NEW YORK, Aug. 8, 2016 /PRNewswire/ -- Lindblad Expeditions
Holdings, Inc. (NASDAQ: LIND; the "Company"), a global provider of
expedition cruises and adventure travel experiences, today reported
results for the second quarter ended June
30, 2016.
Financial Highlights for the Second Quarter of 2016
- Consolidated tour revenues for the second quarter of 2016 were
$53.9 million, an increase of
$4.4 million or 8.9% as compared with
the prior year quarter, reflecting the May
4, 2016 acquisition of Natural Habitat, Inc. ("Natural
Habitat").
- Results for the second quarter of 2016 were a net loss of
$4.5 million as compared with net
income of $8.8 million for the 2015
quarter. The 2015 quarter includes $12.5 million of pretax income and $5.5 million of pretax expenses related to the
July 2015 merger with Capitol
Acquisition Corp. II.
- Consolidated Adjusted EBITDA for the second quarter of 2016 was
$5.2 million as compared with
$12.0 million in the prior year
quarter.
- Net Yield for the Lindblad segment of the business for the
second quarter of 2016 was $999 as
compared with $963 in the prior year
quarter, an increase of 3.7%.
- Occupancy for the Lindblad segment of the business for the
second quarter of 2016 was 92.0% compared with 91.9% in the prior
year quarter.
The Company uses a variety of operational and financial metrics,
including non-GAAP financial measures, to evaluate its performance
and financial condition. The accompanying financial data includes
additional information regarding these metrics and a reconciliation
of non-GAAP financial information to GAAP. 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.
On May 4, 2016, the Company
completed its acquisition of 80.1% of the outstanding common stock
of Natural Habitat. As a result of the acquisition, the Company
updated its operating and reporting segments structure. The Company
now has two reporting segments – Lindblad and Natural Habitat.
Second Quarter 2016 Results
"The Company's second quarter results were in line with our
expectations for the period. We grew net yield by 3.7% over last
year and maintained a strong occupancy level at 92%. Revenue and
EBITDA in the second quarter this year were impacted by a planned
reduction in operating days for the owned fleet due to vessel
drydocking. In 2016, both of our blue water vessels, the
Explorer and the Orion were drydocked in contrast to
2015 when only one vessel was wet docked for a much shorter period.
Our drydock schedules are subject to cost and timing differences
from year to year due to the availability of shipyards for certain
work, drydock locations based on ship itineraries, operating
conditions experienced especially in the polar regions, and the
applicable regulations of class societies in the maritime industry,
which require more extensive reviews periodically. The combined
effect of lower revenue from fewer operating days and the operating
costs of these planned drydocks is the key factor with regard to
the year-over-year comparison of revenue and EBITDA in the period."
said Sven-Olof Lindblad, President
and Chief Executive Officer of Lindblad.
Consolidated tour revenues in the second quarter amounted to
$53.9 million, as compared with
$49.5 million in the second quarter
of 2015, which represents an increase of $4.4 million or 8.9%. The increase was due to
$5.7 million of additional revenue
from the acquisition of Natural Habitat, partially offset by
$1.3 million lower revenue at the
Lindblad segment due to the planned reduction in operating days for
the owned fleet.
Net Yield in the quarter for the Lindblad segment amounted to
$999 as compared with $963 in the second quarter of 2015. The increase
in Net Yield was primarily related to price increases. The Lindblad
segment had 41,213 Available Guest Nights in the second quarter of
2016 compared with 44,193 in the prior year quarter, and an
occupancy rate of 92.0% in the second quarter of 2016 compared with
91.9% in the 2015 quarter.
Adjusted Net Cruise Cost per Available Guest Night for the
Lindblad segment amounted to $858 in
the second quarter of 2016, as compared with $691 for the same period in the prior year. The
increase was primarily driven by higher cost of tours due to the
additional drydock days and more extensive maintenance work during
the drydocks, as well as an increase in charter hire expense
related to additional voyages. These added costs were partially
offset by a decrease in fuel costs. As the Company has transitioned
to the public market and is fully engaged in executing on its
transformational long-range growth plan, additional infrastructure
required to support these efforts has increased general and
administrative expense as compared to last year. This includes the
addition of talent both at the executive level and across the
organization, public company accounting and compliance costs,
rating agency fees and incremental insurance.
