Lindblad Expeditions Holdings, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total tour revenues reaching $179.7 million, a 17% increase from $153.6 million in the same period of 2024. The company achieved an operating income of $10.6 million, up 35% from $7.9 million a year earlier. Net income for the quarter was $1.0 million, a substantial turnaround from a net loss of $4.2 million in the first quarter of 2024. This improvement was attributed to a combination of increased guest nights sold, higher pricing, and the inclusion of revenues from the Thomson Group, which was acquired in July 2024.
The company's operational metrics also showed positive trends, with a 3% increase in guest nights sold and a 7% increase in guests traveling. The Lindblad segment's tour revenues increased by $12.8 million, or 11%, while the Land Experiences segment saw a more pronounced growth of $13.3 million, or 38%. The overall increase in revenues was supported by a higher mix of itineraries and pricing adjustments, alongside the operational expansion from the Thomson Group acquisition.
In terms of expenses, total operating costs rose to $169.1 million, a 16% increase from $145.8 million in the previous year. The cost of tours increased by 10% to $92.8 million, driven by additional voyages and higher operational costs. General and administrative expenses also rose by 20% to $32.7 million, primarily due to increased personnel costs and stock-based compensation. Selling and marketing expenses increased by 24% to $28.2 million, reflecting higher commissions and marketing efforts to support future growth.
Lindblad's balance sheet as of March 31, 2025, showed total assets of $908.8 million, up from $876.9 million at the end of 2024. The company reported $188.9 million in cash and cash equivalents, alongside $46.4 million in restricted cash. Long-term debt obligations stood at $635.0 million, with the company maintaining compliance with its financial covenants. Looking ahead, Lindblad expects continued growth driven by its strategic acquisitions and operational expansions, while also managing its working capital deficit, which increased to $124.7 million as of March 31, 2025.
About LINDBLAD EXPEDITIONS HOLDINGS, INC.
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