Lindblad Expeditions Holdings, Inc. (LIND): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Embárcate en un viaje a través del innovador panorama comercial de Lindblad Expeditions Holdings, Inc. (Lind), donde la aventura cumple con los viajes impulsados ​​por el propósito. Esta compañía extraordinaria ha creado magistralmente un modelo de negocio que transforma el crucero de la expedición del mero turismo en una experiencia educativa inmersiva que conecta a los viajeros con los destinos remotos y remotos más prístinos del mundo. Al combinar a la perfección la tecnología de expedición de vanguardia, las asociaciones estratégicas con National Geographic y un compromiso con el turismo sostenible, Lindblad Expeditions ha forjado un nicho único en el mercado de viajes de aventura que atrae a exploradores curiosos y conscientes del medio ambiente que buscan más que solo unas vacaciones.

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: asociaciones clave

Asociación de la Sociedad Nacional de Geográfica

Lindblad Expeditions tiene una alianza estratégica exclusiva con National Geographic Society desde 2004. Los detalles de la asociación incluyen:

Métrico de asociación	Datos específicos
Valor de colaboración anual	$ 17.5 millones en 2022
Ofertas de expedición conjunta	48 rutas de expedición distintas
Recipientes de marca compartida	6 barcos de expedición

Operadores de cruceros y servicios de apoyo marítimo

Las asociaciones marítimas clave incluyen:

• Astillero de Meyer Werft para la construcción de embarcaciones
• Damen Shipyards Group para soporte técnico
• Registro de Lloyd para la certificación marítima

Organizaciones de conservación

Organización	Enfoque de asociación	Contribución anual
Fondo Mundial de Vida Silvestre	Conservación ambiental	$750,000
Conservación del océano	Investigación del ecosistema marino	$425,000

Agencias de viajes y plataformas de reserva

La red de asociación incluye:

• Expedia Group: plataforma de reserva digital
• American Express Travel: Asociación corporativa
• Virtuoso Network: Consorcio de viajes de lujo

Guías locales y gestión de destino

Región	Número de socios locales	Compromiso anual promedio
Antártida	22 empresas de guías locales	$ 1.2 millones
Islas Galápagos	15 redes de guías locales	$890,000
Regiones árticas	18 empresas de gestión de destino	$ 1.05 millones

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocio: actividades clave

Diseño y operación de cruceros de expedición

A partir de 2023, Lindblad Expeditions opera 14 barcos de expedición en varios destinos globales. La flota incluye:

Tipo de barco	Número de barcos	Capacidad de pasajeros
Barcos de marca National Geographic	8	62-100 pasajeros
Barcos alquilados/asociados	6	40-96 pasajeros

Desarrollo de experiencias de viajes educativos

Lindblad Expeditions invirtió $ 12.4 millones en 2022 para el desarrollo del programa de expedición. Los componentes educativos clave incluyen:

• Guías naturalistas expertos en cada expedición
• Asociaciones de investigación científica con National Geographic
• Programación educativa especializada en ecosistemas marinos y terrestres

Vida silvestre y turismo centrado en la naturaleza

Los destinos de expedición en 2023 incluyeron:

Región	Destinos primarios	Viajes anuales
Ártico	Alaska, Groenlandia	47 expediciones
antártico	Península antártica	38 expediciones
Galápagos	Islas ecuatorianas	62 expediciones

Programación de turismo sostenible y responsable

Métricas de inversión ambiental para 2022:

• Compras de compensación de carbono: $ 1.2 millones
• Presupuesto de programa de turismo sostenible: $ 3.7 millones
• Inversiones de asociación de conservación: $ 2.5 millones

Marketing y participación del cliente en viajes de aventura

Gastos de marketing y estadísticas de compromiso para 2023:

Métrico de marketing	Valor
Presupuesto anual de marketing	$ 8.3 millones
Gasto de marketing digital	47% del presupuesto total
Tasa de retención de clientes	68%

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: recursos clave

Expedición y recipientes de expedición especializada

Tamaño de la flota: 14 barcos y vasos de expedición a partir de 2023

Categoría de barco	Número de barcos	Capacidad de pasajeros
National Geographic Expedition Ships	8	62-100 pasajeros
Buques con fletos	6	Varias capacidades

