NEW YORK, Feb. 22, 2022 /PRNewswire/ -- 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 fourth
quarter and year ended December 31,
2021.
Dolf Berle, Chief Executive
Officer, said "Lindblad has been delivering the joy of exploration
for over four decades and we couldn't be more excited to have nine
of our ten ships once again providing immersive experiences in the
world's most remarkable destinations. The exhilaration we see from
our guests as they return to these remote geographies is truly
inspiring and a daily reminder of the opportunity Lindblad has in
front of it. In the short-term there is certainly pent-up demand
for high-quality experiential travel and while there is likely to
be continued choppiness during the first half of 2022, guest demand
for future travel remains strong with bookings pacing well ahead of
pre-pandemic levels. Over the long-term, the strategic steps we
have taken throughout to the pandemic to expand our fleet with the
delivery of two new polar ships and to diversify our product
portfolio with the addition of three unique land-based travel
offerings, has us well positioned to deliver results significantly
above pre-pandemic levels and will allow us to build additional
shareholder value in the years ahead."
RESUMPTION OF FLEET OPERATIONS AND COVID-19 BUSINESS
UPDATE
Return to Operations
Lindblad resumed ship operations in June
2021 and currently has nine of its ten owned vessels
providing expeditions to guests. Expedition cruise operations
restarted with three ships in Alaska and another in the Galapagos, and
subsequently we resumed operations on the majority of our remaining
vessels with additional ships operating in Alaska, the Galapagos, Iceland, the Pacific Northwest, Baja California's Sea of Cortez, Central America and Antarctica. The
Company continues to work with local authorities on plans to
operate in additional geographies during 2022. As the COVID-19
virus effects travel restrictions in various locations around the
world, the Company also continues to work with its guests to
reschedule travel plans and refund payments, as applicable, for
those expeditions and trips that the Company is not able to
operate.
The Company believes there are a variety of strategic advantages
that enable it to deploy its ships safely and quickly, while
mitigating the risk of COVID-19, as travel restrictions are lifted.
The most notable is the size of its owned and operated vessels
which range from 48 to 148 passengers, allowing for a highly
controlled environment that includes stringent cleaning protocols.
All guests, crew and staff are required to be fully vaccinated and
the relatively small size of the ships allows for the efficient and
effective testing of guests and crew prior to boarding.
Additionally, the majority of expeditions take place in remote
locations where human interactions with persons not on the
expedition are limited, so there is less opportunity for external
influence. The Company also has the ability to be flexible with
regards to existing itineraries and is continually investigating
additional itinerary opportunities both internationally and
domestically.
While the Company's ships were not in operation, the majority of
the fleet was being maintained with minimally required crew
on-board to ensure they complied with all necessary regulations and
could be fully put back into service quickly as needed. Ahead of
launching each ship, crew levels were increased as necessary to
prepare each vessel for operations as well as for crew training and
vaccinations. Prior to resuming operations, the Company employed a
variety of cost reduction and cash preservation measures, including
reducing ship and land-based expedition costs, such as capital
expenditures, crew payroll, land costs, fuel and food, and
meaningfully reducing general and administrative expenses through
reduced payroll and the elimination of all non-essential travel,
office expenses and discretionary spending. The Company also
accessed available capital under existing debt facilities and
through the issuance of preferred stock during 2020. With the
majority of operations resuming, operating costs are ramping back
up, but given the continued uncertainty around COVID-19 and given
that guest counts have not yet returned to traditional levels, the
Company continues to minimize expenditures as appropriate.
Booking Trends
The Company has experienced a substantial negative impact from
the COVID-19 virus including elevated cancellations and softness in
near-term demand. Despite the COVID-19 impact, we continue to see
significant new bookings across the fleet and have substantial
advanced reservations for future travel. Compared to the same date
two years ago, which was prior to the pandemic, bookings for the
second half of 2022 are nearly 20% ahead of the bookings for the
second half of 2020 and bookings for 2023 are 54% ahead of the
bookings for 2021.
Balance Sheet and Liquidity
On February 4, 2022, the Company
issued $360.0 million of 6.75% senior secured notes due 2027
and used the proceeds to prepay in full all outstanding borrowings
under our existing term loan, including the Main Street Loan, and
revolving credit facility. The Company also entered into a new
$45.0 million revolving credit
facility, which remains undrawn and matures February 2027.
As of December 31, 2021, the
Company had $150.8 million in
unrestricted cash and $21.9 million
in restricted cash primarily related to deposits on future travel
originating from U.S. ports and credit card reserves. During 2021,
the Company received a $27.0 million
grant under the Coronavirus Economic Relief for Transportation
Services ("CERTS") Act, which provided grants to eligible
motorcoach, school bus, passenger vessel, and pilotage
companies.
