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Lindblad Expeditions (LIND)

Participants
Craig Felenstein Chief Financial Officer
Sven Lindblad Founder and Chief Executive Officer
Fred Wightman Citi
Steve Wieczynski Stifel
Greg Pendy Sidoti
George Kelly Imperial Capital
Call transcript
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Operator

Good day and welcome to the Lindblad Expeditions First Quarter 2019 Financial Results Conference Call and Webcast. [Operator Instructions] Please note this event is being recorded. I would like to the conference over to Craig Felenstein, Chief Financial Officer. Please go ahead

Craig Felenstein

Thank you, operator. thank earnings joining call. and first for everyone, XXXX quarter morning, you us for Lindblad’s Good With Sven and Lindblad, on our me the Founder Chief call Executive today is Officer. will some quarter first before we for and begin on call results opening the will some details with then Sven I Q&A. follow open with our comments

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

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

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

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

Sven Lindblad

is Craig, for to over to and you XXXX of have a time X.X years. we last Thanks, the to the today. us strong all made start sustained off Lindblad, join generated building who momentum, thanks off have

some key should to results highlighting few I like both growth quarter Geographic driver initiatives to that bearing National was XX-guest in authentic, past term. for quarter Our the second adapt The biggest guests while take addition we how in strategic and for delivering this will in growing continued a it this that with interest components some proven The discuss expeditions a high-quality investments certainly XXX-guest new-build, positioned ship travel, this to us the minutes geography our fruit, for Baja was would a ships throughout well the record of first of and are help and also the past for several short our long see and a Venture. our from years, moving as along decades. important are track served morning high with California the on forward. deliver she momentum to demand to extremely expedition of build the was have we

of and conducted, So season diversified and we on but certainly, the her vessels the At a Geographic Rica, Costa our the Panama the in in there as geography. remarkable were sister in second with same itineraries ship, provided was Belize, delighted the needed X National bit both the we different we season. successful ahead experience time, had offerings Alaska guests of she Quest this amazing a new fine-tuning our

and allows at younger and stage U.S. our provide new this of refer somewhat This guests their to this class ships, goal have as smaller National Sea some time. region clear Baja Bird offered who others, most not along which our in for little notably quarter, This out the being new time program develop National new on be us turned looking escapes, primarily vessels. itineraries differentiation popular program, the our itineraries also past capacity, been experimented with Sea for in This Geographic bringing may With we we in very diversified with diligent in to despite Magdalena concept to Bay, existing lives. this of with out This wildlife-rich idea in lead of incredibly is short wild Lion the XX to vessel Geographic short, a we inventory. California. a addition have the Bird, coastal between so building of new our Sea focused, much X-night with

component key these of extremely they’re future. a are and in by growth the reception success We delighted programs to short our believe the and

clear, we research I necessary. competitors configurations, mix. geographies and in best not to we our any to have also to as It’s quarter Overall, additional which this itinerary the fleet. we inventory, earlier new alert new teams are offerings will we deep wait with again probably engaged lengths a the despite are geography the of over a add as as Unfortunately, once to excited As inventory about detail specifics, expanded QX diversify that we up in terms a increased blocks to rollout execute in planned, off further the wish performance to opportunities we than and though, and our any key our to our successful will, grow expanding component is start bookings plan. as finding generation XX% X%, year were Occupancies we the and great new occupancy plan were course, lead brand in increased in QX EBITDA in by while in media of we in led several were investments on campaign. Craig into but ago, period. minutes, travels growth few go positive begin provides. our already strength, our of from seeing financial of the as marketing came increased to a of terms capacity as Revenues similar are signs building our future for past

well cloud technology and projects we work These system, this continue and which believe to platform plans provide into accelerate later a a experience. begin we a sustain our us both QX, new as reservation include will out in deliver growth to of in Additionally, new XXXX. marketing guest as that and earnest website, early a industry-leading the launch of began with year series rolling on an solution will new CRM X and programs a

and and seamless that to ability guests an online as cross partners journey ability the and will Robust integrated a platform pricing of both our their including capacity, dynamic this up-sell via our effort, of implementation. CRM capabilities be experience have booking to live and inventory, and over capabilities myriad even phone full can digitally multiple in the ensure delivered travel new the fully currencies. a more part We across price gain and

both Geographic the while the XXXX Current the very for year XX% remain XXXX and invest growing the XXXX not other see beyond. nearly year the Bookings for we versus driven quarter XXXX. at for for and point same bookings strong, XXXX pacing XXXX As vessels demand seeing in time quarter generating diminishing a diverse with highest-generating ships. new pacing expeditions demand in was future, strength Lindblad guests trends during for part up of is returning are Endurance the our to we National introduction booking for the travel last digits ahead our in reservation first continue at and record same of It on double in of history, we the bookings set by of and from the ago and are itineraries.

