UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
For the transition period from to
Commission file number
LINDBLAD EXPEDITIONS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
| | | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | |
| Emerging growth company | | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
As of April 30, 2025,
LINDBLAD EXPEDITIONS HOLDINGS, INC.
Quarterly Report On Form 10-Q
For The Quarter Ended March 31, 2025
Table of Contents
| Page(s) |
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| PART I. FINANCIAL INFORMATION |
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| ITEM 1. |
Financial Statements (Unaudited) |
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| Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024 |
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| Notes to the Condensed Consolidated Financial Statements (Unaudited) |
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| ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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| ITEM 3. |
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| ITEM 4. |
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| PART II. OTHER INFORMATION |
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| ITEM 1. |
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| ITEM 1A. |
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| ITEM 2. |
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| ITEM 3. |
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| ITEM 4. |
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| ITEM 5. |
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| ITEM 6. |
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| PART 1. |
FINANCIAL INFORMATION |
| ITEM 1. |
FINANCIAL STATEMENTS |
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
| As of March 31, 2025 | As of December 31, 2024 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| Property and equipment, net | ||||||||
| Goodwill | ||||||||
| Intangibles, net | ||||||||
| Other long-term assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES | ||||||||
| Current Liabilities: | ||||||||
| Unearned passenger revenues | $ | $ | ||||||
| Accrued expenses | ||||||||
| Accounts payable | ||||||||
| Lease liabilities - current | ||||||||
| Long-term debt - current | ||||||||
| Total current liabilities | ||||||||
| Long-term debt, less current portion | ||||||||
| Deferred tax liabilities | ||||||||
| Other long-term liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | - | - | ||||||
| Series A redeemable convertible preferred stock, shares authorized; shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | ||||||||
| Redeemable noncontrolling interests | ||||||||
| STOCKHOLDERS’ DEFICIT | ||||||||
| Preferred stock, $ par value, shares authorized; Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | ||||||||
| Common stock, $ par value, shares authorized; and issued, and outstanding as of March 31, 2025 and December 31, 2024, respectively | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Accumulated other comprehensive income | ||||||||
| Total stockholder’s deficit | ( | ) | ( | ) | ||||
| Total liabilities, mezzanine equity and stockholders’ deficit | $ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)
| For the three months ended March 31, |
||||||||
| 2025 |
2024 |
|||||||
| Tour revenues |
$ | $ | ||||||
| Operating expenses: |
||||||||
| Cost of tours |
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| General and administrative |
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| Selling and marketing |
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| Depreciation and amortization |
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| Total operating expenses |
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| Operating income |
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| Other (expense) income: |
||||||||
| Interest expense, net |
( |
) | ( |
) | ||||
| Gain (loss) on foreign currency |
( |
) | ||||||
| Other (expense) income |
( |
) | ||||||
| Total other expense |
( |
) | ( |
) | ||||
| Loss before income taxes |
( |
) | ( |
) | ||||
| Income tax (benefit) expense |
( |
) | ||||||
| Net income (loss) |
( |
) | ||||||
| Net loss attributable to noncontrolling interest |
( |
) | ( |
) | ||||
| Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. |
( |
) | ||||||
| Series A redeemable convertible preferred stock dividend |
||||||||
| Net loss available to stockholders |
$ | ( |
) | $ | ( |
) | ||
| Weighted average shares outstanding |
||||||||
| Basic |
||||||||
| Diluted |
||||||||
| Undistributed loss per share available to stockholders: |
||||||||
| Basic |
$ | ( |
) | $ | ( |
) | ||
| Diluted |
$ | ( |
) | $ | ( |
) | ||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
| For the three months ended March 31, |
||||||||
| 2025 |
2024 |
|||||||
| Net income (loss) |
$ | $ | ( |
) | ||||
| Other comprehensive income: |
||||||||
| Change in foreign currency translation adjustments |
||||||||
| Total other comprehensive income |
||||||||
| Total comprehensive income (loss) |
( |
) | ||||||
| Less: comprehensive loss attributive to non-controlling interest |
( |
) | ( |
) | ||||
| Comprehensive income (loss) attributable to Lindblad Expeditions Holdings, Inc. |
$ | $ | ( |
) | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Deficit
(In thousands, except share data)
(unaudited)
| Common Stock |
Additional Paid-In |
Accumulated |
Accumulated Other Comprehensive |
Total Stockholders̛ |
||||||||||||||||||||
| Shares |
Amount |
Capital |
Deficit |
Income |
Deficit |
|||||||||||||||||||
| Balance as of December 31, 2024 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||
| Stock-based compensation |
- | |||||||||||||||||||||||
| Net activity related to equity compensation plans |
( |
) | ( |
) | ||||||||||||||||||||
| Other comprehensive income, net |
- | |||||||||||||||||||||||
| Redeemable noncontrolling interest |
- | ( |
) | ( |
) | |||||||||||||||||||
| Series A preferred stock dividend |
- | - | - | ( |
) | - | ( |
) | ||||||||||||||||
| Net income attributable to Lindblad Expeditions Holdings, Inc. |
- | |||||||||||||||||||||||
| Balance as of March 31, 2025 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||
| Common Stock |
Additional Paid-In |
Accumulated |
Total Stockholders’ |
|||||||||||||||||
| Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||
| Balance as of December 31, 2023 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
| Stock-based compensation |
- | |||||||||||||||||||
| Net activity related to equity compensation plans |
( |
) | ( |
) | ||||||||||||||||
| Redeemable noncontrolling interest |
- | |||||||||||||||||||
| Series A preferred shares dividend |
- | ( |
) | ( |
) | |||||||||||||||
| Net loss attributable to Lindblad Expeditions Holdings, Inc. |
- | ( |
) | ( |
) | |||||||||||||||
| Balance as of March 31, 2024 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| For the three months ended March 31, |
||||||||
| 2025 |
2024 |
|||||||
| Cash Flows From Operating Activities |
||||||||
| Net income (loss) |
$ | $ | ( |
) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
||||||||
| Amortization of deferred financing costs and other, net |
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| Amortization of right-to-use lease assets |
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| Stock-based compensation |
||||||||
| Deferred income taxes |
( |
) | ||||||
| (Gain) loss on foreign currency |
( |
) | ||||||
| Changes in operating assets and liabilities |
||||||||
| Prepaid expenses and other current assets |
( |
) | ||||||
| Unearned passenger revenues |
||||||||
| Other long-term assets |
( |
) | ||||||
| Accounts payable and accrued expenses |
( |
) | ( |
) | ||||
| Operating lease liabilities |
( |
) | ( |
) | ||||
| Net cash provided by operating activities |
||||||||
| Cash Flows From Investing Activities |
||||||||
| Purchases of property and equipment |
( |
) | ( |
) | ||||
| Acquisition (net of cash acquired) |
( |
) | ||||||
| Net cash used in investing activities |
( |
) | ( |
) | ||||
| Cash Flows From Financing Activities |
||||||||
| Repayments of long-term debt |
( |
) | ( |
) | ||||
| Payment of deferred financing costs |
( |
) | ||||||
| Repurchase under stock-based compensation plans and related tax impacts |
( |
) | ( |
) | ||||
| Net cash used in by financing activities |
( |
) | ( |
) | ||||
| Effect of exchange rate changes on cash |
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| Net increase in cash, cash equivalents and restricted cash |
||||||||
| Cash, cash equivalents and restricted cash at beginning of period |
||||||||
| Cash, cash equivalents and restricted cash at end of period |
$ | $ | ||||||
| Supplemental disclosures of cash flow information: |
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| Cash paid during the period: |
||||||||
| Interest |
$ | $ | ||||||
| Income taxes |
||||||||
| Non-cash investing and financing activities: |
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| Non-cash preferred stock deemed dividend |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
Lindblad Expeditions Holdings, Inc.
Notes to the Unaudited Condensed Consolidated Financial Statements
(Unaudited)
NOTE 1—BUSINESS AND BASIS OF PRESENTATION
Business
Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”.
The Company currently operates the following
Lindblad Segment. The Lindblad segment currently operates a fleet of
Land Experiences Segment. The Land Experiences segment includes the five primarily land-based brands, Natural Habitat, Inc. (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, comprised of Wineland-Thomson Adventures, LLC and Thomson Safaris Ltd (together “Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under the Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).
| ● | Natural Habitat offers over 100 different expedition itineraries in more than 45 countries spanning all seven continents, with eco-conscious expeditions and nature-focused, small-group tours that include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures, small-group Galápagos Islands tours and African safaris. Natural Habitat has partnered with World Wildlife Fund (“WWF”) to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife. | |
| ● | Off the Beaten Path offers active small-group adventures, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa. | |
| ● | DuVine offers intimate group cycling and adventure tours around the world with local cycling experts as guides, immersive in local cultural, cuisine and high-quality accommodations. International cycling tours include the exotic Costa Rican rainforests, the rocky coasts of Ireland and the vineyards of Spain while cycling adventures in the United States include cycling beneath the California redwoods, pedaling through Vermont farmland and wine tastings in the world-class vineyards of Napa and Sonoma. | |
| ● | Classic Journeys offers highly curated active small-group and private custom journeys centered around cinematic walks led by expert local guides in over 50 countries around the world. These walking tours are highlighted by expert local guides, luxury boutique accommodations, and handcrafted itineraries that immerse guests into the history and culture of the places they are exploring and the people who live there. | |
| ● | Thomson Group offers socially responsible and positively impactful light-treading Tanzanian safaris, industry-leading Kilimanjaro treks, global custom and private tours, family travel experiences, and operates the historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater. |
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).
The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 to conform with the 2025 presentation.
Except for the presentation of credit card fee expenses discussed above, there have been no significant changes to the Company’s accounting policies from those disclosed in the 2024 Annual Report.
Recently Adopted Accounting Pronouncements
During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 for its annual reporting, as required. These amendments will increase the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information.
Recent Accounting Pronouncements
During November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this ASU on January 1, 2027, as required, and is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
NOTE 2—EARNINGS PER SHARE
Earnings (loss) per Common Share
Earnings (loss) per common share is computed using the two-class method related to its Series A Redeemable Convertible Preferred Stock, par value of $
Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.
