First Quarter 2022 Highlights:
- Operated nine of ten owned and operated ships providing
expeditions across Antarctica,
Baja California's Sea of Cortez,
Bahamas, Belize, Costa
Rica and Panama, and the
Galápagos
- Strong reservations for future travel with bookings for the
second half of 2022 50% ahead of bookings for the second half of
2019 and bookings for 2023 32% ahead of bookings for 2020 at the
same point in 2019
- Further increased financial flexibility with refinancing of
existing term loan and revolving credit facilities through issuance
of new senior secured notes
- Solidified operating rights in the Galapagos Islands with
extension of existing cupos for an additional 20-year period
NEW
YORK, May 3, 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 first
quarter ended March 31,
2022.
Dolf Berle, Chief Executive
Officer, said "Lindblad is well on its way to returning to full
operations, having already provided unforgettable experiences to
our guests across nine of our ten owned ships in some of the
world's most amazing geographies. As our guests return with us to
destinations we have been operating in for decades, the desire to
get out and explore has never been more evident from both returning
guests, and new travelers who are searching for unique and
authentic experiences after being limited in that opportunity over
the last several years. There will continue to be some short-term
headwinds as we emerge from the pandemic and as we reschedule
several upcoming itineraries due to the Russia-Ukraine conflict. However, with guest demand
accelerating and expanded earnings power from a growing fleet that
includes our two new polar ships, already receiving rave reviews
from our guests, and a diverse product portfolio that has expanded
our addressable market, we are very well situated to deliver
results well ahead of pre-pandemic levels in the years ahead."
RAMP OF FLEET OPERATIONS AND
COVID-19 BUSINESS UPDATE
Ramp in Operations
Lindblad continued to ramp its operations during the first
quarter of 2022, providing expeditions to guests on nine of its ten
owned vessels including trips to Antarctica, Baja
California's Sea of Cortez, Bahamas, Belize, Costa
Rica and Panama, and the
Galápagos. Due to the spread of the COVID-19 virus and the effects
of travel restrictions around the world, the Company had previously
suspended or rescheduled the majority of its expeditions departing
between March 16, 2020 through
May 31, 2021. Travel restrictions
related to COVID-19 have diminished dramatically, and the Company
continues to work with local authorities on plans to operate
itineraries in additional geographies during 2022 and 2023.
Where travel restrictions remain, which now also includes a limited
number of itineraries impacted by the Russia-Ukraine conflict, the Company is working with
guests to reschedule travel plans and refund payments or issue
future travel certificates, as appropriate.
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.
The small nature of the Company's ships also allows it to
efficiently and effectively test its guests and crew prior to
boarding, or as otherwise needed. Additionally, all guests are
required to be fully vaccinated. and the majority of expeditions
take place in remote locations where human interactions are
limited, so there is less opportunity for external influence.
Booking Trends
The Company has substantial advance reservations for future
travel despite some continued short-term impact from the COVID-19
virus, including elevated cancellations and softness in near-term
demand, as well as itinerary changes on a few upcoming voyages due
to the Russia-Ukraine conflict. Bookings for the second half
of 2022 are 50% ahead of the bookings for the second half of 2019,
and bookings for 2023 are 32% ahead of the bookings for the full
year 2020 at the same point in 2019, which was prior to the
pandemic.
Balance Sheet and
Liquidity
On February 4, 2022, the Company
issued $360.0 million of 6.75% senior
secured notes, maturing 2027 and entered into a new $45.0 million revolving credit facility,
including a letter of credit sub-facility in an aggregate principal
amount of up to $5.0 million.
Proceeds from the senior secured notes were used primarily to pay
the outstanding borrowings under the Company's previously existing
credit agreement, including the term facility, Main Street Loan and
revolving credit facility. The senior secured notes are guaranteed
on a senior secured basis by the Company and certain of the
Company's subsidiaries and are collateralized by certain of the
Company's assets.
