MoneyForNuthin
3 years ago
$LIND Great news today, new marketing head has a great track record and perfect experience to bring to Lindblad! There is definitely pent-up demand for travel and leisure and, with Goodman steering the marketing, I think we'll see record growth in Lindblad's experiential cruise and adventure tours for the next 5 years+ - definitely much higher than any of the run of the mill "luxury" cruise lines. This is a great time to build a position!
https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-appoints-david-goodman-as-chief-commercial-and-marketing-officer-301171338.html
Lindblad Expeditions Holdings, Inc. Appoints David Goodman As Chief Commercial And Marketing Officer
NEW YORK, Nov. 11, 2020 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND) ("Lindblad" or the "Company"), a global provider of expedition cruises and adventure travel experiences, announced today it has named David Goodman as its Chief Commercial and Marketing Officer, effective November 9, 2020.
David has spent 30+ years running divisions of global multi-media organizations, overseeing revenue, marketing, content creation, production, product/technology, distribution and oversight of some of the world's most recognizable brands and properties. Most recently he served as Executive Vice President, Marketing and Digital Development at Sotheby's, where he and his team were responsible for numerous initiatives which resulted in record growth in audience (physical/digital), revenue, e-commerce sales, content creation (web, mobile, social, video, print, AR/VR) while incorporating best-in-class technology into client-facing products and processes.
Under his leadership, David was the chief architect of Sotheby's highly successful digital strategy, which resulted in record online traffic; the creation of a global and "mobile first," discovery, registration, bidding and buying platform; a global publishing and content creation/audience platform; and apps for the iPhone, iPad, Android phone, Amazon Fire, Samsung Smart TV, and Apple TV (named one of Apple's "Best New Apps" when launched). He also created the award winning "Treasures From Chatsworth," a 13-part series and live exhibition; new sales categories, and the creation and implementation of sophisticated internal/external advertising, insight and analytics programs.
Goodman came to Sotheby's from The Madison Square Garden Company, where he was the President of Productions and Live Entertainment. Prior to his role at MSG, he spent 13 years at CBS in several roles, including President of CBS Live Experiences, President of CBS Interactive Music Group and President of Digital Media and Integrated Marketing for CBS Radio. David has also served as an executive at Warner Bros., President of Warnervision, a division of The Warner Music Group, and Saban Entertainment. Additionally, he has created and/or executive-produced numerous award-winning and critically acclaimed shows, series and specials across almost every facet of entertainment, which have reached, entertained and educated hundreds of millions of people around the world.
In his new role at Lindblad, Mr. Goodman will be responsible for all revenue production and will lead marketing, sales, digital product development and strategic partnerships.
"As we navigate through the COVID-19 pandemic and look to reactivate in 2021, David Goodman will be a very meaningful addition to our leadership team. Lindblad Expeditions was on a solid growth trajectory prior to the pandemic and intends to continue on an aggressive growth plan in 2021 and beyond. David's skills and background will add immeasurably in building the marketing and sales platform that will fuel that growth," stated Sven Lindblad, President and CEO of Lindblad Expeditions.
Mr. Goodman, who will be based at Lindblad's headquarters in New York, commented, "Since a young age, I've loved traveling, especially to places a bit off the beaten path. For almost 50 years, Lindblad has been the leader in experiential travel, taking hundreds of thousands of people on expeditions to the most extraordinary places in the world. We have a tremendous opportunity to innovate the existing business with new content, technology, products and services, which will drive interest and demand while positioning the company for future growth. I can't think of a better opportunity both personally and professionally, especially given the timing as we prepare for the world to start traveling again.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.
Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership's educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.
Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat's adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.
For more information visit us at www.expeditions.com or find us on Facebook, Twitter, Instagram, YouTube, Pinterest and LinkedIn.
MoneyForNuthin
3 years ago
Earnings Press Release, 10/29/2020 for Q3 Earnings Report -
Full press release with Summary and Highlights:
https://investors.expeditions.com/press-releases/news-details/2020/Lindblad-Expeditions-Holdings-Inc.-Reports-2020-Third-Quarter-Financial-Results/default.aspx
Lindblad Expeditions Holdings, Inc. Reports 2020 Third Quarter Financial Results
Company Release - 10/29/2020
NEW YORK, Oct. 29, 2020 /PRNewswire/ --
Third Quarter 2020 Highlights:
- Raised $85 million through private placement issuance of convertible preferred equity to prominent ("long-term") investors
- Amended term loan and revolving credit facilities to waive leverage covenants through Q2 2021
- Implemented significant cost reduction measures to further increase liquidity profile and ended the quarter with $129.6 million in unrestricted cash and $16.5 million in restricted cash
- Cash usage is approximately $10-15 million monthly excluding the impact of guest payments and refunds
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the quarter ended September 30, 2020.
