Lindblad Expeditions (LIND)

Craig Felenstein Chief Financial Officer
Sven Lindblad Founder and Chief Executive Officer
Steve Wieczynski Stifel
Fred Wightman Citi
Greg Pendy Sidoti
George Kelly Imperial Capital
Call transcript
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Good morning, and welcome to the Lindblad Expeditions Inc. Reports Third Quarter 2019 Financial Results Conference Call and Webcast. All participants will be in a listen-only mode [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Felenstein, Chief Financial Officer. ahead. go Please

Craig Felenstein

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

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

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

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

In directly comparable reference addition, most disclosures measures other and company's release. of financial are non-GAAP A associated reconciliation earnings our financial in GAAP the the measures. comments contained may

Sven. the with call to And me turn of let over the that way, out

Sven Lindblad

all pleased call It And thanks it today. quarter third U.S. you, them Alaska. in net full extremely with four joining of flagships yields. our Thank sailed occupancies very, and quarter very was Craig, to first to year. all by was We're and very our that see the all this high with gratifying our

on In fact both quarter all operationally cylinders financially. hit broadly the and

Available the segment two Guest and occupancy percentage XX% EBITDA points. at were up was up Lindblad and was over was revenue XXXX. up XX% Consolidated up XX% Nights

and take strategic record minutes success and of our much a track the will demand to of a in proven adventure high-quality past is example for experiences. investment growing ability of but Craig capacity authentic in go quarter more given detail course, delivering latest the travel Of advantage our our this into few expanding

the have was last Given great in we to number overall increase of to competition. available this operating region over significance we see factors the closely the in that tripled nearly our the inventory Alaska because summer. very watched of season of wanted We in was ships of the that the one years, effects two this us

But highlights our able marketplace. despite were to from XXX capacity ships on occupancy to and high the on four yields in demand maintain increasing net three robust the we which XXX certainly very expand levels, -- ships berths

that and capacity region adding National sure that When not does Geographic National want been case the be a and has materialize in definitely Geographic to cannibalization not Venture. the you always the Quest with

XXXX booking XX% roughly overall, with Looking the approximately for than at revenue higher bookings at environment on company already And the the made very books than year higher the XX% strong time same during last XXXX. XXXX. in remains QX, for

A ice booking that of two excitement is strength the our big class part vessels. over new

from the the from perform She are in just mission going elegance. months to both strength magnificent to a is We order of a away be taking clearly Geographic comfort and her perspective our of now Endurance. build first blue-water delivery ship terms National of in few and

Resolution month for laid expect fourth this of was sister ship in XXXX. and National the earlier of we her delivery keel quarter Geographic The the

which of a beacon for Expeditions. to would record always record had south farthest the XXXX at a set and Resolution before. that It ever Cook south circumnavigated HMS has Cook's and for a done Lindblad the name, was explorer of quick years. the been the set Captain than globe a of mention XX vessel Antarctic us stand great hero, XX, Just further Captain all crossing a second Circle also January on navigator been

shape, be go hollow because will, of human places gone ships literally no where These two able ultra-high has and to specialized their class before. ice

itineraries expeditions. new for already offer epic of well Geographic ships diverse are XXXX. the about excited extremely Passage Endurance unique and sold to the And both the extremely Our our guests National from loyal Antarctic crossing is will they audience and the Northeast

Geographic the we While itinerary is recognize very very Endurance to days, over need diversified the expedition longest platform. a with a ticket robust on the National XX deals, high also have

have options rapidly results of to new Baja's As Channel We by these whale-focused developing the branded doubling to Coast the we nights XXXX, also including itineraries, launch various four on short in Costa of offering to venture North Rica a different put and we've effort and Wild Bay. with expanded XXXX ships Escapes Islands, expeditions program participation and XX in itineraries, new into Magdalena geographies, new five lot land.