As of March 31, 2022, the Company
had $154.8 million in unrestricted
cash and $30.0 million in restricted
cash primarily related to deposits on future travel originating
from U.S. ports and credit card reserves. As of March 31, 2022, the Company had a total debt
position of $584.1 million and was in
compliance with all of its debt covenants.
As the Company continues to ramp up operations, its monthly cash
usage will increase as the Company incurs costs in operating
expeditions, prepares additional ships for return to service and
spends to 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. However, there
can be no assurance that cash flows from operations will be
available to fund future obligations or that it will not experience
delays or cancellations with respect to the resumption of our
operations.
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $67.8
million increased $66.0
million as compared to the same period in 2021. The increase
was driven by a $49.8 million
increase at the Lindblad segment and a $16.3
million increase at the Land Experiences segment primarily
due to the ramp in expeditions and trips compared with rescheduling
nearly all expeditions and trips in the first quarter a year ago
due to COVID-19. The Land Experiences segment also includes a full
quarter of results for Off the Beaten Path LLC ("Off the Beaten
Path") and DuVine Cycling + Adventure Co. ("DuVine"), which
were acquired during the first quarter of 2021, and Classic
Journeys, LLC ("Classic Journeys") which was acquired during the
fourth quarter of 2021.
Net Income
Net loss available to stockholders for the first quarter
was $43.0 million, $0.85 per diluted share, as compared with net
loss available to stockholders of $34.6
million, $0.66 per diluted
share, in the first quarter of 2021. The $8.5 million decrease primarily reflects the ramp
in operations, which was more than offset by investments in future
growth, a $3.0 million increase in
interest expense due to additional borrowings and higher rates and
a $3.0 million increase in
depreciation and amortization primarily due to the addition of the
National Geographic Resolution to the fleet in September
2021. The quarter also included an $11.6 million increase in other income mainly due
to the utilization of the CERTS grant for covered expenses, mostly
offset by $10.9 million of costs
related to refinancing the Company's term loan and revolving credit
facilities.
Adjusted EBITDA
First quarter Adjusted EBITDA loss of $21.2 million decreased $0.4 million as compared to the same period in
2021 as a $3.0 million decline at the
Lindblad segment was mostly offset by a $2.6 million increase at the Land
Experiences segment.
Lindblad segment Adjusted EBITDA loss of $21.0 million was $3.0
million greater than 2021, as increased tour revenues were
more than offset by higher cost of tours and increased personnel
costs related to the ramp in operations, increased commissions
related to the revenue and bookings growth and higher marketing
spend to drive future growth.
Land Experiences segment Adjusted EBITDA loss of $0.2 million improved $2.6 million as compared to 2021, 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 includes a full quarter of results for Off
the Beaten Path and DuVine, which were acquired during the
first quarter of 2021, and Classic Journeys which was acquired
during the fourth quarter of 2021.
|
|
For the three months ended
March 31,
|
|
(In
thousands)
|
|
2022
|
|
|
2021
|
|
|
Change
|
|
|
%
|
|
Tour revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
50,274
|
|
|
$
|
484
|
|
|
$
|
49,790
|
|
|
|
NM
|
|
Land
Experiences
|
|
|
17,572
|
|
|
|
1,296
|
|
|
|
16,276
|
|
|
|
NM
|
|
Total tour
revenues
|
|
$
|
67,846
|
|
|
$
|
1,780
|
|
|
$
|
66,066
|
|
|
|
NM
|
|
Operating loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(33,569)
|
|
|
$
|
(27,296)
|
|
|
$
|
(6,273)
|
|
|
|
(23)
|
%
|
Land
Experiences
|
|
|
(676)
|
|
|
|
(3,770)
|
|
|
|
3,094
|
|
|
|
82
|
%
|
Total operating (loss)
income
|
|
$
|
(34,245)
|
|
|
$
|
(31,066)
|
|
|
$
|
(3,179)
|
|
|
|
(10)
|
%
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(20,981)
|
|
|
$
|
(17,952)
|
|
|
$
|
(3,029)
|
|
|
|
17
|
%
|
Land
Experiences
|
|
|
(239)
|
|
|
|
(2,868)
|
|
|
|
2,629
|
|
|
|
92
|
%
|
Total adjusted
EBITDA
|
|
$
|
(21,220)
|
|
|
$
|
(20,820)
|
|
|
$
|
(400)
|
|
|
|
(2)
|
%
|
LINDBLAD FLEET
ACTIVITIES
In November 2021, the Company
acquired a ship which is currently undergoing renovations and will
replace the National Geographic Islander in the Galápagos
Islands during the third quarter of 2022. The renovated ship has
been named the National Geographic Islander II and will
provide immersive and authentic expeditions to 48 guests who will
enjoy all suite accommodations, indoor-outdoor dining options and
diverse expedition tools and amenities.