were for in been focus couldn’t platform in with has Poland she The superstructure excited delivered she be quarter, be a the our designed comfort, and more to experience, will and hull remarkable XXXX. as provide ultimate to about her Endurance, the guest on will was to experiences we expedition the this Norway the Endurance late guests last launch a come. years safety and and she of completed assembled past month, Speaking where for

begins last and Given Steel quarter we the the ship Endurance, Endurance, for QX ship in the which announced across strength be month sustained in we to anticipate sister particular, this fleet fourth Linblad-National XXXX. a of our Geographic be cutting the ice delivery will that fleet. the and building booking we will class in

As look explore fleet, opportunities. expand ways we we for to M&A also add to variety capacity and further continue of our a

have because evaluation for we integration are organic We the blueprint but growth, the very given Habitat. also diligent acquisition and Natural successful in opportunity for a our with

acquisition made Natural diverse fruit, Habitat growth well-run, distraction, bear year in that and audience, features opportunities, cross-marketing All of of and limited so XXXX. continue from the this another successful, expect loyal to strong we a

is fronts. assault, world to in urgently more urgently area has has that Before change plastic and to several is increasing confronted; in ago, needs oceans to one the too under this ever want up, real other of needs we be topic. I to confronted; climate relates urgently touch alarming and our levels in reached needs Since be of that considerable note that which finish to too, I a changed be environment our multitude has broadly been it confronted. acknowledgment, much do months so particular world an upon One as spoke the

part same time, the and an via and They not We guests want source million companies about urgency fish, sustainable them pressure and who sense seeing ever-increasing At the use take in invest hard in very suppliers are mitigate world’s waste more a issues with what do. believe We they $X plastics. seriously to want learn of we do year the positively. people, want of to to any on are they places. Fund. these see conservation, education work science together to with Lindblad-National We use Geographic wild to addressing we that our can they be nearly packaging, single the

very We broaden significant which issues. vastly have two commitment our to will initiatives, these

higher the elixir I of always we guests, – do believe and However, back to such for is may visit. all to natural balance a There and to an benefit personnel create thanks we between tonic synergy our to now, ever is our for high us a announce in and this and Day, and driver we And ever many morning. humans innovation greater them, on between the value. places we but there which this quite ingredient has our greater accelerated and explore, again please simply will this been, There world. propel to powerful not do, joining guests, long-term acceleration essential behind the is but provides enterprise The is so it a we key now places urgency, innovation turn of and ready our for Craig I are June X. Oceans purpose, parties all if enterprise,

Craig Felenstein

results once our ability financial Lindblad our we sustained upgrade highlights strong infrastructure expand quarter further and Sven. and marketing in to capacity, capabilities. Thanks, as additional first sales again deliver our invest

our pre-expansion of our X With guest we we available levels from vessels, XX% to the high and over added U.S. inventory by the despite yields addition and have nights generate continue coastal expanded occupancies.

and of authentic opportunity with demand us booking the delivering capitalize even experiences, XXXX significantly invest high-quality allow further to on strong for growing the record travel. in long-term along given grow track as environment, adventure proven will to a Our we

ago, the Lindblad first X% led quarter at adjusted personnel growth the of Turning X% offset year first by X% to EBITDA and long-term increase by while to growth XXXX, quarter Natural as marketing initiatives. at the was Habitat, the total spend increased XX% timing was segment drive a the revenue planned growth revenue company versus down of and

night, launch the Looking was growth of year-on-year the in individual quarter primarily at quarter. compared million the $XX Net available very December of to X% generated in a still revenues increase the XXXX, down as was nights, it more the slight during yield the by Venture XXXX. of price by first full strong increase The Geographic ago, a quarter year current remained increase XX%. offset driven a $XX.X with the that and net X% changes yield $X,XXX X% to in was and in in National XXXX. year segment mostly the of million segments, Lindblad guest result than of being at per predominantly for increases versus while from itinerary a expect first quarter occupancy We the

