Lindblad Expeditions Holdings Inc. today reported financial results for the quarter ended June 30.
The New York-based expedition cruise company resumed ship operations in June 2021 and as of July 31 had eight of its nine vessels providing expeditions to guests. During June, the company launched three ships in Alaska and another in the Galapagos and, following the quarter, the company resumed operations on the majority of its remaining vessels, with additional ships launched in Alaska, the Galapagos and Iceland. Lindblad continues to work with local authorities on plans to operate in additional geographies during the second half of the year. As the Covid-19 virus effects travel restrictions in various locations around the world, the company said it also continues to work with its guests to reschedule travel plans and refund payments, as applicable, for those expeditions and trips that the company is not able to operate.
Lindblad said it believes there are a variety of strategic advantages that enable it to deploy its ships safely and quickly, while mitigating the risk of Covid-19 as travel restrictions are 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. Lindblad's small ships also allow it to efficiently and effectively test its guests and crew prior to boarding. All ship crew and staff members have been fully vaccinated. Additionally, the majority of expeditions take place in remote locations where human interactions are limited, so there is less opportunity for external influence.
Company offices primarily remain closed, and most employees are working remotely.
Dolf Berle, the company's CEO, said in a statement that "much of our short-term focus is on ramping up operations, and we couldn't be happier to have nearly all our ships back delivering unparalleled experiences to our loyal guests. At the same time, the comprehensive plan the company has been executing during the pandemic has enabled it to return to operations as a vibrant company. "While it will take some time to fully regain the momentum we were generating before the pandemic, we are well on our way and with additional capacity from two new polar ships, an expanded product platform that includes our two recently acquired land-based business, and a strong balance sheet that will enable us to explore additional opportunities, we are well positioned for sustained growth and building additional shareholder value in the years ahead."
Lindblad saw a substantial impact from Covid-19 over the past year, but despite this the company still has substantial advanced bookings for future travel. Bookings for the full year 2022 are 36% ahead of the bookings for 2021 as of the same date a year ago and 36% ahead of the bookings for 2020 as of the same date two years ago. The Company continues to see new bookings for future travel, including over $174 million since the beginning of 2021, and is receiving significant deposits and final payments for future travel.
For 2021 voyages that have been cancelled or rescheduled, the company is offering future travel credits or full refunds to its fully paid guests. As of Aug. 3, 2021, the majority of guests have opted for future travel credits.
As of June 30, 2021, the company had $160.1 million in unrestricted cash and $43.5 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves. As of June 30, 2021, the company had a total debt position of $514.7 million and was in compliance with all of its debt covenants.
Second quarter tour revenues of $15.3 million increased $15.5 million as compared to the same period in 2020. The increase was driven by a $6.7 million increase at the Lindblad segment and a $8.8 million increase at the Land Experiences segment primarily due to the resumption of several expeditions and trips during the second quarter of 2021. The Land Experiences segment also included the operations of Off the Beaten Path LLC ("Off the Beaten Path") and DuVine Cycling + Adventure Co. ("DuVine"), which were acquired during the first quarter of 2021.
Net loss available to stockholders for the second quarter was $36.6 million, $0.71 per diluted share, as compared with net loss available to stockholders of $39.7 million, $0.80 per diluted share, in the first quarter of 2020. The $3.0 million improvement primarily reflects the resumption of several expeditions and trips and a $0.2 million foreign currency gain in the current year versus a $3.9 million foreign currency loss in the second quarter of 2020. These increases were partially offset by a $1.5 million increase in interest expense due to additional borrowings and higher rates.
