LIND

Lindblad Expeditions posted a second quarter that captured strong investor attention, with the stock moving significantly higher following results that exceeded Wall Street’s revenue and profit forecasts. Management attributed the outperformance to double-digit growth in both the expedition cruise and land experiences segments, supported by record occupancy rates and improved net yields. CEO Natalya Leahy highlighted, “Our adjusted demand generation strategy helped us minimize risk and preserve bookings momentum in 2026,” while continued expansion into new destinations and higher onboard revenue contributed to the quarter’s robust top-line growth. Is now the time to buy LIND? Find out in our full research report (it’s free). Revenue: $199.2 million vs analyst estimates of $185.9 million (18.6% year-on-year growth, 7.2% beat) Adjusted EPS: -$0.01 vs analyst estimates of -$0.11 (87.2% beat) Adjusted EBITDA: $32.46 million vs analyst estimates of $23.69 million (16.3% margin, 37.1% beat) The company lifted its revenue guidance for the full year to $845 million at the midpoint from $825 million, a 2.4% increase EBITDA guidance for the full year is $135 million at the midpoint, below analyst estimates of $137.6 million Operating Margin: 6%, up from 2.6% in the same quarter last year Market Capitalization: $2.23 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Ian Zaffino (Oppenheimer) asked about the runway for further occupancy and yield gains. CEO Natalya Leahy responded that 90% occupancy is likely a sustainable ceiling, but yield growth remains healthy due to product mix and additional revenue streams. Ian Zaffino (Oppenheimer) also questioned capital allocation between organic investments, M&A, and buybacks. CFO Rick Goldberg affirmed the priority is investing for growth, with share buybacks considered only after core needs are met. Eric Des Lauriers (Craig-Hallum Capital Group) inquired about increasing ownership in land experiences. Leahy and Goldberg explained the value of maintaining co-ownership with founders, stating it aligns incentives and supports long-term performance. Eric Des Lauriers (Craig-Hallum Capital Group) followed up on the company’s progress in data-driven cost management. Leahy detailed a pipeline of 30+ new cost initiatives expected to benefit results over the next three years. Michael Albanese (Benchmark StoneX) sought insight into 2028 booking trends and pricing strategy. Leahy described booking momentum for 2028 itineraries as double that of 2027, while Goldberg noted that future net yield growth will be increasingly pricing-driven rather than occupancy-driven. In the coming quarters, our analysts will watch (1) the pace and sustainability of booking momentum for newly launched itineraries, especially into 2028, (2) the impact of ongoing cost innovation projects on operating margins as fuel and royalty costs remain elevated, and (3) further expansion into international markets and new premium land experiences. The evolution of the company’s partnership with National Geographic and its ability to manage external cost pressures will also be key signposts. Lindblad Expeditions currently trades at $33.93, up from $29.58 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 2:00 p.m. ET Chief Executive Officer - Natalya Leahy Chief Financial Officer - Rick Goldberg Operator: Hello, everyone. Thank you for joining us, and welcome to the Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results. [Operator Instructions] I will now hand the conference over to Rick Goldberg, Chief Financial Officer. Rick, please go ahead. Rick Goldberg: Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's Second Quarter 2026 Earnings Call. With me on today's call is Natalya Leahy, our Chief Executive Officer. Natalya will begin with some opening comments, and I will follow with details on our Q2 results and expectations for the full year before we open the call for Q&A. As always, you can find our latest earnings release in the Investor Relations section of our website. But before we get to all of that, I'd like to remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to risks and uncertainties that may cause actual results and performance to be materially different from these expectations. The company cannot guarantee the accuracy of any forecast or estimates, and we undertake no obligation to update any such forward-looking statements. If you would like more information on the risks involved in forward-looking statements, please see the company's SEC filings. In addition, our comments may reference non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release. With that out of the way, I'll turn the call over to Natalya. Natalya Leahy: Thank you, Rick, and good morning to everyone, and welcome to our second quarter earnings call. I'm excited to share our results with you today as this quarter once again demonstrates the strength of our strategic approach and execution. We delivered double-digit revenue growth in the second quarter with total company revenue growth of 19% to $199 million compared to $168 million in the second quarter of last year. Our Lindblad segment revenue increased 16% to $129 million, and our Land Experiences segment grew 23% to $70 million. Adjusted EBITDA increased 31% to $32.5 million compared to $24.8 million a year ago and adjusted EBITDA margins improved 150 basis points to 16.3% despite continued significant challenges from fuel prices. We delivered both occupancy and yield improvement despite a 12% increase in capacity. As you recall, we've consistently said we expect to achieve 90% occupancy this year, and I'm very pleased to report that this is the second consecutive quarter we've hit the 90-plus target. Occupancy increased to 91%, up from 86% in the second quarter of 2025, our highest second quarter occupancy rate in 10 years and slightly ahead of our expectations. Net yield increased 4% to $1,294 per guest night compared with $1,241 in the prior year period, a record for the second quarter. This marks the sixth consecutive quarter of delivering record net yields. Our 2026 bookings, both for our Land and Expedition segments remained above the prior year and even last minute availability is booking at a healthy pace. Our adjusted demand generation strategy helped us minimize risk and preserve bookings momentum in 2026. And because of our strong booking trends, we are raising our 2026 revenue guidance to a range of $830 million to $860 million, up from our previous guidance of $800 million to $850 million. We are also increasing our net yield guidance by 50 basis points from a range of 4% to 5% to a range of 4.5% to 5.5%. We are reaffirming our full year EBITDA guidance. I'm also pleased that our 2027 bookings continue to pace ahead of 2026 in both segments. Before I walk you through our progress against our 3 strategic pillars, I would like to take a step back and talk about the opportunity in front of us. Expedition travel sits in the intersection of 3 powerful trends. Consumers increasingly value experiences over material possessions. Affluent travelers are looking for authentic immersive experiences rather than traditional luxury, and people are seeking learning purpose and human connection in how they travel. Expedition travel is one of the fastest-growing segments in leisure travel, yet it still represents less than 1% of the global cruise market. Our addressable market remains very large. There are over 20 million U.S. households with more than 1 million in net worth, while major expedition-focused cruise lines serve less than 1 million travelers annually. We believe we are still in the early stages of a long growth trajectory. We, as a company, are uniquely able to capitalize on this opportunity. Every voyage we operate today is built on 6 decades of learning, relationships and operational expertise. And our partnership with National Geographic continues to be a unique competitive advantage, both in enhancing the guest experience and in introducing Lindblad to new audiences around the world. Now let me walk you through the progress we made across our 3 strategic pillars: first, maximizing revenue generation through higher occupancy, pricing and deployment optimization; second, optimizing financial performance through cost innovation and fixed asset optimization; and third, exploring and capitalizing on accretive growth opportunities, including additions to our brand portfolio. Beginning with our first pillar, maximizing revenue. A few weeks ago, we launched our 2028 deployment, and I'm excited about the early results. For this launch, we took our demand generation efforts up a notch through an integrated approach, proactively engaging past guests and working with our travel partners and onboard sales teams to maximize visibility for the launch. Our guests have clearly responded. The first few weeks of our 2028 launch generated twice the revenue of the same period last year. Our 2028 lineup also includes an exceptional set of experiences, including our return to French Polynesia, where 1- and 2-week journeys combine iconic destinations, such as Bora and [ Murreagh ] with Makatea, a rarely visited island offering unique cultural and exploration experiences beyond traditional itineraries. We are also expanding into destinations where we are seeing strong demand, including European River Cruises and the Amazon. We also continue to expand our international presence. I joined our sales team on a major market engagement trip to Australia and New Zealand a couple of months ago, meeting with more than 60 travel partners and engaging with journalists and media. Early data suggests bookings from the region have accelerated meaningfully since the trip with bookings up 44% in the 6 weeks post our visit compared to the same period prior to our trip. This builds on the momentum we are seeing in the U.K. market, which we launched last year. Our outbound sales program continues to gain traction, increasing 44% versus the second quarter of last year, supported by strong lead generation. We are also seeing strong growth in onboard and expansion revenue, up 28%, driven by continued expansion of our product and service offerings as well as