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Lindblad
Expeditions
Holdings, Inc.
2023 ANNUAL REPORT
Cover: National Geographic Endurance and National Geographic Resolution, Antarctica.    Johan Bernekorn
Above: Gray whale, Baja California.    Michael S. Nolan
OUR MESSAGE
Letter from the Chief Executive Officer
It has been nearly a year since I returned as CEO of Lindblad Expeditions and I couldn   t be prouder of all that we
accomplished in 2023. We generated record financial results and strong operational momentum, while ensuring
our number one priority remains the same as it was since I founded the Company back in 1979 - ensuring that
everything we do elevates and enhances the guest experience.
As we remained diligent on delivering on the thrill of exploration to our diverse community of guests, our focus
this past year included a number of priorities that I believe will usher in a new era for our enterprise and deliver
meaningful shareholder value in the years ahead.
First and foremost, we were determined this past year to put the pandemic definitively behind us. The record
financial results we delivered in 2023, including 35% revenue growth and Adjusted EBITDA over $71 million, are a
pretty good indication that we are well on our way to achieving that outcome. The strategic investments we have
made over the last several years to expand our capacity has dramatically increased the earnings power of the
company and the growth we delivered this past year demonstrates the opportunity we have across our diverse
portfolio of experiential offerings.
In 2023, we took nearly 30,000 guests on our ships -- more than ever before -- to the remarkable destinations we
have been visiting for decades and, most importantly, the guest feedback has been nothing short of extraordinary.
All the drivers of our business were up this year led by a 33% increase in guest nights as we began to fully utilize
our expanded fleet. As we increased capacity, we also generated meaningful growth in pricing, along with higher
occupancies, which combined to drive net yield growth of 12% year on year.
The second catalyst of our new era is capitalizing on the massive growth of interest in expedition travel. The pull
to connect authentically with nature and culture is growing by the day, and there is no other company in this
segment with our track record or with our commitment to providing authentic and immersive itineraries. This past
November, we further solidified our ability to take advantage of this growth with the extension and expansion
of our twenty-year-old partnership with National Geographic, one of the world   s most respected and beloved
brands. This new agreement, which runs through 2040, will enable us to grow our brand on an international scale
and reach more citizen explorers than ever before. Beyond enhancing our shared expertise and the onboard
experience for our guests, it will increase the earnings potential of the company by opening larger addressable
markets through new worldwide audiences. In short, it will further solidify our position as the leader in expedition
cruise and experiential adventure travel, a segment we have been leading for more than fifty years.
It also brings with it the power of The Walt Disney Company and its many different capabilities to promote and
activate the market. Our mutual marketing and sales teams are already collaborating on the best ways to harness
the collective power of Lindblad Expeditions, National Geographic Society and Disney. We are using each brand   s
strengths to drive value and I firmly believe that this will result in meaningful accelerated growth, in terms of
occupancy, yield protection and expansion of the fleet for years to come.
Third in this new era is building our technology to support innovative ways to drive the business. In many ways
2023 was a year of transition on this front as we launched our new reservation system in May - the final building
block in our digital stack transformation, which also included a new CRM, a new Content Management System,
a new Digital Asset Management system and a new Customer Data Platform. We still have a ways to go before
we fully exploit the possibilities that these systems provide but we are already seeing record bookings coming
through our website, we are achieving higher conversion rates across all parts of the funnel and we are delivering
stronger guest service metrics at our contact center.
A fourth pillar in this new era is reconnecting with our community in creative ways and building the most modern
marketing and sales platform to propel growth. The new agreement with National Geographic and our upgraded
technology platform will certainly be a big part of that moving forward but we are already reaching new audiences
with an expanded sales team and upgraded digital lead generation capabilities. We have been focusing on
(continues on reverse side)
driving first-timer bookings through elevated search campaigns to capture and convert more prospects than ever
before. Growing first timers is critical, in that repeat behavior is significant and they become a key community to
propel growth.
A new era also means bringing research and development back to the forefront in terms of new geographies, new
experiences in parts of the world we have been visiting for years and innovating the ways we immerse our guests in
these remarkable destinations.
For 2024, we have developed a variety of new itineraries specifically designed to attract new guests. Most are of
shorter duration in order to get people into the system for the first time. Examples are a multi-month commitment
to Iceland this summer and our recently launched collaboration with Food & Wine magazine, pairing 14 expeditions
along the Columbia and Snake Rivers in Washington and Oregon with programming elements, wine selections, and
special guests selected by the editorial staff at Food & Wine.
One of our biggest initiatives is a fly in component for one of our Antarctic ships creating itineraries that avoid crossing
the Drake Passage on some voyages and just one way on others. It also allows for guests with more limited time to visit
Antarctica. These offerings have literally flown off the shelves and are allowing us to connect with new travelers who
wouldn   t have considered this type of expedition before.
The last component of the new era is maximizing our diverse portfolio of land businesses while looking for additional
expansion opportunities either through new capacity or further diversification of land offerings. The investments
we have made thus far in broadening our land portfolio has proven wildly successful. Marrying the vision, expertise
and entrepreneurial spirit of the founders with the operating and marketing power of Lindblad has grown our land
portfolio from EBITDA of just over $3 million when we first acquired Natural Habitat to nearly $23 million in 2023,
including nearly 30% growth year on year. This has not only created significant value for our guests and shareholders
but also is a great calling card as we strategically look to find additional companies to join our family.
Our global impact extends beyond our portfolio of products, we also value our legacy of more than 50 years as a
leader in    responsible exploration    and sustainability, Lindblad is a 100% carbon neutral company committed to
sustainable business operations and preserving our planet for future generations. The true spirit of the company is
our mission to educate curious travelers about the world around us because we believe that when you learn about
something, you care more about it. For our team,    responsible exploration    means adopting sustainable business
practices, protecting nature, preserving culture, and uplifting local communities and artisans, which we do in a variety
of ways. This year, we raised approximately $2 million from curious and committed travelers to protect the ocean,
conserve wildlife, preserve local communities and culture, and enable meaningful scientific research distributed by
the Lindblad Expeditions     National Geographic Fund.
So, as you can see the new era has clearly begun for Lindblad Expeditions and we are excited to further accelerate
that new era in 2024 and beyond. I remain inspired by the extraordinary geographies we traverse, our perfectly suited
ships and curated expeditions, the uniquely collaborative spirit of the Lindblad Expeditions portfolio of brands, and
the camaraderie of our curious travelers. Overall, our team is activating in all the right ways as guests are returning
to expedition travel with enthusiasm. Our companies are using data and insights to drive performance and display
our commitment to our beautiful planet and drive a united customer-centric ethos. Collectively, this leads to the most
exceptional and immersive expeditions company that I am so very proud to lead. Because when it comes to travelling
the world, it   s not what you see, but how you see it that really matters.
Sincerely,
Sven-Olof Lindblad
Founder and Chief Executive Officer
 • shareholder letter icon 4/25/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/18/2023 LIND Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon LIND Benford's Law Stock Score = 36