Guías naturalistas experimentadas y líderes de expedición

Miembros del equipo total de expedición: aproximadamente 250 guías profesionales

• Experiencia de guía promedio: más de 15 años en viajes de expedición
• Credenciales: títulos avanzados en biología marina, geología y campos relacionados
• Equipo de liderazgo de expedición multilingüe

Fuerte reputación de marca en viajes de aventura

Valoración de la marca: estimado de $ 150 millones en capital de marca

Reconocimiento	Detalles
Travel + Leisure Awards	Las mejores líneas de cruceros de pequeñas naves (varios años)
National Geographic Partnership	Colaboración exclusiva desde 2004

Plataformas digitales y tecnologías de reserva

Inversión tecnológica: $ 3.2 millones en infraestructura digital en 2022

• Plataforma de reserva en línea con disponibilidad en tiempo real
• Aplicación móvil para la gestión de la expedición
• Sistema de gestión de relaciones con el cliente basado en la nube

Relaciones exclusivas de destino de viaje

Cobertura de destino: más de 80 ubicaciones de expedición únicas en todo el mundo

Región	Número de destinos de acceso exclusivos
Antártida	12 sitios de aterrizaje únicos
Islas Galápagos	15 sitios de visitantes exclusivos
Regiones árticas	10 ubicaciones de acceso restringido

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocio: propuestas de valor

Experiencias de viajes educativos inmersivos

A partir de 2023, Lindblad Expeditions operaba 14 barcos de expedición en varios destinos globales. La compañía generó $ 440.8 millones en ingresos totales para el año fiscal 2022.

Categorías de destino	Número de expediciones	Duración promedio de viaje
Regiones polares	48 Expediciones anuales	10-14 días
Islas Galápagos	Más de 100 salidas anuales	7-10 días
América Central/del Sur	35 Expediciones anuales	8-12 días

Encuentros cercanos con vida silvestre y ecosistemas únicos

Lindblad se asocia con National Geographic, que ofrece experiencias de vida silvestre curadas científicamente en múltiples ecosistemas.

• Oportunidades de fotografía de vida silvestre con fotógrafos profesionales
• Guías naturalistas expertos en cada expedición
• Programas especializadas de biología marina y conservación

Turismo ambientalmente responsable y sostenible

La compañía invirtió $ 3.2 millones en iniciativas de sostenibilidad en 2022, centrándose en la neutralidad del carbono y la conservación marina.

Métrica de sostenibilidad	Rendimiento 2022
Porcentaje de compensación de carbono	62%
Asociaciones de conservación	7 asociaciones globales activas
Inversión de diseño de barco sostenible	$ 5.6 millones

Expediciones dirigidas por expertos con ideas científicas y culturales

En 2022, Lindblad empleó a 126 naturalistas expertos y líderes de expedición en sus operaciones globales.

• Fotógrafos certificados de National Geographic
• Biólogos marinos
• Antropólogos
• Geólogos

Acceso exclusivo a destinos remotos y prístinos

Lindblad Expeditions opera en 25 destinos globales únicos, con permisos especializados para áreas de acceso restringido.

Tipo de destino	Permisos exclusivos	Capacidad de visitante anual
Regiones antárticas	5 permisos especializados	Aproximadamente 1.200 viajeros
Parque Nacional de Galápagos	Estado del operador exclusivo	Limitado a 1.600 visitantes anuales
Regiones árticas	4 Permisos de área restringida	Aproximadamente 800 viajeros

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: relaciones con los clientes

Planificación de expedición personalizada

Lindblad Expeditions ofrece una consulta de viajes personalizada con especialistas en expedición dedicados. A partir de 2023, la compañía mantiene un equipo de 75 expertos en planificación de expediciones que brindan recomendaciones de viaje personalizadas.

Canal de servicio al cliente	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Consulta telefónica	12 minutos	92%
Soporte por correo electrónico	24 horas	88%
Chat en vivo	7 minutos	95%

Compromiso directo a través de plataformas digitales

La compañía aprovecha múltiples estrategias de participación digital con 247,000 seguidores activos de redes sociales en todas las plataformas.

