Lindblad Expeditions Holdings, Inc. Reports 2025 Third Quarter Financial Results

Third Quarter 2025 Highlights:

NEW YORK, Nov. 4, 2025 /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 third quarter ended September 30, 2025.

Natalya Leahy, Chief Executive Officer, said, "Our latest quarter is a testament to our great team and disciplined focus on strategic priorities and unforgettable guest experiences. Both our land and marine segments grew strongly with overall corporate revenue up 17% and a new record level of adjusted EBITDA while achieving highest ever measured guest satisfaction scores. Finally, the excellent work done to strengthen our balance sheet positions us for durable and profitable growth well into 2030."

THIRD QUARTER RESULTS

Tour Revenues

Third quarter tour revenues of $240.2 million increased $34.2 million, or 17%, as compared to the same period in 2024. The increase was driven by a $16.3 million increase at the Lindblad segment and a $17.9 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $137.6 million increased $16.3 million, or 13%, compared to the third quarter a year ago primarily due to a 9% increase in net yield per available guest night to $1,314 driven by higher pricing and an increase in occupancy to 88% from 82% in the third quarter a year ago.

Land Experiences tour revenues of $102.6 million increased $17.9 million, or 21%, compared to the third quarter a year ago primarily due to operating additional trips and higher pricing.

Net Income

Net loss available to stockholders for the third quarter was $49 thousand, $0.00 per diluted share, as compared with net income available to stockholders of $21.3 million, $0.36 per diluted share, in the third quarter of 2024. The $21.4 million decrease primarily reflects $23.5 million in debt refinancing expenses and a $4.2 million decrease in the income tax benefit recorded during the quarter, partially offset by improved operating results, including a $1.8 million benefit related to employee retention tax credits received.

Adjusted EBITDA

Third quarter Adjusted EBITDA of $57.3 million increased $11.4 million as compared to the same period in 2024 driven by a $6.5 million increase at the Lindblad segment and $4.9 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $32.8 million increased $6.5 million as compared to the same period in 2024, primarily due to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commission expense related to the increased revenues and royalty rates per the National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $24.5 million increased $4.9 million as compared to the same period in 2024, primarily 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 September 30,

For the nine months ended September 30,

(In thousands)

2025

2024

Change

2025

2024

Change

Tour revenues:

Lindblad

137,561

121,268

16,293

379,714

332,624

47,090

Land Experiences

102,611

84,737

17,874

208,124

163,494

44,630

Total tour revenues

240,172

206,005

34,167

587,838

496,118

91,720

Operating income:

Lindblad

13,236

11,680

1,556

19,553

10,092

9,461

Land Experiences

22,734

17,801

4,933

31,440

19,032

12,408

Operating income

35,970

29,481

6,489

50,993

29,124

21,869

Adjusted EBITDA:

Lindblad

32,773

26,238

6,535

75,422

53,429

21,993

Land Experiences

24,490

19,574

4,916

36,666

24,373

12,293

Total adjusted EBITDA

57,263

45,812

11,451

112,088

77,802

34,286

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $290.1 million as of September 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $97.1 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $36.8 million in cash used in purchasing property and equipment.

During the third quarter, the Company completed a refinancing of its long-term debt through the issuance of new Senior Secured Notes due 2030, bearing interest at a rate of 7.00%. The refinancing extended the Company's weighted average debt maturity profile by several years and reduced its blended borrowing rate by approximately 75 basis points compared to the prior structure, which included 2027 Notes at 6.75% and 2028 Notes at 9.00%.

This refinancing simplified the Company's capital structure and enhanced financial flexibility to support strategic growth initiatives across both its ship- and land-based operations.

As of September 30, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants. S&P Global also upgraded the Company's corporate credit rating during the quarter, citing the Company's strong operating performance and its forward-booked position.

