Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results

2025 Delivered the Strongest Adjusted EBITDA Performance in Company History

Highlights:

NEW YORK, Feb. 26, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Natalya Leahy, Chief Executive Officer, said "In 2025, we delivered the strongest performance in our company's history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We're even better positioned to add to our fleet and portfolio of land experience brands."

FULL YEAR RESULTS

Tour Revenues

Full year tour revenues of $771.0 million increased $126.3 million, or 20%, as compared to a year ago. The increase was driven by a $72.3 million increase at the Lindblad segment and a $54.0 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $495.6 million increased $72.3 million, or 17%, compared to a year ago. The increase was driven by a 2% increase in available guest nights, and a 14% increase in net yield per available guest night to $1,335 due to higher pricing and higher occupancy, 88% in 2025 as compared to 78% a year ago.

Land Experiences tour revenues of $275.4 million increased $54.0 million, or 24%, compared to a year ago primarily due to an increase in guests traveled and higher pricing.

Net Income

Net loss available to stockholders for the full year was $34.6 million, $0.63 per diluted share, as compared with a net loss available to stockholders of $35.8 million, $0.67 per diluted share, in 2024. The $1.2 million decrease primarily reflects improved operating results, partially offset a $23.5 million loss on extinguishment of debt, $13.9 million higher commissions and royalties due to higher revenues and $3.6 million higher stock-based compensation expense.

Adjusted EBITDA

Full year Adjusted EBITDA of $126.2 million increased $35.0 million as compared to 2024 driven by a $20.4 million increase at the Lindblad segment and a $14.6 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $79.8 million increased $20.4 million as compared to 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $46.5 million increased $14.6 million as compared to 2024, due to increased tour revenues, including a full year of results of Thomson Group, partially offset by higher operating and personnel costs related to additional departures, and higher marketing spend to drive future growth.

FOURTH QUARTER RESULTS

Tour Revenues

Fourth quarter tour revenues of $183.2 million increased $34.6 million, or 23%, as compared to the same period in 2024. The increase was driven by a $25.2 million increase at the Lindblad segment and a $9.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $115.9 million increased $25.2 million, or 28%, compared to the fourth quarter a year ago. The increase was driven by an 11% increase in net yield per available guest night to $1,279 due to higher pricing and an increase in occupancy, 87% in 2025 as compared to 78% in the fourth quarter a year ago.

Land Experiences tour revenues of $67.2 million increased $9.3 million, or 16%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled and higher pricing.

Net Income

Net loss available to stockholders for the fourth quarter was $24.8 million, $0.45 per diluted share, as compared with net loss available to stockholders of $26.2 million, $0.48 per diluted share, in the fourth quarter of 2024. The $1.4 million decrease primarily reflects improved operating results and $3.5 million lower stock-based compensation expense, partially offset by $3.0 million higher depreciation and amortization expense driven by capital expenditures on vessels, and reorganizational costs.

Adjusted EBITDA

Fourth quarter Adjusted EBITDA of $14.2 million increased $0.7 million as compared to the same period in 2024 driven by a $2.5 million increase at the Land Experiences segment, partially offset by a $1.8 million decrease at the Lindblad segment.

Lindblad segment Adjusted EBITDA of $4.4 million decreased $1.8 million as compared to the same period in 2024, primarily due to higher operating costs related to additional voyages, increased drydock costs due to timing as compared to prior year, increased royalties associated with the expanded National Geographic agreement and marketing spend to drive long-term growth initiatives, partially offset by increased tour revenues.

Land Experiences segment Adjusted EBITDA of $9.8 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

For the three months ended December 31,

For the years ended December 31,

(In thousands)

2025

2024

Change

2025

2024

Change

Tour revenues:

Lindblad

115,928

90,683

25,245

495,642

423,306

72,336

Land Experiences

67,253

57,926

9,327

275,377

221,421

53,956

Total tour revenues

183,181

148,609

34,572

771,019

644,727

126,292

Operating income (loss):

Lindblad

(12,498)

(13,018)

520

7,055

(2,928)

9,983

341

Land Experiences

6,992

5,448

1,544

38,432

24,481

13,951

Total operating (loss) income

(5,506)

(7,570)

2,064

(27)

