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Lindblad Expeditions Holdings, Inc. Reports 2026 Third Quarter Financial Results

By PR Newswire | November 03, 2026, 7:30 AM

Third Quarter 2026 Highlights:

  • Total revenue increased 12% to $269.2 million
  • Net income available to stockholders of $24.2 million, the highest quarterly result in Company history
  • Adjusted EBITDA increased 12% to $64.1 million
  • Lindblad segment net yield per available guest night increased 6% to $1,398
  • Occupancy increased to 91% from 88%
  • Acquired a majority ownership interest in White Desert, the pioneering luxury Antarctic company, and Echo Charlie, a new aviation travel brand providing specialized access to unique destinations worldwide

NEW YORK, Nov. 3, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the third quarter ended September 30, 2026.

Natalya Leahy, Chief Executive Officer, said "It has been an exciting quarter for us! With the acquisition of White Desert and the launch of Echo Charlie, we are opening a new chapter of growth, innovation and long-term shareholder value creation. We also delivered outstanding financial results with record Adjusted EBITDA and occupancy above 90% for the third consecutive quarter. These achievements reflect the strength of our business model and disciplined execution. Our confidence in the future and appreciation for our people who make it possible have never been stronger."

THIRD QUARTER RESULTS

Tour Revenues

Third quarter tour revenues of $269.2 million increased $29.0 million, or 12%, as compared to the same period in 2025. The increase was driven by a $15.8 million increase at the Lindblad segment and a $13.2 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $153.4 million increased $15.8 million, or 11%, compared to the third quarter a year ago primarily due to an increase in occupancy to 91% on a 4% increase in available guest nights, driving a 6% increase in net yield to $1,398.

Land Experiences tour revenues of $115.8 million increased $13.2 million, or 13%, compared to the third quarter a year ago primarily due to an increase in guests and operating additional trips. 

Net Income

Net income available to stockholders for the third quarter was $24.2 million, $0.36 per diluted share, as compared to a net loss available to stockholders of $49 thousand, $0.00 per diluted share, in the third quarter of 2025. The $24.3 million increase in net income available to stockholders primarily reflects improved operating results, partially offset by a $7.0 million increase in income tax expense. The 2025 net loss available to stockholders included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend, and a $1.8 million benefit related to employee retention tax credits. 

Adjusted EBITDA

Third quarter Adjusted EBITDA of $64.1 million increased $6.9 million as compared to the same period in 2025 driven by a $4.3 million increase at the Lindblad segment and a $2.5 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $37.1 million increased $4.3 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages and higher fuel costs, increased selling and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, and higher marketing spend to drive long-term growth initiatives.

Land Experiences segment Adjusted EBITDA of $27.0 million increased $2.5 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, and higher marketing spend to drive future growth.





For the three months ended September 30,





For the nine months ended September 30,



(In thousands)



2026





2025





Change





%



2026





2025





Change





%

Tour revenues:

































































Lindblad



$

153,364





$

137,561





$

15,803







11

%



$

435,084





$

379,714





$

55,370







15

%

Land Experiences





115,787







102,611







13,176







13

%





241,327







208,124







33,203







16

%

Total tour revenues



$

269,151





$

240,172





$

28,979







12

%



$

676,411





$

587,838





$

88,573







15

%

Operating income:

































































Lindblad



$

17,771





$

13,236





$

4,535







34

%



$

32,184





$

19,553





$

12,631







65

%

Land Experiences





24,980







22,734







2,246







10

%





38,136







31,440







6,696







21

%

Operating income



$

42,751





$

35,970





$

6,781







19

%



$

70,320





$

50,993





$

19,327







38

%

Adjusted EBITDA:

































