In total, the Company reported a net loss of $4.5 million for the second quarter 2016, as
compared with $8.8 million of net
income in the 2015 quarter. The 2015 quarter includes $12.5 million of pretax income and $5.5 million of pretax expenses related to the
July 2015 merger with Capitol
Acquisition Corp. II. (The $12.5
million of pretax income includes a $5.0 million success fee for the debt financing
in May 2015 and a $7.5 million gain on the disposal of assets
related to the junior debt. See the Company's Form 10-Q for the
quarter ended June 30, 2016, which
will be filed with the Securities and Exchange Commission for
additional information.) Consolidated Adjusted EBITDA was
$5.2 million in the second quarter of
2016 as compared with $12.0 million
in the same period in 2015, a decrease of $6.8 million. The lower results in 2016 are
primarily due to the planned increase in drydock activities for the
quarter, with its corresponding decrease in revenues and increase
in expenses, and an increase in G&A expenses, as discussed
above. Additionally, the 2016 second quarter includes a small,
seasonal operating loss at Natural Habitat from the date of its
acquisition, May 4, 2016, which is
consistent with the historical performance of the Company.
Mr. Lindblad also added: "We are currently at 94% of projected
guest ticket revenues for 2016 as of July
31, 2016, compared to 103% in the same time in 2015 for the
2015 fiscal year, a reduction of approximately $5.3 million. The reduction is primarily for
voyages during the fourth quarter. We have employed a variety of
tactical marketing opportunities for this period to counteract
effects seen in specific geographies relating to concerns over the
Zika virus and a slowdown in activity on the National Geographic
Endeavour, where segments of our audience are waiting for the
introduction of our new vessel, the Endeavour II, for our
Galápagos operation. We have historically been adept at isolating
challenges and developing an effective tactical response while
staying focused on our long-term objectives. However, we may be
unable to fully eliminate all the effects of the various challenges
we face in the short term.
Lindblad Fleet Activities
Work proceeds on schedule for the fourth quarter delivery of the
National Geographic Endeavour II, formerly the Via
Australis. The vessel will operate year-round in the Galápagos
Islands and will replace the National Geographic Endeavour.
The vessel has been undergoing significant renovation and
refurbishment since its April 25,
2016 acquisition. In December
2016, the Company will also expand its travel offerings with
new expeditions in Cuba aboard the
42-guest Panorama II, which will be the fifth chartered
vessel in Lindblad's fleet. The vessel is chartered for two years
and will operate on a seasonal basis from December through
March.
Additionally, the Company has two new coastal vessels on order
and the build is proceeding on schedule. The first vessel, which
has been named the National Geographic Quest, is expected to
be delivered in the second quarter of 2017 and will sail in
Alaska and British Columbia during the summer of 2017
before voyaging to Costa Rica and
Panama to provide expeditions for
the Northern Hemisphere winter season. The second new build vessel
is expected to be delivered in the second quarter of 2018.
Conference Call Scheduled
The Company has scheduled a conference call at 10:00 a.m. Eastern Time on August 8, 2016 to discuss the earnings of the
Company. The conference call can be accessed by dialing (844)
378-6487 (United States), (855)
669-9657 (Canada) or (412)
542-4182 (outside the U.S.). A replay of the call will be available
at the Company's investor relations website,
investors.expeditions.com.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. is an expedition travel
company that focuses on ship-based voyages through its Lindblad
Expeditions brand and on land-based travel through its subsidiary,
Natural Habitat Adventures, an adventure travel and ecotourism
company with a focus on responsible nature travel.
Lindblad Expeditions works in partnership with National
Geographic to inspire people to explore and care about the planet.
The organizations work in tandem to produce innovative marine
expedition programs and to promote conservation and sustainable
tourism around the world. The partnership's educationally oriented
voyages allow guests to interact with and learn from leading
scientists, naturalists and researchers while discovering stunning
natural environments, above and below the sea, through
state-of-the-art exploration tools.
Natural Habitat partners with the World Wildlife Fund to offer
and promote conservation and sustainable travel that directly
protects nature. Natural Habitat's adventures include polar
bear tours in Churchill,
Canada, Alaskan grizzly bear
adventures and African safaris.
Forward Looking Statements
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include our financial projections and may also generally be
identified as such because the context of such statements will
include words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "plan," "potential," "predict,"
"project," "should," "will," "would" or words of similar import.
