Lindblad Expeditions Holdings Inc (LIND) Reports 22% Revenue Growth in Q3 2023
Total revenues for Q3 2023 increased by 22% to $176.0 million
Net income available to stockholders rose by $14.3 million to $4.5 million
Adjusted EBITDA saw an 83% increase to $34.0 million
Bookings for 2023 are 42% ahead of 2019 bookings at the same point in time
On November 2, 2023, Lindblad Expeditions Holdings Inc (NASDAQ:LIND) released its financial results for the third quarter ending September 30, 2023. The company reported a 22% increase in total revenues, reaching $176.0 million. Net income available to stockholders saw a significant rise, increasing by $14.3 million to reach $4.5 million. Adjusted EBITDA also saw substantial growth, increasing by 83% to $34.0 million.
Performance Highlights
Lindblad Expeditions Holdings Inc (NASDAQ:LIND) reported a 21% increase in available guest nights in the Lindblad segment, with net yield per available guest night increasing by 9% to $1,110. Occupancy was reported at 81%. The company also reported strong reservations for future travel, with bookings for 2023 being 42% ahead of bookings for 2019 at the same point in time.
Financial Results
Third quarter tour revenues of $176.0 million increased by $31.2 million, or 22%, compared to the same period in 2022. This increase was driven by a $25.0 million increase in the Lindblad segment and a $6.2 million increase in the Land Experiences segment. Net income available to stockholders for the third quarter was $4.5 million, $0.08 per diluted share, compared with a net loss of $9.8 million, $0.18 per diluted share, in the third quarter of 2022. The $14.3 million improvement primarily reflects the ramp in operations, partially offset by a $3.1 million increase in interest expense due to additional borrowings and higher rates and a $1.3 million increase in stock-based compensation.
Balance Sheet and Liquidity
The company's cash and cash equivalents, restricted cash and short-term securities were $204.8 million as of September 30, 2023, compared with $129.6 million as of December 31, 2022. The increase primarily reflects $61.0 million in net cash from financing activities primarily related to the May issuance of $275.0 million of 9.00% senior secured notes and $35.3 million in cash from operations due to the strong operating performance and increased bookings for future travel, partially offset by $22.7 million in cash used in purchasing property and equipment, predominantly related to maintenance on existing vessels and investments in digital initiatives.
Outlook
The company has substantial advance reservations for future travel with strong gross bookings, partially offset by short-term cancellations. As of October 30, 2023, Lindblad segment bookings for travel during 2023 have increased 42% as compared with bookings for 2019 as of the same date in 2019.
Stock Repurchase Plan
The company currently has a $35.0 million stock repurchase plan in place. As of October 30, 2023, 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 30, 2023, there were 53.4 million shares common stock outstanding.
Explore the complete 8-K earnings release (here) from Lindblad Expeditions Holdings Inc for further details.
This article first appeared on GuruFocus.
