Lindblad Expeditions Q3 revenue rises 12% to $269M
The current full-year 2026 outlook calls for tour revenue of $870 million to $885 million and Adjusted EBITDA of $142 million to $148 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Lindblad Expeditions Holdings, Inc. (LIND) reported third-quarter 2026 tour revenue of $269.2 million, up 12% from a year earlier, and net income available to stockholders of $24.2 million, compared with a $49 thousand loss. Adjusted EBITDA was $64.1 million, up 12%; occupancy rose to 91% from 88%, and Lindblad net yield per available guest night rose 6% to $1,398.
Revenue included $153.4 million from Lindblad, up 11%, and $115.8 million from Land Experiences, up 13%. The company acquired majority ownership interests in White Desert and Echo Charlie. As of September 30, 2026, cash, cash equivalents and restricted cash totaled $308.2 million; total debt was $675.0 million, and the company said it complied with applicable debt covenants. Nine-month cash provided by operating activities was $111.3 million, compared with $97.1 million in the first nine months of 2025. A $35.0 million stock repurchase plan had $12.0 million remaining as of October 31, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter tour revenue increased 12% to $269.2 million.
- Moderate pointAdjusted EBITDA increased 12% to $64.1 million.
- Moderate pointStockholder net income was $24.2 million, versus a $49 thousand loss.
Negative
- None.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Net Yield per Available Guest Night financial
Available Guest Nights financial
Free Cash Flow financial
Earnings Snapshot
Full-year 2026 tour revenues of $870 million to $885 million and Adjusted EBITDA of $142 million to $148 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were LIND’s third-quarter 2026 revenue and Adjusted EBITDA?
What is LIND’s 2026 financial outlook?
AI-generated analysis. How Rhea-AI works. Not financial advice.
|
|
|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
The
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Exhibit
Number
|
Description
|
|
|
99.1
|
Press Release dated November 3, 2026
|
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
|
Date: November 3, 2026
|
By:
|
/s/ Frederick Goldberg
|
|
|
Name:
|
Frederick Goldberg
|
||
|
Title:
|
Chief Financial Officer
|
Exhibit 99.1
Lindblad Expeditions Holdings, Inc. Reports 2026
Third Quarter Financial Results
Third Quarter 2026 Highlights:
|
● |
Total revenue increased 12% to $269.2 million |
||
|
● |
Net income available to stockholders of $24.2 million, the highest quarterly result in Company history |
||
|
● |
Adjusted EBITDA increased 12% to $64.1 million |
||
|
● |
Lindblad segment net yield per available guest night increased 6% to $1,398 |
||
|
● |
Occupancy increased to 91% from 88% |
||
| ● | Acquired a majority ownership interest in White Desert, the pioneering luxury Antarctic company, and Echo Charlie, a new aviation travel brand providing specialized access to unique destinations worldwide |
NEW YORK, November 3, 2026 – 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 third quarter ended September 30, 2026.
Natalya Leahy, Chief Executive Officer, said “It has been an exciting quarter for us! With the acquisition of White Desert and the launch of Echo Charlie, we are opening a new chapter of growth, innovation and long-term shareholder value creation. We also delivered outstanding financial results with record Adjusted EBITDA and occupancy above 90% for the third consecutive quarter. These achievements reflect the strength of our business model and disciplined execution. Our confidence in the future and appreciation for our people who make it possible have never been stronger.”
THIRD QUARTER RESULTS
Tour Revenues
Third quarter tour revenues of $269.2 million increased $29.0 million, or 12%, as compared to the same period in 2025. The increase was driven by a $15.8 million increase at the Lindblad segment and a $13.2 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $153.4 million increased $15.8 million, or 11%, compared to the third quarter a year ago primarily due to an increase in occupancy to 91% on a 4% increase in available guest nights, driving a 6% increase in net yield to $1,398.
Land Experiences tour revenues of $115.8 million increased $13.2 million, or 13%, compared to the third quarter a year ago primarily due to an increase in guests and operating additional trips.
