Full Year 2022 Highlights:
- Total revenue increased $274.4
million versus 2021 and $78.4
million compared with full year of 2019
- Net loss available to stockholders improved $8.6 million versus 2021
- Adjusted EBITDA improved $52.5
million versus 2021
- Lindblad segment Net Yield per Available Guest Night increased
11% to $978
- Strong reservations for future travel with bookings for 2023
47% ahead of bookings for 2019 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
- Launched the 48 passenger National Geographic Islander II,
replacing the National Geographic Islander in the Galapagos
- Solidified operating rights in the Galapagos Islands with
extension of existing cupos for an additional 20-year period
NEW
YORK, Feb. 28, 2023 /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 full year ended December 31,
2022.
![](https://mma.prnewswire.com/media/457142/Lindblad_Logo_V1.jpg)
Dolf Berle, Chief Executive
Officer, said "Throughout 2022, Lindblad generated strong revenue
growth as we successfully ramped our operations, returning to
geographies we have been exploring for decades. We also expanded
our product offerings, with broader utilization of our two new
polar ships and further integration of our three acquired
land-based travel companies. More travelers than ever before are
looking for authentic and immersive experiences in unique
destinations and with a proven track record of delivering
high-quality expeditions in the world's most remarkable
geographies, Lindblad is distinctly positioned to capitalize on
this growing demand. In 2023, we expect to further harness the
expanded earnings power of the Company and deliver strong growth
from pre-pandemic levels, while continuing to build long-term
shareholder value."
FULL YEAR RESULTS
Tour Revenues
Full year tour revenues of $421.5
million increased $274.4
million as compared to the same period in 2021. The increase
was driven by a $195.6 million
increase at the Lindblad segment and a $78.8
million increase at the Land Experiences segment, primarily
due to the ramp in expeditions and trips and higher pricing. The
Land Experiences segment also includes a full year of results for
Off the Beaten Path LLC ("Off the Beaten Path"), DuVine Cycling +
Adventure ("DuVine") and Classic Journeys, LLC ("Classic
Journeys"), which were acquired during 2021.
Net Income
Net loss available to stockholders for the full year was
$116.1 million, $2.23 per diluted share, as compared with net
loss available to stockholders of $124.7 million, $2.41 per diluted share, in 2021. The
$8.6 million improvement primarily
reflects the ramp in operations, partially offset by a $12.9 million increase in interest expense due to
additional borrowings and higher rates, a $8.1 million
increase in tax expense and a $4.5
million increase in depreciation and amortization, primarily
due to the addition of the National Geographic Resolution to
the fleet in September 2021.
Additionally, other income declined by $15.8
million primarily due to $10.9
million of costs related to refinancing the Company's term
loan and revolving credit facilities and a $3.8 million decrease in 2022 versus 2021 for
income recognized through utilization of the grant for the
Coronavirus Economic Relief for Transportation Services ("CERTS")
Act for covered expenses.
Adjusted EBITDA
Full year Adjusted EBITDA loss of $11.5 million improved $52.5 million as
compared to the same period in 2021 driven by a $38.1 million improvement at the Lindblad segment
and a $14.4 million increase at
the Land Experiences segment.
Lindblad segment Adjusted EBITDA loss of $29.2 million improved $38.1 million as
compared to 2021, primarily from increased tour revenues, partially
offset by higher cost of tours and increased personnel costs from
the ramp in operations, higher commissions related to the revenue
and bookings increase and higher marketing costs to drive future
growth.
Land Experiences segment Adjusted EBITDA of $17.6 million increased $14.4 million
as compared to 2021, primarily due to additional trips, partially
offset by higher cost of tours and increased personnel costs from
the ramp in operations and increased marketing costs to drive
future bookings. The Land Experiences segment also includes a full
year of results for Off the Beaten Path, DuVine and Classic
Journeys, which were acquired during 2021.
