LIND - Earnings call transcript Q4 2024 | Lindblad Expeditions Holdings, Inc.

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Operator

Thank you for standing by. My name is [ Gail ], and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad's 2024 Fourth Quarter Earnings Call. [Operator Instructions] I will now turn the call over to Rick Goldberg, CFO. Please go ahead.

Rick Goldberg

operator. you, Thank and XXXX everyone, for us joining Good Quarter thank Earnings Lindblad's Fourth Call. for morning, you With me on Executive the call today is Sven Founder Officer; Natalya Lindblad, and Co-Chairman. and Leahy, Chief Financial served our to who Board is questions. help Directors, here of year Dryden, Dyson our Interim Chief before Officer as returning to answer also last results and her and road XXXX map start brief from XXXX comments on impressions We'll and follow Sven, then details the we initial call business, I before with some Natalya will with will open share Q&A. for expectations for our the

As materially may actual release performance update to involved would our like cannot of always, information risks Relations forward-looking the in accuracy to and are expectations include cause SEC The undertake all on you risks the website. filings. can please the of I'd like expectations. forward-looking obligation company's results today find that, or we remind our statements. company uncertainties Those be everyone to latest statements.If see from the section you that to get may of guarantee such and in subject forward-looking no earnings that But the and we before forecast different comments any more these Investor statements, estimates, any to company's

that non-GAAP turn With In associated release. Sven. disclosures other and measures. the addition, in most A company's call comments GAAP may earnings financial measures financial the directly to are our of reference reconciliation comparable way, over of the the out contained I'll

Sven-Olof Lindblad

fronts. of on We're the all thank to and us. XXXX, a bring produced conclusion you morning, which Good records delighted multitude of joining you for

over old, to Expeditions. these great new you enterprise handing details. with building But of Lindblad Goldberg, leading shortly years thoughts. joy is having new will over the Natalya I few Rick begun as Our have division CFO, my company, in a Expeditions a and XX Leahy; father's Lindblad our years. now before CEO, and them, provide found

Our good has has life-enhancing for being planet. experiences guests North meaningful on our wavered of stewards never the Star of nor importance behalf providing the

Now and incredibly for diverse we charter with growth. incredible we XX poised owned ships, continued land-based X innovation have companies, which and an organization X

leadership and positive Dryden presidency Leahy, to hit and Rick Leahy. that can both to comes evolution. Together vibrant short So this will I this time hand to the And here enterprise to is Seaborne them to helping this our both a the CEO the was work who perfect to deep my experience through and helpful there excited already and to running Natalya a to company what one role back Board, the Line end Dyson ranks America are will keep of Corporation, I'll Carnival Natalya be closely next their our new as call in She over be ultimately and And Co-Chair impact. I call, hand with with Cruise year Lines. rising the the Holland of having we capable Goldberg, ground intensely continue with with about finally, can in growing. she phase on should be of the have they now our of any the presentation. the CFO, of questions contribute at

Natalya Leahy

you, Thank Sven. excited I'm truly be here. to

ships, shore the the for across incredible our history, culture field past and staff, side Lindblad's you Over appreciation built its approach the I've teams. purpose-driven a deep gained weeks, and

world's experience destinations. what communities, travel, special, delivering authenticity, you ships most our company While pioneer and enrichment witnessed and and crew all-inspiring true so expedition is first-hand this visiting the in makes the an incredible I the guests, engaging extraordinary with with adventure. Lindblad local in

inspired cuisine, daily to Promoter by industry-leading local the small our diverse orchestration the and seamless connection of within impressed landings, expeditions, so Our was all of locally intimacy communities. Net deep that. I exactly ships expert-led Scores our reflect and programming

this research, iconic one after one both me Galapagos, offer in brands, was exciting and there we proud my with only proud join X team, building by I in customer-centric background shared obvious the of brands. transformative forward guest I'm Lindblad the ahead. choice, to has and success As growth on energized extensive adventure Expeditions. National With experiences the phenomenal of look our to Geographic energized

but CFO, financial our call a want to Rick, a share our highlights. our We financial to Turning details will XXXX. key out delivered few performance, record-breaking on I more performance. do

tour improvement and for for Our increasing yields XX% margins increased of to all XX% increased each EBITDA to by Lindblad in X%, the year metrics, points segment segment revenue driven Adjusted XXX XX% basis increased accelerating quarter key XX.X%. revenue the the across revenues the increased with year Land's year. $XXX million. including

performance for In foundation prior are the was of in growth. XXXX pleased bookings for addition, [ see trend year XXXX continue year the laid also we record long-term and to to ahead ] the Expedition and segments. XXXX and Land sustainable a both

year, we our enhance with crossing. brand continued program. the the Direct reducing time trade travel by launched program XXXX, cruise eliminating our successfully Expedition guests the During end offerings the to and and The in to of passage fly expand Antarctica attracting new