Lindblad



$

37,111





$

32,773





$

4,338







13

%



$

87,514





$

75,422





$

12,092







16

%

Land Experiences





27,004







24,490







2,514







10

%





43,893







36,666







7,227







20

%

Total adjusted EBITDA



$

64,115





$

57,263





$

6,852







12

%



$

131,407





$

112,088





$

19,319







17

%

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $308.2 million as of September 30, 2026, as compared to $289.7 million as of December 31, 2025. The increase primarily reflects $111.3 million of net cash provided by operating activities, due to increased bookings for future travel, which was partially offset by $54.6 million of cash used, net of cash acquired, to acquire a majority ownership interest in White Desert and Echo Charlie, $18.8 million of cash used in purchasing property and equipment and $19.8 million used to acquire an additional 5.0% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys.

As of September 30, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.

2026 OUTLOOK 

The Company's current expectations for the full year 2026 are as follows:

  • Tour revenues of $870 - $885 million
  • Adjusted EBITDA of $142 - $148 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of October 31, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of October 31, 2026, there were 65.7 million shares of common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Free Cash Flow, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance, liquidity and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Audio Conference Webcast Information

The Company has scheduled an audio conference webcast at 9:00 a.m. Eastern Time on November 3, 2026, to discuss the Company's third quarter financial results. The webcast can be accessed at investors.expeditions.com, or at https://events.q4inc.com/attendee/416185057. Dial-in numbers by country are available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 416185057. 

To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/416185057?pwd=BmWfj6ho, to receive a unique passcode.

A replay of the webcast will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its eight pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship-, land- and air-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, Wineland-Thomson Adventures, White Desert, and Echo Charlie—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, crew or guest illness such as a gastrointestinal virus, pandemics, geopolitical issues or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute our planned growth, including our ability to successfully integrate any future acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) our ability to maintain licenses and permits necessary for certain operations in compliance with laws, regulations and other requirements; (x) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (xi) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xii) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xiii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiv) adverse publicity regarding the travel and cruise industry in general, the safety of travel, or passenger and crew illnesses such as a gastrointestinal virus or other health issues; (xv) the result of future financing efforts; and (xvi) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at https://www.sec.gov or at https://www.expeditions.com in the Investor Relations section of the Company's website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)











As of September

30, 2026





As of December

31, 2025







(unaudited)











ASSETS

















Current Assets:

















Cash and cash equivalents



$

274,949





$

256,692



Restricted cash





33,223







33,043



Prepaid expenses and other current assets





89,650







78,145



Total current assets





397,822







367,880





















Property and equipment, net





508,235







522,123



Goodwill





104,938







60,609



Intangibles, net





97,053







16,599



Other long-term assets





17,474







12,747



Total assets



$

1,125,522





$

979,958





















LIABILITIES

















Current Liabilities:

















Unearned passenger revenues



$

431,788





$

361,481



Accrued expenses and other





66,871







77,883



Accounts payable





24,059







22,227



Long-term debt - current portion





-







3



Total current liabilities





522,718







461,594





















Long-term debt, less current portion





664,516







662,671



Other long-term liabilities





32,396







9,192



Total liabilities





1,219,630







1,133,457





















Commitments and contingencies

















Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued

     and outstanding as of September 30, 2026, 62,000 shares issued and outstanding as of

     December 31, 2025





-







83,079



Redeemable noncontrolling interests





77,609







47,948









77,609







131,027





















STOCKHOLDERS' DEFICIT

















Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued

     and outstanding as of December 31, 2025





-







-



Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,655,769 and

     55,421,384 issued, 65,620,129 and 55,323,495 outstanding as of September 30, 2026 and

     December 31, 2025, respectively





7







6



Additional paid-in capital





217,240







126,873



Accumulated deficit





(388,944)







(411,405)



Accumulated other comprehensive loss





(20)







-



Total stockholders' deficit





(171,717)







(284,526)



Total liabilities, mezzanine equity and stockholders' deficit



$

1,125,522





$

979,958



 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)







