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Dec 31, 2022
Lindblad Expeditions Q4 2022 Earnings Report
Lindblad Expeditions reported financial results, showing increased tour revenues compared to the same period in 2021, but a net loss available to stockholders.
Key Takeaways
Lindblad Expeditions Holdings, Inc. reported its Q4 2022 financial results, featuring an increase in tour revenues to $118.0 million, up from $65.6 million in Q4 2021. However, the company experienced a net loss available to stockholders of $33.2 million, compared to a net loss of $27.8 million in the same quarter of the previous year. Adjusted EBITDA loss improved to $2.7 million from $13.7 million year-over-year.
Tour revenues increased to $118.0 million, driven by growth in both Lindblad and Land Experiences segments.
Net loss available to stockholders was $33.2 million, a decrease of $5.4 million compared to Q4 2021.
Adjusted EBITDA loss improved to $2.7 million, driven by improvements in both Lindblad and Land Experiences segments.
The company had $87.2 million in unrestricted cash and $28.8 million in restricted cash as of December 31, 2022.
Revenue by Segment
Forward Guidance
The Company’s current expectations for the full year 2023 are as follows: Tour revenues of $550 - $575 million and Adjusted EBITDA of $70 - $80 million.
Positive Outlook
- Tour revenues of $550 - $575 million
- Adjusted EBITDA of $70 - $80 million
- Substantial advance reservations for future travel
- Strong gross bookings
- Lindblad segment bookings for travel during 2023 have increased 47% as compared with bookings for 2019 as of the same date in 2019.
Challenges Ahead
- Short-term cancellations associated with the COVID-19 virus
- Instability in Peru
- Itinerary changes due to the Russia-Ukraine conflict
- Monthly cash usage will increase
- There can be no assurance that cash flows from operations will be available to fund future obligations
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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