• Seguidores de Instagram: 135,000
• Seguidores de Facebook: 72,000
• Conexiones de LinkedIn: 40,000

Programas de viajero de lealtad y repetición

Programa de lealtad de Lindblad, Círculo de Expediciones Geográficas-Nacionales Lindblad, informa 18.500 miembros activos a partir de 2023.

Nivel de lealtad	Número de miembros	Repita la tasa de reserva
Nivel de explorador	12,300	65%
Nivel de expedición	4,200	82%
Nivel del fundador	2,000	92%

Comunidad y redes posteriores a la exiticación

La compañía mantiene una red de alumnos activo con reuniones trimestrales virtuales y en persona.

• Tamaño total de la red de ex alumnos: 52,000 viajeros
• Eventos virtuales trimestrales: sesiones 6-8
• Asistentes anuales de reunión de ex alumnos: 1.200 viajeros

Contenido educativo y documentación de viaje

Lindblad proporciona recursos integrales previos y posteriores a la expedición a través de múltiples canales.

Tipo de contenido	Volumen de producción anual	Tasa de compromiso promedio
Guías de viaje digital	42 guías únicas	73%
Documentales de expedición	18 producciones	61%
Serie de conferencias de expertos	36 sesiones en línea	68%

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: canales

Sitio web de la empresa y plataforma de reserva en línea

A partir de 2024, Lindblad Expeditions mantiene una plataforma integral de reserva en línea en www.expeditions.com. El sitio web procesó aproximadamente el 65% del total de reservas en 2023.

Métricas de canales en línea	2023 datos
Total de reservas en línea	$ 187.4 millones
Porcentaje de ingresos totales	65%
Valor de reserva en línea promedio	$ 8,750 por expedición

Asociaciones de agencia de viajes

Lindblad colabora con agencias y redes de viajes de aventura especializadas.

• Las agencias asociadas representan el 22% del total de reservas
• La red incluye más de 350 agencias de viajes especializadas a nivel mundial
• Las tasas de comisión oscilan entre 10 y 15% por reserva

Equipo de ventas directas

La compañía mantiene un fuerza de ventas directas dedicada Especializado en Expedition and Adventure Travel.

Métricas del equipo de ventas	2023 estadísticas
Representantes de ventas totales	87 profesionales
Ingresos de ventas directos	$ 52.6 millones
Ventas promedio por representante	$604,598

Redes sociales y marketing digital

Las plataformas digitales juegan un papel importante en la adquisición y el compromiso de los clientes.

• Seguidores de Instagram: 215,000
• Seguidores de Facebook: 178,000
• Gasto de marketing digital en 2023: $ 4.3 millones
• Adquisición de clientes a través de canales digitales: 18%

Ferias comerciales de viajes y aventuras

Lindblad participa en eventos clave de la industria para exhibir expediciones y redes con clientes potenciales.

Participación de la feria comercial	2023 detalles
Total de ferias comerciales a la que asistieron	12 eventos internacionales
Cables generados	1.850 clientes potenciales
Tasa de conversión	7.2%

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: segmentos de clientes

Entusiantes de viajes de aventura

A partir de 2023, Lindblad Expeditions reportó 85,000 invitados en total, con aproximadamente el 42% clasificado como entusiastas de los viajes de aventura.

Rango de edad	Porcentaje	Gasto promedio de viaje
35-55 años	38%	$ 12,500 por expedición
55-70 años	47%	$ 15,200 por expedición

Fotógrafos de la naturaleza y la vida silvestre

Lindblad Expeditions se especializa en expediciones centradas en la fotografía con instructores de fotografía dedicados.

• Talleres de fotografía dedicados en el 65% de los viajes de expedición
• Gasto de invitado de fotógrafo promedio: $ 18,300 por expedición
• Expediciones específicas de fotografía: 22 itinerarios anuales

Viajeros educativos y científicos

En asociación con National Geographic, Lindblad ofrece oportunidades de expedición científica.

Tipo de viajero	Participantes anuales	Costo promedio de expedición
Profesionales de la investigación	350	$22,500
Grupos académicos	275	$19,800

Profesionales ricos y jubilados

Ingresos familiares medios de los invitados de Lindblad: $ 285,000 anuales.

