Lindblad Expeditions Holdings, Inc. Reports 2025 Second Quarter Financial Results

Second Quarter 2025 Highlights:

— Total revenue increased 23% to $167.9 million

— Net loss available to stockholders improved $16.1 million to $9.7 million

— Adjusted EBITDA increased 139% to $24.8 million

— Lindblad segment net yield per available guest night increased 13% to $1,241

— Occupancy increased to 86% from 78%

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 second quarter ended June 30, 2025.

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Natalya Leahy, Chief Executive Officer, said “I'm incredibly proud of the team's accomplishments this quarter. We delivered 23% revenue growth, achieved 86% occupancy on a 5% increase in capacity, and drove a 139% increase in Adjusted EBITDA. These results reflect strong momentum behind our strategic initiatives. We remain focused on unlocking meaningful value through continued revenue growth and disciplined cost innovation, and we are confident in the direction we're heading.”

SECONDQUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $167.9 million increased $31.4 million, or 23%, as compared to the same period in 2024. The increase was driven by a $18.0 million increase at the Lindblad segment and a $13.5 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $111.0 million increased $17.9 million, or 19%, compared to the second quarter a year ago primarily due to a 13% increase in net yield per available guest night to $1,241 driven by higher pricing and an increase in occupancy to 86% from 78% in the second quarter a year ago.

Land Experiences tour revenues of $56.9 million increased $13.5 million, or 31%, compared to the second quarter a year ago primarily due to operating additional trips and higher pricing. The Land Experiences segment also includes a full quarter of results for Wineland-Thomson Adventures, which was acquired during the third quarter of 2024.

Net Income

Net loss available to stockholders for the second quarter was $9.7 million, $0.18 per diluted share, as compared with a net loss available to stockholders of $25.8 million, $0.48 per diluted share, in the second quarter of 2024. The $16.1 million increase primarily reflects the improved operating results, a $3.4 million benefit related to employee retention tax credits, a $0.8 million gain on foreign currency, and a $0.5 million tax expense versus a $4.5 million tax expense in the second quarter a year ago.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $24.8 million increased $14.5 million as compared to the same period in 2024 driven by a $9.8 million increase at the Lindblad segment and $4.7 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $16.3 million increased $9.8 million as compared to the same period in 2024, primarily due to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commission expense related to the increased revenues, and increased marketing spend to drive long-term growth initiatives.

Land Experiences segment Adjusted EBITDA of $8.5 million increased $4.7 million as compared to the same period in 2024, primarily due to increased tour revenues, the addition of Wineland-Thomson Adventures, which was acquired during the third quarter of 2024, and employee retention tax credits, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

For the three months ended June 30, For the six months ended June 30,(In thousands) 2025 2024 Change % 2025 2024 Change %Tour revenues:Lindblad $ 111,045 $ 93,053 $ 17,992 19 % $ 242,153 $ 211,356 $ 30,797 15 %Land Experiences 56,900 43,446 13,454 31 % 105,513 78,757 26,756 34 %Total tour revenues $ 167,945 $ 136,499 $ 31,446 23 % $ 347,666 $ 290,113 $ 57,553 20 %Operating income:Lindblad $ (2,070) $ (9,372) $ 7,302 78 % $ 6,316 $ (1,589) $ 7,905 NMLand Experiences 6,477 1,164 5,313 456 % 8,705 1,232 7,473 607 %Operating income (loss) $ 4,407 $ (8,208) $ 12,615 NM $ 15,021 $ (357) $ 15,378 NMAdjusted EBITDA:Lindblad $ 16,330 $ 6,541 $ 9,789 150 % $ 42,649 $ 27,013 $ 15,636 58 %Land Experiences 8,511 3,843 4,668 121 % 12,174 4,977 7,197 145 %Total adjusted EBITDA $ 24,841 $ 10,384 $ 14,457 139 % $ 54,823 $ 31,990 $ 22,833 71 %

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $247.3million as of June 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $77.6 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $44.7million in cash used in purchasing property and equipment and the additionof the National Geographic Delfina and the National Geographic Gemini.

As of June 30, 2025, the Company had a total debt position of $635.0 million and was in compliance with all of its applicable debt covenants.