Similarly, statements that describe the Company's financial
guidance or future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause results
to differ materially from those expected, including, but not
limited to, the following: (i) changes adversely affecting the
business in which we are engaged; (ii) management of our growth and
our ability to execute on our planned growth; (iii) general
economic conditions; (iv) our business strategy and plans; (v)
compliance with applicable laws and regulations; (vi) compliance
with the financial and/or operating covenants in our amended and
restated credit agreement; (vii) adverse publicity regarding the
cruise industry in general; (viii) loss of business due to
competition; (ix) the result of future financing efforts; (x) the
inability to meet revenue and Adjusted EBITDA projections; and (xi)
those risks described in our 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 our performance may be found in our 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 data)
|
|
|
|
|
|
|
As
of
|
|
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
150,813
|
|
$
206,903
|
Restricted cash and
marketable securities
|
17,618
|
|
8,460
|
Inventories
|
1,658
|
|
1,746
|
Marine operating
supplies
|
4,102
|
|
4,969
|
Prepaid expenses and
other current assets
|
23,124
|
|
12,266
|
Total current
assets
|
197,315
|
|
234,344
|
|
|
|
|
Property and
equipment, net
|
151,868
|
|
125,471
|
Goodwill and other
intangibles
|
28,167
|
|
-
|
Other long-term
assets
|
10,901
|
|
12,355
|
Operating
rights
|
5,864
|
|
6,227
|
Deferred tax
assets
|
3,907
|
|
3,216
|
Total
assets
|
$
398,022
|
|
$
381,613
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned passenger
revenues
|
$
91,417
|
|
$
76,604
|
Accounts payable and
accrued expenses
|
18,225
|
|
25,968
|
Long-term debt -
current
|
1,750
|
|
1,750
|
Total current
liabilities
|
111,392
|
|
104,322
|
|
|
|
|
Long-term debt, less
current portion
|
163,911
|
|
162,693
|
Other long-term
liabilities
|
692
|
|
677
|
Total
liabilities
|
275,995
|
|
267,692
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE
NONCONTROLLING INTEREST
|
4,827
|
|
-
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized;
|
|
|
|
0 shares issued and
outstanding
|
-
|
|
-
|
Common stock, $0.0001
par value, 200,000,000 shares authorized;
|
|
|
|
45,887,940 and
45,224,881 issued and outstanding as of
|
|
|
|
June 30, 2016 and
December 31, 2015, respectively
|
5
|
|
5
|
Additional paid-in
capital
|
45,231
|
|
48,073
|
Retained
earnings
|
71,964
|
|
65,843
|
Total stockholders'
equity attributable to Linblad stockholders
|
117,200
|
|
113,921
|
Total liabilities,
redeemable noncontrolling interest and stockholders'
equity
|
$
398,022
|
|
$
381,613
|
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
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Tour
revenues
|
$
53,871
|
|
$
49,531
|
|
$
115,445
|
|
$
104,952
|
|
|
|
|
|
|
|
|
Cost of
tours
|
29,390
|
|
21,486
|
|
54,665
|
|
45,887
|
Gross
profit
|
24,481
|
|
28,045
|
|
60,780
|
|
59,065
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
12,637
|
|
9,053
|
|
23,825
|
|
17,911
|
Selling and
marketing
|
9,512
|
|
8,190
|
|
19,130
|
|
17,352
|
Merger-related
expenses
|
-
|
|
5,503
|
|
-
|
|
7,771
|
Depreciation and
amortization
|
4,869
|
|
2,895
|
|
9,443
|
|
5,647
|
Total operating
expenses
|
27,018
|
|
25,641
|
|
52,398
|
|
48,681
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(2,537)
|
|
2,404
|
|
8,382
|
|
10,384
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Loss on foreign
currency
|
(357)
|
|
(78)
|
|
(286)
|
|
(194)
|
Gain on transfer of
assets
|
-
|
|
7,502
|
|
-
|
|
7,502
|
Other income,
net
|
-
|
|
4,789
|
|
-
|
|
5,024
|
Interest expense,
net
|
(2,690)
|
|
(3,889)
|
|
(5,438)
|
|
(5,078)
|
Total other (expense)
