Lindblad (LIND) Q1 2026 Earnings Transcript

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DATE

May 5, 2026

CALL PARTICIPANTS

• President and Chief Executive Officer — Natalya Leahy
• Chief Financial Officer — Rick Goldberg

TAKEAWAYS

• Total Revenue -- $208 million, up 16% driven by both Lindblad and Land Experiences segments.
• Lindblad Segment Revenue -- $152.5 million, a 16% increase, with occupancy rising to 93% on a 6% increase in capacity.
• Land Experiences Segment Revenue -- $55.5 million, representing 14% growth attributed to higher revenue per guest.
• Net Yield per Guest Night -- $1,631, a 7% increase and the highest in company history.
• Adjusted EBITDA -- $34.8 million, an increase of 16%, with Land Experiences EBITDA up 88% including a $3 million onetime benefit from tour insurance revenue timing.
• Net Income -- $6 million, compared to a slight loss in the prior year, translating to $0.10 per share.
• Free Cash Flow -- $42.6 million, up 21.7%, supporting improved liquidity.
• Total Cash Balance -- $321 million, a $31.3 million sequential increase reflecting strong operations and future bookings.
• Net Leverage -- Decreased from 3.1x to 2.7x, acknowledged by a Moody’s upgrade.
• Cost of Tours -- Increased $13.9 million or 15%, primarily due to higher voyage count and added air expense from Flying Antarctica program.
• Sales and Marketing Expense -- Rose $7.7 million or 27%, led by final royalty rate increase on the National Geographic agreement and expanded demand generation initiatives.
• General and Administrative Costs -- Up $1.9 million or 6.5%, mainly higher personnel costs; as a percentage of revenue, G&A dipped 120 bps to 14.7%.
• Fuel Costs -- Accounted for 5.2% of Lindblad revenue and 3.9% of total company revenue, with absolute spend up but 40 bps lower as a revenue percentage; a 10% swing in fuel prices would affect annual results by just under $2 million.
• Occupancy Guidance -- Target remains at 90% or above for both 2026 and 2027, following a company-record 93% this quarter.
• 2026 Outlook -- Management reaffirmed total revenue guidance of $800-$850 million and adjusted EBITDA of $130-$140 million.
• 2026 Capacity Growth -- Projected available guest nights to increase 4.5%-5%; Q2 to see double-digit capacity growth, then growth moderates in back half.
• Net Yield Guidance -- Management expects 4%-5% net yield growth for the year, anticipating yield moderation in Q2 and improvement later in the year.
• Wave Season Bookings -- Delivered "historically strong" results, with healthy 2026 pace and accelerating 2027 momentum.
• Disney EarMarked Bookings -- Increased 67%, and first Club 33 charter "sold within a couple of hours."
• Outbound Sales -- Up 64%, reflecting success of expanded lead generation.
• Onboard Sales Conversion -- Over 25% of guests with access to dedicated expedition sales consultants booked future voyages before disembarking.
• Operational Initiatives -- Enhanced fuel optimization, renegotiated key supplier contracts, intensified ship maintenance, outsourced certain warehouse functions, and optimized crew travel planning.
• Land Company Leadership Continuity -- All land company founders have extended their roles, ensuring ongoing strategic alignment.
• Strategic Partnerships and Expansion -- New Earthwatch partnership launched to access the citizen science travel segment; ongoing evaluation of fleet and portfolio expansion opportunities.
• Food Waste Reduction -- Guest dinner sign-up reduced prep waste by up to 75%; food dehydration, local provisioning, and zero-waste culinary practices implemented to reduce environmental impact and costs.
• External Recognition -- Named by TIME as one of the 10 Most Influential Travel and Tourism Companies of 2026.

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RISKS

• Cancellations from severe Antarctic weather and several Egypt river cruise disruptions reduced revenue on profitable products and elevated land costs for in-transit guests.
• Natalya Leahy stated, "We did see a slight uptick in cancellation rates in the last couple of months," prompting increased demand generation spending.
• Rick Goldberg quantified the financial impact of both weather and geopolitical cancellations as "multi-single digit million dollars."
• Fuel costs increased in absolute terms and, while mitigated by portfolio diversification, remain impacted by volatility stemming from the war in Iran.

