NEW YORK, May 2, 2019 /PRNewswire/ --
First Quarter 2019 Highlights:
- Tour Revenues increased 9% to $89.7
million
- Net income available to common stockholders increased
$3.9 million to $14.7 million
- Adjusted EBITDA decreased $0.1
million to $22.0 million
- Lindblad segment Net Yield of $1,099 and Occupancy of 91%
- Signed contract to build a second new polar ice class vessel
for delivery in September 2021
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, 2019.
Sven-Olof Lindblad, President and
Chief Executive Officer, said, "Lindblad is off to another great
start in 2019 as the strong momentum we generated throughout the
last year and a half continued into the first quarter. The addition
of our second new build vessel, the National Geographic
Venture, in December of 2018, has further increased our overall
capacity and as we have expanded our inventory we continue to
maintain high yields and occupancy levels. Demand for expedition
travel has never been greater and with a proven track record of
delivering high quality and immersive experiences, along with our
long-standing partnership with National Geographic, we are
generating booking strength from both loyal guests as well as those
experiencing this type of travel for the first time. Reservations
for departures later this year and beyond remain strong as we
continue to see broad based demand at higher yields for our new
builds as well as our existing fleet. With further capacity
expansion, including two new polar vessels scheduled to join our
fleet over the next two years, and the ability to sustain pricing
and occupancy levels, we remain uniquely positioned to generate
continued strong growth and build additional shareholder value for
years to come."
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $89.7
million increased $7.2
million, or 9%, as compared to the same period in 2018. The
increase was driven by growth of $5.6
million at the Lindblad segment and a $1.7 million increase at Natural Habitat.
Lindblad segment tour revenue of $76.0
million increased $5.6
million, or 8%, compared to the first quarter a year ago
primarily due to a 9% increase in Available Guest Nights, mostly
from the launch of the National Geographic Venture in
December 2018. The growth in
Available Guest Nights, as well as a slight increase in Occupancy
to 91%, was partially offset by a 2% decrease in Net Yield to
$1,099 as increased pricing was
offset by itinerary changes.
Natural Habitat revenues of $13.6
million increased $1.7
million, or 14%, compared to the first 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 first
quarter was $14.7 million,
$0.31 per diluted share, as compared
with net income available to common stockholders of $10.8 million, $0.24 per diluted share, in the first quarter of
2018. The $3.9 million increase
primarily reflects a $3.1 million tax
benefit during the first quarter of 2019 versus tax expense of
$0.3 million during the same period a
year ago. The year on year increase also includes
$0.7 million in foreign currency
gains in the current year as compared with $0.5 million in foreign currency losses in the
first quarter of 2018, as well as the absence of $1.0 million in costs related to refinancing the
Company's credit facility during the first quarter a year ago.
These increases were partially offset by $1.1 million in higher depreciation and
amortization primarily due to the addition of the National
Geographic Venture to the fleet in December 2018.
Adjusted EBITDA
First quarter Adjusted EBITDA of $22.0
million decreased $0.1
million, or 1%, as compared to the same period in 2018 with
a slight increase at the Lindblad segment more than offset by
a $0.2 million decrease at Natural Habitat.
Lindblad segment Adjusted EBITDA of $20.9
million increased slightly as compared to the first quarter
a year ago as the tour revenue growth and lower drydock and land
costs were mostly offset by operating costs on the National
Geographic Venture. The first quarter of 2019 also included
higher marketing spend to drive long-term growth initiatives,
increased commission expense related to the revenue growth and
higher personnel costs.
Natural Habitat Adjusted EBITDA of $1.1
million decreased $0.2 million
compared to the first quarter a year ago as the revenue growth was
more than offset by higher operating costs related to the
additional departures and increased marketing and personnel costs
to drive long-term growth initiatives.
