$LIND earnings report

Lindblad reported a strong third quarter, with tour revenues increasing 12% to $269.2 million and Adjusted EBITDA increasing 12% to $64.1 million. Operating income rose 19% to $42.8 million. Net income available to stockholders was $24.2 million, or $0.36 per diluted share, compared with a net loss available to stockholders of $49 thousand, or $0.00 per diluted share, in the third quarter of 2025. The prior-year result included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend and a $1.8 million employee retention tax credit benefit.

Both operating segments grew. Lindblad segment tour revenues increased 11% to $153.4 million as occupancy increased to 91% from 88%, available guest nights increased 4% to 99,550, and net yield per available guest night increased 6% to $1,398. Land Experiences tour revenues increased 13% to $115.8 million, primarily due to increased guests and additional trips. Segment Adjusted EBITDA increased to $37.1 million at Lindblad and $27.0 million at Land Experiences.

Cost pressures remained visible. Lindblad's higher tour revenues were partially offset by higher cost of tours related to increased voyages and fuel costs, increased National Geographic royalties associated with the final royalty rate step-up, and higher marketing spending. Land Experiences also incurred increased operating and personnel costs associated with more trips and higher marketing investment. The income tax provision was $4.5 million, compared with an income tax benefit of $2.6 million in the prior-year quarter.

Liquidity increased during the nine-month period. Cash, cash equivalents and restricted cash were $308.2 million at September 30, 2026, while total debt was $675.0 million. Nine-month operating cash flow was $111.3 million and Free Cash Flow was $92.5 million. The Company deployed $54.6 million, net of acquired cash, for the White Desert and Echo Charlie acquisitions, $18.8 million on property and equipment, and $19.8 million for increased ownership in Natural Habitat and Classic Journeys.

The company maintained full-year 2026 expectations for tour revenues of $870 - $885 million and Adjusted EBITDA of $142 - $148 million. Capital returns consisted of activity under the $35.0 million repurchase plan, under which the Company had repurchased 875,218 shares and 6.0 million warrants for $23.0 million as of October 31, 2026, leaving $12.0 million available.

Lindblad reported a strong second quarter, with total tour revenues of $199.2 million, up 19%, and operating income of $11.954 million, up 171%. Net loss available to stockholders narrowed to $1.4 million, or $0.02 per diluted share, from $9.7 million, or $0.18 per diluted share. The reduction in net loss reflected improved operating results and the absence of a preferred stock dividend, partly offset by the fact that the prior-year period included a $3.4 million employee retention tax credit benefit.

The Lindblad segment generated $129.2 million of tour revenues, up 16%, as net yield per available guest night increased 4% to $1,294 and occupancy rose to 91% from 86%. Management also cited a 12% capacity increase. Lindblad segment Adjusted EBITDA increased 38% to $22.460 million, although higher voyage-related tour costs, fuel costs, sales and marketing costs, National Geographic royalty costs and the absence of prior-year employee retention tax credits partially offset revenue growth.

Land Experiences grew faster than the core Lindblad segment, with tour revenues rising 23% to $70.015 million. The increase was primarily driven by additional trips and higher pricing. Segment Adjusted EBITDA increased 18% to $10.003 million, as higher revenues were partly offset by increased operating and personnel costs related to increased trips, higher marketing spend and the absence of prior-year employee retention tax credits.

For the first six months, total tour revenues increased 17% to $407.260 million, operating income increased 84% to $27.568 million, and Adjusted EBITDA increased 23% to $67.292 million. Liquidity increased to $364.9 million of cash and cash equivalents and restricted cash as of June 30, 2026, supported by $108.5 million of net cash provided by operating activities, primarily from increased bookings for future travel. The company reported $675.0 million of total debt and stated it was in compliance with applicable debt covenants.

The company retained its full-year 2026 expectations for tour revenues of $830 - $860 million and Adjusted EBITDA of $130 - $140 million. Capital allocation included $23.0 million of repurchases of 875,218 shares and 6.0 million warrants as of July 31, 2026, leaving $12.0 million under the current $35.0 million stock repurchase plan. Key reported variables to monitor are sustained occupancy and yield, fuel and royalty costs, marketing investment, future travel bookings and execution against the full-year outlook.