As of December 31, 2021, the
Company had a total debt position of $558.5
million and was in compliance with all of its debt
covenants. During September 2021, the
Company drew down an additional $46.2
million under its second export credit agreement in
conjunction with its final payment upon delivery of the National
Geographic Resolution. In April
2021, the Company drew down $15.5
million under the second export credit agreement in
conjunction with its fourth installment payment for the vessel.
Throughout 2021 the Company took further steps to provide
additional financial flexibility including amending its export
credit facilities in June 2021
to, among other things, extend the deferral of scheduled
amortization payments of the first export credit facility through
December 2021, extend the effective
suspension of the total net leverage ratio covenant through
March 2022, increase the interest
rate by 50 basis points and annualize EBITDA used in the
covenant calculation through December 31,
2022. The deferred principal payments, in the aggregate
amount of $15.7 million, will
amortize quarterly over three years starting in March
2022.
As the Company continues to ramp up operations, monthly cash
usage will increase as it incurs costs in operating expeditions,
prepares additional ships for return to service and spends to
market and advertise upcoming expeditions and trips. The Company
also anticipates a significant increase in guest payments as it
receives final payments for upcoming expeditions and trips, as well
as deposits for new reservations for future travel. Given the
dynamic nature of the COVID-19 pandemic, the Company cannot
reasonably estimate the potential impacts the pandemic will have on
its financial condition, results of operations, cash flows, plans
and growth for the foreseeable future. It is unknown when travel
restrictions and various border closures will be lifted and what
the demand for expedition travel will be once restrictions are no
longer in place.
STRATEGIC GROWTH INITIATIVES
The Company expanded its expedition travel offerings in
September 2021 with the delivery of
the National Geographic Resolution, which will allow us to
further capitalize on the demand for high quality adventure travel
and broaden the immersive and authentic itineraries we offer to our
guests. The National Geographic Resolution joins her sister
ship, the National Geographic Endurance, as well as the
National Geographic Explorer and the National Geographic
Orion, to dramatically increase the polar capacity of the
Company. The new vessel is capable of exploring deep into the
Arctic and Antarctic, and its Ulstein X-BOW® design allows for
greater comfort and speed through rough waters.
During October 2021, the Company
acquired Classic Journeys, LLC ("Classic Journeys") a leading
luxury cultural walking tour company, further broadening Lindblad's
platform of high-quality experiential product offerings in robust
adventure travel sectors. Classic Journeys provides world-class
luxury walking tours focusing on engaging experiences that immerse
guests into the history and culture of the places they are
exploring and the people who live there. Classic Journeys' tours
are highlighted by expert and well-connected local guides who live
in the regions being explored, luxury boutique accommodations and
handcrafted itineraries curated through years of local connections
and experience.
The acquisition of Classic Journeys follows the Company's first
quarter 2021 acquisitions of DuVine Cycling + Adventure ("DuVine"),
a leading luxury cycling and adventure travel company, and Off the
Beaten Path LLC ("Off the Beaten Path"), a leading active travel
operator with a specialization in U.S. National Parks. Similar to
the acquisition of Natural Habitat, Inc., the Company will leverage
its experience and resources to accelerate the growth of these
unique and profitable businesses and capitalize on the growing
demand for authentic and immersive adventure travel. The aggregate
purchase price of these three majority interests was approximately
$23.4 million and was financed
through $21.6 million in cash and
Lindblad stock of $1.8 million.
FULL YEAR RESULTS
Tour Revenues
Full year tour revenues of $147.1
million increased $64.8
million as compared to the same period in 2020. The increase
was driven by a $13.2 million
increase at the Lindblad segment, primarily due to the resumption
of expeditions beginning in June of 2021, and by a $51.5 million increase at the Land Experiences
segment, primarily due to the ramp in operations during 2021. The
Land Experiences segment also included the results of Off the
Beaten Path, DuVine and Classic Journeys, which were acquired
during 2021.
Net Income
Net loss available to stockholders for 2021 was
$124.7 million, $2.41 per diluted share, as compared with net
loss available to stockholders of $100.4 million, $2.01 per diluted share, in 2020. The
$24.2 million decrease primarily
reflects the impact of COVID-19 on operations, as well as a
$7.4 million increase in depreciation
and amortization due mainly to a full year of ownership of the
National Geographic Endurance following its March 2020 delivery and the launch of the
National Geographic Resolution in September 2021. These decreases were partially
offset by a $15.6 million increase in
other income mainly due to the utilization of the CERTS grant for
covered expenses.
Adjusted EBITDA
Full year Adjusted EBITDA loss of $64.0
million decreased $11.9
million as compared to 2020. The decrease was driven by
$22.8 million decline at the Lindblad
segment and an $11.0 million
improvement at the Land Experiences segment.