pre-voyage initiatives. Our National Geographic partnership continues to deepen and enrich the guest experience. In May, Sven and I had the privilege of attending the opening of the new National Geographic Explorers Museum and hosting a group of National Geographic Explorers who regularly sail with us. It was very inspiring to discuss new ways to create even more meaningful guest experiences through exclusive access to world-class explorers, immersive storytelling and opportunities for guests to engage with the important research and conservation work taking place in the destinations we visit. Moving to our second strategic pillar, which focuses on operational excellence and productivity improvements. As we have previously mentioned, we continue to build a deep pipeline of cost innovation initiatives that are driving efficiencies and generating healthy returns. In addition, our execution against our dry dock and deployment optimization strategies has generated 92 fewer nonrevenue days for our 2028 deployment compared to 2026. In response to higher fuel prices, we reduced fuel consumption year-over-year despite increasing capacity through a combination of ship label cost innovation initiatives. We also completed several contract renegotiations that are delivering meaningful run rate savings by leveraging the scale of our entire brand portfolio. As we become a more scientific and data-driven organization, we believe we will continue to unlock additional opportunities going forward. Turning to our third pillar, accretive growth. This time, I would like to highlight a few land initiatives that allow us to capitalize on consumer trends and build on our core competencies. Our new Off the Beaten Path, Alaska Grandslam itinerary, which covers all 8 Alaska national parks, sold out both its initial deployment and added departures within weeks. This is a great example of our guests' willingness to engage with us for truly differentiated premium once-in-a-lifetime experiences. DuVine's expanded offering of hiking plus cycling itineraries have been very well received with very promising sales trends. We also launched women-only walks, WOW, across 20 destinations on classic journeys, which dovetails with the success of our Natural Habitat's women's-only journeys. We also continue to evaluate fleet expansion and other opportunities to add to our portfolio of brands, as I mentioned during the last couple of calls. As we talk about our why and our commitment to sustainability, I am very proud of our entire food and beverage team for delivering programs centered on sustainable local sourcing, food waste reduction and unique educational guest experiences. We are honored to have been recognized with the most sustainable F&B program award at the 2026 Seatrade Cruise Awards. Before I turn the call to Rick, let me leave you with 3 key takeaways. First, our revenue maximization efforts are working. Strong second quarter occupancy, record net yields and accelerating booking momentum across '26, '27 and '28 shows that guests continue to choose Lindblad for differentiated premium experiences. Second, we are becoming a more efficient data-driven organization, and that discipline is showing up in our margins even as we invest in growth. Third, our accretive growth initiatives across both Land Experience and Expeditions give us multiple paths to capture a large and still underpenetrated market. We are well positioned for growth and actively pursuing new avenues through existing product expansions and acquisitions. We recently spent a few days with our executive leadership team, reflecting on how proud we are of every member of our team for driving significant operational changes across so many areas of our business. I want to thank our teams for their humility, growth mindset, focus and resilience and above all, for their unwavering commitment to the guest experience. Now back to you, Rick. Rick Goldberg: Thank you, Natalya. Last quarter, we discussed our decision to pull forward a portion of our demand generation spend. That strategy has contributed to strong near-end bookings while accelerating our 2027 booking pace. As Natalya noted, even with 12% capacity growth in the second quarter, we delivered 4.3% net yield growth, underscoring the strength of demand for our differentiated expedition experience. Total company revenue for the second quarter was $199.2 million, an increase of $31.3 million or 18.6% compared to the prior year. In the Lindblad segment, we successfully absorbed 11.9% additional capacity while continuing to drive both occupancy and pricing. Revenue increased 16.4% to $129.2 million. Occupancy improved 5 percentage points to 91%, our highest second quarter occupancy in 10 years, and net yield per available guest night increased 4.3% to $1,294, the highest second quarter net yield in company history. Land Experiences segment revenues were $70 million, an increase of $13.1 million or 23% compared to Q2 2025, driven by 13% growth in guests and an 8% increase in revenue per guest. Turning now to the cost side of the business. Operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest and taxes increased $23.7 million or 16.5% versus Q2 2025, specifically, cost of tours increased $11.2 million or 12.3%, driven by operating additional voyages and trips as well as higher fuel costs. As a result, gross margin increased to 48.5%, an improvement of 290 basis points compared to the prior year. Through our cost innovation initiatives, we reduced fuel consumption by more than 3% during the quarter despite a 12% increase in capacity. Nonetheless, fuel prices remained elevated amid heightened geopolitical tensions in the Middle East, increasing $2.7 million or 64% year-over-year. Fuel costs represented 5.3% of Lindblad segment revenue in the quarter compared to 4.8% in the prior year. Sales and marketing costs increased $5.6 million or 21.3%, primarily due to the final royalty rate step-up under our National Geographic agreement. And general and administrative costs, excluding stock-based compensation, transaction-related expenses and reorganization costs increased $6.8 million or 27%. Half of that increase, $3.4 million, reflects the onetime benefit from employee retention tax credits recognized in the second quarter of 2025. Excluding that item, G&A as a percentage of revenue declined 100 basis points year-over-year. Higher personnel costs and strategic growth investments were more than offset by our continued focus on cost discipline and operating efficiencies as we scale the business. Adjusted EBITDA for the quarter was $32.5 million, an increase of $7.6 million or 30.7% compared to the second quarter of 2025. Lindblad segment adjusted EBITDA increased $6.1 million or 37.5%, while Land Experiences segment adjusted EBITDA increased $1.5 million or 17.5%. Adjusted EBITDA margin for the quarter was 16.3%, an improvement of 150 basis points compared to the second quarter of 2025. Net loss available to stockholders for the second quarter was $1.4 million, an improvement of $8.3 million compared to the prior year. This equated to a loss of $0.02 per share compared to a loss of $0.18 per share in Q2 2025. Importantly, excluding the accelerated depreciation associated with the planned fourth quarter retirement of the National Geographic Sea Bird and National Geographic Sea Lion, we would have reported positive GAAP net income for the quarter. Turning to the balance sheet. We ended the quarter with total cash of $364.9 million, an increase of $75.2 million versus the end of 2025. The increase reflects $108.5 million in cash from operations due primarily to the strong results of the business and increased bookings for future travel. We used $14.9 million of cash for investing activities, primarily related to maintenance for our owned ships. Year-to-date, free cash flow increased 93% to $93.6 million. Our net leverage declined from 2.7x at the end of the first quarter to 2.2x, further strengthening our balance sheet. As we've discussed on recent earnings calls, we continue to actively evaluate accretive growth opportunities, including expanding our fleet and further diversifying our portfolio of land experience brands to capitalize on the continued growth in demand for adventure travel. Turning now to our full year outlook. I'm pleased to share our updated guidance for 2026. We continue to expect available guest nights to be approximately flat year-over-year in the second half of 2026. As Natalya mentioned, our demand generation efforts continue to drive strong booking momentum across 2026 and 2027 as well as for our recently launched 2028 itineraries. Reflecting this strength, we now expect net yield per available guest night to increase 4.5% to 5.5% year-over-year compared to our prior guidance of 4% to 5%. Consistent with this improved outlook, we are raising our full year revenue guidance to a range of $830 million to $860 million, up from our previous range of $800 million to $850 million. At the same time, fuel prices remained elevated. Given this continued headwind, we are maintaining our adjusted EBITDA guidance of $130 million to $140 million. In closing, Natalya and I are proud of our team's execution in a dynamic operating environment. With strong demand, a healthy balance sheet and a disciplined approach to growth, we believe the company is well positioned for the remainder of 2026 and beyond. With that, we thank you for your interest in Lindblad Expeditions. Natalya and I would be happy to answer any questions you may have. Operator: [Operator Instructions] Your first question comes from the line of Ian Zaffino with Oppenheimer. Ian Zaffino: Really good quarter. I wanted to ask on the occupancy side because it seems like you're really outperforming here. How much more runway do we have here? And how do we think about where that could ultimately go? Do you think it could go higher than you initially thought it could go? I know there's a new kind of calendar coming on '27 and also in '28. So just kind of looking forward, where can this actually go to? Natalya Leahy: Ian, let me take this question. It's a great question. I think what you're really asking is what's the potential of future yield