LIND Shareholder/Stockholder Letter Transcript:

Lindblad
Expeditions
Holdings, Inc.
2023 ANNUAL REPORT

Cover: National Geographic Endurance and National Geographic Resolution, Antarctica.    Johan Bernekorn
Above: Gray whale, Baja California.    Michael S. Nolan

OUR MESSAGE
Letter from the Chief Executive Officer
It has been nearly a year since I returned as CEO of Lindblad Expeditions and I couldn   t be prouder of all that we
accomplished in 2023. We generated record financial results and strong operational momentum, while ensuring
our number one priority remains the same as it was since I founded the Company back in 1979 - ensuring that
everything we do elevates and enhances the guest experience.
As we remained diligent on delivering on the thrill of exploration to our diverse community of guests, our focus
this past year included a number of priorities that I believe will usher in a new era for our enterprise and deliver
meaningful shareholder value in the years ahead.
First and foremost, we were determined this past year to put the pandemic definitively behind us. The record
financial results we delivered in 2023, including 35% revenue growth and Adjusted EBITDA over $71 million, are a
pretty good indication that we are well on our way to achieving that outcome. The strategic investments we have
made over the last several years to expand our capacity has dramatically increased the earnings power of the
company and the growth we delivered this past year demonstrates the opportunity we have across our diverse
portfolio of experiential offerings.
In 2023, we took nearly 30,000 guests on our ships -- more than ever before -- to the remarkable destinations we
have been visiting for decades and, most importantly, the guest feedback has been nothing short of extraordinary.
All the drivers of our business were up this year led by a 33% increase in guest nights as we began to fully utilize
our expanded fleet. As we increased capacity, we also generated meaningful growth in pricing, along with higher
occupancies, which combined to drive net yield growth of 12% year on year.
The second catalyst of our new era is capitalizing on the massive growth of interest in expedition travel. The pull
to connect authentically with nature and culture is growing by the day, and there is no other company in this
segment with our track record or with our commitment to providing authentic and immersive itineraries. This past
November, we further solidified our ability to take advantage of this growth with the extension and expansion
of our twenty-year-old partnership with National Geographic, one of the world   s most respected and beloved
brands. This new agreement, which runs through 2040, will enable us to grow our brand on an international scale
and reach more citizen explorers than ever before. Beyond enhancing our shared expertise and the onboard
experience for our guests, it will increase the earnings potential of the company by opening larger addressable
markets through new worldwide audiences. In short, it will further solidify our position as the leader in expedition
cruise and experiential adventure travel, a segment we have been leading for more than fifty years.
It also brings with it the power of The Walt Disney Company and its many different capabilities to promote and
activate the market. Our mutual marketing and sales teams are already collaborating on the best ways to harness
the collective power of Lindblad Expeditions, National Geographic Society and Disney. We are using each brand   s
strengths to drive value and I firmly believe that this will result in meaningful accelerated growth, in terms of
occupancy, yield protection and expansion of the fleet for years to come.
Third in this new era is building our technology to support innovative ways to drive the business. In many ways
2023 was a year of transition on this front as we launched our new reservation system in May - the final building
block in our digital stack transformation, which also included a new CRM, a new Content Management System,
a new Digital Asset Management system and a new Customer Data Platform. We still have a ways to go before
we fully exploit the possibilities that these systems provide but we are already seeing record bookings coming
through our website, we are achieving higher conversion rates across all parts of the funnel and we are delivering
stronger guest service metrics at our contact center.
A fourth pillar in this new era is reconnecting with our community in creative ways and building the most modern
marketing and sales platform to propel growth. The new agreement with National Geographic and our upgraded
technology platform will certainly be a big part of that moving forward but we are already reaching new audiences
with an expanded sales team and upgraded digital lead generation capabilities. We have been focusing on
(continues on reverse side)