FOURTH QUARTER RESULTS
Tour Revenues
Fourth quarter tour revenues of $118.0
million increased $52.4
million as compared to the same period in 2021. The increase
was driven by a $37.8 million
increase at the Lindblad segment and a $14.6
million increase at the Land Experiences segment, primarily
due to the ramp in expeditions and trips compared with the fourth
quarter a year ago and higher pricing. The Land Experiences segment
also includes a full quarter of results for Classic Journeys, which
was acquired during the fourth quarter of 2021.
Net Income
Net loss available to stockholders for the fourth quarter was
$33.2 million, $0.63 per diluted share, as compared with net
loss available to stockholders of $27.8
million, $0.54 per diluted
share, in the fourth quarter of 2021. The $5.4 million decrease primarily reflects the ramp
in operations, which was offset by a decline in other income of
$11.5 million primarily due to the
utilization in the fourth quarter of 2021 of the CERTS grant for
covered expense. The fourth quarter of 2022 also included an
increase in tax expense of $4.8 million and an increase
in interest expense of $3.9 million
due to additional borrowings and higher rates.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA loss of $2.7 million improved $11.0 million as
compared to the same period in 2021 driven by a $10.3 million improvement at the Lindblad segment
and a $0.7 million increase at
the Land Experiences segment.
Lindblad segment Adjusted EBITDA loss of $5.6 million improved $10.3 million as
compared to the same period in 2021, primarily from increased tour
revenues, partially offset by higher cost of tours and increased
personnel costs from the ramp in operations, higher commissions
related to the revenue and bookings increase and higher marketing
costs to drive future growth.
Land Experiences segment Adjusted EBITDA of $2.9 million increased $0.7 million as
compared to 2021, primarily due to additional trips, partially
offset by higher cost of tours, 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 Classic Journeys, which was acquired during
the fourth quarter of 2021.
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
(In
thousands)
|
|
2022
|
|
|
2021
|
|
|
Change
|
|
|
%
|
|
|
2022
|
|
|
2021
|
|
|
Change
|
|
|
%
|
|
Tour
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
80,386
|
|
|
$
|
42,578
|
|
|
$
|
37,808
|
|
|
|
89
|
%
|
|
$
|
278,449
|
|
|
$
|
82,842
|
|
|
$
|
195,607
|
|
|
|
236
|
%
|
Land
Experiences
|
|
|
37,572
|
|
|
|
22,975
|
|
|
|
14,597
|
|
|
|
64
|
%
|
|
|
143,051
|
|
|
|
64,265
|
|
|
|
78,786
|
|
|
|
123
|
%
|
Total tour
revenues
|
|
$
|
117,958
|
|
|
$
|
65,553
|
|
|
$
|
52,405
|
|
|
|
80
|
%
|
|
$
|
421,500
|
|
|
$
|
147,107
|
|
|
$
|
274,393
|
|
|
|
187
|
%
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(17,490)
|
|
|
$
|
(30,860)
|
|
|
$
|
13,370
|
|
|
|
43
|
%
|
|
$
|
(77,871)
|
|
|
$
|
(111,477)
|
|
|
$
|
33,606
|
|
|
|
30
|
%
|
Land
Experiences
|
|
|
2,192
|
|
|
|
1,332
|
|
|
|
860
|
|
|
|
65
|
%
|
|
|
14,825
|
|
|
|
646
|
|
|
|
14,179
|
|
|
|
NM
|
|
Total operating
loss
|
|
$
|
(15,298)
|
|
|
$
|
(29,528)
|
|
|
$
|
14,230
|
|
|
|
48
|
%
|
|
$
|
(63,046)
|
|
|
$
|
(110,831)
|
|
|
$
|
47,785
|
|
|
|
43
|
%
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindblad
|
|
$
|
(5,594)
|
|
|
$
|
(15,861)
|
|
|
$
|
10,267
|
|
|
|
65
|
%
|
|
$
|
(29,154)
|
|
|
$
|
(67,242)
|
|
|
$
|
38,088
|
|
|
|
57
|
%
|
Land
Experiences
|
|
|
2,891
|
|
|
|
2,182
|
|
|
|
709
|
|
|
|
32
|
%
|
|
|
17,628
|
|
|
|
3,199
|
|
|
|
14,429
|
|
|
|
451
|
%
|
Total adjusted
EBITDA
|
|
$
|
(2,703)
|
|
|
$
|
(13,679)
|
|
|
$
|
10,976
|
|
|
|
80
|
%
|
|
$
|
(11,526)
|
|
|
$
|
(64,043)
|
|
|
$
|
52,517
|
|
|
|
82
|
%
|
Balance Sheet and Liquidity
As of December 31, 2022, the
Company had $87.2 million in
unrestricted cash and $28.8 million
in restricted cash, primarily related to deposits on future travel
originating from U.S. ports and credit card reserves.
