Lindblad Expeditions Holdings, Inc. Q2 FY2025 earnings call

• Past 6 months milestones: Introduced strategic revenue management capabilities, executed initiatives with Disney partners, implemented cost innovation process, and made key leadership additions. • Second quarter performance: Highlighted strong revenue growth, increased occupancy, record net yields, and significant adjusted EBITDA growth. • Strategic pillars:

• Revenue generation: Optimized deployment, rolled out onboard sales program, partnership with Disney yielding positive outcomes, National Geographic campaign boosting search volumes, relaunched Youth Travel program.
• Financial performance optimization: Over 20 cost innovation initiatives underway, improved dry-dock planning adding voyages to 2026.
• Growth opportunities: European river cruise program well received, acquisition of 4 safari camps in East Africa, preparing first ESG report, electrification of vehicle fleet in Peru.

Total company revenues for Q2 2025 were $167 million, an increase of $31 million or 23% versus Q2 2024. Lindblad segment revenues were $111 million, an increase of $18 million or 19% compared to the prior year. Land Experience segment revenues were $57 million, an increase of $13 million or 31% compared to Q2 2024. Occupancy rose to 86%, an 11-point gain despite a 5% capacity increase. Net yields grew 13% to $1,241, a historic high for second quarter. Adjusted EBITDA increased 139% with margins expanding 720 basis points to 14.8%. Lindblad segment contributed 66.5% to total revenue ($111M/$167M), and Land segment contributed 34.1% ($57M/$167M).

• Raised full year guidance for net yields, revenue, and adjusted EBITDA. Net yields expected to increase 9% to 11% year-over-year (previously 7%-10%). • Revenue guidance narrowed from $700 million - $750 million to $725 million - $750 million. • Adjusted EBITDA guidance raised from $100 million - $112 million to $108 million - $115 million, reflecting strong business performance and execution on strategic pillars.

• Company's comments may include forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially from expectations. • Risks involved in forward-looking statements are detailed in the company's SEC filings.

Q: Steven Wieczynski asked about the second half EBITDA compared to last year and guidance changes.

A: Rick Goldberg stated 2025 is an investment year with investments in the second half. Natalya Leahy added focus on future growth and international expansions with bookings ahead.

Q: Eric Des Lauriers inquired about sales and marketing increase.

A: Rick Goldberg said continuing to invest in new sales channels, partnership with Disney, international expansion, and mentioned royalties related to National Geographic.

Q: Eric Christian Wold asked about Disney relationship and boat acquisitions.

A: Natalya Leahy said tapping into Disney demographic increases multigenerational travel, and they look for growth opportunities through acquisitions, charters, etc.