for were capacity call, the was the large higher fleet. Geographic costs new expenses the Turning the spend basis, the the discussed to first to on we rollout higher led demand above growth with the as look of and in marketing increased as in addition increase expansion driven XX% due and in from National the primarily a increased of well operating X.X% of commission the revenue Fuel compared X% quarter versus marketing Fuel expense our fleet prior of and revenue segment associated the we prices. the quarter CRM with to Lindblad travel. tours, reported of of ago, a Venture a by X% side X% growing expedition of on the as cost our including Sales and in year-end to XXXX. to by cost business, in year, to costs part increasing as XX% reservation associated costs and increased year capitalize systems revenue our investments further due

of to related quarter million fleet, of increased ago. credit year XXXX first of the while $X quarter National included mostly our of XXXX first the the the depreciation facility amortization, also Venture The Geographic addition related $X.X million expense included to and to of a refinancing

quarter the million income drive EBITDA quarter of share the the a quarter. higher the timing Habitat growth diluted Total line reported segment including Excluding well net a due million in amortization currency and in was costs. year to for quarter personnel Adjusted revenue at XX% expenses a by stock-based basis first as was a year the was with personnel $XX.X first Natural segment, refinancing depreciation with $X.XX year the $X.XX due growth. future and and per in revenue a $XX.X associated additional offset share of $XXX, in decreased Overall, gains current the compensation, XX% due per costs, of available $XX.X stockholders due first revenues a pricing. first diluted $XX.X departures the benefit was ago, year with year costs to in well timing initiatives. increased the night net $X.X tax increase versus the ago, and to and of the costs versus was as as quarter credit to million foreign XX% in ago current marketing of reorganization as a spend adjusted by million swing $X.X operating per company XX% expense in or to the Lindblad ago. million to in G&A Lindblad the $X.X or cruise million on expenses grew and growth higher in $X.X Adjusted the EBITDA versus year and segment future offset to the growth At million line ago, departures primarily growth investments common quarter a operating as card additional million

ended a unrestricted balance we to increase million $XX on in remain in our primarily quarter the opportunities. positioned flow $XX well CapEx, of to million was for use the newbuilds. cash We invest Including an ago. in spent a from million same future was of Turning first maintenance sheet, quarter, the free the growth with million $X million, $XX year period extremely cash, flow $XX free the reflecting only cash quarter

this blue equal Following financial X%. the bear export our to vessel either a to are this rate to $XX payments rate securing of Norwegian in with by agreement fixed September build. and X.XX% a of of loan expanded This at water option plus or installment next is interest be anticipated approximately an installment regard additional million quarter, flexibility we further due floating new LIBOR The a payment available our second credit on margin of is when year. will paid our

and to segment XXXX, well full year for year as ahead The to full growth for by are with compared the despite Turning bookings, pacing revenues XX% time projected already of with of a we our at XX% net currently continue to our Lindblad inventory, revenue increased significant as XX% ago driven the full expectations XXXX, as ago. regards point XXXX year anticipate ticket at is year year ticket the capacity yields. expansion additional the of a same we same

and total XX% to million, booking you trends, to the environment for operating million XXXX might Thank million and And XX% and in your Sven $XXX morning. we would time and versus growth versus company $XX growth sustained be million continue between happy revenue answer I XXXX between this Operator? $XX $XXX to EBITDA over XX% or adjusted the any and questions have. you now, current tour XXXX. Given XX% to expect

Operator

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

Fred Wightman

Craig, did Fred the if out you I It’s in or Greg. specific EBITDA missed impact headcount on actually investments from the I call the initiatives Wightman marketing but for either apologize, quarter? this,

Craig Felenstein

spend for guidance quarter. specific given the additional not marketing in the had We

the of the this some $X recur in the somewhere going marketing be X year of that million when marketplace adding That seeing want you as launch will really year, won’t spend take year will full we to on that and of out things, this in have to additional terms combined which We until to time due capacity. significantly a to have itself related is year. we the there that increase. this the We The the the spend specifically kind function, of investment. Endurance to to The marketing be travel the you those as at around things to start look that’s current partially have and the in in in projects but the When every at fruit something take of well of terms impact of opportunity, when expedition that costs step new magnitude do IT the single look in we’re XXXX. highlighted. to XXXX, expect spend And not current return at talked think about increased of because advantage noise the year partially the year, XXXX, the what range. you in not $X those do said, tail you is we’re certainly this end million investment the we right