As of December 31, 2022, the
Company had a total debt position of $565.8
million and was in compliance with all of its applicable
debt covenants. During May 2022, the
Company further amended its export credit agreements to extend the
waiver of its net leverage coverage ratio from March 2022 through December 31, 2022.
During February 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. 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.
As the Company continues to ramp up operations, it anticipates
strong guest cash receipts from final payments for upcoming
expeditions and trips, as well as deposits for new reservations for
future travel. At the same time, monthly cash usage will increase
as the Company incurs costs in operating expeditions and spends to
advertise upcoming expeditions and trips. 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 ramp of our operations.
LINDBLAD FLEET ACTIVITIES
The National Geographic Islander II launched in
August 2022, replacing the
National Geographic Islander, and is operating in the
Galápagos Islands. The fully renovated ship is equipped to provide
immersive and authentic expeditions to 48 guests who will enjoy
spacious accommodations, indoor-outdoor dining options and diverse
expedition tools and amenities.
FINANCIAL OUTLOOK
The Company's current expectations for the full year
2023 are as follows:
- Tour revenues of $550 -
$575 million
- Adjusted EBITDA of $70 -
$80 million
The Company has substantial advance reservations for future
travel with strong gross bookings, partially offset by short-term
cancellations associated with the COVID-19 virus, instability in
Peru and itinerary changes due to the Russia-Ukraine conflict. As of February 21, 2023, Lindblad segment bookings for
travel during 2023 have increased 47% as compared with bookings for
2019 as of the same date in 2019.
STOCK REPURCHASE PLAN
The Company currently has a $35.0
million stock repurchase plan in place. As of February 20, 2023, 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 20, 2023, there were
53.2 million shares common stock outstanding.
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 28, 2023,
to discuss the earnings of the Company. The conference call can be
accessed by dialing (833) 470-1428 (United States), (833) 950-0062 (Canada) and for all other locations please
visit
https://www.netroadshow.com/conferencing/global-numbers?confId=47226.
The access code is 587306. 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) events and conditions around the world, including
war and other military actions, such as the current conflict
between Russia and Ukraine, inflation, higher fuel prices, higher
interest rates and other general concerns about the state of the
economy or other events impacting the ability or desire of people
to travel; (ii) suspended operations, cancelling or rescheduling of
voyages and other potential disruptions to our business and
operations related to COVID-19, the Russia-Ukraine conflict, the political unrest in
Peru or another unexpected event;
(iii) the impacts of inflation, COVID-19 and/or the Russia-Ukraine conflict on our financial condition,