|
|
For the three
months ended
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Change
|
|
|
%
|
|
(In
thousands)
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Tour
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
76,038
|
|
|
$
|
70,453
|
|
|
$
|
5,585
|
|
|
|
8%
|
|
Natural
Habitat
|
|
|
13,616
|
|
|
|
11,957
|
|
|
|
1,659
|
|
|
|
14%
|
|
Total tour
revenues
|
|
$
|
89,654
|
|
|
$
|
82,410
|
|
|
$
|
7,244
|
|
|
|
9%
|
|
Operating
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
13,641
|
|
|
$
|
13,439
|
|
|
$
|
202
|
|
|
|
2%
|
|
Natural
Habitat
|
|
|
724
|
|
|
|
932
|
|
|
|
(208)
|
|
|
|
(22%)
|
|
Total operating
income
|
|
$
|
14,365
|
|
|
$
|
14,371
|
|
|
$
|
(6)
|
|
|
|
(0%)
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
20,930
|
|
|
$
|
20,889
|
|
|
$
|
41
|
|
|
|
0%
|
|
Natural
Habitat
|
|
|
1,118
|
|
|
|
1,293
|
|
|
|
(175)
|
|
|
|
(14%)
|
|
Total adjusted
EBITDA
|
|
$
|
22,048
|
|
|
$
|
22,182
|
|
|
$
|
(134)
|
|
|
|
(1%)
|
|
Liquidity
The Company's cash, cash equivalents and restricted cash were
$100.6 million as of March 31, 2019, as compared with $122.2 million as of December 31, 2018. The decrease primarily
reflects purchases of property and equipment of $35.1 million, predominantly related to the two
new polar vessels, partially offset by $15.3
million in net cash provided by operating activities due
primarily to the strong operating performance and increased
bookings for future travel.
Free cash flow use was $19.8
million for the first quarter of 2019 as compared with
$4.0 million in the first
quarter of 2018 due primarily to higher capital expenditures for
the new vessels partially offset by increased bookings for future
travel. Free cash flow is defined as net cash provided by operating
activities less purchases of property and equipment.
Following the quarter, the Company entered into a senior secured
credit agreement to make available, at the Company's option, a loan
in an aggregate principal amount not to exceed $122.8 million for the purpose of providing
financing for up to 80% of the purchase price of the Company's new
expedition ice-class cruise vessel. At the Company's
election, the loan will bear interest either at a fixed interest
rate effectively equal to 6.36% or a floating interest rate equal
to three-month LIBOR plus a margin of 3.00% per annum.
LINDBLAD FLEET ACTIVITIES
The Company expanded its travel offerings in December 2018 with the launch of the National
Geographic Venture, which sailed in Baja during the winter season before heading
to Alaska for the summer
months.
The Company is currently building two new state-of-the-art polar
ice class vessels to further capitalize on the growth in high
quality adventure travel and broaden the immersive and authentic
itineraries we offer to our guests. The National Geographic
Endurance is scheduled for delivery in January 2020 and, in February 2019, we signed a contract for her
sister ship, scheduled for delivery in September 2021. These two vessels will join the
National Geographic Explorer and the National Geographic
Orion to dramatically increase the polar capacity of the
Lindblad National Geographic fleet. They 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.
STOCK AND WARRANT REPURCHASE PLAN
Pursuant to its existing $35
million stock and warrant repurchase plan, during the first
quarter the Company repurchased 1,895 shares of common stock for
twenty three thousand dollars at an
average price of $11.99. As of
April 30, 2019, the Company had
repurchased 6.0 million warrants and 866,701 shares under the plan
for a total of $22.9 million and had
$12.1 million remaining under the
plan. As of April 30, 2019, there
were 45.8 million shares common stock and 10.1 million warrants
outstanding.
FINANCIAL OUTLOOK
The Company's current expectations for the full year 2019 are as
follows:
- Tour revenues of $350 -
$358 million (13 – 16% growth)
- Adjusted EBITDA of $67 -
$70 million (22 – 28% growth)
As of April 30, 2019, Lindblad
segment bookings for travel during 2019 have increased 11% as
compared with bookings for 2018 as of the same date a year ago.
Additionally, the Lindblad segment had 94% of full year 2019
projected guest ticket revenues on the books versus 95% of
full year 2018 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.