In February 2022, the Company
further solidified its ability to operate in the Galapagos Islands
through an extension of its existing cupos for an additional
20-year period.
STOCK REPURCHASE PLAN
The Company currently has a $35.0
million stock repurchase plan in place. As of April 25, 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
April 25, 2022, there were 50.9
million shares of common stock outstanding. Beginning in
March 2020, the Company suspended all
stock repurchases given the uncertainty surrounding COVID-19, and
it remains suspended due to restrictions related to the Main Street
Expanded Loan Facility program.
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 May 3, 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 COVID-19; (ii) the impacts of COVID-19
and/or the Russia-Ukraine conflict on our financial condition,
liquidity, results of operations, cash flows, employees, plans and
growth; (iii) the impacts of 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
|
Condensed Consolidated Balance
Sheets
|
(In thousands, except
share and per share data)
|
|
|
As of
March 31,
2022
|
|
|
As of
December 31,
2021
|
|
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
154,816
|
|
|
$
|
150,753
|
|
Restricted cash
|
|
|
30,046
|
|
|
|
21,940
|
|
Marine operating supplies
|
|
|
8,037
|
|
|
|
8,275
|
|
Inventories
|
|
|
2,034
|
|
|
|
2,278
|
|
Prepaid expenses and other current assets
|
|
|
32,114
|
|
|
|
27,094
|
|
Total current assets
|
|
|
227,047
|
|
|
|
210,340
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
539,177
|
|
|
|
542,418
|
|
Goodwill
|
|
|
42,017
|
|
|
|
42,017
|
|
Intangibles,
net
|
|
|
12,830
|
|
|
|
13,235
|
|
Deferred tax
asset
|
|
|
7,758
|
|
|
|
7,609
|
|
Right-to-use lease
assets
|
|
|
4,085
|
|
|
|
4,402
|
|
Other long-term
assets
|
|
|
7,721
|
|
|
|
7,470
|
|
Total assets
|
|
$
|
840,635
|
|
|
$
|
827,491
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Unearned passenger revenues
|
|
$
|
242,161
|
|
|
$
|
212,598
|
|
Accounts payable and accrued expenses
|
|
|
48,344
|
|
|
|
49,252
|
|
Lease liabilities - current
|
|
|
1,563
|
|
|
|
1,553
|
|
Long-term debt - current
|
|
|
24,072
|
|
|
|
26,061
|
|
Total current
liabilities
|
|
|
316,140
|
|
|
|
289,464
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
545,099
|
|
|
|
518,658
|
|
Lease
liabilities
|
|
|
2,842
|
|
|
|
3,178
|
|
Other long-term
liabilities
|
|
|
300
|
|
|
|
247
|
|
Total liabilities
|
|
|
864,381
|
|
|
|
811,547
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Series A redeemable
convertible preferred stock, 165,000 shares authorized; 80,000
shares issued and
outstanding as of March 31, 2022 and December 31, 2021,
respectively
|
|
|
85,201
|
|
|
|
83,901
|
|
Redeemable
noncontrolling interests
|
|
|
14,458
|
|
|
|
10,626
|
|
|
|
|
99,659
|
|
|
|
94,527
|
|
STOCKHOLDERS'
(DEFICIT) EQUITY