Lindblad segment Adjusted EBITDA loss of $67.2 million was $22.8
million greater than 2020, as increased tour revenues due to
the resumption of expeditions beginning June
2021 were more than offset by higher cost of tours,
increased personnel costs and higher marketing spend related to
restarting operations, as well as increased credit card commissions
related to final payments for upcoming trips and deposits for
future travel.
Land Experiences segment Adjusted EBITDA of $3.2 million improved $11.0 million as compared to 2020, primarily
due to additional trips, partially offset by higher cost of tours
and increased personnel costs related to the ramp in operations and
increased marketing costs to drive future bookings. The Land
Experiences segment also included the results of Off the Beaten
Path, DuVine and Classic Journeys, which were acquired during
2021.
FOURTH QUARTER RESULTS
Tour Revenues
Fourth quarter tour revenues of $65.6
million increased $65.2
million as compared to the same period in 2020. The increase
was driven by a $42.5 million
increase at the Lindblad segment and by a $22.7 million increase at the Land Experiences
segment. Lindblad segment revenue increased primarily due to the
resumption of expeditions beginning in June of 2021 as compared
with the rescheduling of nearly all expeditions due to COVID-19 in
the fourth quarter of 2020. The Land Experiences increase was
primarily due to the ramp in operations during 2021 as compared
with rescheduling nearly all expeditions in the fourth quarter of
2020 due to COVID-19, as well as from the inclusion of results from
Off the Beaten Path, DuVine and Classic Journeys, which were
acquired during 2021.
Net Income
Net loss available to stockholders for the fourth quarter
was $27.8 million, $0.54 per diluted share, as compared with net
loss available to stockholders of $31.0
million, $0.59 per diluted
share, in the fourth quarter of 2020. The $3.2 million improvement primarily reflects
the resumption of expeditions and operation of additional trips, as
well as a $11.0 million increase in
other income mainly due to the utilization of the CERTS grant for
covered expenses. These increases were partially offset by a
$5.4 million increase in depreciation
and amortization due mainly to the launch of the National
Geographic Resolution in September
2021, a $2.2 million increase
in interest expense due to additional borrowings and higher rates
and a $0.1 million foreign currency
loss in the current year versus a $1.6
million foreign currency gain in the fourth quarter of
2020.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA loss of $13.7 million improved $6.1 million as compared to the same period in
2020. The increase was driven by a $6.6 million improvement at the Land
Experiences segment, partially offset by a $0.5 million decrease at the Lindblad
segment.
Lindblad segment Adjusted EBITDA loss of $15.9 million decreased $0.5 million versus the fourth quarter a year ago
as the revenue from the resumption of expeditions was offset by
higher cost of tours, increased personnel costs and higher
marketing spend related to ramping up operations, as well as by
increased credit card commissions on final payments for upcoming
trips and deposits for future travel.
Land Experiences segment Adjusted EBITDA of $2.2 million improved $6.6
million versus the fourth quarter a year ago, primarily due
to additional trips, partially offset by higher cost of tours and
increased personnel costs related to the additional departures and
increased marketing costs to drive future bookings. The Land
Experiences segment also included the results of Off the Beaten
Path, DuVine and Classic Journeys, which were acquired during
2021.
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
(In
thousands)
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|
%
|
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|
%
|
|
Tour
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
42,578
|
|
|
$
|
88
|
|
|
$
|
42,490
|
|
|
|
NM
|
|
|
$
|
82,842
|
|
|
$
|
69,620
|
|
|
$
|
13,222
|
|
|
|
NM
|
|
Land
Experiences
|
|
|
22,972
|
|
|
|
276
|
|
|
|
22,696
|
|
|
|
NM
|
|
|
|
64,265
|
|
|
|
12,736
|
|
|
|
51,529
|
|
|
|
NM
|
|
Total tour
revenues
|
|
$
|
65,550
|
|
|
$
|
364
|
|
|
$
|
65,186
|
|
|
|
NM
|
|
|
$
|
147,107
|
|
|
$
|
82,356
|
|
|
$
|
64,751
|
|
|
|
NM
|
|
Operating (loss)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(30,860)
|
|
|
$
|
(24,285)
|
|
|
$
|
(6,575)
|
|
|
|
NM
|
|
|
$
|
(111,477)
|
|
|
$
|
(78,573)
|
|
|
$
|
(32,904)
|
|
|
|
NM
|
|
Land
Experiences
|
