LINDBLAD EXPEDITIONS HOLDINGS, INC. Q4 FY2024 earnings call

• Sven Lindblad highlighted Lindblad Expeditions' 45-year history, transition to new leadership with Natalya Leahy and Rick Goldberg, and the company's purpose-driven approach.
• Natalya Leahy emphasized the record 2024 performance, revenue growth, new vessel additions in Galapagos (National Geographic Gemini and Delfina), technology upgrades (Seaware booking platform, onboard tech, telephony system), and sustainability efforts with 45 conservation initiatives in 2024.
• Rick Goldberg discussed financial details including 2024 revenue of $645M (up 13%), adjusted EBITDA of $91.2M (up 28%), cost details, balance sheet updates, and future growth plans such as exploring additional growth opportunities and fleet expansion.

In 2024, Lindblad delivered record performance. Lindblad segment tour revenue was $423 million, an increase of $26 million or 7% compared to 2023. Land Experiences tour revenues were $221 million, an increase of $49 million or 29% compared to 2023. Adjusted EBITDA increased 28% for the year to $91.2 million with margins increasing 170 basis points to 14.4%. Lindblad segment contributed approximately 65.6% of total revenue ($423M out of $645M), while Land Experiences contributed approximately 34.4% ($221M out of $645M).

• Total company tour revenue for 2025 is expected to be between $700 million and $750 million.
• Adjusted EBITDA for 2025 is expected to be between $100 million and $112 million.
• Lindblad segment available guest nights are expected to increase 1.5% for the full year 2025, with bookings for 2025 and 2026 trending ahead of prior year.

• The company's comments may include forward-looking statements subject to risks and uncertainties that may cause actual results and performance to be materially different from expectations. The company cannot guarantee the accuracy of any forecast or estimates and undertakes no obligation to update forward-looking statements.

Q: About guidance and EBITDA flowthrough, with the EBITDA guidance for 2025 coming in around 5% below consensus at the midpoint but revenue targets higher, and what factors weigh on the flowthrough and occupancy expectations A: Natalya Leahy stated they delivered strong double-digit EBITDA growth in 2024 in both segments and are forecasting strong continued EBITDA growth in 2025 based on current bookings, and they are investing in future growth opportunities which will generate strong return in 2026 Q: About long-term growth, including organic growth through Disney partnership and external capital deployment A: Natalya Leahy mentioned three key areas for value creation: organic growth in Land and Expedition segments through maximizing revenues, smart cost innovation and fixed assets utilization, and exploring opportunities for fleet growth or portfolio additions, with the National Geographic partnership playing a key role in expanding reach and brand awareness Q: About the Disney sales partnership update, where the National Geographic Disney partnership stands and how it ramps throughout the year, and current bookings through Disney channels A: Natalya Leahy said the National Geographic Disney partnership is gaining momentum, with direct mail campaigns in late 2024 generating positive returns, expanding into earmarked Disney agencies, and expects strong returns in 2025 based on the foundation laid in 2024