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; 80,000 Series A
shares issued and outstanding as of
March 31, 2022 and December 31, 2021, respectively
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 200,000,000 shares authorized; 50,933,471 and 50,800,786
issued, 50,888,231 and
50,755,546 outstanding as of March 31, 2022 and December 31, 2021,
respectively
|
|
|
5
|
|
|
|
5
|
|
Additional paid-in
capital
|
|
|
60,307
|
|
|
|
58,485
|
|
Accumulated
deficit
|
|
|
(183,717)
|
|
|
|
(136,439)
|
|
Accumulated other
comprehensive loss
|
|
|
-
|
|
|
|
(634)
|
|
Total stockholders' deficit
|
|
|
(123,405)
|
|
|
|
(78,583)
|
|
Total liabilities, mezzanine equity and stockholders'
deficit
|
|
$
|
840,635
|
|
|
$
|
827,491
|
|
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
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
|
67,846
|
|
|
$
|
1,780
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of tours
|
|
|
57,947
|
|
|
|
8,279
|
|
General and administrative
|
|
|
20,637
|
|
|
|
13,812
|
|
Selling and marketing
|
|
|
12,329
|
|
|
|
2,506
|
|
Depreciation and amortization
|
|
|
11,178
|
|
|
|
8,249
|
|
Total operating
expenses
|
|
|
102,091
|
|
|
|
32,846
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(34,245)
|
|
|
|
(31,066)
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(8,715)
|
|
|
|
(5,669)
|
|
Gain on foreign currency
|
|
|
130
|
|
|
|
70
|
|
Other income
|
|
|
533
|
|
|
|
1
|
|
Total other expense
|
|
|
(8,052)
|
|
|
|
(5,598)
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(42,297)
|
|
|
|
(36,664)
|
|
Income tax
benefit
|
|
|
(149)
|
|
|
|
(2,801)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(42,148)
|
|
|
|
(33,863)
|
|
Net loss attributable
to noncontrolling interest
|
|
|
(427)
|
|
|
|
(619)
|
|
Net loss attributable
to Lindblad Expeditions Holdings, Inc.
|
|
|
(41,721)
|
|
|
|
(33,244)
|
|
Series A redeemable
convertible preferred stock dividend
|
|
|
1,298
|
|
|
|
1,301
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
stockholders
|
|
$
|
(43,019)
|
|
|
$
|
(34,545)
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
50,757,126
|
|
|
|
49,865,234
|
|
Diluted
|
|
|
50,757,126
|
|
|
|
49,865,234
|
|
|
|
|
|
|
|
|
|
|
Undistributed loss per share available to
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.85)
|
|
|
$
|
(0.66)
|
|
Diluted
|
|
$
|
(0.85)
|
|
|
$
|
(0.66)
|
|
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND
SUBSIDIARIES
|
Condensed Consolidated Statements of Cash
Flows
|
(In
thousands)
|
(unaudited)
|
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(42,148)
|
|
|
$
|
(33,863)
|
|
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
11,178
|
|
|
|
8,249
|
|
Amortization of deferred financing costs and other,
net
|
|
|
701
|
|
|
|
687
|
|
Amortization of right-to-use lease assets
|
|
|
(9)
|
|
|
|
(3)
|
|
Stock-based compensation
|
|
|
1,828
|
|
|
|
1,611
|
|
Deferred income taxes