|
|
1,329
|
|
|
|
(4,807)
|
|
|
|
6,136
|
|
|
|
NM
|
|
|
|
646
|
|
|
|
(9,825)
|
|
|
|
10,471
|
|
|
|
NM
|
|
Total operating
loss
|
|
$
|
(29,531)
|
|
|
$
|
(29,092)
|
|
|
$
|
(439)
|
|
|
|
NM
|
|
|
$
|
(110,831)
|
|
|
$
|
(88,398)
|
|
|
$
|
(22,433)
|
|
|
|
NM
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(15,861)
|
|
|
$
|
(15,396)
|
|
|
$
|
(465)
|
|
|
|
NM
|
|
|
$
|
(67,242)
|
|
|
$
|
(44,398)
|
|
|
$
|
(22,844)
|
|
|
|
NM
|
|
Land
Experiences
|
|
|
2,179
|
|
|
|
(4,408)
|
|
|
|
6,587
|
|
|
|
NM
|
|
|
|
3,199
|
|
|
|
(7,774)
|
|
|
|
10,973
|
|
|
|
NM
|
|
Total adjusted
EBITDA
|
|
$
|
(13,682)
|
|
|
$
|
(19,804)
|
|
|
$
|
6,122
|
|
|
|
NM
|
|
|
$
|
(64,043)
|
|
|
$
|
(52,172)
|
|
|
$
|
(11,871)
|
|
|
|
NM
|
|
STOCK REPURCHASE PLAN
The Company currently has a $35
million stock repurchase plan in place. As of February 18, 2022, the Company had repurchased
875,218 shares and 6.0 million warrants under the plan for a total
of $23.0 million and had $12.0 million remaining under the plan. As of
February 18, 2022, there were 50.2
million shares common stock outstanding. The Company has suspended
all stock repurchases given the uncertainty surrounding COVID-19
and restrictions related to the Main Street Expanded Loan
Facility.
FINANCIAL OUTLOOK
The COVID-19 pandemic has had, and will continue to have, a
significant impact on the Company's financial position and results
of operation. Given the continued uncertainty around the COVID-19
pandemic, the Company is not providing a full year outlook
regarding results of operations at this time and will update its
expectations when it has more clarity around the timing and extent
of future operations.
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 February 22, 2022, 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
subsidiaries, Natural Habitat Adventures, Off the Beaten Path,
DuVine and Classic Journeys.
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 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.
Classic Journeys is a luxury cultural walking tour company that
operates a portfolio of curated tours centered around cinematic
walks led by expert local guides. Classic Journeys offers active
small-group and private custom journeys in over 50 countries around
the world.
DuVine designs and leads luxury bike tours in the world's most
amazing destinations, from Italy's
sun-bleached villages and the medieval towns of Provence to
Portugal's Douro Valley and the
vineyards of Napa, California.
Guests bike, eat, drink, and sleep their way through these regions
and many more while sampling the finest cuisine, hotels, and
wine.
Off the Beaten Path is an outdoor, active travel company
offering guided small group adventures and private custom journeys
that connect travelers with the wild nature and authentic culture
of their destinations. Off the Beaten Path's trips extend across
the globe, with a focus on exceptional national park experiences in
the Rocky Mountains, Desert Southwest, and Alaska.
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. Many of these risks and
uncertainties are currently amplified by, and will continue to be
amplified by, or in the future may be amplified by, the COVID-19
outbreak. It is not possible to predict or identify all such risks.
There may be additional risks that we consider immaterial or which
are unknown. These factors include, but are not limited to, the
following: (i) suspended operations and disruptions to our business
and operations related to the novel corona virus COVID-19; (ii) the
impacts of the novel coronavirus COVID-19 on our financial
condition, liquidity, results of operations, cash flows, employees,
plans and growth; (iii) the impacts of the novel coronavirus
COVID-19 on future travel and the cruise and airline industries in
general; (iv) unscheduled disruptions in our business due to travel
restrictions, weather events, mechanical failures, pandemics or
other events; (v) changes adversely affecting the business in
which we are engaged; (vi) management of our growth and our ability
to execute on our planned growth; (vii) our business strategy and
plans; (viii) our ability to maintain our relationship with
National Geographic; (ix) compliance with new and existing laws and
regulations, including environmental regulations and travel
advisories and restrictions; (x) compliance with the financial
and/or operating covenants in our debt arrangements; (xi) adverse
publicity regarding the cruise industry in general; (xii) loss
of business due to competition; (xiii) the result of
