Exhibit 99.1

Lindblad Expeditions Holdings, Inc. Reports

2022 First Quarter Financial Results

First Quarter 2022 Highlights:

● Operated nine of ten owned and operated ships providing expeditions across Antarctica, Baja California’s Sea of Cortez, Bahamas, Belize, Costa Rica and Panama, and the Galápagos

● Strong reservations for future travel with bookings for the second half of 2022 50% ahead of bookings for the second half of 2019 and bookings for 2023 32% ahead of bookings for 2020 at the same point in 2019

● Further increased financial flexibility with refinancing of existing term loan and revolving credit facilities through issuance of new senior secured notes

● Solidified operating rights in the Galapagos Islands with extension of existing cupos for an additional 20-year period

NEW YORK, May 3, 2022 – 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 first quarter ended March 31, 2022. 

Dolf Berle, Chief Executive Officer, said “Lindblad is well on its way to returning to full operations, having already provided unforgettable experiences to our guests across nine of our ten owned ships in some of the world’s most amazing geographies. As our guests return with us to destinations we have been operating in for decades, the desire to get out and explore has never been more evident from both returning guests, and new travelers who are searching for unique and authentic experiences after being limited in that opportunity over the last several years. There will continue to be some short-term headwinds as we emerge from the pandemic and as we reschedule several upcoming itineraries due to the Russia-Ukraine conflict. However, with guest demand accelerating and expanded earnings power from a growing fleet that includes our two new polar ships already receiving rave reviews from our guests, and a diverse product portfolio that has expanded our addressable market, we are very well situated to deliver results well ahead of pre-pandemic levels in the years ahead.”

RAMP OF FLEET OPERATIONS AND COVID-19 BUSINESS UPDATE

Ramp in Operations

Lindblad continued to ramp its operations during the first quarter of 2022, providing expeditions to guests on nine of its ten owned vessels including trips to Antarctica, Baja California’s Sea of Cortez, Bahamas, Belize, Costa Rica and Panama, and the Galápagos. Due to the spread of the COVID-19 virus and the effects of travel restrictions around the world, the Company had previously suspended or rescheduled the majority of its expeditions departing between March 16, 2020 through May 31, 2021. Travel restrictions related to COVID-19 have diminished dramatically, and the Company continues to work with local authorities on plans to operate itineraries in additional geographies during 2022 and 2023. Where travel restrictions remain, which now also includes a limited number of itineraries impacted by the Russia-Ukraine conflict, the Company is working with guests to reschedule travel plans and refund payments or issue future travel certificates, as appropriate.

The Company 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. The small nature of the Company’s ships also allows it to efficiently and effectively test its guests and crew prior to boarding, or as otherwise needed. Additionally, all guests are required to be fully vaccinated and the majority of expeditions take place in remote locations where human interactions are limited, so there is less opportunity for external influence.

Booking Trends

The Company has substantial advance reservations for future travel despite some continued short-term impact from the COVID-19 virus, including elevated cancellations and softness in near-term demand, as well as itinerary changes on a few upcoming voyages due to the Russia-Ukraine conflict. Bookings for the second half of 2022 are 50% ahead of the bookings for the second half of 2019 and bookings for 2023 are 32% ahead of the bookings for the full year 2020 at the same point in 2019, which was prior to the pandemic.

Balance Sheet and Liquidity

On February 4, 2022, the Company issued $360.0 million of 6.75% senior secured notes, maturing 2027 and entered into a new $45.0 million revolving credit facility, including a letter of credit sub-facility in an aggregate principal amount of up to $5.0 million. Proceeds from the senior secured notes were used primarily to pay the outstanding borrowings under the Company's previously existing credit agreement, including the term facility, Main Street Loan and revolving credit facility. The senior secured notes are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries and are collateralized by certain of the Company’s assets.

As of March 31, 2022, the Company had $154.8 million in unrestricted cash and $30.0 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves. As of March 31, 2022, the Company had a total debt position of $584.1 million and was in compliance with all of its debt covenants.

As the Company continues to ramp up operations, its monthly cash usage will increase as the Company incurs costs in operating expeditions, prepares additional ships for return to service and spends to advertise upcoming expeditions and trips. The Company also anticipates a significant increase in guest payments as it receives final payments for upcoming expeditions and trips as well as deposits for new reservations for future travel. However, there can be no assurance that cash flows from operations will be available to fund future obligations or that it will not experience delays or cancellations with respect to the resumption of our operations.