Sven-Olof Lindblad, President and Chief Executive Officer, said "Since the COVID-19 pandemic began our focus has been on enhancing our existing rigorous protocols so we can return safely to the world's most remarkable destinations, while ensuring we have enough liquidity to withstand the uncertain time out of service and emerge in a position of strength. The response from local authorities and our loyal guests to the extensive protocols we have developed has been overwhelmingly positive and we continue to move closer to resuming operations in geographies that we have been visiting for over forty years. This past quarter we continued to reduce our cost structure while further enhancing our financial position by raising additional capital from a diversified group of long-term investors. This investment will provide significant runway as we prepare to return to exploring, while also providing us financial flexibility to pursue additional opportunities for growth as we emerge from the pandemic."
("long-term" - i.e. not immediately dilutive, not selling shares into the market)
COVID-19 BUSINESS UPDATE
Due to the spread of the COVID-19 virus and the effects of travel restrictions around the world, the Company has suspended or rescheduled the majority of its expeditions departing March 16, 2020 through December 31, 2020 and has rescheduled its 2020-2021 Antarctica season. The Company has been working with guests to amend travel plans and refund payments, as applicable. The Company's ships are currently being maintained with minimally required crew on-board to ensure they comply with all necessary regulations and can be fully put back into service quickly as needed. In accordance with local regulations, the Company closed its offices and most employees are working remotely to maintain general business operations, to provide assistance to existing and potential guests and to maintain information technology systems.
The Company moved quickly to implement a comprehensive plan to mitigate the impact of COVID-19 and preserve and enhance its liquidity position. The Company is employing a variety of cost reduction and cash preservation measures, while accessing available capital under its existing debt facilities and through the issuance of preferred equity, while exploring additional sources of capital and liquidity. These measures include the following operating expense and capital expenditure reductions:
Significantly reduced ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up.
Lowered expected annual maintenance capital expenditures by over $10 million, savings of more than 50% from originally planned levels.
Meaningfully reduced general and administrative expenses through employee furloughs, payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending.
Suspended the majority of planned advertising and marketing spend.
Suspended all repurchases of common stock under the stock repurchase plan.
Bookings Trends
The Company was off to a strong start to the year with Lindblad segment bookings at the end of February up 25% for the full year 2020 as compared to the same point a year ago for 2019, and had sold 86% of its originally projected guest ticket revenues for the year. Since that point, the Company has experienced a substantial impact from the COVID-19 virus including elevated cancellations and softness in near-term demand. As of October 26, 2020, Lindblad segment bookings for travel in 2020 are now 74% below the same point a year ago for 2019 due primarily to the cancelled and rescheduled voyages. The Company has substantial advanced bookings for travel in 2021 and despite increased cancellations for travel in the first quarter of 2021, total bookings for 2021 are 4% ahead of bookings for 2019 as of the same date in 2018 and only 12% below the same date a year ago for 2020. For the last nine months of 2021 bookings are 12% ahead of the bookings for the same period in 2020 as of the same date a year ago. The Company continues to see new bookings for future travel including over $44.0 million since March 1, 2020, and it is receiving deposits and final payments for future travel.
For 2020 voyages that have been cancelled or rescheduled, the Company is providing future travel credits with incremental value or full refunds, as applicable, to its fully paid guests. As of October 26, 2020, the majority of guests have opted for future travel credits.
Balance Sheet and Liquidity
As of September 30, 2020, the Company had $129.6 million in unrestricted cash and $16.5 million in restricted cash primarily related to deposits on future travel originating from U.S. ports. During the first quarter of 2020 the Company drew down $45.0 million under its revolving credit facility as a precautionary measure for working capital and general corporate purposes given the uncertainty related to the COVID-19 pandemic and borrowed $107.7 million under its first export credit agreement in conjunction with final payment on delivery of the National Geographic Endurance in March 2020.
