Lindblad Expeditions Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lindblad Expeditions Holdings, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Lindblad Expeditions Holdings, Inc. reported financial results for the quarter ended March 31, 2024. The company's filing is a Form 10-Q, indicating a quarterly report. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 96 Morton Street, 9th Floor, New York, NY 10014. Lindblad Expeditions Holdings, Inc. was formerly known as Capitol Acquisition Corp. II.

Why It Matters

For investors and stakeholders tracking LINDBLAD EXPEDITIONS HOLDINGS, INC., this filing contains several important signals. This 10-Q filing provides investors with an update on Lindblad Expeditions' financial health and operational progress during the first quarter of 2024. Understanding the details within this report is crucial for stakeholders to assess the company's current standing, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — LINDBLAD EXPEDITIONS HOLDINGS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook for the upcoming quarters.

Key Numbers

• 2024-03-31 — Reported Period End Date (10-Q filing)
• 2024-05-01 — Filing Date (10-Q filing)
• 10014 — ZIP Code (Business Address)
• 212-261-9000 — Business Phone (Contact Information)

Key Players & Entities

• LINDBLAD EXPEDITIONS HOLDINGS, INC. (company) — Filer name
• LIND (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-05-01T00:00:00.000Z (date) — Filing date
• 2024-03-31 (date) — Reported period end date
• 96 MORTON STREET (address) — Business address
• NEW YORK (location) — Business address city
• Capitol Acquisition Corp. II (company) — Former company name

FAQ

Industry Context

Lindblad Expeditions operates in the travel and tourism industry, specifically focusing on expedition travel and cruises.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share LIND The NASDAQ Stock Mar

Filing Documents

• lindb20240331c_10q.htm (10-Q) — 969KB
• ex_654890.htm (EX-31.1) — 13KB
• ex_654891.htm (EX-31.2) — 13KB
• ex_654892.htm (EX-32.1) — 5KB
• ex_654898.htm (EX-32.2) — 5KB
• 0001437749-24-014073.txt (&nbsp;) — 5016KB
• lind-20240331.xsd (EX-101.SCH) — 48KB
• lind-20240331_cal.xml (EX-101.CAL) — 42KB
• lind-20240331_def.xml (EX-101.DEF) — 323KB
• lind-20240331_lab.xml (EX-101.LAB) — 277KB
• lind-20240331_pre.xml (EX-101.PRE) — 349KB
• lindb20240331c_10q_htm.xml (XML) — 639KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Stockholders ' Deficit for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Notes to the Condensed Consolidated Financial Statements (Unaudited) 6 ITEM 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 16 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sale of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 28 ITEM 4. Mine Safety Disclosures 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 29

SIGNATURES

SIGNATURES 30 PART 1. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) As of March 31, 2024 As of December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 177,719 $ 156,845 Restricted cash 46,451 30,499 Prepaid expenses and other current assets 62,394 57,158 Total current assets 286,564 244,502 Property and equipment, net 521,630 526,002 Goodwill 42,017 42,017 Intangibles, net 8,960 9,412 Other long-term assets 8,867 9,364 Total assets $ 868,038 $ 831,297 LIABILITIES Current Liabilities: Unearned passenger revenues $ 290,790 $ 252,199 Accounts payable and accrued expenses 64,962 65,055 Long-term debt - current 46 47 Lease liabilities - current 1,757 1,923 Total current liabilities 357,555 319,224 Long-term debt, less current portion 622,676 621,778 Deferred tax liabilities 2,592 2,118 Other long-term liabilities 1,668 1,943 Total liabilities 984,491 945,063 Commitments and contingencies - - Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 74,649 73,514 Redeemable noncontrolling interests 36,297 37,784 110,946 111,298 STOCKHOLDERS' DEFICIT Preferred stock, $ 0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - Common stock, $ 0.0001 par value, 200,000,000 shares authorized; 53,524,606 and 53,390,082 issued, 53,466,674 and 53,332,150 outstanding as of March 31, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 99,059 97,139 Accumulated deficit ( 326,463 ) ( 322,208 ) Total stockholders' deficit ( 227,399 ) ( 225,064 ) Total liabilities, mezzanine equity and stockholders' deficit $ 868,038 $ 831,297 The accompanying n

Business

Business Lindblad Expeditions Holdings, Inc.'s and its consolidated subsidiaries' (collectively, the "Company" or "Lindblad") mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of ten owned expedition ships and six seasonal charter vessels under the Lindblad brand, operates land-based, eco-conscious expeditions and active nature focused tours under the Natural Habitat, Inc. ("Natural Habitat") and Off the Beaten Path, LLC ("Off the Beaten Path") brands, designs handcrafted walking tours under the Classic Journeys, LLC ("Classic Journeys") brand and operates luxury cycling and adventure tours under the DuVine Cycling + Adventure Company ("DuVine") brand. The Company's common stock is listed on the NASDAQ Capital Market under the symbol "LIND". The Company operates the following two reportable business segments: Lindblad Segment. The Lindblad segment primarily provides ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are able to venture where larger cruise ships cannot, thus allowing Lindblad to offer up-close experiences in the planet's wild and remote places and capitals of culture. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration and the majority of 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, Baja California's Sea of Cortez and Panama, and foster active engagement by guests. The Company has a brand license agreement with National Geographic Partners, LLC ("National Geographic"), which provides for lecturers and National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, to join many of the Company's expeditions. Land Expe

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