Lindblad Expeditions (LIND) 2 Nov 182018 Q3 Earnings call transcript

Good morning, and welcome to the Lindblad Expeditions Third Quarter 2018 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Craig Felenstein, CFO. Please go ahead.

Operator. you, Thank and Third everyone for us joining Good XXXX thank Earnings Lindblad's Quarter Call. for morning, you With me on Founder the call today is Executive and Sven Officer. Chief Lindblad, our comments. Sven some begin opening will with details And on we then the Q&A. for call follow I with open our quarter results will third before some

You can in earnings latest the of section Relations find site. Web our our release Investor

and cause Those Before estimates. obligation to today no may comments results that the update expectations subject to different we are company's statements. be get may forecast guarantee undertake started, The from let me accuracy uncertainties to performance such and these or any risks forward-looking of we any actual company everyone statements. that the remind materially And include cannot expectations. forward-looking

on company's see the statements, please filings. SEC information in more forward-looking involved like the risks would you If

In are reference addition, A other of the to me turn the most financial measures Sven. in call comparable And over way, reconciliation let that contained associated release. the of measures. and our GAAP earnings with financial may directly disclosures the non-GAAP comments out company's

throughout remained experience amazing has third the authentic operator exploring very over of strong to and years when you more high-quality public XXXX first Thank quarter continues and and Reservations and thanks expeditions who a seeing third is into operational laid for experienced most time the the locations. momentum world's an travelers our ago. quarter XX XXXX Lindblad's the up all looking momentum and you, quarter continued guests, during XX% accelerated the are on fleet is at this for based play Bookings being in And joining the while from after we we across demand QX year quarter. as exception. no thesis are we to call capacity Craig, accessed today. out core building we geographies increased more of us base And seeing was strong back explore. same broad markets filled out. demand we are we a The our by growing versus the with time, were

we community One period investor the questions of how of would the during periodically we from a economic instability. fare get is

many are specific Obviously, high that I the metric expanded bookings expedition the that the the the nevertheless. doubling resilient has for snapshot sector. during the that, a inventory. is more especially stock we very point, occupancy An more ability when tend our most with than more demand even pretty hit, shown this significant generated history in we rates of in for to this has overall those traditional to company there October maintain than record data did While versus but influence month growing highlights factors the XXXX. cruise as would One bookings market taken a interesting Lindblad October of [technical is find that have other same difficulty] travel interesting trend is

of throughout of XXXX. versus the continue primarily financial during well due from quarter our of occupancy, long quarter guests, demand ago. our our expected the as and as always in term us gives as occupancy capacity. reflection increased a a days a factors. third XXXX to it seeing declined returning in in But XX%, Timing we prospects to Our a timing growth docks dry positioning for is positioning are highlighted the in Lindblad influenced and we variety versus third dry results accelerating softer fleet was dock new increase Despite year have year, the by confidence growth for quarter to and the this planned our the we as across

vessel. a over our days dry similar year, dock and for course year within each change, the remain However, positioning the typically while timing may of

perform did As for that in below Pacific year. inventory arguably we mentioned much expectations that aboard too the geography slightly one destination one We Geographic XXXX on had National our last Orion. the in call, South was the

We XX% the have a continues Craig financial the in remarkable the rebalanced our XXXX But and inventory at regards of remains with our moment. are growth XXXX opportunity. our for Orion. full-year revenue total will expected discuss we term for grow results unchanged, guidance geography long this and in to our enthusiasm already to

vessel by Our have full first completed in the really first across Guests new enjoyed her cannibalization U.S. built, offer. the have all there July. occupancy we sign innovative of has And XX% our of year-to-date. fleet generated been as National expedition operation evidenced Geographic has year to this no Quest existing