income
|
(3,047)
|
|
8,324
|
|
(5,724)
|
|
7,254
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
(5,584)
|
|
10,728
|
|
2,658
|
|
17,638
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
(1,090)
|
|
1,893
|
|
(3,315)
|
|
1,870
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(4,494)
|
|
$
8,835
|
|
$
5,973
|
|
$
15,768
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interest
|
(148)
|
|
-
|
|
(148)
|
|
-
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Lindblad
|
$
(4,346)
|
|
$
8,835
|
|
$
6,121
|
|
$
15,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
45,670,721
|
|
44,717,759
|
|
45,570,438
|
|
44,717,759
|
Diluted
|
45,670,721
|
|
44,717,759
|
|
46,299,189
|
|
44,717,759
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to Lindblad
|
|
|
|
|
|
|
|
Basic
|
$
(0.10)
|
|
$
0.20
|
|
$
0.13
|
|
$
0.35
|
Diluted
|
$
(0.10)
|
|
$
0.20
|
|
$
0.13
|
|
$
0.35
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Six Months
Ended
June 30,
|
|
|
2016
|
|
2015
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
5,973
|
|
$
15,768
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
9,443
|
|
5,647
|
Amortization of
National Geographic fee
|
1,454
|
|
-
|
Amortization of debt
discount, deferred financing and other costs
|
1,166
|
|
2,208
|
Stock-based
compensation
|
2,622
|
|
2,427
|
Deferred income
taxes
|
(3,120)
|
|
(46)
|
Loss on currency
translation
|
286
|
|
194
|
Gain on transfer of
assets
|
-
|
|
(7,502)
|
Changes in operating
assets and liabilities
|
|
|
|
Inventories and
marine operating supplies
|
1,103
|
|
(251)
|
Prepaid expenses and
other current assets
|
(1,347)
|
|
317
|
Unearned passenger
revenues
|
(924)
|
|
6,022
|
Other long-term
liabilities
|
15
|
|
(26)
|
Accounts payable and
accrued expenses
|
(9,828)
|
|
(881)
|
Net cash provided by
operating activities
|
6,843
|
|
23,877
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
Purchase of
investment in CFMF
|
-
|
|
(68,087)
|
Acquisition of
Natural Habitat, Inc., net of cash acquired
|
(9,946)
|
|
-
|
Purchase of property
and equipment
|
(32,895)
|
|
(2,856)
|
Advance to
shareholder
|
-
|
|
1,501
|
Purchase of
restricted cash and marketable securities
|
(9,158)
|
|
(39,143)
|
Net cash used in
investing activities
|
(51,999)
|
|
(108,585)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
Proceeds from
long-term debt
|
-
|
|
150,000
|
Payment of deferred
financing costs
|
(1,565)
|
|
(10,532)
|
Repayments of
long-term debt
|
(875)
|
|
(41,003)
|
Proceeds used in
exchange of option shares
|
(2,694)
|
|
-
|
Repurchase of
warrants
|
(5,420)
|
|
-
|
Net cash (used in)
provided by financing activities
|
(10,554)
|
|
98,465
|
Effect of exchange
rate changes on cash
|
(380)
|
|
37
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(56,090)
|
|
13,794
|
|
|
|
|
|
Cash and cash
equivalents as of beginning of period
|
206,903
|
|
39,679
|
|
|
|
|
|
Cash and cash
equivalents as of end of period
|
$
150,813
|
|
$
53,473
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period for:
|
|
|
|
Interest
|
$
4,925
|
|
$
2,087
|
Income
taxes
|
$
864
|
|
$
298
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
Acquisition of
Natural Habitat, Inc.:
|
|
|
|
Assets acquired and
liabilities assumed:
|
|
|
|
Cash and cash
equivalents
|
$
4,904
|
|
$
-
|
Current assets,
excluding cash acquired
|
9,623
|
|
-
|
Property and
equipment
|
2,068
|
|
-
|
Goodwill and other
intangibles
|
28,310
|
|
-
|
Accounts payable and
accrued expenses
|
(2,476)
|
|
-
|
Unearned passenger
revenues
|
(15,000)
|
|
-
|
Deferred tax
liability
|
(2,429)
|
|
-
|
Noncontrolling
interest in consolidated subsidiary
|
(4,975)
|
|
-
|
Total purchase price
consideration
|
20,025
|
|
-
|
|
|
|
|
|
Consideration
consisted of:
|
|
|
|
Cash paid to acquire
Natural Habitat, Inc.
