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Here are 1-3 brief analogies for Lindblad Expeditions (LIND):

• National Geographic for expedition cruises.
• Abercrombie & Kent for marine expeditions.
• Four Seasons for adventure cruises.

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• Expedition Cruises: Small-ship voyages to unique, often remote destinations, emphasizing immersive exploration, wildlife viewing, and educational experiences led by naturalists and experts.
• Land-Based Expeditions: Guided tours focusing on natural history, wildlife, and cultural immersion in various global destinations, offered as an alternative or complement to their cruise experiences.
• Private Expeditions & Charters: Tailored travel experiences for private groups, allowing them to customize itineraries and utilize Lindblad's ships or expertise for exclusive journeys.

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Lindblad Expeditions (LIND) primarily sells its expedition travel experiences directly to individuals rather than to other companies. Therefore, its customers can be categorized as follows:

• Affluent and Discerning Travelers: These customers possess significant disposable income and seek premium, unique, and high-quality travel experiences. They are willing to invest in immersive expeditions to remote destinations that offer exclusive access and personalized service.
• Intellectually Curious and Education-Focused Individuals: This category comprises travelers who value learning and enrichment. They are drawn to Lindblad's expeditions for the opportunity to engage with naturalists, scientists, and historians, deepening their understanding of the natural world, cultures, and history of the regions visited.
• Nature and Adventure Enthusiasts: These customers are motivated by a strong desire to explore pristine natural environments, witness wildlife in its natural habitat, and participate in active pursuits such as kayaking, snorkeling, hiking, and Zodiac excursions. They seek authentic, close-up encounters with nature and a sense of adventure.

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Natalya Leahy, Chief Executive Officer

Natalya Leahy will assume the role of Chief Executive Officer of Lindblad Expeditions Holdings, Inc. on January 1, 2025. She most recently served as President of Seabourn, overseeing global operations for the luxury cruise line. Her career also includes leadership positions at Holland America Group, where she served as Chief Operations Officer (COO) and Chief Financial Officer (CFO). Leahy has also held leadership roles at global organizations such as The Procter & Gamble Co., the United Nations, and The Coca-Cola Co.

Rick Goldberg, Chief Financial Officer

Rick Goldberg will become Chief Financial Officer of Lindblad Expeditions, effective December 31, 2024. He currently serves as CFO of Founders Table Restaurant Group, where he has led all aspects of the company's finance, real estate and development, franchising, and customer insights since 2021. Goldberg's previous experience includes various leadership positions, including CFO, at Jackson Hewitt Tax Service Inc. He also co-founded City Wine Tours.

Sven-Olof Lindblad, Founder and Co-Chairman of the Board

Sven-Olof Lindblad is the Founder of Lindblad Expeditions and currently serves as Co-Chairman of the Board. He launched Special Expeditions (now Lindblad Expeditions) in 1979, a unique travel company focused on marine-focused expeditions aboard small ships. His background in adventure travel dates back to his childhood, traveling extensively with his father, Lars-Eric Lindblad, a renowned adventure-travel pioneer. Lindblad is committed to environmentally responsible travel and ocean advocacy, having eliminated single-use plastics across the Lindblad fleet in 2018 and making the company carbon neutral in 2019. In 2004, he formed a strategic alliance with National Geographic to inspire exploration and care for the planet.

Dean (Trey) Byus III, Chief Expedition Officer

Dean (Trey) Byus III joined Lindblad Expeditions in 1993 as an Expedition Leader and has served as Chief Expedition Officer since 2009, overseeing programming for the company's vessels. Prior to this role, he was Lindblad's Vice President of Operations and Program Development, Director of Field Staff & Expedition Technology, and Director of Field Staff. Byus has extensive experience in managing expedition teams, vessel deployments and itineraries, research and development, pricing and marketing, as well as business development, including collaborations with National Geographic.

Kathi Riddle, Senior Vice President, Chief Sales Officer

Kathi Riddle is the Senior Vice President, Chief Sales Officer for Lindblad Expeditions, a position she joined in September 2023. Before joining Lindblad, Riddle most recently served as Vice President of Business Transformation, Consumer Products, Games & Publishing at The Walt Disney Company. During her 27-year tenure at The Walt Disney Company, she held various leadership roles domestically and internationally, responsible for commercial strategy, day-to-day financial operations, and long-term financial planning and analysis for Walt Disney World Operations, including theme parks, resorts, Disney Springs, and the sports business.

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The key risks to Lindblad Expeditions (LIND) business operations are:

1. Macroeconomic Shifts and Economic Conditions: Lindblad Expeditions faces significant risks from macroeconomic shifts, including rising travel costs, inflation, and currency fluctuations. Approximately 60% of the company's revenue is in foreign currencies, making it susceptible to adverse currency movements. Negative economic conditions or outlooks can directly impact the demand for discretionary expedition travel, affecting revenue and profitability.
2. Intensifying Competition and Operational Challenges: The company operates in a specialized expedition travel sector but faces intensifying competition from both niche specialists and luxury mega-brands expanding into expedition cruising. This competition, coupled with potential oversupply in popular regions such as Antarctica, can lead to price pressure and challenges in maintaining premium service and margins. Operational issues like overcrowding in remote destinations also pose a risk to the quality of their unique travel experiences.
3. Unscheduled Disruptions and External Events: Lindblad Expeditions is vulnerable to unscheduled disruptions caused by various external factors. These include travel restrictions, severe weather events (including those related to climate change), mechanical failures of vessels, and pandemics. Additionally, the risk of a serious marine accident could significantly damage the company's reputation and financial performance. Compliance with evolving environmental regulations, particularly in sensitive ecosystems where they operate, can also raise operating costs or restrict itineraries.