Venture, significant our sistership, excited joining guests of X, the seeing also yesterday. on December delivered officially are on demand which Quest level combines And a comfort for the voyage new California. inaugural to Venture the expedition Quest like be Geographic ships. We was am the passenger American excellence much National flag in with I to

and we're prime honor ship and our PC of comfort. the on and reaction ever was for We a itineraries highest host Shackleton first cabin, for a in Scandinavian to would not of ice XXXX. in a grave a been target of uniquely all, which results his After incredible Endurance build, have the charts her that has of possible There'll these passenger sacrificed been roll the the expedition on purpose-built we heritage, driver. in the month other blend sales way five National is to both went over named the expedition are Endurance who no with of I Norway practicality first serving released Our style because as delivery class, and excellence quarter and the off new innovations elegance. in year this be to inspect only an the sheer to vessel. Geographic it remarkable destinations mockup instant of recently a amplify

a marrying a usual to and dedicated before shipbuilding with and we water to proven fronts. explore unparalleled will the we world's finalize and experience, world's able By a the new new be ourselves we and destinations. you the the as of we from signing to with multitude regards capital of Venture will a also guest additional loyal the sure second want As to customer to all needs, we expeditions track ship be our to explore upon decades not record the will possibilities Endurance, and remarkable a regards continue most a work contract. possibilities to build be company When with ocean, that base, delivering to to blue experience from on overextend meaningful explore further growing inclined of capacity you're perspective

with know what you exclude good leadership, who of passion they a subpar wasted, of create time want to certainly doing, for to Yes, who you amenities food, sense are and want luxury, don't purpose. You don't it's go do. have work, exude nice shared measure we who definitely their want people a

per guests company leaders, an which big-big what totally heads calculus. in Northeast guest decision. it to there. in that XXXX, - of things join new However, offered relates of an home. back isolated we And a is the had were tag ahead Passage guests. which example a going naturalist an days. deep quarter the periodically on storms our builds Geographic as August with we unprecedented credit took National is to in than On with guests. We've on voyage the The and in a it a almost our kept numbers, small any analysis Orion. awesome capital provide that Tahiti to not do. we of the you guests was XX offered $XX,XXX result our Three travel and this perspective conspire was any forces than full departing matter What dictate. service know be and primary voyages ladder. unacceptable. people on brought It's is on to authentic An set an our We incredibly not deteriorates the our I experience. future the mission beyond and put rewarded. price Tahiti's sold here our abort, It be the to your guests voyage guests, a ship, the Papeete, that person captain's, far flights month all obligation to took you to thing uncomfortable. right experience takes those you No all it would expected expeditions be for our is clear expedition, inexpensive. whatever relatively decided a new it's the XXX a the would average plan would the more no and or offered We Island it places two-departure driver, thought Polynesian Yes, the not was mere conclusion it move our will and XX financial Endurance our our when easy, but when and Yet count from are. remote matter out to impossible guests small customers takes speaks result involved expedition from first, to It's radically visit always that less charter overwhelmingly sole was back This cash the the refunds heritage do voyage be we for was hit,

in It's It's For everything the decades. what than business. ultimately over guests. success expect be company And that the ahead. and we for a a our at bond will is us been these the has of of do. years sauce between our growth our secret XX years, a more And as the backbone this forefront approach past we

Now Craig. let me turn back to call the

Thanks, infrastructure Sven. generate and strategic Lindblad's sales develop significant and our investments continues marketing capacity to expand further returns. to

financial dry plan reported are results quarter XXXX. by this verses of timing past were impacted the dock XXXX since While

expedition we that across But significantly related it million bookings XX% already significant launch same September and remained in and for the upcoming a up for of for Venture. XX% portion set are as Certainly, plus the a are growing on a of ago seeing capitalized authentic with immersive reservations virtually very revenue over of growth the than for our We of up future nice did diverse to XXXX. XX an adjusted demand results we XXXX year point year-to-date fleet at Our itineraries. entire more is have travel EBITDA through travel. strong

third the of versus an to ago. quarter, quarter year delivered X% million, a revenue third $XX.X increase Turning the of Lindblad

and As Lindblad higher habitat resulted increase was million. timing, $XX.X in scheduled XX% growth more revenue in partially the segment. adjusted decrease in natural decrease at the a dry to which was offset XX% million offset The a habitat growth EBITDA dock related or at X% by costs primarily than natural to $X by

