Lindblad Expeditions Holdings (LIND) Misses Q4 EPS by 1c

Lindblad Expeditions Holdings (NASDAQ: LIND) reported Q4 EPS of ($0.59), $0.01 worse than the analyst estimate of ($0.58). Revenue for the quarter came in at $367 thousand versus the consensus estimate of $1 million.

FOURTH QUARTER RESULTS

Tour Revenues

Fourth quarter tour revenues decreased $75.4 million, or 100%, as compared to the same period in 2019. The decline was driven by a $54.8 million decrease at the Lindblad segment and a $20.7 million decrease at Natural Habitat as a result of rescheduling nearly all expeditions due to COVID-19.

Net Income

Net loss available to stockholders for the fourth quarter was $31.0 million, $0.59 per diluted share, as compared with net loss available to stockholders of $1.5 million, $0.03 per diluted share, in the fourth quarter of 2019. The $29.5 million decrease primarily reflects the impact of COVID-19 on operations and a $1.2 million increase in depreciation and amortization versus the same period a year ago, primarily due to the addition of the National Geographic Endurance to the fleet in March 2020.

Adjusted EBITDA

Fourth quarter Adjusted EBITDA loss of $19.8 million decreased $27.8 million as compared to the same period in 2019. The decrease was driven by a $18.6 million decline at the Lindblad segment and a $9.2 million decrease at Natural Habitat.

Lindblad segment Adjusted EBITDA loss of $15.4 million decreased $18.6 million as compared to the fourth quarter a year ago due primarily to the revenue impact of rescheduling all expeditions as a result of COVID-19 and costs associated with the National Geographic Endurance following its March 2020 delivery. The current quarter also included lower operating costs for the fleet while laid up, a reduction in commissions from the impact of COVID-19 on revenues and reduced marketing and personnel spend.

Natural Habitat Adjusted EBITDA loss of $4.4 million decreased $9.2 million versus the fourth quarter a year ago primarily due to the lower revenue as a result of COVID-19, partially offset by lower operating costs due to rescheduled departures and a reduction in marketing and personnel spend.

Sven-Olof Lindblad, President and Chief Executive Officer, said "As Lindblad moves closer to once again exploring the world's most remarkable destinations, the cost reductions and targeted capital raises we completed over the past year will enable us to return to operations as a vibrant company. The steps we have taken also provided us the financial flexibility to pursue additional growth opportunities and we recently expanded our platform of high-quality and authentic experiential offerings with the acquisitions of leading travel providers Off the Beaten Path and DuVine. Just like with our acquisition of Natural Habitat, these businesses are ideal complements to our existing platform, and we look forward to building them into meaningful contributors in the years ahead. There is significant and growing demand for high quality adventure travel, further evidenced by our current booking strength, and we will continue to look for additional opportunities to broaden and deepen our experiential offerings, both organically and through acquisitions, to aggregate larger audiences, generate greater lifetime value from our loyal guests and build additional shareholder value in the years ahead."

For earnings history and earnings-related data on Lindblad Expeditions Holdings (LIND) click here.

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