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The clear emerging threat to Lindblad Expeditions is the significant increase in competition from larger, well-capitalized cruise lines aggressively expanding into the luxury and expedition small-ship market. Companies like Viking Cruises, MSC Cruises (via Explora Journeys), and Celebrity Cruises (a Royal Caribbean Group brand) have launched or are launching new, purpose-built expedition vessels that directly compete with Lindblad in key destinations such as the Arctic, Antarctica, and the Galapagos. These larger players possess substantial marketing budgets, broader distribution networks, and the ability to leverage economies of scale, potentially eroding Lindblad's market share and pricing power in its specialized niche.

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Lindblad Expeditions (LIND) operates primarily in the expedition travel and adventure tourism markets, which are also segments of the broader luxury travel market.

• The global addressable market for **Cruise Ship Expeditions** was valued at approximately USD 7.31 billion in 2024 and is projected to reach about USD 15.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.83% globally.

• The global addressable market for **Adventure Tourism** was valued at approximately USD 804.51 billion in 2024 and is projected to grow to about USD 1,682.28 billion by 2032, at a CAGR of 9.42% globally.

• The broader global addressable market for **Luxury Travel** was estimated at approximately USD 1.48 trillion in 2024 and is projected to reach about USD 2.36 trillion by 2030, with a CAGR of 8.2% globally.

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Lindblad Expeditions (LIND) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion of Fleet Capacity: Lindblad Expeditions is actively expanding its fleet and capacity. This includes doubling its Galápagos fleet with the addition of two new vessels, the National Geographic Delfina and National Geographic Gemini, which began sailing in February and March 2025, respectively. The company is also pursuing a "capital-light" approach to capacity expansion through charter partnerships and evaluating the acquisition of existing vessels. Furthermore, Lindblad is expanding its European river cruise program, with additional departures for 2027 and plans for a new ship, Evolve, to join the fleet in 2027, introducing itineraries in Europe, Egypt, India, and Vietnam.
2. Growth in Land-Based Experiences: The company is aggressively diversifying and expanding its land-based adventure travel offerings. This segment demonstrated significant growth, with a 29% revenue increase in 2024 and a 21% increase in the third quarter of 2025. Strategic acquisitions, such as Wineland-Thompson Adventures, are part of this expansion to bolster the land-based portfolio.
3. Effective Pricing Strategies and Yield Improvement: Lindblad Expeditions has shown a consistent ability to increase its net yield per available guest night, reflecting strong pricing power and the perceived value of its premium expedition experiences. In Q3 2025, the net yield per available guest night increased by 9% to $1,314, marking the highest third-quarter yields in the company's history. The company has also raised its full-year 2025 guidance for net yield per available guest night to increase by 12.5% to 14% year-over-year.
4. Sustained Strong Demand and Occupancy Rates: Lindblad is experiencing robust booking momentum for both 2025 and 2026 across its offerings, indicating continued high demand for its unique travel experiences. Occupancy rates have shown significant improvement, reaching 88% in Q3 2025, up from 82% in the prior-year period, despite increases in available capacity. This strong demand is particularly evident in segments like multi-generational family bookings to the Galápagos, which saw a 24% year-over-year increase in travelers under 18.
5. Strategic Partnerships and Distribution Channels: The extended partnership with National Geographic through 2040 and the leveraging of The Walt Disney Company's sales channels are crucial for expanding Lindblad's market reach and customer base. This collaboration enhances the company's ability to attract new customers and drive bookings.

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Share Issuance

• In the third quarter of 2020, Lindblad Expeditions raised $85 million through a private placement issuance of convertible preferred equity to investors.
• In the third quarter of 2025, 6,000 shares were issued in connection with an acquisition.

Inbound Investments

• In the third quarter of 2020, the company secured $85 million from prominent investors through a private placement issuance of convertible preferred equity.

Outbound Investments

• During 2021, Lindblad Expeditions acquired three land-based travel companies: Off the Beaten Path, DuVine Cycling + Adventure Co., and Classic Journeys.
• In the third quarter of 2024, the company expanded its land-based portfolio with the acquisition of Wineland-Thompson Adventures.
• In January 2025, Lindblad Expeditions completed the purchase of two expedition vessels, the National Geographic Gemini and the National Geographic Delfina, which are now operating in the Galápagos.

Capital Expenditures

• The National Geographic Resolution was delivered in 2021, a significant capital expenditure aimed at driving revenue growth.
• In 2022, the 48-passenger National Geographic Islander II was launched, replacing the National Geographic Islander in the Galapagos.
• Cash used for investing activities, including the addition of new Galápagos vessels and increased dry dock days, amounted to $29 million in the first quarter of 2025.