future financing efforts; (xiv) delays and costs overruns
with respect to the construction and delivery of newly constructed
vessels; (xv) the inability to meet revenue and Adjusted EBITDA
projections; and (xvi) 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
|
Consolidated
Balance Sheets
|
(In thousands, except
share and per share data)
|
|
|
|
As of
December 31,
2021
|
|
|
As of
December 31,
2020
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
150,753
|
|
|
$
|
187,531
|
|
Restricted
cash
|
|
|
21,940
|
|
|
|
16,984
|
|
Marine operating
supplies
|
|
|
8,275
|
|
|
|
5,473
|
|
Inventories
|
|
|
2,278
|
|
|
|
2,168
|
|
Prepaid expenses and
other current assets
|
|
|
27,094
|
|
|
|
17,014
|
|
Total current
assets
|
|
|
210,340
|
|
|
|
229,170
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
542,418
|
|
|
|
482,673
|
|
Goodwill
|
|
|
42,017
|
|
|
|
22,105
|
|
Intangibles,
net
|
|
|
13,235
|
|
|
|
4,817
|
|
Deferred tax
asset
|
|
|
7,609
|
|
|
|
5,539
|
|
Right-to-use lease
assets
|
|
|
4,402
|
|
|
|
5,082
|
|
Other long-term
assets
|
|
|
7,470
|
|
|
|
8,063
|
|
Total
assets
|
|
$
|
827,491
|
|
|
$
|
757,449
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Unearned passenger
revenues
|
|
$
|
212,598
|
|
|
$
|
120,737
|
|
Accounts payable and
accrued expenses
|
|
|
49,252
|
|
|
|
22,341
|
|
Lease liabilities -
current
|
|
|
1,553
|
|
|
|
1,475
|
|
Long-term debt -
current
|
|
|
26,061
|
|
|
|
11,255
|
|
Total current
liabilities
|
|
|
289,464
|
|
|
|
155,808
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
518,658
|
|
|
|
471,359
|
|
Lease
liabilities
|
|
|
3,178
|
|
|
|
3,915
|
|
Other long-term
liabilities
|
|
|
247
|
|
|
|
90
|
|
Total
liabilities
|
|
|
811,547
|
|
|
|
631,172
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
Series A redeemable
convertible preferred stock, 165,000 shares authorized; 80,000
and
85,000 shares issued and
outstanding as of December 31, 2021 and 2020,
respectively
|
|
|
83,901
|
|
|
|
83,825
|
|
Redeemable
noncontrolling interests
|
|
|
10,626
|
|
|
|
7,494
|
|
|
|
|
94,527
|
|
|
|
91,319
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
(DEFICIT) EQUITY
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; 80,000 and 85,000
Series A
shares issued and outstanding as of
December 31, 2021 and 2020, respectively
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 200,000,000 shares authorized; 50,800,786 and
49,905,512 issued, 50,755,546 and
49,818,676 outstanding as of December 31, 2021 and 2020,
respectively
|
|
|
5
|
|
|
|
5
|
|
Additional paid-in
capital
|
|
|
58,485
|
|
|
|
48,127
|
|
Accumulated
deficit
|
|
|
(136,439)
|
|
|
|
(11,572)
|
|
Accumulated other
comprehensive loss
|
|
|
(634)
|
|
|
|
(1,602)
|
|
Total stockholders'
(deficit) equity
|
|
|
(78,583)
|
|
|
|
34,958
|
|
Total liabilities,
mezzanine equity and stockholders' (deficit) equity
|
|
$
|
827,491
|
|
|
$
|
757,449
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Consolidated
Statements of Operations
|
(In thousands, except
share and per share data)
|
|
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
|
65,553
|
|
|
$
|
367
|
|
|
$
|
147,107
|
|
|
$
|
82,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
tours
|
|
|
51,215
|
|
|
|
9,943
|
|
|
|
124,484
|
|
|
|
72,931
|
|
General and
administrative
|
|
|
19,321
|
|
|
|
9,338
|
|
|
|
65,445
|
|
|
|
45,508
|
|
Selling and
marketing
|
|
|
10,804
|
|
|
|
1,818
|
|
|
|
28,484
|
|
|
|
20,231
|
|
Depreciation and
amortization
|
|
|
13,741
|
|
|
|
8,357
|
|
|
|
39,525
|
|
|
|
32,084
|
|
Total operating
expenses
|
|
|
95,081
|
|
|
|
29,456
|
|
|
|
257,938
|
|
|
|
170,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(29,528)
|
|
|
|
(29,089)
|
|
|
|
(110,831)
|
|
|
|
(88,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(7,142)
|
|
|
|
(4,929)
|
|
|
|
(24,578)
|
|
|
|
(16,692)
|
|
(Loss) gain on foreign
currency
|
|
|
(100)
|
|
|
|
1,561
|
|
|
|
(1,265)
|
|
|
|
(4,772)
|
|
Other income
(expense)
|
|
|
11,125
|
|
|
|
106
|
|
|
|
15,487
|
|
|
|
(83)
|
|
Total other income
(expense)
|
|
|
3,883
|
|
|
|
(3,262)
|
|
|
|
(10,356)
|
|
|
|
(21,547)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
(25,645)
|
|
|
|
(32,351)
|
|
|
|
(121,187)
|
|
|
|
(109,945)
|
|
Income tax
expense
|
|
|
631
|
|
|
|
(2,140)
|
|
|
|
(2,019)
|
|
|
|
(9,805)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(26,276)
|
|
|
|
(30,211)
|
|
|
|
(119,168)
|
|
|
|
(100,140)
|
|
Net income (loss)
attributable to noncontrolling interest
|
|
|
55
|
|
|
|
(446)
|
|
|
|
38
|
|
|
|
(1,403)
|
|
Net loss attributable
to Lindblad Expeditions Holdings, Inc.