The to XX half XXXX. more Given out sold voyages and XXXX program XX X strong we're than nearly in demand, expanding in the voyages from XXXX is XXXX, to booked. and in XXXX

as Delfina, In our core core XX vessels to guest market yacht, brand. perfectly addition, choice travelers new market, are and attracts our our additions and to positioned Geographic the in private cater National Geographic both ship that net our These guests guest premier Galapagos the National a high introduced worth new charters. X XX the in reinforce to position Gemini, we strategic

efficiencies which rollout several management drive forward. I'd advancements Seaware of key technology to booking During the moving completed to capabilities. year, the operational will like pricing highlight enhancing we the enable platform,

will onboard to that management also transparency costs provide higher our inventory We capabilities. implemented higher and technology upgrades

XX%. Lastly, system which upgrade, times we invested in our wait by cut [Indiscernible] already over

achieved the XXXX, conservation, change, XX research facilitated and ocean including visit education working scientists mission. was in impact we restoration on and you also for connections. real update at like would crops locally commitment heart Lindblad's remains which project, staple a [Indiscernible] our and key through return to which to milestone local regions health. A in of initiatives of saw and These on XXX% farmers. once the efforts we climate In visiting guest biodiversity, major sustainability, environmental drive I self-sufficiency enriching species of XX while cultural Island types Floreana deeper in experience Next,

both better key X I land to believe through creation. Number smart and are exploring maximizing asset accretive value capitalizing expansion, occupancy, segments; as profitability, drive utilization; number including number ahead, and charters the portfolio. Lindblad revenue fleet higher to Looking fixed well growth there through additions one, and optimizing deployment shareholder meaningful in our financial performance two, and pricing generation pillars three, brand potential on cost opportunities, innovations as

us we Let and XXXX help me you major share that making our with a investments will are and tactical in goals. few initiatives achieve strategic

early our are this Travel, Lindblad you and is why across and It authentic foremost, guests to through it choose Expeditions, see with how lens. promising. and channels this the our so launched campaign engagements First difference showcasing Refrained well. and captures multiple Lindblad a National matters, new [ campaign story. is enables very are brand We we How guests amplifying ] recently Geographic, our launched co-branded experience unique world

Second, new through we sales channels. and will focus on them reaching new reaching audiences

national tools from robust new this, geographic partners. For to program, a travel plan booking agencies. Platform integrating expands which the Geographic earmarked Disney top-tier our [ with developed joining our It travel ] will to significantly with Disney's increase advisor we National exposure

through audiences mail, target Disney direct prospects. will In addition, we new guest reaching

one is occupancy Third, we we the ways load our efficient drive charter attract will and expand believe to businesses, to new of audiences. group most and which early

provide intimate our international value. mindful we focused markets expansion in course, present growth perfectly very Fourth, drive and positioned will Of ships that attractive strong are opportunities. and key

capitalize a on course, Of efficiencies, Global able invest intensely momentum planning. will awareness initiatives, Lindblad on momentum least, dry to our forefront the sectors is uniquely the of is brand at occupancy supply cost of for National levels coupled catalyst one focused last this capitalize and Fifth, strong streamlining chain driving continue planning, being segment. And Geographic conclusion, and historic in improving to optimizing with the as unique we crew we're of our increase such but not Expeditions to and opportunity. the land achieve exceed fastest-growing on inventory portfolio, dock in operational positioned to XXXX management, across our beyond. In confidence in These booking and travel. us

differentiated Our deep shareholders unmatched model sustainability engagement and value purpose-driven guests rooted creates for alike. in and authenticity,

the pass sea of clear on a our drive a investment, I growth. call confident operational and to continued in great are engaged Rick portfolio strategic offerings Thank a you, to momentum, long-term map skilled and our excellence, to We financials. adventure travel and focus on and With success. highly for profitable at have and will amplification, brand ability land, road over Rick? sustainable review team we strong

