Lindblad Expeditions Holdings, Inc. Reports 2025 Second Quarter Financial Results

Second Quarter 2025 Highlights:

• Total revenue increased 23% to $167.9 million
  
  
• Net loss available to stockholders improved $16.1 million to $9.7 million
  
  
• Adjusted EBITDA increased 139% to $24.8 million
  
  
• Lindblad segment net yield per available guest night increased 13% to $1,241
  
  
• Occupancy increased to 86% from 78%

NEW YORK, Aug. 4, 2025 /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 second quarter ended June 30, 2025.

Natalya Leahy, Chief Executive Officer, said "I'm incredibly proud of the team's accomplishments this quarter. We delivered 23% revenue growth, achieved 86% occupancy on a 5% increase in capacity, and drove a 139% increase in Adjusted EBITDA. These results reflect strong momentum behind our strategic initiatives. We remain focused on unlocking meaningful value through continued revenue growth and disciplined cost innovation, and we are confident in the direction we're heading."

SECOND QUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $167.9 million increased $31.4 million, or 23%, as compared to the same period in 2024. The increase was driven by a $18.0 million increase at the Lindblad segment and a $13.5 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $111.0 million increased $17.9 million, or 19%, compared to the second quarter a year ago primarily due to a 13% increase in net yield per available guest night to $1,241 driven by higher pricing and an increase in occupancy to 86% from 78% in the second quarter a year ago.

Land Experiences tour revenues of $56.9 million increased $13.5 million, or 31%, compared to the second quarter a year ago primarily due to operating additional trips and higher pricing. The Land Experiences segment also includes a full quarter of results for Wineland-Thomson Adventures, which was acquired during the third quarter of 2024.

Net Income

Net loss available to stockholders for the second quarter was $9.7 million, $0.18 per diluted share, as compared with a net loss available to stockholders of $25.8 million, $0.48 per diluted share, in the second quarter of 2024. The $16.1 million increase primarily reflects the improved operating results, a $3.4 million benefit related to employee retention tax credits, a $0.8 million gain on foreign currency, and a $0.5 million tax expense versus a $4.5 million tax expense in the second quarter a year ago.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $24.8 million increased $14.5 million as compared to the same period in 2024 driven by a $9.8 million increase at the Lindblad segment and $4.7 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $16.3 million increased $9.8 million as compared to the same period in 2024, primarily due to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commission expense related to the increased revenues, and increased marketing spend to drive long-term growth initiatives.

Land Experiences segment Adjusted EBITDA of $8.5 million increased $4.7 million as compared to the same period in 2024, primarily due to increased tour revenues, the addition of Wineland-Thomson Adventures, which was acquired during the third quarter of 2024, and employee retention tax credits, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

		For the three months ended June 30,																For the six months ended June 30,
(In thousands)		2025				2024				Change				%				2025				2024				Change				%
Tour revenues:
Lindblad		$	111,045			$	93,053			$	17,992				19	%		$	242,153			$	211,356			$	30,797				15	%
Land Experiences			56,900				43,446				13,454				31	%			105,513				78,757				26,756				34	%
Total tour revenues		$	167,945			$	136,499			$	31,446				23	%		$	347,666			$	290,113			$	57,553				20	%
Operating income:
Lindblad		$	(2,070)			$	(9,372)			$	7,302				78	%		$	6,316			$	(1,589)			$	7,905				NM
Land Experiences			6,477				1,164				5,313				456	%			8,705				1,232				7,473				607	%
Operating income (loss)		$	4,407			$	(8,208)			$	12,615				NM			$	15,021			$	(357)			$	15,378				NM
Adjusted EBITDA:
Lindblad		$	16,330			$	6,541			$	9,789				150	%		$	42,649			$	27,013			$	15,636				58	%
Land Experiences			8,511				3,843				4,668				121	%			12,174				4,977				7,197				145	%
Total adjusted EBITDA		$	24,841			$	10,384			$	14,457				139	%		$	54,823			$	31,990			$	22,833				71	%

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $247.3 million as of June 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $77.6 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $44.7 million in cash used in purchasing property and equipment and the addition of the National Geographic Delfina and the National Geographic Gemini.

