Q4 2024 Lindblad Expeditions Holdings Inc Earnings Call
Thank you for standing by my name is Gail and I will be your conference operator today at this time I would like to welcome everyone to the lean Blatche 'twenty 'twenty four fourth quarter earnings call.
Operator: Thank you for standing by.
Gail: My name is Gail, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad's 2024 fourth quarter earnings call. All lines have been placed on mute to prevent any background noise.
So I'd been placed on mute to prevent any background noise. After the Speakers' remarks, there will be a question and answer session. If you would like to ask a question. During this time simply press star followed by the number one on the telephone keypad. If you would like to withdraw your question kind of depressed star one again.
Gail: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, kindly press star one again.
Rick Goldberg: I will now call over to Rick Goldberg, CSO. Please go ahead. Thank you, operator. Good morning, everyone. And thank you for joining us for Lindblad's 2024 fourth quarter earnings call. With me on the call today is Natalia Leahy, Chief Executive Officer, and Sven Lindblad, Founder and Co-Chairman. Dyson Dryden, who served as our Interim Chief Financial Officer last year, before returning to our Board of Directors, is also here to help answer questions.
Rick Goldberg: Now turn the call over to Rick Goldberg CFO. Please go ahead.
Speaker Change: Thank you operator, good morning, everyone and thank you for joining us for Lindblad is 2020 for fourth quarter earnings call with me on the call today is Natalia Leahy, Chief Executive Officer, and spend money Blatt foundry Chou Chairman Dyson Dryden, who served as our interim Chief financial officer of last year.
Speaker Change: Before returning to our board of Directors is also here to help answer questions. We'll start with some brief comments on the spin and Italia will share her initial impressions and roadmap for the business and I will follow with details on our 2024 results and 2025 expectations before we open the call for Q&A.
Rick Goldberg: We'll start with some brief comments from Sven, then Natalia will share her initial impressions and roadmap for the business, and I will follow with details on our 2024 results and 2025 expectations before we open the call for Q&A. As always, you can find our latest earnings release in the Investor Relations section of our website.
Speaker Change: As always you can find our latest earnings release in the Investor Relations section of our website.
Rick Goldberg: But before we get to all of that, I'd like to remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to risks and uncertainties that may cause actual results and performance to be materially different from these expectations. The company cannot guarantee the accuracy of any forecast or estimate. and we undertake no obligation to update any such forward-looking statements. If you would like more information on the risks involved in forward-looking statements, please see the company's SEC filings.
Speaker Change: Before we get to all of that I would like to remind everyone that the company's comments. Today may include forward looking statements those expectations are subject to risks and uncertainties that may cause actual results and performance to be materially different from these expectations.
Speaker Change: The company cannot guarantee the accuracy of any forecast or estimates and we undertake no obligation to update any such forward looking statements. If you would like more information on the risks involved in forward looking statements. Please see the company's SEC filings. In addition, our comments may reference non-GAAP financial measures a reconciliation.
Rick Goldberg: In addition, our comments may reference non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release.
Speaker Change: <unk> of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release with that out of the way I'll turn the call over to Scott.
Sven Lindblad: With that out of the way, I'll turn the call over to Steve. Good morning, and thank you all for joining us. We're delighted to bring you the conclusion of 2024, which produced records on a multitude of fronts.
Speaker Change: Good morning, and thank you all for joining US we're delighted to bring you. The conclusion of 2024, which produced records on a multitude of fronts, our new C O carrier Leahy and our new CFO, Rick Goldberg will shortly provide you with details, but before handing over to him a few thoughts.
Sven Lindblad: Our new CEO, Natalia Leahy, and our new CFO, Rick Goldberg, will shortly provide you with details. But before handing over to them, a few thoughts. Lindblad Expeditions is now 45 years old, having begun as a division of my father's company, Lindblad Expeditions. I have found great joy in leading and building the enterprise over these years. Our North Star of providing meaningful, life-enhancing experiences for our guests has never wavered, nor has the importance of being good stewards on behalf of the planet. Now with 12 owned ships, nine retreat charter and five incredible land-based companies, we have an incredibly diverse organization poised for continued innovation and growth.
Speaker Change: Maybe got explanations is now 45 years old having begun as a division of my father's company Lindblad expeditions.
Speaker Change: I have found great joy in leading and building the enterprise over these years, our north star, providing meaningful licensing hatching experiences for our guests. So it's never wavered, nor has the importance of being good stewards on behalf of the planet.
Speaker Change: Now with 12 owned ships nine which re charter and five incredible land based companies, we have an incredibly diverse organization poised for continued innovation and growth.
Sven Lindblad: So this year was a perfect one to hand the CEO leadership over to Natalia Leahy, who comes to the company with deep experience, rising through the ranks of Carnival Corporation, Holland America Line, and ultimately to the presidency of Seaborne Cruise Lines. She is both capable and intensely excited about what she can contribute to this next phase of our evolution. Together with Rick Goldberg, our new CFO, they have hit the ground running and already in their short time here are having a positive impact. I will continue to work closely with them in my role as co-chair of the board, helping to keep our enterprise vibrant and growing.
