Lindblad Expeditions Holdings Inc. (NASDAQ:LIND) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 04:30 pm ET

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Lindblad Expeditions Holdings Inc. (NASDAQ:LIND) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Craig Felenstein

get out and explore the world's amazing geographies.

At the end of the second quarter, the company had $81 million in unrestricted cash and $21 million in restricted cash related primarily to deposits on voyages that originate in the United States. Aside from continuing to explore ways to further reduce the operating costs, this past quarter, we also further enhanced our liquidity position through deferral of approximately $9 million in principal payments from June 2020 through March 2021 under our export credit agreements.

On the debt front, we ended the quarter with $412 million in principal outstanding. During the quarter, we drew down an additional $30.6 million under our second export credit agreement and we used the proceeds for the third installment payment for the National Geographic Resolution. The remaining installment payments of approximately $62 million for the resolution are fully covered by the second export credit agreement and are not scheduled until next year with the majority due upon delivery of the ship, which is still anticipated to be towards the end of 2021.

With regards to our leverage covenants, the company has worked with its lenders to amend its existing credit agreements, including suspension of leverage ratio covenants through June 30th, 2021. The company has no material debt maturities until 2023 and we continue to evaluate several additional strategies to enhance our liquidity position, including, but not limited to, financing for both the public and private markets through the issuance of both equity and/or debt. The timing and structure of any transaction will certainly depend on market conditions.

Thank you for your time this morning. And now, Sven and I will be happy to answer any questions you may have.