For the three months ended March 31, 2025 and 2024, the Company incurred net losses available to stockholders, therefore basic and diluted net loss per share is the same in each respective period. For the three months ended March 31, 2025,
Earnings (loss) per share was calculated as follows:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| (In thousands, except share and per share data) | ||||||||
| Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. | $ | $ | ( | ) | ||||
| Series A redeemable convertible preferred stock dividend | ||||||||
| Undistributed loss available to stockholders | $ | ( | ) | $ | ( | ) | ||
| Weighted average shares outstanding: | ||||||||
| Total weighted average shares outstanding, basic | ||||||||
| Total weighted average shares outstanding, diluted | ||||||||
| Undistributed loss per share available to stockholders: | ||||||||
| Basic | $ | ( | ) | $ | ( | ) | ||
| Diluted | $ | ( | ) | $ | ( | ) | ||
NOTE 3—REVENUES
Customer Deposits and Contract Liabilities
The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenue when received and are subsequently recognized as tour revenue over the duration of the expedition. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. The Company does not consider guest deposits to be a contract liability until the guest no longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. In conjunction with the prior suspension or rescheduling of expeditions, the Company provided guests an option of either a refund or future travel certificates, which in some instances exceeded the original cash deposit. The value of future travel certificates in excess of cash received is being recognized as a discount to tour revenues at the time the related expedition occurs and includes an estimate of breakage based on historical behavior of the customer and/or time to expiration of the certificate. As of March 31, 2025 and December 31, 2024, the Company has $
The change in contract liabilities within unearned passenger revenues are as follows:
| Contract Liabilities | ||||
| (In thousands) | (unaudited) | |||
| Balance as of December 31, 2024 | $ | |||
| Recognized in tour revenues during the period | ( | ) | ||
| Additional contract liabilities in period | ||||
| Balance as of March 31, 2025 | $ | |||
The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates each segments’ tour revenues by the sales channel it was derived from:
| For the three months ended March 31, | ||||||||
| Lindblad Segment | 2025 | 2024 | ||||||
| (unaudited) | ||||||||
| Guest ticket revenue: | ||||||||
| Direct (a) | $ | $ | ||||||
| Agencies | ||||||||
| Guest ticket revenue | ||||||||
| Other tour revenue | ||||||||
| Tour revenues | $ | $ | ||||||
| For the three months ended March 31, | ||||||||
| Land Experiences Segment | 2025 | 2024 | ||||||
| (unaudited) | ||||||||
| Guest ticket revenue: | ||||||||
| Direct (a) | $ | $ | ||||||
| Agencies | ||||||||
| Guest ticket revenue | ||||||||
| Other tour revenue | ||||||||
| Tour revenues | $ | $ | ||||||
| (a) | Direct bookings in the table above are inclusive of affinity group sales. During the three months ended March 31, 2024, affinity sales were $ |
NOTE 4—FINANCIAL STATEMENT DETAILS
The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows:
| As of March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ | $ | ||||||
Restricted cash consists of the following:
| As of March 31, 2025 | As of December 31, 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Credit card processor reserves | $ | $ | ||||||
| Federal Maritime Commission and other escrow | ||||||||
| Certificates of deposit and other restricted deposits | ||||||||
| Total restricted cash | $ | $ | ||||||
Prepaid expenses and other current assets are as follows:
| As of March 31, 2025 | As of December 31, 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Prepaid tour expenses | $ | $ | ||||||
| Other | ||||||||
| Total prepaid expenses and other current assets | $ | $ | ||||||
NOTE 5—LONG-TERM DEBT
| As of March 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| (In thousands) | Principal | Deferred Financing Costs, net | Balance | Principal | Deferred Financing Costs, net | Balance | ||||||||||||||||||
| 6.75% Notes | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 9.00% Notes | ( | ) | ( | ) | ||||||||||||||||||||
| Other | ||||||||||||||||||||||||
| Total long-term debt | ( | ) | ( | ) | ||||||||||||||||||||
| Less current portion | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Total long-term debt, non-current | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
For the three months ended March 31, 2025 and 2024, $
6.75% Notes
On February 4, 2022, the Company issued $
Revolving Credit Facility
On February 4, 2022, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”), which provides for an aggregate principal amount of commitments of $
9.00% Notes
On May 2, 2023, the Company issued $
Other
The Company’s DuVine subsidiary has a EUR
Covenants
The Company’s 6.75% Notes, Revolving Credit Facility and 9.00% Notes contain covenants that include, among others, limits on additional indebtedness and making certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of important exceptions and qualifications set forth in the 6.75% Notes, Revolving Credit Facility and 9.00% Notes. The Company was in compliance with its covenants in effect as of March 31, 2025.
NOTE 6—FAIR VALUE MEASUREMENTS
The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of March 31, 2025 to be $
NOTE 7—STOCKHOLDERS’ EQUITY
Stock Repurchase Plan
The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 and increased the Repurchase Plan to $
Preferred Stock
In August 2020, the Company issued and sold
NOTE 8—STOCK BASED COMPENSATION
The Company is authorized to issue up to
The Company recorded stock-based compensation expense of $
Long-Term Incentive Compensation
During the three months ended March 31, 2025, the Company awarded
During the three months ended March 31, 2025, the Company awarded
Options
As of March 31, 2025 and December 31, 2024, options to purchase an aggregate of
In connection with the 2016 acquisition of Natural Habitat, Mr. Bressler’s employment agreement, as amended, provides Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, with an equity incentive opportunity to earn an award of options based on the future financial performance of Natural Habitat, where if the final year equity value of Natural Habitat, as defined in Mr. Bressler's employment agreement, as amended, exceeds $
NOTE 9—INCOME TAXES
As of March 31, 2025 and December 31, 2024, the Company had no unrecognized tax benefits recorded. The Company's effective tax rate for the three months ended March 31, 2025 was a benefit of
NOTE 10—COMMITMENTS AND CONTINGENCIES
Redeemable Non-Controlling Interest
The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The put options enable the minority holders, but do not obligate them, to sell the remaining interests to the Company. The Company has call options which enable it, but does not obligate it, to acquire the remaining interests in the subsidiaries, subject to certain dates, expirations and similar redemption value purchase measurements as the put options.
Since the redemption of the noncontrolling interests are not solely in the Company’s control, the Company is required to record the redeemable noncontrolling interest outside of stockholders’ equity but after its total liabilities. In addition, if it is probable that the instrument will become redeemable, solely due to the passage of time, the redeemable noncontrollable interest should be adjusted to the redemption value via one of two measurement methods. The Company elected the income classification-excess adjustment and accretion methods for recognizing changes in the redemption value of the put options. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest, and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the redemption value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the redemption value of the noncontrolling interest are treated as a decrease to net income available to common stockholders.
The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital.
The following is a rollforward of redeemable non-controlling interest:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| (In thousands) | ||||||||
| Beginning balance | $ | $ | ||||||
| Net loss attributable to noncontrolling interest | ( | ) | ( | ) | ||||
| Redemption value adjustment of put option | ( | ) | ||||||
| Distribution | ( | ) | ( | ) | ||||
| Ending balance | $ | $ | ||||||
Charter Commitments
From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of March 31, 2025 are as follows:
| For the years ended December 31, | Amount | |||
| (In thousands) | ||||
| 2025 (nine months) | $ | |||
| 2026 | ||||
| Total | $ | |||
NOTE 11—SEGMENT INFORMATION
The Company is primarily an experiential travel operator with operations in reportable segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. While both segments have similar characteristics, the operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments.
The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Tour revenues: | ||||||||
| Lindblad | $ | $ | ||||||
| Land Experiences | ||||||||
| Total tour revenues | $ | $ | ||||||
| Operating income: | ||||||||
| Lindblad | $ | $ | ||||||
| Land Experiences | ||||||||
| Operating income | $ | $ | ||||||
For the three months ended March 31, 2025 and 2024, there was $
The following table presents the Lindblad segment expenses:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Tour revenues | $ | $ | ||||||
| Cost of tours | ||||||||
| General and administrative | ||||||||
| Selling and marketing | ||||||||
| Depreciation and amortization | ||||||||
| Operating income | $ | $ | ||||||
The following table presents the Land Experiences segment expenses:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Tour revenues | $ | $ | ||||||
| Cost of tours | ||||||||
| General and administrative | ||||||||
| Selling and marketing | ||||||||
| Depreciation and amortization | ||||||||
| Operating income | $ | $ | ||||||
Depreciation and amortization are included in segment operating income as shown below:
| For the three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Depreciation and amortization: | ||||||||
| Lindblad: | ||||||||
| Depreciation | $ | $ | ||||||
| Amortization | ||||||||
| Land Experiences: | ||||||||
| Depreciation | ||||||||
| Amortization | ||||||||
| Total depreciation and amortization | $ | $ | ||||||
The following table presents our total assets, intangibles, net and goodwill by segment:
| As of March 31, 2025 | As of December 31, 2024 | |||||||
| (In thousands) | (unaudited) | |||||||
| Total Assets: | ||||||||
| Lindblad | $ | $ | ||||||
| Land Experiences | ||||||||
| Total assets | $ | $ | ||||||
| Intangibles, net: | ||||||||
| Lindblad | $ | $ | ||||||
| Land Experiences | ||||||||
| Total intangibles, net | $ | $ | ||||||
| Goodwill: | ||||||||
| Lindblad | $ | $ | ||||||
| Land Experiences | ||||||||
| Total goodwill | $ | $ | ||||||
NOTE 12—ACQUISITIONS
On January 9, 2025, the Company completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates
On July 31, 2024, the Company, through its land-based subsidiary Natural Habitat, acquired the Thomson Group. The aggregate purchase price for the Thomson Group was $
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
The following discussion and analysis addresses material changes in the financial condition and results of operations of the Company for the periods presented. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q (“Form 10-Q”), as well as the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2025 (the “2024 Annual Report”). Unless the context otherwise requires, in this Form 10-Q, “Company,” “Lindblad,” “we,” “us,” “our,” and “ours” refer to Lindblad Expeditions Holdings, Inc., and its subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this Form 10-Q about our expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are “forward-looking statements” as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy,” “outlook” and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements. There may be events in the future that we are not able to predict accurately or over which we have no control. Potential risks and uncertainties include, but are not limited to:
| ● |
adverse general economic factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; |
|
| ● |
suspended operations, cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; | |
| ● |
increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; |
|
| ● |
the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; |
|
| ● |
the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; |
|
| ● |
unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; |
|
| ● |
management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; |
|
| ● |
our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; |
|
| ● |
compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; |
|
| ● |
our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; |
|
| ● | the impact of material litigation, enforcement actions, claims, fines or penalties on our business; | |
| ● |
the impact of severe or unusual weather conditions, including climate change, on our business; |
| ● | adverse publicity regarding the travel and cruise industry in general; | |
| ● |
loss of business due to competition; |
|
| ● |
the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; |
|
| ● |
the result of future financing efforts; and |
|
| ● |
those risks discussed in our 2024 Annual Report. |
We urge you not to place undue reliance on these forward-looking statements, which speak only as of the date of this Form 10-Q. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.
