Lindblad Expeditions Holdings, Inc. Q3 FY2025 earnings call

• Guests achieved highest Net Promoter Scores ever for Q3 and year-to-date.
• Lindblad and Land Segments showed strong growth; Lindblad occupancy 88%, net yields $1,314 (highest Q3 in history).
• Strategic pillars: maximizing revenue via occupancy/pricing/deployment, optimizing financial performance via cost innovation, exploring accretive growth.
• Disney partnership driving distribution; onboard sales program performing well.
• Renegotiated leases/port agreements, refinanced debt, hired SVP of Supply Chain and Procurement.
• Arctic Visiting Scientist program with National Geographic showcasing responsible exploration.

Consolidated revenues increased 16.6%. Lindblad segment revenues were $138 million, up 13.4%, with occupancy at 88% (6 points higher than last year) and net yields at $1,314, up 9%. Land Experience segment revenues were $103 million, up 21.1%, driven by a 12% increase in guests and 8% increase in revenue per guest.

• Raised full-year net yield per available guest night guidance to 12.5%-14% increase.
• Raised full-year revenue guidance to $745M-$760M.
• Raised full-year EBITDA guidance to $119M-$123M.

• Geopolitical environment as a potential headwind.
• Step-up in royalties expected in 2026.

Q: Could you give more color on 2026 booking trends and Disney travel partner bookings?

A: '26 guidance to be provided next earnings; '27 bookings well ahead of last year; Disney travel partners seeing 42% YTD sales growth.

Q: Thoughts on maintaining price integrity into next year?

A: Seeing uptick in demand, increasing capacities in popular destinations like Alaska, Antarctica, Galapagos with strong pricing power.

Q: View on current revenue mix and future growth opportunities?

A: Comfortable with current mix; using charters, new builds, acquisitions for accretive growth.

Q: Financing alternatives and leverage comfort?

A: Pleased with refinancing, positioned to pursue expansion; confident in deleveraging as EBITDA grows.