2025 OUTLOOK

The Company's current expectations for the full year 2025 are as follows

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 9:00 a.m. Eastern Time on November 4, 2025, 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 1144402. 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, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, 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 experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, 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 factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii) cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) 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; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully 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) the impact of changes in tax policies and other governmental regulations in the geographies in which we operate; (xiv) adverse publicity regarding the travel and cruise industry in general; (xv) loss of business due to competition; (xvi) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvii) the result of future financing efforts; and (xviii) 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

Condensed Consolidated Balance Sheet

(In thousands, except share and per share data)

As of

September 30,

2025

As of December

31, 2024

(unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

261,781

183,941

Restricted cash

28,343

32,202

Prepaid expenses and other current assets

73,664

62,290

Total current assets

363,788

278,433

Property and equipment, net

527,609

518,390

Goodwill

61,145

59,031

Intangibles, net

17,365

15,923

Other long-term assets

6,627

5,128

Total assets

976,534

876,905

LIABILITIES

Current Liabilities:

Unearned passenger revenues

362,276

318,666

Accrued expenses

54,848

58,054

Accounts payable

20,650

13,860

Lease liabilities - current

821

1,845

Long-term debt - current

Total current liabilities

438,605

392,454

Long-term debt, less current portion

663,443

625,425

Deferred tax liabilities

2,545

3,537

Other long-term liabilities

745

1,024

Total liabilities

1,105,338

1,022,440

Commitments and contingencies

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

issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

81,821

78,155

Redeemable noncontrolling interests

45,968

29,424

127,789

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 September 30, 2025 and December 31, 2024, respectively

Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,392,217 and

54,507,977 issued, 55,294,328 and 54,376,154 outstanding as of September 30, 2025 and

December 31, 2024, respectively

Additional paid-in capital

127,973

109,473

Accumulated deficit

(384,572)

(362,881)

Accumulated other comprehensive income

288

Total stockholder's deficit

(256,593)

(253,114)

Total liabilities, mezzanine equity and stockholders' deficit

976,534

876,905

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)

For the three months ended

September 30,

For the nine months ended

September 30,

2025

2024

2025

2024

Tour revenues

240,172

206,005

587,838

496,118

Operating expenses:

Cost of tours

124,373

109,786

308,611

277,191

General and administrative

34,808

29,002

98,613

86,074

Selling and marketing

30,091

25,003

84,722

66,042

Depreciation and amortization

14,930

12,733

44,899

37,687

Total operating expenses

204,202

176,524

536,845

466,994

Operating income

35,970

29,481

50,993

29,124

Other (expense) income:

Interest expense, net

(11,256)

(11,234)

(34,503)

(34,140)

(Loss) gain on foreign currency

(318)

203

982

(48)

Other income

1,105

1,134

Loss on extinguishment of debt

(23,492)

Total other expense

(33,961)

(11,030)

(55,879)

(34,179)

Income (loss) before income taxes

2,009

18,451

(4,886)

(5,055)

Income tax benefit

(2,564)

(6,747)

(3,503)

(2,050)

Net income (loss)

4,573

25,198

(1,383)

(3,005)

Net income attributable to noncontrolling interest

3,383

2,683

4,783

3,125

Net income (loss) attributable to Lindblad Expeditions Holdings, Inc

1,190

22,515

(6,166)

(6,130)

Series A redeemable convertible preferred stock dividend

1,239

1,168

3,667

3,455

Net (loss) income available to stockholders

(49)

21,347

(9,833)

(9,585)

Weighted average shares outstanding

Basic

55,557,530

54,097,365

54,859,959

53,662,237

Diluted

55,557,530

62,591,165

54,859,959

53,662,237

Undistributed (loss) income per share available to stockholders:

Basic

(0.00)

0.39

(0.18)

Diluted

(0.00)

0.36

(0.18)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

For the nine months ended

September 30,

2025

2024

Cash Flows From Operating Activities

Net loss

(1,383)

(3,005)

