Q4 2025 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Lindblad Expeditions Holdings Inc (LIND) achieved record guest satisfaction scores and financial performance in 2025.
- Full year revenues reached a record $771 million, representing a 20% year-over-year growth.
- Adjusted EBITDA increased by 38% to a record $126.2 million, with margins expanding by 220 basis points to 16.4%.
- The company strengthened its balance sheet, improving net leverage from 4.6 times to approximately 3.1 times by year-end 2025.
- Booking momentum remains strong, with 2026 booked revenue already surpassing full year 2025 revenue.
- Operating expenses increased by $91.3 million or 16.5% compared to 2024.
- Sales and marketing costs rose by $27.7 million or 31.8%, primarily due to higher royalties and commission expenses.
- Net loss available to stockholders was $34.6 million, driven by a $23.5 million loss on extinguishment of debt.
- The fourth quarter EBITDA was impacted by an increased number of dry and wet docks and a shift in the timing of marketing spend.
- The company faces potential risks from geopolitical disruptions that could impact demand and revenue growth.
Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will again be placed on music hold. Thank you for your patience.
Hello and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Lindblad Expeditions Holdings Inc. 2025 fourth quarter and full year financial results. (Operators Instructions)
I would now like to turn the conference over to Rick Goldberg, Chief Financial Officer. You may begin.
Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's fourth 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 will follow with details on our 2025 results and 2026 expectations before we open the call for Q&A. As always, you can find our latest earnings release in the Investor
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