Lindblad Expeditions reports 2021 second quarter financial results

Second quarter tour revenues of $15.3 million, as compared to $15.5 million the same period in 2020. Second quarter Adjusted EBITDA loss of $23.0 million, improved $2.5 million as compared to the same period in 2020.
Second Quarter 2021 Highlights:
- Resumed fleet operations in June 2021 with three ships in Alaska and one ship in the Galapagos; as of July 31, 2021 eight of nine owned and operated ships have restarted expeditions
- Increased total cash by $17 million through strong guest payments and continued cost reductions; ended quarter with $160 million in unrestricted cash and $44 million in restricted cash
- Strong reservations for future travel with 2022 bookings 36% ahead of bookings for 2021 at the same point a year ago
- Amended all credit agreements to extend waiver of leverage covenants through the first quarter of 2022 and deferred principal payments on export credit facilities through the end of 2021
Dolf Berle, Chief Executive Officer, said "It is a great privilege to succeed our founder Sven Lindblad in the CEO role of this remarkable Company. Over the past 40 years Sven has built the preeminent expedition travel business, providing high-quality and immersive experiences in the world's most extraordinary destinations. I am excited, together with Sven and the entire Lindblad Board of Directors, to build upon this past success and further capitalize on the substantial demand for authentic adventure travel. Much of our short-term focus is on ramping up operations, and we couldn't be happier to have nearly all our ships back delivering unparalleled experiences to our loyal guests. At the same time, the comprehensive plan the Company has been executing during the pandemic has enabled us to return to operations as a vibrant company. While it will take some time to fully regain the momentum we were generating before the pandemic, we are well on our way and, with additional capacity from two new polar ships, an expanded product platform that includes our two recently acquired land-based business, and a strong balance sheet that will enable us to explore additional opportunities, we are well positioned for sustained growth and building additional shareholder value in the years ahead."
Aug 04 2021
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