Net Income
Net income available to stockholders for the third quarter was $24.2 million, $0.36 per diluted share, as compared to a net loss available to stockholders of $49 thousand, $0.00 per diluted share, in the third quarter of 2025. The $24.3 million increase in net income available to stockholders primarily reflects improved operating results, partially offset by a $7.0 million increase in income tax expense. The 2025 net loss available to stockholders included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend, and a $1.8 million benefit related to employee retention tax credits.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $64.1 million increased $6.9 million as compared to the same period in 2025 driven by a $4.3 million increase at the Lindblad segment and a $2.5 million increase at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $37.1 million increased $4.3 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages and higher fuel costs, increased selling and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, and higher marketing spend to drive long-term growth initiatives.
Land Experiences segment Adjusted EBITDA of $27.0 million increased $2.5 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, and higher marketing spend to drive future growth.
|
For the three months ended September 30, |
For the nine months ended September 30, |
|||||||||||||||||||||||||||||||
|
(In thousands) |
2026 |
2025 |
Change |
% |
2026 |
2025 |
Change |
% |
||||||||||||||||||||||||
|
Tour revenues: |
||||||||||||||||||||||||||||||||
|
Lindblad |
$ | 153,364 | $ | 137,561 | $ | 15,803 | 11 | % | $ | 435,084 | $ | 379,714 | $ | 55,370 | 15 | % | ||||||||||||||||
|
Land Experiences |
115,787 | 102,611 | 13,176 | 13 | % | 241,327 | 208,124 | 33,203 | 16 | % | ||||||||||||||||||||||
|
Total tour revenues |
$ | 269,151 | $ | 240,172 | $ | 28,979 | 12 | % | $ | 676,411 | $ | 587,838 | $ | 88,573 | 15 | % | ||||||||||||||||
|
Operating income: |
||||||||||||||||||||||||||||||||
|
Lindblad |
$ | 17,771 | $ | 13,236 | $ | 4,535 | 34 | % | $ | 32,184 | $ | 19,553 | $ | 12,631 | 65 | % | ||||||||||||||||
|
Land Experiences |
24,980 | 22,734 | 2,246 | 10 | % | 38,136 | 31,440 | 6,696 | 21 | % | ||||||||||||||||||||||
|
Operating income |
$ | 42,751 | $ | 35,970 | $ | 6,781 | 19 | % | $ | 70,320 | $ | 50,993 | $ | 19,327 | 38 | % | ||||||||||||||||
|
Adjusted EBITDA: |
||||||||||||||||||||||||||||||||
|
Lindblad |
$ | 37,111 | $ | 32,773 | $ | 4,338 | 13 | % | $ | 87,514 | $ | 75,422 | $ | 12,092 | 16 | % | ||||||||||||||||
|
Land Experiences |
27,004 | 24,490 | 2,514 | 10 | % | 43,893 | 36,666 | 7,227 | 20 | % | ||||||||||||||||||||||
|
Total adjusted EBITDA |
$ | 64,115 | $ | 57,263 | $ | 6,852 | 12 | % | $ | 131,407 | $ | 112,088 | $ | 19,319 | 17 | % | ||||||||||||||||
Balance Sheet and Liquidity
The Company’s cash and cash equivalents and restricted cash were $308.2 million as of September 30, 2026, as compared to $289.7 million as of December 31, 2025. The increase primarily reflects $111.3 million of net cash provided by operating activities, due to increased bookings for future travel, which was partially offset by $54.6 million of cash used, net of cash acquired, to acquire a majority ownership interest in White Desert and Echo Charlie, $18.8 million of cash used in purchasing property and equipment and $19.8 million used to acquire an additional 5.0% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys.
As of September 30, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.
2026 OUTLOOK
The Company’s current expectations for the full year 2026 are as follows:
|
● |
Tour revenues of $870 - $885 million |
|
● |
Adjusted EBITDA of $142 - $148 million |
STOCK REPURCHASE PLAN
The Company currently has a $35.0 million stock repurchase plan in place. As of October 31, 2026, 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 October 31, 2026, there were 65.7 million shares of 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, Free Cash Flow, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance, liquidity 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.
Audio Conference Webcast Information
The Company has scheduled an audio conference webcast at 9:00 a.m. Eastern Time on November 3, 2026, to discuss the Company’s third quarter financial results. The webcast can be accessed at investors.expeditions.com, or at https://events.q4inc.com/attendee/416185057. Dial-in numbers by country are available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 416185057.