growth. And I think occupancy levels, as we always said that since last year, about 90%, slightly higher maybe the norm for this business, given small sizes of our ships and our ultra-premium product offerings. I do think we have a potential to grow -- continue to grow yields at a very healthy rate, which is what current booking trends are showing. And that's both from our improved deployment and mix of the product, our significant improved demand generation efforts and our additional revenue streams such as onboard revenue and extension revenues. Ian Zaffino: Okay. And then for Rick, maybe 2 questions here. Can you maybe just give us a little more color on the fuel? Maybe what was the headwind and kind of what you're assuming going forward? And then also as far as use of cash, I know you bought back stock and encouraged by that, but also I know you have kind of other aspirations on the M&A side. So how are you kind of balancing that and how are you thinking about that? Rick Goldberg: Yes. So I'll hit that second question first just in terms of capital allocation. I would say is our capital allocation priorities remain unchanged. First, we'll continue to invest in organic growth opportunities that strengthen our business and enhance the guest experience. Second, we'll pursue disciplined accretive investments across both our Expedition, Cruising and Land Experience businesses. And finally, to the extent that we generate capital beyond those needs, we'll evaluate returning it to shareholders through our debt reduction or opportunistic share repurchases. And then in terms of fuel, we continue to see fuel prices remain elevated, where they were at the end of Q1 remained pretty consistent throughout the second quarter. And so we are modeling a range of scenarios, including having fuel prices remain at this elevated level where it was at the end of Q1, at the end of Q2, close to $100 a barrel for the remainder of the fiscal year. And if that is the case, we will remain within our guidance range of $130 million to $140 million of EBITDA. Operator: Your next question comes from the line of Eric Des Lauriers with Craig-Hallum Capital Group. Eric Des Lauriers: Congrats on yet another very impressive quarter here. My first question, so noticing the increased ownership stake on some of the land experiences here. Could you just provide some color around your updated thinking here on potentially increasing ownership stake to 100%. Is that sort of in the plan or in the cards? And any additional color that you can provide on sort of timing or priority ranking there would be helpful. Natalya Leahy: Well, thank you, Eric. Another great question. I'll start, and I'll let Rick contribute. We have a very unique model on land companies where our founders are part of the ownership model, and they continue to run the businesses. We believe that provides us a unique competitive advantage and brings the passion, the talent and exceptional knowledge of the product into the place. So for that reason, we really trust, hope and have a high confidence that our founders will stay with us for much longer time. So that's -- the ownership stake might change, but we hope that the model of co-ownership will continue. Rick Goldberg: I very much agree with everything that Natalya said. I mean this is a real differentiator for us and allows us to closely align incentives between ourselves as well as the founders and entrepreneurs in these businesses. Over the course of the last year, we actually extended the agreements with all 4 of our land company founders and owners who are still with the business. As part of that, some of them wanted to take a little bit of cash off the table and get some monetization, and it was a win-win situation for both sides. Eric Des Lauriers: That's great color. I appreciate that. My next question, so in the prepared remarks, you mentioned that as the company becomes more data-driven, you'll look to identify even more opportunities of cost improvement, which have already been quite impactful here. I just wanted to kind of get a high-level sort of assessment of where you guys are in that sort of data-driven evolution of the company. I guess, however you guys want to take this, whether you kind of want to identify like what sort of inning we're in, in this overall data-driven transformation or just kind of help provide some more color around sort of where we are in that transformation and what we may be able to look forward to as that progresses. Natalya Leahy: Yes. I think, Eric, first of all, every cost initiative, there is a time line when it starts and the results usually follow later. You would recall that Rick was mentioning last year, we had over 20 cost innovation initiatives in the pipeline. You are really seeing the results of them mainly coming this year. This year, we have another 30-plus cost innovation initiatives that will start delivering results later this year and in the next 3 years. So hopefully, it gives you a little bit of color on the pipeline. Operator: Your next question comes from the line of Mike Albanese with Benchmark StoneX. Michael Albanese: Yes. Really nice quarter. Just a couple of quick ones for me. I think this is the first time we heard you talk about 2028 booking curves, obviously, with new itineraries and more capacity. Could you just give us some insight into what you're seeing there? Is there still accelerating momentum, I guess, versus 2027 booking curves? Is it too early to read into that? Just if you could elaborate on that, that would be helpful. Natalya Leahy: Yes. Yes. I'm smiling here because it's the first time because we just launched '28, and I'm very, very proud of the team for an incredible support and demand generation efforts here. So as I mentioned, not only it's been doing great, we literally have seen double of bookings in '28 versus '27. Now I don't expect that it will always continue with the booking curve, right? And it will level off as it goes on. But it is a very strong launch, and it's pulling demand forward, enabling price elasticity later on. So early days, but exceptional launch support. We launched with new demand generation and marketing support strategy, and it seems to be paying off. Michael Albanese: Awesome. That's helpful. And then could you just provide some context maybe on price and how much price you're taking and maybe just bifurcate between price and traffic as we think about kind of the latter half of '27 and then into that newer '28 booking curve? Rick Goldberg: So what we've always shared is that we expected this year as well as last year to really be about driving occupancy and that being the primary lever of net yield growth. We are still pricing up on a like-for-like basis, although we do have some mix headwinds in terms of our itineraries, especially with some of the voyages that we added 6 to 9 months out, which is a much shorter booking window than we would typically have. And then as we turn the page from 2026 to 2027, our expectation is that net yield is much more pricing driven than it is occupancy driven at that stage. Natalya, anything to add? Natalya Leahy: No, that was great. Operator: Your next question comes from the line of Stephen Wieczynski. Steven Wieczynski: So I want to go back to the guidance here for a second. So the revenue guidance for the year was raised. EBITDA guidance was maintained. And Rick, you called out fuel headwinds, but that just doesn't seem to be that big of a headwind given your consumption there. So if you guys did $67 million in EBITDA in the first half of the year, I guess what we're struggling with here is how do you still kind of get into that range for EBITDA in the back half of the year? I mean has there been a change in cost in the second half? Or is there something else we're just flat out missing here? I mean maybe a little bit of help around the cadence of the next 2 quarters would be helpful. Rick Goldberg: Absolutely, Steve. So just as a reminder, Q1 included an approximately $3 million onetime benefit related to the timing of land experience tour insurance revenue and Q2 benefited from a 12% increase in capacity, whereas we expect capacity to be flat in the second half of the year. It will be up mid-single digits in Q3 and down mid-single digits in Q4. The main headwind in the second half of the year is fuel costs, which remain elevated. And our assumption is that prices remain elevated throughout the rest of the year. If you're comparing year-over-year, you also have the final royalty rate step-up related to our National Geographic contract. And then additionally, there's always risk of canceled voyages due to uncertainty surrounding geopolitical events. Steven Wieczynski: Let me ask that different, Rick. So if oil -- obviously, fuel has actually started to kind of work the other way, is it fair -- I think you kind of said that based on your guidance today, you guys are still assuming, let's say, crude is kind of in that $100 a barrel range. And if there's no geopolitical further headwinds, there should be upside to that EBITDA guidance range. Hopefully, that makes sense. Natalya Leahy: I think, Steven, our guidance is already a range, and it assumes a number of outcomes based on what we are modeling. So I would say it does assume both upside and downside within this guidance. It's as accurate as we can communicate right now based on what we know. Steven Wieczynski: Okay. One more quick one, if I could, please. I don't -- did you mention Disney anywhere in terms of where bookings are pacing right now for those guys? Natalya Leahy: Well, I mentioned a number of initiatives that we continue to drive. I mean we're not driving Disney bookings versus non-Disney bookings. We are driving a number of demand generation initiatives together. So for example, our outbound sales increase driven by increase in lead generation. Some of them come through National Geographic, Disney channels. Our international expansion success is clearly a result of National Geographic global brand name recognition. So I think it's embedded in many of our commercial initiatives. Operator: There are no further questions at this time. I will now turn the call back to Rick Goldberg for closing remarks. Rick Goldberg: Just want to thank everyone for joining today's earnings call and for your continued interest in Lindblad Expeditions and especially to our team at Lindblad Expeditions who has worked really hard to put together a strong quarter in Q2 2026 and is working towards continuing to drive the business forward. Thank you so much, everyone. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Lindblad Expeditions, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lindblad Expeditions wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Lindblad Expeditions. The Motley Fool has a disclosure policy. Lindblad Expeditions (LIND) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 91% occupancy, the highest second-quarter rate in 10 years, successfully absorbing a 12% increase in capacity through optimized demand generation. Delivered record second-quarter net yields of $1,294, marking the sixth consecutive quarter of record yields driven by premium product differentiation. Capitalized on the 'experience economy' trend where affluent travelers prioritize authentic, immersive learning over traditional luxury possessions. Leveraged the National Geographic partnership to enhance guest experiences and accelerate international expansion, particularly in the U.K. and Australia/New Zealand markets. Implemented ship-level cost innovation initiatives that reduced fuel consumption by 3% year-over-year despite the significant increase in operating capacity. Expanded the Land Experiences segment through high-demand differentiated products, such as the sold-out Alaska Grandslam itinerary covering all eight national parks. Raised full-year 2026 revenue guidance to $830 million–$860 million based on strong booking momentum and improved net yield expectations. Maintained adjusted EBITDA guidance of $130 million–$140 million to account for sustained high fuel prices and potential geopolitical uncertainties. Anticipates 2027 net yield growth to be primarily driven by pricing power rather than occupancy gains as the fleet reaches optimal utilization levels. Expects 2028 deployment to benefit from 92 fewer non-revenue days compared to 2026 through improved dry dock and deployment optimization. Assumes fuel prices will remain elevated at approximately $100 per barrel for the remainder of the fiscal year in current financial modeling. Reported a narrow GAAP net loss of $1.4 million, which would have been positive if not for accelerated depreciation from the planned retirement of two vessels. Experienced a 64% year-over-year increase in fuel costs, which rose to 5.3% of Lindblad segment revenue due to Middle East geopolitical tensions. Recognized the final royalty rate step-up under the National Geographic agreement, contributing to a $5.6 million increase in sales and marketing costs. Strengthened the balance sheet with a 93% increase in year-to-date free cash flow, reducing net leverage to 2.2x. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management views 90% occupancy as the sustainable norm for their ultra-premium, small-ship model. Future yield growth will be driven by product mix, price elasticity from early bookings, and expanded ancillary revenue like onboard services and pre-voyage extensions. The company prefers a co-ownership model where founders retain a stake to ensure the preservation of specialized product knowledge and entrepreneurial passion. Recent increases in ownership stakes were described as 'win-win' liquidity events for founders who have extended their long-term management agreements. The 2028 launch generated double the revenue of the 2027 launch period, driven by a more integrated and proactive demand generation strategy. Early demand allows for better price elasticity management as the booking curve progresses toward the departure dates. Second-half EBITDA will face headwinds from flat year-over-year capacity compared to the 12% growth seen in the first half. Management confirmed the guidance range accounts for both upside potential if fuel prices moderate and downside risks from geopolitical voyage cancellations.

Interested in Lindblad Expeditions? Here are five stocks we like better. Strong second-quarter performance: Revenue rose 19% year over year to $199.2 million, while adjusted EBITDA increased 31% to $32.5 million. Occupancy reached a 10-year second-quarter high of 91%, and net yield rose 4% to a record $1,294 per available guest night. 2026 outlook raised: Lindblad increased its full-year revenue guidance to $830 million–$860 million and net-yield growth forecast to 4.5%–5.5%, while maintaining adjusted EBITDA guidance of $130 million–$140 million despite elevated fuel costs. Bookings and financial position strengthened: 2026 and 2027 bookings remained ahead of prior-year levels, while 2028 launch revenue doubled from the comparable launch period. Cash rose to $364.9 million, free cash flow increased 93% year to date, and net leverage fell to 2.2 times. Buy, Hold, or Wait: 3 Small-Cap Stocks Telling Different Stories Lindblad Expeditions (NASDAQ:LIND) reported higher second-quarter revenue, occupancy and adjusted EBITDA, while raising its full-year revenue and net-yield outlook amid continued elevated fuel costs. Total revenue increased 19% year over year to $199.2 million in the second quarter of 2026. Adjusted EBITDA rose 31% to $32.5 million, and adjusted EBITDA margin expanded 150 basis points to 16.3%. → Lost in Space: Why Aerospace Valuations Are Plummeting Right Now Chief Executive Officer Natalya Leahy said the company delivered improved occupancy and yield despite a 12% increase in capacity. Occupancy rose to 91% from 86% in the prior-year quarter, marking Lindblad's highest second-quarter occupancy level in 10 years. Net yield increased 4% to a second-quarter record of $1,294 per available guest night. “This marks the sixth consecutive quarter of delivering record net yields,” Leahy said, adding that bookings for both expedition and land travel remained ahead of the prior year for 2026. She also said 2027 bookings were pacing ahead of 2026 in both segments. → MarketBeat Week in Review – 07/27- 07/31 The Lindblad segment generated revenue of $129.2 million, up 16.4% from the prior-year period. The segment absorbed 11.9% additional capacity, while occupancy increased 5 percentage points to 91% and net yield per available guest night rose 4.3% to $1,294, according to Chief Financial Officer Rick Goldberg. Land Experiences revenue increased 23% to $70 million, driven by 13% growth in guests and an 8% increase in revenue per guest. → GE HealthCare Stock Climbs on Vital Diagnostics Demand Operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest and taxes rose 16.5% to reflect additional voyages and trips, as well as higher fuel costs. Cost of tours increased 12.3%, while gross margin improved 290 basis points to 48.5%. Fuel costs increased $2.7 million, or 64%, year over year, as prices remained elevated amid geopolitical tensions in the Middle East. Fuel represented 5.3% of Lindblad segment revenue, compared with 4.8% a year earlier. The company said cost initiatives reduced fuel consumption by more than 3% despite the increase in capacity. Sales and marketing expense increased 21.3%, primarily due to the final royalty-rate step-up under the company’s National Geographic agreement. General and administrative expenses rose 27%, though Goldberg said approximately half of the increase reflected a $3.4 million one-time employee retention tax credit benefit recorded in the second quarter of 2025. Excluding that prior-year item, G&A expense as a percentage of revenue declined 100 basis points. Net loss available to stockholders narrowed to $1.4 million, or $0.02 per share, from a loss of $0.18 per share a year earlier. Goldberg said the company would have reported positive GAAP net income excluding accelerated depreciation tied to the planned fourth-quarter retirement of National Geographic Sea Bird and National Geographic Sea Lion. Lindblad raised its 2026 revenue outlook to $830 million to $860 million, from prior guidance of $800 million to $850 million. The company also increased its expected full-year net-yield growth to 4.5% to 5.5%, compared with its previous forecast of 4% to 5%. The company maintained adjusted EBITDA guidance of $130 million to $140 million, citing elevated fuel prices. Goldberg said the company is modeling scenarios in which fuel remains near $100 per barrel through the remainder of the fiscal year and expects to remain within its EBITDA guidance range under that scenario. Goldberg also noted that first-half EBITDA included an approximately $3 million one-time benefit in the first quarter related to the timing of Land Experiences tour insurance revenue. Capacity is expected to be roughly flat year over year in the second half, with mid-single-digit growth in the third quarter followed by a mid-single-digit decline in the fourth quarter. Management also cited the final National Geographic royalty-rate increase and the potential for voyage cancellations related to geopolitical uncertainty as factors affecting the second-half outlook. Leahy said the recently launched 2028 deployment produced twice the revenue during its first several weeks as the comparable launch period last year. The 2028 offerings include a return to French Polynesia and expanded itineraries in European river cruising and the Amazon. The company also cited growth in several commercial channels: Bookings from Australia and New Zealand increased 44% in the six weeks after a market engagement trip, compared with the six weeks before the visit. Outbound sales rose 44% from the second quarter of 2025. Onboard and extension revenue grew 28% as the company expanded products, services and pre-voyage initiatives. On the land side, Leahy said Off the Beaten Path’s Alaska Grand Slam itinerary, covering all eight Alaska National Parks, sold out both its initial deployment and added departures within weeks. DuVine’s expanded hiking-and-cycling itineraries showed promising sales trends, while Classic Journeys introduced women-only walks across 20 destinations. The company ended the quarter with $364.9 million in total cash, up $75.2 million from the end of 2025. Cash from operations totaled $108.5 million, while year-to-date free cash flow increased 93% to $93.6 million. Net leverage declined to 2.2 times from 2.7 times at the end of the first quarter. Goldberg said capital-allocation priorities remain investing in organic growth, pursuing disciplined and accretive investments in expedition cruising and Land Experiences, and then considering debt reduction or opportunistic share repurchases. The company continues to evaluate fleet expansion and opportunities to diversify its portfolio of land-travel brands. Lindblad Expeditions (NASDAQ: LIND) is a global leader in expedition cruising, specializing in immersive small-ship voyages to some of the world's most remote and wildlife-rich regions. The company operates a fleet of purpose-built vessels designed to navigate challenging waters and shorelines, offering guests up-close encounters with natural environments such as the polar ice caps, the Galápagos Islands, Costa Rica's rainforests and the waterways of Alaska, Patagonia and the Arctic. Founded on the pioneering spirit of Lars-Eric Lindblad, regarded as the father of expedition travel, Lindblad Expeditions carries forward a legacy of discovery that dates back to the 1960s. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lindblad Expeditions Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Company Revenue: Increased 19% to $199 million, up from $168 million in Q2 2025. Lindblad Segment Revenue: Increased 16% to $129 million. Land Experiences Segment Revenue: Increased 23% to $70 million. Adjusted EBITDA: Increased 31% to $32.5 million, compared to $24.8 million a year ago. Adjusted EBITDA Margin: Improved 150 basis points to 16.3%. Occupancy: Increased to 91%, up from 86% in Q2 2025, the highest second-quarter occupancy rate in 10 years. Net Yield: Increased 4% to $1,294 per guest night, a record for the second quarter. Gross Margin: Improved 290 basis points to 48.5%. Net Loss: Improved to $1.4 million, or a loss of $0.02 per share, compared to a loss of $0.18 per share in Q2 2025. Free Cash Flow: Increased 93% year-to-date to $93.6 million. Net Leverage: Declined from 2.7 times at the end of Q1 to 2.2 times. Full-Year 2026 Revenue Guidance: Raised to a range of $830 million to $860 million, up from $800 million to $850 million. Full-Year 2026 Net Yield Guidance: Increased to a range of 4.5% to 5.5% year-over-year growth. Warning! GuruFocus has detected 6 Warning Sign with LIND. Is LIND fairly valued? Test your thesis with our free DCF calculator. Release Date: August 03, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lindblad Expeditions Holdings Inc (NASDAQ:LIND) delivered strong double-digit revenue growth of 19% in Q2 2026, with total revenue reaching $199 million. Adjusted EBITDA increased 31% year-over-year to $32.5 million, with margins improving by 150 basis points to 16.3%. Occupancy hit 91%, the highest second-quarter rate in 10 years, and net yield reached a record $1,294 per guest night, marking the sixth consecutive quarter of record yields. The company raised its full-year 2026 revenue guidance to $830-$860 million and increased net yield guidance to 4.5%-5.5% due to strong booking momentum across 2026, 2027, and 2028. The 2028 deployment launch generated twice the revenue of the same period last year, with strong demand for new itineraries like the Alaska Grand Slam and expansion into French Polynesia and European river cruises. Free cash flow increased 93% year-to-date to $93.6 million, and net leverage declined to 2.2 times, strengthening the balance sheet. Fuel prices remained elevated, increasing 64% year-over-year and representing a significant headwind, with fuel costs now 5.3% of Lindblad revenue. Despite raising revenue guidance, the company maintained its adjusted EBITDA guidance of $130-$140 million, reflecting the impact of higher fuel costs and other second-half headwinds. The company faces a final royalty rate step-up under its National Geographic agreement, which increased sales and marketing costs by 21.3%. G&A costs increased 27% year-over-year, partly due to a one-time employee retention tax credit in the prior year, though excluding that, G&A as a percentage of revenue declined. The second half of 2026 is expected to have flat capacity, with Q4 capacity down mid-single digits, which could limit revenue growth momentum. There is ongoing risk of voyage cancellations due to geopolitical uncertainty, which could impact results. Q: Can you provide more color on the potential for future yield growth and where occupancy levels can ultimately go?A: Natalya Leahy (CEO) stated that occupancy levels of about 90% or slightly higher are likely the norm for the business given the small ship sizes and ultra-premium product. She expressed confidence in the potential to continue growing yields at a very healthy rate, driven by improved deployment and product mix, enhanced demand generation efforts, and additional revenue streams like onboard and extension revenues. Q: Could you provide more color on the fuel headwind assumptions and the company's capital allocation priorities?A: Rick Goldberg (CFO) explained that fuel prices remained elevated, close to $100 a barrel, and the guidance assumes they stay at that level for the remainder of the fiscal year. On capital allocation, the priorities are: first, investing in organic growth; second, pursuing disciplined accretive investments across both expedition cruising and Land Experiences; and finally, evaluating returning capital to shareholders through debt reduction or opportunistic share repurchases. Q: Can you provide color on the updated thinking around increasing ownership stakes in Land Experiences brands to 100%?A: Natalya Leahy (CEO) highlighted the unique co-ownership model where founders remain part of the business, which provides a competitive advantage through their passion and expertise. Rick Goldberg (CFO) added that they recently extended agreements with all four land company founders, and some took cash off the table as a win-win monetization, but the co-ownership model is expected to continue. Q: Where are you in the data-driven evolution of the company, and what can we look forward to as it progresses?A: Natalya Leahy (CEO) explained that cost initiatives have a timeline, with results following later. The over 20 cost and innovation initiatives mentioned last year are delivering results this year, and new initiatives will start delivering results later this year and over the next three years, providing a strong pipeline for future efficiencies. Q: Can you give insight into the 2028 booking curves and whether momentum is accelerating versus 2027?A: Natalya Leahy (CEO) reported that the 2028 launch has been exceptional, with bookings double that of the same period for 2027. The launch was supported by a new integrated demand generation and marketing strategy, which is paying off and pulling demand forward, enabling price elasticity later on. Q: Can you provide context on price versus volume as we look at the latter half of 2027 and into 2028?A: Rick Goldberg (CFO) stated that 2026 is primarily about driving occupancy as the main lever of net yield growth, with some mix headwinds from voyages added on a shorter booking window. However, as they move from 2026 to 2027, the expectation is that net yield growth will be much more pricing-driven than occupancy-driven. Q: Given the strong first half, how do you still get into the EBITDA guidance range for the back half of the year?A: Rick Goldberg (CFO) explained that Q2 benefited from a one-time $3 million benefit and a 12% capacity increase, whereas capacity is expected to be flat in the second half. The main headwinds are elevated fuel costs, the final royalty rate step-up under the National Geographic contract, and potential risks from canceled voyages due to geopolitical events. Q: If fuel prices start to work in your favor, is there upside to the EBITDA guidance?A: Natalya Leahy (CEO) clarified that the guidance is a range that assumes a number of outcomes based on their modeling, including both upside and downside scenarios. It is the most accurate communication they can provide based on current knowledge. Q: Can you comment on the impact of the Disney partnership on bookings?A: Natalya Leahy (CEO) stated that the Disney partnership is embedded in many commercial initiatives, such as outbound sales growth from increased lead generation and international expansion success driven by the National Geographic global brand name recognition, rather than being tracked as a separate booking channel. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Cruise and exploration company Lindblad Expeditions (NASDAQ:LIND) will be reporting results this Monday before the bell. Here’s what investors should know. Lindblad Expeditions beat analysts’ revenue expectations last quarter, reporting revenues of $208 million, up 15.7% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but full-year revenue guidance missing analysts’ expectations. Is Lindblad Expeditions a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Lindblad Expeditions’s revenue to grow 10.7% year on year, slowing from the 23% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Lindblad Expeditions has a history of exceeding Wall Street’s expectations. Looking at Lindblad Expeditions’s peers in the consumer discretionary - travel and vacation providers segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Delta delivered year-on-year revenue growth of 18.7%, beating analysts’ expectations by 3.9%, and Frontier reported revenues up 37.7%, topping estimates by 4.6%. Delta traded down 3.2% following the results while Frontier was up 12%. Read our full analysis of Delta’s results here and Frontier’s results here. Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the consumer discretionary - travel and vacation providers stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.4% on average over the last month. Lindblad Expeditions is up 16% during the same time and is heading into earnings with an average analyst price target of $28.20 (compared to the current share price of $29.55). ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE.