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

Depreciation and amortization

44,899

37,687

Amortization of deferred financing costs, net

2,684

2,775

Amortization of right-to-use lease assets

1,254

705

Stock-based compensation

14,489

7,362

Deferred income taxes

(984)

(2,118)

(Gain) loss on foreign currency

(982)

Write-off of unamortized deferred financing costs due to debt extinguishment

7,111

Changes in operating assets and liabilities

Prepaid expenses and other current assets

(8,891)

(2,221)

Unearned passenger revenues

41,134

48,440

Other long-term assets

(1,023)

(519)

Other long-term liabilities

(1,010)

Accounts payable and accrued expenses

1,147

2,256

Operating lease liabilities

(1,304)

(735)

Net cash provided by operating activities

97,141

90,675

Cash Flows From Investing Activities

Purchases of property and equipment

(36,778)

(23,647)

Acquisitions (net of cash acquired)

(17,359)

(10,741)

Net cash used in investing activities

(54,137)

(34,388)

Cash Flows From Financing Activities

Proceeds from long-term debt

675,010

Repayments of long-term debt

(635,029)

(78)

Payment of deferred financing costs

(11,777)

(21)

Additional acquisition of redeemable noncontrolling interest

(16,720)

Repurchase under stock-based compensation plans and related tax impacts

3,061

(2,237)

Net cash provided by (used in) financing activities

31,265

(19,056)

Effect of exchange rate changes on cash

(288)

Net increase in cash, cash equivalents and restricted cash

73,981

37,231

Cash, cash equivalents and restricted cash at beginning of period

216,143

187,344

Cash, cash equivalents and restricted cash at end of period

290,124

224,575

Supplemental disclosures of cash flow information:

Cash paid during the period:

Interest

43,875

36,994

Income taxes

2,239

Non-cash investing and financing activities:

Shares issued in connection with acquisition

6,000

Non-cash preferred stock dividend

3,667

3,455

Additional paid-in capital exercise proceeds of option shares

358

117

Additional paid-in capital exchange proceeds used for option shares

(358)

(117)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)

Reconciliation of Net Income to Adjusted EBITDA Consolidated

Consolidated

For the three months ended

September 30,

For the nine months ended

September 30,

(In thousands)

2025

2024

2025

2024

Net income (loss)

4,573

25,198

(1,383)

(3,005)

Interest expense, net

11,256

11,234

34,503

34,140

Income tax benefit

(2,564)

(6,747)

(3,503)

(2,050)

Depreciation and amortization

14,930

12,733

44,899

37,687

Loss (gain) loss on foreign currency

318

(203)

(982)

Stock-based compensation

5,370

2,529

14,489

7,362

Transaction-related costs

159

1,069

873

3,258

Other (income) expense

(1)

(9)

Debt extinguishment

23,492

Acquisition gain

(1,125)

Reorganization costs

834

371

Adjusted EBITDA

57,263

45,812

112,088

77,802

Reconciliation of Operating Income to Adjusted EBITDA

Lindblad Segment

For the three months ended

September 30,

For the nine months ended

September 30,

(In thousands)

2025

2024

2025

2024

Operating income

13,236

11,680

19,553

10,092

Depreciation and amortization

13,360

11,761

40,672

34,992

Stock-based compensation

5,325

2,352

14,186

7,185

Transaction-related costs

445

177

789

Reorganization costs

834

371

Adjusted EBITDA

32,773

26,238

75,422

53,429

Land Experiences Segment

For the three months ended

September 30,

For the nine months ended

September 30,

(In thousands)

2025

2024

2025

2024

Operating income

22,734

17,801

31,440

19,032

Depreciation and amortization

1,570

972

4,227

2,695

Transaction-related costs

141

624

696

2,469

Stock-based compensation

177

303

177

Adjusted EBITDA

24,490

19,574

36,666

24,373

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 nine months ended

September 30,

2025

2024

Net cash provided by operating activities

97,141

90,675

Less: purchases of property and equipment

(36,778)