|
(14,850)
|
|
-
|
Non-cash
consideration - long-term debt
|
(2,525)
|
|
-
|
Non-cash
consideration - Lindblad restricted shares
|
(2,650)
|
|
-
|
|
|
|
|
|
Increase in amount
due from DVB
|
-
|
|
4,972
|
|
|
|
|
|
Investment in CFMF
liquidation of Junior debt asset, warrant
|
-
|
|
84,903
|
CFMF liquidation of
Junior debt long-term debt, additional paid-in capital
|
-
|
|
(84,903)
|
Additional paid-in
capital exercise proceeds of option shares
|
1,123
|
|
-
|
Additional paid-in
capital exchange proceeds used for option shares
|
(1,123)
|
|
-
|
The Company uses a variety of operational and financial
metrics, which are defined below, to evaluate its performance and
financial condition. The Company uses certain non-GAAP financial
measures, such as EBITDA, Adjusted EBITDA, 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 industry to measure performance. The
Company believes these non-GAAP measures provide expanded insight
to measure 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.
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
(In
thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net (loss)
income
|
|
$
(4,494)
|
|
$
8,835
|
|
$
5,973
|
|
$
15,768
|
Income tax (benefit)
expense
|
|
(1,090)
|
|
1,893
|
|
(3,315)
|
|
1,870
|
Interest expense,
net
|
|
2,690
|
|
3,889
|
|
5,438
|
|
5,078
|
Depreciation and
amortization
|
|
4,869
|
|
2,895
|
|
9,443
|
|
5,647
|
EBITDA
|
|
1,975
|
|
17,512
|
|
17,539
|
|
28,363
|
Loss on foreign
currency translation
|
|
357
|
|
78
|
|
286
|
|
194
|
Gain on transfer of
assets
|
|
-
|
|
(7,502)
|
|
-
|
|
(7,502)
|
Other income,
net
|
|
-
|
|
(4,789)
|
|
-
|
|
(5,024)
|
Stock-based
compensation
|
|
1,287
|
|
1,213
|
|
2,622
|
|
2,427
|
National Geographic
fee amortization
|
|
727
|
|
-
|
|
1,454
|
|
-
|
Acquisition-related
expenses
|
|
892
|
|
-
|
|
892
|
|
-
|
Merger-related
expenses
|
|
-
|
|
5,503
|
|
-
|
|
7,771
|
Adjusted
EBITDA
|
|
$
5,238
|
|
$
12,015
|
|
$
22,793
|
|
$
26,229
|
|
|
|
|
|
|
|
|
|
Guest Metrics -
Lindblad Segment
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Available Guest
Nights
|
41,213
|
|
44,193
|
|
93,070
|
|
91,164
|
Guest Nights
Sold
|
37,903
|
|
40,597
|
|
85,522
|
|
83,807
|
Occupancy
|
92.0%
|
|
91.9%
|
|
91.9%
|
|
91.9%
|
Maximum
Guests
|
5,233
|
|
5,171
|
|
10,941
|
|
10,610
|
Number of
Guests
|
4,830
|
|
4,818
|
|
10,114
|
|
9,806
|
Voyages
|
68
|
|
63
|
|
147
|
|
140
|
Calculation of
Gross Yield and Net Yield - Lindblad Segment
|
|
|
|
|
|
|
|
|
(In thousands, except
for Available Guest Nights, Gross and Net Yield)
|
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Guest ticket
revenues
|
|
$
42,610
|
|
$
43,154
|
|
$
96,524
|
|
$
90,954
|
Other tour
revenues
|
|
5,577
|
|
6,377
|
|
13,237
|
|
13,998
|
Tour
Revenues
|
|
48,187
|
|
49,531
|
|
109,761
|
|
104,952
|
Less:
Commissions
|
|
(3,480)
|
|
(3,437)
|
|
(7,768)
|
|
(7,123)
|
Less: Other tour
expenses
|
|
(3,536)
|
|
(3,532)
|
|
(8,546)
|
|
(8,112)
|
Net
Revenue
|
|
$
41,171
|
|
$
42,562
|
|
$
93,447
|
|
$
89,717
|
Available Guest
Nights
|
|
41,213
|
|
44,193
|
|
93,070
|
|
91,164
|
Gross
Yield
|
|
$
1,169
|
|
$
1,121
|
|
$
1,179
|
|
$
1,151
|
Net
Yield
|
|
999
|
|
963
|
|
1,004
|
|
984
|
Calculation of Net
Cruise Cost Metrics - Lindblad Segment
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
(In thousands, except
Available Guest Nights, Gross and Net Cruise Cost)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cost of
tours
|
$
25,118
|
|
$
21,486
|
|
$
50,393
|
|
$
45,887
|
Plus: Merger-related
expenses
|
-
|
|
5,503
|
|
-
|
|
7,771
|
Plus: Selling and
marketing
|
9,045
|
|
8,189
|
|
18,663
|
|
17,352
|
Plus: General and
administrative
|
11,110
|
|
9,054
|
|
22,298