These of nine nights. Wild and new traditional an not time of who have our may for average that audience simply for last -- Escapes development the allow last average voyages an

given from that potential significant suggests rates analysis traditional value our Early And these is represents the considerably on a our this median voyages. itineraries younger perspective. repeat than age lifetime

the outside and U.S. developing Alaska Northwest. biggest our we exploring Pacific are balance flagships of at four the of the is One between optimal moment opportunities the

Historically, enough traditional season. interest National the Sea accessible and in geographies Sea Geographic have National Geographic Lion shoulder for provided the Bird more than

maximize to build developing to emphasis Given period time Wild in programs opportunity like we will increase future. the bigger on of in become this working in that U.S. new the are audiences fleet, the the our growth during a particular part itineraries, new with Escapes, aggressively

forward. U.S. prospects Northwest, earnings ships Pacific reminder, in as majority additional and view the of Alaska deliver our the of the do seasons we their do optimization shoulder but growth a moving As an

we committed in efficiently have many technology and marketing our itineraries, you new and a to planning developing expanding support investment As strategically as we know, enterprise. expanding to fleet focus -- significant increase our of on

test reduce most components; waste. short are and scale, and Our tactics increased efforts growth, marketing media learn, focused on further four the and effective overall long-term drive

and in our to since on entirely experience. that include of The concentrated likely first of to of implemented and new have prospects qualified in travel audiences new were expanded increasing our engagement exposing media the Lindblad were June were expedition-type for audiences efforts and initially May market

Visits been beginning media with up are our iceberg up group And promising. Although over real tip up see newly XX%. results this XX%. recently we from are early channels to And are from only XX% some the transactions new-to-brand names September, new-to-file in XXX%. acquired and of impacted have transactions the up to-date most

At the continue critical make on technology progress same time, we to front. the

deliver during improving proactive sales leads. enhanced on quarter Our and CRM while seamless platform a both our us went follow and providing third new to guest more up platform servicing live also reactive technology experience to with a ability the

system new marketing Cloud as on our our and reservation as well We also website. continue to make significant progress new

us which capabilities online, create automated we will we fully a expect view the improving next in complete Once year, journeys multichannel QX guests, our and anticipate and allowing these of provide engagement conversion personalized to new rates. XXX-degree

more to pricing Additionally, and a us reservations enable including our new dynamic allow frictionless will more yield capabilities. provide system experience seamless management reservation

The significant a on and benefits our is planned of will year on results this investment most years. develop both as the technology in effect the XXXX marketing out front the

However, the without better to we financial increased we committed question very term as over long and strategically we invest results investment. this continue having off will be strong to deliver

we People organization increased else. and where lead good really the for is aspirations the number year-to-date will experiences it's been travel And, the continue appetite going preparing the Clearly, summation, exponentially want of growth. results a both above fulfilling our guests. continuing expedition way terms for awesome the all In to grow. and of in to ever-growing is, of

Craig. turn you call let now your time me this again back the Thank for to morning. And

Craig Felenstein

expanding financial results today, strong is investments last that to The by to audience combining capacity, technology the quarter upgrading Lindblad opportunity marketing provide for Sven. Thanks the the expanding perfectly growing over invest third generated strong results Lindblad financial sustain made travel. high-quality this targeted with to our adventure capacity a our for demonstrates we we sales come. while continue has to The have momentum in us during delivering ability the capabilities several infrastructure, and and years strategic years additional

quarter at the to segment, total at year Natural at growth growth XX% the Total EBITDA of by strong third Lindblad XXXX. X% growth led Lindblad the and led a and increased by company versus Habitat. segment adjusted XX% company Natural a Turning to contributed revenue XX% ago increase growth Habitat. third quarter XX% growth the The XX% at in

segments, the third National individual during segment $XX.X generated of a The the in XX% quarter Guest Venture the Geographic the at of Lindblad of Looking revenue the year-on-year million launch with compared growth $XX.X Available December increase XX% Nights, as driven from XXXX. by million mostly XXXX. in primarily was

prices transitioning to top to we quarter, $X,XXX expansion, yield due of to were ticket increase growing per higher predominantly night, occupancy XX% the On also X% net past capacity across this while from able to the itineraries, the Far to of the impact Orion the inventory Geographic some our the Pacific certain from notably National on changes from East. most of to South fleet, Russian and

of business. in Venture Geographic the of cost the Lindblad XX% the increased the in driven National operating to tours December Turning of the of increase to segment basis, XX% reported an led on XXXX. a cost by by addition primarily side expenses fleet

versus due fleet the fuel to revenue revenue these changes Fuel the as itineraries. of was the of X.X% in the costs Fuel compared X.X% of lower this prior in quarter prices third increased reflecting of in XXXX, year, quarter X% impact to and expansion. fleet across

the growing with reservation marketing further and our commission associated ago, growth Sales the we versus costs our new with the expedition CRM travel. previously, a demand and well due as from increasing look we and rollout spend expense marketing year planned marketing increased capitalize system, investments for associated costs on as increased XX% discussed the have of to capacity including and higher as revenue to