To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/416185057?pwd=BmWfj6ho, to receive a unique passcode.
A replay of the webcast will be available at the Company’s investor relations website, investors.expeditions.com.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company”) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its eight pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship-, land- and air-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company’s award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, Wineland-Thomson Adventures, White Desert, and Echo Charlie—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet’s most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.
To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company’s commitment to responsible exploration, visit investors.expeditions.com.
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. 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) adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, crew or guest illness such as a gastrointestinal virus, pandemics, geopolitical issues or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute our planned growth, including our ability to successfully integrate any future acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) our ability to maintain licenses and permits necessary for certain operations in compliance with laws, regulations and other requirements; (x) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (xi) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xii) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (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, the safety of travel, or passenger and crew illnesses such as a gastrointestinal virus or other health issues; (xv) the result of future financing efforts; 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 https://www.sec.gov or at https://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 September 30, 2026 |
As of December 31, 2025 |
|||||||
|
(unaudited) |
||||||||
|
ASSETS |
||||||||
|
Current Assets: |
||||||||
|
Cash and cash equivalents |
$ | 274,949 | $ | 256,692 | ||||
|
Restricted cash |
33,223 | 33,043 | ||||||
|
Prepaid expenses and other current assets |
89,650 | 78,145 | ||||||
|
Total current assets |
397,822 | 367,880 | ||||||
|
Property and equipment, net |
508,235 | 522,123 | ||||||
|
Goodwill |
104,938 | 60,609 | ||||||
|
Intangibles, net |
97,053 | 16,599 | ||||||
|
Other long-term assets |
17,474 | 12,747 | ||||||
|
Total assets |
$ | 1,125,522 | $ | 979,958 | ||||
|
LIABILITIES |
||||||||
|
Current Liabilities: |
||||||||
|
Unearned passenger revenues |
$ | 431,788 | $ | 361,481 | ||||
|
Accrued expenses and other |
66,871 | 77,883 | ||||||
|
Accounts payable |
24,059 | 22,227 | ||||||
|
Long-term debt - current portion |
- | 3 | ||||||
|
Total current liabilities |
522,718 | 461,594 | ||||||
|
Long-term debt, less current portion |
664,516 | 662,671 | ||||||
|
Other long-term liabilities |
32,396 | 9,192 | ||||||
|
Total liabilities |
1,219,630 | 1,133,457 | ||||||
|
Commitments and contingencies |
||||||||
|
Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of September 30, 2026, 62,000 shares issued and outstanding as of December 31, 2025 |
- | 83,079 | ||||||
|
Redeemable noncontrolling interests |
77,609 | 47,948 | ||||||
| 77,609 | 131,027 | |||||||
|
STOCKHOLDERS’ DEFICIT |
||||||||
|
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025 |
- | - | ||||||
|
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,655,769 and 55,421,384 issued, 65,620,129 and 55,323,495 outstanding as of September 30, 2026 and December 31, 2025, respectively |
7 | 6 | ||||||
|
Additional paid-in capital |
217,240 | 126,873 | ||||||
|
Accumulated deficit |