$XX.X to or Turning generated Lindblad segments, million, the versus segment ago. of of of X% year quarter the decrease third a the million revenues each $X.X

the of highlighted Orion both XXXX, the in the in the quarter National dry the year completed for XXXX Geographic QX. have third Geographic were the and primarily quarter, and Endeavour throughout Endeavour we docks dock were scheduled during while the end second during As of dry and National beginning for the Orion

addition decrease quarter decline a result, QX. reflects class higher per strong be the a available up was yield occupancy Orion. will to Geographic offset X% prices declined despite we is this down to As of per the guest timing nights National and The quarter in increase the dry dock fourth also of fleet than the guest the in as to a higher occupancies due during and our in changes expect X% most yield in mostly past National year-to-date available an as do nights that across for net by revenue full and yield will night itineraries Geographic net across $X,XXX planned Please itineraries expand to $XXX occupancy also more pricing note X% but XX% QX. quarter, the majority the year. that Net during night, for on reflecting

significant growth in excited December QX. National add was launch, its also of the will XXXX. financial for in will extremely us our taken minimal The Actually, to impact fleet of but be Geographic to certainly a Venture the are be it on We it due yesterday. timing to driver

ship allocation GTA CEO to expensed fully the Turning by an business, driven decline being also the plan lower side operating tours expansion. attributable the also outstanding primarily offset cost increased due an higher Lindblad year expenses in options due stock-based ago to costs mostly expense, to and compensation X% majority included personnel of of the by shares of XXXX. XX% a partially the of under expense our to granted to increase X%, support segment cost XXXX end in at

the compensation, segment days increased of depreciation the versus dock costs quarter amortization Lindblad X% well the mainly with costs, operating year severance and additional and the last stock-based reorganization Excluding operating due third a as expenses and full as Geographic National dry Quest. quarter associated

quarter the quarter continue due anticipate the do is third fuel and cost year in versus to X.X% pricing. Fuel cost XXXX. in for year fuel XX% We cost versus We are into fuel of also prior the increased remainder the continuing an and to increase see in to increase of higher revenue of X.X% the will XXXX.

quarter of due higher a cruise with in marketing increased the to advertising cost XXXX during XX% and Overall increased The sales third a spend to XXXX. increase and the of the sales. basis dock on included days due $XXX per also night third net dry $XXX, adjusted associated commissions quarter additional increased to

dry During operating expenses days. incur revenue docks, no corresponding with we

available it resulting on Lindblad So to the with XX% leverage of quarter higher $X.XX significantly EBITDA Natural for of a to XX% the X% a segment due drive in Habitat a at quarter to tours operating and per impacts decrease pricing. net well million to $X.XX year million growth ago. XX% dry revenue the new departures. partially company EBITDA revenue reported decrease costs income the quarter increased higher $X.X EBITDA docks the or adjusted adjusted basis. of offset $XX.X share or marketing segment, to resulted in the versus related million the Overall Year-to-date, million. stockholders At negatively in the the initiatives share and to due of year higher million, in expense $XX.X $X.X costs well to grew night per cost additional XX% $X.X diluted growth. was the revenue as third Lindblad addition a higher and XX% increase personnel with at third timing versus operating of Total significant has as revenues in ago in Adjusted a as to capacity by additional common costs the $X.X growth long-term delivered growth departures segment during million

DNA by compensation of related As increase offset Quest the were $X.X launch the lower results million and the lower operating partially stock-based expense. to

of opportunities. $X.X nine to invest months in $X.X builds. for in ended cash nine maintenance We million quarter free of $XX.X $XX.X use balance to future XX a Turning million which period the sheet, an well in positioned same flow the was cash on our growth the Free $XXX cash. we included Factoring from flow remain with extremely million September a only months CapEx, spent the new million, ended year unrestricted million, ago. the a was for increase

the currently full-year the already the ticket pacing Turning ago, million of for XXXX, point and to we the rest of same Lindblad nearly year a projected at XX segment at ahead XXXX. is are XXX% our of revenues

increased at see to month on XXXX. continue those versus the we month reservations relate and to XXXX While point, bookings this XXXX, of majority

any do XXXX. net not we So, booking significant for additional revenue anticipate

