Q2 2024 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Lindblad Expeditions Holdings Inc (LIND) reported a 9% increase in total revenue for the second quarter of 2024, reaching $136.5 million.
- Bookings for future travel were up 17% compared to the same period in 2023, indicating strong demand.
- The company has expanded its fleet with the acquisition of two additional ships for the Galapagos, increasing inventory by 45%.
- Lindblad's land experience sector continues to perform well, with a 16% increase in revenue year-over-year.
- The partnership with National Geographic and Disney is expected to significantly grow the company through at least 2040, with new marketing campaigns and brand updates planned.
- The ongoing Middle East conflict has negatively impacted Lindblad's Egypt program and led to the cancellation of two Mediterranean voyages.
- Instability in mainland Ecuador briefly affected Galapagos voyages, although the situation has stabilized.
- The company faces increased general and administrative costs, primarily due to higher personnel expenses and increased royalties.
- Sales and marketing expenses rose by 20.6% year-over-year, driven by the expanded National Geographic agreement and additional marketing spend.
- Despite strong booking trends, the company acknowledges that external influences, such as geopolitical events, continue to pose risks to future operations.
Ladies and gentlemen, thank you for standing by. My name is Desirey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad Expeditions Holdings, Inc. reports 2024 second quarter financial results. (Operator Instructions) I would now like to turn the conference over to Dyson Dryden, Chief Financial Officer. Please go ahead.
Thank you, Desirey. Good morning, everyone, and thank you for joining us for Lindblad's 2024 second quarter earnings call. With me on the call today is Sven Lindblad, Founder and CEO. Sven will begin with some opening comments, and then I will follow with some details on the financial results and our current 2024 expectations before we open the call for Q&A. You can find our latest earnings release in the Investor Relations section of our website.
Before we get started, let me remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to risks and
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