|
|
|
(26,331)
|
|
|
|
(29,765)
|
|
|
|
(119,206)
|
|
|
|
(98,737)
|
|
Series A redeemable
convertible preferred stock dividend
|
|
|
1,327
|
|
|
|
1,280
|
|
|
|
5,289
|
|
|
|
1,705
|
|
Non-cash deemed
dividend
|
|
|
170
|
|
|
|
-
|
|
|
|
170
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common stockholders
|
|
$
|
(27,828)
|
|
|
$
|
(31,045)
|
|
|
$
|
(124,665)
|
|
|
$
|
(100,442)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
50,398,129
|
|
|
|
49,802,229
|
|
|
|
50,109,426
|
|
|
|
49,737,129
|
|
Diluted
|
|
|
50,398,129
|
|
|
|
49,802,229
|
|
|
|
50,109,426
|
|
|
|
49,737,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share available to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.54)
|
|
|
$
|
(0.59)
|
|
|
$
|
(2.41)
|
|
|
$
|
(2.01)
|
|
Diluted
|
|
$
|
(0.54)
|
|
|
$
|
(0.59)
|
|
|
$
|
(2.41)
|
|
|
$
|
(2.01)
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(In
thousands)
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(119,168)
|
|
|
$
|
(100,140)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
39,525
|
|
|
|
32,084
|
|
Amortization of
National Geographic fee
|
|
|
-
|
|
|
|
727
|
|
Amortization of
deferred financing costs and other, net
|
|
|
3,203
|
|
|
|
2,146
|
|
Amortization of
right-to-use lease assets
|
|
|
21
|
|
|
|
49
|
|
Stock-based
compensation
|
|
|
5,563
|
|
|
|
2,388
|
|
Deferred income
taxes
|
|
|
(833)
|
|
|
|
(9,812)
|
|
Loss on foreign
currency
|
|
|
1,265
|
|
|
|
4,772
|
|
Loss on write-off of
assets
|
|
|
-
|
|
|
|
111
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Marine operating
supplies and inventories
|
|
|
(2,912)
|
|
|
|
685
|
|
Prepaid expenses and
other current assets
|
|
|
(8,856)
|
|
|
|
12,525
|
|
Unearned passenger
revenues
|
|
|
83,946
|
|
|
|
(18,088)
|
|
Other long-term
assets
|
|
|
(684)
|
|
|
|
594
|
|
Other long-term
liabilities
|
|
|
6,140
|
|
|
|
844
|
|
Accounts payable and
accrued expenses
|
|
|
25,285
|
|
|
|
(21,142)
|
|
Net cash provided by
(used in) operating activities
|
|
|
32,495
|
|
|
|
(92,257)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(96,688)
|
|
|
|
(155,479)
|
|
Acquisition (net of
cash acquired)
|
|
|
(18,036)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(114,724)
|
|
|
|
(155,479)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
61,720
|
|
|
|
268,339
|
|
Repayments of
long-term debt
|
|
|
(5,957)
|
|
|
|
(2,842)
|
|
Payment of deferred
financing costs
|
|
|
(3,135)
|
|
|
|
(6,972)
|
|
Repurchase under
stock-based compensation plans and related tax impacts
|
|
|
(2,221)
|
|
|
|
(405)
|
|
Proceeds from Series A
preferred stock issuance
|
|
|
-
|
|
|
|
85,000
|
|
Repurchase of warrants
and common stock
|
|
|
-
|
|
|
|
(127)
|
|
Net cash provided by
financing activities
|
|
|
50,407
|
|
|
|
342,993
|
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
|
|
(31,822)
|
|
|
|
95,257
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
204,515
|
|
|
|
109,258
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
172,693
|
|
|
$
|
204,515
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
18,260
|
|
|
$
|
16,316
|
|
Income
taxes
|
|
|
98
|
|
|
|
700
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
Non-cash preferred
stock dividend
|
|
$
|
5,289
|
|
|
$
|
1,706
|
|
Shares issued for
acquisition
|
|
|
1,770
|
|
|
|
-
|
|
Non-cash preferred
stock deemed dividend
|
|
|
170
|
|
|
|
-
|
|
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
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net (loss)
income
|
|
$
|
(26,275)
|
|
|
$
|
(30,213)
|
|
|
$
|
(119,168)
|
|