full-year XXX% time We the same a of are at XXXX also ago. revenue ticket year at

million XX% booking Given XX% growth to versus or total trends, to versus growth million revenue XXXX. $XX EBITDA $XXX the between XX% environment and XXXX sustained XX% and $XX expect operating positive $XXX company XXXX, current we and total continue million million, in adjusted between and to

negatively will by of for the timing mentioned I fourth XXXX results earlier, impacted docks. be scheduled quarter planned dry As

highlighted Additionally, launch and with answer the the quarter throughout also will you be your of to December. Sven Venture may any in I happy this as you National cost majority include And have. Geographic of fourth the we associated Thank the questions startup for the time morning. would now year,

Greg from comes first Instructions] Badishkanian Please ahead. [Operator question go The with Citi.

for Good morning. Greg. This Hanus actually Spencer on is

questions. just So, I of had a couple

on any this your the how you itineraries trend yields going us You kind Can additional out just of quarter. And in anticipate having for called to forward? impact an changes as you on this? color give net

Sure.

quarter, Sven comments, the itineraries to Orion. Geographic is was Europe had Last really in throughout operating operating change National in his the Pacific. year, was predominantly the in third really this two throughout South year whereas mentioned major implications. the as she related So, That primarily she

The not was in ago. high the first South a in price the was was year Pacific Europe it point as as

the was second year in ago. a much net yield. we same it was on implication inventory the at occupancy Orion was an on Pacific the had the below the so South that point had certainly that And So because item where

the next we the travel things to are in to across next a early that resulted of going that the year, bookings geographies high Interestingly reverse two is that should those year seeing she seeing we Orion we really the company. year trends yield we year for really the because look So, effect in third quarter next pricing. our enough, lower see this versus ago out some the - are year net combined when a in

We high really seeing are occupancies.

It are an direction. pointing year. right being all anomaly year the last much trends versus So, pretty really this was in

for perfect. that August, that of pull bit on you your That's how you with kind you in that. guys you come Thank partnership Okay, partnership? to is terms National about this levers in really things? change that. expansion just expanding a can were talk of additional Can Geographic, going any little And then helpful. you And mentioned to capitalize

here. Sven Yes,

terms into latest we America only to National into - of with applied Zealand. are license this we Australia, New and our sales partnership Previous only expanding So, in and to the United Geographic the Latin Canada. were States, change,

be to adding we at United the beginning that And process the the will over - means overall clear. be level this we significant And And National that in will no Geographic. be or but it so, add to time of to those will together we building markets believe are the productivity. with building of those by States, some value are It of geographies. be additive

Thanks perfect. guys. Okay,

you. Thank

with question Bank. Chris go Woronka next from The Please comes ahead. Okay. Deutsche

for and month prior you've solid. tend good to to on you which other then of the guess looked see bring customers ask ships to as guys. to Want you you Venture the your pretty you more Or, do new bookings next sound your those? new into morning that hardware? fleet, see that I Hey, booking customers Is booking kind you in newest experience the the

the nor are neither It's customers geography. to her. new a really It's generally attracted

it level going to to not geography, out a up with a And we new. winds the with a try up between But and new speak. sometimes, we distinct What that guests a winds And do it's don't new already it guests, is see of particular if big newer have that old ships is difference on ships there with past particularly ship so that a we new see sometimes the into the and had. interest pattern.

And But, talked to booking comparable I little had the a ask truly suggest any be patterns customers? differently or has but they core I you a it there just appreciate product. that want Caribbean Silversea helpful. I see overlap guys that's customer - then, totally before, running for know Okay, months some and bit business think your can that that potentially do might not you've your and base about now is think in Royal it's you to of approaching few

at because Silversea, and get is going I inevitable. lift whole to look really attention Well, there in of of am with day it. do research and I and belief ourselves; much are a people look who the probably category of as a this the kind that of interested obviously to possibility lot such, in lot look a at think a firm I travel, expedition various paid of more web and that's the being think age, around others, pretty is that

believe very percentage absolute relates becoming to that's Not was statistics niche related the and much or it that of growing itself And traveling in it in public, less as it's the niche to itself. numbers, while less fastest segment segment fact, the but a all growth so. I industry. suggest tourism So, the of