Business Overview
We provide expedition cruising and land-based adventure travel fostering a spirit of exploration and discovery, using itineraries featuring up-close encounters with wildlife and nature, history and culture and promote guest empowerment, human connections and interactivity. Our mission is to offer life-changing adventures around the world and pioneer innovative ways to allow our guests to connect with exotic and remote places.
We currently operate a fleet of 12 owned expedition ships and operate seven seasonal charter vessels under the Lindblad Expeditions, LLC. (“Lindblad”) brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Galápagos Islands, Baja’s Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which was recently expanded and extended through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage.
We operate land-based nature adventure travel expeditions around the globe, with unique itineraries designed to offer intimate encounters with nature and the planet’s remarkable destinations and the animals and people who live there.
Natural Habitat, Inc. (“Natural Habitat”) provides eco-conscious expeditions and nature-focused, small-group experiences that include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures, small-group Galápagos Islands tours and African safaris. Natural Habitat has partnered with World Wildlife Fund (“WWF”) for more than 20 years to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife.
Off the Beaten Path, LLC (“Off the Beaten Path”) provides small group travel, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa.
DuVine Cycling + Adventure Company (“DuVine”) provides intimate cycling adventures and travel experiences, led by expert guides, with a focus on connecting with local character and culture, including high-quality local cuisine and accommodations. International cycling tours include the exotic Costa Rican rainforests, the rocky coasts of Ireland and the vineyards of Spain, while cycling adventures in the United States include cycling beneath the California redwoods, pedaling through Vermont farmland and wine tastings in the world-class vineyards of Napa and Sonoma.
Classic Journeys, LLC (“Classic Journeys”) offers highly curated active small-group and private custom journeys centered around cinematic walks led by expert local guides in over 50 countries around the world. These walking tours are highlighted by luxury boutique accommodations, and handcrafted itineraries that immerse guests into the history and culture of the places they are exploring and the people who live there.
Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Family Adventures”), Thomson Safaris Ltd (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”), provides global custom and private tours, family travel experiences, socially responsible and positively impactful light-treading Tanzanian safaris with expert local wildlife guides providing exceptional insight, treks to the summit of Kilimanjaro, the Roof of Africa, with 30 years of experience and a commitment to environmental and social responsibility, and high-end lodging at the award-winning Gibb’s Farm, an 80-acre sanctuary located near the Ngorongoro Crater.
We operate two segments consisting of (i) the Lindblad segment, which consists of the operations of our Lindblad brand, and (ii) the Land Experiences segment, consisting of our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and the Thomson Group.
First Quarter Highlights
On January 9, 2025, we completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates two vessels in the Galápagos Islands, for $16.0 million in cash. The acquisition expands our vessels and guest capacity in one of our core markets.
The discussion and analysis of our results of operations and financial condition are organized as follows:
| ● |
a description of certain line items and operational and financial metrics we utilize to assist us in managing our business; |
|
| ● |
results and a comparable discussion of our consolidated and segment results of operations; |
|
| ● |
a discussion of our liquidity and capital resources, including future capital and contractual commitments and potential funding sources; and |
|
| ● |
a review of our critical accounting policies. |
Financial Presentation
Description of Certain Line Items
Tour revenues
Tour revenues consist of the following:
| ● |
Guest ticket revenues recognized from the sale of guest tickets; and |
|
| ● |
Other tour revenues from the sale of pre- or post-expedition excursions, hotel accommodations, air transportation to and from the ships and excursions, goods and services rendered onboard that are not included in guest ticket prices, trip insurance, and cancellation fees. |
Cost of tours
Cost of tours includes the following:
| ● |
Direct costs associated with revenues, including cost of pre- or post-expedition excursions, hotel accommodations, and land-based expeditions, air and other transportation expenses, and cost of goods and services rendered onboard; |
|
| ● |
Payroll costs and related expenses for shipboard and expedition personnel; |
|
| ● |
Food costs for guests and crew, including complimentary food and beverage amenities for guests; |
|
| ● |
Fuel costs and related costs of delivery, storage and safe disposal of waste; and |
|
| ● |
Other tour expenses, such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance, charter hire costs and credit card fees. |
Selling and marketing
Selling and marketing expenses include commissions, royalties and a broad range of advertising and promotional expenses.
General and administrative
General and administrative expenses include the cost of shoreside vessel support, reservations and other administrative functions, including salaries and related benefits, professional fees and rent.
Operational and Financial Metrics
We use a variety of operational and financial metrics, including non-GAAP financial measures, such as Adjusted EBITDA, Net Yields, Occupancy and Net Cruise Costs, to enable us to analyze our performance and financial condition. We utilize these financial measures to manage our business on a day-to-day basis and believe that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. We believe these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.
The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. You should read this discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes thereto also included within.
Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our computation and use of Adjusted EBITDA may not be comparable to other companies within the industry.
The following metrics apply to our Lindblad segment:
Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, and acquisition-related expenses.
Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.
Gross Cruise Cost represents the sum of cost of tours plus, selling and marketing expenses, and general and administrative expenses.
Gross Yield per Available Guest Night represents tour revenues less insurance proceeds divided by Available Guest Nights.
Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.
Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).
Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.
Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.
Net Yield represents tour revenues less insurance proceeds, commissions and direct costs of other tour revenues.
Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.
Number of Guests represents the number of guests that travel with us in a period.
Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.
Voyages represent the number of ship expeditions completed during the period.
The following metrics apply to our Land Experiences segment:
Guests represents the number of guests that travel with us in a period.
Departures represent the number of trips, tours, treks and safaris completed during the period.
Foreign Currency Translation
The U.S. dollar and Tanzanian shilling are the functional currencies in our foreign operations and re-measurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the condensed consolidated statements of operations.
Seasonality
Traditionally, our Lindblad brand tour revenues are mildly seasonal, historically larger in the first and third quarters. The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters. Our drydock schedules are subject to cost and timing differences from year-to-year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions and the applicable regulations of class societies in the maritime industry, which require more extensive reviews periodically. Drydocking impacts operating results by reducing tour revenues and increasing cost of tours. Our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and Thomson Group are seasonal businesses, with the majority of Natural Habitat’s tour revenue recorded in the third and fourth quarters from its summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine's revenues are recorded during the second and third quarters from their spring and summer season departures, and the majority of Thomson Group’s revenues being recorded during the third quarter from the height of their safari season tours, while Classic Journeys’ revenue is somewhat less seasonal with the majority of revenues recorded during their second, third and fourth quarters.
Results of Operations — Consolidated
Our consolidated results for the three months ended March 31, 2025 and 2024 are set forth below.
| For the three months ended March 31, |
||||||||||||||||
| (In thousands) |
2025 |
2024 |
Change |
% | ||||||||||||
| Tour revenues |
$ | 179,721 | $ | 153,614 | $ | 26,107 | 17 | % | ||||||||
| Cost of tours |
92,848 | 84,453 | 8,395 | 10 | % | |||||||||||
| General and administrative |
32,722 | 27,236 | 5,486 | 20 | % | |||||||||||
| Selling and marketing |
28,242 | 22,758 | 5,484 | 24 | % | |||||||||||
| Depreciation and amortization |
15,295 | 11,317 | 3,978 | 35 | % | |||||||||||
| Operating income |
$ | 10,614 | $ | 7,850 | $ | 2,764 | 35 | % | ||||||||
| Net income (loss) |
$ | 1,011 | $ | (4,210 | ) | $ | 5,221 | 124 | % | |||||||
| Undistributed loss per share available to stockholders: |
||||||||||||||||
| Basic |
$ | (0.00 | ) | $ | (0.10 | ) | $ | 0.10 | ||||||||
| Diluted |
$ | (0.00 | ) | $ | (0.10 | ) | $ | 0.10 | ||||||||
Comparison of the Three Months Ended March 31, 2025 and 2024 — Consolidated
Tour Revenues
Tour revenues for the three months ended March 31, 2025 increased $26.1 million, or 17%, to $179.7 million, compared to $153.6 million for the three months ended March 31, 2024. Of the $26.1 million increase, we realized a $6.7 million increase due to a 3% increase in guest nights sold and a 7% increase in guests traveled for the continuing operations, a $13.2 million increase due to the change in mix of itineraries and trips and pricing, and the inclusion of the operations of Thomson Group for the quarter, which was acquired in July 2024. The Lindblad segment tour revenues increased by $12.8 million, or 11%, and the Land Experiences segment increased $13.3 million, or 38%, as Company revenues grew primarily due to increased guest nights sold, an increase of guests traveling for the continuing operations, operating additional trips and higher pricing and the inclusion of the results of Thomson Group.
Cost of Tours
Total cost of tours for the three months ended March 31, 2025 increased $8.4 million, or 10%, to $92.8 million, compared to $84.5 million for the three months ended March 31, 2024, primarily due to operating additional voyages and trips and higher costs. The Lindblad segment cost of tours increased by $2.4 million, or 4%, and the Land Experiences segment increased $6.0 million, or 27%, including the operations of Thomson Group.
General and Administrative
General and administrative expenses for the three months ended March 31, 2025 increased $5.5 million, or 20%, to $32.7 million, compared to $27.2 million for the three months ended March 31, 2024. The increase was primarily related to higher personnel costs and stock-based compensation expense. At the Lindblad segment, general and administrative expenses increased $2.4 million, or 13%, from the prior year period, and at the Land Experiences segment, general and administrative expenses increased $3.1 million, or 37%, including the operations of Thomson Group.
Selling and Marketing
Selling and marketing expenses for the three months ended March 31, 2025 increased $5.5 million, or 24%, to $28.2 million, compared to $22.8 million for the three months ended March 31, 2024, primarily due to higher commissions associated with increased revenues and increased marketing spend to support future growth. At the Lindblad segment, selling and marketing expenses increased $3.8 million, or 20%, and at the Land Experiences segment, selling and marketing expenses increased $1.7 million, or 45%, including the operations of Thomson Group.