Speaker Change: So this year was a perfect one to have the CEO leadership over to Natalia Leahy, who comes to the company with deep experience rising through the ranks of Carnival Corporation Holland America line and ultimately to the presidency of Seabourn cruise lines. She is both capable and intensely excited about what she can.
Speaker Change: Contributing to this next phase of our evolution.
Speaker Change: Together with rig Goldberg, our new CFO, they've hit the ground running and already in their short time here are having a positive impact.
Speaker Change: I will continue to work closely with them in my role as co chair of the board.
Speaker Change: I'm going to keep our enterprise vibrant and growing and finally, both guys can drive me and I will be on these calls should there be any questions that we can be helpful. With at the end of the presentation.
Sven Lindblad: And finally, both Dyson Dryden and I will be on this call should there be any questions that we can be helpful with at the end of the presentation.
Natalia Leahy: And now I'll hand the call back to Natalia Leigh. Thank you, Sven. I'm truly excited to be here. Over the past weeks, I've gained a deep appreciation for Lindblad's history, its purpose-driven approach, and the incredible culture you build across our ships, field staff, and the shoreside While visiting the ships with you and engaging with our guests, crew, and local communities, I witnessed firsthand what makes this company so special. True authenticity, enrichment, and an incredible adventure. Lindblad is a pioneer in expedition travel, delivering extraordinary experience in the world's most awe-inspiring destination. Our industry-leading Net Promoters course reflects exactly that.
Lee: Now I'll hand, the call back to Lee.
Speaker Change: Thank you swear I'm truly excited to be here over the past weeks against a deep appreciation for lean black history. Its purpose driven approach and then creating more call sure you'd be able to cross sell a seat field staff and assure site teams, while visiting the C U.
Speaker Change: You and engaging with our guests crew and local communities I witnessed firsthand what makes this company. So special to I think TCT in the Richmond, and then incredible adventure.
Speaker Change: Leading block is the pioneer in expedition travel delivering extraordinary experience in the world most awe-inspiring destinations our industry, leading net promoter scores reflect exactly that.
Natalia Leahy: I was so impressed by the seamless orchestration of our expeditions, diverse daily landings, expert-led programming, and locally-inspired cuisine, all within the intimacy of our small ships and deep connection to local communities. As one guest has shared with me in Galapagos, after extensive research, there was only one OBS choice, National Geographic Lindblad Expeditions. With my background in iconic customer-centric brands, I'm both proud and energized to join this team.
Speaker Change: I was so impressed by the seamless Arco station <unk> diverse daily landings.
Speaker Change: Experts lab programming and locally inspired cuisine, Oh, it sounds like into the sale follows small shapes and deep connection to local communities.
Speaker Change: That's why I guess co chairs with mean Galapagos. After extensive research there was only one all breast choice national geographic leading black explanations.
Speaker Change: With my background in customer.
Speaker Change: Customer centric bras I'm, both proud and energized to join this team.
Natalia Leahy: Proud of the transformative experiences we offer and energized by the exciting growth ahead, I look forward to building on the success of our six phenomenal adventure brands.
Speaker Change: Or was that transformative experiences we offer and then Jay by the exciting growth with that I will.
Speaker Change: Look forward to building on the success of our sixth phenomenal adventure bras.
Speaker Change: Sure. Thanks to all of our financial performance, we delivered a stellar record breaking Duane to 24 weeks.
Natalia Leahy: Toward links to all financial performance. we delivered a record-breaking 2024. Rick, our CFO, will share more details on our financial performance, but I do want to call out a few key highlights. Our revenues increased 13% for the year to $645 million. LAMP segment revenue increased 29% and the Lindblad Segment 2 revenue increased 7%, driven by improvement across all key metrics, including accelerating yields in each quarter of the year. Adjusted EBITDA increased 28% for the year, with margins increasing 170 basis points to 14.4%. In addition, we are pleased to see bookings for 2025 and 2026 continue to trend ahead of the prior year in both the expedition and land sector.
Speaker Change: Our CFO will share more details on our financial performance, but I do want to call out a few key highlights.
Speaker Change: Our revenues increased 14% for the year to sixth Congress 45, Neil N.
Speaker Change: Lamb segments revenue increased 29% as a lean blood segments tool revenue increased 7% driven by improvements across all key metrics, including accelerating yields in each quarter over year.
Speaker Change: Adjusted EBITDA increased 28% for the year with margins, increasing hundred 70 basis points to 14, 4%.
Speaker Change: In addition, we're pleased to see bookings for 2025 and range of 26 continue to trend ahead of the prior year in both the expedition and land segments.