During April 2020, the Company drew down $30.6 million under its second export credit agreement in conjunction with its third installment payment on the National Geographic Resolution scheduled for delivery in the fourth quarter of 2021.
During May 2020, the Company amended its $2.5 million promissory note, changing the maturity date of the principal payments to be due in three equal installments, with the first payment due on December 22, 2020, the second due on December 22, 2021 and the final payment due on December 22, 2022.
During June 2020, the Company amended its export credit agreements to defer approximately $9.0 million in aggregate scheduled amortization payments from June 2020 through March 2021 and to suspend the total net leverage ratio covenant from June 2020 through June 2021.
During August 2020, the Company amended its term loan and revolving credit facilities to waive the application of the total net leverage ratio covenant through June 2021. In connection with the amendment, the interest rate of the term loan has been increased by 125bps, to be paid-in-kind at maturity, a LIBOR floor of 75bps has been added to each facility and certain covenants have been amended to be more restrictive.
During August 2020, the Company raised $85.0 million in gross proceeds through the private placement issuance of Redeemable Convertible Series A Preferred Stock that carries a 6% annual dividend, which is payable in kind for two years and thereafter in cash or in-kind at the Company's option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of $9.50 per share, representing a premium of 23% to Lindblad's 30-trading volume weighted average price on the date of issuance.
As of September 30, 2020, the Company had a total debt position of $412.2 million and was in compliance with all of its debt covenants in effect. The Company has no material debt maturities until 2023.
The Company estimates its monthly cash usage while its vessels are not in operations to be approximately $10-15 million including ship and office operating expenses, necessary capital expenditures and interest and principal payments. This excludes guest payments for future travel and cash refunds requested on previously made guest payments. The Company continues to evaluate additional strategies to enhance its liquidity position which may include, but are not limited to, further reductions in operating expenses, capital expenditures and administrative costs as well as additional financings.
The Company has not previously experienced a complete cessation of its operations and, as a consequence, its ability to predict the impact of such cessation on its costs and future prospects is limited. Given the dynamic nature of this situation, the Company cannot reasonably estimate the impacts of the COVID-19 virus on its financial condition, results of operations, cash flows, plans and growth for the foreseeable future. It is unknown when travel restrictions and various border closures will be lifted and what the demand for expedition travel will be once these restrictions are no longer in place. The estimates for monthly cash usage reflect the Company's current forecast for operating costs, capital expenditures and expected debt and interest payments. Based on current liquidity, the actions taken to date and its current forecast, which assumes rescheduled operations during 2020 with a ramp up in operations throughout 2021, the Company believes that its liquidity should be adequate to meet its obligations for the next 12 months.
Return to Operations
The Company already has a robust set of operating protocols and, in preparation for the resumption of operations, has been proactively working in close cooperation with various medical policy experts and public health authorities to further augment its procedures and protocols for health and safety onboard its vessels to mitigate the potential impacts of the COVID-19 virus. These protocols encompass, but are not limited to, medical care, screening, testing, social distancing, personal protective equipment, and sanitization during all aspects of the expedition.
While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 to 148 passengers, allowing for a highly controlled environment that includes stringent cleaning protocols. The small nature of the Company's ships should also allow it to efficiently and effectively test its guests and crew prior to boarding. On average, the Company estimates it will only take a few thousand tests a month to ensure all guests and crew across its entire fleet have been tested. Additionally, the majority of its expeditions take place in remote locations where human interactions are limited, so there is less opportunity for external influence. The Company also has the ability to be flexible with regards to existing itineraries and is actively investigating additional itinerary opportunities both internationally and domestically. Lastly, the Company's guests are explorers by nature, eager to travel and have historically been very resilient following periods of uncertainty.
THIRD QUARTER RESULTS... (see full PR, link provided at top of post)
MoneyForNuthin
4 years ago
Lindblad Expeditions Raises $85 Million from Prominent Investors
https://www.expeditions.com/about-us/press-room/press-releases/lindblad-expeditions-raises-85-million-from-prominent-investors-enhance-financial-flexibility-support-long-term-growth/
Lindblad Expeditions Raises $85 Million from Prominent Investors to Enhance Financial Flexibility and Support Long-Term Growth
MSD Partners and Durable Capital lead private placement of convertible preferred stock to further boost cash reserves to support current operations and potential future growth opportunities
Lindblad plans to resume operations as soon as possible, but this capital raise is expected to support the Company’s liquidity needs through 2021, even in the event of an extended Covid-related shutdown
NEW YORK, August 27, 2020 – Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad”) today reported that it has entered into an agreement with a group of investors (the “Investors”), including MSD Partners, L.P., Durable Capital L.P., Headlands Capital, Deep Field Asset Management LLC and Declaration Capital, for the private placement of $85 million of convertible preferred stock.