FIRST QUARTER RESULTS

Tour Revenues

First quarter tour revenues of $67.8 million increased $66.0 million as compared to the same period in 2021. The increase was driven by a $49.8 million increase at the Lindblad segment and a $16.3 million increase at the Land Experiences segment primarily due to the ramp in expeditions and trips compared with rescheduling nearly all expeditions and trips in the first quarter a year ago due to COVID-19. The Land Experiences segment also includes a full quarter of results for Off the Beaten Path LLC (“Off the Beaten Path”) and DuVine Cycling + Adventure Co. (“DuVine”), which were acquired during the first quarter of 2021, and Classic Journeys, LLC (“Classic Journeys”) which was acquired during the fourth quarter of 2021. 

Net Income

Net loss available to stockholders for the first quarter was $43.0 million, $0.85 per diluted share, as compared with net loss available to stockholders of $34.6 million, $0.66 per diluted share, in the first quarter of 2021. The $8.5 million decrease primarily reflects the ramp in operations, which was more than offset by investments in future growth, a $3.0 million increase in interest expense due to additional borrowings and higher rates and a $3.0 million increase in depreciation and amortization primarily due to the addition of the National Geographic Resolution to the fleet in September 2021. The quarter also included an $11.6 million increase in other income mainly due to the utilization of the CERTS grant for covered expenses, mostly offset by $10.9 million of costs related to refinancing the Company’s term loan and revolving credit facilities.

Adjusted EBITDA

First quarter Adjusted EBITDA loss of $21.2 million decreased $0.4 million as compared to the same period in 2021 as a $3.0 million decline at the Lindblad segment was mostly offset by a $2.6 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA loss of $21.0 million was $3.0 million greater than 2021, as increased tour revenues were more than offset by higher cost of tours and increased personnel costs related to the ramp in operations, increased commissions related to the revenue and bookings growth and higher marketing spend to drive future growth.

Land Experiences segment Adjusted EBITDA loss of $0.2 million improved $2.6 million as compared to 2021, primarily due to additional trips, partially offset by higher cost of tours and increased personnel costs related to the ramp in operations and increased marketing costs to drive future bookings. The Land Experiences segment also includes a full quarter of results for Off the Beaten Path and DuVine, which were acquired during the first quarter of 2021, and Classic Journeys which was acquired during the fourth quarter of 2021. 

	For the three months ended March 31,
(In thousands)	2022			2021			Change			%
Tour revenues:
Lindblad	$	50,274		$	484		$	49,790			NM
Land Experiences		17,572			1,296			16,276			NM
Total tour revenues	$	67,846		$	1,780		$	66,066			NM
Operating loss:
Lindblad	$	(33,569	)	$	(27,296	)	$	(6,273	)		(23	)%
Land Experiences		(676	)		(3,770	)		3,094			82	%
Total operating (loss) income	$	(34,245	)	$	(31,066	)	$	(3,179	)		(10	)%
Adjusted EBITDA:
Lindblad	$	(20,981	)	$	(17,952	)	$	(3,029	)		17	%
Land Experiences		(239	)		(2,868	)		2,629			92	%
Total adjusted EBITDA	$	(21,220	)	$	(20,820	)	$	(400	)		(2	)%

LINDBLAD FLEET ACTIVITIES

In November 2021, the Company acquired a ship which is currently undergoing renovations and will replace the National Geographic Islander in the Galápagos Islands during the third quarter of 2022. The renovated ship has been named the National Geographic Islander II and will provide immersive and authentic expeditions to 48 guests who will enjoy all suite accommodations, indoor-outdoor dining options and diverse expedition tools and amenities.

In February 2022, the Company further solidified its ability to operate in the Galapagos Islands through an extension of its existing cupos for an additional 20-year period.

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of April 25, 2022, 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 April 25, 2022, there were 50.9 million shares common stock outstanding. Beginning in March 2020, the Company suspended all stock repurchases given the uncertainty surrounding COVID-19 and it remains suspended due to restrictions related to the Main Street Expanded Loan Facility program.

FINANCIAL OUTLOOK 

The COVID-19 pandemic has had, and will continue to have, a significant impact on the Company’s financial position and results of operation. Given the continued uncertainty around the COVID-19 pandemic, the Company is not providing a full year outlook regarding results of operations at this time and will update its expectations when it has more clarity around the timing and extent of future operations. 

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 May 3, 2022, to discuss the earnings of the Company. The conference call can be accessed by dialing (844) 378-6487 (United States), (855) 669-9657 (Canada) or (412) 542-4182 (outside the U.S.). 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. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiaries, Natural Habitat Adventures, Off the Beaten Path, DuVine and Classic Journeys.

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 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.

Classic Journeys is a luxury cultural walking tour company that operates a portfolio of curated tours centered around cinematic walks led by expert local guides. Classic Journeys offers active small-group and private custom journeys in over 50 countries around the world.