For the three months ended

September 30,





For the nine months ended

September 30,







2026





2025





2026





2025





































Tour revenues



$

269,151





$

240,172





$

676,411





$

587,838





































Operating expenses:

































Cost of tours





135,927







124,373







345,282







308,611



General and administrative





35,749







34,808







101,965







98,613



Selling and marketing





37,775







30,091







105,735







84,722



Depreciation and amortization





16,949







14,930







53,109







44,899



Total operating expenses





226,400







204,202







606,091







536,845





































Operating income





42,751







35,970







70,320







50,993





































Other (expense) income:

































Interest expense, net





(10,191)







(11,256)







(31,264)







(34,503)



(Loss) gain on foreign currency





(886)







(318)







(1,515)







982



Other (expense) income





(114)







1,105







(59)







1,134



Loss on extinguishment of debt





-







(23,492)







-







(23,492)



Total other expense





(11,191)







(33,961)







(32,838)







(55,879)





































Income (loss) before income taxes





31,560







2,009







37,482







(4,886)



Income tax provision (benefit)





4,473







(2,564)







4,687







(3,503)





































Net income (loss)





27,087







4,573







32,795







(1,383)



Net income attributable to noncontrolling interest





2,848







3,383







3,463







4,783



Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.





24,239







1,190







29,332







(6,166)



Series A redeemable convertible preferred stock dividend





-







1,239







497







3,667



Net income (loss) available to stockholders



$

24,239





$

(49)





$

28,835





$

(9,833)





































Weighted average shares outstanding:

































Basic





65,560,483







55,557,530







64,206,682







54,859,959



Diluted





66,680,459







55,557,530







65,154,789







54,859,959





































Undistributed income (loss) per share available to stockholders:

































Basic



$

0.37





$

(0.00)





$

0.45





$

(0.18)



Diluted



$

0.36





$

(0.00)





$

0.44





$

(0.18)



 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)







For the nine months ended September 30,







2026





2025



Cash Flows From Operating Activities

















Net income (loss)



$

32,795





$

(1,383)



Adjustments to reconcile net income (loss) to net cash provided by operating activities:

















Depreciation and amortization





53,109







44,899



Amortization of deferred financing costs, net





1,974







2,684



Amortization of right-of-use lease assets





1,922







1,254



Stock-based compensation





5,221







14,489



Deferred income taxes





923







(984)



Loss (gain) on foreign currency





1,515







(982)



Write-off of unamortized deferred financing costs due to debt extinguishment





-







7,111



Changes in operating assets and liabilities

















Prepaid expenses and other current assets





(3,329)







(8,891)



Unearned passenger revenues





40,483







41,134



Other long-term assets





(3,328)







(1,023)



Other long-term liabilities





1,064







(1,010)



Accounts payable, accrued expenses and other





(21,010)







(157)



Net cash provided by operating activities





111,339







97,141





















Cash Flows From Investing Activities

















Purchases of property and equipment





(18,829)







(36,778)



Acquisitions (net of cash acquired)





(54,604)







(17,359)



Net cash used in investing activities





(73,433)







(54,137)





















Cash Flows From Financing Activities

















Additional acquisition of redeemable noncontrolling interest





(19,760)







-



Proceeds from exercise of options





6,603







4,259



Repurchase under stock-based compensation plans, related tax impacts





(5,356)







(248)



Noncontrolling interest distributions





(804)







(950)



Payment of deferred financing costs





(129)







(11,777)



Repayments of long-term debt





(3)







(635,029)



Proceeds from long-term debt





-







675,010



Net cash (used in) provided by financing activities





(19,449)







31,265



Effect of exchange rate changes on cash





(20)







(288)



Net increase in cash, cash equivalents and restricted cash





18,437







73,981



Cash, cash equivalents and restricted cash at beginning of period





289,735







216,143





















Cash, cash equivalents and restricted cash at end of period



$

308,172





$

290,124





















Supplemental disclosures of cash flow information:

















