952
|
|
$
7,841
|
Income taxes,
net
|
$
468
|
|
$
965
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
Additional paid-in
capital exercise proceeds of option shares
|
$
1,682
|
|
$
168
|
Additional paid-in
capital exchange proceeds used for option shares
|
$
(1,682)
|
|
$
(168)
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Supplemental
Financial Schedules
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBITDA
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
(In
thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net
income
|
$
5,346
|
|
$
9,443
|
|
$
16,105
|
|
$
7,491
|
Interest expense,
net
|
2,409
|
|
2,802
|
|
8,013
|
|
7,192
|
Income tax expense
(benefit)
|
2,690
|
|
1,586
|
|
3,194
|
|
(473)
|
Depreciation and
amortization
|
5,024
|
|
4,354
|
|
15,062
|
|
12,012
|
(Gain) loss on
foreign currency
|
(163)
|
|
(224)
|
|
1,430
|
|
(1,047)
|
Other (income)
expense, net
|
(1)
|
|
(59)
|
|
118
|
|
97
|
Stock-based
compensation
|
1,271
|
|
3,057
|
|
3,256
|
|
9,464
|
National Geographic
fee amortization
|
727
|
|
727
|
|
2,181
|
|
2,180
|
Reorganization
costs
|
31
|
|
29
|
|
324
|
|
346
|
Debt refinancing
costs
|
-
|
|
-
|
|
997
|
|
-
|
Executive severance
costs
|
(215)
|
|
1,400
|
|
71
|
|
1,400
|
Adjusted
EBITDA
|
$
17,119
|
|
$
23,115
|
|
$
50,751
|
|
$
38,662
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Income to Adjusted EBITDA
|
|
|
|
|
|
|
Lindblad
Segment
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
(In
thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Operating
income
|
$
8,209
|
|
$
12,070
|
|
$
26,755
|
|
$
12,387
|
Depreciation and
amortization
|
4,645
|
|
3,994
|
|
13,954
|
|
10,989
|
Stock-based
compensation
|
1,271
|
|
3,057
|
|
3,256
|
|
9,464
|
National Geographic
fee amortization
|
727
|
|
727
|
|
2,181
|
|
2,180
|
Reorganization
costs
|
31
|
|
29
|
|
324
|
|
346
|
Debt refinancing
costs
|
-
|
|
-
|
|
997
|
|
-
|
Executive severance
costs
|
(215)
|
|
1,400
|
|
71
|
|
1,400
|
Adjusted
EBITDA
|
$
14,668
|
|
$
21,277
|
|
$
47,538
|
|
$
36,766
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Income to Adjusted EBITDA
|
|
|
|
|
|
|
Natural Habitat
Segment
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
(In
thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Operating
income
|
$
2,072
|
|
$
1,478
|
|
$
2,105
|
|
$
873
|
Depreciation and
amortization
|
379
|
|
360
|
|
1,108
|
|
1,023
|
Adjusted
EBITDA
|
$
2,451
|
|
$
1,838
|
|
$
3,213
|
|
$
1,896
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Supplemental
Financial Schedules
|
(In thousands, except
for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)
|
(unaudited)
|
|
|
|
|
Reconciliation of
Free Cash Flow to Net Cash Provided by Operating
Activities
|
|
|
|
|
For the nine
months ended September 30,
|
|
2018
|
|
2017
|
Net cash provided by
operating activities
|
$
39,258
|
|
$
29,446
|
Less: purchases of
property and equipment
|
(45,510)
|
|
(44,089)
|
Free Cash
Flow
|
$
(6,252)
|
|
$
(14,643)
|
Guest Metrics -
Lindblad Segment
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Available Guest
Nights
|
55,741
|
|
56,398
|
|
160,575
|
|
142,291
|
Guest Nights
Sold
|
50,993
|
|
51,122
|
|
145,714
|
|
124,951
|
Occupancy
|
91.5%
|
|
90.6%
|
|
90.7%
|
|
87.8%
|
Maximum
Guests
|
7,137
|
|
7,518
|
|
20,388
|
|
17,727
|
Number of
Guests
|
6,582
|
|
6,846
|
|
18,553
|
|
15,758
|
Voyages
|
93
|
|
97
|
|
269
|
|
244
|
|
|
|
|
|
|
|
|
Calculation of
Gross Yield and Net Yield
|
|
|
|
|
|
|
|
Lindblad
Segment
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Guest ticket
revenues
|