• Los profesionales retirados comprenden el 52% de la base total de invitados
• Costo promedio de expedición para este segmento: $ 16,750
• Tasa de cliente repetida: 38%

Viajeros con conciencia ambiental

Los viajeros centrados en la sostenibilidad representan un segmento significativo de la base de clientes de Lindblad.

Compromiso ambiental	Porcentaje de invitado	Inversión anual de compensación de carbono
Alta conciencia ambiental	67%	$ 1.2 millones
Participantes de sostenibilidad activa	43%	$750,000

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de buques

A partir de la información financiera de 2023, los costos de mantenimiento y adquisición de la flota de Lindblad Expeditions fueron significativos:

Categoría de costos	Gasto anual
Mantenimiento de buques	$ 18.3 millones
Depreciación de buques	$ 22.7 millones
Gastos de arrendamiento de la flota	$ 12.5 millones

Personal de expedición y salarios de guía

Costos de personal para equipos de expedición:

• Compensación total anual del personal: $ 24.6 millones
• Salario de la guía promedio: $ 65,000 por año
• Líderes de expedición especializada: $ 85,000- $ 110,000 anualmente

Marketing y adquisición de clientes

Desglose de gastos de marketing:

Canal de marketing	Gasto anual
Marketing digital	$ 6.2 millones
Impresión y medios tradicionales	$ 3.8 millones
Conferencias de feria y viajes	$ 1.5 millones

Tecnología y desarrollo de plataforma digital

Detalles de la inversión tecnológica:

• Presupuesto anual de infraestructura de TI: $ 4.7 millones
• Desarrollo de la plataforma digital: $ 2.3 millones
• Ciberseguridad y protección de datos: $ 1.1 millones

Acceso de destino y gastos operativos

Desglose de costos operativos:

Categoría operativa	Gasto anual
Tarifas y permisos portuarios	$ 5.6 millones
Logística de combustible y marina	$ 9.3 millones
Asociaciones de destino locales	$ 3.2 millones

Lindblad Expeditions Holdings, Inc. (Lind) - Modelo de negocios: flujos de ingresos

Venta de entradas para el crucero de la expedición

Para el año fiscal 2022, Lindblad Expeditions reportó ingresos totales de $ 178.7 millones. La venta de entradas para el crucero de Expedition representaron la fuente de ingresos principales, con un precio promedio de boletos de aproximadamente $ 8,500 por pasajero.

Destino de crucero	Precio promedio de boleto	Volumen anual de pasajeros
Islas Galápagos	$9,200	8.500 pasajeros
Antártida	$12,500	3.200 pasajeros
Alaska	$7,800	6.700 pasajeros

Ofertas de paquetes de viajes premium

Los paquetes de viajes premium generaron un estimado de $ 45.3 millones en ingresos adicionales para 2022.

• Paquetes de expedición ultramurio: $ 22.6 millones
• Paquetes de exploración extendidos: $ 15.7 millones
• Opciones de chárter privadas: $ 7 millones

Fotografía y tarifas de taller educativo

Los talleres de fotografía y educación contribuyeron con $ 12.5 millones al flujo de ingresos de la compañía en 2022.

Tipo de taller	Tarifa promedio	Ingresos anuales
Talleres de fotografía profesional	$ 1,200 por participante	$ 6.3 millones
Programas educativos científicos	$ 950 por participante	$ 4.7 millones
Talleres centrados en la conservación	$ 800 por participante	$ 1.5 millones

Venta de productos y productos relacionados con el viaje

Las ventas de mercancías generaron $ 8.2 millones en ingresos durante 2022.

• Equipo de expedición: $ 3.6 millones
• Ropa de marca: $ 2.5 millones
• Accesorios de viaje: $ 1.7 millones
• Equipo fotográfico y libros: $ 400,000

Reservas de viajes corporativos y grupales

Las reservas de viajes corporativos y grupales representaron $ 22.9 millones en ingresos para el año fiscal 2022.