Cash paid during the period:

















Interest



$

50,834





$

43,875



Income taxes





2,888







2,239



Non-cash investing and financing activities:

















Shares issued in connection with conversion of Series A redeemable convertible preferred stock



$

83,576





$

-



Non-cash preferred stock dividend





497







3,667



Non-cash recognition of new leases





1,571







-



Additional paid-in capital exercise proceeds of option shares





(933)







358



Additional paid-in capital exchange proceeds used for option shares





933







(358)



 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)



Reconciliation of Net Income (Loss) to Adjusted EBITDA Consolidated



















Consolidated



For the three months ended

September 30,





For the nine months ended

September 30,



(In thousands)



2026





2025





2026





2025



Net income (loss)



$

27,087





$

4,573





$

32,795





$

(1,383)



Interest expense, net





10,191







11,256







31,264







34,503



Income tax provision (benefit)





4,473







(2,564)







4,687







(3,503)



Depreciation and amortization





16,949







14,930







53,109







44,899



Loss (gain) on foreign currency





886







318







1,515







(982)



Stock-based compensation





1,540







5,370







5,221







14,489



Transaction-related costs





2,875







159







3,036







873



Other expense (income)





114







20







59







(9)



Debt extinguishment





-







23,492







-







23,492



Acquisition gain





-







(1,125)







-







(1,125)



Reorganization costs





-







834







(279)







834



Adjusted EBITDA



$

64,115





$

57,263





$

131,407





$

112,088











































Reconciliation of Operating Income to Adjusted EBITDA



















Lindblad Segment



For the three months ended

September 30,





For the nine months ended

September 30,



(In thousands)



2026





2025





2026





2025



Operating income



$

17,771





$

13,236





$

32,184





$

19,553



Depreciation and amortization





15,032







13,360







47,931







40,672



Stock-based compensation





1,418







5,325







4,788







14,186



Transaction-related costs





2,890







18







2,890







177



Reorganization costs





-







834







(279)







834



Adjusted EBITDA



$

37,111





$

32,773





$

87,514





$

75,422















Land Experiences Segment



For the three months ended

September 30,





For the nine months ended

September 30,



(In thousands)



2026





2025





2026





2025



Operating income



$

24,980





$

22,734





$

38,136





$

31,440



Depreciation and amortization





1,917







1,570







5,178







4,227



Stock-based compensation





122







45







433







303



Transaction-related costs





(15)







141







146







696



Adjusted EBITDA



$

27,004





$

24,490





$

43,893





$

36,666



 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Guest Metrics and per Available Guest Night metrics)

(unaudited)



Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities



















For the nine months ended September 30,























2026





2025



Net cash provided by operating activities



















$

111,339





$

97,141



Less: purchases of property and equipment





















(18,829)







(36,778)



Free Cash Flow



















$

92,510





$

60,363







Guest Metrics — Lindblad Segment







For the three months ended September 30,





For the nine months ended September 30,







2026





2025





2026





2025



Available Guest Nights





99,550







95,487







270,896







252,327



Guest Nights Sold





90,779







84,143







248,423







221,315



Occupancy





91

%





88

%





92

%





88

%

Maximum Guests





12,465







11,909







36,389







32,906



Number of Guests





11,402







10,685







33,427







29,165



Voyages





161







159







479







433







Calculation of Gross and Net Yield per Available Guest Night



For the three months ended September 30,





For the nine months ended September 30,



(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)



2026





2025





2026





2025



Guest ticket revenues



$

137,513





$

120,979





$

375,061





$

331,804



Other tour revenue





15,851







16,582







60,023







47,910



Tour revenues





153,364







137,561







435,084







379,714



Less: Commissions





(6,305)







(5,304)







(17,294)







(15,349)



Less: Other tour expenses





(7,852)







(6,762)







(29,815)







(23,095)