liquidity, results of operations, cash flows, employees, plans and
growth, fuel prices, changes in fuels consumed and availability of
fuel supply in the geographies in which we operate; (iv) the
impacts of inflation and negative economic conditions or negative
economic outlooks on the demand for future expedition travel; (v)
the loss of key employees, our inability to recruit or retain
qualified shoreside and shipboard employees and increased labor
costs; (vi) unscheduled disruptions in our business due to travel
restrictions, weather events, mechanical failures, pandemics or
other events; (vii) changes adversely affecting the business
in which we are engaged; (viii) management of our growth and our
ability to execute on our planned growth; (ix) our business
strategy and plans; (x) our ability to maintain our relationship
with National Geographic; (xi) compliance with new and existing
laws and regulations, including environmental regulations and
travel advisories and restrictions; (xii) compliance with the
financial and/or operating covenants in our debt arrangements;
(xiii) the impact of severe or unusual weather conditions,
including climate change, on our business; (xiv) adverse publicity
regarding the travel and cruise industry in general; (xv) loss
of business due to competition; (xvi) the result of
future financing efforts; (xvii) delays and costs
overruns with respect to the construction and delivery of newly
constructed vessels; (xiv) 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,
|
|
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
87,177
|
|
|
$
|
150,753
|
|
Restricted
cash
|
|
|
28,847
|
|
|
|
21,940
|
|
Short-term
securities
|
|
|
13,591
|
|
|
|
-
|
|
Marine operating
supplies
|
|
|
9,961
|
|
|
|
8,275
|
|
Inventories
|
|
|
1,965
|
|
|
|
2,278
|
|
Prepaid expenses and
other current assets
|
|
|
41,778
|
|
|
|
27,094
|
|
Total current
assets
|
|
|
183,319
|
|
|
|
210,340
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
539,406
|
|
|
|
542,418
|
|
Goodwill
|
|
|
42,017
|
|
|
|
42,017
|
|
Intangibles,
net
|
|
|
11,219
|
|
|
|
13,235
|
|
Deferred tax
asset
|
|
|
2,167
|
|
|
|
7,609
|
|
Right-to-use lease
assets
|
|
|
4,345
|
|
|
|
4,402
|
|
Other long-term
assets
|
|
|
5,502
|
|
|
|
7,470
|
|
Total assets
|
|
$
|
787,975
|
|
|
$
|
827,491
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Unearned passenger
revenues
|
|
$
|
245,101
|
|
|
$
|
212,598
|
|
Accounts payable and
accrued expenses
|
|
|
71,019
|
|
|
|
49,252
|
|
Long-term debt -
current
|
|
|
23,337
|
|
|
|
26,061
|
|
Lease liabilities -
current
|
|
|
1,663
|
|
|
|
1,553
|
|
Total current
liabilities
|
|
|
341,120
|
|
|
|
289,464
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
529,452
|
|
|
|
518,658
|
|
Lease
liabilities
|
|
|
2,961
|
|
|
|
3,178
|
|
Other long-term
liabilities
|
|
|
88
|
|
|
|
247
|
|
Total
liabilities
|
|
|
873,621
|
|
|
|
811,547
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
Series A redeemable
convertible preferred stock, 165,000 shares authorized; 62,000
and
80,000 shares issued and outstanding as of December 31, 2022 and
2021, respectively
|
|
|
