Lindblad Expeditions (LIND)

Craig Felenstein CFO
Sven Lindblad CEO
Steve Wieczynski Stifel
Chris Woronka Deutsche Bank
Greg Pendy Sidoti
Swan Lawrence Undervalued Shares
Call transcript
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Good morning, and welcome to the Lindblad Expeditions, Inc. Fourth Quarter 2020 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Craig Felenstein, Chief Financial Officer. Please go ahead.

Craig Felenstein

Kate. you, Thank and XXXX everyone, for us joining Good Quarter thank and Lindblad's Fourth call. Full for morning, you Year Earnings on is today Chief the our me and Executive Sven Founder Officer. With Lindblad, call some the his begin and then follow financial comments, Sven Q&A. details we will our open opening on before for I and will with call liquidity results

we the in of our section can You presentation the Investor regarding the find morning. our latest Relations announced acquisitions that along earnings with this release website,

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

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

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

Sven Lindblad

Appreciate you Thanks, Craig, good us morning to today. and joining everybody.

anything economic outside are it No year-end And is SARS, lifetime review a XXXX interruption really my soon, of certain. crash XXXX-XXXX very exactly long-lasting different our to call. at in future, has travel most expectations I I to my This be such While have else, for looked again related businesses has will is we that globally XXXX turned selling business preparing our we one I be of thoughts and COVID-XX. couldn't This year. for more now X/XX, event back be ago an that experienced and regarding year comments this and you optimistic war. on will shutdown than a or ever as wrong on out when the the from not effects been the have other still for while that experienced. a our

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In August, the externally. added in low a Main million We interest And stock also preferred we Program. an of offering. $XX by added capital Street to we raising million regards were Lending $XX with additional additional funds opportunistic through December,

allows as augmenting future. year cash, the runway result, with in to our invest to As ample provides return million we a us we ended total which $XXX in which further over operations,

we process hold. There pandemic had the we was areas our in a marketing once the continue now, One that capabilities platform. that started paused significantly -- of pandemic the in earnest is solution had to took we our building prior invest building the across to which

and ground Digital previously hit He their we the of was the of the David end Global online Sotheby's. at at platform. of the Goodman, As Officer the Marketing hired year, has Media you Marketing new digital And running. -- who may aware, a the be Head architect Chief long of

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we the integration acquired promotion, using acquisition diverse contribution addressable we Habitat our latest results our the investing when system in lessons strong that learned in position doubled prior expansion platform. XXXX for additions a for of we're from the the is XXXX. operations, first are broadening our cross than the existing having regarding platform product and experiences. cliental our to to And company its in in capital nemorous serving marketing the blueprint pandemic, also market, Natural to was from our Asides using product to stunning travel interested continue our more with

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empty XXXX Financial phenomena. space, post from issues and talking to for there go spaces want Second "a want we'll they there places and are has very the to of top pent-up Times. XXXX". And about lockdown open more are often article, that People many There's articles travel. to demand crowded. every along for travel more remote to anxiety out day the how with crowded brought about yarning destination in not this

XX far months While for has we suspended focused long-term sustained are than with March. sailing operations. obviously anticipated have been last to Nearly growth, anyone longer on well would are returning we positioned

with set streams from and team And have are as continues our work to on strong guest audiences. startup of dialogue we relationships. remains well returning Our both we And in traveler as diligently robust demand new where constant local authorities protocols. long-standing

but end We that and remain the focus through Iceland. to all optimistic Alaska, operation in June have return with the canceled Galápagos will of voyages a May, we on

we had vaccinated, where opportunity As unit looks accelerate will markets, to clearly not demand. all, be the most, like if the above which

build Looking seeing demand the already the bookings positioned well of and throughout strong ahead, the we are the the in we market XXXX. are will with upon year for back pent-up And strength. half

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carbon that prices with so us joy given position to unique XXXX, which committed we has and been offices XXX%, support our remain Those a meaning company has deep used went in our order all ships, have trub. emissions. our to into ways been crude love and as we some have value. business We creative has have reduce build neutral, activities our to offset to come to staff In that we all and much find

our $X.X perhaps this guests million funds we to look Our million guests Geographic specific at part appreciate a the directly $X from and their Each projects. raised exploration. science, Lindblad bit support between own part education differently and Fund year, of Expeditions support as and National of ends. these XXX% conservation

the an guests of This offered personally, fundraise. XX we in jewel. critical easily Fund. reach Island $XXX,XXX, all on well-being has devastated. launched participate. we of employment of health with Their appreciate Board to The goal our the our company, goal challenge raised our round In Galápagos my it measures in To ecosystem, the year, and initial with for the They Our $XXX,XXX the Galápagos of relies protection wife the $XXX,XXX, ground is date, between Directors opportunity we of Galápagos a travelers being able we an the over to and micro been to a and have fund loan fund second together gave XX% and of participate. over program Relief -- really the tourist. global are a health

