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- **Record Financials**: Q3 revenue up 16.6% to $240M, EBITDA at $57.3M (25% growth), highest margins in company history.
- **Demand Strength**: 88% occupancy, 9% yield growth, and 24% increase in young travelers highlight strong demand.
- **Strategic Wins**: Disney bookings up 42%, onboard sales tripled, and 2027 charters expanded to new markets.
- **Debt Optimization**: 75bps rate reduction and $675M refinancing enhance financial flexibility.
- **Guidance Uptick**: Full-year net yield growth raised to 12.5-14%, reflecting confidence in luxury travel recovery.

**【Management Opening Remarks】**
- CFO Rick Goldberg provided procedural reminders, including forward-looking statements and non-GAAP financial measures.

**【CEO Summary Section】**
- **Revenue and Profit Growth**: Q3 revenue rose 16.6% to $240M, with Lindblad segment up 13.4% and Land segment up 21.1%. Adjusted EBITDA reached $57.3M, a 25% increase, with margins expanding to 23.8%.
- **Operational Highlights**: Lindblad occupancy hit 88% (up 6pts), yielding $13.14 per guest night (9% growth). Alaska yields grew 16%, and Land segment revenue per guest rose 8%.
- **Strategic Pillars**: 
  1. **Revenue Generation**: Disney partnerships drove 42% booking growth; onboard sales tripled YoY.
  2. **Cost Optimization**: $1.8M in tax credits and debt refinancing reduced rates by 75bps.
  3. **Growth Opportunities**: 2027 charters expanded to Europe, Egypt, India, and Vietnam.
- **Sustainability**: Arctic science programs and National Geographic collaborations enhance brand differentiation.

**【CFO Financial Commentary】**
- **Financial Health**: Ended Q3 with $290M cash and $60.4M free cash flow. Debt refinancing at 7% lowered interest costs.
- **Guidance Update**: Full-year net yield growth raised to 12.5-14%, revenue to $745-760M, and EBITDA to $119-123M.
- **Balance Sheet Strength**: S&P upgraded credit rating; net leverage at 3.1x.

**【Q&A Highlights】**
- **2026 Bookings**: Strong momentum in both segments, with 2027 bookings showing early interest.
- **Yield Growth**: Expect normalization post-double-digit growth, maintaining price integrity.
- **Macro Environment**: Minimal impact from macroeconomic factors; focus on luxury travel demand.
- **Growth Strategy**: Charter expansion and selective acquisitions to drive capacity growth.
- **Financing**: Comfortable with current leverage; exploring accretive opportunities.


Lindblad Expeditions Holdings, Inc. (LIND) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Non-Operating Income (Loss)

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

LIND

LIND fundamentals

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