69,143
|
|
|
|
83,901
|
|
Redeemable
noncontrolling interests
|
|
|
27,886
|
|
|
|
10,626
|
|
|
|
|
97,029
|
|
|
|
94,527
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
DEFICIT
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; 62,000 and 80,000
Series A
shares issued and outstanding as of December 31, 2022 and 2021,
respectively
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.0001
par value, 200,000,000 shares authorized; 53,177,437 and
50,800,786
issued, 53,110,132 and 50,755,546 outstanding as of December 31,
2022 and 2021, respectively
|
|
|
5
|
|
|
|
5
|
|
Additional paid-in
capital
|
|
|
83,850
|
|
|
|
58,485
|
|
Accumulated
deficit
|
|
|
(266,530)
|
|
|
|
(136,439)
|
|
Accumulated other
comprehensive loss
|
|
|
-
|
|
|
|
(634)
|
|
Total stockholders'
deficit
|
|
|
(182,675)
|
|
|
|
(78,583)
|
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
|
$
|
787,975
|
|
|
$
|
827,491
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tour
revenues
|
|
$
|
117,961
|
|
|
$
|
65,553
|
|
|
$
|
421,500
|
|
|
$
|
147,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
tours
|
|
|
75,194
|
|
|
|
51,215
|
|
|
|
283,217
|
|
|
|
124,484
|
|
General and
administrative
|
|
|
27,409
|
|
|
|
19,321
|
|
|
|
96,291
|
|
|
|
65,445
|
|
Selling and
marketing
|
|
|
19,803
|
|
|
|
10,804
|
|
|
|
60,996
|
|
|
|
28,484
|
|
Depreciation and
amortization
|
|
|
10,850
|
|
|
|
13,741
|
|
|
|
44,042
|
|
|
|
39,525
|
|
Total operating
expenses
|
|
|
133,256
|
|
|
|
95,081
|
|
|
|
484,546
|
|
|
|
257,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(15,295)
|
|
|
|
(29,528)
|
|
|
|
(63,046)
|
|
|
|
(110,831)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(10,996)
|
|
|
|
(7,142)
|
|
|
|
(37,495)
|
|
|
|
(24,578)
|
|
Loss on foreign
currency
|
|
|
181
|
|
|
|
(100)
|
|
|
|
(1,236)
|
|
|
|
(1,265)
|
|
Other (expense)
income
|
|
|
(390)
|
|
|
|
11,125
|
|
|
|
(307)
|
|
|
|
15,487
|
|
Total other
expense
|
|
|
(11,205)
|
|
|
|
3,883
|
|
|
|
(39,038)
|
|
|
|
(10,356)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(26,500)
|
|
|
|
(25,645)
|
|
|
|
(102,084)
|
|
|
|
(121,187)
|
|
Income tax expense
(benefit)
|
|
|
5,460
|
|
|
|
631
|
|
|
|
6,076
|
|
|
|
(2,019)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(31,960)
|
|
|
|
(26,276)
|
|
|
|
(108,160)
|
|
|
|
(119,168)
|
|
Net income (loss)
attributable to noncontrolling interest
|
|
|
222
|
|
|
|
55
|
|
|
|
3,221
|
|
|
|
38
|
|
Net loss attributable
to Lindblad Expeditions Holdings, Inc.
|
|
|
(32,182)
|
|
|
|
(26,331)
|
|
|
|
(111,381)
|
|
|
|
(119,206)
|
|
Series A redeemable
convertible preferred stock dividend
|
|
|
1,053
|
|
|
|
1,327
|
|
|
|
4,671
|
|
|
|
5,289
|
|
Non-cash deemed
dividend
|
|
|
-
|
|
|
|
170
|
|
|
|
-
|
|
|
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
stockholders
|
|
$
|
(33,235)
|
|
|
$
|
(27,828)
|
|
|
$
|
(116,052)
|
|
|
$
|
(124,665)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
53,078,214
|
|
|
|
50,398,129
|
|
|
|
52,018,987
|
|
|
|
50,109,426
|
|
Diluted
|
|
|
53,078,214
|
|
|
|
50,398,129
|
|
|
|
52,018,987
|
|
|
|
50,109,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed loss per