Fred Wightman

Okay. give there up know add helpful? of That But Could sense. the I your year. specifically? a color just color market significantly other makes Alaska you be this on any just pretty little would capacity’s could you bit

Sven Lindblad

Alaska, very, higher, is, increase. way ships. X summer of first we’re obviously, so X XXX as significant a which basically and a is going Sven occupancies here. not still market very cognizant is, at how the that us thing of the very, ever clear have bookings for the bit are Well, high but are going looking to big as incredibly people is in strong. we’re taking a the strong, for least. XXXX specifically, It’s One very they’ve our beds, lines as the cruise more Alaska having for consequence it’s now is been, I’m ships And probably

no I see at dilution market So, of all. that

Fred Wightman

just National Geographic after relationship you then expected Disney the about could from And any talk deal? the great. finally, Okay, changes

Sven Lindblad

I good to as tell that are anticipate juncture is you and will they thing as obviously, to were consumer this ability that greater because, Fox, Well, I of it things way, obviously. than massive reach can and relates with at Disney’s would consequence a the only business it happen Disney’s way

far but I benefit. so as nothing, And see I’m concerned, as

will Of take forward I would it. to course, positive the want to assimilate it opportunities. but But how decide they imagine engage I nothing with and part and while Disney, move for a this see transaction of whole

Fred Wightman

Thank you much. so

Operator

from next Steve go of comes question Stifel. ahead. The Please Wieczynski

Steve Wieczynski

Good morning. guys. Hi

out remains quarter, year, back think, unchanged. I guidance Sven, are significant did or Craig expecting guys at in over the for first So, you if look growth the some EBITDA I we you low-XXs I we of $XX that’s essentially saying quarters. your mean, it growth. If million guess the pretty it’s X kind last the

so getting days. So, that the the you in on spend EBITDA question I pretty side some I But this and understand you And is, is initiatives at the I that growth? increase what at does that still still are capacity gives with what guess, much here marketing in guess, sense. am point, the confidence makes I That look, realistic? growth seems seem increased doing other the

Craig Felenstein

Sure.

always Bird really Lion and Sea with at the that a really quarter. of inventory adding to bit the did yes, the a say, the a pull mention power, at little did us, the the Bird, But this second but for inventory. power Venture, that of we power older into additional yet quarters additional do Sea Sven little bit the course of So, is some our fourth did the expected the real the we year full the you quarter, quarter. the back and look or did there, we but we first full we should of I on back in third come. experimenting bit the and launched look some pull little we in be When to inventory Sea on first

thing. that’s So first the

to year, is is you course booked that is The the we really when the the quarter, for the that look where of inventory throughout And itself is, well. to remainder the we first anticipated. be and second year. so vary feel quarter just marketing thing inventory in historical seeing third the grow year inventory that much really out going comfortable of as but that I in the come feel we the the frankly, was expect you really The to we’re year forward about our QX, for with going out in of plan moving there to plan play thing the pricing some to going see as The growth comfortable Each operating look because the additional yields to see are this like. of of when we about last different, yes, that quarter finalizing we very the timing going the year years, the is second the now, which and, spend at always already throughout that because of say would because is increase that have the we in given going anticipated, about it’s have the looks we of trends. it the to

Steve Wieczynski

Okay, to know don’t down guys. make I this looked yields help what is in you about the way shifts? sense. those us don’t think that quarter, itinerary have yields the look makes were know first would I they if like to any But slightly. question sense. going there at if without And then Is your if

Craig Felenstein

certainly would they been up. Yes, have

certainly things When advantageous affect little bit the of the sale in quarter. given an year at yields a get moment. traction on experimenting Bird is experimentation bit in can to But it later; had the first from a when guided you on doing ago, some Sea the b, so more the tends in they perspective, little and to what to a, primary tends haven’t first that impact because go did individual yield kind any quarter. driver see you’re of stuff were can that a of which price lower we quarter, many look a being to the at the We than quarters you some

item, that out If one took equation, the that you would up have just year-on-year. of you been

price full demand a strong. quarter, out certainly and has in XXXX for inventory, strong, we about really which been some XXXX. into where the are. year demand the for good of really we existing the true point the has frankly, to The higher and, but that’s been just pretty has So, really, inventory for first not yields instances, feel new The look

we now. right So, the where about feel good headed yields really are

Steve Wieczynski

it. of we just nights in question. be guest housekeeping way about question terms the with over of Okay, last the the quick Craig, year? last got quarters should any available And thinking a changes those the X

Craig Felenstein

Sure.