SUMMARY

Lindblad Expeditions (NASDAQ:LIND) delivered record-high first quarter occupancy and net yields, driving notable advances in revenue, cash flow, and profitability. Rapid growth in outbound sales, expanded Disney-affiliated bookings, and a surge in onboard sales conversion contributed to an accelerating booking curve for both current and forward years, including early traction for 2027. New partnerships, an Earthwatch initiative in citizen science travel, and operational improvements targeting cost optimization and sustainability marked management's commitment to long-term growth. Management reaffirmed its 2026 outlook, citing strategic discipline in pricing, deployment, and cost controls, while explicitly acknowledging the financial headwinds from geopolitical and weather-related disruptions. Balance sheet strength improved, as evidenced by increased cash, reduced leverage, and a Moody's credit upgrade.

• Sales and marketing costs rose sharply due to a step-up in National Geographic royalties and higher demand-generation investments.
• Management cited leadership continuity as all land-adventure brand founders extended commitments despite industry volatility.
• High-yield strategies included weekly price reviews for high-demand destinations and enhancements in booking technology for pre- and post-trip experiences.
• Company continues monitoring for regional demand shift but reported no material changes due to Middle East hostilities.

INDUSTRY GLOSSARY

• Wave Season: Peak annual period, typically in early Q1, when cruise and expedition operators book a significant portion of the year's travel volume through concentrated promotional activity and offers.

Full Conference Call Transcript

Natalya Leahy: Thank you, Rick, and here we are again. Good morning, everyone, and welcome to our first quarter earnings call. In a complex macro and geopolitical environment, our team delivered another record quarter. We achieved record first quarter occupancy of 93% on a 6% increase in capacity and increased net yield by 7% to a record of $1,631 per guest night. For the quarter, revenues increased 16% with the Lindblad segment growing 16% and the Land segment growing 14%. We delivered 14% EBITDA growth and generated $6 million in net income available to shareholders compared to a slightly negative net income last year. These results reflect the strength of our strategy and importantly, the discipline of our execution.

We remain confident in our ability to drive long-term value as we continue to navigate external dynamics. We delivered these results in a challenging and complex operating environment, including some of the most difficult weather conditions in Antarctica in over a decade. As a result, we experienced increased cancellations in our Antarctica flight program in addition to several Egyptian river cruises. These cancellations not only impacted revenue from some of our most profitable voyages, but also led to higher land costs as some guests were already in transit or on the ground when disruptions occurred.

We increased demand generation spending to mitigate the risks of volatile external environment, and I'm pleased to share that we delivered a historically strong wave season, maintained booking pace for 2026 and further accelerated bookings momentum for 2027. Let me also address fuel. We are closely monitoring the rapidly evolving situation. Due to our diversified portfolio, fuel costs have historically averaged around 3% to 4% of our total revenues. We have doubled down on initiatives to reduce fuel consumption while maintaining an exceptional guest experience. As I mentioned during Q&A of our last earnings call, our guidance reflects a range of potential outcomes and we are reaffirming our full year outlook.

This is supported by continued execution across our 3 strategic pillars: number one, maximizing revenue generation through occupancy pricing and deployment optimization; number two, optimizing financial performance through cost innovation and fixed assets utilization; number three, capitalizing on accretive growth opportunities, including expanding our portfolio brands. Starting with our first pillar, maximizing revenue. Our Disney and National Geographic relationships continue to strengthen. In the first quarter, bookings from Disney EarMarked travel agents increased 67% compared to prior year, demonstrating the meaningful value of this partnership in reaching new audiences through new channels.

Building on this momentum, we recently signed our first ever charter agreement with Club 33, Disney's most exclusive private membership club, and the voyage literally sold within a couple of hours. We will continue to explore additional opportunities with Club 33 members. Our onboard sales program continues to deliver exceptional results. On vessels with dedicated expedition sales consultants, more than 1/4 of our guests are booking their next voyage before disembarking. This conversion rate reflects both the strength of our guest experience and the effectiveness of our approach to driving repeat engagement. Our outbound sales program is also gaining significant traction, increasing 64% versus prior year, supported by a meaningful increase in lead generation.