Net Yield



$

139,207





$

125,495





$

387,975





$

341,270



Available Guest Nights





99,550







95,487







270,896







252,327



Gross Yield per Available Guest Night



$

1,541





$

1,441





$

1,606





$

1,505



Net Yield per Available Guest Night





1,398







1,314







1,432







1,352











For the three months ended September 30,





For the nine months ended September 30,



(In thousands)



2026





2025





2026





2025



Operating income



$

17,771





$

13,236





$

32,184





$

19,553



Cost of tours





69,291







63,800







207,830







187,092



General and administrative





22,010







23,682







63,198







65,758



Selling and marketing





29,260







23,483







83,941







66,639



Depreciation and amortization





15,032







13,360







47,931







40,672



Less: Commissions





(6,305)







(5,304)







(17,294)







(15,349)



Less: Other tour expenses





(7,852)







(6,762)







(29,815)







(23,095)



Net Yield



$

139,207





$

125,495





$

387,975





$

341,270



 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Guest Metrics and per Available Guest Night metrics)

(unaudited)



Calculation of Gross and Net Cruise Cost



For the three months ended September 30,





For the nine months ended September 30,



(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)



2026





2025





2026





2025



Cost of tours



$

69,291





$

63,800





$

207,830





$

187,092



Plus: Selling and marketing





29,260







23,483







83,941







66,639



Plus: General and administrative





22,010







23,682







63,198







65,758



Gross Cruise Cost





120,561







110,965







354,969







319,489



Less: Commissions





(6,305)







(5,304)







(17,294)







(15,349)



Less: Other tour expenses





(7,852)







(6,762)







(29,815)







(23,095)



Net Cruise Cost





106,404







98,899







307,860







281,045



Less: Fuel Expense





(7,567)







(6,224)







(22,463)







(17,755)



Net Cruise Cost Excluding Fuel





98,837







92,675







285,397







263,290



Non-GAAP Adjustments:

































Stock-based compensation





(1,418)







(5,325)







(4,788)







(14,186)



Reorganization costs





-







(834)







279







(834)



Transaction-related costs





(2,890)







(18)







(2,890)







(177)



Adjusted Net Cruise Cost Excluding Fuel



$

94,529





$

86,498





$

277,998





$

248,093



Adjusted Net Cruise Cost



$

102,096





$

92,722





$

300,461





$

265,848



Available Guest Nights





99,550







95,487







270,896







252,327



Gross Cruise Cost per Available Guest Night



$

1,211





$

1,162





$

1,310





$

1,266



Net Cruise Cost per Available Guest Night





1,069







1,036







1,136







1,114



Net Cruise Cost Excluding Fuel per Available Guest Night





993







971







1,054







1,043



Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night





950







906







1,026







983



Adjusted Net Cruise Cost per Available Guest Night





1,026







971







1,109







1,054



Reconciliation of 2026 Adjusted EBITDA Guidance:

(In millions)











Full Year 2026



Income before income taxes











$

8







to





$

28



Depreciation and amortization













74







to







69



Interest expense, net













43







to







41



Stock-based compensation













10







to







7



Other













7







to







3



Adjusted EBITDA











$

142







to





$

148



A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. 

Operational and Financial Metrics

Adjusted EBITDA is defined by us as net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and certain other non-operating items. Other non-operating items excluded include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

Free Cash Flow is defined by us as net cash provided by operating activities less purchases of property and equipment. We believe Free Cash Flow is a useful measure of liquidity because it reflects cash generated by our operations after capital expenditures; however, it does not represent residual cash flow available for discretionary expenditures, as it does not deduct mandatory debt service and other non-discretionary expenditures. Free Cash Flow should not be considered in isolation or as a substitute for net cash provided by operating activities, and our definition may not be comparable to similarly titled measures used by other companies.

The following metrics apply to our Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses.

Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less insurance proceeds, commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests who travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

Cision
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SOURCE Lindblad Expeditions Holdings, Inc.

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