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Lindblad's Q1 loss widens but advance bookings are strong

Lindblad Expeditions' first quarter loss widened but the company reported strong advance bookings for 2022 as it gears up to sail in Alaska and the Galápagos this June.

Lindblad's $34.5m loss, or 66 cents per share, ballooned from the $1.9m loss, or 4 cents per share, a year ago. Revenues decreased by $79.5m, or 98%, compared to the same period in 2020.

Despite the heavy impact from the COVID-19 pandemic, the company has substantial bookings for future travel. Bookings for full year 2022 are 39% ahead of the bookings for 2021 as of the same date a year ago and 32% ahead of the bookings for 2020 as of the same date two years ago.

$92m in new bookings

New bookings continue, including more than $92m since the beginning of 2021, and the company is receiving significant deposits and final payments for future travel.

For 2021 voyages that have been canceled or rescheduled, the company is offering future travel credits with incremental value or full refunds to its fully paid guests. As of April 24, the majority of customers have opted for future travel credits. 

Alaska and Galápagos

'We are extremely excited to be on the verge of returning to operations. When our ships resume sailing in Alaska and the Galápagos this June, we will once again be doing what we do best, delivering high quality and immersive experiences to the world's most remarkable destinations,' said Sven-Olof Lindblad, president and CEO.

He added: 'With the vast majority of loyal guests from rescheduled voyages already rebooked for future travel and with the current booking strength we are experiencing, Lindblad is well positioned to build on the growth we were delivering prior to the pandemic.'

In addition to its resumption with vaccinated cruises (for travelers over 16) in Alaska and the Galápagos, the company is working with local health authorities on plans to begin operating in additional geographies during the second half of the year.

Sven Lindblad also said the company is already seeing some cross-selling benefits following its recent acquisitions of Off the Beaten Path, an active travel operator specialized in US national parks, and DuVine, a luxury cycling and adventure travel company.


As of March 31, the company had $163.9m in unrestricted cash and $22.4m in restricted cash primarily related to deposits on future travel originating from US ports. The total debt position was $498.4m and Lindblad is in compliance with all of its debt covenants.

Current monthly cash usage is approximately $10m to $15m, including ship and office operating expenses, necessary capital expenditures and interest and principal payments. This excludes customer payments for future travel and cash refunds requested.

New ship in Q4

National Geographic Resolution is scheduled for delivery in the fourth quarter.


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