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Lindblad Reports 2021 Q1 Earnings

Lindblad ship

Lindblad Expeditions Holdings today reported financial results for the first quarter ended March 31, 2021.

Sven-Olof Lindblad, President and Chief Executive Officer, said: “We are extremely excited to be on the verge of returning to operations. When our ships resume sailing in Alaska and the Galapagos this June, we will once again be doing what we do best, delivering high quality and immersive experiences to the world’s most remarkable destinations.

"The comprehensive plan we put in place just over a year ago to maintain a strong liquidity profile will enable us to return to operations as a nimble and vibrant company and capitalize on the substantial demand for authentic adventure travel," he continued. "With the vast majority of loyal guests from rescheduled voyages already rebooked for future travel and with the current booking strength we are experiencing, Lindblad is well positioned to build on the growth we were delivering prior to the pandemic.

"Additionally, we have expanded our growth opportunity with the recent acquisitions of Off the Beaten Path and DuVine. We just added these leading travel providers to our portfolio, but we are already seeing some of the cross-selling benefits of an expanded and diverse product portfolio. These land-based businesses, along with Natural Habitat, are already operating in various destinations, taking guests who are ready to once again experience what the world has to offer. As we begin to return to the places we have visited over the last forty years, I couldn’t be prouder of what we have accomplished these past twelve months, and I look forward to the opportunities ahead for our guests, for our employees and for our shareholders.”

Back to Operations

The company has announced plans to resume ship operations for the 2021 season in Alaska and the Galapagos in June 2021 and is working with local health authorities on plans to begin operating in additional geographies during the second half of the year. As the company’s ships are currently not in operation, the majority of the fleet is being maintained with minimally required crew onboard to ensure they comply with all necessary regulations and can be put back fully and quickly into service as needed.

Lindblad said it believes there are a variety of strategic advantages that enable it to deploy its ships safely and quickly as travel restrictions are lifted. The most notable is the size of its owned and operated vessels which range from 48 to 148 passengers, allowing for a highly controlled environment that includes stringent cleaning protocols. 

Bookings

Bookings for 2022 are 39% ahead of the bookings for 2021 as of the same date a year ago and 32% ahead of the bookings for 2020 as of the same date two years ago. The Company continues to see new bookings for future travel including over $92.0 million since the beginning of 2021, and is receiving significant deposits and final payments for future travel.

FIRST QUARTER RESULTS

Tour Revenues

First quarter tour revenues decreased $79.5 million, or 98%, as compared to the same period in 2020. The decline was driven by a $69.1 million decrease at the Lindblad segment and a $10.4 million decrease at the Land Experiences segment as a result of rescheduling nearly all expeditions due to COVID-19 during the first quarter of 2021.   

Net Income

Net loss available to stockholders for the first quarter was $34.5 million, $0.66 per diluted share, as compared with net loss available to stockholders of $1.9 million, $0.04 per diluted share, in the first quarter of 2020. The $32.6 million decrease primarily reflects the impact of COVID-19 on operations, as well as an $2.6 million increase in interest expense due to additional borrowings and higher rates and a $1.6 million increase in depreciation and amortization versus the same period a year ago, primarily due to the addition of the National Geographic Endurance to the fleet in March 2020. These decreases were partially offset by a $0.1 million foreign currency gain in the current year versus a $3.4 million foreign currency loss in the first quarter of 2020. 

Adjusted EBITDA

First quarter Adjusted EBITDA loss of $20.8 million decreased $31.4 million as compared to the same period in 2020. The decrease was driven by a $28.0 million decline at the Lindblad segment and a $3.4 million decrease at the Land Experiences segment.

Lindblad segment Adjusted EBITDA loss of $18.0 million decreased $28.0 million as compared to the first quarter a year ago due primarily to the revenue impact of rescheduling all expeditions as a result of COVID-19 during the first quarter of 2021, partially offset by lower operating costs for the fleet while laid up, a reduction in commissions from the impact of COVID-19 on revenues and reduced marketing and personnel spend.

Land Experiences segment Adjusted EBITDA loss of $2.9 million decreased $3.4 million versus the first quarter a year ago primarily due to the lower revenue as a result of COVID-19, partially offset by lower operating costs due to rescheduled departures and a reduction in marketing and personnel spend.

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