Tipo de grupo	Valor de reserva promedio	Ingresos anuales
Retiros corporativos	$ 75,000 por grupo	$ 12.6 millones
Expediciones académicas	$ 45,000 por grupo	$ 6.3 millones
Grupos de investigación sin fines de lucro	$ 30,000 por grupo	$ 4 millones

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Value Propositions

You're looking at the core differentiators that Lindblad Expeditions Holdings, Inc. brings to the market, especially as they push growth across their entire portfolio as of late 2025. The value proposition centers on delivering access and depth that mass-market travel simply can't touch.

Authentic, immersive exploration in remote, hard-to-reach destinations is the foundation. Lindblad Expeditions pioneered access to places like the High Arctic, Antarctica, and the Galápagos Islands, starting decades ago. This heritage translates directly into current operational scope, sailing to more than 120 countries and territories across all seven continents. This access is enabled by purpose-built vessels designed for agility and deep penetration into these environments.

The partnership with National Geographic underpins the Expert-led, educational travel component. Voyages feature teams of onboard professionals, including scientists, naturalists, researchers, and photographers, allowing guests to interact with and learn from leading experts. This commitment to education and conservation is a core part of the experience, fostering a deeper connection to the planet.

The commitment to an Intimate, small-ship experience is non-negotiable for the Lindblad segment. The stated value proposition is a maximum of 148 guests, which ensures agile access and a high level of personal interaction. This contrasts with larger expedition vessels in the market. Here's a look at the capacity profile of some key vessels in the fleet, which includes owned and chartered ships:

Vessel Name Example	Guest Capacity	Primary Operating Area Example	Ship Class/Feature
National Geographic Endurance	138	Antarctica, Arctic	Polar Class PC5, X-Bow® hull
National Geographic Resolution	138	Arctic, Patagonia	Polar Class PC5, X-Bow® hull
National Geographic Endeavour II	96	Galápagos	Purpose-built expedition-style
National Geographic Delfina	16	Galápagos	Luxury catamaran

The All-inclusive pricing model aims for a seamless, premium experience, though the starting price point reflects this exclusivity. For instance, Galapagos cruise prices historically start at approximately USD 7,000 per person for a double occupancy Category 1 cabin. Financial performance metrics show the premium nature of the offering, with the Lindblad segment's net yield per available guest night reaching $1,314 as of the third quarter of 2025. This yield reflects the higher pricing and strong occupancy, which hit 88% in Q3 2025.

The company supports this with a Diverse portfolio of six adventure brands for sea and land travel. This diversification allows Lindblad Expeditions Holdings, Inc. to capture different segments of the experiential travel market, all while maintaining shared core values of exploration and responsibility. The six brands include:

• Lindblad Expeditions (Expedition Cruising)
• Natural Habitat, Inc. (Conservation-oriented adventures)
• Off the Beaten Path, LLC (Insider national park experiences)
• DuVine Cycling + Adventure Co. (Luxury cycling and adventure)
• Classic Journeys, LLC (Cultural walking adventures)

The Land Experiences segment, which includes these brands, contributed tour revenues of $102.6 million in the third quarter of 2025, showing the scale of the non-cruise offerings. The CEO noted the 'increased scale of our six-brand portfolio' as a key driver entering 2025.

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Customer Relationships

You're focused on delivering an experience so unique that guests become advocates. For Lindblad Expeditions Holdings, Inc. (LIND), this means leaning heavily into the intimacy of their small-ship model to foster deep, personal connections with every traveler.

The core of this relationship strategy rests on the intentionally small scale of the fleet. This capacity constraint is a feature, not a bug, enabling a high-touch service level that larger cruise lines simply can't replicate. For instance, Lindblad Expeditions Holdings, Inc. (LIND) currently operates its expedition cruises aboard 15 ships, with capacities ranging from as low as 16 guests up to a maximum of 150 guests across the fleet. This small footprint is what allows for the personalized attention you expect from a premium adventure brand.

Here's a look at the guest capacity profile across key vessels:

Vessel Name	Guest Capacity	Status/Notes
National Geographic Explorer	148	One of the larger vessels in the fleet
National Geographic Endurance	138	Polar-class vessel
National Geographic Resolution	138	Polar-class vessel
National Geographic Delfina	16	Smallest vessel, operating in the Galapagos

The focus on retention is clear when you look at the historical data suggesting approximately 40% of guests are repeat customers. This high rate is supported by industry trends showing that 85% of customers are more likely to shop with brands offering loyalty rewards. The company is clearly prioritizing the long-term value of these relationships.