2025 OUTLOOK

The Company's current expectations for the full year 2025 are as follows

— Tour revenues of $725 – $750 million

— Adjusted EBITDA of $108 – $115 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of July 31, 2025, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of July 31, 2025, there were 54.8 million shares common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on August 5, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).

The Access Code is 2974921. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company”) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands-Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures-provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.

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. 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) adverse general economic factors, including theimpact of geopolitical,macroeconomic conditions,tariffs,changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii)cancelling or rescheduling of voyages, the denial and/or unavailability of ports of calland other potential disruptions to our business and operations related to health pandemics,political or civil unrest,war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general;(iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/orWorld Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in sucharrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) loss of business due to competition; (xv) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvi) the result of future financing efforts; and (xvii) 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. 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 athttp://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(In thousands, except share and per share data) As of June 30, As of December 31, 2025 2024 (unaudited)ASSETSCurrent Assets:Cash and cash equivalents $ 200,929 $ 183,941Restricted cash 46,398 32,202Prepaid expenses and other current assets 75,191 62,290Total current assets 322,518 278,433Property and equipment, net 533,138 518,390Goodwill 59,198 59,031Intangibles, net 14,684 15,923Other long-term assets 6,985 5,128Total assets $ 936,523 $ 876,905LIABILITIESCurrent Liabilities:Unearned passenger revenues $ 381,692 $ 318,666Accrued expenses 57,422 58,054Accounts payable 9,831 13,860Lease liabilities – current 1,124 1,845Long-term debt – current 8 29Total current liabilities 450,077 392,454Long-term debt, less current portion 627,273 625,425Deferred tax liabilities 2,394 3,537Other long-term liabilities 822 1,024Total liabilities 1,080,566 1,022,440Commitments and contingencies – -Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares 80,580 78,155issued and outstanding as of June 30, 2025 and December 31, 2024, respectivelyRedeemable noncontrolling interests 39,186 29,424 119,766 107,579STOCKHOLDERS' DEFICITPreferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares – -issued and outstanding as of June 30, 2025 and December 31, 2024, respectivelyCommon stock, $0.0001 par value, 200,000,000 shares authorized; 54,733,299 and 6 654,507,977 issued, 54,601,476 and 54,376,154 outstanding as of June 30, 2025 andDecember 31, 2024, respectivelyAdditional paid-in capital 118,007 109,473Accumulated deficit (381,822) (362,881)Accumulated other comprehensive income – 288Total stockholder's deficit (263,809) (253,114)Total liabilities, mezzanine equity and stockholders' deficit $ 936,523 $ 876,905LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Operations(In thousands, except share and per share data)(unaudited) For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024Tour revenues $ 167,945 $ 136,499 $ 347,666 $ 290,113Operating expenses:Cost of tours 91,391 82,953 184,239 167,405General and administrative 31,083 29,836 63,805 57,073Selling and marketing 26,390 18,281 54,632 41,038Depreciation and amortization 14,674 13,637 29,969 24,954Total operating expenses 163,538 144,707 332,645 290,470Operating income (loss) 4,407 (8,208) 15,021 (357)Other (expense) income:Interest expense, net (11,617) (11,321) (23,247) (22,906)Gain (loss) on foreign currency 759 (12) 1,300 (251)Other (expense) income 30 – 29 8Total other expense (10,828) (11,333) (21,918) (23,149)Loss before income taxes (6,421) (19,541) (6,897) (23,506)Income