Wall Street expects a year-over-year increase in earnings on higher revenues when Lindblad Expeditions (LIND) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 3, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $184.72 million, up 10% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 6.23% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Lindblad Expeditions, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -22.22%. On the other hand, the stock currently carries a Zacks Rank of #1. So, this combination makes it difficult to conclusively predict that Lindblad Expeditions will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Lindblad Expeditions would post earnings of $0.01 per share when it actually produced earnings of $0.09, delivering a surprise of +800.00%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Lindblad Expeditions doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Leisure and Recreation Services industry, Norwegian Cruise Line (NCLH), is soon expected to post earnings of $0.39 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -23.5%. This quarter's revenue is expected to be $2.63 billion, up 4.4% from the year-ago quarter. The consensus EPS estimate for Norwegian Cruise Line has been revised 0.8% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +2.72%. This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Norwegian Cruise Line will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lindblad Expeditions (LIND) : Free Stock Analysis Report Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK, July 20, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; "Lindblad"; the "Company"), a global provider of expedition cruises and adventure travel experiences, will report 2026 second quarter financial results on Monday, August 3, 2026, before the market opens, and will host an audio conference webcast to discuss the results at 9:00 am Eastern Time. The webcast can be accessed on the Company's website at investors.expeditions.com, or at https://events.q4inc.com/attendee/736341126. To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/736341126?pwd=ezWQ4MYr, to receive a unique passcode. The conference can also be accessed by phone, dial-in numbers by country available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 736341126. Replays will be available at investors.expeditions.com within 48 hours of its completion. The earnings release will be available in the investor relations section of the Company's website at investors.expeditions.com. About Lindblad Expeditions 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-to-report-2026-second-quarter-financial-results-on-august-3-2026-302828792.html

Image source: The Motley Fool. May 5, 2026 President and Chief Executive Officer — Natalya Leahy Chief Financial Officer — Rick Goldberg Natalya Leahy: Thank you, Rick, and here we are again. Good morning, everyone, and welcome to our first quarter earnings call. In a complex macro and geopolitical environment, our team delivered another record quarter. We achieved record first quarter occupancy of 93% on a 6% increase in capacity and increased net yield by 7% to a record of $1,631 per guest night. For the quarter, revenues increased 16% with the Lindblad segment growing 16% and the Land segment growing 14%. We delivered 14% EBITDA growth and generated $6 million in net income available to shareholders compared to a slightly negative net income last year. These results reflect the strength of our strategy and importantly, the discipline of our execution. We remain confident in our ability to drive long-term value as we continue to navigate external dynamics. We delivered these results in a challenging and complex operating environment, including some of the most difficult weather conditions in Antarctica in over a decade. As a result, we experienced increased cancellations in our Antarctica flight program in addition to several Egyptian river cruises. These cancellations not only impacted revenue from some of our most profitable voyages, but also led to higher land costs as some guests were already in transit or on the ground when disruptions occurred. We increased demand generation spending to mitigate the risks of volatile external environment, and I'm pleased to share that we delivered a historically strong wave season, maintained booking pace for 2026 and further accelerated bookings momentum for 2027. Let me also address fuel. We are closely monitoring the rapidly evolving situation. Due to our diversified portfolio, fuel costs have historically averaged around 3% to 4% of our total revenues. We have doubled down on initiatives to reduce fuel consumption while maintaining an exceptional guest experience. As I mentioned during Q&A of our last earnings call, our guidance reflects a range of potential outcomes and we are reaffirming our full year outlook. This is supported by continued execution across our 3 strategic pillars: number one, maximizing revenue generation through occupancy pricing and deployment optimization; number two, optimizing financial performance through cost innovation and fixed assets utilization; number three, capitalizing on accretive growth opportunities, including expanding our portfolio brands. Starting with our first pillar, maximizing revenue. Our Disney and National Geographic relationships continue to strengthen. In the first quarter, bookings from Disney EarMarked travel agents increased 67% compared to prior year, demonstrating the meaningful value of this partnership in reaching new audiences through new channels. Building on this momentum, we recently signed our first ever charter agreement with Club 33, Disney's most exclusive private membership club, and the voyage literally sold within a couple of hours. We will continue to explore additional opportunities with Club 33 members. Our onboard sales program continues to deliver exceptional results. On vessels with dedicated expedition sales consultants, more than 1/4 of our guests are booking their next voyage before disembarking. This conversion rate reflects both the strength of our guest experience and the effectiveness of our approach to driving repeat engagement. Our outbound sales program is also gaining significant traction, increasing 64% versus prior year, supported by a meaningful increase in lead generation. We believe we are still in the early stages of unlocking the full potential of this high-value channel. We continue to see strong momentum in the U.K. market launched last year. This year, we are also deepening our presence in Australia, one of our key international growth markets. In fact, our Chief Sales Officer, Kathi and I will be in Australia later this month and very much looking forward for a major market engagement. While our Expedition segment continues to perform well, our Land Experiences segment is equally positioned for growth. We recently completed highly productive strategic planning session with our land company leaders to develop a long-term plan for accelerated growth. A key element of our success in land acquisitions is our ability to partner closely with founders of these businesses, combining their deep understanding of the guests, passion for the business with the scale and capabilities of our global platform. I'm pleased to share that all of the founders of our land companies have extended their relationships with us, ensuring leadership continuity. Turning to our second pillar, cost innovation and fixed assets utilization. We continue to build a strong pipeline of cost initiatives across the organization. As mentioned earlier, we have launched comprehensive programmatic fuel consumption efforts. We have also enhanced ship maintenance protocols, including more frequent propeller polishing and hull cleaning, which will support improved fuel efficiency over time. Complementing these operational improvements, our Chief Supply Chain Officer and his team have made significant progress renegotiating key contracts, delivering both immediate and long-term savings across both our cost and capital. We are also reevaluating elements of our operating model to drive greater efficiencies. For example, we have outsourced certain warehouse functions to improve performance and scalability. In addition, we have made meaningful progress in optimizing crew travel through better planning and rotations with strong results already visible this quarter. Collectively, all these initiatives will deliver long-term structural benefits to our business. Turning to our third pillar, accretive growth. We recently launched our partnership with Earthwatch, expanding into the citizen science travel segment and reinforcing our commitment to conservation and education. At the same time, we continue to evaluate opportunities across fleet and portfolio expansion. The sustained strength in demand for our products presents compelling opportunities to grow in a disciplined and strategic way. Throughout all of this, we remain grounded in what makes Lindblad unique, Our Why. Our commitment to responsible exploration is central to who we are and a defining differentiator. For us, it is more than a trip, it is a mission, and I will continue to