that ways. be perceived not usually of interest. a at for to in favor then more, many it And going highly. And all make sure an doing I what trip but many want highly. time used is reputation that's the entities looking is particularly because they credibility experience. many So relationship authentic are the very, includes people start out then And get is to the value for ourselves. is enormous of when value they taking comes Geographic very, also will back quality think their in value out - They and research. to are of and of that because time two because best we have addicted of National National else and research generally that that they people our come get of they regard do an what work the believe, course, the helpful very expedition. instances, I Geographic combines The notion very a doing to an experience, In of of an combination experience. it that how a turns that they immediately it And the to which established with And develop instances in people lends experience lifetime in case very high amount kind they above very,

think I committed that benefit question past, effect competition. most has of your are in who job, the that So, the think In do instances, was on market. I many really And out the possible those of then the best grown to the focused competition. competition

answer. days? to of that Yes, yet? Is kind there in helpful, is very just me, that additional as about or of there anything call very we And changes be wouldn't about itinerary dry dock anything obvious then think be thinking XXXX, should there terms from finally out we that's good

was Russian offset Fareast was than on potential it and course example, Well, like for advance, have of of that that's changes we itinerary every for areas are there interest planned done was what next years the South have Pacific XXXX. in established in a Alaska the Northern some year new to clearly couple more and ideal primarily somewhat year Orion which the in part inventory

So produced in that's Fareast very, of basically South change than results. then half the more And by good the very, reduced Alaska. has which into itinerary the example of and Pacific. And has we an is inventory a which Russian very - North what we did move resulted

of what for game was the is the game. earlier, in early very the said early As XXXX entire Orion XX% for very the XXXX in occupancy I

or Pacific, us a this time, even somewhat underutilized a behind a deciding were explore inventory dry interest. changing think go, generally are that We geography, lot an footprint put example, itineraries to effort did we and that, a new in geography. I The put a we with strong for though year, always South very over a expanded become huge, very appreciable, appreciable it's rebalanced there's because very, over very and geography, next But for docks will as in nothing year. geography speaking, a docks far important of no huge difference dry as

The is will end December, that a next follow-up one didn't significant which big the year. have us this changes revenue days XXXX, are I in at thing we this launching on certainly beginning amount December with year oh the the still for year of certainly at two have of Venture of the for sorry,

will a was days that year of of the would say So of transit slight number year our bit I operating, perspective a are one big a it be vessels next day certainly negative than XXXX. in is where The little from positive. is this because higher some in

our than overall, there earnings some call our this nothing So that Sven next on isn't clarity give we'll there's year. next year guidance when for different on give in our too will dramatically year-end we mentioned, as results, more but

guys. helpful. very great, Thanks, Okay,

George ahead. Okay. question Imperial Please next The go Capital. Kelly comes from with

and I and like for promotions did questions. look what booking my environment, were you may you taking October your the month? have questions thanks mentioned reasoning selling Hi current missed on you were - if there Sven, special guys, really in for give that just strong, or programs that October start of any kind to was Couple

Yes.

accelerated our inventory, announcing Endurance National - it's to been a organically, flying new or just shelves, So which will, programs, have Geographic really growth speak. you with it the with combined launching if combination was been existing what really the future of has so off

of done as So, example, that Passage never completely Northeast responding well month ship. to, incredibly And for in our days are in the out I sold two alluded each. new, the history, totally to voyages XX October. They're people

more newness, and which a regular the was of improved dramatic very was of tendency combination sort results fleet So it very, on of a broadly.

those of October, that So things continue. the combination in will I expect they and would explosive was

already XXXX. will bookings follow-up at thing $XX we we for one same ago. We're 'XX we've future reservations at amount for inventory, million or Yes, two doubled years did for point for also XXXX, year the we than ago the I this at booked a on the more XXXX, that look in same of the point of have point XXXX doubled amount had is