transaction in higher partially G&A offset to exchange, expenses lower personnel our due by X%, VAT primarily associated costs taxes warrant and with costs Ecuador. increased

fleet. quarter depreciation of mostly XXXX Venture Geographic and third the amortization, of million to of The to included increased related the the addition $X.X National also

result cruise and Lindblad third a increased Excluding stock-based Overall, ago. XX% costs marketing on of versus conjunction new Russian basis transaction increased to with amortization some East costs, the in well depreciation and X% and segment the night its quarter Geographic net as expenses a the National itineraries. operating technology only increased adjusted year as $XXX, per Far primarily Orion as compensation, on from additional costs costs a

growth past initiatives. revenue growth our driving did investments Bonneville adjusted of in a during Lindblad operating strong the also Please a third and the slightly XXXX. note the reduced government several shutdown for this River XX% quarter. with unexpected impacted despite lock voyages future include million, for increase leverage XX% the This $XX.X to that, EBITDA quarter Columbia the Overall, on of quarter, generated the in results repairs overall September the segment

past departures in additional and million, offset by as timing to generated operating expenses growth higher growth. partially of was X% EBITDA with operating well segment driving and to $X.X due from associated growth as costs adjusted The a X% quarter, additional XX% $XX.X with million. revenue this Natural pricing departures additional Habitat increase also to leverage real a future marketing increase personnel revenue spend The in from the drive to of

note further in Lindblad expanding I Habitat real we Habitat see benefits should Natural XXXX, year-to-date including of plus also continue to and increase businesses Lindblad in of Natural combining XX% sales cross-selling itineraries. the with that, a

$X.XX higher deemed $X.X a net stockholders to – versus of with result blue-water common of year quarter dividend loss was with than the vessel, the to million in decrease rather on our $X.X $X.X of available more second The in taxes losses Venture. share per being increase large the diluted income increased year-on-year payment higher installment company million, reported related and diluted of due operating part net third million in available Total share to or depreciation results currency exchange, $X.X a million the quarter $X.XX or the common stockholders the associated forwards $X.X by second foreign $X.X associated million, of per warrant the of ago. launch was to million offset $XXX,XXX

the conjunction that, to the also retiring share million company. million diluted of shares, of the X.X average shares by predominantly weighted during warrants all outstanding the with note issuance in Please increased the count X.X due quarter of

free that in invest only cash. We Free year-to-date. ended Turning for flow with in year-to-date extremely to $XX million a spent unrestricted the CapEx, balance cash of primarily $XX the sheet. our We but $XXX use new was maintenance million million Including $XX was reflects builds. well growth on opportunities. flow to nine future months the cash million, remain positioned quarter

in the the of second equal million quarter, second for the million the and a for the is under the This Resolution $XX.X margin also be loan our year. During credit used contracted LIBOR, will floating agreement for of payment export The bear rate to anticipated to interest Geographic Resolution. plus X%. we next paid installment next a proceeds borrowed installment quarter National approximately $XX payment of

is XX% Lindblad we ahead ticket year at point ticket are Turning for our year. now same of currently revenue to already full year and the projected year segment the of XXXX. current full the ago revenues a pacing XXX%

continue to the relate and reservations point very this month at of we each XXXX. While these see strong vast bookings to majority XXXX

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

current trends the years Habitat and some reservation the of for strong fleet. both with still and we are that given Lindblad concentrated outside future inventory Given in and U.S. of Northwest Alaska are the utilization, balancing the Pacific Natural

versus total $XXX million company XX% tour expect We or to and between million, XX% growth revenue $XXX XXXX.

million XX% or EBITDA XX% XXXX Our unchanged. to remains adjusted guidance to $XX versus million of $XX

margin a shoulder some despite and ability our profile the in ability Our costs. revenue revenue reflects slight our season adjusted reduction variable to expectations forecast to our on our of EBITDA maintain control

provide But the travel We at XXXX very and this our on March. bookings XXXX point that booked did already for than million ago. point same please year for guidance XXXX in a financial we over strong year-end at further $XX more remain we for note for call will future have

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


comes question-and-answer ahead. Wieczynski first begin from We the question Please will line session. Steve The of Instructions] with [Operator now Stifel. go the

Steve Wieczynski

guys. morning, Good

I about to little now from your the what in where that if when it's Can So a where go back revenue was it relative think at down you bit guidance, into from this, is? talk But Craig, I drove right it more July. about you and detail I did think don't tour look X% it know about, just missed I you down – where at end.