highlight this as it is fundamental to our business and experience that we deliver to our guests. This quarter, I would like to highlight our continued progress in food waste reduction, which delivers positive impact on environment, but also saves costs. We have made significant strides through a combination of disciplined execution and innovative practices. Our guest dinner sign-up program has reduced prep waste by up to 75%. Local provisioning has reduced excess inventory and associated waste. Our culinary teams continue to adopt zero waste techniques and food preservation methods, particularly in remote environments. We have also begun installing food dehydrators on our ships, which convert food waste into reusable byproducts. In addition, we published our 2025 Lindblad Expeditions-National Geographic Fund Traveler Impact Report, detailing our efforts to protect oceans, wildlife and communities. We are also honored to be named by TIME as one of the 10 Most Influential Travel and Tourism Companies of 2026. We believe this recognition reflects our pioneering heritage and leadership in purpose-driven expedition travel and strength of our brand and expertise built over nearly 60 years. Again, our quarterly results reflect the strength of our strategy and disciplined execution. Our focus on our 3 strategic pillars positions us to drive long-term shareholders' value. In closing, I want to express my sincere appreciation to our teams across the organization for navigating a complex environment with focus, resilience and unwavering commitment to our guests, our shareholders and each other. Thank you for your continued confidence in Lindblad Expeditions. We look forward to updating you on our progress in the quarters ahead. Rick Goldberg: Thank you, Natalya. Despite a challenging geopolitical backdrop, we delivered another record quarter, reflecting the resilience of both our team and our business. Total company revenues for Q1 2026 were $208 million, an increase of $28.3 million or 15.7% versus Q1 2025. Lindblad segment revenues were $152.5 million, an increase of $21.4 million or 16.3% (sic) [ 16% ] compared to the prior year. Occupancy increased 4 percentage points from 89% to 93%, the highest first quarter occupancy in company history despite a 6.4% increase in available guest nights and net yield per available guest night increased 7.2% (sic) [ 7% ] to $1,631, marking the highest quarterly net yield in company history. Land Experience (sic) [ Land Experiences ] segment revenues were $55.5 million, an increase of $6.9 million or 14.2% (sic) [ 14% ] compared to Q1 2025, driven by higher revenue per guest. Turning now to the cost side of the business. Operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest and taxes increased $23.4 million or 15.7% versus Q1 2025. Specifically, cost of tours increased $13.9 million or 15%, driven by operating additional voyages and trips as well as higher air expense associated with expanding our Flying Antarctica program. The most notable impact of the war in Iran has been on fuel prices. Fuel costs represented 5.2% of Lindblad segment revenue in Q1. While absolute fuel spend increased year-over-year, it declined by 40 basis points as a percentage of revenue, reflecting stronger top line performance. Importantly, our diversified portfolio, including our Land Experiences platform, helps mitigate the impact of fuel price volatility at the overall company level. In the first quarter, fuel costs were 3.9% of total company revenue. And as a point of reference, a 10% change in fuel costs would have an impact of just under $2 million for the remainder of the year. Sales and marketing costs increased $7.7 million or 27.2%, primarily due to increased royalties associated with the final royalty rate step-up under our National Geographic agreement and investments in demand generation efforts. General and administrative costs, excluding stock-based compensation, transaction-related expenses and reorganization costs, increased $1.9 million or 6.5% versus a year ago, driven by higher personnel costs. As a percentage of revenue, G&A was 14.7%, down 120 basis points from the prior year, reflecting our continued focus on cost discipline and efficiencies as we scale the business. Adjusted EBITDA for the quarter was $34.8 million, an increase of $4.8 million or 16.2% versus the prior year. Lindblad segment EBITDA grew $1.6 million or 6.2% in spite of the impact of the Fly Antarctica voyages canceled due to weather and the Egypt voyages canceled due to the war in Iran. Land Experiences EBITDA grew $3.2 million or 88%. This includes an approximately $3 million onetime benefit related to the timing of tour insurance revenue recognized in the quarter. First quarter net income available to stockholders was $6 million or $0.10 per share compared to a slight loss a year ago. Turning now to the balance sheet. We ended the quarter with total cash of $321 million, an increase of $31.3 million versus the end of 2025. The increase reflects $49.5 million in cash from operations due primarily to the strong results of the business and increased bookings for future travel. We used $6.9 million of cash for investing activities, primarily related to maintenance of our own ships. For the quarter, free cash flow increased 21.7% to $42.6 million. Our net leverage declined from 3.1x at the end of the year to 2.7x, highlighting the strength of our balance sheet and disciplined capital management. This progress was recognized by Moody's, which recently upgraded our rating. As we've shared on recent earnings calls, the company will continue to explore accretive growth opportunities, including expanding our fleet and further diversifying our portfolio of Land Experience (sic) [ Land Experiences ] brands to capitalize on continued growth in the demand for adventure travel. Turning now to our full year outlook. We are maintaining the guidance we shared on our last earnings call. Available guest nights are expected to increase 4.5% to 5%. Net yield per an available guest night is expected to increase 4% to 5%. We expect total company revenue in the range of $800 million to $850 million, and we expect adjusted EBITDA in the range of $130 million to $140 million. As Natalya mentioned, despite a challenging geopolitical backdrop, we have maintained strong booking momentum for 2026 and are seeing accelerating demand for 2027. This reflects the growing demand for experiential travel, the strength of our affluent customer base and continued execution against our commercial initiatives. With that, we thank you for your interest in Lindblad Expeditions. Natalya and I would be happy to answer any questions you may have. Operator: Thank you, Mr. Goldberg. [Operator Instructions] Your first question comes from the line of Steve Wieczynski with Stifel. Steven Wieczynski: So Natalya or Rick, if we think about your yields guidance for the remainder of the year, wondering how we should be thinking about the cadence of yields over the last 3 quarters? Because if I remember correctly, I think you guys were thinking as we kind of talked to you guys back in February, that first half yields were going to be, let's say, more -- a little bit more muted and then there'd be more upside in yields in the back half of the year. But after putting up a really solid 7% yield in the first quarter, just wondering how we should think about yields now over the last 3 quarters of the year. Rick Goldberg: Thanks so much, Steve, and great to hear from you. So what I'd say is our underlying assumptions haven't changed. We're expecting significant capacity expansion in the first half of the year, especially in Q2. So we saw 6% capacity growth in Q1. We're expecting double-digit capacity growth in Q2. The rate of capacity growth will then decelerate in the second half of the year. So you should expect lower net yield growth in Q2 and stronger net yield growth in the back half of the year. Steven Wieczynski: Okay. Got you. And then second question, Rick, you touched on this a little bit in your prepared remarks. But if we want to dig in a little bit more in terms of maybe what you're seeing from a forward bookings perspective at this point. I guess what I'm trying to understand is, has the booking environment changed? Has it not changed over the last 2 months? And maybe a little bit of color around cancellation rates. Have you seen any of that around the potential war impact? And then maybe as we think about 2027, any change around the booking pattern in '27? I guess just with higher airline prices out there, has that been a little bit of a headwind for you guys? Or you just haven't seen that at all yet? Natalya Leahy: Yes, Steve, this is -- let me take this question. I think, first of all, I do want to remind, we started the year with a very strong position in '26. And so that is an important kind of a backdrop point. We did see a slight uptick in cancellation rates in the last couple of months. That's one of the reasons, as I mentioned, that we increased demand generation spending. I would say that it really reenergized the market environment. We were able to maintain very healthy pacing in '26, therefore, reinforcing very