DuVine designs and leads luxury bike tours in the world’s most amazing destinations, from Italy’s sun-bleached villages and the medieval towns of Provence to Portugal’s Douro Valley and the vineyards of Napa, California. Guests bike, eat, drink, and sleep their way through these regions and many more while sampling the finest cuisine, hotels, and wine. 

Off the Beaten Path is an outdoor, active travel company offering guided small group adventures and private custom journeys that connect travelers with the wild nature and authentic culture of their destinations. Off the Beaten Path’s trips extend across the globe, with a focus on exceptional national park experiences in the Rocky Mountains, Desert Southwest, and Alaska.

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 COVID-19; (ii) the impacts of COVID-19 and/or the Russia-Ukraine conflict on our financial condition, liquidity, results of operations, cash flows, employees, plans and growth; (iii) the impacts of COVID-19 and/or the Russia/Ukraine conflict 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 Adjusted EBITDA 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.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	As of March 31, 2022			As of December 31, 2021
	(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	154,816		$	150,753
Restricted cash		30,046			21,940
Marine operating supplies		8,037			8,275
Inventories		2,034			2,278
Prepaid expenses and other current assets		32,114			27,094
Total current assets		227,047			210,340
Property and equipment, net		539,177			542,418
Goodwill		42,017			42,017
Intangibles, net		12,830			13,235
Deferred tax asset		7,758			7,609
Right-to-use lease assets		4,085			4,402
Other long-term assets		7,721			7,470
Total assets	$	840,635		$	827,491
LIABILITIES
Current Liabilities:
Unearned passenger revenues	$	242,161		$	212,598
Accounts payable and accrued expenses		48,344			49,252
Lease liabilities - current		1,563			1,553
Long-term debt - current		24,072			26,061
Total current liabilities		316,140			289,464
Long-term debt, less current portion		545,099			518,658
Lease liabilities		2,842			3,178
Other long-term liabilities		300			247
Total liabilities		864,381			811,547
Commitments and contingencies		-			-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 80,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		85,201			83,901
Redeemable noncontrolling interests		14,458			10,626
		99,659			94,527
STOCKHOLDERS’ (DEFICIT) EQUITY
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 80,000 Series A shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		-			-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 50,933,471 and 50,800,786 issued, 50,888,231 and 50,755,546 outstanding as of March 31, 2022 and December 31, 2021, respectively		5			5
Additional paid-in capital		60,307			58,485
Accumulated deficit		(183,717	)		(136,439	)
Accumulated other comprehensive loss		-			(634	)
Total stockholders' deficit		(123,405	)		(78,583	)
Total liabilities, mezzanine equity and stockholders' deficit	$	840,635		$	827,491

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)

	For the three months ended March 31,
	2022			2021
Tour revenues	$	67,846		$	1,780
Operating expenses:
Cost of tours		57,947			8,279
General and administrative		20,637			13,812
Selling and marketing		12,329			2,506
Depreciation and amortization		11,178			8,249
Total operating expenses		102,091			32,846
Operating loss		(34,245	)		(31,066	)
Other (expense) income:
Interest expense, net		(8,715	)		(5,669	)
Gain on foreign currency		130			70
Other income		533			1
Total other expense		(8,052	)		(5,598	)
Loss before income taxes		(42,297	)		(36,664	)
Income tax benefit		(149	)		(2,801	)
Net loss		(42,148	)		(33,863	)
Net loss attributable to noncontrolling interest		(427	)		(619	)
Net loss attributable to Lindblad Expeditions Holdings, Inc.		(41,721	)		(33,244	)
Series A redeemable convertible preferred stock dividend		1,298			1,301
Net loss available to stockholders	$	(43,019	)	$	(34,545	)
Weighted average shares outstanding
Basic		50,757,126			49,865,234
Diluted		50,757,126			49,865,234
Undistributed loss per share available to stockholders:
Basic	$	(0.85	)	$	(0.66	)
Diluted	$	(0.85	)	$	(0.66	)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