Depreciation and Amortization
Depreciation and amortization expenses for the three months ended March 31, 2025 increased $4.0 million, or 35%, to $15.3 million, compared to $11.3 million for the three months ended March 31, 2024. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet and amortization of intangible assets related to the Thomson Group acquisition.
Other Income (Expense)
Other expense for the three months ended March 31, 2025, decreased $0.7 million to $11.1 million from $11.8 million for the three months ended March 31, 2024.
Results of Operations — Segments
Selected information for our reportable segments is below. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Percentages that are not meaningful to the change are noted as NM in the table.
| For the three months ended March 31, |
||||||||||||||||
| (In thousands) |
2025 |
2024 |
Change |
% | ||||||||||||
| Tour revenues: |
||||||||||||||||
| Lindblad |
$ | 131,108 | $ | 118,303 | $ | 12,805 | 11 | % | ||||||||
| Land Experiences |
48,613 | 35,311 | 13,302 | 38 | % | |||||||||||
| Total tour revenues |
$ | 179,721 | $ | 153,614 | $ | 26,107 | 17 | % | ||||||||
| Operating income: |
||||||||||||||||
| Lindblad |
$ | 8,387 | $ | 7,783 | $ | 604 | 8 | % | ||||||||
| Land Experiences |
2,227 | 67 | 2,160 | NM | ||||||||||||
| Operating income |
$ | 10,614 | $ | 7,850 | $ | 2,764 | 35 | % | ||||||||
| Adjusted EBITDA: |
||||||||||||||||
| Lindblad |
$ | 26,320 | $ | 20,472 | $ | 5,848 | 29 | % | ||||||||
| Land Experiences |
3,662 | 1,134 | 2,528 | 223 | % | |||||||||||
| Total adjusted EBITDA |
$ | 29,982 | $ | 21,606 | $ | 8,376 | 39 | % | ||||||||
Guest Metrics — Lindblad Segment
The following table sets forth our Available Guest Nights, Guest Nights Sold, Occupancy, Maximum Guests, Number of Guests and Voyages:
| For the three months ended March 31, |
||||||||
| 2025 |
2024 |
|||||||
| Available Guest Nights |
75,325 | 85,954 | ||||||
| Guest Nights Sold |
66,974 | 64,963 | ||||||
| Occupancy |
89 | % | 76 | % | ||||
| Maximum Guests |
9,604 | 9,714 | ||||||
| Number of Guests |
8,543 | 7,508 | ||||||
| Voyages |
121 | 122 | ||||||
The following table shows the calculations of Gross and Net Yield. Gross Yield is calculated by dividing Tour Revenues by Available Guest Nights and Net Yield is calculated by dividing Net Revenue by Available Guest Nights:
| Calculation of Gross and Net Yield per Available Guest Night |
For the three months ended March 31, |
|||||||
| (In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night) |
2025 |
2024 |
||||||
| Guest ticket revenues |
$ | 112,649 | $ | 103,017 | ||||
| Other tour revenue |
18,459 | 15,286 | ||||||
| Tour Revenues |
131,108 | 118,303 | ||||||
| Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
| Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
| Net Yield |
$ | 114,598 | $ | 104,777 | ||||
| Available Guest Nights |
75,325 | 85,954 | ||||||
| Gross Yield per Available Guest Night |
$ | 1,741 | $ | 1,376 | ||||
| Net Yield per Available Guest Night |
1,521 | 1,219 | ||||||
The following table reconciles operating income to our Net Yield Guest Metric for the Lindblad Segment:
| For the three months ended March 31, |
||||||||
| (In thousands) |
2025 |
2024 |
||||||
| Operating income |
$ | 8,387 | $ | 7,783 | ||||
| Cost of tours |
64,823 | 62,379 | ||||||
| General and administrative |
21,131 | 18,769 | ||||||
| Selling and marketing |
22,707 | 18,890 | ||||||
| Depreciation and amortization |
14,060 | 10,482 | ||||||
| Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
| Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
| Net Yield |
$ | 114,598 | $ | 104,777 | ||||
The following table shows the calculations of Gross and Net Cruise Costs:
| Calculation of Gross and Net Cruise Cost |
For the three months ended March 31, |
|||||||
| (In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night) |
2025 |
2024 |
||||||
| Cost of tours |
$ | 64,823 | $ | 62,379 | ||||
| Plus: Selling and marketing |
22,707 | 18,890 | ||||||
| Plus: General and administrative |
21,131 | 18,769 | ||||||
| Gross Cruise Cost |
108,661 | 100,038 | ||||||
| Less: Commissions |
(5,621 | ) | (5,374 | ) | ||||
| Less: Other tour expenses |
(10,889 | ) | (8,152 | ) | ||||
| Net Cruise Cost |
92,151 | 86,512 | ||||||
| Less: Fuel Expense |
(7,309 | ) | (8,751 | ) | ||||
| Net Cruise Cost Excluding Fuel |
84,842 | 77,761 | ||||||
| Non-GAAP Adjustments: |
||||||||
| Stock-based compensation |
(3,727 | ) | (2,116 | ) | ||||
| Transaction-related costs |
(146 | ) | (91 | ) | ||||
| Adjusted Net Cruise Cost Excluding Fuel |
$ | 80,969 | $ | 75,554 | ||||
| Adjusted Net Cruise Cost |
$ | 88,278 | $ | 84,305 | ||||
| Available Guest Nights |
75,325 | 85,954 | ||||||
| Gross Cruise Cost per Available Guest Night |
$ | 1,443 | $ | 1,164 | ||||
| Net Cruise Cost per Available Guest Night |
1,223 | 1,006 | ||||||
| Net Cruise Cost Excluding Fuel per Available Guest Night |
1,126 | 905 | ||||||
| Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night |
1,075 | 879 | ||||||
| Adjusted Net Cruise Cost per Available Guest Night |
1,172 | 981 | ||||||
Comparison of the Three Months Ended March 31, 2025 and 2024 at the Lindblad Segment
Tour Revenues
Tour revenues for the three months ended March 31, 2025 increased $12.8 million, or 11%, to $131.1 million, compared to $118.3 million for the three months ended March 31, 2024. Of the $12.8 million increase, $3.9 million is related to a 3% increase in guest nights sold and $8.9 million is related to a 7% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 25% to $1,521 from $1,219 in 2024, reflecting the higher pricing and a 13-basis point increase in occupancy compared with the same period in 2024.
Operating Income
Operating income was $8.4 million for the three months ended March 31, 2025, an increase of $0.6 million compared to $7.8 million for the three months ended March 31, 2024, as the increase in tour revenues was partially offset by higher operating expenses. Operating expenses included higher cost of tours, higher sales and marketing costs, primarily due to increased royalties associated with the National Geographic agreement increased marketing spend to support future growth, and higher general and administrative costs, primarily due to increased personnel costs and higher stock-based compensation expense.
Comparison of Three Months Ended March 31, 2025 and 2024 at the Land Experiences Segment
The following table shows number of guests and the number of tour departures in the Land Experiences Segment:
| For the three months ended March 31, |
||||||||
| 2025 |
2024 |
|||||||
| Guests |
4,409 | 3,469 | ||||||
| Departures |
499 | 351 | ||||||
Tour Revenues
Tour revenues for the three months ended March 31, 2025 increased $13.3 million, or 38%, to $48.6 million compared to $35.3 million for the three months ended March 31, 2024, including the results of Thomson Group, acquired in July 2024. Of the $13.3 million increase, $2.8 million is related to a 7% increase in the number of guests traveled for the continuing operations, $4.3 million is related to a 12% increase in revenue per guest as compared to the prior year period due to a change in itineraries, destinations and pricing, and the inclusion of the results of Thomson Group.
Operating Income
Operating income for the three months ended March 31, 2025 was $2.2 million compared to $0.1 million for the three months ended March 31, 2024, as the increase in tour revenue was partially offset by higher operating and personnel costs related to operating additional departures, higher marketing spend to drive future growth and the inclusion of the results of Thomson Group.
Adjusted EBITDA
The following table outlines the reconciliation of net income (loss) to Adjusted EBITDA on a consolidated basis and for each reportable segment. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Reconciliation of Net (Loss) Income to Adjusted EBITDA — Consolidated
| Consolidated |
For the three months ended March 31, |
|||||||
| (In thousands) |
2025 |
2024 |
||||||
| Net income (loss) |
$ | 1,011 | $ | (4,210 | ) | |||
| Interest expense, net |
11,630 | 11,585 | ||||||
| Income tax (benefit) expense |
(1,486 | ) | 244 | |||||
| Depreciation and amortization |
15,295 | 11,317 | ||||||
| Loss (gain) loss on foreign currency |
(542 | ) | 239 | |||||
| Stock-based compensation |
3,727 | 2,116 | ||||||
| Transaction-related costs |
346 | 323 | ||||||
| Other (income) expense |
1 | (8 | ) | |||||
| Adjusted EBITDA |
$ | 29,982 | $ | 21,606 | ||||
The following tables outline the reconciliation for each reportable segment from operating income to Adjusted EBITDA.
Reconciliation of Operating Income to Adjusted EBITDA — Segments
| Lindblad Segment |
For the three months ended March 31, |
|||||||
| (In thousands) |
2025 |
2024 |
||||||
| Operating income |
$ | 8,387 | $ | 7,783 | ||||
| Depreciation and amortization |
14,060 | 10,482 | ||||||
| Stock-based compensation |
3,727 | 2,116 | ||||||
| Transaction-related costs |
146 | 91 | ||||||
| Adjusted EBITDA |
$ | 26,320 | $ | 20,472 | ||||
| Land Experiences Segment |
For the three months ended March 31, |
|||||||
| (In thousands) |
2025 |
2024 |
||||||
| Operating income |
$ | 2,227 | $ | 67 | ||||
| Depreciation and amortization |
1,235 | 835 | ||||||
| Transaction-related costs |
200 | 232 | ||||||
| Adjusted EBITDA |
$ | 3,662 | $ | 1,134 | ||||
Liquidity and Capital Resources
As of March 31, 2025, the Company had $188.9 million in unrestricted cash and cash equivalents and $46.4 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves.
As of March 31, 2025, we had $635.0 million in long-term debt obligations, including the current portion of long-term debt. We believe that our cash on hand and expected future operating cash inflows as well as availability under our Revolving Credit Facility will be sufficient to fund operations, debt service requirements and necessary capital expenditures for at least the next 12 months.