|
|
|
(149)
|
|
|
|
(2,801)
|
|
Change in fair value of contingent acquisition
consideration
|
|
|
56
|
|
|
|
-
|
|
Gain on foreign currency
|
|
|
(130)
|
|
|
|
(70)
|
|
Write-off of
unamortized issuance costs related to debt refinancing
|
|
|
9,004
|
|
|
|
-
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
Marine operating supplies and inventories
|
|
|
482
|
|
|
|
(382)
|
|
Prepaid expenses and other current assets
|
|
|
(4,890)
|
|
|
|
(2,080)
|
|
Unearned passenger revenues
|
|
|
29,563
|
|
|
|
21,438
|
|
Other long-term assets
|
|
|
(261)
|
|
|
|
675
|
|
Other long-term liabilities
|
|
|
845
|
|
|
|
1,798
|
|
Accounts payable and accrued expenses
|
|
|
(908)
|
|
|
|
(2,179)
|
|
Net cash provided by (used in)
operating activities
|
|
|
5,162
|
|
|
|
(6,920)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(7,522)
|
|
|
|
(3,800)
|
|
Acquisition (net of cash acquired)
|
|
|
-
|
|
|
|
(6,872)
|
|
Net cash used in investing
activities
|
|
|
(7,522)
|
|
|
|
(10,672)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
360,000
|
|
|
|
-
|
|
Repayments of long-term debt
|
|
|
(334,684)
|
|
|
|
(500)
|
|
Payment of deferred financing costs
|
|
|
(10,781)
|
|
|
|
(31)
|
|
Repurchase under stock-based compensation plans and related
tax impacts
|
|
|
(6)
|
|
|
|
(7)
|
|
Net cash provided by (used in)
financing activities
|
|
|
14,529
|
|
|
|
(538)
|
|
Net
increase (decrease) in cash, cash equivalents and restricted
cash
|
|
|
12,169
|
|
|
|
(18,130)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
172,693
|
|
|
|
204,515
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
184,862
|
|
|
$
|
186,385
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
3,613
|
|
|
$
|
4,146
|
|
Income taxes
|
|
|
58
|
|
|
|
1
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Non-cash preferred stock dividend
|
|
$
|
1,298
|
|
|
$
|
1,301
|
|
Shares issued for acquisition
|
|
|
-
|
|
|
|
1,770
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Net loss
|
|
$
|
(42,148)
|
|
|
$
|
(33,863)
|
|
Interest expense,
net
|
|
|
8,715
|
|
|
|
5,669
|
|
Income tax
benefit
|
|
|
(149)
|
|
|
|
(2,801)
|
|
Depreciation and
amortization
|
|
|
11,178
|
|
|
|
8,249
|
|
Gain on foreign
currency
|
|
|
(130)
|
|
|
|
(70)
|
|
Other income
|
|
|
(533)
|
|
|
|
(1)
|
|
Stock-based
compensation
|
|
|
1,828
|
|
|
|
1,611
|
|
Other
|
|
|
19
|
|
|
|
386
|
|
Adjusted
EBITDA
|
|
$
|
(21,220)
|
|
|
$
|
(20,820)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating (Loss) Income to Adjusted EBITDA
Lindblad Segment
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Operating
loss
|
|
$
|
(33,569)
|
|
|
$
|
(27,296)
|
|
Depreciation and
amortization
|
|
|
10,741
|
|
|
|
7,867
|
|
Stock-based
compensation
|
|
|
1,828
|
|
|
|
1,477
|
|
Other
|
|
|
19
|
|
|
|
-
|
|
Adjusted
EBITDA
|
|
$
|
(20,981)
|
|
|
$
|
(17,952)
|
|
|
|
|
|
|
|
|
|
|
Land Experiences
Segment