“Since the global COVID-19 pandemic began, we have taken a variety of proactive measures to ensure that Lindblad is sufficiently capitalized to withstand this downturn and emerge in a position of strength,” commented Sven-Olof Lindblad, President and Chief Executive Officer. “I am happy to report that we have secured $85 million of additional capital from this outstanding, diversified group of experienced long-term investors.”
Lindblad continued, “We know our guests are eager to travel again and this investment provides us with additional financial flexibility as we prepare to return to exploring the world’s most remarkable destinations.”
The Investors have agreed to make an investment of $85 million in newly-issued convertible preferred stock that carries a 6.0% dividend, which is payable in kind for 2 years and thereafter in cash or in-kind at the Company’s option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of $9.50 per share, representing a premium of 23% to Lindblad’s 30-trading day volume-weighted average price. On an as-converted basis, the preferred stock will represent approximately 15.5% of the pro forma common shares outstanding.
“We were overwhelmed by the enthusiastic response to this offering and are thrilled to add such a high- quality set of value-add investors supporting the company,” said Mark Ein, Lindblad’s Chairman of the Board. “We believe this capital will not only secure our return to operations but, along with support from our committed investor base, will also position us to be offensive in pursuing opportunities to accelerate the growth of our platform coming out of the pandemic.”
“Lindblad Expeditions is a world-class franchise with a unique offering of expedition travel experiences. We have admired the company and its team for many years and are excited to partner with them at this time,” said Dan Bitar, a representative of MSD.
The net proceeds from the investment will be used for general corporate purposes. On a pro forma basis, Lindblad’s liquidity position at June 30, 2020 would have been approximately $187 million when factoring in this $85 million investment from the Investors.
Lindblad was represented in the transaction by Citigroup Global Markets Inc., as placement agent, and Latham & Watkins LLP, as legal advisor.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.
Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership’s educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.
Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat’s adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.
About MSD Partners
MSD Partners, L.P. is an SEC-registered investment adviser that was formed in 2009 by the principals of MSD Capital, L.P. to enable a select group of investors to invest in strategies that were developed by MSD Capital (the private investment firm for Michael Dell and his family). MSD Partners utilizes a multi-disciplinary investment strategy focused on maximizing long-term capital appreciation by making investments across the globe in the equities of public and private companies, credit, real estate and other asset classes and securities. MSD Partners is headquartered in New York with additional offices in Santa Monica and West Palm Beach. Additional information regarding MSD Partners may be found at msdpartners.com.
About Durable Capital Partners
Durable Capital Partners L.P. is an investment adviser founded by Henry Ellenbogen. Durable Capital Partners L.P.'s investment philosophy is grounded in sourcing small-cap and mid-cap compounders in both the private and public markets.
Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s financial projections and may also generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe the Company’s financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. Many of these risks and uncertainties are currently amplified by, and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) suspended operations and disruptions to our business and operations related to the novel corona virus COVID-19; (ii) the impacts of the novel coronavirus COVID-19 on our financial condition, liquidity, results of operations, cash flows, employees, plans and growth; (iii) the impacts of the novel coronavirus COVID-19 on future travel and the cruise and airline industries in general; (iv) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, pandemics or other events; (v) changes adversely affecting the business in which we are engaged; (vi) management of our growth and our ability to execute on our planned growth; (vii) our business strategy and plans; (viii) our ability to maintain our relationship with National Geographic; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) compliance with the financial and/or operating covenants in our debt arrangements; (xi) adverse publicity regarding the cruise industry in general; (xii) loss of business due to competition; (xiii) the result of future financing efforts; (xiv) delays and costs overruns with respect to the construction and delivery of newly constructed vessels; (xv) the inability to meet revenue and other financial projections; and (xvi) those risks described in the Company’s filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company’s performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company’s website.
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