Expedition Line Expects Good Results In Upcoming Business Update

Lindblad Expeditions has just announced that it will release its Q1 2023 financial results on May 3, 2023, followed by a conference call at 8:30 am Eastern Time.

The company, headquartered out of New York, NY, is an expedition outfit that offers ship-based (and land-based) educational and adventure travel experiences. Lindblad’s fleet of 16 expedition ships—including the 12,000-ton National Geographic Endurance, the National Geographic Resolution, and the 48-suite National Geographic Islander ll—visits exotic and remote destinations around the globe. 

Preliminary Earnings Results

Lindblad Expeditions Holdings, which focuses on conservation, exploration, and cultural education as some of the mainstays of its global expedition voyages, has already released some of the information related to its Q1 2023 financial results before the company’s scheduled May 3 conference call.

Q1 tour revenues, ending on March 31, 2023, came in at roughly “$141 million to $144 million,” according to a company press release. These numbers were much higher compared to the same period last year (2022), which only brought in $67.8 million in total revenue.

Guests, Occupancy Levels, New Bookings for Q1 2023

For the first quarter of 2023 (ended March 31, 2023), the firm also saw a significant bump in the number of guest nights and overall occupancy rates.

For example, Q1 2023 guest nights increased by 34,638—up to 83,184 in 2023, compared to 48,546 during Q1 2022. Occupancy rates also increased, hitting 81% for Q1 2023, compared to only 66% for the same period in 2022.

2023 Expectations

Throughout the first quarter of 2023, Lindblad Expeditions experienced a fairly continuous and robust demand for its expedition services, as evidenced by substantial new bookings across its fleet, along with strong advanced bookings for future voyages. 

Looking ahead, as of April 10, 2023, advanced reservations are already around 46% higher compared to the same timeframe in April 2019, prior to when COVID-19 began spreading around the planet and adversely affecting the cruise industry, along with many other industries. These strong numbers, should they continue, point to a successful 2023 for Lindblad Expeditions.

Lindblad also announced today, April 17, 2023, that the company plans to issue $275,000,000 senior secured notes due 2028, subject to market conditions. 

Proceeds from these sales will be used to fully prepay existing borrowings for mortgaged vessels. Any remaining funds will be set aside to pay for the offering costs, as well as toward working capital, and potential strategic growth initiatives.