|
|
17,911
|
Gross Cruise
Cost
|
45,273
|
|
44,232
|
|
91,354
|
|
88,921
|
Less: Commission
expense
|
(3,480)
|
|
(3,437)
|
|
(7,768)
|
|
(7,123)
|
Less: Other tour
expenses
|
(3,536)
|
|
(3,532)
|
|
(8,546)
|
|
(8,112)
|
Net Cruise
Cost
|
38,257
|
|
37,263
|
|
75,040
|
|
73,686
|
Less: Fuel
expense
|
(1,132)
|
|
(1,678)
|
|
(3,662)
|
|
(4,725)
|
Net Cruise Cost
Excluding Fuel
|
37,125
|
|
35,585
|
|
71,378
|
|
68,961
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
(1,287)
|
|
(1,213)
|
|
(2,622)
|
|
(2,427)
|
National Geographic
fee amortization
|
(727)
|
|
-
|
|
(1,454)
|
|
-
|
Acquisition-related
expenses
|
(892)
|
|
-
|
|
(892)
|
|
-
|
Merger-related
expenses
|
-
|
|
(5,503)
|
|
-
|
|
(7,771)
|
Adjusted Net
Cruise Cost Excluding Fuel
|
$
34,219
|
|
$
28,869
|
|
$
66,410
|
|
$
58,763
|
Available Guest
Nights
|
41,213
|
|
44,193
|
|
93,070
|
|
91,164
|
Gross Cruise Cost per
Available Guest Night
|
$
1,099
|
|
$
1,001
|
|
$
982
|
|
$
975
|
Net Cruise Cost per
Available Guest Night
|
928
|
|
843
|
|
806
|
|
808
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
901
|
|
805
|
|
767
|
|
756
|
Adjusted Net
Cruise Cost per Available Guest Night
|
858
|
|
691
|
|
753
|
|
696
|
Adjusted Net Cruise
Cost Excl. Fuel per Available Guest Night
|
830
|
|
653
|
|
714
|
|
645
|
Key Operational and Financial Metrics
EBITDA is net income (loss) excluding depreciation and
amortization, net interest expense and income tax benefit
(expense).
Adjusted EBITDA is net income (loss) excluding
depreciation and amortization, net interest expense, other income
(expense), and income tax benefit (expense), and other supplemental
adjustments. The Company believes Adjusted EBITDA can provide a
more complete understanding of the underlying operating results and
trends and an enhanced overall understanding of the Company's
financial performance and prospects for the future. While Adjusted
EBITDA is not a recognized measure under GAAP, management uses this
financial measure to evaluate and forecast business performance.
Adjusted EBITDA is not intended to be a measure of liquidity or
cash flows from operations or a measure comparable to net income.
The Company's use of Adjusted EBITDA may not be comparable to other
companies within the industry.
The following descriptions apply to the Lindblad segment:
Adjusted Net Cruise Cost represents Net Cruise Cost
adjusted for Non-GAAP other supplemental adjustments which include
certain non-operating items such as stock-based compensation, the
National Geographic fee amortization, merger-related expenses, and
acquisition-related expenses.
Available Guest Nights is a measurement of capacity and
represents double occupancy per cabin (except single occupancy for
a single capacity cabin) multiplied by the number of cruise days
for the period. The Company also records the number of guest nights
available on its limited land programs in this definition.
Gross Cruise Cost represents the sum of cost of tours
plus merger-related expenses, selling and marketing expense,
general and administrative expense.
Gross Yield 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 Revenue represents tour revenues less commissions and
direct costs of other tour revenues.
Net Yield represents Net Revenue divided by Available
Guest Nights.
Number of Guests represents the number of guests that
travel with the Company in a period.
Occupancy is calculated by dividing Guest Nights Sold by
Available Guest Nights.
Voyages represent the number of ship expeditions
completed during the period.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2016-second-quarter-financial-results-300310213.html
SOURCE Lindblad Expeditions Holdings, Inc.