(388,944 | ) | (411,405 | ) | ||||
|
Accumulated other comprehensive loss |
(20 | ) | - | |||||
|
Total stockholders’ deficit |
(171,717 | ) | (284,526 | ) | ||||
|
Total liabilities, mezzanine equity and stockholders’ deficit |
$ | 1,125,522 | $ | 979,958 | ||||
|
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 September 30, |
For the nine months ended September 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Tour revenues |
$ | 269,151 | $ | 240,172 | $ | 676,411 | $ | 587,838 | ||||||||
|
Operating expenses: |
||||||||||||||||
|
Cost of tours |
135,927 | 124,373 | 345,282 | 308,611 | ||||||||||||
|
General and administrative |
35,749 | 34,808 | 101,965 | 98,613 | ||||||||||||
|
Selling and marketing |
37,775 | 30,091 | 105,735 | 84,722 | ||||||||||||
|
Depreciation and amortization |
16,949 | 14,930 | 53,109 | 44,899 | ||||||||||||
|
Total operating expenses |
226,400 | 204,202 | 606,091 | 536,845 | ||||||||||||
|
Operating income |
42,751 | 35,970 | 70,320 | 50,993 | ||||||||||||
|
Other (expense) income: |
||||||||||||||||
|
Interest expense, net |
(10,191 | ) | (11,256 | ) | (31,264 | ) | (34,503 | ) | ||||||||
|
(Loss) gain on foreign currency |
(886 | ) | (318 | ) | (1,515 | ) | 982 | |||||||||
|
Other (expense) income |
(114 | ) | 1,105 | (59 | ) | 1,134 | ||||||||||
|
Loss on extinguishment of debt |
- | (23,492 | ) | - | (23,492 | ) | ||||||||||
|
Total other expense |
(11,191 | ) | (33,961 | ) | (32,838 | ) | (55,879 | ) | ||||||||
|
Income (loss) before income taxes |
31,560 | 2,009 | 37,482 | (4,886 | ) | |||||||||||
|
Income tax provision (benefit) |
4,473 | (2,564 | ) | 4,687 | (3,503 | ) | ||||||||||
|
Net income (loss) |
27,087 | 4,573 | 32,795 | (1,383 | ) | |||||||||||
|
Net income attributable to noncontrolling interest |
2,848 | 3,383 | 3,463 | 4,783 | ||||||||||||
|
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. |
24,239 | 1,190 | 29,332 | (6,166 | ) | |||||||||||
|
Series A redeemable convertible preferred stock dividend |
- | 1,239 | 497 | 3,667 | ||||||||||||
|
Net income (loss) available to stockholders |
$ | 24,239 | $ | (49 | ) | $ | 28,835 | $ | (9,833 | ) | ||||||
|
Weighted average shares outstanding: |
||||||||||||||||
|
Basic |
65,560,483 | 55,557,530 | 64,206,682 | 54,859,959 | ||||||||||||
|
Diluted |
66,680,459 | 55,557,530 | 65,154,789 | 54,859,959 | ||||||||||||
|
Undistributed income (loss) per share available to stockholders: |
||||||||||||||||
|
Basic |
$ | 0.37 | $ | (0.00 | ) | $ | 0.45 | $ | (0.18 | ) | ||||||
|
Diluted |
$ | 0.36 | $ | (0.00 | ) | $ | 0.44 | $ | (0.18 | ) | ||||||
|
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
|
Condensed Consolidated Statements of Cash Flows |
|
(In thousands) (unaudited) |
|
For the nine months ended September 30, |
||||||||
|
2026 |
2025 |
|||||||
|
Cash Flows From Operating Activities |
||||||||
|
Net income (loss) |
$ | 32,795 | $ | (1,383 | ) | |||
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
53,109 | 44,899 | ||||||
|
Amortization of deferred financing costs, net |
1,974 | 2,684 | ||||||
|
Amortization of right-of-use lease assets |
1,922 | 1,254 | ||||||
|
Stock-based compensation |
5,221 | 14,489 | ||||||
|
Deferred income taxes |
923 | (984 | ) | |||||
|
Loss (gain) on foreign currency |
1,515 | (982 | ) | |||||
|
Write-off of unamortized deferred financing costs due to debt extinguishment |
- | 7,111 | ||||||
|
Changes in operating assets and liabilities |
||||||||
|
Prepaid expenses and other current assets |
(3,329 | ) | (8,891 | ) | ||||
|
Unearned passenger revenues |
40,483 | 41,134 | ||||||
|
Other long-term assets |
(3,328 | ) | (1,023 | ) | ||||
|
Other long-term liabilities |
1,064 | (1,010 | ) | |||||
|
Accounts payable, accrued expenses and other |
(21,010 | ) | (157 | ) | ||||
|