Conference Call Information
The Company has scheduled a conference call at 8:30 a.m. Eastern Time on May 2, 2019 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) our ability to maintain our
relationship with National Geographic (v) the Company's business
strategy and plans; (vi) unscheduled disruptions in our business
due to weather events, mechanical failures, or other events; (vii)
compliance with laws and regulations; (viii) compliance with the
financial and/or operating covenants in the Company's credit
agreements; (ix) adverse publicity regarding the cruise industry in
general; (x) loss of business due to competition; (xi) the result
of future financing efforts; (xii) the inability to meet revenue
and Adjusted EBITDA projections; (xiii) delays and costs overruns
with respect to the construction and delivery of newly constructed
vessels; and (xiv) 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
March 31,
2019
|
|
|
As of
December 31,
2018
|
|
ASSETS
|
|
(unaudited)
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
70,103
|
|
|
$
|
113,396
|
|
Restricted
cash
|
|
|
30,537
|
|
|
|
8,755
|
|
Marine operating
supplies
|
|
|
5,465
|
|
|
|
5,165
|
|
Inventories
|
|
|
1,523
|
|
|
|
1,604
|
|
Prepaid expenses and
other current assets
|
|
|
27,963
|
|
|
|
21,263
|
|
Total current
assets
|
|
|
135,591
|
|
|
|
150,183
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
315,330
|
|
|
|
285,979
|
|
Goodwill
|
|
|
22,105
|
|
|
|
22,105
|
|
Intangibles,
net
|
|
|
7,580
|
|
|
|
7,975
|
|
Deferred tax
asset
|
|
|
1,078
|
|
|
|
-
|
|
Right-to-use lease
assets
|
|
|
6,027
|
|
|
|
-
|
|
Other long-term
assets
|
|
|
6,096
|
|
|
|
7,167
|
|
Total
assets
|
|
$
|
493,807
|
|
|
$
|
473,409
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Unearned passenger
revenues
|
|
$
|
129,505
|
|
|
$
|
123,489
|
|
Accounts payable and
accrued expenses
|
|
|
31,176
|
|
|
|
33,944
|
|
Lease liabilities -
current
|
|
|
1,166
|
|
|
|
-
|
|
Long-term debt -
current
|
|
|
2,000
|
|
|
|
2,000
|
|
Total current
liabilities
|
|
|
163,847
|
|
|
|
159,433
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
188,005
|
|
|
|
188,089
|
|
Deferred tax
liabilities
|
|
|
-
|
|
|
|
2,787
|
|
Lease
liabilities
|
|
|
5,026
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
1,379
|
|
|
|
554
|
|
Total
liabilities
|
|
|
358,257
|
|
|
|
350,863
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE
NONCONTROLLING INTEREST
|
|
|
6,908
|
|
|
|
6,502
|
|
|
|
|
|
|
|
|
|
|
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; 45,768,715 and 45,814,925
issued, 45,608,143 and 45,442,728 outstanding as of March 31, 2019
and December 31, 2018, respectively
|
|
|
5
|
|
|
|
5
|
|
Additional paid-in
capital
|
|
|
41,102
|
|
|
|
41,539
|
|
Retained
earnings
|
|
|
89,844
|
|
|
|
75,171
|
|
Accumulated other
comprehensive income
|
|
|
(2,309)
|
|
|
|
(671)
|
|
Total stockholders'
equity
|
|
|
128,642
|
|
|
|
116,044
|
|
Total liabilities,
stockholders' equity and redeemable noncontrolling
interest
|
|
$
|
493,807
|
|
|
$
|
473,409
|
|
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
|
89,654
|
|
|
$
|
82,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
tours
|
|
|
39,017
|
|
|
|
35,871
|
|
General and
administrative
|
|
|
16,082
|
|
|
|
15,050
|
|
Selling and
marketing
|
|
|
14,002
|
|
|
|
12,073
|
|
Depreciation and
amortization
|
|
|
6,188
|
|
|
|
5,045
|
|
Total operating
expenses
|
|
|
75,289
|
|
|
|
68,039
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
14,365
|
|
|
|
14,371
|
|
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(2,989)
|
|
|
|
(2,734)
|
|
Gain (loss) on foreign
currency
|
|
|
656
|
|
|
|
(451)
|
|
Other (expense)
income
|
|
|
(19)
|
|
|
|
8
|
|
Total other
expense
|
|
|
(2,352)
|
|
|
|
(3,177)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
12,013
|
|
|
|
11,194
|
|
Income tax (benefit)
expense
|
|
|
(3,066)
|
|
|
|
277
