NEW
YORK, April 17, 2023 /PRNewswire/ -- Lindblad
Expeditions Holdings, Inc. (Nasdaq: LIND) ("Lindblad" or the
"Company"), a global provider of expedition cruises and adventure
travel experiences, will report 2023 first quarter financial
results on Wednesday, May 3, 2023,
before the market opens. The Company will host a conference call to
discuss the results at 8:30 am Eastern
Time. The conference call can be accessed by dialing
833-470-1428 (United States),
833-950-0062 (Canada) for all
other locations please visit
https://www.netroadshow.com/events/global-numbers?confId=49870.
The Access Code is 745356. The earnings release and a live audio
webcast of the call will be available in the investor relations
section of the Company's website
at investors.expeditions.com.
![](https://mma.prnewswire.com/media/457142/Lindblad_Logo_V1.jpg)
A replay of the call, along with a transcript, will be available
on the website within 48 hours of its completion. The replay
will also be accessible by phone by dialing 866-813-9403
(United States), 226-828-7578
(Canada) or 44-204-525-0658
(International). The Replay Access Code is 985326.
In conjunction with this announcement, the Company is providing
the following preliminary estimated financial results for the first
quarter 2023.
First Quarter 2023 Preliminary Estimated Financial
Results
For the first quarter ended March 31,
2023, the Company expects to report:
- Total tour revenues for the three months ended March 31, 2023 in the range of approximately
$141 million to $144 million, compared to $67.8 million for the three months ended
March 31, 2022;
- Adjusted EBITDA for the three months ended March 31, 2023 in the range of approximately
$26 million to $28 million, compared to Adjusted EBITDA loss of
$21.2 million for the three months
ended March 31, 2022; and
- Cash and cash equivalents at March 31,
2023 of approximately $121
million, including restricted cash.
With respect to its Lindblad segment, the Company also expects
to report:
- Available Guest Nights of 83,184 for the three months ended
March 31, 2023, compared to 48,546
for the three months ended March 31,
2022;
- Occupancy rates of 81% for the three months ended March 31, 2023, compared to 66% for the three
months ended March 31, 2022; and
- Net Yield Per Available Guest Nights in a range of
approximately $1,200 to $1,220 for the three months ended March 31, 2023, compared to $739 for the three months ended March 31, 2022.
During the first quarter ended March 31,
2023, the Company also continued to see significant new
bookings across the fleet and have substantial advanced
reservations for the future. As of April 10,
2023, bookings for full year 2023 are approximately 46%
ahead of the Company's bookings for the comparable look-forward
period as of this date in April 2019,
before the COVID-19 pandemic began to impact the Company's bookings
and operations.
The preliminary estimated financial results contained in this
press release reflect management's estimates based solely upon
information available to it as of the date of this press release,
are not a comprehensive statement of the Company's financial
results for the three months ended March 31,
2023 and have not been reviewed by the Company's independent
registered public accounting firm. The ranges for the preliminary
estimated financial results described above constitute
forward-looking statements. The preliminary estimated financial
information presented above is subject to change, and the Company's
actual financial results may differ from such preliminary estimates
and such differences could be material. Accordingly, you should not
place undue reliance upon these preliminary estimates.
Non-GAAP Financial Measures
The Company uses a variety of operational and financial metrics,
including non-GAAP financial measures such as Adjusted EBITDA,
Occupancy and Net Yields, 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 in this press
release 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 used in this press release along with a
reconciliation of non-GAAP financial information to GAAP for the
quarter ended March 31, 2022 are set
forth below. A reconciliation of Adjusted EBITDA and Net Yield to
their most directly comparable GAAP measures for the three months
ended March 31, 2023 will be included
in the Company's release of first quarter 2023 financial
results.
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 expectations regarding the Company's preliminary estimated
financial results for the first quarter ended March 31, 2023 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 Lindblad'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; (xviii) the
inability to meet revenue and Adjusted EBITDA projections; and
(xix) those risks described in Lindblad's filings with the
Securities and Exchange Commission (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
Lindblad 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 Lindblad'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
Lindblad's website.
NON-GAAP Reconciliations
Reconciliations of Adjusted EBITDA to net loss and Net Yield to
operating loss, in each case, for the three months ended
March 31, 2022 are set forth
below:
(In
thousands)
|
For the three months
ended
March 31, 2022
|
Operating
loss
|
$
(33,569)
|
Cost of
tours
|
47,571
|
General and
administrative
|
15,248
|
Selling and
marketing
|
10,283
|
Depreciation and
amortization
|
10,741
|
Less:
Commissions
|
(4,405)
|
Less: Other tour
expenses
|
(9,989)
|
Net
Yield
|
$
35,880
|
|
|
(In
thousands)
|
For the three months
ended
March 31, 2022
|
Net loss
|
$
(42,148)
|
Interest expense,
net
|
8,715
|
Income tax
benefit
|
(149)
|
Depreciation and
amortization expense
|
11,178
|
Gain on foreign
currency translation
|
(130)
|
Other income
|
(533)
|
Stock-based
compensation
|
1,828
|
Other
|
19
|
Adjusted
EBITDA
|
$
(21,220)
|
|
|
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. The Company believes Adjusted EBITDA, when considered
along with other performance measures, is a useful measure as it
reflects certain operating drivers of the business, such as sales
growth, operating costs, selling and administrative expense, and
other operating income and expense. The Company
believes Adjusted EBITDA helps provide a more complete
understanding of the underlying operating results and trends and an
enhanced overall understanding of its financial performance
and prospects for the future. Adjusted EBITDA is not intended to be
a measure of liquidity or cash flows from operations or a measure
comparable to net income as it does not take into account certain
requirements, such as unearned passenger revenues, capital
expenditures and related depreciation, principal and interest
payments, and tax payments. The Company's use of Adjusted EBITDA
may not be comparable to other companies within the industry.
The following metrics apply to the Lindblad segment and are used
in this press release:
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. The Company
also records the number of guest nights available on its limited
land programs in this definition.
Guest Nights Sold represents the number of
guests carried for the period multiplied by the number of nights
sailed within the period.
Gross Yield per Available Guest
Night represents tour revenues divided by Available
Guest Nights.
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.
Occupancy is calculated by dividing Guest
Nights Sold by Available Guest Nights.
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SOURCE Lindblad Expeditions