Depreciation and amortization 12,733 10,521 37,687 33,660
(Gain) loss on foreign
currency (203) 455 48 (46)
Other (income) expense (1) 77 (9) 3,773
Stock-based compensation 2,529 2,953 7,362 9,245
Transaction-related costs 1,069 - 3,258 -
Reorganization costs - - 371 -
Other - - - 10
------- ------ ------- --------
Adjusted EBITDA $ 45,812 $33,950 $ 77,802 $ 67,359
======= ====== ======= ========
Reconciliation of
Operating Income to
Adjusted EBITDA
For the three For the nine months
months ended ended
Lindblad Segment September 30, September 30,
----------------- -------------------
2024 2023 2024 2023
-------- ------- -------- ---------
Operating income $ 11,680 $ 7,501 $ 10,092 $ 8,576
Depreciation and amortization 11,761 9,665 34,992 31,155
Stock-based compensation 2,352 2,953 7,185 9,146
Transaction-related costs 445 - 789 -
Reorganization costs - - 371 -
Other - - - 10
------- ------ ------- --------
Adjusted EBITDA $ 26,238 $20,119 $ 53,429 $ 48,887
======= ====== ======= ========
For the three For the nine months
months ended ended
Land Experiences
Segment September 30, September 30,
----------------- -------------------
2024 2023 2024 2023
-------- ------- -------- ---------
Operating income $ 17,801 $12,975 $ 19,032 $ 15,868
Depreciation and amortization 972 856 2,695 2,505
Stock-based compensation 177 - 177 99
Transaction-related costs 624 - 2,469 -
------- ------ ------- --------
Adjusted EBITDA $ 19,574 $13,831 $ 24,373 $ 18,472
======= ====== ======= ========
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND
SUBSIDIARIES
Supplemental Financial Schedules
(In thousands, except for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)
(unaudited)
For the nine months
ended
Reconciliation
of Free cash
Flow to Net
Cash Provided
by Operating
Activities September 30,
------------------------
2024 2023
--------- ---------
Net cash provided by
operating activities $ 90,675 $ 35,313
Less: purchases of
property and equipment (23,647) (22,723)
-------- --------
Free Cash Flow $ 67,028 $ 12,590
======== ========
For the three months For the nine months
ended ended
September 30, September 30,
------------------------ ------------------------
2024 2023 2024 2023
--------- --------- --------- ---------
Available Guest Nights 91,293 85,959 254,651 243,329
Guest Nights Sold 74,845 69,903 199,982 192,052
Occupancy 82 % 81 % 79 % 79%
Maximum Guests 11,225 10,613 30,501 29,113
Number of Guests 9,414 8,910 24,695 23,648
Voyages 137 129 380 359
For the three months For the nine months
ended ended
Calculation of
Gross and Net
Yield per
Available Guest
Night September 30, September 30,
------------------------ ------------------------
2024 2023 2024 2023
--------- --------- --------- ---------
Guest ticket revenues $ 109,140 $ 94,751 $ 295,727 $ 273,653
Other tour revenue 12,128 13,999 36,897 38,007
-------- -------- -------- --------
Tour Revenues 121,268 108,750 332,624 311,660
Less: Commissions (5,212) (6,732) (13,791) (19,996)
Less: Other tour
expenses (6,060) (6,569) (19,417) (19,296)
-------- -------- -------- --------
Net Yield $ 109,996 $ 95,449 $ 299,416 $ 272,368
======== ======== ======== ========
Available Guest Nights 91,293 85,959 254,651 243,329
Gross Yield per
Available Guest Night $ 1,328 $ 1,265 $ 1,306 $ 1,281
Net Yield per Available
Guest Night 1,205 1,110 1,176 1,119
For the three months For the nine months
ended ended
September 30, September 30,
------------------------ ------------------------
2024 2023 2024 2023
--------- --------- --------- ---------
Operating income $ 11,680 $ 7,501 $ 10,092 $ 8,576
Cost of tours 55,663 55,021 167,506 167,392
General and
administrative 22,628 21,122 67,428 60,374
Selling and marketing 19,536 15,441 52,606 44,163
Depreciation and
amortization 11,761 9,665 34,992 31,155
Less: Commissions (5,212) (6,732) (13,791) (19,996)
Less: Other tour
expenses (6,060) (6,569) (19,417) (19,296)
-------- -------- -------- --------
Net Yield $ 109,996 $ 95,449 $ 299,416 $ 272,368
======== ======== ======== ========
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 For the three months For the nine months
and Net Cruise Cost ended September 30, ended September 30,
-------------------- ---------------------
2024 2023 2024 2023
-------- ---------- --------- ----------
Cost of tours $ 55,663 $ 55,021 $ 167,506 $ 167,392
Plus: Selling and
marketing 19,536 15,441 52,606 44,163
Plus: General and
administrative 22,628 21,122 67,428 60,374
------- --------- -------- ---------
Gross Cruise Cost 97,827 91,584 287,540 271,929
Less: Commissions (5,212) (6,732) (13,791) (19,996)
Less: Other tour
expenses (6,060) (6,569) (19,417) (19,296)
------- --------- -------- ---------
Net Cruise Cost 86,555 78,283 254,332 232,637
Less: Fuel Expense (5,460) (5,434) (19,895) (19,939)
------- --------- -------- ---------
Net Cruise Cost
Excluding Fuel 81,095 72,849 234,437 212,698
Non-GAAP
Adjustments:
Stock-based
compensation (2,352) (2,953) (7,185) (9,146)
Transaction-related
costs (445) - (789) -
Reorganization costs - - (371) -
Other - - - (10)
------- --------- -------- ---------
Adjusted Net Cruise
Cost Excluding Fuel $ 78,298 $ 69,896 $ 226,092 $ 203,542
======= ========= ======== =========
Adjusted Net Cruise
Cost $ 83,758 $ 75,330 $ 245,987 $ 223,481
======= ========= ======== =========
Available Guest
Nights 91,293 85,959 254,651 243,329
Gross Cruise Cost per
Available Guest
Night $ 1,072 $ 1,065 $ 1,129 $ 1,118
Net Cruise Cost per
Available Guest
Night 948 911 999 956
Net Cruise Cost
Excluding Fuel per
Available Guest
(MORE TO FOLLOW) Dow Jones Newswires
November 05, 2024 07:30 ET (12:30 GMT)
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