As of June 30, 2025, the Company had a total debt position of $635.0 million and was in compliance with all of its applicable debt covenants.

2025 OUTLOOK

The Company's current expectations for the full year 2025 are as follows

• Tour revenues of $725 - $750 million
  
  
• Adjusted EBITDA of $108 - $115 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of July 31, 2025, 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 July 31, 2025, there were 54.8 million shares 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, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance 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.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on August 5, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).

The Access Code is 2974921. A replay of the call 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 six 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- and land-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, and Wineland-Thomson Adventures-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 factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii) cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) 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; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) loss of business due to competition; (xv) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvi) the result of future financing efforts; and (xvii) 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. 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 http://www.sec.gov or at http://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 June 30, 2025				As of December 31, 2024
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	200,929			$	183,941
Restricted cash			46,398				32,202
Prepaid expenses and other current assets			75,191				62,290
Total current assets			322,518				278,433
Property and equipment, net			533,138				518,390
Goodwill			59,198				59,031
Intangibles, net			14,684				15,923
Other long-term assets			6,985				5,128
Total assets		$	936,523			$	876,905
LIABILITIES
Current Liabilities:
Unearned passenger revenues		$	381,692			$	318,666
Accrued expenses			57,422				58,054
Accounts payable			9,831				13,860
Lease liabilities - current			1,124				1,845
Long-term debt - current			8				29
Total current liabilities			450,077				392,454
Long-term debt, less current portion			627,273				625,425
Deferred tax liabilities			2,394				3,537
Other long-term liabilities			822				1,024
Total liabilities			1,080,566				1,022,440
Commitments and contingencies			-				-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively			80,580				78,155
Redeemable noncontrolling interests			39,186				29,424
			119,766				107,579
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively			-				-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 54,733,299 and 54,507,977 issued, 54,601,476 and 54,376,154 outstanding as of June 30, 2025 and December 31, 2024, respectively			6				6
Additional paid-in capital			118,007				109,473
Accumulated deficit			(381,822)				(362,881)
Accumulated other comprehensive income			-				288
Total stockholder's deficit			(263,809)				(253,114)
Total liabilities, mezzanine equity and stockholders' deficit		$	936,523			$	876,905

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 June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Tour revenues		$	167,945			$	136,499			$	347,666			$	290,113
Operating expenses:
Cost of tours			91,391				82,953				184,239				167,405
General and administrative			31,083				29,836				63,805				57,073
Selling and marketing			26,390				18,281				54,632				41,038
Depreciation and amortization			14,674				13,637				29,969				24,954
Total operating expenses			163,538				144,707				332,645				290,470
Operating income (loss)			4,407				(8,208)				15,021				(357)
Other (expense) income:
Interest expense, net			(11,617)				(11,321)				(23,247)				(22,906)
Gain (loss) on foreign currency			759				(12)				1,300				(251)
Other (expense) income			30				-				29				8
Total other expense			(10,828)				(11,333)				(21,918)				(23,149)
Loss before income taxes			(6,421)				(19,541)				(6,897)				(23,506)
Income tax expense (benefit)			547				4,453				(939)				4,697
Net loss			(6,968)				(23,994)				(5,958)				(28,203)
Net income attributable to noncontrolling interest			1,550				673				1,400				442
Net loss attributable to Lindblad Expeditions Holdings, Inc			(8,518)				(24,667)				(7,358)				(28,645)
Series A redeemable convertible preferred stock dividend			1,223				1,150				2,426				2,287
Net loss available to stockholders		$	(9,741)			$	(25,817)			$	(9,784)			$	(30,932)
Weighted average shares outstanding
Basic			54,590,783				53,500,084				54,511,173				53,436,128
Diluted			54,590,783				53,500,084				54,511,173				53,436,128
Undistributed loss per share available to stockholders:
Basic		$	(0.18)			$	(0.48)			$	(0.18)			$	(0.58)
Diluted		$	(0.18)			$	(0.48)			$	(0.18)			$	(0.58)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited)
		For the six months ended June 30,
		2025				2024
Cash Flows From Operating Activities
Net loss		$	(5,958)			$	(28,203)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			29,969				24,954
Amortization of deferred financing costs and other, net			1,848				1,847
Amortization of right-to-use lease assets			869				839
Stock-based compensation			9,119				4,833
Deferred income taxes			(1,135)				4,188
(Gain) loss on foreign currency			(1,300)				251
Changes in operating assets and liabilities
Prepaid expenses and other current assets			(11,787)				(8,744)
Unearned passenger revenues			63,026				67,456
Other long-term assets			(1,242)				120
Accounts payable and accrued expenses			(4,871)				(4,088)
Operating lease liabilities			(924)				(887)
Net cash provided by operating activities			77,614				62,566
Cash Flows From Investing Activities
Purchases of property and equipment			(29,159)				(13,893)
Acquisition (net of cash acquired)			(15,582)				-
Net cash used in investing activities			(44,741)				(13,893)
Cash Flows From Financing Activities
Additional acquisition of redeemable noncontrolling interest			-				(16,720)
Repayments of long-term debt			(21)				(24)
Payment of deferred financing costs			-				(17)
Repurchase under stock-based compensation plans and related tax impacts			(1,380)				(1,596)
Net cash used in by financing activities			(1,401)				(18,357)
Effect of exchange rate changes on cash			(288)				-
Net increase in cash, cash equivalents and restricted cash			31,184				30,316
Cash, cash equivalents and restricted cash at beginning of period			216,143				187,344
Cash, cash equivalents and restricted cash at end of period		$	247,327			$	217,660
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest		$	24,730			$	24,785
Income taxes			1,253				201
Non-cash investing and financing activities:
Non-cash preferred stock deemed dividend			2,426				2,287