We believe we are still in the early stages of unlocking the full potential of this high-value channel. We continue to see strong momentum in the U.K. market launched last year. This year, we are also deepening our presence in Australia, one of our key international growth markets. In fact, our Chief Sales Officer, Kathi and I will be in Australia later this month and very much looking forward for a major market engagement. While our Expedition segment continues to perform well, our Land Experiences segment is equally positioned for growth. We recently completed highly productive strategic planning session with our land company leaders to develop a long-term plan for accelerated growth.

A key element of our success in land acquisitions is our ability to partner closely with founders of these businesses, combining their deep understanding of the guests, passion for the business with the scale and capabilities of our global platform. I'm pleased to share that all of the founders of our land companies have extended their relationships with us, ensuring leadership continuity. Turning to our second pillar, cost innovation and fixed assets utilization. We continue to build a strong pipeline of cost initiatives across the organization. As mentioned earlier, we have launched comprehensive programmatic fuel consumption efforts. We have also enhanced ship maintenance protocols, including more frequent propeller polishing and hull cleaning, which will support improved fuel efficiency over time.

Complementing these operational improvements, our Chief Supply Chain Officer and his team have made significant progress renegotiating key contracts, delivering both immediate and long-term savings across both our cost and capital. We are also reevaluating elements of our operating model to drive greater efficiencies. For example, we have outsourced certain warehouse functions to improve performance and scalability. In addition, we have made meaningful progress in optimizing crew travel through better planning and rotations with strong results already visible this quarter. Collectively, all these initiatives will deliver long-term structural benefits to our business. Turning to our third pillar, accretive growth.

We recently launched our partnership with Earthwatch, expanding into the citizen science travel segment and reinforcing our commitment to conservation and education. At the same time, we continue to evaluate opportunities across fleet and portfolio expansion. The sustained strength in demand for our products presents compelling opportunities to grow in a disciplined and strategic way. Throughout all of this, we remain grounded in what makes Lindblad unique, Our Why. Our commitment to responsible exploration is central to who we are and a defining differentiator. For us, it is more than a trip, it is a mission, and I will continue to highlight this as it is fundamental to our business and experience that we deliver to our guests.

This quarter, I would like to highlight our continued progress in food waste reduction, which delivers positive impact on environment, but also saves costs. We have made significant strides through a combination of disciplined execution and innovative practices. Our guest dinner sign-up program has reduced prep waste by up to 75%. Local provisioning has reduced excess inventory and associated waste. Our culinary teams continue to adopt zero waste techniques and food preservation methods, particularly in remote environments. We have also begun installing food dehydrators on our ships, which convert food waste into reusable byproducts. In addition, we published our 2025 Lindblad Expeditions-National Geographic Fund Traveler Impact Report, detailing our efforts to protect oceans, wildlife and communities.

We are also honored to be named by TIME as one of the 10 Most Influential Travel and Tourism Companies of 2026. We believe this recognition reflects our pioneering heritage and leadership in purpose-driven expedition travel and strength of our brand and expertise built over nearly 60 years. Again, our quarterly results reflect the strength of our strategy and disciplined execution. Our focus on our 3 strategic pillars positions us to drive long-term shareholders' value. In closing, I want to express my sincere appreciation to our teams across the organization for navigating a complex environment with focus, resilience and unwavering commitment to our guests, our shareholders and each other. Thank you for your continued confidence in Lindblad Expeditions.

We look forward to updating you on our progress in the quarters ahead.

Rick Goldberg: Thank you, Natalya. Despite a challenging geopolitical backdrop, we delivered another record quarter, reflecting the resilience of both our team and our business. Total company revenues for Q1 2026 were $208 million, an increase of $28.3 million or 15.7% versus Q1 2025. Lindblad segment revenues were $152.5 million, an increase of $21.4 million or 16.3% (sic) [ 16% ] compared to the prior year. Occupancy increased 4 percentage points from 89% to 93%, the highest first quarter occupancy in company history despite a 6.4% increase in available guest nights and net yield per available guest night increased 7.2% (sic) [ 7% ] to $1,631, marking the highest quarterly net yield in company history.

