Q4 2024 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Lindblad Expeditions Holdings Inc (LIND) reported a record-breaking 2024 with a 13% increase in revenue to $645 million.
- The company saw a 28% increase in adjusted EBITDA, with margins improving by 170 basis points to 14.4%.
- Bookings for 2025 and 2026 are trending ahead of the prior year in both the expedition and land segments.
- The introduction of new vessels in the Galapagos market and the expansion of the Antarctica cruise program are expected to drive future growth.
- Lindblad Expeditions Holdings Inc (LIND) is focusing on sustainability, having facilitated 45 conservation, education, and research initiatives in 2024.
- The EBITDA guidance for 2025 came in around 5% below consensus at the midpoint.
- Operating expenses increased by 11.1% compared to 2023, driven by higher costs in tours, sales, and marketing.
- General and administrative costs rose by 17.4% due to higher personnel costs and credit card commissions.
- The company reported a net loss available to stockholders of $35.8 million, despite improvements in operations.
- Available guest nights are expected to decrease in Q1 2025 due to the timing of dry docks and repositionings.
Thank you for standing by. My name is Gail, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad 2024 fourth quarter earnings call [Operator Instructions] I will now turn the call over to Rick Goldberg, CFO. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's 2024 4th quarter earnings call. With me on the call today is Natalia Leahy, Chief Executive Officer, and Sven Lindblad, founder and co-Chairman. Dyson Dryden, who served as our interim Chief Financial Officer last year before returning to our board of directors, is also here to help answer questions.
We'll start with some brief comments from Sven. Then Natalia will share her initial impressions and roadmap for the business, and I will follow with details on our 2024 results and 2025 expectations before we open the call for Q&A. As always, you can find our latest earnings release in the investor relations section
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