(23,647)

Free Cash Flow

60,363

67,028

For the three months

ended September 30,

For the nine months ended September 30,

2025

2024

2025

2024

Available Guest Nights

95,487

91,293

252,327

254,651

Guest Nights Sold

84,143

74,845

221,315

199,982

Occupancy

Maximum Guests

11,909

11,225

32,906

30,501

Number of Guests

10,685

9,414

29,165

24,695

Voyages

159

137

433

380

Calculation of Gross and Net Yield per Available Guest Night

For the three months ended

September 30,

For the nine months ended September 30,

(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)

2025

2024

2025

2024

Guest ticket revenues

120,979

109,140

331,804

295,727

Other tour revenue

16,582

12,128

47,910

36,897

Tour Revenues

137,561

121,268

379,714

332,624

Less: Commissions

(5,304)

(5,212)

(15,349)

(13,791)

Less: Other tour expenses

(6,762)

(6,060)

(23,095)

(19,417)

Net Yield

125,495

109,996

341,270

299,416

Available Guest Nights

95,487

91,293

252,327

254,651

Gross Yield per Available Guest Night

1,441

1,328

1,505

1,306

Net Yield per Available Guest Night

1,314

1,205

1,352

1,176

For the three months ended

September 30,

For the nine months ended September 30,

(In thousands)

2025

2024

2025

2024

Operating income

13,236

11,680

19,553

10,092

Cost of tours

63,800

59,202

187,092

177,306

General and administrative

23,682

19,089

65,758

57,628

Selling and marketing

23,483

19,536

66,639

52,606

Depreciation and amortization

13,360

11,761

40,672

34,992

Less: Commissions

(5,304)

(5,212)

(15,349)

(13,791)

Less: Other tour expenses

(6,762)

(6,060)

(23,095)

(19,417)

Net Yield

125,495

109,996

341,270

299,416

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 and Net Cruise Cost

For the three months ended

September 30,

For the nine months ended

September 30,

(In thousands, except for Available Guest Nights, Gross and Net

Cruise Cost per Avail. Guest Night)

2025

2024

2025

2024

Cost of tours

63,800

59,202

187,092

177,306

Plus: Selling and marketing

23,483

19,536

66,639

52,606

Plus: General and administrative

23,682

19,089

65,758

57,628

Gross Cruise Cost

110,965

97,827

319,489

287,540

Less: Commissions

(5,304)

(5,212)

(15,349)

(13,791)

Less: Other tour expenses

(6,762)

(6,060)

(23,095)

(19,417)

Net Cruise Cost

98,899

86,555

281,045

254,332

Less: Fuel Expense

(6,224)

(5,460)

(17,755)

(19,895)

Net Cruise Cost Excluding Fuel

92,675

81,095

263,290

234,437

Non-GAAP Adjustments:

Stock-based compensation

(5,325)

(2,352)

(14,186)

(7,185)

Transaction-related costs

(18)

(445)

(177)

(789)

Reorganization costs

(834)

(371)

Adjusted Net Cruise Cost Excluding Fuel

86,498

78,298

248,093

226,092

Adjusted Net Cruise Cost

92,722

83,758

265,848

245,987

Available Guest Nights

95,487

91,293

252,327

254,651

Gross Cruise Cost per Available Guest Night

1,162

1,072

1,266

1,129

Net Cruise Cost per Available Guest Night

1,036

948

1,114

999

Net Cruise Cost Excluding Fuel per Available Guest Night

971

888

1,043

921

Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

906

858

983

888

Adjusted Net Cruise Cost per Available Guest Night

971

917

1,054

966

Reconciliation of 2025 Adjusted EBITDA guidance:

(In millions)

Full Year 2025

Loss before income taxes

(29)

(19)

Depreciation and amortization

Interest expense, net

Stock-based compensation

Other

Adjusted EBITDA

119

123

A reconciliation of net income to Adjusted EBITDA guidance 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 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.