Natalia Leahy: 2024 was a record performance year and also laid the foundation for long-term sustainable growth. During the year, we continued to enhance and expand our expedition offerings with our Antarctica Direct Fly Cruise program. The program successfully launched in the end of 2024, attracting a new guest to the brand by reducing travel time and eliminating the Drake Passage cross. Given the strong demand, we're expanding from four voyages in 2024 to 19 in 2025, and to 24 voyages in 2020. The 2025 program is nearly sold out and 2026 more than half. In addition, we introduced two new vessels in our core Galapagos market, the National Geographic Gemini, 48-guest ship, and the National Geographic Dolphina, a 16-guest yacht.
Speaker Change: 'twenty 'twenty four what's the <unk>.
Speaker Change: Alright performance, yet and also laid the foundation for long term sustainable growth.
Speaker Change: During the year, we continue to enhance and expand our expedition offerings with our Antartica direct fly cruise broker.
Speaker Change: <unk> successfully launched in the end of 'twenty, 'twenty, four and attracting a new guests to the brand.
Speaker Change: By reducing travel time, and eliminating the Drake passage crossing.
Given the strong demand, we're expanding from four voyages from 'twenty to 'twenty four to 19 in 2025.
Speaker Change: Thank you for voyages into 82 to 86.
Speaker Change: But wait until 'twenty five program is nearly sold out and 2026 more than half booked in.
Speaker Change: In addition, we introduced <unk> in our core Galapagos market, the national geographic Jim or 948, yes.
Speaker Change: And the National Geographic Dolfi light F 16 guest yet.
Natalia Leahy: Both are perfectly positioned to cater to high net worth travelers and private charts. These strategic additions reinforce our position as the premier choice in our core market that attracts new guests to our brand.
Speaker Change: Both are perfectly positioned to cater to high net worth travelers and private charters.
Speaker Change: This strategic addition, reinforce our position as the Premier choice in our core market that attract new guests to our brand.
Natalia Leahy: During the year, we completed the rollout of several key technology advancements to drive operational efficiencies moving forward. I'd like to highlight the C-WARE booking platform, which will enable enhancing pricing management capabilities. We also implemented onboard technology upgrades that will provide higher transparency to our costs and higher inventory management capabilities. Lastly, we invested in our telephony system upgrade, which already cut wait times by over 50%.
Speaker Change: During the year, we completed the rollout of several key technology advancement to drive operational efficiencies moving forward.
Speaker Change: I'd like to finalize a few web bookings block form, which will enable enhancing pricing management capabilities. We also implemented onboard technology upgrades that will provide higher transparency to our cost and higher inventory management capabilities.
Speaker Change: Lastly, we invested in our telephony system upgrade which already caught wait times by over 50%.
Natalia Leahy: Next, I would like to update you on our commitment to sustainability, which remains at the heart of Lindblad's mission. In 2024, we facilitated 45 conservation, education, and research initiatives in key regions we visit. including 20 visiting scientists working on biodiversity, climate change, and ocean health. A major milestone was achieved in Floriana Island Restoration Project, which saw a return of once locally extinct species and 100% self-sufficiency in staple crops for local farmers. These types of efforts drive real impact, while also enriching the guest experience through deeper cultural and environmental connections.
Speaker Change: Next I would like to talk that you are now kind of lead time to sustainability, which remain at the heart of green blocks Nisha.
Speaker Change: It went to 24 weeks with the aged 45 conservation education and research initiatives in key regions, we visit including 20 Visa Inc. Scientists walking on biodiversity alignment change and Ocean House.
Speaker Change: And major milestone was achieved in Floreana Island restoration project, which saw a return wanted to local weeks thing species and hundred percent self sufficiency in staple crops for local farmers.
Speaker Change: This time, so for efforts drive real impact while also integrating the guest experience through deeper call general and environmental connections.
Natalia Leahy: Looking ahead, I believe there are three key pillars to drive meaningful shareholders value creation. Number one, maximizing revenue generation through higher occupancy, pricing, and deployment profitability, both in the Lindblad and LEND sector. Number two, optimizing financial performance through smart cost innovations and better fixed assets utilization. Number three, exploring and capitalizing on accretive growth opportunities, including fleet expansion, charters, as well as potential additions to our brand portfolio.
Speaker Change: Looking to his hat I believe there are three key pillars to drive meaningful shareholder value creation are number one maximizing revenue generation through IL occupancies pricing and deployment profit to be with your boss infill lean block and landscape.
Speaker Change: Number two optimizing financial performance through smart cost innovations and bathroom fixed asset utilization.
Speaker Change: Number three exploring can capitalizing on accretive growth opportunities, including sleep expansion charters as well as potential decent stall brands first of all in.
Natalia Leahy: Let me share with you a few major strategic and tactical initiatives and investments we're making in 2025 that will help us achieve our goal. First and foremost, we are amplifying our brand story. We recently launched our new co-branded campaign with National Geographic, Reframe Travel, showcasing how Lindblad enables guests to experience the world through a unique, authentic lens.
Speaker Change: Let me share with you few major strategic and tactical initiatives and investments, we're making in 'twenty to 'twenty five that will help us achieve our goals.
