Lindblad Expedite | 10-Q: 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.

Lindblad Segment

• Tour Revenues: $137.6 million for the three months ended September 30, 2025, an increase of 13% from $121.3 million in the same period in 2024. For the nine months ended September 30, 2025, revenues were $379.7 million, up 14% from $332.6 million in 2024.
• Operating Income: $13.2 million for the three months ended September 30, 2025, compared to $11.7 million in 2024. For the nine months ended September 30, 2025, operating income was $19.6 million, up from $10.1 million in 2024.
• Cost of Tours: $63.8 million for the three months ended September 30, 2025, compared to $59.2 million in 2024. For the nine months ended September 30, 2025, costs were $187.1 million, compared to $177.3 million in 2024.

Land Experiences Segment

• Tour Revenues: $102.6 million for the three months ended September 30, 2025, an increase of 21% from $84.7 million in 2024. For the nine months ended September 30, 2025, revenues were $208.1 million, up 27% from $163.5 million in 2024.
• Operating Income: $22.7 million for the three months ended September 30, 2025, compared to $17.8 million in 2024. For the nine months ended September 30, 2025, operating income was $31.4 million, up from $19.0 million in 2024.
• Cost of Tours: $60.6 million for the three months ended September 30, 2025, compared to $50.6 million in 2024. For the nine months ended September 30, 2025, costs were $121.5 million, compared to $99.9 million in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $96.9 million for the nine months ended September 30, 2025, compared to $90.7 million in 2024.
• Net Cash Used in Investing Activities: $54.1 million for the nine months ended September 30, 2025, compared to $34.4 million in 2024.
• Net Cash Provided by Financing Activities: $31.5 million for the nine months ended September 30, 2025, compared to $19.1 million used in 2024.

Future Outlook and Strategy

• Core Business Focus: The company issued $675.0 million of 7.00% senior secured notes, maturing 2030, with proceeds used primarily to pay the outstanding borrowings under prior notes and increased the amount available under the revolving credit facility to $60.0 million.
• Non-Core Business: The acquisition of Torcatt Enterprises Limitada expanded the company’s vessels and guest capacity in the Galápagos Islands, a core market.