Craig Felenstein


distinct say, I really three it's items. So, would

minor lock revenue Columbia there impact The some this to this to closing on the which in – was ability on those deliver for did – have itineraries. first did the is we of the River due lower expectations

So a term that to obviously quarter the third short translates year. was but impact, full that

are bookings is aspect than now we XXXX. second seeing XXXX The more rather for

I the a it while year. anticipated next has positive year And shifted the booking impact little very, slight next bookings than would have So, we in does And for to say, earlier the are this volume year. a very last the very four of we piece strong in layering really of our is we've shoulder inventory some Alaska. having outside season that, we process for success rebalancing still when do in inventory. are in with the vessels And had our

demand working But will is, how and be of build over would every that talk the, year three given through we are some can each still time. what I of itineraries associated we with We'll the upon Sven curves primary itineraries. about those improve say drivers. those But certainly

want EBITDA why be. talk bit to about are itineraries? at all our Importantly, those our relatively building you keep when where things, look to of low-margin little do they it overall which you business, is of pieces to expect Sven, guidance able we're we right a

Sven Lindblad


because were that season and the so we we we than So very the used now demand capacity. we get -- U.S. something around, we to, particularly two differently not had exceeded creative only ships before shoulder look had shoulder the really seasons to upon

massive, but it's Now I -- created in capacity all opportunity, expansion that also main our the massive opportunity well, but we've requires whole relationship creativity. say short entry-level added an we've to And a and is, when the it relative programs. size, creates of

and a in as of And short very Baja speaking and we've they just as West the down are high Rica, Alaska Pacific demand it's we up Costa I -- in These a the as mentioned generally previously, four five itineraries, that, for all, them and found California. first Northwest labeled in all there's and well nights, Coast Escapes.

come median And be can first guests believe from feeder years door in be to longer average programs that really time. these average for we age a lower. that age The XX that's transitioned how And is this perspective the the program. will really, the of -- on about over the these programs meaningful us

the So day the it But term. run this absolutely necessarily you to whenever be home is going something an long we in new, of one. you out absolute hit park don't start believe

Steve Wieczynski

guys. obviously Okay, this And great. books or this -- XX% for higher about talked guys at Sven, that some And, That's next really the are which good year, have that color. you of incorporates Endurance, didn't Thanks, you point. year. incorporates you

on give next So, out your I way little any guess, to color question is bit at us there this of point is, the for stripped if bookings you like-for-like are year? trending Endurance, how a

Craig Felenstein


answer a question. provide me bit will of your color. let you So little I

hard important would answer, Endurance they a Before with I lot note of that us Endurance. for to other booked I hadn't booked the it's a if think booked because do, things us, the to have mostly folks it's the that, question have would

same-store So in see another as it's the same not of would sales business. stripping out that you

But good performance at when in where it ago. a And that rest we said, you Endurance, year I the the about it's pretty that, out year-on-year fleet, being stripped very with of if our of the was next line look much feel year.

So increases cannibalized way. are The And all-in-all, we're fleet for booking the from we're any obviously Endurance totality. seeing traditional -- nice shifts businesses seeing being in or frankly real boost not XXXX additive an and traditional in the across XXXX.

Steve Wieczynski

any out and cost timing helpful. models, like from kind a as that Anything year really build pretty would we question, through last whether this next that's Got at Okay. Craig. XXXX be a things of But want should perspective? or go for perspective probably about thinking kind we to give I But, for guidance you. there don't know, for again, then And be point. you quantitative you are our of

Craig Felenstein

March going we would year-end. add Endurance have what ship, earnings plan, capacity say next in inventory launched mid-teens everything color that assuming company. you look give the goes growth in we we're the certainly expect when our in overall somewhere have that because call certainly lot to is, late But do more We'll new to of I our when February to early will which according a Yes. year the range, to April, overall for

costs of We cost launch hotter year, quarter, first you'll But vessel XXXX in April. would that, you the any we anticipate run the ship to of until additional than steer rest going the will clear finalize with associated because the have results. that before it I'm the giving will in than other start-up color

Steve Wieczynski

Okay. Appreciate Great. it. guys. Thanks


line ahead. comes next Citi. the with of Greg from The question Badishkanian Please go

