Lindblad Expeditions delivered results in the first quarter that surpassed Wall Street’s expectations, with the market responding positively to the company’s strong performance. Management attributed the outperformance to a combination of higher occupancy, dynamic pricing strategies, and early benefits from its partnership with Disney. CEO Natalya Leahy highlighted, “Occupancy increased 14 points to 89% compared to 76% in the prior year,” adding that new demand-generation initiatives and expanded audience reach contributed meaningfully to the quarter. Importantly, the company also saw the highest quarterly net yield in its history, driven by effective revenue management and operational execution.
Is now the time to buy LIND? Find out in our full research report (it’s free).
Lindblad Expeditions (LIND) Q1 CY2025 Highlights:
- Revenue: $179.7 million vs analyst estimates of $151.3 million (17% year-on-year growth, 18.8% beat)
- Adjusted EPS: $0.03 vs analyst estimates of -$0.12 (significant beat)
- Adjusted EBITDA: $29.98 million vs analyst estimates of $19.28 million (16.7% margin, 55.5% beat)
- The company reconfirmed its revenue guidance for the full year of $725 million at the midpoint
- EBITDA guidance for the full year is $106 million at the midpoint, in line with analyst expectations
- Operating Margin: 6%, in line with the same quarter last year
- Market Capitalization: $606.2 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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.
Our Top 5 Analyst Questions Lindblad Expeditions’s Q1 Earnings Call
- Steven Wieczynski (Stifel) asked why occupancy rose so quickly and if it was driven by the Disney partnership or other factors. CEO Natalya Leahy attributed the gains to expanded audience reach, dynamic pricing, and enhanced charter and group business initiatives.
- Wieczynski (Stifel) also questioned the consistency of bookings amid macroeconomic uncertainty and how 2026 bookings compare to last year. Leahy said bookings for both 2025 and 2026 remain ahead of prior year, though April bookings were less consistent.
- Wieczynski (Stifel) inquired about yield cadence through the rest of the year, given that growth appears to decelerate after Q1. CFO Rick Goldberg explained that Q1 capacity was lower due to dry docks, boosting yields, but expects net yield growth of 7%-10% for the full year.
- David Hargreaves (Barclays) asked how capacity adjustments affected yields and what role product mix played. Goldberg said lower Q1 capacity, combined with strong demand-generation activities and partnerships, drove occupancy and yields higher.
- Hargreaves (Barclays) sought an update on the implementation of dynamic pricing and integration of the Land segment. Leahy described progress in dynamic pricing, new booking management systems, and ongoing expansion into new markets as key priorities.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be watching (1) the pace of adoption for Lindblad’s onboard sales program and its impact on repeat bookings, (2) the company’s ability to maintain strong net yield and occupancy as capacity expands, and (3) the effectiveness of international expansion, particularly in the UK. Additionally, progress on cost efficiency initiatives and new partnership activations will be important markers of execution.
Lindblad Expeditions currently trades at $11.60, up from $9.11 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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