Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $242M | $267M | $310M | $343M | $82.4M | $147M | $422M | $570M | $645M | $771M |
| Revenue growth | — | 10.0% | 16.2% | 10.8% | -76.0% | 78.6% | 186.5% | 35.1% | 13.2% | 19.6% |
| Gross profit | $123M | $131M | $156M | — | — | — | — | — | — | — |
| Gross margin | 50.9% | 49.1% | 50.4% | — | — | — | — | — | — | — |
| Operating income | $14.0M | $10.7M | $25.3M | $33.2M | -$88.4M | -$111M | -$63.0M | $10.6M | $21.6M | $45.5M |
| Operating margin | 5.8% | 4.0% | 8.2% | 9.7% | -107.3% | -75.3% | -15.0% | 1.9% | 3.3% | 5.9% |
| Net income | $4.86M | -$8.66M | $11.4M | $16.4M | -$98.7M | -$119M | -$111M | -$45.6M | -$31.2M | -$29.7M |
| Net margin | 2.0% | -3.2% | 3.7% | 4.8% | -119.9% | -81.0% | -26.4% | -8.0% | -4.8% | -3.9% |
| EPS (diluted) | $0.10 | -$0.19 | $0.24 | $0.28 | -$2.01 | -$2.41 | -$2.23 | -$0.94 | -$0.67 | -$0.63 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31.4M | $52.9M | $56.4M | $62.6M | -$92.3M | $32.5M | -$2.20M | $25.4M | $92.4M | $112M |
| Capital expenditures | $75.9M | $80.5M | $54.3M | $96.0M | $155M | $96.7M | $38.2M | $30.0M | $33.5M | $47.7M |
| Free cash flow | -$44.5M | -$27.6M | $2.01M | -$33.4M | -$248M | -$64.2M | -$40.4M | -$4.52M | $58.8M | $63.8M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $135M | $96.4M | $113M | $102M | $188M | $151M | $87.2M | $157M | $184M | $257M |
| Total assets | $408M | $424M | $473M | $549M | $757M | $827M | $788M | $831M | $877M | $980M |
| Total liabilities | $289M | $312M | $351M | $409M | $631M | $812M | $874M | $945M | $1.02B | $1.13B |
| Long-term debt | $164M | $164M | $188M | $214M | $471M | $519M | $529M | $622M | $625M | $663M |
| Shareholders' equity | $114M | $106M | $116M | $123M | $35.0M | -$78.6M | -$183M | -$225M | -$253M | -$285M |
| Retained earnings | $70.7M | $63.8M | $75.2M | $81.7M | -$11.6M | -$136M | -$267M | -$322M | -$363M | -$411M |
| Shares (wtd avg diluted) | 46.5M | 44.6M | 46.3M | 49.4M | 49.7M | 50.1M | 52.0M | 53.3M | 53.8M | 55.0M |
Every figure is extracted from LINDBLAD EXPEDITIONS HOLDINGS, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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