Q2 2025 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Revenue increased by 23% in Q2 2025, with a 19% increase in the core Lindblad Expedition segment and a 31% increase in the Land segment.
- Occupancy rose to 86%, an 11-point gain despite a 5% capacity increase, and net yields grew 13% to $1,241, a historic high for the second quarter.
- Adjusted EBITDA increased 139% with margins expanding 720 basis points to 14.8%.
- Strong bookings are tracking ahead of last year for both 2025 and 2026, indicating continued success.
- The partnership with Disney is yielding positive outcomes, with bookings from Disney's earmarked travel advisers increasing by 45%.
- Despite strong performance, the company anticipates higher costs and less flow-through in the second half of 2025 due to it being an investment year.
- Sales and marketing costs increased by 44.4%, driven by higher royalties, commission expenses, and investments in demand generation efforts.
- The company reported a net loss available to stockholders of $9.7 million, although this was an improvement from the previous year.
- There is a step-up in royalties associated with the agreement with National Geographic, which will increase further in 2026.
- The company is facing challenges in finding used boats in the market for acquisition, which may necessitate considering new vessel construction.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad Expeditions second-quarter 2025 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Rick Goldberg. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's second-quarter 2025 earnings call. With me on today's call is Natalya Leahy, our Chief Executive Officer. Natalya will begin with some opening comments, and I'll follow with details on our Q2 financial results and updated expectations for the full year before we open the call for Q&A.
As always, you can find our latest earnings release in the Investor Relations section of our website. But before we get to all of that, I'd like to remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