	For the three months ended March 31,
	2022			2021
Cash Flows From Operating Activities
Net loss	$	(42,148	)	$	(33,863	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		11,178			8,249
Amortization of deferred financing costs and other, net		701			687
Amortization of right-to-use lease assets		(9	)		(3	)
Stock-based compensation		1,828			1,611
Deferred income taxes		(149	)		(2,801	)
Change in fair value of contingent acquisition consideration		56			-
Gain on foreign currency		(130	)		(70	)
Write-off of unamortized issuance costs related to debt refinancing		9,004			-
Changes in operating assets and liabilities
Marine operating supplies and inventories		482			(382	)
Prepaid expenses and other current assets		(4,890	)		(2,080	)
Unearned passenger revenues		29,563			21,438
Other long-term assets		(261	)		675
Other long-term liabilities		845			1,798
Accounts payable and accrued expenses		(908	)		(2,179	)
Net cash provided by (used in) operating activities		5,162			(6,920	)
Cash Flows From Investing Activities
Purchases of property and equipment		(7,522	)		(3,800	)
Acquisition (net of cash acquired)		-			(6,872	)
Net cash used in investing activities		(7,522	)		(10,672	)
Cash Flows From Financing Activities
Proceeds from long-term debt		360,000			-
Repayments of long-term debt		(334,684	)		(500	)
Payment of deferred financing costs		(10,781	)		(31	)
Repurchase under stock-based compensation plans and related tax impacts		(6	)		(7	)
Net cash provided by (used in) financing activities		14,529			(538	)
Net increase (decrease) in cash, cash equivalents and restricted cash		12,169			(18,130	)
Cash, cash equivalents and restricted cash at beginning of period		172,693			204,515
Cash, cash equivalents and restricted cash at end of period	$	184,862		$	186,385
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest	$	3,613		$	4,146
Income taxes		58			1
Non-cash investing and financing activities:
Non-cash preferred stock dividend	$	1,298		$	1,301
Shares issued for acquisition		-			1,770

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)

Reconciliation of Net Income to Adjusted EBITDA Consolidated
	For the three months ended March 31,
	2022			2021
Net loss	$	(42,148	)	$	(33,863	)
Interest expense, net		8,715			5,669
Income tax benefit		(149	)		(2,801	)
Depreciation and amortization		11,178			8,249
Gain on foreign currency		(130	)		(70	)
Other income		(533	)		(1	)
Stock-based compensation		1,828			1,611
Other		19			386
Adjusted EBITDA	$	(21,220	)	$	(20,820	)

Reconciliation of Operating (Loss) Income to Adjusted EBITDA Lindblad Segment
	For the three months ended March 31,
	2022			2021
Operating loss	$	(33,569	)	$	(27,296	)
Depreciation and amortization		10,741			7,867
Stock-based compensation		1,828			1,477
Other		19			-
Adjusted EBITDA	$	(20,981	)	$	(17,952	)

Land Experiences Segment
	For the three months ended March 31,
	2022			2021
Operating loss	$	(676	)	$	(3,770	)
Depreciation and amortization		437			382
Stock-based compensation		-			134
Other		-			386
Adjusted EBITDA	$	(239	)	$	(2,868	)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental 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 three months ended March 31,
	2022			2021
Net cash provided by operating activities	$	5,162		$	(6,920	)
Less: purchases of property and equipment		(7,522	)		(3,800	)
Free Cash Flow	$	(2,360	)	$	(10,720	)

	For the three months ended March 31,
	2022			2021
Available Guest Nights		48,546			-
Guest Nights Sold		32,184			-
Occupancy		66	%		-
Maximum Guests		5,414			-
Number of Guests		3,661			-
Voyages		83			-

Calculation of Gross and Net Yield per Available Guest Night	For the three months ended March 31,
	2022			2021
Guest ticket revenues	$	45,502		$	-
Other tour revenue		4,772			484
Tour Revenues		50,274			484
Less: Commissions		(4,405	)		(29	)
Less: Other tour expenses		(9,989	)		(634	)
Net Yield	$	35,880		$	(179	)
Available Guest Nights		48,546			-
Gross Yield per Available Guest Night	$	1,036			NM
Net Yield per Available Guest Night		739			NM

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental 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 March 31,
	2022			2021
Cost of tours	$	47,571		$	7,604
Plus: Selling and marketing		10,283			1,696
Plus: General and administrative		15,248			10,613
Gross Cruise Cost		73,102			19,913
Less: Commissions		(4,405	)		(29	)
Less: Other tour expenses		(9,989	)		(634	)
Net Cruise Cost		58,708			19,250
Less: Fuel Expense		(5,924	)		(512	)
Net Cruise Cost Excluding Fuel		52,784			18,738
Non-GAAP Adjustments:
Stock-based compensation		(1,828	)		(1,477	)
Other		(19	)		-
Adjusted Net Cruise Cost Excluding Fuel	$	50,937		$	17,261
Adjusted Net Cruise Cost	$	56,861		$	17,773
Available Guest Nights		48,546			-
Gross Cruise Cost per Available Guest Night	$	1,506			NM
Net Cruise Cost per Available Guest Night		1,209			NM
Net Cruise Cost Excluding Fuel per Available Guest Night		1,087			NM
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night		1,049			NM
Adjusted Net Cruise Cost per Available Guest Night		1,171			NM

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, the National Geographic fee amortization, 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 believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial 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, the National Geographic fee amortization 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 Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents 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.