So all a looking booking perspective. in very it's for forward all, strong

That's you learnt, question, in I have that little then that second second entering bit? look now - outstanding. booking has And it's as you seen ages year, guess what does - so does all? was, its have it at Quest, down How what it trend a slowed

very similar same amount terms Quest in year-on-year. really XXXX, trends No, place more and XXXX the in any well older slowdown of we the was in at haven't bookings we've continue nice in we bookings as had of in the inventory of to you vessels advance are to some seen When sustained we bookings seeing as look new that the of for and because see taken the see trends geographies it forward the for versus see overlap, obviously of the frankly great as travel, strength future which is both Venture, as booking we're more we well. that where inventory well

modeling the much Venture there in the in the and me, dry secondly, how then last both startup Can dock QX, questions CapEx fourth remaining - for build you and is And costs great. then two new in quantify costs XXXX? quarter and from related. Okay, the

you give I'll a Sure, few details on those of things. each

quarter, the higher at versus launch a of the about net costs when XXXX launch, the $X factors, Venture the fourth first a of you versus there's quarter Venture quarter at fourth couple this mentioned fourth look of year XXXX. ago, year is, all-in look probably So on a the when the be you you will basis million

expect So The range, there headwind, that dock season the and at decline gave high that's a the start included about a that in in somewhere do certainly we implications, guidance was to year, in our single-digit although shoulder the that of when dry talked and guest we certainly lot throughout available of we year. inventory. a nights be the is

saw So a financial dramatic operating. it impact with was shouldn't as QX necessarily we Orion in and as have where the she

give for when two you look to year, the on XXXX. growth ready this at guest or March look guest it available not the February double-digits that's next in next point, nights for but or in year. earnings our we to anticipate single high be we'll So available to for you it, implications will somewhere I and at guide the said yet like certainly We're nights more low XXXX, call. we clarity When

on just XXXX? there Endurance then any how and major CapEx Venture will then And is be in much in Okay. QX, CapEx

Yes.

contract majority the so in one place, that made because already the whether it new when other Blue that will a we will put obviously Water fourth end you that is - payments yet, dollars in time of the in really when place impact on the In a vessel, Venture - the a XXXX, several vessel, of effect there'll downpayment will is the XXXX, that signed that finalized for final took factor quarter. frankly CapEx and millions comes. So has October, that see at so we and the we X there CapEx haven't be taken of of

say her of 'XX, I Venture if ready the due thing So it should be only end XXXX. with completed, of XXXX, to will fourth been payment that any the but of getting first if that Endurance, is XXXX in XXXX, the QX throughout XXXX there in which be we is make The if delivery, for launch, and build build having quarter of see you Endurance early 'XX, be will in the will which for happens that payments will in significant Quest quarter not in do payments the new the in be happens of the the payments payment CapEx one in any final that is would related until not XXXX. the

amount So in would I of growth not significant a CapEx expect XXXX.

you. Thank

Okay, ahead. the go from comes with Please Greg Pendy Sidoti. question next

on terms color thinking little give driving should I a then my taking for thanks also in about been just growth be of XQ on Can what's maybe guys, and XXXX? you FX to Natural Hi of ask into it we how questions, Habitat. and also us that into wanted bit

more well big some Natural adding They're in and places have team fantastic nice staples they're they've as done also attracting which as that of The historically, in that able They African been areas been Ben that they've across done, had, other Habitat fantastic. Bressler where more for and expand really guests have such Asia. is due Sure. Safaris [indiscernible] Polar to they've has seeing to growth able his guests the Bear the additional across guests. been job like as drivers their increase inventory a of to

very XXXX, a that just to So phenomenal those on trends more expect really what they're job really their in given in well. continue, all advance, into is in specific but of booking front. going more of and of high similarity across to color, strong year also set and a have they're of in a terms very customers. year, how and seeing doing next book for they're up assuming nice have attracting XXXX not those they're much the grow they've some color as growth growth well they had geographies, growth trends booking nice give do in continue We to And going done XXXX. that terms We're ours

Is or… think business the towards regions, I or become itineraries it, seasonal? you that other the Bear broadening Polar seasonal acquired it less will was towards maybe heavily they're when it the possible to

why that, it's opposed to for strong to the that's just very continue fourth overall will able to see now look second-half They and been they've as you ways quarter. Yes, is do the certainly the future to quarter, year say the of to skewed forseeable would to going the be and drive for back-half still second in and the growth I quarter. but first fourth