this a these success We've understanding We matters. work need. aspirations been connection the personnel want and deep, in made It social opportunity traveled Guests of well. our brand in We've cumulative and call done. are for that because component. the appreciate meaningful the with people an geography, do to And responsibility earnings a offer legislation. to Why as even is are at that and sensibilities is our really of try explore. authenticity efforts terms we in the on convinced and of of important many A people based of respect decades. guests business I'm deeply appreciate success totally core is built this wonder, even Galápagos same opportunity places for the this world. perhaps the we important so. guests. an our our Our and parts in [indiscernible] and where the appreciate more and the as value to what people efforts our efforts up something

to being that people have traumatically dark emerge ready and in capitalize and time build this are We had grow and the frustration on restricted.

time arms We invite the for COVID to turn with reopen in this in over year. of open are and many and will for grow ready the enjoy a all we call world, COVID post over your today, exploration Thank post post-COVID to you thriving were patient will [indiscernible] now to will world. the a aligned we Craig. the world, and succeed the I We

Craig Felenstein

Sven. Thanks,

personnel year and remains liquidity on since well resiliency the back to and again It an dedicated put the we place in X and period our thank has during capital preparing commitment as a continue crew last March this preserving Before wherever execute let I for once begin, me for This our year operations, fortify been we their uncertain across return while world in of position. possible. as office closed diligent to for was us plan we in to our to reasons. comprehensive nearly imperative our operations the

ensure we the on around With we uncertainty ramp the want and to travel. given ability the operations levels, as prior demand will company First, cessation to for the expedition normal COVID and pandemic capacity to were the how strong and operations. emerge when vibrant we the to of same quickly back growing resume expanded they capitalize from

be Second, liquidity through runway strong drivers, with regards be and us there'll opportunistic to to both allows organically additional targeted a acquisitions. growth

X% through XXXX. long-term past in to cash burn, we of raised as the we This million unrestricted will took emerge ended and a when with also a restricted regain result a virus. moment million company increase additional liquidity rationale Sven carries to as opportunities Street Facility $X.X discussed Expanded so on DuVine flexibility growth our financial that originate momentum provided X-year strategic And steps of position cash Main for in we which so Lindblad rate our over of have this to this which we of stock we each, enhanced to look QX total of $XX.X the Loan a deposits issuance has related year, financial the United long-term the our has This of do XXXX through of the tenure later $XX we preferred of million we investors. stock. we under strong plus issuance that a previously as solidified million reduction the the has the as million $X.X ended LIBOR recent highlight group of an diversified cash seen, we prior August did It focused with you and redeemable that $XX and our had acquisition million, a high-quality, will million Combined, the Beaten you in and pandemic to $XXX As $XX with loan, well in Path. We from program. in cash to just interest us poised augment out price million comprised this the for further of past Off the let parameters. the and was the quarter, where me proactive lay year, in approximately profile. I acquisitions voyages walked $XX States, primarily

year from Plus material in strong earnings, having grow we significant addressable to businesses XXXX. marketing yet our them million blueprint, grown Habitat we and as EBITDA markets, we combined acquired $X.X is have current a attractive platform, and to with believe expertise Natural Sven opportunity $X.X XXXX, over not While mentioned, there their our brands a to resources. given in million these the do in

we the organic growth be this will look We to both and beginning, opportunistic also front. and continue is think M&A to just the on

operations. our to Turning

and ship minimize sailing. on the past remain primarily $X During out II, and dry resume did little over quarter, minimally spend to to due safely the operating our ships docks we all Explorer costs. We with Endeavour and and for crew, quarter, we million land-based the weight CapEx this to of as capital maintenance a fourth expedition continue required prepare

reduce the budget versus by our year for original full maintenance XX% the to over managed For XXXX, CapEx we year.

On the appropriate quarter, the majority suspended workload primarily expenses all reductions to we continue opportunities administrative and minimize our to through of that general advertising And front, bookings. employee nonessential discretionary marketing media regards spending was and and generating on digital elimination the office spend returns fourth focusing and we of travel, during and with spending. paid future furloughs,

and quarter operating total to a Looking P&L, taken XX% have quarter enabled during same the versus the at fourth by year depreciation the ago. the we measures interest reduce before expenses factors us amortization,

our cash The past to $XX guest the partially On front, offset operating rescheduled future million $XX net million, we lowered million in this $X and spend Capex. cash cash usage was cash guests principal travel exceeded on refunds the $X flow for payments voyages. interest in from million included by quarter which and costs, payments approximately as in positive