Net cash provided by operating activities |
111,339 | 97,141 | ||||||
|
Cash Flows From Investing Activities |
||||||||
|
Purchases of property and equipment |
(18,829 | ) | (36,778 | ) | ||||
|
Acquisitions (net of cash acquired) |
(54,604 | ) | (17,359 | ) | ||||
|
Net cash used in investing activities |
(73,433 | ) | (54,137 | ) | ||||
|
Cash Flows From Financing Activities |
||||||||
|
Additional acquisition of redeemable noncontrolling interest |
(19,760 | ) | - | |||||
|
Proceeds from exercise of options |
6,603 | 4,259 | ||||||
|
Repurchase under stock-based compensation plans, related tax impacts |
(5,356 | ) | (248 | ) | ||||
|
Noncontrolling interest distributions |
(804 | ) | (950 | ) | ||||
|
Payment of deferred financing costs |
(129 | ) | (11,777 | ) | ||||
|
Repayments of long-term debt |
(3 | ) | (635,029 | ) | ||||
|
Proceeds from long-term debt |
- | 675,010 | ||||||
|
Net cash (used in) provided by financing activities |
(19,449 | ) | 31,265 | |||||
|
Effect of exchange rate changes on cash |
(20 | ) | (288 | ) | ||||
|
Net increase in cash, cash equivalents and restricted cash |
18,437 | 73,981 | ||||||
|
Cash, cash equivalents and restricted cash at beginning of period |
289,735 | 216,143 | ||||||
|
Cash, cash equivalents and restricted cash at end of period |
$ | 308,172 | $ | 290,124 | ||||
|
Supplemental disclosures of cash flow information: |
||||||||
|
Cash paid during the period: |
||||||||
|
Interest |
$ | 50,834 | $ | 43,875 | ||||
|
Income taxes |
2,888 | 2,239 | ||||||
|
Non-cash investing and financing activities: |
||||||||
|
Shares issued in connection with conversion of Series A redeemable convertible preferred stock |
$ | 83,576 | $ | - | ||||
|
Non-cash preferred stock dividend |
497 | 3,667 | ||||||
|
Non-cash recognition of new leases |
1,571 | - | ||||||
|
Additional paid-in capital exercise proceeds of option shares |
(933 | ) | 358 | |||||
|
Additional paid-in capital exchange proceeds used for option shares |
933 | (358 | ) | |||||
|
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
|
Supplemental Financial Schedules |
|
(In thousands) |
|
(unaudited) |
Reconciliation of Net Income (Loss) to Adjusted EBITDA Consolidated
|
Consolidated |
For the three months ended September 30, |
For the nine months ended September 30, |
||||||||||||||
|
(In thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Net income (loss) |
$ | 27,087 | $ | 4,573 | $ | 32,795 | $ | (1,383 | ) | |||||||
|
Interest expense, net |
10,191 | 11,256 | 31,264 | 34,503 | ||||||||||||
|
Income tax provision (benefit) |
4,473 | (2,564 | ) | 4,687 | (3,503 | ) | ||||||||||
|
Depreciation and amortization |
16,949 | 14,930 | 53,109 | 44,899 | ||||||||||||
|
Loss (gain) on foreign currency |
886 | 318 | 1,515 | (982 | ) | |||||||||||
|
Stock-based compensation |
1,540 | 5,370 | 5,221 | 14,489 | ||||||||||||
|
Transaction-related costs |
2,875 | 159 | 3,036 | 873 | ||||||||||||
|
Other expense (income) |
114 | 20 | 59 | (9 | ) | |||||||||||
|
Debt extinguishment |
- | 23,492 | - | 23,492 | ||||||||||||
|
Acquisition gain |
- | (1,125 | ) | - | (1,125 | ) | ||||||||||
|
Reorganization costs |
- | 834 | (279 | ) | 834 | |||||||||||
|
Adjusted EBITDA |
$ | 64,115 | $ | 57,263 | $ | 131,407 | $ | 112,088 | ||||||||
Reconciliation of Operating Income to Adjusted EBITDA
|
Lindblad Segment |
For the three months ended September 30, |
For the nine months ended September 30, |
||||||||||||||
|
(In thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Operating income |
$ | 17,771 | $ | 13,236 | $ | 32,184 | $ | 19,553 | ||||||||
|
Depreciation and amortization |
15,032 | 13,360 | 47,931 | 40,672 | ||||||||||||
|
Stock-based compensation |
1,418 | 5,325 | 4,788 | 14,186 | ||||||||||||
|
Transaction-related costs |
2,890 | 18 | 2,890 | 177 | ||||||||||||