|
$
|
(100,140)
|
|
Interest expense,
net
|
|
|
7,142
|
|
|
|
4,929
|
|
|
|
24,578
|
|
|
|
16,692
|
|
Income tax (benefit)
expense
|
|
|
626
|
|
|
|
(2,142)
|
|
|
|
(2,019)
|
|
|
|
(9,805)
|
|
Depreciation and
amortization
|
|
|
13,741
|
|
|
|
8,357
|
|
|
|
39,525
|
|
|
|
32,084
|
|
(Gain) loss on
foreign currency
|
|
|
100
|
|
|
|
(1,561)
|
|
|
|
1,265
|
|
|
|
4,772
|
|
Other (income)
expense
|
|
|
(11,124)
|
|
|
|
(105)
|
|
|
|
(15,487)
|
|
|
|
83
|
|
Stock-based
compensation
|
|
|
1,416
|
|
|
|
477
|
|
|
|
5,563
|
|
|
|
2,388
|
|
National Geographic
fee amortization
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
727
|
|
Other
|
|
|
692
|
|
|
|
454
|
|
|
|
1,700
|
|
|
|
1,027
|
|
Adjusted
EBITDA
|
|
$
|
(13,682)
|
|
|
$
|
(19,804)
|
|
|
$
|
(64,043)
|
|
|
$
|
(52,172)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating (Loss) Income to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Operating
loss
|
|
$
|
(30,860)
|
|
|
$
|
(24,285)
|
|
|
$
|
(111,477)
|
|
|
$
|
(78,573)
|
|
Depreciation and
amortization
|
|
|
12,898
|
|
|
|
7,958
|
|
|
|
37,516
|
|
|
|
30,033
|
|
Stock-based
compensation
|
|
|
1,416
|
|
|
|
477
|
|
|
|
5,429
|
|
|
|
2,388
|
|
National Geographic
fee amortization
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
727
|
|
Other
|
|
|
685
|
|
|
|
454
|
|
|
|
1,290
|
|
|
|
1,027
|
|
Adjusted
EBITDA
|
|
$
|
(15,861)
|
|
|
$
|
(15,396)
|
|
|
$
|
(67,242)
|
|
|
$
|
(44,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Experiences
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Operating
loss
|
|
$
|
1,329
|
|
|
$
|
(4,807)
|
|
|
$
|
646
|
|
|
$
|
(9,825)
|
|
Depreciation and
amortization
|
|
|
843
|
|
|
|
399
|
|
|
|
2,009
|
|
|
|
2,051
|
|
Stock-based
compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
134
|
|
|
|
-
|
|
Other
|
|
|
7
|
|
|
|
-
|
|
|
|
410
|
|
|
|
-
|
|
Adjusted
EBITDA
|
|
$
|
2,179
|
|
|
$
|
(4,408)
|
|
|
$
|
3,199
|
|
|
$
|
(7,774)
|
|
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 years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Net cash provided by
operating activities
|
|
$
|
32,495
|
|
|
$
|
(92,257)
|
|
Less: purchases of
property and equipment
|
|
|
(96,688)
|
|
|
|
(155,479)
|
|
Free Cash
Flow
|
|
$
|
(64,193)
|
|
|
$
|
(247,736)
|
|
|
|
|
|
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Available Guest
Nights
|
|
|
33,868
|
|
|
|
-
|
|
|
|
75,389
|
|
|
|
51,624
|
|
Guest Nights
Sold
|
|
|
27,248
|
|
|
|
-
|
|
|
|
60,997
|
|
|
|
46,050
|
|
Occupancy
|
|
|
80
|
%
|
|
|
-
|
|
|
|
81
|
%
|
|
|
89
|
%
|
Maximum
Guests
|
|
|
4,074
|
|
|
|
-
|
|
|
|
10,596
|
|
|
|
6,512
|
|
Number of
Guests
|
|
|
3,200
|
|
|
|
-
|
|
|
|
8,436
|
|
|
|
5,564
|
|
Voyages
|
|
|
54
|
|
|
|
-
|
|
|
|
143
|
|
|
|
85
|
|
|
|
|
|
|
Calculation of
Gross and Net Yield
per
Available Guest Night
|
|
For the three
months ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Guest ticket
revenues
|
|
$
|
38,071
|
|
|
$
|
-
|
|
|
$
|
76,158
|
|
|
$
|
60,351
|
|
Other tour
revenue
|
|
|
4,507
|
|
|
|
88
|
|
|
|
6,684
|
|
|
|
9,269
|
|
Tour
Revenues
|
|
|
42,578
|
|
|
|
88
|
|
|
|
82,842
|
|
|
|
69,620
|
|
Less:
Commissions
|
|
|
(3,226)
|
|
|
|
(66)
|
|
|
|
(6,474)
|
|
|
|
(8,146)
|
|
Less: Other tour
expenses
|
|
|
(7,465)
|
|
|
|
(352)
|
|
|
|
(10,076)
|
|
|
|
(7,373)
|
|
Net
Yield
|
|
$
|
31,887
|
|
|
$
|
(330)
|
|
|
$
|
66,292
|
|
|
$
|
54,101
|
|
Available Guest
Nights
|
|
|
33,868
|
|
|
|
-
|
|
|
|
75,389
|
|
|
|
51,624
|
|
Gross Yield per
Available Guest Night
|
|
$
|
1,257
|
|
|
|
NM
|
|
|
$
|
1,099
|
|
|
$
|
1,349
|
|
Net Yield per