driving first-timer bookings through elevated search campaigns to capture and convert more prospects than ever
before. Growing first timers is critical, in that repeat behavior is significant and they become a key community to
propel growth.
A new era also means bringing research and development back to the forefront in terms of new geographies, new
experiences in parts of the world we have been visiting for years and innovating the ways we immerse our guests in
these remarkable destinations.
For 2024, we have developed a variety of new itineraries specifically designed to attract new guests. Most are of
shorter duration in order to get people into the system for the first time. Examples are a multi-month commitment
to Iceland this summer and our recently launched collaboration with Food & Wine magazine, pairing 14 expeditions
along the Columbia and Snake Rivers in Washington and Oregon with programming elements, wine selections, and
special guests selected by the editorial staff at Food & Wine.
One of our biggest initiatives is a fly in component for one of our Antarctic ships creating itineraries that avoid crossing
the Drake Passage on some voyages and just one way on others. It also allows for guests with more limited time to visit
Antarctica. These offerings have literally flown off the shelves and are allowing us to connect with new travelers who
wouldn   t have considered this type of expedition before.
The last component of the new era is maximizing our diverse portfolio of land businesses while looking for additional
expansion opportunities either through new capacity or further diversification of land offerings. The investments
we have made thus far in broadening our land portfolio has proven wildly successful. Marrying the vision, expertise
and entrepreneurial spirit of the founders with the operating and marketing power of Lindblad has grown our land
portfolio from EBITDA of just over $3 million when we first acquired Natural Habitat to nearly $23 million in 2023,
including nearly 30% growth year on year. This has not only created significant value for our guests and shareholders
but also is a great calling card as we strategically look to find additional companies to join our family.
Our global impact extends beyond our portfolio of products, we also value our legacy of more than 50 years as a
leader in    responsible exploration    and sustainability, Lindblad is a 100% carbon neutral company committed to
sustainable business operations and preserving our planet for future generations. The true spirit of the company is
our mission to educate curious travelers about the world around us because we believe that when you learn about
something, you care more about it. For our team,    responsible exploration    means adopting sustainable business
practices, protecting nature, preserving culture, and uplifting local communities and artisans, which we do in a variety
of ways. This year, we raised approximately $2 million from curious and committed travelers to protect the ocean,
conserve wildlife, preserve local communities and culture, and enable meaningful scientific research distributed by
the Lindblad Expeditions     National Geographic Fund.
So, as you can see the new era has clearly begun for Lindblad Expeditions and we are excited to further accelerate
that new era in 2024 and beyond. I remain inspired by the extraordinary geographies we traverse, our perfectly suited
ships and curated expeditions, the uniquely collaborative spirit of the Lindblad Expeditions portfolio of brands, and
the camaraderie of our curious travelers. Overall, our team is activating in all the right ways as guests are returning
to expedition travel with enthusiasm. Our companies are using data and insights to drive performance and display
our commitment to our beautiful planet and drive a united customer-centric ethos. Collectively, this leads to the most
exceptional and immersive expeditions company that I am so very proud to lead. Because when it comes to travelling
the world, it   s not what you see, but how you see it that really matters.
Sincerely,
Sven-Olof Lindblad
Founder and Chief Executive Officer



shareholder letter icon 4/25/2024 Letter Continued (Full PDF)
 

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