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands) (unaudited)
Reconciliation of Net Income to Adjusted EBITDA Consolidated
Consolidated		For the three months ended June 30,								For the six months ended June 30,
(In thousands)		2025				2024				2025				2024
Net loss		$	(6,968)			$	(23,994)			$	(5,958)			$	(28,203)
Interest expense, net			11,617				11,321				23,247				22,906
Income tax expense (benefit)			547				4,453				(939)				4,697
Depreciation and amortization			14,674				13,637				29,969				24,954
Loss (gain) loss on foreign currency			(759)				12				(1,300)				251
Stock-based compensation			5,392				2,718				9,119				4,833
Transaction-related costs			368				1,866				714				2,189
Other (income) expense			(30)				-				(29)				(8)
Reorganization costs			-				371				-				371
Adjusted EBITDA		$	24,841			$	10,384			$	54,823			$	31,990
Reconciliation of Operating Income to Adjusted EBITDA
Lindblad Segment		For the three months ended June 30,								For the six months ended June 30,
(In thousands)		2025				2024				2025				2024
Operating (loss) income		$	(2,070)			$	(9,372)			$	6,316			$	(1,589)
Depreciation and amortization			13,252				12,749				27,312				23,231
Stock-based compensation			5,135				2,541				8,862				4,656
Transaction-related costs			13				252				159				344
Reorganization costs			-				371				-				371
Adjusted EBITDA		$	16,330			$	6,541			$	42,649			$	27,013
Land Experiences Segment		For the three months ended June 30,								For the six months ended June 30,
(In thousands)		2025				2024				2025				2024
Operating income		$	6,477			$	1,164			$	8,705			$	1,232
Depreciation and amortization			1,422				888				2,657				1,723
Transaction-related costs			355				1,614				555				1,845
Stock-based compensation			257				177				257				177
Adjusted EBITDA		$	8,511			$	3,843			$	12,174			$	4,977