So, when you next can quarters, give look nights. the few some regards the direction at to guest I available with you

We expectations. from haven’t any to be the quarter. We our similar in seen change do first expect the very perspective second increase to quarter an

We that look the a bit XXXX. you in start to will probably QX, out to see launch And little will of as And year launch lap little QX. April of a when we you the down a in Endurance the a then ago. a step-up on in XXXX, growth from come Venture get certainly, it bit then of

So that will in XXXX. capacity certainly increase the overall

year and how of this really remainder for play into should looking out next. that’s the So it

Steve Wieczynski

year kind single-digit that full upper still it’s So, of range?

Craig Felenstein

Correct.

Steve Wieczynski

Okay appreciate thanks guys it.

Craig Felenstein

Thanks Steve.

Operator

of from comes Greg go ahead. Sidoti. question Please next The Pendy

Greg Pendy

Hi, guys. Thanks for taking my questions.

be XQ you I understand you the Just that is mentioned, not that fair year? give most were But I catch-up, I this year, be say of think you’re this is quarterly think in to to going on some more is yield last the don’t year? the going I itinerary Europe, that. and to you itineraries, favorable guidance in had guess it doing they the

Craig Felenstein

lower of a third in it year Pacific the South and The probably the what increase, byproduct about some expect And the mentioned that yields we’re yields the and year largest year certainly will And I were getting the was the it’s you quarter, the had yield that there is higher year ago. significantly Europe be that Sven the have quarter that remainder other than but to of are expansion which less that in as Orion for would than South of for of ago traditionally. have XXXX. other a we Pacific less a the a on do voyages Pacific this of talked We inventory be Yes. South year. we this some the than yields result, the

largest to in but do have full-year So, net expect QX, expansion the we I yield for to would be overall. the increase expect

Greg Pendy

Okay, looking names. I us to Natural kind of marketing. just looking strategy? kind of great. different just you one give kind us really name? everything now, kind And operating the own a – on then as guess, maintain step-up under just picture you’re the campaign. Habitat Are give its Right in you Can you brand big the to name? of Can of more, guess, of I I kind mentioned brand you Are X into guess, a you Lindblad

Sven Lindblad

Yes.

strong So, we are strong under to has have Lindblad our brand. the repeat strong – It loyalty. does and Natural not going because take Habitat has Natural travelers. a brand, offer under It a it Habitat very, very community of

subsuming you will. if in value no that see we so brand, And

et And we reconfiguring people into care because should times, of research redevelopment of migrating total changes. approach new, to really hone advertising, about we in around that translates development, We we the and the et own approach cetera, It them everything, what understanding mail, to brand our web, the what the messaging It web is key will. a matter this voice, our we really if of and through were had how did helps guests. in �� to wanted ingredients periodically. do we the direct say, order development just some current we matters and as context that then Our or and cetera. you our make how web sure ducks

to-date really want keep that messaging it’s we up and to that play of and honing that our keep modern. do more that’s every you just So, at few because years,

Greg Pendy

Okay, that’s a helpful. Thanks lot.

Craig Felenstein

you. Thank

Operator

Kelly, Capital. Imperial from with Kelly your line comes ahead. George question next The Please go George –

Sven Lindblad

Kelly? George

George Kelly

me? Can you hear guys

Craig Felenstein

Yes.

Sven Lindblad

Yes.

Craig Felenstein

I now. can

George Kelly

thanks. Okay,

Sven Lindblad

George. Hi,

George Kelly

So, questions you. few for

type roll through? of we you those kind there? X-year of going should XXXX or is biggest your on And you the Can to you they’re when talked this us and the timing to updates out First, start year. coming from benefit side, Are remind features more then when technology story enhancements? of it a the about the technology anything just guidance into baking

Craig Felenstein

Sure.