Sources and Uses of Cash for the Three Months Ended March 31, 2025 and 2024
Net cash provided by operating activities was $48.4 million for the three months ended March 31, 2025 compared to $43.9 million for the same period in 2023. The $4.5 million increase is primarily due to improved operating results.
Net cash used in investing activities was $29.0 million for the three months ended March 31, 2025 compared to $6.5 million in cash used in investing activities during the same period in 2023. 2025 primarily included the acquisition of Torcatt Enterprises Limitada and capital expenditures on our vessels, while 2024 primarily included capital expenditures on our vessels and our digital transformation initiatives.
Net cash used in financing activities was $0.3 million for the three months ended March 31, 2025 compared to $0.6 million for the same period in 2024. 2025 and 2024 primarily included income tax withholdings for stock-based compensation.
Funding Sources
Debt Facilities
6.75% Notes
On February 4, 2022, we issued $360.0 million aggregate principal amount of 6.75% senior secured notes due 2027 (the “6.75% Notes”) in a private offering. The 6.75% Notes bear interest at a rate of 6.75% per year and is payable semiannually in arrears on February 15 and August 15 of each year. The 6.75% Notes will mature on February 15, 2027, subject to earlier repurchase or redemption. We used the net proceeds from the offering to prepay in full all outstanding borrowings under our prior credit agreement, including the term facility, Main Street Loan, and revolving credit facility, to pay any related premiums and to terminate in full our prior credit agreement and the commitments thereunder. The 6.75% Notes are senior secured obligations and are guaranteed on a senior secured basis by us and certain of our subsidiaries (collectively, the “Guarantors”) and secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all of our and the Guarantors’ assets. We may redeem the 6.75% Notes at set redemption prices and premiums, plus accrued and unpaid interest, if any.
Revolving Credit Facility
On February 4, 2022, we entered into a senior secured revolving credit facility (the “Revolving Credit Facility”), which provides for an aggregate principal amount of commitments of $45.0 million, maturing February 2027, including a letter of credit sub-facility in an aggregate principal amount of up to $5.0 million. The obligations under the Revolving Credit Facility are guaranteed by us and the Guarantors and are secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. Borrowings under the Revolving Credit Facility, if any, will bear interest at a rate per annum equal to, at our option, an adjusted SOFR rate plus a spread or a base rate plus a spread. As of March 31, 2025, we had no borrowings under the Revolving Credit Facility.
9.00% Notes
On May 2, 2023, we issued $275.0 million aggregate principal amount of 9.00% senior secured notes due 2028 (the “9.00% Notes”) in a private offering. The 9.00% Notes bear interest at a rate of 9.00% per year and is payable semiannually in arrears on May 15 and November 15 of each year. The 9.00% Notes will mature on May 15, 2028, subject to earlier repurchase or redemption. The net proceeds from the offering were used to prepay in full all outstanding borrowings under our prior senior secured credit agreements, to pay any related premiums and to terminate in full the prior senior secured credit agreements and the commitments thereunder. The 9.00% Notes are senior unsecured obligations and are guaranteed (i) on a senior secured basis by certain of our subsidiaries (collectively, the “Secured Guarantors”) and secured by a first-priority lien, subject to permitted liens and certain exceptions, on the equity and substantially all the assets of the Secured Guarantors, and (ii) on a senior unsecured basis by certain of our other subsidiaries. We may redeem the 9.00% Notes at set redemption prices and premiums, plus accrued and unpaid interest, if any.
Covenants
The 6.75% Notes, Revolving Credit Facility and 9.00% Notes contain covenants that, among other things, restrict our ability and the ability of our restricted subsidiaries to incur certain additional indebtedness and make certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of important exceptions and qualifications set forth in the 6.75% Notes, Revolving Credit Facility and 9.00% Notes. As of March 31, 2025, we were in compliance with the covenants currently in effect.
Equity
Preferred Stock
In August 2020, we issued and sold 85,000 shares of Series A Redeemable Convertible Preferred Stock, par value of $0.0001, (“Preferred Stock”) for $1,000 per share for gross proceeds of $85.0 million. As of March 31, 2025, 62,000 shares of Preferred Stock were outstanding. The Preferred Stock has senior and preferential ranking to our common stock. The Preferred Stock is entitled to cumulative dividends of 6.00% per annum, and for the first two years, the dividends were required to be paid-in-kind. After the second anniversary of the issuance date, the dividends may be paid-in-kind or be paid in cash at our option. During 2024, we thus far have continued to pay Preferred Stock dividends in-kind. At any time after the third anniversary of the issuance, we may, at our option, convert all, but not less than all, of the Preferred Stock into common stock if the closing price of shares of common stock is at least 150% of the conversion price for 20 out of 30 consecutive trading days. The Preferred Stock is convertible at any time, at the holder’s election, into a number of shares of our common stock equal to the quotient obtained by dividing the then-current accrued value by the conversion price of $9.50. At the six-year anniversary of the closing date, each investor has the right to request that we repurchase their Preferred Stock, and any Preferred Stock not requested to be repurchased shall be converted into our common shares equal to the quotient obtained by dividing the then-current accrued value by the conversion price. As of March 31, 2025, the outstanding Preferred Stock and accumulated dividends could be converted, at the option of the holders, into approximately 8.6 million shares of our common stock.
Funding Needs
We generally rely on a combination of cash flows provided by operations and the incurrence of additional debt to fund obligations. A vast majority of guest ticket receipts are collected in advance of the applicable expedition date. These advance passenger receipts remain a current liability until the expedition date, and the cash generated from these advance receipts is used interchangeably with cash on hand from other cash from operations. The cash received as advanced receipts can be used to fund operating expenses for the applicable future expeditions or otherwise, pay down debt, make long-term investments or any other use of cash. Traditionally we run a working capital deficit due primarily to a large balance of unearned passenger revenues. As of March 31, 2025, we had a working capital deficit of $124.7 million, and as of December 31, 2024, we had a working capital deficit of $114.0 million.
Critical Accounting Policies
Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. For a detailed discussion of our Critical Accounting Policies, please see our 2024 Annual Report, where we have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application. Except for the presentation of credit card fee expenses discussed in Note 1 to the financial statements, there have been no significant changes to our accounting policies from those disclosed in the 2024 Annual Report.
| QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
We may be exposed to a market risk for interest rates related to our revolving credit facility. As of March 31, 2025, no amounts were outstanding under the revolving credit facility. There have otherwise been no other material changes in our exposure to market risks from the information set forth in the “Quantitative and Qualitative Disclosures About Market Risk” sections contained in our 2024 Annual Report.
| CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective as of March 31, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting that occurred during the quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
| PART 2. |
OTHER INFORMATION |
| LEGAL PROCEEDINGS |
The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. We have protection and indemnity insurance that would be expected to cover any damages.
| RISK FACTORS |
We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. The risks and uncertainties that we believe are most important for you to consider are discussed under the heading “Risk Factors” in the 2024 Annual Report.
| UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Recent Sales by the Company of Unregistered Securities
There were no unregistered sales of equity securities during the quarter ended March 31, 2025.
Stock Repurchase Plan
Our Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 and increased the Repurchase Plan to $35.0 million in November 2016. The Repurchase Plan authorizes us to purchase from time to time our outstanding common stock and our previously outstanding warrants. Any shares and warrants purchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of our Board of Directors. These repurchases exclude shares repurchased to settle statutory employee tax withholding related to the exercise of stock options and vesting of stock awards. We have cumulatively repurchased 875,218 shares of common stock for $8.3 million and 6,011,926 warrants for $14.7 million, since plan inception. All repurchases were made using cash resources. The balance for the Repurchase Plan was $12.0 million as of March 31, 2025. No shares were repurchased under the Repurchase Plan during the three months ended March 31, 2025.
Repurchases of Securities
The following table represents information with respect to shares of common stock withheld from vesting's of stock-based compensation awards for employee income tax withholding for the periods indicated:
| Period |
Total number of shares purchased |
Average price paid per share |
Dollar value of shares purchased as part of publicly announced plans or programs |
Maximum dollar value of warrants and shares that may be purchased under approved plans or programs |
||||||||||||
| January 1 through January 31, 2025 |
239 |
$ |
11.58 |
$ |
- |
$ |
11,974,787 |
|||||||||
| February 1 through February 29, 2025 |
310 |
12.72 |
- |
11,974,787 |
||||||||||||
| March 1 through March 31, 2025 |
56,920 |
9.36 |
- |
11,974,787 |
||||||||||||
| Total |
57,469 |
$ |
- |
|||||||||||||
| DEFAULTS UPON SENIOR SECURITIES |
Not applicable.
| MINE SAFETY DISCLOSURES |
Not applicable.
| OTHER INFORMATION |
Rule 10b5-1 Trading Plans
Directors and Executive Officers. Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and in compliance with guidelines specified by the Company. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s common stock, including shares acquired pursuant to the Company’s equity plans (“Rule 10b5-1 Trading Plans”). Under a Rule 10b5-1 Trading Plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted, terminated or modified by our directors and executive officers during the three months ended March 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
| Name and Title | Adoption, Termination or Modification | Date of Adoption, Termination or Modification | Scheduled Expiration Date of Plan | Number of Shares to be Sold under the Plan | ||||
| (, Natural Habitat, Inc.) |
|
|
| |
| EXHIBITS |
| Number |
Description |
Included |
Form |
Filing Date |
||||
| 101.INS |
Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
Herewith |
||||||
| 101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
Herewith |
||||||
| 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
Herewith |
||||||
| 101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
Herewith |
||||||
| 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
Herewith |
||||||
| 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
Herewith |
||||||
| 104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 6, 2025.
