Lindblad Expedite | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 240.17 M

Revenue: As of FY2025 Q3, the actual value is USD 240.17 M, beating the estimate of USD 229.68 M.

EPS: As of FY2025 Q3, the actual value is USD 0.

EBIT: As of FY2025 Q3, the actual value is USD 47.23 M.

Segment Revenue

• Total Revenue: Increased by 17% to $240.2 million for the third quarter of 2025, driven by a $16.3 million increase in the Lindblad segment and a $17.9 million increase in the Land Experiences segment.
• Lindblad Segment: Tour revenues were $137.6 million, a 13% increase from the previous year, primarily due to a 9% increase in net yield per available guest night and higher occupancy rates.
• Land Experiences Segment: Tour revenues were $102.6 million, a 21% increase from the previous year, attributed to operating additional trips and higher pricing.

Operational Metrics

• Net Income: The net loss available to stockholders was $49 thousand, compared to a net income of $21.3 million in the third quarter of 2024, primarily due to $23.5 million in debt refinancing expenses and a $4.2 million decrease in income tax benefit.
• Adjusted EBITDA: Increased by 25% to $57.3 million, with a $6.5 million increase in the Lindblad segment and a $4.9 million increase in the Land Experiences segment.
• Operating Income: Total operating income was $35.97 million, a 22% increase from the previous year.

Cash Flow

• Operating Cash Flow: Net cash provided by operating activities was $97.1 million for the nine months ended September 30, 2025.
• Free Cash Flow: $60.4 million for the nine months ended September 30, 2025, down from $67.0 million in the same period of 2024.

Unique Metrics

• Net Yield per Available Guest Night: Increased by 9% to $1,314 in the Lindblad segment.
• Occupancy: Increased to 88% from 82% in the previous year.

Outlook / Guidance

• The company expects full-year 2025 tour revenues to be between $745 million and $760 million, with Adjusted EBITDA projected to be between $119 million and $123 million.