|
Reorganization costs |
- | 834 | (279 | ) | 834 | |||||||||||
|
Adjusted EBITDA |
$ | 37,111 | $ | 32,773 | $ | 87,514 | $ | 75,422 | ||||||||
|
Land Experiences Segment |
For the three months ended September 30, |
For the nine months ended September 30, |
||||||||||||||
|
(In thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Operating income |
$ | 24,980 | $ | 22,734 | $ | 38,136 | $ | 31,440 | ||||||||
|
Depreciation and amortization |
1,917 | 1,570 | 5,178 | 4,227 | ||||||||||||
|
Stock-based compensation |
122 | 45 | 433 | 303 | ||||||||||||
|
Transaction-related costs |
(15 | ) | 141 | 146 | 696 | |||||||||||
|
Adjusted EBITDA |
$ | 27,004 | $ | 24,490 | $ | 43,893 | $ | 36,666 | ||||||||
|
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
|
Supplemental Financial Schedules |
|
(In thousands, except for Guest Metrics and per Available Guest Night metrics) |
|
(unaudited) |
|
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities |
For the nine months ended September 30, |
|||||||
|
2026 |
2025 |
|||||||
|
Net cash provided by operating activities |
$ | 111,339 | $ | 97,141 | ||||
|
Less: purchases of property and equipment |
(18,829 | ) | (36,778 | ) | ||||
|
Free Cash Flow |
$ | 92,510 | $ | 60,363 | ||||
Guest Metrics — Lindblad Segment
|
For the three months ended September 30, |
For the nine months ended September 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Available Guest Nights |
99,550 | 95,487 | 270,896 | 252,327 | ||||||||||||
|
Guest Nights Sold |
90,779 | 84,143 | 248,423 | 221,315 | ||||||||||||
|
Occupancy |
91 | % | 88 | % | 92 | % | 88 | % | ||||||||
|
Maximum Guests |
12,465 | 11,909 | 36,389 | 32,906 | ||||||||||||
|
Number of Guests |
11,402 | 10,685 | 33,427 | 29,165 | ||||||||||||
|
Voyages |
161 | 159 | 479 | 433 | ||||||||||||
|
Calculation of Gross and Net Yield per Available Guest Night |
For the three months ended September 30, |
For the nine months ended September 30, |
||||||||||||||
|
(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Guest ticket revenues |
$ | 137,513 | $ | 120,979 | $ | 375,061 | $ | 331,804 | ||||||||
|
Other tour revenue |
15,851 | 16,582 | 60,023 | 47,910 | ||||||||||||
|
Tour revenues |
153,364 | 137,561 | 435,084 | 379,714 | ||||||||||||
|
Less: Commissions |
(6,305 | ) | (5,304 | ) | (17,294 | ) | (15,349 | ) | ||||||||
|
Less: Other tour expenses |
(7,852 | ) | (6,762 | ) | (29,815 | ) | (23,095 | ) | ||||||||
|
Net Yield |
$ | 139,207 | $ | 125,495 | $ | 387,975 | $ | 341,270 | ||||||||
|
Available Guest Nights |
99,550 | 95,487 | 270,896 | 252,327 | ||||||||||||
|
Gross Yield per Available Guest Night |
$ | 1,541 | $ | 1,441 | $ | 1,606 | $ | 1,505 | ||||||||
|
Net Yield per Available Guest Night |
1,398 | 1,314 | 1,432 | 1,352 | ||||||||||||
|
For the three months ended September 30, |
For the nine months ended September 30, |
|||||||||||||||
|
(In thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Operating income |
$ | 17,771 | $ | 13,236 | $ | 32,184 | $ | 19,553 | ||||||||
|
Cost of tours |
69,291 | 63,800 | 207,830 | 187,092 | ||||||||||||
|
General and administrative |
22,010 | 23,682 | 63,198 | 65,758 | ||||||||||||
|
Selling and marketing |
29,260 | 23,483 | 83,941 | 66,639 | ||||||||||||
|
Depreciation and amortization |
15,032 | 13,360 | 47,931 | 40,672 | ||||||||||||
|
Less: Commissions |
(6,305 | ) | (5,304 | ) | (17,294 | ) | (15,349 | ) | ||||||||
|
Less: Other tour expenses |
(7,852 | ) | (6,762 | ) | (29,815 | ) | (23,095 | ) | ||||||||
|
Net Yield |
$ | 139,207 | $ | 125,495 | $ | 387,975 | $ | 341,270 | ||||||||
|
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES |
|
Supplemental Financial Schedules |
|
(In thousands, except for Guest Metrics and per Available Guest Night metrics) |
|
(unaudited) |
|