Land Experience (sic) [ Land Experiences ] segment revenues were $55.5 million, an increase of $6.9 million or 14.2% (sic) [ 14% ] compared to Q1 2025, driven by higher revenue per guest. Turning now to the cost side of the business. Operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest and taxes increased $23.4 million or 15.7% versus Q1 2025. Specifically, cost of tours increased $13.9 million or 15%, driven by operating additional voyages and trips as well as higher air expense associated with expanding our Flying Antarctica program. The most notable impact of the war in Iran has been on fuel prices. Fuel costs represented 5.2% of Lindblad segment revenue in Q1.

While absolute fuel spend increased year-over-year, it declined by 40 basis points as a percentage of revenue, reflecting stronger top line performance. Importantly, our diversified portfolio, including our Land Experiences platform, helps mitigate the impact of fuel price volatility at the overall company level. In the first quarter, fuel costs were 3.9% of total company revenue. And as a point of reference, a 10% change in fuel costs would have an impact of just under $2 million for the remainder of the year. Sales and marketing costs increased $7.7 million or 27.2%, primarily due to increased royalties associated with the final royalty rate step-up under our National Geographic agreement and investments in demand generation efforts.

General and administrative costs, excluding stock-based compensation, transaction-related expenses and reorganization costs, increased $1.9 million or 6.5% versus a year ago, driven by higher personnel costs. As a percentage of revenue, G&A was 14.7%, down 120 basis points from the prior year, reflecting our continued focus on cost discipline and efficiencies as we scale the business. Adjusted EBITDA for the quarter was $34.8 million, an increase of $4.8 million or 16.2% versus the prior year. Lindblad segment EBITDA grew $1.6 million or 6.2% in spite of the impact of the Fly Antarctica voyages canceled due to weather and the Egypt voyages canceled due to the war in Iran. Land Experiences EBITDA grew $3.2 million or 88%.

This includes an approximately $3 million onetime benefit related to the timing of tour insurance revenue recognized in the quarter. First quarter net income available to stockholders was $6 million or $0.10 per share compared to a slight loss a year ago. Turning now to the balance sheet. We ended the quarter with total cash of $321 million, an increase of $31.3 million versus the end of 2025. The increase reflects $49.5 million in cash from operations due primarily to the strong results of the business and increased bookings for future travel. We used $6.9 million of cash for investing activities, primarily related to maintenance of our own ships. For the quarter, free cash flow increased 21.7% to $42.6 million.

Our net leverage declined from 3.1x at the end of the year to 2.7x, highlighting the strength of our balance sheet and disciplined capital management. This progress was recognized by Moody's, which recently upgraded our rating. As we've shared on recent earnings calls, the company will continue to explore accretive growth opportunities, including expanding our fleet and further diversifying our portfolio of Land Experience (sic) [ Land Experiences ] brands to capitalize on continued growth in the demand for adventure travel. Turning now to our full year outlook. We are maintaining the guidance we shared on our last earnings call. Available guest nights are expected to increase 4.5% to 5%.

Net yield per an available guest night is expected to increase 4% to 5%. We expect total company revenue in the range of $800 million to $850 million, and we expect adjusted EBITDA in the range of $130 million to $140 million. As Natalya mentioned, despite a challenging geopolitical backdrop, we have maintained strong booking momentum for 2026 and are seeing accelerating demand for 2027. This reflects the growing demand for experiential travel, the strength of our affluent customer base and continued execution against our commercial initiatives. With that, we thank you for your interest in Lindblad Expeditions. Natalya and I would be happy to answer any questions you may have.

Operator: Thank you, Mr. Goldberg. [Operator Instructions] Your first question comes from the line of Steve Wieczynski with Stifel.

Steven Wieczynski: So Natalya or Rick, if we think about your yields guidance for the remainder of the year, wondering how we should be thinking about the cadence of yields over the last 3 quarters? Because if I remember correctly, I think you guys were thinking as we kind of talked to you guys back in February, that first half yields were going to be, let's say, more -- a little bit more muted and then there'd be more upside in yields in the back half of the year. But after putting up a really solid 7% yield in the first quarter, just wondering how we should think about yields now over the last 3 quarters of the year.

Rick Goldberg: Thanks so much, Steve, and great to hear from you. So what I'd say is our underlying assumptions haven't changed. We're expecting significant capacity expansion in the first half of the year, especially in Q2. So we saw 6% capacity growth in Q1. We're expecting double-digit capacity growth in Q2. The rate of capacity growth will then decelerate in the second half of the year. So you should expect lower net yield growth in Q2 and stronger net yield growth in the back half of the year.

