LINDBLAD EXPEDITIONS HOLDINGS, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-29.7M | $-31.2M | $-45.6M | $-111.4M | $-119.2M | $-98.7M | $16.4M | $11.4M |
| Depreciation & Amortization | $62.8M | $52.6M | $46.7M | $44.0M | $39.5M | $32.1M | $25.8M | $20.8M |
| Depreciation | $60.2M | $50.5M | $44.9M | $41.0M | $37.6M | $30.5M | $24.2M | $19.0M |
| Amortization | $2.6M | $2.1M | $1.8M | $2.0M | $1.9M | $1.6M | $1.6M | $1.6M |
| Stock-Based Compensation | $13.5M | $9.8M | $13.9M | $7.0M | $5.6M | $2.4M | $3.6M | $4.4M |
| Net Cash from Operating Activities | $111.6M | $92.4M | $25.4M | $-2.2M | $32.5M | $-92.3M | $62.6M | $56.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $47.7M | $33.5M | $30.0M | $38.2M | $96.7M | $155.5M | $96.0M | $54.3M |
| Business Acquisitions | $19.5M | $10.6M | $0 | $0 | $18.0M | $0 | $0 | — |
| Net Cash from Investing Activities | $-67.3M | $-44.1M | $-14.8M | $-49.6M | $-114.7M | $-155.5M | $-100.1M | $-54.3M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $29.6M | $-19.8M | $60.7M | $-4.9M | $50.4M | $343.0M | $24.6M | $16.5M |
| Net Change in Cash | $73.6M | $28.8M | $71.3M | $-56.7M | $-31.8M | $95.3M | $-12.9M | $18.7M |
| Free Cash Flow | $63.8M | $58.8M | $-4.5M | $-40.4M | $-64.2M | $-247.7M | $-33.4M | $2.0M |