Calculation of Gross and Net Cruise Cost |
For the three months ended September 30, |
For the nine months ended September 30, |
||||||||||||||
|
(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Cost of tours |
$ | 69,291 | $ | 63,800 | $ | 207,830 | $ | 187,092 | ||||||||
|
Plus: Selling and marketing |
29,260 | 23,483 | 83,941 | 66,639 | ||||||||||||
|
Plus: General and administrative |
22,010 | 23,682 | 63,198 | 65,758 | ||||||||||||
|
Gross Cruise Cost |
120,561 | 110,965 | 354,969 | 319,489 | ||||||||||||
|
Less: Commissions |
(6,305 | ) | (5,304 | ) | (17,294 | ) | (15,349 | ) | ||||||||
|
Less: Other tour expenses |
(7,852 | ) | (6,762 | ) | (29,815 | ) | (23,095 | ) | ||||||||
|
Net Cruise Cost |
106,404 | 98,899 | 307,860 | 281,045 | ||||||||||||
|
Less: Fuel Expense |
(7,567 | ) | (6,224 | ) | (22,463 | ) | (17,755 | ) | ||||||||
|
Net Cruise Cost Excluding Fuel |
98,837 | 92,675 | 285,397 | 263,290 | ||||||||||||
|
Non-GAAP Adjustments: |
||||||||||||||||
|
Stock-based compensation |
(1,418 | ) | (5,325 | ) | (4,788 | ) | (14,186 | ) | ||||||||
|
Reorganization costs |
- | (834 | ) | 279 | (834 | ) | ||||||||||
|
Transaction-related costs |
(2,890 | ) | (18 | ) | (2,890 | ) | (177 | ) | ||||||||
|
Adjusted Net Cruise Cost Excluding Fuel |
$ | 94,529 | $ | 86,498 | $ | 277,998 | $ | 248,093 | ||||||||
|
Adjusted Net Cruise Cost |
$ | 102,096 | $ | 92,722 | $ | 300,461 | $ | 265,848 | ||||||||
|
Available Guest Nights |
99,550 | 95,487 | 270,896 | 252,327 | ||||||||||||
|
Gross Cruise Cost per Available Guest Night |
$ | 1,211 | $ | 1,162 | $ | 1,310 | $ | 1,266 | ||||||||
|
Net Cruise Cost per Available Guest Night |
1,069 | 1,036 | 1,136 | 1,114 | ||||||||||||
|
Net Cruise Cost Excluding Fuel per Available Guest Night |
993 | 971 | 1,054 | 1,043 | ||||||||||||
|
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night |
950 | 906 | 1,026 | 983 | ||||||||||||
|
Adjusted Net Cruise Cost per Available Guest Night |
1,026 | 971 | 1,109 | 1,054 | ||||||||||||
Reconciliation of 2026 Adjusted EBITDA Guidance:
|
(In millions) |
Full Year 2026 |
|||||||||||
|
Income before income taxes |
$ | 8 | to | $ | 28 | |||||||
|
Depreciation and amortization |
74 | to | 69 | |||||||||
|
Interest expense, net |
43 | to | 41 | |||||||||
|
Stock-based compensation |
10 | to | 7 | |||||||||
|
Other |
7 | to | 3 | |||||||||
|
Adjusted EBITDA |
$ | 142 | to | $ | 148 | |||||||
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 defined by us as net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and certain other non-operating items. Other non-operating items excluded include such items as stock-based compensation, reorganization costs, executive severance costs, 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 to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Free Cash Flow is defined by us as net cash provided by operating activities less purchases of property and equipment. We believe Free Cash Flow is a useful measure of liquidity because it reflects cash generated by our operations after capital expenditures; however, it does not represent residual cash flow available for discretionary expenditures, as it does not deduct mandatory debt service and other non-discretionary expenditures. Free Cash Flow should not be considered in isolation or as a substitute for net cash provided by operating activities, and our definition may not be comparable to similarly titled measures used by other companies.
The following metrics apply to our 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 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.
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 insurance proceeds, 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 who 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.