• Prioritizing Customer Lifetime Value (CLV) is a key industry focus for 60% of brands in 2025.
• Members redeeming personalized rewards spend 4.3 times more than those redeeming non-personalized rewards.
• 81% of free loyalty program members say they buy from that brand more frequently.

Communication channels are designed to support this high-value customer base, often working through established travel advisors. The direct sales effort is showing significant traction, with the onboard sales program more than tripling bookings year-over-year as a percentage of total. Furthermore, outbound sales increased approximately 80% year-to-date as of the third quarter of 2025. The strategic partnership with Disney is also expanding the top of the funnel, introducing the brand to more than 250,000 members globally, with youth travelers in that segment up 24% over the previous summer.

Onboard interaction is where the high-touch model culminates. The commitment to an exceptional experience is reflected in the latest operational metrics. For the third quarter of 2025, Lindblad Expeditions Holdings, Inc. (LIND) reported achieving its highest ever measured guest satisfaction scores. CEO Natalya Leahy specifically highlighted that the company achieved its highest guests Net Promoter Scores ever, both for the third quarter and year-to-date since measurement began. This high satisfaction drives the strong financial performance, with the Lindblad segment occupancy reaching 88% in Q3 2025, and the net yield per available guest night hitting $1,314 in that same period.

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Channels

You're looking at how Lindblad Expeditions Holdings, Inc. gets its premium expedition travel experiences into the hands of travelers as of late 2025. The channel strategy is clearly multi-pronged, heavily leaning on strategic partnerships to scale reach while maintaining a strong direct connection.

Direct-to-consumer website and call centers (expeditions.com)

The direct channel remains foundational for Lindblad Expeditions Holdings, Inc., allowing for full control over brand messaging and pricing architecture. While specific revenue contribution from the direct channel isn't broken out in the latest reports, the overall company performance suggests strong demand captured through all avenues. For instance, Lindblad segment net yield per available guest night reached $1,314 in Q3 2025, up 9% year-over-year, reflecting successful revenue management across all bookings.

Global network of dedicated travel advisors and agencies

Travel advisor partners are a critical component of the distribution engine. The company explicitly noted gratitude for their support driving record-breaking momentum. This channel was key in the company's highest seven-day sales period in its nearly 60-year history, which coincided with the exclusive early booking window for travel advisor partners accessing the 2027-28 global deployment.

The Walt Disney Company's powerful sales and distribution channels

The strategic alliance with The Walt Disney Company is a major channel multiplier. This partnership grants Lindblad Expeditions Holdings, Inc. access to Disney's vast network, which includes over 100,000+ travel advisors. This access is designed to significantly lower customer acquisition costs. The immediate impact has been substantial; the company reported a 45% increase in bookings from Disney's travel advisors following the integration. Furthermore, authorized Disney Vacation Planners began selling National Geographic-Lindblad Expeditions cruises in 2025. This initiative is projected to add up to 50% more distribution channels by year-end, specifically through Disney's top travel agents.

Onboard sales and future booking programs

Future booking programs leverage the captive audience onboard the vessels to secure revenue early. The record sales week in July 2025 was partly driven by the exclusive early booking window offered to past guests for the 2027-28 deployment. This strategy helps secure capacity well in advance, supporting the company's strong booking curves trending ahead of the prior year for 2025 and 2026.

Here's a quick look at how the key distribution partners are translating into overall company momentum, based on 2025 performance data:

Channel Driver/Metric	Associated Financial/Statistical Data (2025)	Source of Impact
Disney Travel Advisor Bookings	45% increase in bookings from this group	Access to 100,000+ Disney advisors
Lindblad Segment Occupancy (Q3 2025)	88% (up from 82% in Q3 2024)	Strong demand captured across all channels
Lindblad Segment Net Yield (Q3 2025)	$1,314 per available guest night (up 9% YoY)	Effective pricing and demand management
Future Booking Window Success	Highest seven-day sales period in company history	Exclusive access for past guests and advisors

The success of these channels is reflected in the overall financial outlook. Lindblad Expeditions Holdings, Inc. projects full-year 2025 tour revenues between $745 million and $760 million.