with new So, with help we they’re certain few our next marketing customer of be really QX QX over regards elements year. us this of the take and the transformation that’s predominantly in will and forward-facing bulk those to are but out are the will going behind IT journey tracking the of to the some functions place going our months, either scenes, the of to rolling certainly – systems scenes. behind happen The

as as perspective say, really look in will next these cash it see on because be vast into both take the rollout, to benefit outweigh reverse an a force start expense you itself of not the features in, be in will certainly investments first the well will majority even this at XXXX. you place capital the positive really will quarter kick certain the the first XXXX. And perspective, XXXX just such benefits, When in XXXX. Some, in but in of outflow of be frank, the will that I the and year. in the of Actually, negative will would of of, website the of benefits half half operating but majority XXXX XXXX, as of in second

George Kelly

– the the think Was you continue you bookings the quarter? strength geography What or of Okay, see anything quarter, record that? specific there that that on and And after – you end next bookings. the that just for you isolate strength anything, I of level got it. on is commented any then did drove can it said

Craig Felenstein

Yes. The to it’s XXXX. specifically one I curve, item for say, booking hard pinpoint would

Endurance fleet. is of For as significant new certainly, across the for increase the of piece Sven the a the the maintaining remainder that demand mentioned, while XXXX, demand

to sign. been XXXX. the be again, exceeded Interestingly, significantly layering big engine good we you that’s that be Alaska, Arctic, bookings look bookings Galápagos, have would very for whether you the it’s would the the had when enough, we when So, whether then broad-based, front on strong all new XXXX, be been certainly and whether it very being really, it top company. already for travel is you But we’ve existing maintain you what board. of already thesis the as on able across at really it have this XXXX, inventory in The that always the add being look of for a growth just

both certainly additional notion playing out and this itself of adding filling as the inventory as well is it So, short-term, the in long-term.

George Kelly

mean sounds continuing the that’s I – you’re quarter it so still after too, like And

Craig Felenstein

strong April Obviously, see of the just nice month April, growth talking overall of were Yes. should we’re very, some reason We and why we don’t but year-on-year. month about very saw bookings the any slowdown. it

George Kelly

people talk for customers repeat I’m and this your last question that do are half, Great. about as booking sure travel, the you’re and and at exactly type me all frequently a adding guess, strength, is they of – And just repeat of is can And how what people and over customers? just more guess, customers do function as big you’re all last Do you back your it adding are as that? a kind in me. this phrase the you I what not year, these they of talking then come mostly coming that frequently? like new this, – – added back for but it the into dynamic year what you, new you’ve I And to to is capacity look more becoming new all legacy add or interested question mix

Sven Lindblad

new for bit. guests, monitored of or a we channel, another. one we of if they’re have and have and to a National their sort very need down form we have agent and according channels – carefully they’re broad is all – the and a sort we And of mechanisms in and they they travel organizations, so all we will, little multitude have Yes, then drill that charters, own, adjusted But were all guests. have affinity Geographic, a can we attracting reality have have one we we have of is, past you life a different answer

But the of and others. their some of have but pretty So, identifying – very to we some we for they our more going productive successful been than channels. the inventory, the Obviously, large, the well. made – and all – all terms behaved of in as in we’ve don’t then we extraordinarily them improvement, activity were very, a knowing activating example, increased channels that expand the well exactly that obviously, we’ve felt relating identity that – were behave by and has most same, our actually need consequence

I’ve matrix before to so I And it’s a think make just you some and of sure kind complex this of want stressed because previous in activity, calls.

that You if sure really of business things really, or generating two those hurt for your system thing balance. only your in will, proportionate is out companies your absolutely that badly make this are to to you if inventory, want machine, new guests growth and can the

there obsession year, if as capture to of that make That’s area very as let of And I marketing is our need on my kind as really consequence. so than was make and know that and deeper. investments you just we’ve of we that share inventory, helpful, an overview in of because of and us this sure this want we some since started entire a that’s haven’t business, made marketing, that possibly – ahead growing we’re I advantage mind out why that much more an that much want to I is, was dig again, like we’re market to so significant we can I’ll top which that take very, that in reach if We sure answered interest. life very cognizant your are anything we of

George Kelly

Thanks. that’s great. No,

Operator

closing for concludes There over is any like question the back Felenstein Instructions] [Operator session. moment. at I the turn Craig to no would This our to question-and-answer conference remarks.

Craig Felenstein

time much at us any in this any Thanks. time. you everybody. morning. here for appreciate to New you questions, have us reach follow-up feel Thank out And additional free York your We today very joining to if

Sven Lindblad

you. Thank

Operator

for Thank call is today’s attending you concluded. conference now The presentation.

now may You disconnect.