share available to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.63)
|
|
|
$
|
(0.54)
|
|
|
$
|
(2.23)
|
|
|
$
|
(2.41)
|
|
Diluted
|
|
$
|
(0.63)
|
|
|
$
|
(0.54)
|
|
|
$
|
(2.23)
|
|
|
$
|
(2.41)
|
|
LINDBLAD EXPEDITIONS
HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
|
|
|
For the years
ended
December
31,
|
|
|
2022
|
|
|
2021
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(108,160)
|
|
|
$
|
(119,168)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
44,042
|
|
|
|
39,525
|
|
Amortization of
National Geographic fee
|
|
|
-
|
|
|
|
-
|
|
Amortization of
deferred financing costs and other, net
|
|
|
2,669
|
|
|
|
3,203
|
|
Right-of-use lease
asset
|
|
|
608
|
|
|
|
21
|
|
Stock-based
compensation
|
|
|
6,992
|
|
|
|
5,563
|
|
Deferred income
taxes
|
|
|
5,481
|
|
|
|
(833)
|
|
Change in fair value of
contingent acquisition consideration
|
|
|
(155)
|
|
|
|
-
|
|
Loss on foreign
currency
|
|
|
1,236
|
|
|
|
1,265
|
|
Write-off of
unamortized issuance costs related to debt refinancing
|
|
|
9,004
|
|
|
|
-
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Marine operating
supplies and inventories
|
|
|
(1,373)
|
|
|
|
(2,912)
|
|
Prepaid expenses and
other current assets
|
|
|
(18,322)
|
|
|
|
(8,856)
|
|
Unearned passenger
revenues
|
|
|
32,503
|
|
|
|
83,946
|
|
Other long-term
assets
|
|
|
2,556
|
|
|
|
(684)
|
|
Other long-term
liabilities
|
|
|
844
|
|
|
|
6,140
|
|
Accounts payable and
accrued expenses
|
|
|
20,530
|
|
|
|
25,285
|
|
Operating lease
liabilities
|
|
|
(658)
|
|
|
|
-
|
|
Net cash (used in)
provided by operating activities
|
|
|
(2,203)
|
|
|
|
32,495
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(38,205)
|
|
|
|
(96,688)
|
|
Investments in
securities
|
|
|
(15,000)
|
|
|
|
|
|
Proceeds from loan
principal repayment
|
|
|
3,610
|
|
|
|
-
|
|
Acquisition (net of
cash acquired)
|
|
|
-
|
|
|
|
(18,036)
|
|
Net cash used in
investing activities
|
|
|
(49,595)
|
|
|
|
(114,724)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Proceeds from long-term
debt
|
|
|
360,000
|
|
|
|
61,720
|
|
Repayments of long-term
debt
|
|
|
(352,941)
|
|
|
|
(5,957)
|
|
Payment of deferred
financing costs
|
|
|
(10,874)
|
|
|
|
(3,135)
|
|
Repurchase under
stock-based compensation plans and related tax impacts
|
|
|
(1,056)
|
|
|
|
(2,221)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(4,871)
|
|
|
|
50,407
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
|
(56,669)
|
|
|
|
(31,822)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
172,693
|
|
|
|
204,515
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
116,024
|
|
|
$
|
172,693
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
25,815
|
|
|
$
|
18,260
|
|
Income taxes
|
|
|
309
|
|
|
|
98
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Non-cash preferred
stock dividend
|
|
$
|
4,671
|
|
|
$
|
5,289
|
|
Value of 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,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net loss
|
|
$
|
(31,960)
|
|
|
$
|
(26,276)
|
|
|
$
|
(108,160)
|
|
|
$
|
(119,168)
|
|
Interest expense,
net
|
|
|
10,996
|
|
|
|
7,142
|
|
|
|
37,495
|
|
|
|