The key distribution touchpoints Lindblad Expeditions Holdings, Inc. utilizes include:

• Direct bookings via expeditions.com and call centers.
• Leveraging the network of Authorized Disney Vacation Planners.
• Exclusive early booking windows for past guests.
• Engaging the global network of dedicated travel advisors.

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Customer Segments

The customer segments for Lindblad Expeditions Holdings, Inc. are clearly defined, targeting high-value travelers across both marine and land-based experiences, with strategic growth areas focused on family and partnership channels.

Affluent, discerning travelers seeking educational, active exploration represent the core customer base, evidenced by the strong pricing power achieved in the core Lindblad segment. For the third quarter of 2025, the net yield per available guest night reached $1,314, which was a 9% increase year-over-year. Occupancy for this segment in Q3 2025 stood at 88%.

High-net-worth individuals interested in remote, exotic destinations are served by the premium expedition cruises, which command high yields. The company's overall financial health in late 2025 reflects the appeal to this group, with total company revenue for Q3 2025 at $240.2 million and Adjusted EBITDA at $57.3 million.

The Disney Vacation Club members represent a significant new channel, introduced through the partnership where members can redeem points for expedition cruises. This segment gives Lindblad Expeditions access to over 250,000 members globally. For 2025 itineraries booked via this channel, a non-refundable $95 transaction fee applies per confirmed reservation.

Family and youth travelers are being actively targeted following the re-launch of the Youth Travel program, now called Explorers-in-Training. This initiative has already shown encouraging early results, with travelers 18 years and younger increasing 24 percent this past summer compared to the prior summer. To further drive adoption, a 50% discount was offered for travelers under 22 on select 2025 Galápagos voyages.

Land-based adventure seekers are captured through the Land Experiences segment, which has seen substantial growth. In the third quarter of 2025, Land Experiences tour revenues grew 21% to $102.6 million. The segment's Adjusted EBITDA for Q3 2025 was $24.5 million.

Here's a quick look at the segment performance as of the third quarter of 2025:

Segment	Q3 2025 Tour Revenues (Millions USD)	Q3 2025 Adjusted EBITDA (Millions USD)	Year-over-Year Revenue Growth
Lindblad (Marine)	$137.6	Not Separately Stated	13%
Land Experiences	$102.6	$24.5	21%

The company is also focusing on driving demand through specific sales channels:

• Onboard sales program more than tripled bookings year-over-year as a percentage of total.
• Outbound sales increased approximately 80% year-to-date as of Q3 2025.
• The company expects full-year 2025 tour revenues to be in the range of $745 million to $760 million.

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Lindblad Expeditions Holdings, Inc.'s operations, which are heavily weighted toward asset utilization and guest experience delivery. The cost structure is dominated by the direct costs of running high-quality, low-capacity expeditions.

Vessel Operating Expenses (Fuel, Maintenance, Crew Salaries)

Direct vessel costs are a major component, particularly for the Lindblad segment. Fuel is a significant, variable cost tied to revenue generation. For the third quarter of 2025, fuel costs represented 4.5% of the Lindblad segment's revenue, which was flat compared to the third quarter of 2024.

While specific crew salaries and maintenance costs for Q3 2025 aren't itemized, the overall operating expenses (excluding specific non-operating/transaction costs) increased by 14%, or $22.7 million, versus Q3 2024, indicating rising personnel and upkeep costs alongside revenue growth.

Here's a look at the latest full-year context for related overhead costs:

Metric (2024 Annual)	Amount (USD millions)
Total Operating Expenses	280
Selling, General & Admin Expense	140
Marketing Expense	87
Depreciation Expense	53

Cost of Tours for Both Lindblad and Land Experiences Segments

The cost of tours is the primary variable cost tied directly to revenue. For the third quarter of 2025, the total cost of tours saw a notable increase, reflecting the operation of more voyages and trips across the portfolio.

