Lindblad Expeditions Holdings, Inc. reported significant financial performance improvements for the quarter ended September 30, 2024, compared to the same period in 2023. The company achieved tour revenues of $206.0 million, marking a 17% increase from $176.0 million in Q3 2023. For the nine months ended September 30, 2024, total tour revenues reached $496.1 million, up 12% from $444.2 million in the prior year.
Operating income for the third quarter was $29.5 million, a 44% increase from $20.5 million in Q3 2023. For the nine-month period, operating income rose to $29.1 million, up 19% from $24.4 million in 2023. The net income for the third quarter surged to $25.2 million, a substantial increase of 198% compared to $8.5 million in the same quarter last year. However, for the nine months ended September 30, 2024, the company reported a net loss of $3.0 million, an improvement from a loss of $14.5 million in the previous year.
The increase in revenues was attributed to a rise in guest ticket sales and tour revenues, with guest ticket revenue for Q3 2024 at $109.1 million, compared to $80.9 million in Q3 2023. The company also noted a significant increase in unearned passenger revenues, which rose to $314.2 million from $252.2 million at the end of 2023.
Total operating expenses for the third quarter increased to $176.5 million, up from $155.5 million in Q3 2023, driven by higher selling and marketing expenses, which rose 29% to $25.0 million. General and administrative expenses also increased by 14% to $34.3 million.
Strategically, Lindblad has been active in expanding its portfolio through acquisitions. In July 2024, the company acquired Wineland-Thomson Adventures for $30.0 million, enhancing its land-based travel offerings. Additionally, it increased its ownership in Natural Habitat to 90.1% and DuVine to 75%. The company is also set to acquire Torcatt Enterprises Limitada for $17.0 million, expected to close in January 2025.
As of September 30, 2024, Lindblad's total assets amounted to $889.8 million, up from $831.3 million at the end of 2023. The company reported cash and cash equivalents of $193.9 million, an increase from $156.8 million at the end of 2023. Long-term debt remained stable at approximately $635.0 million. The company continues to comply with its debt covenants and maintains a stock repurchase plan with a remaining balance of $12.0 million.
About LINDBLAD EXPEDITIONS HOLDINGS, INC.
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