Speaker Change: First and foremost we are amplifying our brand story, we recently launched our new co branded campaign with National geographic refrain travel showcasing how lean block enables guests to experience the world to a unique I think in glass.
Natalia Leahy: How you see it matters and this is why guests choose Lindblad Expeditions and this complaint captures our difference so well. It is launched across multiple channels and early engagements are very promising.
How are we you seed matters and this is why guests choose lindblad expeditions and this complaint captures our defense so well.
Speaker Change: It is launched across multiple channels and early engagements are very promising second we will focus on the reaching new audiences and reaching them through new sales channels for this we developed a robust one Macdonald national geographic partners its path from.
Natalia Leahy: Second, we will focus on reaching new audiences and reaching them through new sales channels. For this, we developed a robust plan with our National Geographic partners. It spans from integrating booking tools with the Disney National Geographic platform to joining Disney's earmarked travel advisor program, which will significantly increase our exposure to new top-tier travel agents. In addition, we will target Disney audiences through direct mail, reaching new guest prospects.
Speaker Change: Creating bookings tools.
Speaker Change: Recently National geographic platform to joining Peacemas earmarked travel advisor program, which will significantly increase our exposure to new top tier travel agencies in a decent will go target decently audiences through direct mail, reaching new guests, we're all specs.
Speaker Change: Fourth we will expand our charter and group businesses, which we believe is one of the most efficient ways to drive early occupancy load and to attract new audiences of course, our intimates shapes are perfectly position and provide very strong value.
Natalia Leahy: Third, we will expand our charter and group businesses, which we believe is one of the most efficient ways to drive early occupancy load and to attract new audiences. Of course, our intimate ships are perfectly positioned and provide very strong wealth.
Speaker Change: Fourth we will drive focused and mindful expansion in key international markets that present attractive growth opportunity here.
Natalia Leahy: Fourth, we will drive focused and mindful expansion in key international markets that present attractive growth opportunities. Of course, the National Geographic Global Brand Awareness is a unique catalyst for us to capitalize on this opportunity. This, we will continue to invest to capitalize on the momentum of our land segment.
Speaker Change: Of course, the National Geographic Global brand awareness is a unique cancer ways for us to capitalize on this of course you need yet.
Speaker Change: We will continue to invest took a bit of licensing momentum of our land segment and last but not least way intensely focused on driving cost and operational efficiencies such as streamlining crew planning improving inventory management optimizing supply chain Drydock planning.
Natalia Leahy: And last but not least, we're intensely focused on driving cost and operational efficiencies, such as streamlining crew planning, improving inventory management, optimizing supply chain, and dry dock planning. These initiatives, coupled with strong booking momentum across our portfolio, increase our confidence in being able to achieve and exceed historic occupancy levels in 2026 and beyond.
Speaker Change: These initiatives coupled with strong bookings momentum across our first of all it increase our confidence in being able to achieve and exceed historical occupancy labels in range of 26 and beyond.
Natalia Leahy: In conclusion, Lindblad Expeditions is uniquely positioned at the far front of one of the fastest growing sectors in travel. Our differentiated, purpose-driven model rooted in authenticity, sustainability, and deep engagement creates unmatched value for guests and shareholders alike. We have strong momentum, great portfolio of adventure travel offerings at sea and on land, a highly engaged and skilled team, and a clear roadmap for continued success. With a focus on strategic investment, operational excellence, and brand amplification, we are confident in our ability to drive long-term, sustainable, profitable growth.
Speaker Change: In conclusion Lindblad expeditions is uniquely positioned at the forefront of one of the fastest growing sector. Some travel our differentiated purpose driven model rooted in G city sustainability and deep engagement creep.
Speaker Change: On my value for guests and shareholders alike, we have strong momentum great portfolio of adventure travel.
Speaker Change: Etsy ads on the land.
Speaker Change: Highly engaged and skilled team and a clear road map for continued success.
Speaker Change: With a focus on strategic investment operational excellence and branch amplification.
Speaker Change: Confidence in our ability to drive long term sustainable profitable growth. Thank you and I will pass the call over to Rick to review our financials.
Rick Goldberg: Thank you, and I will pass the poll over to Rick to review our financials. Rick. Thank you so much, Natalia. I share Natalia's excitement about joining the Lindblad team. Especially after spending a week on board one of our ships with Natalia, I could not be more enthusiastic about the opportunity to build on this company's great legacy, and to take the business to the next level. I'd also like to thank Dyson for his partnership over the last two months as I've transitioned into the CFO role. As Natalia mentioned, Lindblad delivered record revenue in EBITDA in 2024, while building a strong foundation for future growth.
Speaker Change: Rick.
Speaker Change: Thank you so much Natalia I sharing italia as excitement about joining the wind Vlad team, especially after spending a week onboard one of our ships with Natalia I could not be more enthusiastic about the opportunity to build on this company is great legacy and to take the business to the next level I'd also like to thank Jason for his partnership over the.
Speaker Change: Last two months as I've transitioned into the CFO role as.