Okay, a that's helpful, thanks lot.

you. Thank

[Operator go Asset Instructions] Please Sage with The next comes from ahead. Barry Haimes question Management.

much, so appreciate it. Thanks

available this So 'XX room high question, 'XX, right low be to double-digit that is may about be you going was would first my that the single-digit answered but way it? to nights, one, think capacity versus to increase have so

a still for fourth that few we're itineraries That's quarter certain still finalizing of few There correct. is on the vessels XXXX.

quite is year. should a next the not yet be that ready expectation I'm to correct, number give for finalized but that So

your think up about Okay. And same time versus $XX year. bookings are last said million you I then the

revenues a $XXX year, this mean million I So over are little I think.

less available are So that for translation? up the little in nights imply a missing am that than the room bookings bit something 'XX, would I actually

point are that, No. versus more ago it's percentage where for than basis, time, so, were bookings When same we of you go up where is that on point at in year we a today again, the where a number the at we are period. same a right,

example right very the you that for bookings seeing growth for is next XXXX, we're similar in the saw percentage XXXX that year when at in look to for we now So bookings growth for advance. percentage

have available. dollars We more

dollars max has increased So the dramatically.

the of say we're So would thus you're I max the is higher when XXXX, at revenue growth up with the but the revenue significantly, looking the is far than availability. - for max percentage actually bookings what bookings

it. Got

you. thank going thought minimum sort What of or think hurdle guys is to large question there you one an the are then rate? these of Okay, through you And process helpful. ships? just last about that my builds, That's financial when is Greenlight guys new Thanks. threshold in IRR

States. it of steel that higher a capital. of of traditionally being on - than of in we're the bit build some invested because and vessels just on operates, some we return we're vessel here probably building close Endurance vessel vessels, in polar the Venture Quest, less bit the United XXXX. coastal delivered because than these delivered the traditionally, think most a was and Yes, January of we for our little is little XX% to when launched where Typically But yesterday - requirements the I looking traditionally on of the around that

payback be building to we're we're to going vessel, that The that when build would number. the return somebody vessel. to around a like would we're looking a be track anticipation for XX,XX timeframe, of that vessels, years. operate of given a frank, that can frame, in these six vessels especially time be somewhere have seven-year a to lot to on to six-year We'd So that XX% these ensure

tends very we're the for. be So to looking the hurdle that's kind high, but that of return ever

much. so appreciate Great, it. thanks I

Thank you.

[Operator next Kambli from Daniel Fund. [ph] Lion comes Instructions] go Your ahead. question Please with

guys. Hey,

touching Geographic their any much relationship, could cost? your use insight guys quick guys give onto how that is National me on in Just try there real you to

you clarify, travel You say agencies just a little it you broke sized up you say bit, is up, what said. to

I of that how Yes, some of way a because know much… you travel travel most insight agencies so there market can - lot into mass me less, than relationship companies, agencies, tourist you guys any give is are allowing

Sure.

guest where look we it's you our consistent relatively when breakdown the several over of ramp, at get last been So years. the

out that XX% So come from we to to from typically marketing Geographic. marketplace. or directly have the National channels and XX% close referrals get us another do there guests of our in we all XX% We the

come several travel that been nature. XX% XX% who organization, to of So again. agents Affinity consistent through last comes relatively or folks to That's through percentage remaining another from folks the do and the we and us from so years, Groups that third-party

kind that's So breakdown. of the

haven't continue seen ratio strongly several last pretty shift that we'd the over forward. that We to real in moving big expect a years, and

you. thank Awesome,

Felenstein to concludes any seeing conference our Craig would closing remarks. question-and-answer further the over back for no Okay, queue, the questions like turn I in this session. to

today. answer everybody Thank We're questions. any to follow-up happy joining us you for

And joining call So please York. again for here thanks us in New give a us.

The has presentation. today's for concluded. attending Thank you conference now

disconnect. now may You