24,578
|
|
Income tax expense
(benefit)
|
|
|
5,457
|
|
|
|
631
|
|
|
|
6,076
|
|
|
|
(2,019)
|
|
Depreciation and
amortization
|
|
|
10,850
|
|
|
|
13,741
|
|
|
|
44,042
|
|
|
|
39,525
|
|
Gain on foreign
currency
|
|
|
(181)
|
|
|
|
100
|
|
|
|
1,236
|
|
|
|
1,265
|
|
Other expense
(income)
|
|
|
390
|
|
|
|
(11,125)
|
|
|
|
307
|
|
|
|
(15,487)
|
|
Stock-based
compensation
|
|
|
1,709
|
|
|
|
1,416
|
|
|
|
6,992
|
|
|
|
5,563
|
|
Other
|
|
|
36
|
|
|
|
692
|
|
|
|
486
|
|
|
|
1,700
|
|
Adjusted
EBITDA
|
|
$
|
(2,703)
|
|
|
$
|
(13,679)
|
|
|
$
|
(11,526)
|
|
|
$
|
(64,043)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating (Loss) Income to Adjusted EBITDA
Lindblad Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Operating
loss
|
|
$
|
(17,490)
|
|
|
$
|
(30,860)
|
|
|
$
|
(77,871)
|
|
|
$
|
(111,477)
|
|
Depreciation and
amortization
|
|
|
10,187
|
|
|
|
12,898
|
|
|
|
41,275
|
|
|
|
37,516
|
|
Stock-based
compensation
|
|
|
1,709
|
|
|
|
1,416
|
|
|
|
6,992
|
|
|
|
5,429
|
|
Other
|
|
|
-
|
|
|
|
685
|
|
|
|
450
|
|
|
|
1,290
|
|
Adjusted
EBITDA
|
|
$
|
(5,594)
|
|
|
$
|
(15,861)
|
|
|
$
|
(29,154)
|
|
|
$
|
(67,242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Experiences
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Operating
income
|
|
$
|
2,192
|
|
|
$
|
1,332
|
|
|
$
|
14,825
|
|
|
$
|
646
|
|
Depreciation and
amortization
|
|
|
663
|
|
|
|
843
|
|
|
|
2,767
|
|
|
|
2,009
|
|
Stock-based
compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
134
|
|
Other
|
|
|
36
|
|
|
|
7
|
|
|
|
36
|
|
|
|
410
|
|
Adjusted
EBITDA
|
|
$
|
2,891
|
|
|
$
|
2,182
|
|
|
$
|
17,628
|
|
|
$
|
3,199
|
|
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,
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
Net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
|
$
|
(2,203)
|
|
|
$
|
32,495
|
|
Less: purchases of
property and equipment
|
|
|
|
|
|
|
|
|
|
|
(38,205)
|
|
|
|
(96,688)
|
|
Free Cash
Flow
|
|
|
|
|
|
|
|
|
|
$
|
(40,408)
|
|
|
$
|
(64,193)
|
|
|
|
|
|
For the three months
ended
December 31,
|
|
|
For the years
ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Available Guest
Nights
|
|
|
61,830
|
|
|
|
33,868
|
|
|
|
236,784
|
|
|
|
75,389
|
|
Guest Nights
Sold
|
|
|
46,685
|
|
|
|
27,248
|
|
|
|
177,521
|
|
|
|
60,997
|
|
Occupancy
|
|
|
76
|
%
|
|
|
80
|
%
|
|
|
75
|
%
|
|
|
81
|
%
|
Maximum
Guests
|
|
|
7,310
|
|
|
|
4,074
|
|
|
|
29,095
|
|
|
|
10,596
|
|
Number of
Guests
|
|
|
5,691
|
|
|
|
3,200
|
|
|
|
22,347
|
|
|
|
8,436
|
|
Voyages
|
|
|
91
|
|
|
|
54
|
|
|
|
393
|
|
|
|
143
|
|
|
|
Calculation of Gross
and Net Yield per Available Guest Night
|
|
For the three months
ended
December
31,
|
|
|
For the years
ended
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Guest ticket
revenues
|
|
$
|
65,830
|
|
|
$
|
38,071
|
|
|
$
|
240,592
|
|
|
$
|
76,158
|
|
Other tour
revenue
|
|
|
14,556
|
|
|
|
4,507
|
|
|
|
37,857
|
|
|
|
6,684
|
|
Tour
Revenues
|
|
|
80,386
|
|
|
|
42,578
|
|
|
|
278,449
|
|
|
|
82,842
|
|
Less:
Commissions
|
|
|
(4,768)
|
|
|
|
(3,226)
|
|
|
|
(19,149)
|
|
|
|
(6,474)
|
|
Less: Other tour
expenses
|
|
|
(6,755)
|
|
|
|