45,487

21,553

23,934

111

Adjusted EBITDA:

Lindblad

4,354

6,149

(1,795)

(29)

79,775

59,400

20,375

Land Experiences

9,797

7,281

2,516

46,463

31,832

14,631

Total adjusted EBITDA

14,151

13,430

721

126,238

91,232

35,006

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $289.7 million as of December 31, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $111.6 million in cash from operations due primarily to increased bookings for future travel and timing of operating expense payments, and $29.6 million in cash from financing activities primarily related to the $26.8 million in net cash provided by the refinancing of our long-term debt, partially offset by $67.3 million in cash used by investing activities primarily for vessel capital expenditure improvements and for acquisitions.

As of December 31, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.

Preferred Shares

On January 20, 2026, the Company issued a Notice of Conversion to each holder of the Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion (the "Mandatory Conversion") of all the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 outstanding shares of Preferred Stock were converted into approximately 9.0 million shares of Common Stock, in accordance with the terms of the Certificate of Designations.

FINANCIAL OUTLOOK

The Company's current expectations for the full year 2026 are as follows:

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of February 23, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of February 23, 2026, there were 65.3 million shares common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on February 26, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).

The Access Code is 5396422. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. In collaboration with National Geographic, Lindblad Expeditions operates and sells ship-based voyages under the National Geographic-Lindblad Expeditions co-brand, allowing guests to explore remote destinations alongside scientists and naturalists, embodying Lindblad's belief that it isn't only what travelers see, but how they see it that matters. The Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused travel experiences. Driven by a mission to improve the relationship between people and the planet and a decades-long commitment to explore responsibly, the Company connects curious travelers with transformative experiences in some of the planet's most inspiring places.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, visit investors.expeditions.com.

Forward Looking Statements

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to ;travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of December 31,

2025

2024

ASSETS

Current Assets:

Cash and cash equivalents

256,692

183,941

Restricted cash

33,043

32,202

Prepaid expenses and other current assets

78,145

62,290

Total current assets

367,880

278,433

Property and equipment, net

522,123

518,390

Goodwill

60,609

59,031

Intangibles, net

16,599

15,923

Other long-term assets

12,747

5,128

Total assets

979,958

876,905

LIABILITIES

Current Liabilities:

Unearned passenger revenues

361,481

318,666

Accrued expenses

76,732

58,054

Accounts payable

22,227

13,860

Lease liabilities - current portion

1,151

1,845

Long-term debt - current portion

Total current liabilities

461,594

392,454

Long-term debt, less current portion

662,671

625,425

Deferred tax liabilities

2,224

3,537

Other long-term liabilities

6,968

1,024

Total liabilities

1,133,457

1,022,440

Commitments and contingencies

Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares

issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

83,079

78,155

Redeemable noncontrolling interests

47,948

29,424

131,027

107,579

STOCKHOLDERS' DEFICIT

Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares

issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and

54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and

December 31, 2024, respectively

Additional paid-in capital

126,873

109,473

Accumulated deficit

(411,405)

(362,881)

Accumulated other comprehensive income

288

Total stockholder's deficit

(284,526)

(253,114)

Total liabilities, mezzanine equity and stockholders' deficit

979,958

876,905

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except share and per share data)

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Tour revenues

183,181

148,609

771,019

644,727

Operating expenses:

Cost of tours

109,407

85,391

418,018

362,581

General and administrative

31,363

34,937

129,976

121,013

Selling and marketing

29,994

20,976

114,716

87,018

Depreciation and amortization

17,923

14,875

62,822

52,562

Total operating expenses

188,687

156,179

725,532

623,174

Operating (loss) income

(5,506)

(7,570)

45,487

21,553

Other (expense) income:

Interest expense, net

(10,728)

(11,598)

(45,231)

(45,738)

Gain (loss) on foreign currency

(1,017)

1,077

(1,065)

Other (expense) income

(725)

150

409

159

Loss on extinguishment of debt

(23,492)

Total other expense

(11,358)

(12,465)

(67,237)

(46,644)

Loss before income taxes

(16,864)

(20,035)

(21,750)

(25,091)

Income tax expense

5,978

5,154

2,475

3,104

Net loss

(22,842)

(25,189)

(24,225)

(28,195)