tax expense (benefit) 547 4,453 (939) 4,697Net loss (6,968) (23,994) (5,958) (28,203)Net income attributable to noncontrolling interest 1,550 673 1,400 442Net loss attributable to Lindblad Expeditions Holdings, Inc (8,518) (24,667) (7,358) (28,645)Series A redeemable convertible preferred stock dividend 1,223 1,150 2,426 2,287Net loss available to stockholders $ (9,741) $ (25,817) $ (9,784) $ (30,932)Weighted average shares outstandingBasic 54,590,783 53,500,084 54,511,173 53,436,128Diluted 54,590,783 53,500,084 54,511,173 53,436,128Undistributed loss per share available to stockholders:Basic $ (0.18) $ (0.48) $ (0.18) $ (0.58)Diluted $ (0.18) $ (0.48) $ (0.18) $ (0.58)LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(In thousands)(unaudited) For the six months ended June 30, 2025 2024Cash Flows From Operating ActivitiesNet loss $ (5,958) $ (28,203)Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization 29,969 24,954Amortization of deferred financing costs and other, net 1,848 1,847Amortization of right-to-use lease assets 869 839Stock-based compensation 9,119 4,833Deferred income taxes (1,135) 4,188(Gain) loss on foreign currency (1,300) 251Changes in operating assets and liabilitiesPrepaid expenses and other current assets (11,787) (8,744)Unearned passenger revenues 63,026 67,456Other long-term assets (1,242) 120Accounts payable and accrued expenses (4,871) (4,088)Operating lease liabilities (924) (887)Net cash provided by operating activities 77,614 62,566Cash Flows From Investing ActivitiesPurchases of property and equipment (29,159) (13,893)Acquisition (net of cash acquired) (15,582) -Net cash used in investing activities (44,741) (13,893)Cash Flows From Financing ActivitiesAdditional acquisition of redeemable noncontrolling interest – (16,720)Repayments of long-term debt (21) (24)Payment of deferred financing costs – (17)Repurchase under stock-based compensation plans and related tax impacts (1,380) (1,596)Net cash used in by financing activities (1,401) (18,357)Effect of exchange rate changes on cash (288) -Net increase in cash, cash equivalents and restricted cash 31,184 30,316Cash, cash equivalents and restricted cash at beginning of period 216,143 187,344Cash, cash equivalents and restricted cash at end of period $ 247,327 $ 217,660Supplemental disclosures of cash flow information:Cash paid during the period:Interest $ 24,730 $ 24,785Income taxes 1,253 201Non-cash investing and financing activities:Non-cash preferred stock deemed dividend 2,426 2,287LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESSupplemental Financial Schedules(In thousands)(unaudited)Reconciliation of Net Income to Adjusted EBITDA ConsolidatedConsolidated For the three months ended For the six months ended June 30, June 30,(In thousands) 2025 2024 2025 2024Net loss $ (6,968) $ (23,994) $ (5,958) $ (28,203)Interest expense, net 11,617 11,321 23,247 22,906Income tax expense (benefit) 547 4,453 (939) 4,697Depreciation and amortization 14,674 13,637 29,969 24,954Loss (gain) loss on foreign currency (759) 12 (1,300) 251Stock-based compensation 5,392 2,718 9,119 4,833Transaction-related costs 368 1,866 714 2,189Other (income) expense (30) – (29) (8)Reorganization costs – 371 – 371Adjusted EBITDA $ 24,841 $ 10,384 $ 54,823 $ 31,990Reconciliation of Operating Income to Adjusted EBITDALindblad Segment For the three months ended For the six months ended June 30, June 30,(In thousands) 2025 2024 2025 2024Operating (loss) income $ (2,070) $ (9,372) $ 6,316 $ (1,589)Depreciation and amortization 13,252 12,749 27,312 23,231Stock-based compensation 5,135 2,541 8,862 4,656Transaction-related costs 13 252 159 344Reorganization costs – 371 – 371Adjusted EBITDA $ 16,330 $ 6,541 $ 42,649 $ 27,013Land Experiences Segment For the three months ended For the six months ended June 30, June 30,(In thousands) 2025 2024 2025 2024Operating income $ 6,477 $ 1,164 $ 8,705 $ 1,232Depreciation and amortization 1,422 888 2,657 1,723Transaction-related costs 355 1,614 555 1,845Stock-based compensation 257 177 257 177Adjusted EBITDA $ 8,511 $ 3,843 $ 12,174 $ 4,977LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESSupplemental Financial Schedules(In thousands, except for Available Guest Nights, Gross Yield, Net Yield and guest metrics)(unaudited)Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities For the six months ended June 30, 2025 2024Net cash provided by operating activities $ 77,614 $ 62,566Less: purchases of property and equipment (29,159) (13,893)Free Cash Flow $ 48,455 $ 48,673 For the three monthsended For the six monthsended June 30, June 30, 2025 2024 2025 2024Available Guest Nights 81,515 77,404 156,840 163,358Guest Nights Sold 70,198 60,174 137,172 125,137Occupancy 86 % 78 % 87 % 77 %Maximum Guests 11,393 9,562 20,997 19,276Number of Guests 9,937 7,773 18,480 15,281Voyages 153 121 274 243Calculation of Gross and Net Yield per Available Guest Night For the three months ended For the six months ended June 30, June 30,(In thousands, except for Available Guest Nights, Gross and Net 2025 2024 2025 2024Yield per Available Guest Night)Guest ticket revenues $ 98,175 $ 83,570 $ 210,825 $ 186,587Other tour revenue 12,870 9,483 31,328 24,769Tour Revenues 111,045 93,053 242,153 211,356Less: Commissions (4,423) (3,205) (10,045) (8,579)Less: Other tour expenses (5,445) (5,206) (16,333) (13,358)Net Yield $ 101,177 $ 84,642 $ 215,775 $ 189,419Available Guest Nights 81,515 77,404 156,840 163,358Gross Yield per Available Guest Night $ 1,362 $ 1,202 $ 1,544 $ 1,294Net Yield per Available Guest Night 1,241 1,094 1,376 1,160 For the three months ended June 30, For the six months ended June 30,(In thousands) 2025 2024 2025 2024Operating (loss) income $ (2,070) $ (9,372) $ 6,316 $ (1,589)Cost of tours 58,469 55,726 123,292 118,105General and administrative 20,945 19,770 42,077 38,539Selling and marketing 20,449 14,180 43,156 33,070Depreciation and amortization 13,252 12,749 27,312 23,231Less: Commissions (4,423) (3,205) (10,045) (8,579)Less: Other tour expenses (5,445) (5,206) (16,333) (13,358)Net Yield $ 101,177 $ 84,642 $ 215,775 $ 189,419LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESSupplemental Financial Schedules(In thousands, except for Available Guest Nights,Gross and Net Cruise cost Per Available Guest Night and guest metrics)(unaudited)Calculation of Gross and Net Cruise Cost For the three months ended For the six months ended June 30, June 30,(In thousands, except for Available Guest Nights, Gross and Net 2025 2024 2025 2024Cruise Cost per Avail. Guest Night)Cost of tours $ 58,469 $ 55,726 $ 123,292 $ 118,105Plus: Selling and marketing 20,449 14,180 43,156 33,070Plus: General and administrative 20,945 19,770 42,077 38,539Gross Cruise Cost 99,863 89,676 208,525 189,714Less: Commissions (4,423) (3,205) (10,045) (8,579)Less: Other tour expenses (5,445) (5,206) (16,333) (13,358)Net Cruise Cost 89,995 81,265 182,147 167,777Less: Fuel Expense (4,221) (5,684) (11,530) (14,435)Net Cruise Cost Excluding Fuel 85,774 75,581 170,617 153,342Non-GAAP Adjustments:Stock-based compensation (5,135) (2,541) (8,862) (4,656)Transaction-related costs (13) (252) (159) (344)Reorganization costs – (371) – (371)Adjusted Net Cruise Cost Excluding Fuel $ 80,626 $ 72,417 $ 161,596 $ 147,971Adjusted Net Cruise Cost $ 84,847 $ 78,101 $ 173,126 $ 162,406Available Guest Nights 81,515 77,404 156,840 163,358Gross Cruise Cost per Available Guest Night $ 1,225 $ 1,159 $ 1,330 $ 1,161Net Cruise Cost per Available Guest Night 1,104 1,050 1,161 1,027Net Cruise Cost Excluding Fuel per Available Guest Night 1,052 976 1,088 939Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night 989 936 1,030 906Adjusted Net Cruise Cost per Available Guest Night 1,041 1,009 1,104 994Reconciliation of 2025 Adjusted EBITDA guidance:(In millions) Full Year 2025Lossbefore income taxes $ (15) to $ (5)Depreciation and amortization 61 to 60Interest expense, net 46 to 46Stock-based compensation 16 to 16Other 0 to (2)Adjusted EBITDA $ 108 to $ 115

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure.

Operational and Financial Metrics

Adjusted EBITDA is net income (loss)excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs,acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believeAdjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of ourfinancial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses.

Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

Gross Cruise Costrepresents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Nightrepresents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

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