Steven Wieczynski: Okay. Got you. And then second question, Rick, you touched on this a little bit in your prepared remarks. But if we want to dig in a little bit more in terms of maybe what you're seeing from a forward bookings perspective at this point. I guess what I'm trying to understand is, has the booking environment changed? Has it not changed over the last 2 months? And maybe a little bit of color around cancellation rates. Have you seen any of that around the potential war impact? And then maybe as we think about 2027, any change around the booking pattern in '27?

I guess just with higher airline prices out there, has that been a little bit of a headwind for you guys? Or you just haven't seen that at all yet?

Natalya Leahy: Yes, Steve, this is -- let me take this question. I think, first of all, I do want to remind, we started the year with a very strong position in '26. And so that is an important kind of a backdrop point. We did see a slight uptick in cancellation rates in the last couple of months. That's one of the reasons, as I mentioned, that we increased demand generation spending. I would say that it really reenergized the market environment. We were able to maintain very healthy pacing in '26, therefore, reinforcing very confidently our guidance forward on the revenue side. And '27, frankly, accelerated pacing.

I'm knocking on the wood, but we are very pleased with our performance based on our commercial initiatives and demand generation and several initiatives that we highlighted in the prepared remarks.

Operator: Your next question comes from the line of Eric Des Lauriers with Craig-Hallum.

Eric Des Lauriers: Great. Congrats on another strong quarter, especially despite some of these cancellations here. So one of the things that stuck out to me in your prepared remarks was the impact of the dedicated expedition sales consultants. I think you said over 1/4 of guests are now booking their next voyage before disembarking. That's just -- it's much higher than I would have expected. So obviously great to see. I'm just wondering how does that sort of compare to your internal expectations or overall industry averages? And just kind of wondering if this was an especially strong quarter? Or just kind of how to think about that conversion going forward?

Natalya Leahy: Yes. I think, Eric, this is a great question. I would say I'm not going to comment on an industry average because it's, I think, very different from company to company. We are very pleased with performance of our onboard cruise program. I will remind you that we have our cruise consultants only on select larger ships. We don't have onboard cruise consultants on our smaller ships that are below 100 passenger count. So just keep that in mind as you are doing average.

But overall, performance is exceptionally strong and frankly, stronger than we initially expected, which, again, is first and above all, is illustration of our exceptional guest experience on board, but also a very strong repeat rate and expanding booking curves.

Eric Des Lauriers: That's great. I appreciate that color. And then you've touched on how some of the recent geopolitical volatility is impacting overall customer demand. Could you comment on how it may or may not be impacting sort of M&A dynamics, whether that's on sort of adding capacity to your fleet or on the land side of things? I'm just wondering how this may or may not be impacting any of those conversations.

Rick Goldberg: Thanks, Eric. So I'd say we continue to be actively focused on looking to expand capacity in terms of our expedition fleet as well as looking to add to our portfolio of land-based companies. Those remain important priorities for us as a leadership team, and we're not seeing any impact of the geopolitical situation on either of those.

Operator: Your next question comes from the line of Eric Wold with Texas Capital.

Eric Wold: I guess first question, you mentioned that you've been making a lot of efforts operationally to reduce fuel consumption in general, given kind of what's going on with Iran. Any -- have you also been including price increase for tours, not a surcharge, but for expeditions that have not yet been booked? Have you been raising prices to potentially offset lingering fuel prices? And if so, how far out in the booking curve are you making these moves?

Natalya Leahy: Great question, Eric. I think our pricing is driven by demand, which we always continue to take pricing up when the demand comes, and that's why we're investing in the demand generation and all commercial initiatives and expanding booking curves and increasing price elasticity, et cetera. I would say we are very pleased with our '27 booking pace. We are booked on both Land and Expedition segment significantly ahead of prior year and continue to accelerate momentum, with that comes price increases. On some of our more popular destinations like Alaska and Antarctica, we literally are reviewing prices on a weekly basis and adjusting them as needed.

In terms of cost innovation, we have launched a number of very detailed reviews, including involving our ship leaders on understanding how we can optimize ship consumption, analyze consumption of energy within the ship environment, optimize our speed, maintenance protocols, et cetera.