Available Guest Night
|
|
|
942
|
|
|
|
NM
|
|
|
|
879
|
|
|
|
1,048
|
|
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
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Cost of
tours
|
|
$
|
37,306
|
|
|
$
|
7,668
|
|
|
$
|
85,588
|
|
|
$
|
62,905
|
|
Plus: Selling and
marketing
|
|
|
8,528
|
|
|
|
1,216
|
|
|
|
22,187
|
|
|
|
18,078
|
|
Plus: General and
administrative
|
|
|
14,706
|
|
|
|
7,531
|
|
|
|
49,028
|
|
|
|
37,177
|
|
Gross Cruise
Cost
|
|
|
60,540
|
|
|
|
16,415
|
|
|
|
156,803
|
|
|
|
118,160
|
|
Less:
Commissions
|
|
|
(3,226)
|
|
|
|
(66)
|
|
|
|
(6,474)
|
|
|
|
(8,146)
|
|
Less: Other tour
expenses
|
|
|
(7,465)
|
|
|
|
(352)
|
|
|
|
(10,076)
|
|
|
|
(7,373)
|
|
Net Cruise
Cost
|
|
|
49,849
|
|
|
|
15,997
|
|
|
|
140,253
|
|
|
|
102,641
|
|
Less: Fuel
Expense
|
|
|
(4,147)
|
|
|
|
(344)
|
|
|
|
(8,027)
|
|
|
|
(4,694)
|
|
Net Cruise Cost
Excluding Fuel
|
|
|
45,702
|
|
|
|
15,653
|
|
|
|
132,226
|
|
|
|
97,947
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
(1,416)
|
|
|
|
(477)
|
|
|
|
(5,429)
|
|
|
|
(2,388)
|
|
National Geographic
fee amortization
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(727)
|
|
Other
|
|
|
(692)
|
|
|
|
(454)
|
|
|
|
(1,700)
|
|
|
|
(1,027)
|
|
Adjusted Net
Cruise Cost Excluding Fuel
|
|
$
|
43,594
|
|
|
$
|
14,722
|
|
|
$
|
125,097
|
|
|
$
|
93,805
|
|
Adjusted Net
Cruise Cost
|
|
$
|
47,741
|
|
|
$
|
15,066
|
|
|
$
|
133,124
|
|
|
$
|
98,499
|
|
Available Guest
Nights
|
|
|
33,868
|
|
|
|
-
|
|
|
|
75,389
|
|
|
|
51,624
|
|
Gross Cruise Cost per
Available Guest Night
|
|
$
|
1,788
|
|
|
|
NM
|
|
|
$
|
2,080
|
|
|
$
|
2,289
|
|
Net Cruise Cost per
Available Guest Night
|
|
|
1,472
|
|
|
|
NM
|
|
|
|
1,860
|
|
|
|
1,988
|
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
|
|
1,349
|
|
|
|
NM
|
|
|
|
1,754
|
|
|
|
1,897
|
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
|
|
1,287
|
|
|
|
NM
|
|
|
|
1,659
|
|
|
|
1,817
|
|
Adjusted Net
Cruise Cost per Available Guest Night
|
|
|
1,410
|
|
|
|
NM
|
|
|
|
1,766
|
|
|
|
1,908
|
|
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
costs, acquisition-related expenses and other non-recurring
charges. We believe 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. We believe Adjusted EBITDA helps
provide a more complete understanding of the underlying operating
results and trends and an enhanced overall understanding of
our 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.
Our 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 available for sale and represents double occupancy per
cabin (except single occupancy for a single capacity cabin)
multiplied by the number of cruise days for the period. We also
record the number of guest nights available on our limited land
programs in this definition.
Gross Cruise Cost represents the sum of cost
of tours plus selling and marketing expenses, and general and
administrative expenses.
Gross Yield per Available Guest
Night 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 tour revenues.
Net Cruise Cost Excluding Fuel represents Net
Cruise Cost excluding fuel costs.
Net Yield represents tour revenues less
commissions and direct costs of other tour revenues.
Net Yield per Available Guest Night represents Net
Yield divided by Available Guest Nights.
Number of Guests represents the number of guests
that travel with us 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:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2021-fourth-quarter-and-full-year-financial-results-301487043.html
SOURCE Lindblad Expeditions Holdings, Inc.