Rick Goldberg

Natalya's much, the so be into after Lindblad the opportunity to months his I've Natalya. the this on about last could and team, next for especially enthusiastic our the you role. Natalya, to I'd not thank like X business spending about week to the transitioned more also ships of over the legacy board on build Thank with partnership one company's a as great take level. share CFO I to joining I excitement Dyson

the the increase increase net driven was at XXXX, travel by of or guest was million, point company This at was yield increase segment. XX, increase million, $XX Land building or the July a the increase compared $X,XXX higher and tour contributed by an or trips The an of $XXX million, $XXX million revenue revenue an XXXX and in XXXX additional increase the Lindblad segment XXXX. driven future $XX XX% X% Lindblad or or to Safaris, increase to Natalya XXXX versus were to also while guest record As an Experiences or $X million, pricing. On a million occupancy increase for per $XX available $XX.X Adventures, delivered adjusted a of million prior compared in revenue X% Inc, we Experiences $XX mentioned, the percentage group million adventure African million by XX% that year. $XXX strong an X which XX% EBITDA growth. closed a tour a was to year nights, revenues million segment an in to increase $XX Wineland-Thomson growth. Total EBITDA acquisition Lindblad available XX% XX% operates Land in XX%. foundation increase versus for of XXXX. full and X% night driven primarily in of was strong

Looking National to basis by the increased card available amortization. improved $XX.X the excluding depreciation the or XX to Sales higher points were significant settlements, land per operations, loss Geographic transaction-related in due $XX.X expenses associated increased well inclusion future $XX.X with amortization, costs additional to operating operating costs share. and bookings segment drive This credit side cost last bookings. General XX.X%, million continued and taxes due million associated with $XX.X $XX.X marketing ago, or before commissions of personnel revenue, business, a marketing $X.XX partially to million spend Cost to million Thomson as X.X% X.X%, XX.X% to with stock-based versus year offset which year. expenses compared down and or costs of or primarily reflects increased and diluted the $XX.X compensation, increased administrative royalties interest primarily and trips. versus tours closer growth. XXXX. of higher year-over-year company million legal primarily or net depreciation the at Total stockholders as additional and million costs, Lindblad and agreement XX.X% Fuel improvement due of higher is new and Group

in and quarter and segment. a was to guests the traveled XXXX night same the fourth Adventures. Adjusted and compared Experiences of segment, Lindblad quarter $X.X the the segment X Experiences XX% by Land in in XXXX, the This increase increase segment, $X in revenues a a million yield tour quarter in year increase due year-over-year driven Lindblad including point from at of available increase million percentage guest quickly net an period increased at in Looking per fourth Land to the increase addition the of $X.X at million an in XX% occupancy $XX.X EBITDA a Wineland-Thomson ago. the the fourth million increased

stated X Expedition our Gemini both embarked for acquired and the have increased of expense. the the vessels, purchase to million bookings cash acquisition of of used business partially January, its $XX.X the Geographic used sail and our gone travel, We which extensive $XX.X purpose-built Delfina, our offset continued the of in product with the for additional million with operations announced We growth activities, sheet. The opportunities of the including increase future due property cash versus years Delfina previously net reflects further just total the revitalizations. XXXX. expanding inaugural Consistent the growth Adventures, for from March. diversifying Geographic we in balance to the $XX.X of fleet $XXX voyage closed cash primarily we'll million as for by strategy, an of The ahead, year of Wineland-Thomson to ended million in on capitalize Gemini demand set as continue National purchasing well in $XX.X Turning including $XX on opportunistically Galapagos portfolio increase and investing National million, end to cash in will interest equipment. In our experiential and travel. million the through the results explore and

across where guest the for full offset the of of our dry nights docks in digits to are year the as portfolio and segment by to Lindblad nights in expected quarter, ahead, Gemini deployment available dry momentum somewhat and changes repositionings. we're diverse and Delfina guest year-over-year the timing nights QX, are particularly increase guest by Those the and excited X.X% strong double Available docks addition of significant of in down changes timing Looking the is offerings. swings generate due timing maintenance. by other the

onboard to our the continue Land as on both will XXXX. sales that goal the include areas reducing a for XXXX. At by investments or international and demand these adventure and We segments. our expanding planning the to segments. of and Natalya markets. key Lindblad on we're on marketing, will procurement, charter maintaining confident encouraged generation yield in sales innovating commitment and These prior including the year stated for expenses cost pre-pandemic an our And we're side XXXX efforts, on and greater investment We're drive of to as track and of same XXXX exceed and both of earlier, Particular dry our meet even we're and while our impact time focus in building levels demand occupancy and also strong are that ahead we're team, for with travel supply travel, crew guest dock booking experience business to chain accelerating and safety. net the trending growth occupancy optimization. investments the making in in sales have market XXXX be pleased in even focusing I'm share curves and