(7,465)
|
|
|
|
(27,780)
|
|
|
|
(10,076)
|
|
Net
Yield
|
|
$
|
68,863
|
|
|
$
|
31,887
|
|
|
$
|
231,520
|
|
|
$
|
66,292
|
|
Available Guest
Nights
|
|
|
61,830
|
|
|
|
33,868
|
|
|
|
236,784
|
|
|
|
75,389
|
|
Gross Yield per
Available Guest Night
|
|
$
|
1,300
|
|
|
$
|
1,257
|
|
|
$
|
1,176
|
|
|
$
|
1,099
|
|
Net Yield per Available
Guest Night
|
|
|
1,114
|
|
|
|
942
|
|
|
|
978
|
|
|
|
879
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Cost of
tours
|
|
$
|
56,004
|
|
|
$
|
37,306
|
|
|
$
|
201,255
|
|
|
$
|
85,588
|
|
Plus: Selling and
marketing
|
|
|
12,608
|
|
|
|
8,528
|
|
|
|
46,226
|
|
|
|
22,187
|
|
Plus: General and
administrative
|
|
|
19,077
|
|
|
|
14,706
|
|
|
|
67,564
|
|
|
|
49,028
|
|
Gross Cruise
Cost
|
|
|
87,689
|
|
|
|
60,540
|
|
|
|
315,045
|
|
|
|
156,803
|
|
Less:
Commissions
|
|
|
(4,768)
|
|
|
|
(3,226)
|
|
|
|
(19,149)
|
|
|
|
(6,474)
|
|
Less: Other tour
expenses
|
|
|
(6,755)
|
|
|
|
(7,465)
|
|
|
|
(27,780)
|
|
|
|
(10,076)
|
|
Net Cruise
Cost
|
|
|
76,166
|
|
|
|
49,849
|
|
|
|
268,116
|
|
|
|
140,253
|
|
Less: Fuel
Expense
|
|
|
(9,716)
|
|
|
|
(4,147)
|
|
|
|
(31,135)
|
|
|
|
(8,027)
|
|
Net Cruise Cost
Excluding Fuel
|
|
|
66,450
|
|
|
|
45,702
|
|
|
|
236,981
|
|
|
|
132,226
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
(1,709)
|
|
|
|
(1,416)
|
|
|
|
(6,992)
|
|
|
|
(5,429)
|
|
Other
|
|
|
-
|
|
|
|
(692)
|
|
|
|
(450)
|
|
|
|
(1,700)
|
|
Adjusted Net Cruise
Cost Excluding Fuel
|
|
$
|
64,741
|
|
|
$
|
43,594
|
|
|
$
|
229,539
|
|
|
$
|
125,097
|
|
Adjusted Net Cruise
Cost
|
|
$
|
74,457
|
|
|
$
|
47,741
|
|
|
$
|
260,674
|
|
|
$
|
133,124
|
|
Available Guest
Nights
|
|
|
61,830
|
|
|
|
33,868
|
|
|
|
236,784
|
|
|
|
75,389
|
|
Gross Cruise Cost per
Available Guest Night
|
|
$
|
1,418
|
|
|
$
|
1,788
|
|
|
$
|
1,331
|
|
|
$
|
2,080
|
|
Net Cruise Cost per
Available Guest Night
|
|
|
1,232
|
|
|
|
1,472
|
|
|
|
1,132
|
|
|
|
1,860
|
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
|
|
1,075
|
|
|
|
1,349
|
|
|
|
1,001
|
|
|
|
1,754
|
|
Adjusted Net Cruise
Cost Excluding Fuel per Available Guest Night
|
|
|
1,047
|
|
|
|
1,287
|
|
|
|
969
|
|
|
|
1,659
|
|
Adjusted Net Cruise
Cost per Available Guest Night
|
|
|
1,204
|
|
|
|
1,410
|
|
|
|
1,101
|
|
|
|
1,766
|
|
|
|
Reconciliation of
2023 Adjusted EBITDA guidance:
|
|
(In
millions)
|
|
|
|
|
|
Full Year
2023
|
|
Income before income
taxes
|
|
|
|
|
|
$
|
(25)
|
|
|
|
to
|
|
|
$
|
(15)
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
50
|
|
|
|
to
|
|
|
|
50
|
|
Interest expense,
net
|
|
|
|
|
|
|
40
|
|
|
|
to
|
|
|
|
40
|
|
Stock-based
compensation
|
|
|
|
|
|
|
4
|
|
|
|
to
|
|
|
|
4
|
|
Other
|
|
|
|
|
|
|
1
|
|
|
|
to
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
|
70
|
|
|
|
to
|
|
|
$
|
80
|
|
A reconciliation of net income to Adjusted EBITDA is not provided
because the Company cannot estimate or predict with reasonable
certainty certain discrete tax items, which could significantly
impact that financial measure.
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.
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SOURCE Lindblad Expeditions Holdings, Inc.