Lindblad Expeditions Holdings, Inc. Files 10-K/A Amendment

TL;DR

<b>Lindblad Expeditions Holdings, Inc. filed an amendment to its 2023 10-K, providing updated financial disclosures.</b>

AI Summary

LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) filed a Amended Annual Report (10-K/A) with the SEC on March 21, 2024. Filing is an amendment to the 10-K for the fiscal year ended December 31, 2023. The filing includes financial data for the year ended December 31, 2023, and comparative periods. Specific financial figures for revenue, net income, and EPS are not explicitly detailed in the provided text snippet. Information regarding interest expense, net, and foreign currency gains/losses for 2022 and 2021 is presented. Details on a matured interest rate cap in May 2023 are noted.

Why It Matters

For investors and stakeholders tracking LINDBLAD EXPEDITIONS HOLDINGS, INC., this filing contains several important signals. This amendment may contain crucial updates or corrections to the previously filed annual report, impacting investor understanding of the company's financial health. The inclusion of specific financial adjustments and notes on derivative instruments suggests a need for careful review by stakeholders to grasp the full financial picture.

Risk Assessment

Risk Level: medium — LINDBLAD EXPEDITIONS HOLDINGS, INC. shows moderate risk based on this filing. The filing is an amendment (10-K/A), indicating potential inaccuracies or omissions in the original filing that require correction, which could imply underlying issues.

Analyst Insight

Investors should carefully review the specific changes and disclosures in this 10-K/A filing to understand any revised financial performance or risk factors.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-21 — Filing Date (Date of submission)
• 0.7 — Interest Expense (2022) (Income recognized in interest expense, net for the year ended December 31, 2022)
• 2.7 — Foreign Currency Loss (2021) (Loss on foreign currency for the year ended December 31, 2021)
• 5.3 — Foreign Currency Loss (2020) (Loss on foreign currency for the year ended December 31, 2020)

Key Players & Entities

• LINDBLAD EXPEDITIONS HOLDINGS, INC. (company) — Filer name
• LIND (company) — Ticker symbol
• Capitol Acquisition Corp. II (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-21 (date) — Filing date

FAQ

Glossary

10-K/A

An amended annual report filed with the SEC to correct or supplement information in a previously filed 10-K. (Indicates that the company is updating or correcting its primary annual financial disclosure.)

Accumulated Other Comprehensive Income (Loss)

A component of shareholders' equity that reports unrealized gains and losses on certain investments and foreign currency translations. (Changes in this account can reflect fluctuations in market conditions or currency exchange rates that impact the company's overall financial position.)

Interest Expense, Net

The cost incurred by a company for borrowed funds, net of any interest income earned. (Provides insight into the company's debt servicing costs and its overall leverage.)

Foreign Currency Gains (Losses)

Profits or losses resulting from transactions denominated in a currency different from the company's reporting currency. (Highlights the impact of currency fluctuations on the company's financial results, especially if it operates internationally.)

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share LIND The NASDAQ Stock Mar
• $10.88 — ion based on the closing sales price of $10.88 on the NASDAQ Capital Market. As of Fe
• $275,000,000 — nt, governing the terms of the Issuer's $275,000,000 aggregate principal amount of 9.000% Se

Filing Documents

• lindb20231231_10ka.htm (10-K/A) — 1417KB
• ex_641047.htm (EX-23.1) — 5KB
• ex_641048.htm (EX-23.2) — 3KB
• ex_641049.htm (EX-31.1) — 19KB
• ex_641050.htm (EX-31.2) — 19KB
• ex_641051.htm (EX-32.1) — 6KB
• ex_641052.htm (EX-32.2) — 7KB
• 0001437749-24-008869.txt (&nbsp;) — 8797KB
• lind-20231231.xsd (EX-101.SCH) — 78KB
• lind-20231231_cal.xml (EX-101.CAL) — 73KB
• lind-20231231_def.xml (EX-101.DEF) — 537KB
• lind-20231231_lab.xml (EX-101.LAB) — 487KB
• lind-20231231_pre.xml (EX-101.PRE) — 576KB
• lindb20231231_10ka_htm.xml (XML) — 1578KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data The consolidated financial statements and related financial statement schedules required under Item 8 are included beginning on page F-1 of this Report. PART IV Item 15. Exhibits, Financial Statement Schedules (a) The following documents are filed as part of this Form 10-K or incorporated herein by reference: (1) Consolidated Financial Statements. See Index to Consolidated Financial Statements on page F-1. (2) Financial Statement Schedules. None. (3) Exhibits. The following exhibits are filed or incorporated by reference as part of this Form 10-K. Number Description Included Form Filing Date 3.1 Second Amended Certificate. By Reference DEFM 14-A June 24, 2015 3.2 Amended Bylaws By Reference 8-K March 26, 2020 3.3 Registration Rights Agreement by and between Lindblad Expeditions Holdings, Inc. and The Investors Party thereto. By Reference 8-K August 31, 2020 4.1 Specimen Common Stock Certificate. By Reference 8-K July 10, 2015 4.2 Securities Registered Pursuant to Section 12. By Reference 10-K February 26, 2020 4.3 Certificate of Designations of 6.0% Series A Convertible Preferred Stock of Lindblad Expeditions Holdings, Inc. By Reference 8-K August 31, 2020 4.4 Indenture, dated as of February 4, 2022, among Lindblad Expeditions, LLC, Lindblad Expeditions Holdings, Inc. and the other guarantors named therein and Wilmington Trust, National Association, as trustee and collateral trustee, relating to the 6.750% Senior Secured Notes due 2027. By Reference 8-K February 7, 2022 4.4.1 First Supplemental Indenture, dated May 2, 2023, to Indenture, dated as of February 4, 2022, among Lindblad Expeditions, LLC, Lindblad Expeditions Holdings, Inc. and the other guarantors named therein and Wilmington Trust, National Association, as trustee and collateral trustee, relating to the 6.750% Senior Secured Notes due 2027 . By Reference

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Amendment No. 1 to the Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on March 21 , 2024. LINDBLAD EXPEDITIONS HOLDINGS, INC. (Registrant) By: /s/ Sven Lindblad Sven Lindblad Chief Executive Officer (Principal Executive Officer) LINDBLAD EXPEDITIONS HOLDINGS, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID 42 ) F-2 Report of Independent Registered Public Accounting Firm (PCAOB ID 688) F-4 Consolidated Balance Sheets as of December 31, 2023 and 2022 F-5 Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 F-6 Consolidated Statements of Comprehensive Loss for the years ended December 31, 2023, 2022 and 2021 F-7 Consolidated Statements of Stockholders' (Deficit) Equity for the years ended December 31, 2023, 2022 and 2021 F-8 Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 F-9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-10 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Lindblad Expeditions Holdings, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Lindblad Expeditions Holdings, Inc. and subsidiaries as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive (loss) income, stockholders' (deficit) equity and cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 6, 2024, expressed unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the

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