$
58,187
|
|
$
61,715
|
|
$
174,699
|
|
$
147,504
|
Other tour
revenues
|
6,320
|
|
5,736
|
|
19,817
|
|
20,387
|
Tour
Revenues
|
64,507
|
|
67,451
|
|
194,516
|
|
167,891
|
Less: Orion Insurance
Proceeds
|
-
|
|
(248)
|
|
-
|
|
(2,148)
|
Adjusted Tour
Revenues
|
64,507
|
|
67,203
|
|
194,516
|
|
165,743
|
Less:
Commissions
|
(5,055)
|
|
(4,559)
|
|
(14,977)
|
|
(12,321)
|
Less: Other tour
expenses
|
(4,673)
|
|
(3,532)
|
|
(12,952)
|
|
(10,622)
|
Net
Revenue
|
$
54,779
|
|
$
59,112
|
|
$
166,587
|
|
$
142,800
|
Available Guest
Nights
|
55,741
|
|
56,398
|
|
160,575
|
|
142,291
|
Gross
Yield
|
$
1,157
|
|
$
1,192
|
|
$
1,211
|
|
$
1,165
|
Net
Yield
|
983
|
|
1,048
|
|
1,037
|
|
1,004
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Supplemental
Financial Schedules
|
(In thousands, except
for Available
Guest Nights, Gross and Net Cruise Cost Per Avail. Guest Night
and guest metrics)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months ended
September 30,
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of
tours
|
$
29,647
|
|
$
27,374
|
|
$
85,837
|
|
$
76,915
|
Plus: Selling and
marketing
|
10,754
|
|
10,358
|
|
31,699
|
|
28,629
|
Plus: General and
administrative
|
11,252
|
|
13,656
|
|
36,271
|
|
38,972
|
Gross Cruise
Cost
|
51,653
|
|
51,388
|
|
153,807
|
|
144,516
|
Less: Commission
expense
|
(5,055)
|
|
(4,559)
|
|
(14,977)
|
|
(12,321)
|
Less: Other tour
expenses
|
(4,673)
|
|
(3,532)
|
|
(12,952)
|
|
(10,622)
|
Net Cruise
Cost
|
41,925
|
|
43,297
|
|
125,878
|
|
121,573
|
Less: Fuel
expense
|
(2,168)
|
|
(1,894)
|
|
(6,876)
|
|
(4,858)
|
Net Cruise Cost
Excluding Fuel
|
39,757
|
|
41,403
|
|
119,002
|
|
116,715
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
(1,271)
|
|
(3,057)
|
|
(3,256)
|
|
(9,464)
|
National Geographic
fee amortization
|
(727)
|
|
(727)
|
|
(2,181)
|
|
(2,180)
|
Reorganization
costs
|
(31)
|
|
(29)
|
|
(324)
|
|
(346)
|
Debt refinancing
costs
|
-
|
|
-
|
|
(997)
|
|
-
|
Executive severance
costs
|
215
|
|
(1,400)
|
|
(71)
|
|
(1,400)
|
Adjusted Net
Cruise
Cost Excluding Fuel
|
$
37,943
|
|
$
36,190
|
|
$
112,173
|
|
$
103,325
|
Adjusted Net
Cruise Cost
|
$
40,111
|
|
$
38,084
|
|
$
119,050
|
|
$
108,183
|
Available Guest
Nights
|
55,741
|
|
56,398
|
|
160,575
|
|
142,291
|
Gross Cruise Cost
per
Available Guest Night
|
$
927
|
|
$
911
|
|
$
958
|
|
$
1,016
|
Net Cruise Cost
per
Available Guest Night
|
752
|
|
768
|
|
784
|
|
854
|
Net Cruise Cost Excl.
Fuel per
Available Guest Night
|
713
|
|
734
|
|
741
|
|
820
|
Adj. Net Cruise Cost
Excl. Fuel per
Avail. Guest Night
|
681
|
|
642
|
|
699
|
|
726
|
Adjusted Net
Cruise Cost per Available Guest Night
|
720
|
|
675
|
|
741
|
|
760
|
Operational and Financial Metrics
Adjusted EBITDA is net income (loss) excluding
depreciation and amortization, net interest expense, other income
(expense), income tax (expense) benefit, (gain) loss on foreign
currency, (gain) loss on transfer of assets, reorganization costs,
and other supplemental adjustments. Other supplemental adjustments
include certain non-operating items such as stock-based
compensation, executive severance costs, the National Geographic
fee amortization, debt refinancing fees 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. 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, 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 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.
View original
content:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2018-third-quarter-financial-results-300742858.html
SOURCE Lindblad Expeditions Holdings, Inc.