| LINDBLAD EXPEDITIONS HOLDINGS, INC. |
||
| (Registrant) |
||
| By |
/s/ Natalya Leahy |
|
| Natalya Leahy |
||
| Chief Executive Officer |
||
| (Principal Executive Officer) |
||
| By |
/s/ Frederick Goldberg |
|
| Frederick Goldberg |
||
| Chief Financial Officer |
||
| (Principal Financial and Accounting Officer) |
||
Exhibit 31.1
Certification
I, Natalya Leahy, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of Lindblad Expeditions Holdings, Inc. (the “Registrant”); |
||
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
||
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
||
|
4. |
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as identified in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
||
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
||
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
||
|
c) |
evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
||
|
d) |
disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
||
|
5. |
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
||
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
||
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
||
Date: May 6, 2025
|
/s/ Natalya Leahy |
|
|
Natalya Leahy |
|
|
Chief Executive Officer |
Exhibit 31.2
Certification
I, Fredrick Goldberg, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of Lindblad Expeditions Holdings, Inc. (the “Registrant”); |
||
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
||
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
||
|
4. |
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as identified in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
||
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
||
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
||
|
c) |
evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
||
|
d) |
disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
||
|
5. |
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
||
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
||
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
||
Date: May 6, 2025
|
/s/ Fredrick Goldberg |
|
|
Fredrick Goldberg |
|
|
Chief Financial Officer |
Exhibit 32.1
Certification of CEO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2025 of Lindblad Expeditions Holdings, Inc., a Delaware corporation (the “Company”), as filed with the Securities and Exchange commission on the date hereof (the “Report”), I, Natalya Leahy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:
|
1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
|
Date: May 6, 2025 |
|
|
/s/ Natalya Leahy |
|
| Natalya Leahy | |
|
Chief Executive Officer |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
Certification of CFO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2025 of Lindblad Expeditions Holdings, Inc., a Delaware corporation (the “Company”), as filed with the Securities and Exchange commission on the date hereof (the “Report”), I, Fredrick Goldberg, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:
|
1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
|
Date: May 6, 2025 |
|
|
/s/ Fredrick Goldberg |
|
| Fredrick Goldberg | |
|
Chief Financial Officer |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued (in shares) | 62,000 | 62,000 |
| Preferred stock, shares outstanding (in shares) | 62,000 | 62,000 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Common stock, shares issued (in shares) | 54,699,422 | 54,507,977 |
| Common stock, shares outstanding (in shares) | 54,567,599 | 54,376,154 |
| Series A Redeemable Convertible Preferred Stock [Member] | ||
| Temporary equity, shares authorized (in shares) | 165,000 | 165,000 |
| Temporary equity, shares issued (in shares) | 62,000 | 62,000 |
| Temporary equity, shares outstanding (in shares) | 62,000 | 62,000 |
| Preferred stock, par value (in dollars per share) | $ 0.0001 | |
| Preferred stock, shares outstanding (in shares) | 62,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2025 |
Mar. 31, 2024 |
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| Net income (loss) | $ 1,011 | $ (4,210) |
| Other comprehensive income: | ||
| Change in foreign currency translation adjustments | 6 | 288 |
| Other comprehensive income (loss), net | 6 | 288 |
| Total comprehensive income (loss) | 1,017 | (3,922) |
| Less: comprehensive loss attributive to non-controlling interest | (150) | (231) |
| Comprehensive income (loss) attributable to Lindblad Expeditions Holdings, Inc. | $ 1,167 | $ (3,691) |
Note 1 - Business and Basis of Presentation |
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| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
NOTE 1—BUSINESS AND BASIS OF PRESENTATION
Business
Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”.
The Company currently operates the following two reportable business segments:
Lindblad Segment. The Lindblad segment currently operates a fleet of 12 owned expedition ships and seasonal charter vessels, and primarily provides ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are able to venture where larger cruise ships cannot, thus allowing Lindblad to offer up-close experiences in the planet’s wild and remote places and capitals of culture. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration and the majority of expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are best accessed by a ship, such as the Galápagos Islands, Alaska, Baja California’s Sea of Cortez and Panama, and foster active engagement by guests. The Company has a brand license agreement with National Geographic Partners, LLC (“National Geographic”), which provides for lecturers and National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, to join many of the Company’s expeditions.
Land Experiences Segment. The Land Experiences segment includes the five primarily land-based brands, Natural Habitat, Inc. (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, comprised of Wineland-Thomson Adventures, LLC and Thomson Safaris Ltd (together “Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under the Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).
The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 to conform with the 2025 presentation.
Except for the presentation of credit card fee expenses discussed above, there have been no significant changes to the Company’s accounting policies from those disclosed in the 2024 Annual Report.
Recently Adopted Accounting Pronouncements
During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 for its annual reporting, as required. These amendments will increase the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information.
Recent Accounting Pronouncements
During November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this ASU on January 1, 2027, as required, and is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
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Note 2 - Earnings Per Share |
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| Earnings Per Share [Text Block] |
NOTE 2—EARNINGS PER SHARE
Earnings (loss) per Common Share
Earnings (loss) per common share is computed using the two-class method related to its Series A Redeemable Convertible Preferred Stock, par value of $0.0001 (“Preferred Stock”). Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of the Preferred Stock based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock.
Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.
For the three months ended March 31, 2025 and 2024, the Company incurred net losses available to stockholders, therefore basic and diluted net loss per share is the same in each respective period. For the three months ended March 31, 2025, 0.8 million unvested restricted shares, 1.7 million shares issuable upon exercise of options and 8.6 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. For the three months ended March 31, 2024, 0.8 million unvested restricted shares, 2.2 million shares issuable upon exercise of options and 8.1 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive.
Earnings (loss) per share was calculated as follows:
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Note 3 - Revenues |
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| Revenue from Contract with Customer [Text Block] |
NOTE 3—REVENUES
Customer Deposits and Contract Liabilities
The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenue when received and are subsequently recognized as tour revenue over the duration of the expedition. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. The Company does not consider guest deposits to be a contract liability until the guest no longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. In conjunction with the prior suspension or rescheduling of expeditions, the Company provided guests an option of either a refund or future travel certificates, which in some instances exceeded the original cash deposit. The value of future travel certificates in excess of cash received is being recognized as a discount to tour revenues at the time the related expedition occurs and includes an estimate of breakage based on historical behavior of the customer and/or time to expiration of the certificate. As of March 31, 2025 and December 31, 2024, the Company has $354.9 million and $318.7 million, related to unearned passenger revenue, respectively.
The change in contract liabilities within unearned passenger revenues are as follows:
The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates each segments’ tour revenues by the sales channel it was derived from:
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Note 4 - Financial Statement Details |
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| Condensed Financial Statements [Text Block] |
NOTE 4—FINANCIAL STATEMENT DETAILS
The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows:
Restricted cash consists of the following:
Prepaid expenses and other current assets are as follows:
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Note 5 - Long-term Debt |
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| Debt Disclosure [Text Block] |
NOTE 5—LONG-TERM DEBT
For the three months ended March 31, 2025 and 2024, $0.9 million and $0.9 million, respectively, of deferred financing costs were charged to interest expense.
6.75% Notes
On February 4, 2022, the Company issued $360.0 million aggregate principal amount of 6.75% senior secured notes due 2027 (the “6.75% Notes”) in a private offering. The 6.75% Notes bear interest at a rate of 6.75% per year, payable semiannually in arrears on February 15 and August 15 of each year. The 6.75% Notes will mature on February 15, 2027, subject to earlier repurchase or redemption. The Company used the net proceeds from the offering to prepay in full all outstanding borrowings under its prior credit agreement, including the term facility, Main Street Loan, and revolving credit facility, to pay any related premiums and to terminate in full its prior credit agreement and the commitments thereunder. The 6.75% Notes are senior secured obligations of the Company and are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries (collectively, the “Guarantors”) and secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. The 6.75% Notes may be redeemed by the Company, at set redemption prices and premiums, plus accrued and unpaid interest, if any.
Revolving Credit Facility
On February 4, 2022, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”), which provides for an aggregate principal amount of commitments of $45.0 million, maturing February 2027, including a letter of credit sub-facility in an aggregate principal amount of up to $5.0 million. The obligations under the Revolving Credit Facility are guaranteed by the Company and the Guarantors and are secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. Borrowings under the Revolving Credit Facility, if any, will bear interest at a rate per annum equal to, at the Company’s option, an adjusted Secured Overnight Financing Rate (“SOFR”) rate plus a spread or a base rate plus a spread. The Company is required to pay a 0.5% quarterly commitment fee on undrawn amounts under the Revolving Credit Facility. As of March 31, 2025, the Company had no borrowings under the Revolving Credit Facility.
9.00% Notes
On May 2, 2023, the Company issued $275.0 million aggregate principal amount of 9.00% senior secured notes due 2028 (the “9.00% Notes”) in a private offering. The 9.00% Notes bear interest at a rate of 9.00% per year, payable semiannually in arrears on May 15 and November 15 of each year. The 9.00% Notes will mature on May 15, 2028, subject to earlier repurchase or redemption. The Company used the net proceeds from the offering to prepay in full all outstanding borrowings under its prior senior secured credit agreements, to pay any related premiums and to terminate in full its prior senior secured credit agreements and the commitments thereunder. The 9.00% Notes are senior unsecured obligations of the Company and are guaranteed (i) on a senior secured basis by certain of the Company’s subsidiaries (collectively, the “Secured Guarantors”) and secured by a first-priority lien, subject to permitted liens and certain exceptions, on the equity and substantially all the assets of the Secured Guarantors, and (ii) on a senior unsecured basis by certain other subsidiaries of the Company. The 9.00% Notes may be redeemed by the Company, at set redemption prices and premiums, plus accrued and unpaid interest, if any.
Other
The Company’s DuVine subsidiary has a EUR 0.1 million State Assistance Loan related to the financial consequences of the COVID-19 pandemic, for the purpose of employment preservation. This loan matures August 2025, with monthly payments, and bears an interest rate of 0.53% annually.
Covenants
The Company’s 6.75% Notes, Revolving Credit Facility and 9.00% Notes contain covenants that include, among others, limits on additional indebtedness and making certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of important exceptions and qualifications set forth in the 6.75% Notes, Revolving Credit Facility and 9.00% Notes. The Company was in compliance with its covenants in effect as of March 31, 2025.
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Note 6 - Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Derivatives and Fair Value [Text Block] |
NOTE 6—FAIR VALUE MEASUREMENTS
The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of March 31, 2025 to be $639.5 million based on the terms of the agreements and comparable market data as of March 31, 2025. As of March 31, 2025 and December 31, 2024, other than derivative instruments and investments in securities, the Company had no other significant liabilities that were measured at fair value on a recurring basis.