Speaker Change: As an Italian mentioned lindblad delivered record revenue and EBITDA in 2024, while building a strong foundation for future growth.
Rick Goldberg: Total company revenue for the full year 2024 was $645 million, an increase of $75 million or 13% versus 2023. Lindblad segment tour revenue was $423 million, an increase of $26 million, or 7% compared to 2020. The increase was driven by a 2% increase in available guest nights, a 7% increase in net yield per an available guest night to $1,170, and a 1 percentage point increase in occupancy to 78%. Land Experiences Tour revenues were $221 million, an increase of $49 million or 29% compared to 2023, driven by additional trips and higher prices. On July 31st, we closed the acquisition of Wineland Thompson Adventures Incorporated, an adventure travel group that primarily operates African safaris, which also contributed to the strong growth.
Speaker Change: Total company revenue for the full year 2024 was $645 million, an increase of $75 million or 13% versus 2023 Linda.
Speaker Change: Lindblad segment tour revenue was $423 million, an increase of $26 million or 7% compared to 2023.
Speaker Change: The increase was driven by a 2% increase in available guest nights, a 7% increase in net yield per available guest night to $1170 and a one percentage point increase in occupancy to 78%.
Speaker Change: Land experiences tour revenues were $221 million, an increase of $49 million or 29% compared to 2023, driven by additional trips and higher pricing.
Speaker Change: On July 31, we closed the acquisition of Wineland Thompson Adventures incorporated an adventure travel group that primarily operates African safaris, which also contributed to the strong growth 20.
Rick Goldberg: 2024 Adjusted EBITDA was $91.2 million, an increase of $20 million, or 28% versus the prior year. This was driven by an $11 million, or 23% increase at the Lindblad segment, and a $9 million, or 40% increase at the Land Experiences segment. Looking closer at the cost side of the business, operating expenses before depreciation and amortization, interest and taxes increased $55.2 million, or 11.1% versus 2023. Cost of tours increased $21.3 million, or 6.6%, primarily due to the inclusion of Thomson Group and operating additional land trusts. Fuel costs were 6.3% of Lindblad segment revenue, which is down 70 basis points compared with last year.
Speaker Change: 2024, adjusted EBITDA was $91 2 million, an increase of $20 million or 28% versus the prior year. This was driven by an $11 million or 23% increase at the lindblad segment, and a $9 million or 40% increase at the land experiences segment.
Speaker Change: Looking closer at the cost side of the business operating expenses before depreciation and amortization interest and taxes increased $55 2 million or 11, 1% versus 2023.
Speaker Change: Cost of tours increased $21 3 million or six 6%, primarily due to the inclusion of Thompson group and operating additional land trips.
Speaker Change: Fuel costs were six 3% of Lindblad segment revenue, which is down 70 basis points compared with last year.
Rick Goldberg: Sales and marketing costs increased $15.6 million, or 21.8%, primarily due to higher royalties associated with the new National Geographic Agreement and additional marketing spend to drive future booking. General and administrative costs, excluding stock-based compensation, transaction-related expenses, and legal settlements, increased $18.2 million, or 17.4% versus a year ago, primarily due to higher personnel costs, as well as credit card commissions associated with continued bookings. Total company net loss available to stockholders improved 14.2 million year-over-year to 35.8 million, or 67 cents per diluted share. This reflects a significant improvement in operations, partially offset by higher depreciation and amortization.
Speaker Change: Sales and marketing costs increased $15 6 million or 21, 8%, primarily due to higher royalties associated with the new National geographic agreement and additional marketing spend to drive future bookings.
Speaker Change: General and administrative costs, excluding stock based compensation transaction related expenses and legal settlements increased $18 2 million or 17, 4% versus a year ago, primarily due to higher personnel costs as well as credit card commissions associated with continued bookings growth.
Speaker Change: Total company net loss available to stockholders improved $14 $2 million year over year to $35 8 million or <unk> 67 per diluted share.
Speaker Change: This reflects the significant improvement in operations, partially offset by higher depreciation and amortization.
Rick Goldberg: Looking quickly at the fourth quarter of 2024, tour revenues increased 19% compared to the same period in 2023 due to a 13% increase in net yield per an available guest night in the Lindblad segment, including an 8 percentage point increase in occupancy year over year, and in the land experiences segment, an increase in guests traveled and the addition of Wineland Thompson Adventure. Adjusted EBITDA on the fourth quarter of $13.4 million, increased $9.6 million from the fourth quarter a year ago. This was driven by a $6.6 million increase at the Lindblad segment and a $3 million increase at the Land Experiences segment.
Speaker Change: Looking quickly at the fourth quarter of 2024 tour revenues increased 19% compared to the same period in 2023 due to a 13% increase in net yield per available guest night in the Lindblad segment, including an eight percentage point increase in occupancy year over year.