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Available Guest Nights, Gross Yield, Net Yield and guest metrics) (unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities		For the six months ended June 30,
		2025				2024
Net cash provided by operating activities		$	77,614			$	62,566
Less: purchases of property and equipment			(29,159)				(13,893)
Free Cash Flow		$	48,455			$	48,673
		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Available Guest Nights			81,515				77,404				156,840				163,358
Guest Nights Sold			70,198				60,174				137,172				125,137
Occupancy			86	%			78	%			87	%			77	%
Maximum Guests			11,393				9,562				20,997				19,276
Number of Guests			9,937				7,773				18,480				15,281
Voyages			153				121				274				243
Calculation of Gross and Net Yield per Available Guest Night		For the three months ended June 30,								For the six months ended June 30,
(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)		2025				2024				2025				2024
Guest ticket revenues		$	98,175			$	83,570			$	210,825			$	186,587
Other tour revenue			12,870				9,483				31,328				24,769
Tour Revenues			111,045				93,053				242,153				211,356
Less: Commissions			(4,423)				(3,205)				(10,045)				(8,579)
Less: Other tour expenses			(5,445)				(5,206)				(16,333)				(13,358)
Net Yield		$	101,177			$	84,642			$	215,775			$	189,419
Available Guest Nights			81,515				77,404				156,840				163,358
Gross Yield per Available Guest Night		$	1,362			$	1,202			$	1,544			$	1,294
Net Yield per Available Guest Night			1,241				1,094				1,376				1,160
		For the three months ended June 30,								For the six months ended June 30,
(In thousands)		2025				2024				2025				2024
Operating (loss) income		$	(2,070)			$	(9,372)			$	6,316			$	(1,589)
Cost of tours			58,469				55,726				123,292				118,105
General and administrative			20,945				19,770				42,077				38,539
Selling and marketing			20,449				14,180				43,156				33,070
Depreciation and amortization			13,252				12,749				27,312				23,231
Less: Commissions			(4,423)				(3,205)				(10,045)				(8,579)
Less: Other tour expenses			(5,445)				(5,206)				(16,333)				(13,358)
Net Yield		$	101,177			$	84,642			$	215,775			$	189,419

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Available Guest Nights, Gross and Net Cruise cost Per Available Guest Night and guest metrics) (unaudited)
Calculation of Gross and Net Cruise Cost		For the three months ended June 30,								For the six months ended June 30,
(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)		2025				2024				2025				2024
Cost of tours		$	58,469			$	55,726			$	123,292			$	118,105
Plus: Selling and marketing			20,449				14,180				43,156				33,070
Plus: General and administrative			20,945				19,770				42,077				38,539
Gross Cruise Cost			99,863				89,676				208,525				189,714
Less: Commissions			(4,423)				(3,205)				(10,045)				(8,579)
Less: Other tour expenses			(5,445)				(5,206)				(16,333)				(13,358)
Net Cruise Cost			89,995				81,265				182,147				167,777
Less: Fuel Expense			(4,221)				(5,684)				(11,530)				(14,435)
Net Cruise Cost Excluding Fuel			85,774				75,581				170,617				153,342
Non-GAAP Adjustments:
Stock-based compensation			(5,135)				(2,541)				(8,862)				(4,656)
Transaction-related costs			(13)				(252)				(159)				(344)
Reorganization costs			-				(371)				-				(371)
Adjusted Net Cruise Cost Excluding Fuel		$	80,626			$	72,417			$	161,596			$	147,971
Adjusted Net Cruise Cost		$	84,847			$	78,101			$	173,126			$	162,406
Available Guest Nights			81,515				77,404				156,840				163,358
Gross Cruise Cost per Available Guest Night		$	1,225			$	1,159			$	1,330			$	1,161
Net Cruise Cost per Available Guest Night			1,104				1,050				1,161				1,027
Net Cruise Cost Excluding Fuel per Available Guest Night			1,052				976				1,088				939
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night			989				936				1,030				906
Adjusted Net Cruise Cost per Available Guest Night			1,041				1,009				1,104				994
Reconciliation of 2025 Adjusted EBITDA guidance:
(In millions)		Full Year 2025
Loss before income taxes		$	(15)				to			$	(5)
Depreciation and amortization			61				to				60
Interest expense, net			46				to				46
Stock-based compensation			16				to				16
Other			0				to				(2)
Adjusted EBITDA		$	108				to			$	115

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 net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, 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 as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the 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 available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

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 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 that 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.

SOURCE Lindblad Expeditions