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Note 7 - Stockholders' Equity |
3 Months Ended |
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Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Equity [Text Block] |
NOTE 7—STOCKHOLDERS’ EQUITY
Stock Repurchase Plan
The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 and increased the Repurchase Plan to $35.0 million in November 2016. The Repurchase Plan authorizes the Company to purchase, from time to time, the Company’s outstanding common stock and previously outstanding warrants. Any shares purchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of the Company’s Board of Directors. These repurchases exclude shares repurchased to settle statutory employee tax withholding related to the exercise of stock options and vesting of stock awards. The Company has cumulatively repurchased 875,218 shares of common stock for $8.3 million and 6,011,926 warrants for $14.7 million, since plan inception. The remaining balance for the Repurchase Plan was $12.0 million as of March 31, 2025.
Preferred Stock
In August 2020, the Company issued and sold 85,000 shares of Preferred Stock for $1,000 per share for gross proceeds of $85.0 million. The Preferred Stock has senior and preferential ranking to the Company’s common stock. The Preferred Stock is entitled to cumulative dividends of 6.00% per annum, and for the first two years the dividends were required to be paid-in-kind. After the second anniversary of the issuance date, the dividends may be paid-in-kind or be paid in cash at the Company’s option. During 2025, the Company thus far has continued to pay Preferred Stock dividends in-kind. At any time after the third anniversary of the issuance, the Company may, at its option, convert all, but not less than all, of the Preferred Stock into common stock if the closing price of shares of common stock is at least 150% of the conversion price for 20 out of 30 consecutive trading days. The Preferred Stock is convertible at any time, at the holder’s election, into a number of shares of common stock of the Company equal to the quotient obtained by dividing the then-current accrued value by the conversion price of $9.50. The Preferred Stock deferred issuance costs were $2.1 million as of March 31, 2025, recorded as reduction to preferred stock. The Company recorded accrued dividends for Preferred Stock of $1.2 million for the three months ended March 31, 2025 and $1.1 million for the three months ended March 31, 2024. As of March 31, 2025, the 62,000 shares of Preferred Stock outstanding and accumulated dividends could be converted at the option of the holders into 8.6 million shares of the Company’s common stock.
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Note 8 - Stock Based Compensation |
3 Months Ended |
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Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Share-Based Payment Arrangement [Text Block] |
NOTE 8—STOCK BASED COMPENSATION
The Company is authorized to issue up to 4.7 million shares of common stock under the 2021 Long-Term Incentive Plan (“the Plan”) which was approved by shareholders in September 2021. As of March 31, 2025, 1.0 million shares were available to be granted under the Plan.
The Company recorded stock-based compensation expense of $3.7 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.
Long-Term Incentive Compensation
During the three months ended March 31, 2025, the Company awarded 444,212 restricted stock units (“RSUs”) with a weighted average grant price of $10.35. The RSUs will generally vest equally over three years on the anniversary of the grant date, subject to the recipient’s continued employment or service with the Company on the applicable vesting date. The number of shares were determined based upon the closing price of our common stock on the date of the award.
During the three months ended March 31, 2025, the Company awarded 229,023 performance-based restricted share units (“PSUs”) with a weighted average grant price of $10.57. The PSUs generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition. The Company does not deliver the shares associated with the PSUs to the recipient until the performance and vesting conditions are met.
Options
As of March 31, 2025 and December 31, 2024, options to purchase an aggregate of 2.3 million and 2.4 million shares of the Company’s common stock, respectively, with weighted average exercise price of $8.77 for both periods, were outstanding. As of March 31, 2025, 1,669,548 options were exercisable.
In connection with the 2016 acquisition of Natural Habitat, Mr. Bressler’s employment agreement, as amended, provides Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, with an equity incentive opportunity to earn an award of options based on the future financial performance of Natural Habitat, where if the final year equity value of Natural Habitat, as defined in Mr. Bressler's employment agreement, as amended, exceeds $25.0 million, effective as of December 31, 2025, Mr. Bressler will be granted options with a fair value equal to 10.1% of such excess, subject to certain conditions. The actual number of options granted will be determined by the calculated final year equity value of Natural Habitat and the Black-Scholes per share option value, factoring in the Company’s stock price on the date of the grant, its volatility and an appropriate risk-free rate. During the three months ended March 31, 2024, Mr. Bressler exercised a one-time right to elect to receive 50% of such award early, which was calculated based on performance through December 31, 2023. As of result of the early exercise, during the three months ended March 31, 2024, the Company granted 1.3 million options, with an exercise price of $8.44, to Mr. Bressler. The options vested on the grant date and have a term of years. During 2023, the Company determined it was probable the performance condition would be met related to this award and had recorded all expense related to the December 31, 2023 award performance date. The expense related to the remaining equity incentive opportunity through December 31, 2025 was also deemed probable in 2023 and is being expensed over Mr. Bressler’s service period. For the three months ended March 31, 2025, stock-based compensation expense related to this award was $2.0 million.
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Note 9 - Income Taxes |
3 Months Ended |
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Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
NOTE 9—INCOME TAXES
As of March 31, 2025 and December 31, 2024, the Company had no unrecognized tax benefits recorded. The Company's effective tax rate for the three months ended March 31, 2025 was a benefit of 312.8% versus an expense of 6.2% for the three months ended March 31, 2024. In both periods, the effective tax rate differs from the statutory rate because of the mix of jurisdictions generating income and the valuation allowance against certain loss and interest carryforwards in the United States.
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Note 10 - Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Text Block] |
NOTE 10—COMMITMENTS AND CONTINGENCIES
Redeemable Non-Controlling Interest
The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The put options enable the minority holders, but do not obligate them, to sell the remaining interests to the Company. The Company has call options which enable it, but does not obligate it, to acquire the remaining interests in the subsidiaries, subject to certain dates, expirations and similar redemption value purchase measurements as the put options.
Since the redemption of the noncontrolling interests are not solely in the Company’s control, the Company is required to record the redeemable noncontrolling interest outside of stockholders’ equity but after its total liabilities. In addition, if it is probable that the instrument will become redeemable, solely due to the passage of time, the redeemable noncontrollable interest should be adjusted to the redemption value via one of two measurement methods. The Company elected the income classification-excess adjustment and accretion methods for recognizing changes in the redemption value of the put options. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest, and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the redemption value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the redemption value of the noncontrolling interest are treated as a decrease to net income available to common stockholders.
The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital.
The following is a rollforward of redeemable non-controlling interest:
Charter Commitments
From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of March 31, 2025 are as follows:
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Note 11 - Segment Information |
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| Segment Reporting Disclosure [Text Block] |
NOTE 11—SEGMENT INFORMATION
The Company is primarily an experiential travel operator with operations in reportable segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. While both segments have similar characteristics, the operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments.
The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows:
For the three months ended March 31, 2025 and 2024, there was $3.3 million and $2.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation.
The following table presents the Lindblad segment expenses:
The following table presents the Land Experiences segment expenses:
Depreciation and amortization are included in segment operating income as shown below:
The following table presents our total assets, intangibles, net and goodwill by segment:
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Note 12 - Acquisition |
3 Months Ended |
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Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Business Combination [Text Block] |
NOTE 12—ACQUISITIONS
On January 9, 2025, the Company completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates two vessels in the Galápagos Islands, expanding the Company’s vessels and guest capacity in one of its core markets, for which the Company paid $16.0 million in cash. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs were $0.2 million and are included in general and administrative expenses for the quarter ended March 31, 2025. The purchase accounting valuations of the acquired intangibles is ongoing and has not been completed as of the date of this report, therefore intangibles and goodwill are subject to change as valuations are finalized.
On July 31, 2024, the Company, through its land-based subsidiary Natural Habitat, acquired the Thomson Group. The aggregate purchase price for the Thomson Group was $30.0 million, consisting of $24.0 million in cash and $6.0 million in Lindblad common stock, representing 682,593 shares. Pursuant to the agreement, the Company has the option to acquire Tanzania Conservation Limited. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs were $2.7 million and are included in general and administrative expenses for the year ended December 31, 2024. The Company recorded $8.6 million in intangible assets related to tradenames and customer relationships and $17.0 million in goodwill related to the acquisition. Measurement period adjustments were insignificant, and our purchase price allocations are finalized.
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Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2025
shares
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| Trading Arrangements, by Individual [Table] | |
| Trading Arrangement, Securities Aggregate Available Amount | 1,334,319 |
| Trading Arrangement, Individual Name | Benjamin Bressler |
| Trading Arrangement, Individual Title | Founder and CEO |
| Rule 10b5-1 Arrangement Terminated [Flag] | true |
| Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
| Rule 10b5-1 Arrangement Adopted [Flag] | true |
| Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
| Trading Arrangement Adoption Date | March 14, 2025 |
| Trading Arrangement Termination Date | June 18, 2027 |
Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).
The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 to conform with the 2025 presentation.
Except for the presentation of credit card fee expenses discussed above, there have been no significant changes to the Company’s accounting policies from those disclosed in the 2024 Annual Report. |
| New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements
During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 for its annual reporting, as required. These amendments will increase the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information.
