Lindblad Expeditions Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lindblad Expeditions Holdings, Inc. has filed its 2023 10-K report, detailing financial performance and business operations.</b>

AI Summary

LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) filed a Annual Report (10-K) with the SEC on March 6, 2024. Lindblad Expeditions Holdings, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing provides comprehensive financial and operational details for the company. Key financial data and disclosures are included for the fiscal years 2023, 2022, and 2021. The report details the company's business address as 96 Morton Street, 9th Floor, New York, NY 10014. The company's IRS number is 274749725, and it is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking LINDBLAD EXPEDITIONS HOLDINGS, INC., this filing contains several important signals. This 10-K filing is a crucial document for investors and stakeholders to assess the company's financial health, strategic direction, and risks over the past fiscal year. Understanding the detailed financial statements and risk factors presented in this report is essential for making informed investment decisions regarding Lindblad Expeditions Holdings, Inc.

Risk Assessment

Risk Level: medium — LINDBLAD EXPEDITIONS HOLDINGS, INC. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various risks inherent in the travel and tourism industry, including operational, market, and regulatory factors, as detailed in the 10-K filing.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to understand the company's current financial position and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-06 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-35898 — SEC File Number (The SEC file number for the company.)
• 274749725 — IRS Number (The company's IRS identification number.)

Key Players & Entities

• LINDBLAD EXPEDITIONS HOLDINGS, INC. (company) — Filer name
• 96 MORTON STREET (location) — Business address
• NEW YORK (location) — Business address city
• DE (location) — State of incorporation
• 20231231 (date) — Fiscal year end
• 20240306 (date) — Filing date
• Capitol Acquisition Corp. II (company) — Former company name
• Alex P. Schultz (person) — Director

FAQ

Industry Context

Lindblad Expeditions operates in the travel and tourism industry, specifically focusing on expedition travel, which is subject to global economic conditions, travel trends, and geopolitical events.

Regulatory Implications

The company is subject to various regulations related to the travel industry, including maritime safety, environmental protection, and consumer protection laws, as enforced by relevant authorities.

What Investors Should Do

1. Review the detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the current year's performance with previous years as presented in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-06: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

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

Filing Documents

• lindb20231231_10k.htm (10-K) — 3015KB
• ex_624897.htm (EX-19.1) — 66KB
• ex_591915.htm (EX-21.1) — 20KB
• ex_591916.htm (EX-23.1) — 5KB
• ex_591917.htm (EX-23.2) — 3KB
• ex_591918.htm (EX-31.1) — 19KB
• ex_591919.htm (EX-31.2) — 19KB
• ex_591920.htm (EX-32.1) — 6KB
• ex_591921.htm (EX-32.2) — 7KB
• ex_591969.htm (EX-97.1) — 32KB
• ex_624897img001.jpg (GRAPHIC) — 3KB
• shareholderreturnchartv2.jpg (GRAPHIC) — 68KB
• 0001437749-24-006838.txt (&nbsp;) — 10862KB
• lind-20231231.xsd (EX-101.SCH) — 77KB
• lind-20231231_cal.xml (EX-101.CAL) — 73KB
• lind-20231231_def.xml (EX-101.DEF) — 526KB
• lind-20231231_lab.xml (EX-101.LAB) — 487KB
• lind-20231231_pre.xml (EX-101.PRE) — 571KB
• lindb20231231_10k_htm.xml (XML) — 1570KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant ' s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 39 Item 7. Management ' s Discussion and Analysis of the Results of Operations and Financial Condition 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 52 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III Item 10. Directors, Executive Officers and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 63 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 PART IV Item 15. Exhibits and Financial Statement Schedules 81 Item 16. Form 10-K Summary 83

Signatures

Signatures 84 PART I Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summaries Any statements in this Annual Report on Form 10-K (the "Form 10-K") about our expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "should," "intend," "plan," "will," "expects," "estimates," "projects," "positioned," "strategy," "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements. There may be events in the future that we are not able to predict accurately or over which we have no control. Potential risks and uncertainties include, but are not limited to: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment and perceptions of these and similar conditions that decrease the level of disposable income of consumers or consumer confidence that negatively impact the ability or desire of people to travel; suspended operations, cancelling or rescheduling of voyages and other potential disruptions to our business and operations related to the COVID-19 virus or other health pandemic, the civil unrest in Ecuador, the Israel-Hamas war, the Russia-Ukraine conflict, political unrest, terrorism, war or another unexpected event in destinations we visit; events and conditions around the world, including war and other military actions, such as the civil unrest in Ecuador, the Israel-Hamas war, the current conflict between Russia and Ukraine, in

Business

Business Overview Lindblad has been providing marine expedition adventures and travel experiences globally to its guests since 1979. Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-changing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places. Our brands include Lindblad Expeditions, Natural Habitat, Inc. ("Natural Habitat"), Off the Beaten Path, LLC ("Off the Beaten Path"), DuVine Cycling + Adventure Company ("DuVine") and Classic Journeys, LLC ("Classic Journeys"). Segments Lindblad Segment The Lindblad segment consists primarily of ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are designed for discovery, enabling us to venture where larger cruise ships cannot, thereby allowing Lindblad to offer up-close experiences in the planet's wild and remote places and capitals of culture. Many of these expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are best accessed by a ship, such as the Galpagos Islands, Alaska and Baja California's Sea of Cortez and foster active engagement by guests. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration. We choose to visit geographic areas based upon many factors, including weather, marine conditions, migration patterns and various natural phenomena and are continually expanding our travel offerings. In the northern hemisphere summer months, we primarily visit the High Arctic regions of the world, Alaska, the Canadian Maritimes, Europe, as well as the South Pacific, and in the northern hemisphere winter months, we primarily travel to Antarctica, Sou

View Full Filing

View this 10-K filing on SEC EDGAR