• Cost of Tours increase (Q3 2025 vs Q3 2024): up $4.6 million, or 13%.
• Lindblad segment tour revenues (Q3 2025): $137.6 million.
• Land Experiences segment tour revenues (Q3 2025): $102.6 million.

The Land Experiences segment's revenue growth of 21% in the quarter was driven by operating additional trips, which naturally pulls up the associated tour costs.

High Marketing and Sales Spend to Drive Long-Term Growth

Lindblad Expeditions Holdings, Inc. is actively investing in demand generation, which shows up as an elevated sales and marketing cost structure. This spend is focused on driving bookings well into 2026 and 2027.

• Sales and marketing costs increase (Q3 2025 vs Q3 2024): up $5.1 million, or 20%.
• The company expects marketing expenses to remain elevated in Q4 2025.
• Onboard sales program bookings as a percentage of total more than tripled year over year in Q3 2025.
• Outbound sales were up approximately 80% year to date in 2025.

This aggressive spend is a deliberate choice to capture market share, even if it pressures near-term EBITDA, as seen by the Q4 expense outlook.

Debt Servicing Costs (Refinanced Long-Term Debt at 7.00% Interest)

The cost of capital was strategically managed in 2025. Lindblad Expeditions Holdings, Inc. completed a refinancing of its long-term debt in the third quarter, issuing new Senior Secured Notes due 2030 at a fixed interest rate of 7.00%. This replaced prior notes with rates of 6.750% and 9.000%.

The total debt position as of September 30, 2025, stood at $675.0 million. While the one-time debt refinancing expenses for Q3 2025 were significant at $23.5 million, the recurring interest cost is now locked in at the new rate.

Debt Metric	Value
Total Debt (as of 9/30/2025)	$675.0 million
New Long-Term Debt Interest Rate	7.00%
2024 Annual Interest Expense (Latest Full Year)	$46 million

Royalties and Commission Expenses Related to Partnerships

These costs are directly linked to revenue generation, especially through major partnerships like National Geographic. Higher revenues and increased royalty rates per the National Geographic agreement directly impacted profitability.

• Higher royalties and commission expense partially offset the $6.5 million year-over-year Adjusted EBITDA increase in the Lindblad segment for Q3 2025.
• These expenses were also cited as a driver for the 20% increase in Sales and marketing costs for the quarter.

Finance: draft 13-week cash view by Friday.

Lindblad Expeditions Holdings, Inc. (LIND) - Canvas Business Model: Revenue Streams

You're looking at how Lindblad Expeditions Holdings, Inc. actually brings in the money, and right now, it's all about getting people on those trips, both by sea and on land. The core of the business is Tour Revenues, split between the Lindblad segment, which is the expedition cruising side, and the Land Experiences segment. For the third quarter of 2025, the breakdown looked strong, showing solid growth in both areas compared to the prior year.

Revenue Stream Component	Q3 2025 Revenue Amount	Year-over-Year Growth (Q3 2025)
Lindblad Segment Tour Revenues	$137.6 million	13%
Land Experiences Segment Tour Revenues	$102.6 million	21%
Total Tour Revenues (Consolidated)	$240.2 million	17%

Looking ahead, management has a clear target for the full year 2025, which reflects their confidence in the booking strength they are seeing. They are guiding for total tour revenues for the full year 2025 to fall within the range of $745 million to $760 million. That's the top-line number they are aiming for as we close out the year.

A key metric for pricing power in the cruise side is the Net Yield per Available Guest Night (NYAG). For the third quarter of 2025, this figure hit $1,314, which was noted as the highest third quarter yield in the company's history. This was supported by an occupancy rate that climbed to 88%, up from 82% in the third quarter of the previous year, even with a 5% increase in available capacity.

Beyond the core tour prices, other revenue streams are showing significant traction, helping to diversify and enhance profitability. These include strategic partnerships and onboard monetization efforts:

• Redemption of Disney Vacation Club points for expedition cruises is introducing the brand to over 250,000 members globally.
• Bookings from Disney's travel advisors have increased by 45% due to this partnership.
• The onboard sales program more than tripled bookings year-over-year as a percentage of total revenue.
• Outbound sales have increased approximately 80% year-to-date.