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
15,079
|
|
|
|
10,917
|
|
Net income
attributable to noncontrolling interest
|
|
|
406
|
|
|
|
121
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
|
14,673
|
|
|
$
|
10,796
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
45,565,381
|
|
|
|
45,274,540
|
|
Diluted
|
|
|
47,429,343
|
|
|
|
45,667,565
|
|
|
|
|
|
|
|
|
|
|
Net income per share
available to common stockholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
|
$
|
0.24
|
|
Diluted
|
|
$
|
0.31
|
|
|
$
|
0.24
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
For the three
months ended
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
15,079
|
|
|
$
|
10,917
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
6,188
|
|
|
|
5,045
|
|
Amortization of
National Geographic fee
|
|
|
727
|
|
|
|
727
|
|
Amortization of
deferred financing costs and other, net
|
|
|
434
|
|
|
|
608
|
|
Stock-based
compensation
|
|
|
753
|
|
|
|
866
|
|
Deferred income
taxes
|
|
|
(3,865)
|
|
|
|
347
|
|
(Gain) loss on foreign
currency
|
|
|
(656)
|
|
|
|
451
|
|
Write-off of
unamortized issuance costs related to debt refinancing
|
|
|
-
|
|
|
|
359
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Marine operating
supplies and inventories
|
|
|
(219)
|
|
|
|
(400)
|
|
Prepaid expenses and
other current assets
|
|
|
(6,699)
|
|
|
|
(1,754)
|
|
Right-to-use lease
assets
|
|
|
(6,027)
|
|
|
|
-
|
|
Lease
liabilities
|
|
|
6,192
|
|
|
|
-
|
|
Unearned passenger
revenues
|
|
|
6,016
|
|
|
|
(939)
|
|
Other long-term
assets
|
|
|
(1,294)
|
|
|
|
10
|
|
Other long-term
liabilities
|
|
|
825
|
|
|
|
8
|
|
Accounts payable and
accrued expenses
|
|
|
(2,112)
|
|
|
|
(5,727)
|
|
Net cash provided by
operating activities
|
|
|
15,342
|
|
|
|
10,518
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(35,144)
|
|
|
|
(14,502)
|
|
Net cash used in
investing activities
|
|
|
(35,144)
|
|
|
|
(14,502)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
-
|
|
|
|
200,000
|
|
Repayments of
long-term debt
|
|
|
(500)
|
|
|
|
(170,625)
|
|
Payment of deferred
financing costs
|
|
|
(18)
|
|
|
|
(6,297)
|
|
Repurchase under
stock-based compensation plans and related tax impacts
|
|
|
(1,167)
|
|
|
|
(4,179)
|
|
Repurchase of warrants
and common stock
|
|
|
(23)
|
|
|
|
(854)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(1,708)
|
|
|
|
18,045
|
|
Effect of exchange
rate changes on cash
|
|
|
-
|
|
|
|
(40)
|
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
|
|
(21,510)
|
|
|
|
14,021
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
122,150
|
|
|
|
103,500
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
100,640
|
|
|
$
|
117,521
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
3,377
|
|
|
$
|
3,012
|
|
Income
taxes
|
|
$
|
23
|
|
|
$
|
45
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
Additional paid-in
capital exercise proceeds of option shares
|
|
$
|
-
|
|
|
$
|
1,682
|
|
Additional paid-in
capital exchange proceeds used for option shares
|
|
$
|
-
|
|
|
$
|
(1,682)
|
|
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
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net income
|
|
$
|
15,079
|
|
|
$
|
10,917
|
|
Interest expense,
net
|
|
|
2,989
|
|
|
|
2,734
|
|
Income tax (benefit)
expense
|
|
|
(3,066)
|
|
|
|
277
|
|
Depreciation and
amortization
|
|
|
6,188
|
|
|
|
5,045
|
|
(Gain) loss on
foreign currency
|
|
|
(656)
|
|
|
|
451
|
|
Other expense
(income), net
|
|
|
19
|
|
|
|
(8)
|
|
Stock-based
compensation
|
|
|
753
|
|
|
|
866
|
|
National Geographic
fee amortization
|
|
|
727
|
|
|
|
727
|
|
Reorganization
costs
|
|
|
15
|
|
|
|
180
|
|
Debt refinancing
costs
|
|
|
-
|
|
|
|
993
|
|
Adjusted
EBITDA
|
|
$
|
22,048
|
|
|
$
|
22,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Income to Adjusted EBITDA - Lindblad
Segment
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Operating
income
|
|
$
|
13,641
|
|
|
$
|