Fred Wightman

Hey, you Wightman Could the for revenue guys. Good underlying the the I sort you however just morning. outlook. think want Fred to Greg. It's the to EBITDA on or disruptions? River Columbia give just us it to helpful, changes phrase that'd be impact guidance itinerary of getting for

Craig Felenstein

want our I being over impact was during for the it portray don't a Certainly, this reduced Yes. growth -- to as the of quarter. the a massive it slightly year. us course

So course year. not it overall the driver was of year-on-year. big has the nominal a revenue of the That change impact the

originally really and fourth the U.S. in of was up quarter the as is XXXX of voyages for versus has timing to in probably And the these driver quarter and XXXX that bookings opportunities year the this XXXX. occupancies lower biggest first certainly, build we fourth and build The anticipated. than broader bigger

Fred Wightman

were helpful. QX, of expectations? I up. you how on in just Okay. versus market that And know That's the or Alaskan trended That's fair. that feedback sort give you of yields sort us said your a debrief can some really

you're as like capacity sound compete of guys I know growth there's to year everybody necessarily we I But seeing an doesn't next into you amount of to next capacity that this industry as you're growing anything level. cannibalization, there. planning change, any don't we at sort who's a look look mean decent with but It year? versus really still year that out

Sven Lindblad

together Sven should wish. on could itineraries really. more we've only that into is, people our a It one one we itineraries here. itinerary changed of changed X-day into ships. a XX, Not be The XX-day thing of our blended was two

from we're that's that So itinerary a anticipating of But just any changes. little aside bit not tweaking.

Alaska year. been We've XXXX since in consistently every

opportunities demand. well. And one and do this next. terms And really, very, we there's year are such differentiated relationship what But we positive learned tweak And it. know so an that's to we so, in place can what ships we in Alaskan we've there. very really always feel I about to from we from of about mean enormous new And the other market. the

So we very, very feel confident.

Craig Felenstein

we about quarter that our had And marketplace is that high-demand is think what really the were ships that knew out we going third us. capacity say, you had. do in versus for in when capacity which there of excess I the destinations. to theory, demand because the add would And big first It going -- we to we the to were point the happened what proving expanded we

as with it mentioned, this And that at at, higher been we've historically we historically. line that and in occupancy did past quarter and been filled we really rates where yields Sven high frankly we've

think, a moving I point growth So, great data as us company, a stepping the for it's stone of future forward. for this

Fred Wightman

a the is of to the Yes. what newer pricing future seeing up? new given repeat I mean, you have Quest, I perspective? the sort coming that swap is in how about just Totally to up? just, the ships some customers have mean, from of you Endurance to those seeing on that premium do agree. you pricing pricing Venture guys some how you're Or are and newer like the you holding your Resolution And holding and hardware of thinking hardware then the legacy out the ship sort touch online? could we looking Are of you?

Craig Felenstein

Sure. Yes.

So thanks for the question, Fred.

look across at our fleet. the pricing So we when

of the of that opportunity. One many with a now large we've years things pretty for opportunity. the that geography of consistent part is, the ship The is is part the been

we're what the guests is to really our delivering we're experiences the are coming and places that for. And selling that us

on our because some experiences some inventory, of so of are We fantastic. yields our the have older highest

yields, hardware, category. predominantly is higher we it when new because point on raise at the of cabin ships the categories look the at So a will our those overall cabin price

so be same category compare geographies very the level, to the when special. going they're cabin are price points, you similar But at because ships

see will anything raise of a we So byproduct new mix than the versus the of it's time, category the but inventory, hardware. we over certainly yields else more as add age cabin

Fred Wightman

Thanks much. so Great.

Craig Felenstein

you. Thank


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

Greg Pendy

Hi, you guidance, holding as you your just my guys. that guess, of EBITDA a the us taking bit year bump for I fourth Can -- with the, Thanks one-time us for some in costs year kind last guess, I of Can fourth year? question. I the remind quarter implies the this a of in of remind -- the Venture quarter. imply associated of guess, kind that we anniversary won't