Net income (loss) attributable to noncontrolling interest

713

(141)

5,496

2,984

Net loss attributable to Lindblad Expeditions Holdings, Inc

(23,555)

(25,048)

(29,721)

(31,179)

Series A redeemable convertible preferred stock dividend

1,259

1,187

4,926

4,641

Net loss available to stockholders

(24,814)

(26,235)

(34,647)

(35,820)

Weighted average shares outstanding:

Basic

55,303,371

54,368,520

54,970,812

53,817,462

Diluted

55,303,371

54,368,520

54,970,812

53,817,462

Undistributed loss per share available to stockholders:

Basic

(0.45)

(0.48)

(0.63)

(0.67)

Diluted

(0.45)

(0.48)

(0.63)

(0.67)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

For the years ended December 31,

2025

2024

Cash Flows From Operating Activities

Net loss

(24,225)

(28,195)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

62,822

52,562

Amortization of deferred financing costs and other, net

3,329

3,699

Amortization of right-to-use lease assets

1,734

893

Stock-based compensation

13,461

9,833

Deferred income taxes

(1,262)

2,052

Loss (gain) on foreign currency

(1,077)

1,065

Write-off of unamortized issuance costs related to debt refinancing

7,111

Changes in operating assets and liabilities

Prepaid expenses and other current assets

(11,386)

(1,238)

Unearned passenger revenues

39,516

52,966

Other long-term assets

(1,787)

(2,037)

Other long-term liabilities

(462)

Accounts payable and accrued expenses

25,475

1,750

Operating lease liabilities

(1,666)

(995)

Net cash provided by (used in) operating activities

111,583

92,355

Cash Flows From Investing Activities

Purchases of property and equipment

(47,745)

(33,520)

Acquisition (net of cash acquired)

(19,522)

(10,559)

Net cash used in investing activities

(67,267)

(44,079)

Cash Flows From Financing Activities

Proceeds from long-term debt

675,000

Repayments of long-term debt

(635,036)

(49)

Payment of deferred financing costs

(13,194)

(21)

Proceeds from exercise of options

4,259

Repurchase under stock-based compensation plans, related tax impacts and noncontrolling

interest distributions

(1,465)

(2,974)

Additional acquisition of redeemable noncontrolling interest

(16,721)

Net cash (used in) provided by financing activities

29,564

(19,765)

Effect of exchange rate changes on cash

(288)

288

Net increase in cash, cash equivalents and restricted cash

73,592

28,799

Cash, cash equivalents and restricted cash at beginning of period

216,143

187,344

Cash, cash equivalents and restricted cash at end of period

289,735

216,143

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)

Reconciliation of Net Income to Adjusted EBITDA -

Consolidated

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Net loss

(22,842)

(25,189)

(24,225)

(28,195)

Interest expense, net

10,728

11,598

45,231

45,738

Income tax expense

5,978

5,154

2,475

3,104

Depreciation and amortization

17,923

14,875

62,822

52,562

(Gain) loss on foreign currency

(95)

1,017

(1,077)

1,065

Other expense (income)

725

(150)

716

(159)

Stock-based compensation

(1,028)

2,470

13,461

9,833

Debt extinguishment

23,492

Legal settlement

1,028

3,000

1,028

3,000

Transaction-related costs

655

897

3,913

Reorganization costs

1,710

2,543

371

Acquisition gain

(1,125)

Adjusted EBITDA

14,151

13,430

126,238

91,232

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -

Lindblad Segment

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Operating (loss) income

(12,498)

(13,019)

7,055

(2,928)

Depreciation and amortization

16,219

13,441

56,891

48,433

Stock-based compensation

(1,073)

2,647

13,113

9,656

Legal settlement

3,000

Transaction-related costs

(4)

173

868

Reorganization costs

1,710

2,543

371

Adjusted EBITDA

4,354

6,149

79,775

59,400

Reconciliation of Operating (Loss) Income to Adjusted EBITDA -

Land Experiences Segment

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Operating income

6,992

5,449

38,432

24,481

Depreciation and amortization

1,704

1,434

5,931

4,129

Transaction-related costs

575

724

3,045

Stock-based compensation

(177)

