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Lindblad Expeditions Holdings Inc (LIND)
NASDAQ:LIND
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Lindblad Expeditions Holdings
(NASDAQ:LIND)
44Neutral
Positive Factors
Booking and Pricing Strategy
The company is not relying on discounting to fill cabins, indicating strong demand and effective pricing strategies.
Brand Partnerships and Marketing
The expanded relationship with NatGeo/Disney is expected to benefit the company, potentially returning to pre-pandemic occupancy levels while achieving stronger pricing.
Leadership and Strategic Partnerships
There are attractive opportunities for organic and inorganic expansion as a new CEO and CFO take control, alongside an expanded relationship with Disney.
Negative Factors
Growth and Expansion Costs
The acquisition cost of $17M is well below the cost of new builds, offering a shorter timetable for expansion.
Market Valuation
LIND shares are considered attractive as they are trading at a ~30% discount to the average AEBITDA multiple of the broader cruise industry peer group.
Peer Comparison
Shares trade at a ~26% discount to the cruise industry peer group, creating an attractive valuation dislocation.
Lindblad Expeditions Holdings (LIND) vs. S&P 500 (SPY)
Market Cap
$469.44M
Dividend YieldN/A
Average Volume (3M)369.83K
Price to Earnings (P/E)―
Beta (1Y)2.51
Revenue Growth13.20%
EPS Growth28.95%
CountryUS
Employees1,230
SectorConsumer Cyclical
Sector Strength46
IndustryTravel Services
Share Statistics
EPS (TTM)-0.72
Shares Outstanding54,586,395
10 Day Avg. Volume335,550
30 Day Avg. Volume369,827
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.82
Price to Cash Flow (P/CF)78.70
P/FCF Ratio7.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$18.00Price Target Upside124.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Lindblad Expeditions Holdings Business Overview & Revenue Model
Company DescriptionLindblad Expeditions Holdings, Inc. (LIND) is a pioneering adventure travel and expedition cruising company focused on delivering unique and immersive experiences in some of the world's most awe-inspiring destinations. Operating in the travel and tourism sector, Lindblad Expeditions specializes in small-ship expeditions, offering voyages that emphasize environmental sustainability, education, and high-quality guest experiences. The company collaborates with National Geographic to enhance its offerings with expert insights and photography opportunities.
How the Company Makes MoneyLindblad Expeditions Holdings makes money primarily through the sale of expedition travel packages on its fleet of small ships. These voyages are priced based on the destination, duration, and amenities of the trip. Key revenue streams include passenger ticket sales, onboard services such as dining and excursions, and merchandising of branded travel gear. Additionally, the partnership with National Geographic enhances the company's value proposition, attracting customers interested in educational and environmentally-conscious travel experiences. The company's revenue is also supported by strategic marketing and a reputation for high-quality, sustainable travel offerings.
Lindblad Expeditions Holdings Financial Statement Overview
Summary
Lindblad Expeditions Holdings faces substantial financial challenges, with consistent losses and fluctuating revenue. While there are improvements in cash flow and a reduction in debt, the negative equity and operational disruptions present significant risks. The company needs strategic adjustments to stabilize its financial position.Income Statement
The income statement reveals significant challenges, with consistent net losses over the years. The TTM (Trailing-Twelve-Months) shows zero revenue, a drastic decline from previous years, indicating operational disruptions. Although there was positive EBIT in the latest annual data, the EBITDA is negative, reflecting high non-operating expenses or depreciation. Revenue growth has been erratic, with recent years showing severe declines.32
Negative
Balance Sheet
The balance sheet indicates financial instability with negative stockholders' equity, suggesting liabilities exceed assets. The debt-to-equity ratio is skewed due to negative equity, but total debt has decreased significantly, improving net debt position. Cash reserves are relatively strong, which may provide some buffer against financial distress.48
Neutral
Cash Flow
Cash flow analysis is moderate, with operating cash flow improving significantly in the latest data, reflecting better operational efficiency. Free cash flow has turned positive, indicating potential for reinvestment or debt reduction. However, the cash flow to net income ratios are distorted due to persistent net losses.55
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 644.73M | 569.54M | 421.50M | 147.11M | 82.36M | Gross Profit |
| 301.05M | 247.17M | 138.28M | 22.62M | 9.43M | EBIT |
| 21.55M | 10.60M | -63.05M | -110.83M | -88.40M | EBITDA |
| 74.14M | 54.12M | -19.94M | -57.06M | -61.12M | Net Income Common Stockholders |
| -31.18M | -45.61M | -108.16M | -119.17M | -100.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 183.94M | 156.84M | 100.77M | 150.75M | 187.53M | Total Assets |
| 876.90M | 831.30M | 787.98M | 827.49M | 757.45M | Total Debt |
| 1.87M | 623.75M | 557.41M | 549.45M | 488.00M | Net Debt |
| -182.07M | 466.90M | 470.24M | 398.70M | 300.47M | Total Liabilities |
| 1.02B | 945.06M | 873.62M | 811.55M | 631.17M | Stockholders Equity |
| -145.53M | -151.55M | -113.53M | 5.32M | 118.78M |
| Cash Flow | Free Cash Flow | |||
| 58.84M | -4.52M | -40.41M | -64.19M | -247.74M | Operating Cash Flow |
| 92.36M | 25.44M | -2.20M | 32.49M | -92.26M | Investing Cash Flow |
| -44.08M | -14.80M | -49.59M | -114.72M | -155.48M | Financing Cash Flow |
| -19.77M | 60.68M | -4.87M | 50.41M | 342.99M |
Lindblad Expeditions Holdings Technical Analysis
Negative
8.01
Price Trends
11.13
Negative
11.78
Negative
10.58
Negative
Market Momentum
-0.44
Positive
38.61
Neutral
21.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIND, the sentiment is Negative. The current price of 8.01 is below the 20-day moving average (MA) of 9.87, below the 50-day MA of 11.13, and below the 200-day MA of 10.58, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 38.61 is Neutral, neither overbought nor oversold. The STOCH value of 21.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LIND.