Craig Felenstein

not I'm look specific asked Greg. you you get individual I'm Thanks, at this But that an that. think to vessel, try cost to because the Yes. into year because quarter. glad for -- the I going when opportunity current for is any us fourth question, avoid we

again getting sale as launched the she the ready year, regards the reminder, crew, really ship which that QX. to not we have had to regards year, Last in in be to with with December, a so and November to is reasons expect in that have Venture to both we this of able margins operating costs October one high will

in the in a the quarter. year this for had of the one year II was Endeavour QX our The in we that, drydock in third was quarter. other which drydock is opportunity us last ships, fourth It

of had timing. with So, a lot to do that

we the to have our to able two of ability spend fourth expectations rest of on perspective I quarter, things EBITDA certain those drydocks year. look from we'll as deliver together spend items control some ships. And the the costs that on that for lot expenses variable give our expenses of regards throughout our the our when So also a be out us comfort with to certain office well an that to as we we

very we with feel year full our confident So, expectations.

Greg Pendy

Got helpful. it. lot. Thanks a That’s


The ahead. from go Capital. George Kelly the of next line Imperial with question comes Please

George Kelly

Hi questions. taking thanks for guys, my

Sven Lindblad

George. Hi,

George Kelly

just a you. couple So for

on an any competitive geographies? First, dynamics if could Have key you your in ago? you year wondering give major the update a versus maybe changes us seen

Sven Lindblad


of there are all plenty we built. think that I ships So, know being

capture a still been are very out few obviously, have Some speak in these is this to this to advent increase the theory this and category. keenly increase of That's reasons a of marketing because, in on We've coming interest that so going or late. time. of elected that one it -- out to because increased are to interest. is we are this them theory we niche we significantly Most coming watching this ships our very to going -- is the spend wanted

And we we've with research we then know consequence do do they go of capturing really chance potential of all company, their as really that, they good one research to guests, done, that have they that very about that feel their believe and research, a idea web, the hear own one guests, interest. the we very a we confident

consequence ground. summer notion activity that meaningful sense? didn't attention It's but we're fact very very that more that closely we increased amount of of activity paying borne that it significant. increased very it's in it if the there except we The this have any we in appreciable noise effect So, make in are we're a very out not watching very would highly answer, that competitors nuanced go it's of did not despite an gets something underplaying fact And fact possible the helped demand We there. we very And very although this possibly was out, is specter of competition, lose but we've as yet has can't been of to. inch increasing it that closely. fact prove us And that of forward. a any very that but And can't that did. be help as that we prove us. likely in very it, Does seen the Alaska believe

George Kelly

then is going was all for mentioned to me. you year for And frictionless. question remarks become your that the prepared mentioned thing the process initiatives Thanks. second you tech in reservation Sven, more one and next Okay.

So, wondering to if that the I just are experiences? sort of was you points current contrast pain you the What could what reservation compare hoping are ease? and

Sven Lindblad

a they've have travel, more helpful are, all gives lot above think our can with to very understanding be there'll to have transacted I likes very they seamlessly when know to their what We'll it really a better to want -- reservations what people be us of tend that us. else, that Well, done, information capacity what regard. of in that already the the people the

it's more a bit than so, that. And primitive now,

all So have of our improved necessary, traveled be which waste rather which are of have dramatically. of before, example And your some this that time if are there are not you be now steps taken time. waste for that to and will

with -- system, -- different be experiences. and much are pre three during or we there and if more in about after. there's what the pre, people three you with also is after. points relevant we to There's the to CRM want can think traveler people the can the the the provide there's We a also And

that to camera just to trip example, we of a be send of in an departure. National would article out want able to period interest for to that of the interest people. would that is be be to Antarctica if anything your could So, some from film up coming appeared you you information to in seamlessly booked months things nine in that be Geographic advance, leading to Smithsonian It interesting that may

have idea us. just we that the to mean? the I point, So then of with in opportunity. at And want the earlier. starts know direction -- you afterwards, some Do And we them much same relationship what that lead subsequent particularly

George Kelly


you. Thank helpful. Okay. That’s

Sven Lindblad

easy best it's of tens I guests people, you're relevant with which really really at but personalized want of engagement. three make thousands wanting stages have really of to more when of the our dealing to mean the not is connection, we ourselves all our ability, to to a

George Kelly

Thanks. Okay, understood.


session. concludes to Felenstein I over any would the closing This Instructions] conference question-and-answer back our [Operator remarks. to for turn Mr. like

Craig Felenstein

us for Thank you please And morning. everybody Thank questions, if concluded. this your have happy them answer appreciate me once call be this joining is you, you. to I'll We additional time. know. let


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

now may You disconnect.