13,439
|
|
Depreciation and
amortization
|
|
|
5,794
|
|
|
|
4,684
|
|
Stock-based
compensation
|
|
|
753
|
|
|
|
866
|
|
National Geographic
fee amortization
|
|
|
727
|
|
|
|
727
|
|
Reorganization
costs
|
|
|
15
|
|
|
|
180
|
|
Debt refinancing
costs
|
|
|
-
|
|
|
|
993
|
|
Adjusted
EBITDA
|
|
$
|
20,930
|
|
|
$
|
20,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Income to Adjusted EBITDA - Natural Habitat
Segment
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Operating
income
|
|
$
|
724
|
|
|
$
|
932
|
|
Depreciation and
amortization
|
|
|
394
|
|
|
|
361
|
|
Adjusted
EBITDA
|
|
$
|
1,118
|
|
|
$
|
1,293
|
|
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 three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net cash provided by
operating activities
|
|
$
|
15,342
|
|
|
$
|
10,518
|
|
Less: purchases of
property and equipment
|
|
|
(35,144)
|
|
|
|
(14,502)
|
|
Free Cash
Flow
|
|
$
|
(19,802)
|
|
|
$
|
(3,984)
|
|
|
|
|
|
|
|
For the three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Available Guest
Nights
|
|
|
58,669
|
|
|
|
53,917
|
|
Guest Nights
Sold
|
|
|
53,613
|
|
|
|
48,935
|
|
Occupancy
|
|
|
91%
|
|
|
|
91%
|
|
Maximum
Guests
|
|
|
7,313
|
|
|
|
6,899
|
|
Number of
Guests
|
|
|
6,532
|
|
|
|
6,177
|
|
Voyages
|
|
|
93
|
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Gross Yield and Net Yield Lindblad Segment
|
|
For the three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Guest ticket
revenues
|
|
$
|
67,110
|
|
|
$
|
62,681
|
|
Other tour
revenue
|
|
|
8,928
|
|
|
|
7,772
|
|
Tour
Revenues
|
|
|
76,038
|
|
|
|
70,453
|
|
Less:
Commissions
|
|
|
(5,851)
|
|
|
|
(5,554)
|
|
Less: Other tour
expenses
|
|
|
(5,687)
|
|
|
|
(4,118)
|
|
Net
Revenue
|
|
$
|
64,500
|
|
|
$
|
60,781
|
|
Available Guest
Nights
|
|
|
58,669
|
|
|
|
53,917
|
|
Gross
Yield
|
|
$
|
1,296
|
|
|
$
|
1,307
|
|
Net Yield
|
|
|
1,099
|
|
|
|
1,127
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Supplemental
Financial Schedules
|
(In thousands, except
for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest
metrics)
|
(unaudited)
|
|
|
Calculation of
Gross Cruise Cost and Net Cruise Cost Lindblad
Segment
|
|
For the three
months ended
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Cost of
tours
|
|
$
|
31,321
|
|
|
$
|
28,680
|
|
Plus: Selling and
marketing
|
|
|
12,641
|
|
|
|
11,262
|
|
Plus: General and
administrative
|
|
|
12,641
|
|
|
|
12,388
|
|
Gross Cruise
Cost
|
|
|
56,603
|
|
|
|
52,330
|
|
Less:
Commissions
|
|
|
(5,851)
|
|
|
|
(5,554)
|
|
Less: Other tour
expenses
|
|
|
(5,687)
|
|
|
|
(4,118)
|
|
Net Cruise
Cost
|
|
|
45,065
|
|
|
|
42,658
|
|
Less: Fuel
Expense
|
|
|
(2,688)
|
|
|
|
(2,110)
|
|
Net Cruise Cost
Excluding Fuel
|
|
|
42,377
|
|
|
|
40,548
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
(753)
|
|
|
|
(866)
|
|
National Geographic
fee amortization
|
|
|
(727)
|
|
|
|
(727)
|
|
Reorganization
costs
|
|
|
(15)
|
|
|
|
(180)
|
|
Debt refinancing
costs
|
|
|
-
|
|
|
|
(993)
|
|
Adjusted Net
Cruise Cost Excluding Fuel
|
|
$
|
40,882
|
|
|
$
|
37,782
|
|
Adjusted Net
Cruise Cost
|
|
$
|
43,570
|
|
|
$
|
39,892
|
|
Available Guest
Nights
|
|
|
58,669
|
|
|
|
53,917
|
|
Gross Cruise Cost per
Available Guest Night
|
|
$
|
965
|
|
|
$
|
971
|
|
Net Cruise Cost per
Available Guest Night
|
|
|
768
|
|
|
|
791
|
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
|
|
722
|
|
|
|
752
|
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
|
|
697
|
|
|
|
701
|
|
Adjusted Net
Cruise Cost per Available Guest Night
|
|
|
743
|
|
|
|
740
|
|
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, merger-related expenses, 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, 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.
View original
content:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2019-first-quarter-financial-results-300842411.html
SOURCE Lindblad Expeditions Holdings, Inc.