Recent Accounting Pronouncements
During November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this ASU on January 1, 2027, as required, and is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. |
Note 2 - Earnings Per Share (Tables) |
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Note 3 - Revenues (Tables) |
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Note 5 - Long-term Debt (Tables) |
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Note 10 - Commitments and Contingencies (Tables) |
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| Redeemable Noncontrolling Interest [Table Text Block] |
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| Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] |
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Note 11 - Segment Information (Tables) |
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| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Note 1 - Business and Basis of Presentation (Details Textual) |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Number of Reportable Segments | 2 |
| Number of Expedition Ships Operated | 12 |
| Number of Seasonal Charter Vessels Operated | 7 |
Note 2 - Earnings Per Share (Details Textual) - $ / shares shares in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
|
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Restricted Stock [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 0.8 | |
| Share-Based Payment Arrangement, Option [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.7 | 2.2 | |
| Series A Redeemable Convertible Preferred Stock [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 8.6 | 8.1 | |
| Series A Redeemable Convertible Preferred Stock [Member] | |||
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. | $ 1,161 | $ (3,979) |
| Series A redeemable convertible preferred stock dividend | 1,204 | 1,136 |
| Net loss available to stockholders | $ (43) | $ (5,115) |
| Total weighted average shares outstanding, basic (in shares) | 54,623,008 | 53,372,171 |
| Total weighted average shares outstanding, diluted (in shares) | 54,623,008 | 53,372,171 |
| Basic (in dollars per share) | $ (0) | $ (0.1) |
| Diluted (in dollars per share) | $ (0) | $ (0.1) |
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
|
| Contract with Customer, Liability, Current | $ 354,856 | $ 318,666 | |
| Lindblad Segment [Member] | |||
| Revenues | 131,108 | $ 118,303 | |
| Lindblad Segment [Member] | Sales Channel, Affinity [Member] | |||
| Revenues | 6,400 | ||
| Land-experience [Member] | |||
| Revenues | $ 48,613 | 35,311 | |
| Land-experience [Member] | Sales Channel, Affinity [Member] | |||
| Revenues | $ 400 | ||
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2025
USD ($)
| |
| Beginning balance | $ 190,281 |
| Recognized in tour revenues during the period | (175,382) |
| Additional contract liabilities in period | 191,350 |
| Ending balance | $ 206,249 |
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|
| Cash and cash equivalents | $ 188,854 | $ 183,941 | $ 177,719 | |
| Restricted cash | 46,370 | 32,202 | 46,451 | |
| Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 235,224 | $ 216,143 | $ 224,170 | $ 187,344 |
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
|---|---|---|---|
| Total restricted cash and marketable securities | $ 46,370 | $ 32,202 | $ 46,451 |
| Credit Card Processor Reserves [Member] | |||
| Total restricted cash and marketable securities | 12,500 | 12,750 | |
| Federal Maritime Commission Escrow [Member] | |||
| Total restricted cash and marketable securities | 32,104 | 18,101 | |
| Certificates of Deposit and Other Restricted Securities [Member] | |||
| Total restricted cash and marketable securities | $ 1,766 | $ 1,351 |
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Prepaid tour expenses | $ 30,907 | $ 28,585 |
| Other | 29,701 | 33,705 |
| Total prepaid expenses and other current assets | $ 60,608 | $ 62,290 |
Note 5 - Long-term Debt (Details Textual) € in Millions, $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Feb. 04, 2022
USD ($)
|
Mar. 31, 2025
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2025
EUR (€)
|
May 02, 2023
USD ($)
|
|
| Amortization of Debt Issuance Costs | $ 0.9 | $ 0.9 | |||
| Senior Secured Notes [Member] | |||||
| Debt Instrument, Face Amount | $ 360.0 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||
| Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 45.0 | ||||
| Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||
| Credit Agreement [Member] | Letter of Credit [Member] | |||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 5.0 | ||||
| The 9.00% Note [Member] | |||||
| Debt Instrument, Face Amount | $ 275.0 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||
| State Assistance Loan [Member] | DuVine [Member] | |||||
| Debt Instrument, Face Amount | € | € 0.1 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 0.53% | ||||
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Principal | $ 635,019 | $ 635,029 |
| Deferred Financing Costs, Net | (8,651) | (9,575) |
| Balance | 626,368 | 625,454 |
| Principal, Current | (19) | (29) |
| Deferred Financing Costs, Net, Current | 0 | 0 |
| Balance, Current | (19) | (29) |
| Principal, Non-current | 635,000 | 635,000 |
| Deferred Financing Costs, Net, Non-current | (8,651) | (9,575) |
| Balance, Non-current | 626,349 | 625,425 |
| The 6.75% Note [Member] | ||
| Principal | 360,000 | 360,000 |
| Deferred Financing Costs, Net | (4,027) | (4,576) |
| Balance | 355,973 | 355,424 |
| The 9.00% Note [Member] | ||
| Principal | 275,000 | 275,000 |
| Deferred Financing Costs, Net | (4,624) | (4,999) |
| Balance | 270,376 | 270,001 |
| Other Debt [Member] | ||
| Principal | 19 | 29 |
| Deferred Financing Costs, Net | 0 | 0 |
| Balance | $ 19 | $ 29 |
Note 6 - Fair Value Measurements (Details Textual) $ in Millions |
Mar. 31, 2025
USD ($)
|
|---|---|
| Long-Term Debt, Fair Value | $ 639.5 |
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 100 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 31, 2020 |
Mar. 31, 2025 |
Mar. 31, 2024 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Nov. 30, 2016 |
|
| Dividends, Preferred Stock | $ 1,204 | $ 1,136 | ||||
| Preferred Stock, Shares Outstanding (in shares) | 62,000 | 62,000 | 62,000 | |||
| Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 8,600,000 | 8,600,000 | ||||
| Series A Redeemable Convertible Preferred Stock [Member] | ||||||
| Temporary Equity, Shares Issued (in shares) | 62,000 | 62,000 | 62,000 | |||
| Deferred Offering Costs | $ 2,100 | $ 2,100 | ||||
| Dividends, Preferred Stock | $ 1,200 | 1,100 | ||||
| Preferred Stock, Shares Outstanding (in shares) | 62,000 | 62,000 | ||||
| Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | ||||||
| Temporary Equity, Shares Issued (in shares) | 85,000 | |||||
| Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||
| Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000 | |||||
| Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||
| Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.5 | |||||
| Common Stock [Member] | ||||||
| Dividends, Preferred Stock | $ (0) | |||||
| Stock and Warrant Repurchase Plan [Member] | ||||||
| Share Repurchase Program, Authorized, Amount | $ 35,000 | |||||
| Warrants Repurchased During Period (in shares) | 6,011,926 | |||||
| Warrants Repurchased During Period, Value | $ 14,700 | |||||
| Share Repurchase Program, Remaining Authorized, Amount | $ 12,000 | $ 12,000 | ||||
| Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | ||||||
| Stock Repurchased During Period, Shares (in shares) | 875,218 | |||||
| Stock Repurchased During Period, Value | $ 8,300 | |||||
Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
|
| Share-Based Payment Arrangement, Expense | $ 3.7 | $ 2.1 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 2,300,000 | 2,400,000 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.77 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 1,669,548 | ||
| Natural Habitat, Inc [Member] | Mr. Bressler [Member] | |||
| Equity Incentive Opportunity, Floor Value | $ 25.0 | ||
| Stock Options, Excess of Fair Value, Percent | 10.10% | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Percentage of Award Elected to Receive Early | 50.00% | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,300,000 | ||
| Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 8.44 | ||
| Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense | $ 2.0 | ||
| Share-Based Payment Arrangement, Option [Member] | Natural Habitat, Inc [Member] | Mr. Bressler [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
| 2021 Long-Term Incentive Compensation Plan [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,700,000 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,000,000 | ||
| 2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 444,212 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.35 | ||
| 2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 229,023 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.57 | ||
Note 9 - Income Taxes (Details Textual) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Effective Income Tax Rate Reconciliation, Percent | 312.80% | (6.20%) |
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Balance | $ 29,424 | $ 37,784 |
| Net loss attributable to noncontrolling interest | (150) | (231) |
| Redemption value adjustment of put option | 2,792 | (860) |
| Distribution | (310) | (396) |
| Balance | $ 31,756 | $ 36,297 |
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands |
Mar. 31, 2025
USD ($)
|
|---|---|
| 2025 (nine months) | $ 11,560 |
| 2026 | 14,317 |
| Total | $ 25,877 |
Note 11 - Segment Information (Details Textual) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2025
USD ($)
|
Mar. 31, 2024
USD ($)
|
|
| Number of Operating Segments | 2 | |
| Revenue from Contract with Customer, Including Assessed Tax | $ 179,721 | $ 153,614 |
| Intersegment Eliminations [Member] | ||
| Revenue from Contract with Customer, Including Assessed Tax | $ 3,300 | $ 2,800 |
Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
|
| Tour revenues | $ 179,721 | $ 153,614 | |
| Operating (loss) income | 10,614 | 7,850 | |
| Cost of tours | 92,848 | 84,453 | |
| General and administrative | 32,722 | 27,236 | |
| Selling and marketing | 28,242 | 22,758 | |
| Depreciation and amortization | 15,295 | 11,317 | |
| Total Assets | 908,829 | $ 876,905 | |
| Total intangibles, net | 15,281 | 15,923 | |
| Total goodwill | 59,198 | 59,031 | |
| Operating Segments [Member] | |||
| Tour revenues | 179,721 | 153,614 | |
| Operating (loss) income | 10,614 | 7,850 | |
| Lindblad Segment [Member] | |||
| Depreciation | 14,038 | 10,460 | |
| Amortization | 22 | 22 | |
| Total Assets | 669,725 | 667,799 | |
| Total intangibles, net | 1,461 | 1,505 | |
| Total goodwill | 0 | 0 | |
| Lindblad Segment [Member] | Operating Segments [Member] | |||
| Tour revenues | 131,108 | 118,303 | |
| Operating (loss) income | 8,387 | 7,783 | |
| Cost of tours | 64,823 | 62,379 | |
| General and administrative | 21,131 | 18,769 | |
| Selling and marketing | 22,707 | 18,890 | |
| Depreciation and amortization | 14,060 | 10,482 | |
| Land-experience [Member] | |||
| Depreciation | 637 | 405 | |
| Amortization | 598 | 430 | |
| Total Assets | 239,104 | 209,106 | |
| Total intangibles, net | 13,820 | 14,418 | |
| Total goodwill | 59,198 | $ 59,031 | |
| Land-experience [Member] | Operating Segments [Member] | |||
| Tour revenues | 48,613 | 35,311 | |
| Operating (loss) income | 2,227 | 67 | |
| Cost of tours | 28,025 | 22,074 | |
| General and administrative | 11,591 | 8,467 | |
| Selling and marketing | 5,535 | 3,868 | |
| Depreciation and amortization | $ 1,235 | $ 835 | |
Note 12 - Acquisition (Details Textual) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Jan. 09, 2025
USD ($)
|
Jul. 31, 2024
USD ($)
shares
|
Mar. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Goodwill | $ 59,198 | $ 59,031 | ||
| Torcatt Enterprises Limitada [Member] | ||||
| Number of Vessels Owned | 2 | |||
| Payments to Acquire Businesses, Gross | $ 16,000 | |||
| Business Combination, Acquisition-Related Cost, Expense | $ 200 | |||
| Wineland - Thomson Adventures [Member] | ||||
| Payments to Acquire Businesses, Gross | $ 24,000 | |||
| Business Combination, Acquisition-Related Cost, Expense | 2,700 | |||
| Business Combination, Consideration Transferred | 30,000 | |||
| Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6,000 | |||
| Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 682,593 | |||
| Goodwill | 17,000 | |||
| Wineland - Thomson Adventures [Member] | Tradenames and Customer Relationships [Member] | ||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 8,600 |