Intrepid Travel Narrows Losses With Record-Breaking Bookings

25.08.2023 - 13:58 / skift.com / Travel Experiences / James Thornton / Selene Brophy

Australian-based tour operator Intrepid Travel returned to positive operating cashflow, after closing off 2022 with record bookings for its 33-year history.

The company managed to pare its loss in 2022 to $14.6 million (AU$22 million), down from $41 million (AU$ 61 million) in 2021 while notching positive operating cash flow of $23 million (AU$34 million) for the year. While a privately held enterprise, Intrepid offers transparency by making its financials public each year. The most recent numbers were disclosed in its sixth integrated annual report released this week. 

Intrepid Travel CEO James Thornton told Skift in an exclusive interview that the company had gone from survival mode where global operations were stopped, with its staff cut in half at the height of the pandemic, to a story of revival, largely in the second half of last year.

“It was the year we got back up and running as a global tour operator again, which was fantastic. It was a year of two halves for us because the first half of the year was still very much impacted by the omicron variant and the pandemic,” said Thornton.

However, the year culminated with some of the biggest booking days in the company’s history. November’s record was quickly eclipsed by $4 million (AU$ 6.1 million) on December 3. The first two-and-a-half months of 2023 continued the record-breaking trend, and the company expects to see this year’s metrics exceed those of 2019, according to Thornton.

January bookings totaled $39.4 million (AU$ 58.7 million), and February bookings ended at $39.5 million (AU$ 58.9 million). The biggest month previously in Intrepid’s history was $35.5 million (AU$ 53 million) in January 2020 — just before the pandemic.

“We’re feeling very bullish, and this report really is a reflection that now we’re heading into thriving mode, which we are very excited about,” said Thornton. 

Thornton confirmed there are no plans for an initial public offering in the immediate future, yet the company started releasing its financials back in 2017 as part of its push towards being a fully transparent B Corp.  

B Corp certification is awarded to companies that meet certain social and environmental standards, and prioritize ethical practices and stakeholder interests alongside profits – intending to use their operations as a force for good and positive impact in the world.

“We don’t need to reveal this information, but part of B Corp methodology is that you have high standards of social and environmental performance and public transparency. It’s something we believe in strongly,” said Thornton.

Some 500 staff members will be made part owners in Intrepid, with voting rights at shareholder meetings and eligible for a dividend when one is paid. 

“Intrepid