Speaker Change: And in the land experiences segment and increasingly Jeff's traveled and the addition of Wildland Thompson Adventures adjusted EBITDA in the fourth quarter of $13 4 million increased $9 6 million from the fourth quarter a year ago. This was driven by a $6 6 million increase at the Lindblad segment, and a $3 million increase at the land experiences.
Speaker Change: Segment two.
Rick Goldberg: Turning to the balance sheet, we ended the year with total cash of $216 million, an increase in $29 million versus the end of 2023. The increase reflects $92.4 million in cash from operations due primarily to the results of the business and increased bookings for future travel, partially offset by interest expense. We used $44.1 million of cash for investing activities, including $10.6 million using the acquisition of Wineland Thompson Adventures, net of cash acquired, as well as $33.5 million for purchasing property and equipment. In January, we closed our previously announced purchase of two purpose-built Galapagos expedition vessels, the National Geographic Gemini and the National Geographic Delfina, which have both gone through extensive revitalizations.
Speaker Change: Turning to the balance sheet, we ended the year with total cash of $216 million, an increase of $29 million versus the end of 2023 the.
Speaker Change: The increase reflects $92 4 million in cash from operations due primarily to the results of the business and increased bookings for future travel partially offset by interest expense, we used $44 1 million of cash for investing activities, including $10 6 million using the acquisition of Wineland Thompson Adventures net of cash acquired.
Speaker Change: As well as $33 5 million for purchasing property and equipment.
Speaker Change: In January we closed our previously announced purchase of two purpose built Galapagos expedition vessels, the national geographic Gemini and the National Geographic Delfina, which have both gone through extensive revitalization.
Rick Goldberg: The Delfina just embarked on its inaugural voyage, and the Gemini will set sail in March.
Speaker Change: <unk> just embarked on its inaugural voyage in the Gemini will set sail in March.
Rick Goldberg: Consistent with our stated strategy, we'll continue to explore additional growth opportunities in the years ahead, including further diversifying our product portfolio and opportunistically expanding our fleet to capitalize on the continued growth in the demand for experiential travel. Looking ahead, we're excited by the strong momentum across our diverse portfolio of offers. Available guest nights are expected to increase 1.5% for the full year in the Lindblad segment, as the addition of the Gemini and Delfina is somewhat offset by deployment changes and the timing of dry docks and other maintenance. Those timing changes generate significant year-over-year swings in available guest nights by quarter, particularly in Q1, where guest nights are down double digits due to the timing of dry docks and repositioning.
Consistent with our stated strategy, we will continue to explore additional growth opportunities in the years ahead, including further diversifying our product portfolio and opportunistically expanding our fleet to capitalize on the continued growth in the demand for experiential travel.
Speaker Change: Looking ahead, we're excited by the strong momentum across our diverse portfolio of offerings available guest nights are expected to increase one 5% for the full year and the Lindblad segment. As the addition of the Gemini and delfina somewhat offset by deployment changes and the timing of Drydocks and other maintenance those timing changes generates significant year.
Speaker Change: Year over year swings in available guest nights by quarter, particularly in Q1, where guests nicer down double digits due to the timing of Drydocks and reposition X.
Rick Goldberg: We continue to be encouraged by the strong demand for the adventure travel market in both our Lindblad and LAND segments. We're accelerating our investment in demand generation efforts, including building our sales team, expanding into charter and onboard sales, and focusing on key international markets. These investments will drive occupancy and net yield growth in 2025 and will have an even greater impact on 2026. I'm pleased to share that booking curves are trending ahead of prior year for 2025 and 2026 for both segments. And, as Natalia stated earlier, we're confident that we're on track to meet or even exceed pre-pandemic occupancy levels in 2026.
Speaker Change: We continue to be encouraged by the strong demand for the adventure travel market in both our lindblad and land segments.
Speaker Change: We're accelerating our investment in demand generation efforts, including building our sales team expanding into charter and onboard sales and focusing on key international markets. These investments will drive occupancy and net yield growth in 2025, and we will have an even greater impact on 2026.
Speaker Change: I'm pleased to share that booking curves are trending ahead of prior year for 2025 and 2026 for both segments.
Speaker Change: And as Natalia stated earlier, we're confident that we're on track to meet or even exceed pre pandemic occupancy levels in 2026.
Rick Goldberg: At the same time as we're making these investments in sales and marketing, we're also innovating on the cost side of our business with a goal of reducing expenses while maintaining the guest experience and our commitment to safety. Particular areas of focus include supply chain and procurement, crew planning and travel, and dry dock optimization.
Speaker Change: At the same time as we're making these investments in sales and marketing. We're also innovating on the cost side of our business with a goal of reducing expenses, while maintaining the guest experience and our commitment to safety particular areas of focus include supply chain and procurement crew planning and travel and dry dock optimization for 2025, we expect total comp.
Rick Goldberg: For 2025, we expect total company tour revenue between $700 million and $750 million and adjusted EBITDA between $100 million and $112 million. We anticipate cash-for-investing activities to increase by approximately $20 million versus 2024, reflecting the recent acquisitions of the Gemini and Delfina, refurbishment of these vessels, and an increase in dry-dock days.
