Lindblad Expeditions Holdings, Inc. (LIND) SEC Filings & Earnings Calls

Integration risk and reliance on acquired companies' performance.

“Acquisition of controlling interest with earn-out based on future EBITDA.”

Fuel cost pressure

“Total cost of tours for the three months ended June 30, 2026 increased $11.2 million, or 12%, to $102.6 million, compared to $91.4 million for the three months ended June 30, 2025, primarily due to additional voyages and trips, higher fuel cost and increased other operating costs.”

Seasonality and drydock disruption

“The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters.” · word for word

Geopolitical and travel disruption risk

“Potential risks and uncertainties include adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel.”

Fuel cost pressure on margins

“Higher fuel costs partially offset revenue gains in Lindblad segment”

Marketing spend increase for growth

“Higher marketing spend to drive long-term growth initiatives” · word for word

Geopolitical and macro environment complexity noted by CEO.

“In a complex macro and geopolitical environment, our team delivered another record quarter” · word for word

Fuel price sensitivity

“Increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general.” · word for word

Seasonality and drydock impact

“Drydocking impacts operating results by reducing tour revenues and increasing cost of tours.” · word for word

No material risk; routine executive appointment.

“No arrangements or understandings with other persons; no family relationships; no material interest in transactions.”

No material risk; small acquisition with no change in control.

“Ownership increased from 90% to 95%.”

Debt Covenant Compliance Risk

“We are subject to various covenants in the instruments governing our debt. Any failure to comply with such terms, conditions, and covenants could result in an event of default under our current or future indebtedness.” · word for word

Ownership Restriction Risk (Coastwise Laws)

“If non-U.S. citizens own more than 22% of our capital stock, we may not have the funds or the ability to redeem any excess shares and the charitable trust mechanism described above may be deemed invalid or unenforceable.” · word for word

Economic Sensitivity Risk

“Any circumstance or event that leads to a decrease in consumer cruise and land-based travel spending, such as worsening global economic conditions or significant incidents impacting the cruise industry, the expedition cruise industry or the travel industry, could negatively affect our operating cash flows.” · word for word

Dilution risk from mandatory conversion of preferred stock.

“Conversion of 62,000 preferred shares into ~9M common shares, increasing share count by 16%.”

Charter dependency introduces counterparty risk.

“three-year charter of the Greg Mortimer” · word for word

Debt Refinancing Costs

“Other expense for the three months ended September 30, 2025 increased $22.9 million to $33.9 million... due primarily to $23.5 million in debt extinguishment and other financing expenses related to the issuance of the $675.0 million 7.00% senior secured notes due 2030.” · word for word

Seasonality and Drydock Impact

“The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters.” · word for word

Fuel Cost Exposure

“Increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general.” · word for word

Debt refinancing costs impacted net income; net loss vs prior year net income

“Net loss available to stockholders for the third quarter was $49 thousand, $0.00 per diluted share, as compared with net income available to stockholders of $21.3 million, $0.36 per diluted share, in the third quarter of 2024. The $21.4 million decrease primarily reflects $23.5 million in debt refinancing expenses” · word for word