Eric Wold: Got it. Okay. And then second question, you've had some great success, seems like in cross-selling the brands. I know -- looks like the ratio of other tour revenues to ticket revenues continue to increase and made a nice move year-over-year in the quarter for the Lindblad segment. Maybe update us on kind of those efforts to kind of boost your wallet share of the guests, especially with cross-promoting the Land Experiences kind of before and after the expeditions.

Natalya Leahy: Yes. So Eric, our focus to drive onboard revenue and pre- and post-trip experience continues to be one of the strategic focus areas. That is separate from our land companies' cross-sell efforts. Both are an important strategic driver of our performance. We continue to provide more experiences as guests when they travel literally to the ends of the world. They usually want to stay a couple of days before and after their trip onboard the ship.

And we expanded our offerings of exceptional experiences before and after the trip, but we also doubled down on communicating to guests and making it easier to book pre and post experiences including most recently upgrading our web platform to be able to book pre and post experiences very easily as part of a booking flow. We also continue to partner with our land companies and use our global platform and a guest list to cross-promote our experiences.

Operator: Your next question comes from the line of Mike Albanese with StoneX.

Michael Albanese: Yes, rRegarding the 2027 booking curves running ahead of '26 and then obviously accelerating here, could you just, if possible, either quantify or just add some color in terms of how much you're pacing ahead of 2026?

Natalya Leahy: Well, we do not give a guidance for 2027 [ years ], and we usually don't disclose that. I would say we are very pleased with our booking pace. Our overall occupancy guidance remains to be that we are targeting to be at 90% and above as we mentioned last year, which is this quarter, we delivered the highest in the history of the company of 93.2% (sic) [ 93% ] occupancy. And I would say we are confidently marching to deliver on our goal to stay above 90%, both in '26 and '27 while driving pricing.

Michael Albanese: Okay. Fair enough. And then just regarding the weather impact, I mean, is there any way to quantify or add context to that impact? I'm just thinking here how many days were lost or voyages were lost or a sense of the cancellation, trying to get a sense of essentially what this may have looked like if weather was not a factor.

Natalya Leahy: Yes.

Rick Goldberg: So what I'd say there, Mike, is that if you factor in both the cancellations due to weather as well as the cancellations in Egypt due to the geopolitical situation, the impact was multimillion dollars. So multi-single digit million dollars.

Natalya Leahy: Single digit.

Operator: [Operator Instructions] Your next question comes from the line of Ian Zaffino with Oppenheimer.

Ian Zaffino: Good quarter. Have any of you guys seen any benefit from the Middle East hostilities as far as shifts in booking locations, so maybe travelers staying closer to home and doing Baja or Galapagos or something along those lines? Or any other kind of color you can give us there?

Natalya Leahy: Thank you Ian. We are constantly watching for any shifts in demand between our over 70 locations. I can't say that we've seen any specific patterns, to be honest. Our demand in places like Alaska and Baja you mentioned, continues to grow, but frankly, it started prior to geopolitical situation. Baja had finished a very, very strong quarter, basically 100% booked on cabin basis with very strong demand. Antarctica, Alaska continues to grow demand, Galapagos. So we haven't seen any specific shift in demand, to be honest, but we are constantly monitoring it.

Ian Zaffino: Okay. And then on the land-based Land Experiences, even though it's very strong, I know there's a little bit of a benefit, but maybe can you talk to the strength you're seeing there? And then maybe your appetite to get larger on the Land Experience (sic) [ Land Experiences ] side?

Natalya Leahy: Well, our Land Experiences have been a growth engine for us over the past few years, as you have seen from our financial statements. So as I mentioned in my remarks, we've been spending time with our Land Presidents to really prepare them and invest in the next phase of unlocking growth. They have been growing double digits, very strong growth, and we continue to think how we can accelerate momentum. Those businesses are very capital-light with incredibly well-positioned expertise in various different parts of the world, very differentiated. So we will continue to focus on accelerating growth momentum with them.

Operator: There are no further questions at this time. Mr. Goldberg, I turn the call back over to you.

Rick Goldberg: Just want to thank everyone for their interest and for all the great questions today and look forward to being back with you next quarter. Thanks again. Bye now.

Operator: That concludes today's conference call. You may now disconnect.

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