348

177

Legal settlement

1,028

Adjusted EBITDA

9,797

7,281

46,463

31,832

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,

Gross Yield, Net Yield and guest metrics)

(unaudited)

Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities

For the years ended December 31,

2025

2024

Net cash provided by operating activities

111,583

92,355

Less: purchases of property and equipment

(47,745)

(33,520)

Free Cash Flow

63,838

58,835

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Available Guest Nights

76,290

69,040

328,617

323,691

Guest Nights Sold

66,515

53,959

287,830

253,941

Occupancy

Maximum Guests

9,960

8,463

42,866

38,964

Number of Guests

8,828

6,794

37,993

31,489

Voyages

128

561

475

Calculation of Gross and Net Yield per Available Guest Night

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Guest ticket revenues

96,545

77,328

428,349

373,055

Other tour revenue

19,383

13,355

67,293

50,251

Tour Revenues

115,928

90,683

495,642

423,306

Less: Commissions

(5,172)

(3,367)

(20,521)

(17,157)

Less: Other tour expenses

(13,180)

(7,889)

(36,276)

(27,306)

Net Yield

97,576

79,427

438,845

378,843

Available Guest Nights

76,290

69,040

328,617

323,691

Gross Yield per Available Guest Night

1,520

1,313

1,508

1,308

Net Yield per Available Guest Night

1,279

1,150

1,335

1,170

For the three months ended

December 31,

For the years ended

December 31,

(In thousands)

2025

2024

2025

2024

Operating income (loss)

(12,498)

(13,019)

7,055

(2,928)

Cost of tours

71,587

52,769

258,679

230,075

General and administrative

17,973

22,368

83,731

79,995

Selling and marketing

22,647

15,124

89,286

67,731

Depreciation and amortization

16,219

13,441

56,891

48,433

Less: Commissions

(5,172)

(3,367)

(20,521)

(17,157)

Less: Other tour expenses

(13,180)

(7,889)

(36,276)

(27,306)

Net Yield

97,576

79,427

438,845

378,843

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,

Gross and Net Cruise cost Per Available Guest Night and guest metrics)

(unaudited)

Calculation of Gross Cruise Cost and Net Cruise Cost Lindblad Segment

For the three months ended

December 31,

For the years ended

December 31,

2025

2024

2025

2024

Cost of tours

71,587

52,769

258,679

230,075

Plus: Selling and marketing

22,647

15,124

89,286

67,731

Plus: General and administrative

17,973

22,367

83,731

79,995

Gross Cruise Cost

112,207

90,260

431,696

377,801

Less: Commissions

(5,172)

(3,367)

(20,521)

(17,157)

Less: Other tour expenses

(13,180)

(7,889)

(36,276)

(27,306)

Net Cruise Cost

93,855

79,004

374,899

333,338

Less: Fuel Expense

(6,277)

(6,753)

(24,032)

(26,648)

Net Cruise Cost Excluding Fuel

87,578

72,251

350,867

306,690

Non-GAAP Adjustments:

Stock-based compensation

1,073

(2,647)

(13,113)

(9,656)

Legal settlement

(3,000)

Transaction-related costs

(80)

(173)

(868)

Reorganization costs

(1,710)

(2,543)

(371)

Adjusted Net Cruise Cost Excluding Fuel

86,945

66,524

335,038

292,795

Adjusted Net Cruise Cost

93,222

73,277

359,070

319,443

Available Guest Nights

76,290

69,040

328,617

323,691

Gross Cruise Cost per Available Guest Night

1,471

1,307

1,314

1,167

Net Cruise Cost per Available Guest Night

1,230

1,144

1,141

1,030

Net Cruise Cost Excluding Fuel per Available Guest Night

1,148

1,047

1,068

947

Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

1,140

964

1,020

905

Adjusted Net Cruise Cost per Available Guest Night

1,222

1,061

1,093

987

Reconciliation of 2026 Adjusted EBITDA guidance:

(in millions)

Full Year 2026

(Loss) income before income taxes

(6)

Depreciation and amortization

Interest expense, net

Stock-based compensation

Other

Adjusted EBITDA

130

140

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure.

Operational and Financial Metrics

Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, reorganization costs and acquisition-related expenses.

Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

SOURCE Lindblad Expeditions Holdings, Inc.