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Operating
loss
|
|
$
|
(676)
|
|
|
$
|
(3,770)
|
|
Depreciation and
amortization
|
|
|
437
|
|
|
|
382
|
|
Stock-based
compensation
|
|
|
-
|
|
|
|
134
|
|
Other
|
|
|
-
|
|
|
|
386
|
|
Adjusted
EBITDA
|
|
$
|
(239)
|
|
|
$
|
(2,868)
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Net cash provided by
operating activities
|
|
$
|
5,162
|
|
|
$
|
(6,920)
|
|
Less: purchases of
property and equipment
|
|
|
(7,522)
|
|
|
|
(3,800)
|
|
Free Cash
Flow
|
|
$
|
(2,360)
|
|
|
$
|
(10,720)
|
|
|
|
|
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Available Guest
Nights
|
|
|
48,546
|
|
|
|
-
|
|
Guest Nights
Sold
|
|
|
32,184
|
|
|
|
-
|
|
Occupancy
|
|
|
66
|
%
|
|
|
-
|
|
Maximum
Guests
|
|
|
5,414
|
|
|
|
-
|
|
Number of
Guests
|
|
|
3,661
|
|
|
|
-
|
|
Voyages
|
|
|
83
|
|
|
|
-
|
|
|
Calculation of Gross
and Net Yield per Available Guest Night
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Guest ticket
revenues
|
|
$
|
45,502
|
|
|
$
|
-
|
|
Other tour
revenue
|
|
|
4,772
|
|
|
|
484
|
|
Tour
Revenues
|
|
|
50,274
|
|
|
|
484
|
|
Less:
Commissions
|
|
|
(4,405)
|
|
|
|
(29)
|
|
Less: Other tour
expenses
|
|
|
(9,989)
|
|
|
|
(634)
|
|
Net
Yield
|
|
$
|
35,880
|
|
|
$
|
(179)
|
|
Available Guest
Nights
|
|
|
48,546
|
|
|
|
-
|
|
Gross Yield per
Available Guest Night
|
|
$
|
1,036
|
|
|
|
NM
|
|
Net Yield per
Available Guest Night
|
|
|
739
|
|
|
|
NM
|
|
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
and Net Cruise Cost
|
|
For the three months
ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Cost of
tours
|
|
$
|
47,571
|
|
|
$
|
7,604
|
|
Plus: Selling and
marketing
|
|
|
10,283
|
|
|
|
1,696
|
|
Plus: General and
administrative
|
|
|
15,248
|
|
|
|
10,613
|
|
Gross Cruise
Cost
|
|
|
73,102
|
|
|
|
19,913
|
|
Less:
Commissions
|
|
|
(4,405)
|
|
|
|
(29)
|
|
Less: Other tour
expenses
|
|
|
(9,989)
|
|
|
|
(634)
|
|
Net Cruise
Cost
|
|
|
58,708
|
|
|
|
19,250
|
|
Less: Fuel
Expense
|
|
|
(5,924)
|
|
|
|
(512)
|
|
Net Cruise Cost
Excluding Fuel
|
|
|
52,784
|
|
|
|
18,738
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
(1,828)
|
|
|
|
(1,477)
|
|
Other
|
|
|
(19)
|
|
|
|
-
|
|
Adjusted Net Cruise
Cost Excluding Fuel
|
|
$
|
50,937
|
|
|
$
|
17,261
|
|
Adjusted Net Cruise
Cost
|
|
$
|
56,861
|
|
|
$
|
17,773
|
|
Available Guest
Nights
|
|
|
48,546
|
|
|
|
-
|
|
Gross Cruise Cost per
Available Guest Night
|
|
$
|
1,506
|
|
|
|
NM
|
|
Net Cruise Cost per
Available Guest Night
|
|
|
1,209
|
|
|
|
NM
|
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
|
|
1,087
|
|
|
|
NM
|
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
|
|
1,049
|
|
|
|
NM
|
|
Adjusted Net Cruise
Cost per Available Guest Night
|
|
|
1,171
|
|
|
|
NM
|
|
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-2022-first-quarter-financial-results-301538045.html
SOURCE Lindblad Expeditions Holdings, Inc.