Speaker Change: Any tour revenue between $700 million and $750 million and adjusted EBITDA between $100 million and $112 million.
Speaker Change: <unk> paid cash for investing activities increased by approximately $20 million versus 2024, reflecting the recent acquisitions of the Gemini and delfina refurbishment of these vessels and an increase in Drydock days and now we're telling you and I will be happy to answer any questions you may have.
Rick Goldberg: And now, Natalia and I would be happy to answer any questions you may have.
Gail: At this time, we kindly request that each participant limit themselves to one question, one follow-up only to ensure that everyone will have the opportunity to engage with our speakers during our question and answer session today. To ask a question, press star, then the number one on your telephone keypad. Now we will pause for just a moment to compile the Q&A roster. Thank you.
Mcdaniel: Mr Mcdaniel.
Speaker Change: We plan to request that each participant limit themselves to one question one follow up only to ensure that everyone will have the opportunity to engage with Irish speakers German our question and answer session. Today to ask a question Press Star then the number one on your telephone keypad now we will pause for just a moment to compile the Q&A roster.
Mcdaniel: Thank you.
Speaker Change: Hey, Sir your first question comes from the line of Steve Wyszynski with Stifel. Please go ahead.
Jackson Gibbon: Please say your first question comes from the line of Steve Wieczynski with Stifel. Please go ahead. Hi, this is Jackson Gibbon for Steve.
Mcdaniel: Hi, This is Jackson Gabe on for Steve.
Jackson Gibbon: First off, I just want to say congratulations to Talia and Rick on the new positions. Looking forward to hearing more from you guys moving forward.
Mcdaniel: First off just wanted to say congratulations Italian wreck on the new positions looking forward to hearing more from you guys moving forward.
Rick Goldberg: For the first question, I just wanted to start off with guidance. Looks like the EBITDA guidance for 2025 came in around 5% below consensus at the midpoint, but your revenue targets were significantly higher than we expected. Could you talk a little bit about what factors might be weighing on the flow-through there and what kind of occupancy expectations are embedded, and then maybe some puts and takes around what might get you towards the higher end versus the lower end of that EBITDA range? Well, thank you.
Mcdaniel: For the first question I, just wanted to start off with guidance looks like.
Mcdaniel: EBIT guidance for 2025 came in around 5% below consensus at the midpoint by.
Mcdaniel: But your revenue targets were significantly higher than we expected.
Mcdaniel: Could you talk a little bit about what factors might be weighing on the flow through there and what kind of occupancy expectations are embedded and then maybe some puts and takes around what might get you towards the higher end versus the lower end of that EBITDA range.
Mcdaniel: Well. Thank you first of all very nice meeting you great question. So as you see we have delivered a very strong double digit EBITDA growth and 24 in both Latam and.
Rick Goldberg: First of all, very nice meeting you. Great question. So as you see, we have delivered a very strong double-digit EBITDA growth in 24 in both land and expedition segments. And we are forecasting a very strong continued EBITDA growth in 25 based on our outlook. We are trending very strongly on our revenue based on current bookings, both in 25 and 26. But we also continue to invest in future growth opportunities through expanding our sales force, sales channels and various demand generation activities that will generate strong return in 26. Got it. That's great.
Mcdaniel: Expedition segments, and though we are forecasting a very strong continuous EBITDA cost in 25 based on our outlook.
Mcdaniel: Our training.
Mcdaniel: Very strongly on our revenue based on current bookings boss in 'twenty five 'twenty six but we also continue to invest in future growth opportunities to expand in cala sales for sales channels.
Mcdaniel: There is demand generation activities that will generate strong credit to them in 2006.
Speaker Change: Got it that's great and then for the second question, a little little more Big picture here with the new management team in place I think it might be helpful to get an updated view on how you guys think about growing the business long term, whether that's organically through the new Disney partnership and how.
Rick Goldberg: And then for the second question, a little more big picture here.
Rick Goldberg: With the new management team in place, I think it might be helpful to get an updated view on how you guys think about growing the business long-term, whether that's organically through the new Disney partnership and how you think that can drive demand, or through opportunities to deploy capital externally. Yeah, I think that our, I tried to communicate it in my remarks, there are three key areas I believe which will drive value creation in this business. Number one is our Gunning Cross, both in our land segment and our expedition segment through maximizing our revenues. Of course, National Geographic Partnership plays a very key role in our National Geographic Expedition segment by expanding reach to very new audiences and very new sales channels and also continue to drive our brand awareness and amplification both in U.S.
Speaker Change: Do you think that can drive demand or through opportunities to deploy capital externally.
Speaker Change: Yes, I think that's all what I tried to communicate that in my remarks. There are three key areas I believe which will drive value creation. In this business number one is our guiding cause Boston that will land segment and our.
Speaker Change: Expedition segment, so amongst some rising dollar revenues of course National geographic partnership place a very clear all in Iowa.
