Lindblad Expeditions Holdings Inc. · NASDAQ:LIND
Lindblad Expeditions — Q1 2025 Earnings Presentation
38 slides from Lindblad Expeditions's earnings presentation, May 6, 2025
Slide 1: Lindblad Expeditions Investor Presentation
Slide 2: Disclaimer
Lindblad Expeditions Disclaimer Confidentiality and Disclaimer of Accuracyand Completeness of Information inthis Presentation ‘This presentation and information contained herein constitutes confidential information and is provided to you on the condition that you will hold itin strict confidence and
Slide 3: Inspiring Exploration and Discovery
Inspiring Exploration and Discovery
Slide 4: Investment Highlights
Investment Highlights PREMIER COMPANY IN INDUSTRY: EXPANDED EARNINGS POTENTIAL: COMPELLING MARKET OPPORTUNITY: PLATFORM FOR SIGNIFICANT GROWTH: EXCLUSIVE NATIONAL GEOGRAPHIC PARTNERSHIP: VISIONARY AND PROVEN LEADERSHIP TEAM: EXTRAORDINARY OPERATING METRICS: DYNAMIC BUSINESS MODEL PROVIDES FLEXIBILIT
Slide 5: Pioneering Adventure Travel Since 1958
Pioneering Adventure Travel Since 1958 “If Lars-Eric Lindblad had lived in the year 1000, he probably would have set foot on the North American continent before Leif Ericson. Or, turning eastward, he might have reached China before Marco Polo.” ROGER TORY PETERSON ▪ ▪ ▪
Slide 6: Current Fleet: Intimately-Scaled Expedition Ships
Current Fleet: Intimately-Scaled Expedition Ships
Slide 7: Exploring The World's Most Extraordinary Destinations
Exploring The World’s Most Extraordinary Destinations
Slide 8: Unforgettable Journeys To Remarkable Destinations
Unforgettable Journeys To Remarkable Destinations ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 9: Fleet Expansion To Meet Explosive Adventure Travel Demand
Fleet Expansion To Meet Explosive Adventure Travel Demand COASTAL VESSELS BLUE WATER VESSELS ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 10: Exclusive Strategic Alliance With National Geographic
Exclusive Strategic Alliance With National Geographic ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 11: National Geographic Has Significant Reach
National Geographic Has Significant Reach
Slide 12: Key Metrics – Expedition Cruising
Key Metrics – Expedition Cruising ▪ ▪ ▪ ▪
Slide 13: Key Metrics – Expedition Cruising (cont'd)
Key Metrics – Expedition Cruising (cont’d) ▪ ▪ ▪ ▪
Slide 14: Attractive Demographics With A Loyal Customer Base
Attractive Demographics With A Loyal Customer Base ▪ ▪ ▪ ▪ ▪ ▪
Slide 15: Differentiated Marketing And Distribution Model
Differentiated Marketing And Distribution Model ▪ ▪ ▪ ▪ ▪
Slide 16: High Revenue Visibility Given Long Booking Window
High Revenue Visibility Given Long Booking Window ▪
Slide 17: Market Opportunities
Market Opportunities ▪ ▪ ▪ ▪ ▪ ▪
Slide 18: Unique Business Model Differentiated Among Operators
Unique Business Model Differentiated Among Operators
Slide 19: Land Segment Platform Expands Lindblad's Product Offering
Land Segment Platform Expands Lindblad’s Product Offering ▪ ▪ ▪ ▪ ▪ ▪
Slide 20: Complementary Brands / Guests Across Companies
Complementary Brands / Guests Across Companies
Slide 21: The Lindblad Platform Advantage
The Lindblad Platform Advantage ▪ ▪ ▪ ▪ ▪ ▪
Slide 22: Significant Reach In Large, High-Growth Adventure Tourism Market
Significant Reach In Large, High-Growth Adventure Tourism Market $45B $683B $1.8T
Slide 23: Financial Overview
Financial Overview
Slide 24: Revenue Growth
Revenue Growth ▪ ▪ ▪ 2013-2023 CAGR $563 +11% $422 $343 $279 $310 $242 $192 $198 $210 $147 $82 (1) (1) (1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Midpoint of Guidance 2023
Slide 25: Adjusted EBITDA Growth
Adjusted EBITDA Growth ▪ ▪ $75 $67 $53 $55 $45 $47 $42 $36 ($12) ($52) ($64) 2013 2014 2015 2016 2017 2018 2019 2020 (1) 2021(1) 2022(1) Midpoint of Guidance 2023
Slide 26: Mission Driven Company
Lindblad Expeditions riven Company lad is driven by the goal of helping people see, feel, discover and appreciate the natural world, increasing awareness and appreciation for the environment and, in turn, care for the sustainability of our planet * Lindblad and Natural Habitat are 100% carbon neutra
Slide 27: Investment Highlights
Investment Highlights PREMIER COMPANY IN INDUSTRY: EXPANDED EARNINGS POTENTIAL: COMPELLING MARKET OPPORTUNITY: PLATFORM FOR SIGNIFICANT GROWTH: EXCLUSIVE NATIONAL GEOGRAPHIC PARTNERSHIP: VISIONARY AND PROVEN LEADERSHIP TEAM: EXTRAORDINARY OPERATING METRICS: DYNAMIC BUSINESS MODEL PROVIDES FLEXIBILIT
Slide 28: Appendix
Appendix
Slide 29: Highly Experienced, Tenured Management Team
Highly Experienced, Tenured Management Team
Slide 30: Board of Directors
Board of Directors ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 31: Board of Directors (cont'd)
| Board of Directors (cont'd) BERNARD W. ARONSON, DIRECTOR + Founder and Managing Partner of ACON Investments L.L.C. + Served as the U.S. Special Envoy to the Colombian Peace Process, appointed by President Obama in February 2015 + Previously, international advisor to Goldman, Sachs & Co. (1993-1996
Slide 32: Award Winning & Consistently Industry-Honored
Award Winning & Consistently Industry-Honored ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 33: Lindblad's Guiding Principles
Lindblad’s Guiding Principles ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 34: Cash & Debt
Cash & Debt ($ in millions) 3/31/2023 Margin Cash & Cash Equivalents (1) $121 Secured Debt (4) 6.75% Senior Secured Notes (2) $360 Export Credit Agreement (Endurance) due 2032 $92 L+350 Export Credit Agreement (Resolution) due 2033 $107 L+350 Revolving Credit Facility due 2027 (3) $0 Total Secured D
Slide 35: Reconciliation Of Net Yield
| Reconciliation Of Net Yield For the years ended December 31, (In thousands) 2015 2016 2017 2018 2019 2020 2021 2022 Operating (loss) income $ 15502 $ 11,794 7,292 $ 19798 $ 26,203 $ = (78,573) $ (111477) $ —«(77.871) Cost of tours 95.417 96,505 105,044 114,841 125,343 62,905 85,588 201,255 General
Slide 36: Reconciliation Of Non-GAAP Items
Reconciliation Of Non-GAAP Items
Slide 37: Definitions
Definitions Adjusted Net Cruise Cost Available Guest Nights Gross Cruise Cost Gross Yield per Available Guest Night Guest Nights Sold Maximum Guests Net Cruise Cost Net Cruise Cost Excluding Fuel Net Yield Net Yield per Available Guest Night Number of Guests Occupancy Voyages
Slide 38: Thank You
ewiee Thank You
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