confidently our guidance forward on the revenue side. And '27, frankly, accelerated pacing. I'm knocking on the wood, but we are very pleased with our performance based on our commercial initiatives and demand generation and several initiatives that we highlighted in the prepared remarks. Operator: Your next question comes from the line of Eric Des Lauriers with Craig-Hallum. Eric Des Lauriers: Great. Congrats on another strong quarter, especially despite some of these cancellations here. So one of the things that stuck out to me in your prepared remarks was the impact of the dedicated expedition sales consultants. I think you said over 1/4 of guests are now booking their next voyage before disembarking. That's just -- it's much higher than I would have expected. So obviously great to see. I'm just wondering how does that sort of compare to your internal expectations or overall industry averages? And just kind of wondering if this was an especially strong quarter? Or just kind of how to think about that conversion going forward? Natalya Leahy: Yes. I think, Eric, this is a great question. I would say I'm not going to comment on an industry average because it's, I think, very different from company to company. We are very pleased with performance of our onboard cruise program. I will remind you that we have our cruise consultants only on select larger ships. We don't have onboard cruise consultants on our smaller ships that are below 100 passenger count. So just keep that in mind as you are doing average. But overall, performance is exceptionally strong and frankly, stronger than we initially expected, which, again, is first and above all, is illustration of our exceptional guest experience on board, but also a very strong repeat rate and expanding booking curves. Eric Des Lauriers: That's great. I appreciate that color. And then you've touched on how some of the recent geopolitical volatility is impacting overall customer demand. Could you comment on how it may or may not be impacting sort of M&A dynamics, whether that's on sort of adding capacity to your fleet or on the land side of things? I'm just wondering how this may or may not be impacting any of those conversations. Rick Goldberg: Thanks, Eric. So I'd say we continue to be actively focused on looking to expand capacity in terms of our expedition fleet as well as looking to add to our portfolio of land-based companies. Those remain important priorities for us as a leadership team, and we're not seeing any impact of the geopolitical situation on either of those. Operator: Your next question comes from the line of Eric Wold with Texas Capital. Eric Wold: I guess first question, you mentioned that you've been making a lot of efforts operationally to reduce fuel consumption in general, given kind of what's going on with Iran. Any -- have you also been including price increase for tours, not a surcharge, but for expeditions that have not yet been booked? Have you been raising prices to potentially offset lingering fuel prices? And if so, how far out in the booking curve are you making these moves? Natalya Leahy: Great question, Eric. I think our pricing is driven by demand, which we always continue to take pricing up when the demand comes, and that's why we're investing in the demand generation and all commercial initiatives and expanding booking curves and increasing price elasticity, et cetera. I would say we are very pleased with our '27 booking pace. We are booked on both Land and Expedition segment significantly ahead of prior year and continue to accelerate momentum, with that comes price increases. On some of our more popular destinations like Alaska and Antarctica, we literally are reviewing prices on a weekly basis and adjusting them as needed. In terms of cost innovation, we have launched a number of very detailed reviews, including involving our ship leaders on understanding how we can optimize ship consumption, analyze consumption of energy within the ship environment, optimize our speed, maintenance protocols, et cetera. Eric Wold: Got it. Okay. And then second question, you've had some great success, seems like in cross-selling the brands. I know -- looks like the ratio of other tour revenues to ticket revenues continue to increase and made a nice move year-over-year in the quarter for the Lindblad segment. Maybe update us on kind of those efforts to kind of boost your wallet share of the guests, especially with cross-promoting the Land Experiences kind of before and after the expeditions. Natalya Leahy: Yes. So Eric, our focus to drive onboard revenue and pre- and post-trip experience continues to be one of the strategic focus areas. That is separate from our land companies' cross-sell efforts. Both are an important strategic driver of our performance. We continue to provide more experiences as guests when they travel literally to the ends of the world. They usually want to stay a couple of days before and after their trip onboard the ship. And we expanded our offerings of exceptional experiences before and after the trip, but we also doubled down on communicating to guests and making it easier to book pre and post experiences including most recently upgrading our web platform to be able to book pre and post experiences very easily as part of a booking flow. We also continue to partner with our land companies and use our global platform and a guest list to cross-promote our experiences. Operator: Your next question comes from the line of Mike Albanese with StoneX. Michael Albanese: Yes, rRegarding the 2027 booking curves running ahead of '26 and then obviously accelerating here, could you just, if possible, either quantify or just add some color in terms of how much you're pacing ahead of 2026? Natalya Leahy: Well, we do not give a guidance for 2027 [ years ], and we usually don't disclose that. I would say we are very pleased with our booking pace. Our overall occupancy guidance remains to be that we are targeting to be at 90% and above as we mentioned last year, which is this quarter, we delivered the highest in the history of the company of 93.2% (sic) [ 93% ] occupancy. And I would say we are confidently marching to deliver on our goal to stay above 90%, both in '26 and '27 while driving pricing. Michael Albanese: Okay. Fair enough. And then just regarding the weather impact, I mean, is there any way to quantify or add context to that impact? I'm just thinking here how many days were lost or voyages were lost or a sense of the cancellation, trying to get a sense of essentially what this may have looked like if weather was not a factor. Natalya Leahy: Yes. Rick Goldberg: So what I'd say there, Mike, is that if you factor in both the cancellations due to weather as well as the cancellations in Egypt due to the geopolitical situation, the impact was multimillion dollars. So multi-single digit million dollars. Natalya Leahy: Single digit. Operator: [Operator Instructions] Your next question comes from the line of Ian Zaffino with Oppenheimer. Ian Zaffino: Good quarter. Have any of you guys seen any benefit from the Middle East hostilities as far as shifts in booking locations, so maybe travelers staying closer to home and doing Baja or Galapagos or something along those lines? Or any other kind of color you can give us there? Natalya Leahy: Thank you Ian. We are constantly watching for any shifts in demand between our over 70 locations. I can't say that we've seen any specific patterns, to be honest. Our demand in places like Alaska and Baja you mentioned, continues to grow, but frankly, it started prior to geopolitical situation. Baja had finished a very, very strong quarter, basically 100% booked on cabin basis with very strong demand. Antarctica, Alaska continues to grow demand, Galapagos. So we haven't seen any specific shift in demand, to be honest, but we are constantly monitoring it. Ian Zaffino: Okay. And then on the land-based Land Experiences, even though it's very strong, I know there's a little bit of a benefit, but maybe can you talk to the strength you're seeing there? And then maybe your appetite to get larger on the Land Experience (sic) [ Land Experiences ] side? Natalya Leahy: Well, our Land Experiences have been a growth engine for us over the past few years, as you have seen from our financial statements. So as I mentioned in my remarks, we've been spending time with our Land Presidents to really prepare them and invest in the next phase of unlocking growth. They have been growing double digits, very strong growth, and we continue to think how we can accelerate momentum. Those businesses are very capital-light with incredibly well-positioned expertise in various different parts of the world, very differentiated. So we will continue to focus on accelerating growth momentum with them. Operator: There are no further questions at this time. Mr. Goldberg, I turn the call back over to you. Rick Goldberg: Just want to thank everyone for their interest and for all the great questions today and look forward to being back with you next quarter. Thanks again. Bye now. Operator: That concludes today's conference call. You may now disconnect. 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