Lindblad Expeditions Holdings Risk Analysis
Lindblad Expeditions Holdings disclosed 53 risk factors in its most recent earnings report. Lindblad Expeditions Holdings reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lindblad Expeditions Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $19.63B | 17.03 | 79.84% | 0.26% | 6.64% | 69.85% | |
75 Outperform | $50.77B | 17.25 | 46.85% | 0.90% | 18.60% | 65.95% | |
66 Neutral | $22.48B | 10.99 | 25.87% | ― | 12.66% | 403.58% | |
63 Neutral | $7.18B | 8.85 | 105.46% | ― | 10.87% | 433.82% | |
61 Neutral | $1.82B | 708.48 | 0.55% | ― | 2.63% | -58.77% | |
59 Neutral | $12.18B | 11.09 | -1.08% | 3.77% | 1.26% | -19.82% | |
44 Neutral | $469.44M | ― | 21.42% | ― | 13.20% | 28.95% |
* Consumer Cyclical Sector Average
Performance Comparison
LIND
Lindblad Expeditions Holdings
8.01
-0.23
-2.79%
CCL
Carnival
16.50
0.84
5.36%
EXPE
Expedia
141.86
9.98
7.57%
RCL
Royal Caribbean
177.93
40.76
29.71%
TRIP
TripAdvisor
11.69
-15.36
-56.78%
NCLH
Norwegian Cruise Line
15.69
-3.70
-19.08%
Lindblad Expeditions Holdings Earnings Call Summary
Earnings Call Date: Feb 27, 2025 | % Change Since: -28.10% | Next Earnings Date: May 6, 2025
Earnings Call Sentiment Positive
Lindblad Expeditions reported a strong financial performance in 2024, with record revenues and significant growth in both its Lindblad and Land segments. Technological advancements and sustainability efforts were also highlighted as successes. However, increased operating costs and a notable net loss were concerns. While future bookings look promising, the EBITDA guidance for 2025 was lower than expected, indicating potential challenges ahead. Overall, the highlights slightly outweigh the lowlights.Highlights
Record-Breaking Revenue and Growth
In 2024, Lindblad delivered record revenue of $645 million, up 13% from 2023. Adjusted EBITDA increased 28% with margins improving by 170 basis points to 14.4%.
Strong Performance in Land Segment
Land segment revenue increased by 29%, driven by additional trips and higher pricing, contributing significantly to overall growth.
Successful New Programs and Expansion
The Antarctica Direct fly cruise program expanded from 4 voyages in 2024 to 19 in 2025, with 2025 nearly sold out and 2026 more than half booked. Additionally, two new vessels were introduced in the Galapagos market.
Technological Advancements
Implementation of the Seaware booking platform and onboard technology upgrades led to operational efficiencies, including reduced wait times by over 50%.
Sustainability Achievements
In 2024, 45 conservation initiatives were facilitated, including the successful Floreana Island restoration project.
Positive Booking Trends
Bookings for 2025 and 2026 are trending ahead of the prior year in both Expedition and Land segments.
Lowlights
Increased Costs
Operating expenses before depreciation and amortization increased by 11.1%, with notable rises in sales and marketing costs and general and administrative expenses.
Lower EBITDA Guidance for 2025
2025 EBITDA guidance came in around 5% below consensus at the midpoint, despite higher revenue targets.
Net Loss
Total company net loss available to stockholders improved but remained at $35.8 million or $0.67 per diluted share.
Company Guidance
During Lindblad's 2024 Fourth Quarter Earnings Call, the company provided guidance on several financial metrics and strategic initiatives. For the fiscal year 2024, Lindblad reported a 13% increase in revenues to $645 million, with the Land segment's revenue up by 29% and the Lindblad segment's tour revenue rising by 7%, driven by improved yields and occupancy. The company achieved a record adjusted EBITDA increase of 28%, with margins up 170 basis points to 14.4%. Looking ahead, Lindblad expects 2025 total company tour revenue to range between $700 million and $750 million, with adjusted EBITDA projected between $100 million and $112 million. The company plans to expand its Antarctica Direct fly cruise program and has introduced two new vessels in the Galapagos market, contributing to the nearly sold-out 2025 program and over half-booked 2026 itineraries. Lindblad's strategic focus includes maximizing revenue through higher occupancy and enhanced pricing management, optimizing financial performance via cost innovations, and exploring accretive growth opportunities such as fleet expansion and new brand additions. Additionally, Lindblad emphasized its commitment to sustainability, having facilitated 45 conservation initiatives in 2024, and continues to invest in technology upgrades to improve operational efficiencies. The partnership with National Geographic and Disney is expected to drive demand through new sales channels and audience reach, positioning the company for long-term sustainable growth.Lindblad Expeditions Holdings Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Lindblad Expeditions Holdings Announces New CEO and CFO
Positive
Dec 10, 2024
Lindblad Expeditions Holdings, Inc., a leader in expedition travel, has appointed Natalya Leahy as CEO and Rick Goldberg as CFO, marking a new chapter in its leadership. Leahy, with a strong background in global travel, and Goldberg, a seasoned finance leader, are expected to drive the company’s growth in the experiential travel sector. This strategic move aims to enhance Lindblad’s market position and create lasting value for stakeholders.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.