We XXXX, EBITDA the investing expect and For million by total $XXX company between $XX million versus we and tour have. increase million $XXX vessels activities dry $XXX the between of I revenue $XXX days. questions an in be may refurbishment cash for million million. adjusted acquisitions to of you answer to and any would anticipate these Gemini Natalya recent approximately and dock and increase reflecting XXXX, happy and And now Delfina,

Operator

the from comes question of first Stifel. Your Instructions] line Wieczynski Steve [Operator with

Jackson Gibb

This on for Gibb Steve. is Jackson

on new Rick, congratulations, and I Natalya positions. the just say to First off, want

from Looking forward. moving forward guys to you hearing more

the It that about bit the versus consensus around off I higher but of little factors targets you XXXX around what then puts midpoint, get like EBITDA to and some guidance. we end question, expectations just you at weighing X% guidance the the and towards were with might looks revenue be flow-through higher came in below talk what might on And Could than occupancy lower first what the for the are maybe expected. EBITDA For takes significantly there embedded? kind start a of wanted your end range?

Natalya Leahy

you. Well, thank

nice very all, you. Great question. of meeting First

you strong segments, EBITDA are continued Land delivered forecasting in Expedition based and growth 'XX double-digit see, outlook. and 'XX growth our on very have we strong very EBITDA a in as both we So a in

both trending return our opportunities in our and on activities are strongly demand growth and based to also on channels We current we 'XX. invest continue but revenue very bookings, generate strong in through will future force, sales generation 'XX sales 'XX, various that expanding in

Jackson Gibb

great. the question, That's it. a more Got here. picture second big then little And for

an whether business team the think think growing how opportunities place, With management on the through helpful can you and new externally? think term, might about Disney that long through or you be how I the guys new demand updated to deploy partnership it organically in to that's capital view drive get

Natalya Leahy

Yes.

our Expedition that maximizing it revenues. there segment -- our is communicate this to areas, our my I both believe, key and are tried I think which value remarks, one will I creation our segment in in Number X organic growth, drive Land through business. in

very new a in brand amplification, very international and to plays new Partnership our continue also markets. awareness Geographic in U.S. National Expedition very both sales by to role our course, and drive segment reach channels National expanding key audiences Of and and Geographic

land growth double several has strong and past Our been over digit segment very the organic very, years.

will generation we segments. revenue asset innovation growth So to Number two those in accelerate is fixed cost demand in to continue smart invest and utilization.

And So that. performed as portfolio will company acquisitions the we last past well, that for This years, additions expanded to growth has invest look over fleet our the to capacity you by on or done brand. the million one, opportunistic very will to focus we and in in $XXX opportunities XX%, over fleet continue successfully. land XX added we know, really

to continue in as for creation space well. we'll look opportunities that value So

Operator

comes Your the Craig-Hallum with Group. Fuhrman Instructions] next line from of Alex Capital [Operator question

Alex Fuhrman

National to right you from And to that through you there sales how to update currently used could Nice for Are to it Geographics the platform prior in perhaps compares to that channels? what now you about sales the bookings throughout give this? how and a Disney talk year? ramp of expect all, you talk Disney love to generate coming alone meaningful where the can number you stands here. an first us Would on you of some time if partnership

Natalya Leahy

I provide and very others remarks, you. I Alex, to meeting add. will start. will I my invite nice Yes,

So map partnership various Geographic channels. our there the channels, momentum. gaining really, partners road and is expanding National both a spent together week very for strong audience 'XX. There -- also really with but Disney been just We have a we sales

very little has direct generated through our guests also the by campaigns started with of which channels enabling will mail which earmarked that on us expanding are that partners. Disney agencies, 'XX. current less very collaborate overlap returns. based in to laid sales We're was to continue Disney positive -- generate current agencies access that very with it in we 'XX, that new I return enables in to overlap So 'XX X% travel our foundation various and expect premier end than strong with

Operator

Since are no will that Thank ahead. back our now Please turn to you, everyone. questions, concludes session there over the more today. for CFO. call Rick Goldberg, Q&A I go

Rick Goldberg

Thank appreciate so you today. time your much, Really everyone.

Operator

concludes gentlemen, and today's joining. that for you Ladies all call. Thank

now day, a may disconnect. everyone. You Have nice

Lindblad Expeditions (LIND) 27 Feb 252024 Q4 Earnings call transcript