Speaker Change: National Geographic expeditions segment by expanding reach still very new audiences and very new sales channels.
Speaker Change: Also continued to drive our brand awareness and amplification, Boston U S and international markets.
Rick Goldberg: and international markets. Our land segment, organic growth, has been double-digit and very, very strong over the past several years. So, we will continue to invest in demand generation to accelerate revenue growth in those segments. Number two is smart cost innovation and fixed assets utilization, so we will focus on that. And the last one, we will continue to look for opportunities to invest in opportunistic fleet cross or addition store portfolio brand. These companies have done really well, as you know, over the past 10 years, the fleet capacity expanded by 75% and we added over 220 million in land acquisitions that performed very successfully.
Speaker Change: Our land segment organic growth has been double digit and very very strong over the past several years. So we'll continue to invest in demand generation to accelerate our.
Speaker Change: Revenue growth in those segments.
Speaker Change: Number two is smart cost innovation analytics.
Speaker Change: Assets utilization, so we'll focus on that and the last one we will continue to look for opportunities to invest in our opportunistic fleet Cross oled's install part of all of these companies have done really well as you know over.
Speaker Change: Yes.
Speaker Change: <unk> capacity expanded by 75% and we added over 220, Neil and then land acquisitions that performed very successfully so we'll continue to look for value creation opportunities in that space as well.
Rick Goldberg: So, we'll continue to look for value creation opportunities in that space as well. Got it. Thank you very much. Again, if you would like to ask a question, press star on your telephone key.
Speaker Change: Got it thank you very much.
Speaker Change: Well again, if you would like to ask a question press star one on your telephone keypad.
Alex Fuhrman: Your next question comes from the line of Alex Fuhrman with Craig Howland Capital Group. Please go ahead. Hi, thanks very much for taking my question. Nice to talk to you all. Some of you for the first time here.
Speaker Change: Your next question comes from the lineup, Alex Furman with Craig Hallum Capital Group. Please go ahead.
Alex Furman: Hi, Thanks, very much for taking my question nice to talk to you all some of you for the first time here with.
Alex Fuhrman: Would love it if you could give us an update on where the Disney sales partnership stands right now and how you expect that to ramp throughout the year. Are there a meaningful number of bookings currently coming in through Disney sales channels? And can you talk about how that compares to perhaps what you used to generate from National Geographic's platform alone prior to that?
Alex Furman: Would love it if you could give us an update on where that Disney sales partnership stands right now and how you expect that to ramp throughout the year or are there are meaningful number of bookings currently coming in through Disney sales channels and can you talk about how that compares to perhaps what you used to generate from national.
<unk> platform alone prior to this.
Rick Goldberg: Yes, I will start. Alex, very nice meeting you and I will provide my remarks and I invite others to add. So, the National Geographic-Disney partnership really, really gaining momentum. There is a very strong roadmap for 25. We just spent a week together with our partners there and we have been expanding various both sales channels but also audience channels. So, we started direct mail campaigns in the end of 24 which has very little overlap with our current, less than 8% overlap with our current guests that generated positive returns. We are also expanding through various sales channels by enabling access to earmarked Disney agencies which are premier Disney agencies and that enables us to collaborate with very new travel partners.
Alex Furman: Yes, I will start the Alex very nice meeting you at.
Alex Furman: I will provide my remarks, and I invite others to add so the national geographic Disney partnership.
Alex Furman: Really really gaining momentum there is a very strong road map for 2005, we just spent a week together with our partners there and we've had been expanding whereas both sales channels, but also audience channel. So we started direct mail campaigns and the end of 'twenty, four which has very little.
Alex Furman: The overlap with our current less than 8% overlap with our current guests have generated positive free tolerance. We're also expanding so various sales channels by.
Alex Furman: Enabling access to all earmarked.
Alex Furman: May agencies, which have premier decently agents this and.
Alex Furman: That enables us to collaborate with very new travel partners.
Alex Fuhrman: I expect that it will continue to generate very strong return in 2025 based on foundations that was laid in 2024. Okay, that's really helpful. Thank you very much. Thank you, everyone.
Alex Furman: I expect that it will continue to generate very strong greater than 25 based on the foundation that was laid in 2004.
Speaker Change: Okay. That's really helpful. Thank you very much.
Speaker Change: Thank you everyone. Since there are no more questions that concludes our Q&A session for today I will now turn the call over to Rick Goldberg CFO. Please go ahead.
Gail: Since there are no more questions, that concludes our Q&A session for today.
Rick Goldberg: I will now turn the call over back to Rick Goldberg, CFO. Please go ahead. Thank you so much, everyone. Really appreciate your time today.
Speaker Change: Thank you so much everyone really appreciate your time today.
Speaker Change: Ladies and gentlemen that concludes today's call. Thank you all for joining you may now disconnect have a nice day everyone.
Gail: Ladies and gentlemen, that concludes today's call. Thank you all for joining UA Now Disconnect. Have a nice day, everyone.
Speaker Change: Okay.
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Speaker Change: Okay.
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