May, On continue I the the lower expeditions on end the decided revenue forward includes of rescheduled to the to and as which And call, guests moving voyages majority where far, significantly last of our future future already majority the opt is unearned primarily travel credits as our plans. as refunds. canceled their our have for for thus travel through is opposed guests exposure of mentioned refund travel full

guests make same our the well opted XXXX line reflect of the second to XXXX. very for to a current at half of operations for with as for time are that once currently XXXX year were when of to year -- where for booking ago. up year-on-year XX% of well trends. continues were strong are later you the The reschedule, they situated for we to a this The look bookings where back trends XX% XXXX. remainder ahead reflect Turning this year we to strong, we for bookings And ago. but cancel only return have X/X and of year, do for XXXX half year about in on voyages travel the be guest are Demand next ahead currently we and for they as

as travel amazing as digital advertising year advisers. also earnest, market seeing opportunities is and increased as new well And begun the we feedback Based from out are these world's audiences. social that additional next. returning this new on significant targeting are getting We trade only on just to from there and have get well as outreach and geographies, we bookings focusing both strong and for explore secure in guests, pent-up guests we as the efforts through well will as believe bookings demand to

monthly office any transformation As to payments spend for we and excluding the that previously new of all million travel we employees estimate prepare will guest expenses, on to, principal our digital to interest million work I operations, bringing ramp back resuming necessary refunds our return resumption including towards referred usage payments capital and $XX cash in expected made furloughed marketing guest This to but on spending and expenditures operations. future a operating and as average, $XX in payments. just and for includes necessary project ship

million our million at an incremental Looking Loan end $XXX the debt This the the during of million year in with our $XX $XXX revolver obligations. increase quarter the XXXX. under well $XX We fourth outstanding, earlier principal Street in of from the of as drawdown as million year. reflects Main ended the

With borrowed the additional the Resolution agreements, worked National company third $XX.X installment existing in April. our During March covenants XXXX. with $XXX its an amend and Endurance through covenants, to the ratio million credit the upon suspension the leverage in payment June including delivery XX, regards has also we of lenders to its Geographic for payment National our million in Geographic leverage final conjunction of year, for with

expectations P&L to for we the at guidance uncertainties time. providing this around XXXX. Due COVID-XX, not Turning are our to

circumstances We will usage anticipated update continue to our cash as evolve.

the to $XX flow and systems fresh includes of mitigate increase fleet to the of operational million $XX our which range, from we maintenance spread across Contaminants. CapEx ventilation modification anticipate cash Aside million our in usage, air

are in builds remaining to $XX new is million ship that year. we includes does continue and on The anticipated our digital fully which the factor projected million agreement of resolution which potential explore. delivery resolution costs and for our the projects to contract covered be not $XX be still CapEx, this million year. growth This to on to $XX any of end For million and spending between by upon second towards credit is export $XX this scheduled be with drawn in payments April drawn installment the ship, the

principal Lastly, predominantly export under will agreements. in have payments in million for XXXX, our credit payments, we also approximately $XX

we As we resuming for to happy capitalize will product time, runway move on company and close to are steps from be have steps the us to travel. in this the to once strong as the long-term to taking operations, to taken answer enhance At liquidity have. enable pandemic and come. for will avenues again time Sven our increase And shareholder years further expand you expedition will value same we a questions additional our may morning. and now to and strategic platform ready emerge drive us provide any costs reduce this the build your you growing demand I growth Thank the to


Steve first Stifel. Our from Wieczynski question comes of Instructions] [Operator

Steve Wieczynski

around some heard it obviously, So, I -- the pretty be given restricted I be are sounds market you bigger sounds fully now operational like level, June but right, it to the to and sure cruise this at Sven, and be want expect going year. that's I in that capacity to you operators think essentially Alaska. like from that And -- important, that's a focus

be to to strong. hopefully, guess I position there issues I with actually passengers assume get your I the into getting guess, that demand has is, extremely, type And for all -- extremely is to any that sense. makes So of are and Alaska, question that product

Sven Lindblad

do I getting or believe is issue to passengers our an with No, Yes. at guests not all. there Alaska

conversation which deep actually. Alaska landscape many been over Airlines, them very we're cetera. starting, decades changing, how a the about et anticipating in et And is when constant with relationship we're have cultivated We has with cetera,

of last the As charge protocols, we've of the as I vaccines, in a to terms pandemic to starting team et information well, of think since related cetera. had year where place or emulate is very whose in constantly in beginning I've really -- new mentioned opportunities before April

this pretty And who direction. vaccinated, vaccinated getting that, very, had changer. the aspect June, every our moving dynamic Where in States, end certainly much have the so And What by our -- everybody in about learned? meetings. and are given our wants believe we positive that's been very in all? in have we Is of business, does is landscape change demographic in -- literally that a total it May terms we which we? of believe is the it, most talk a a people opportunity day have end to management United be everything by Certainly, very a would game been opportunity people we the vaccinated. of will certainly, the of And and the at

in deal of the So again this travel. getting to in is moving a big, big world relationship terms

Steve Wieczynski

these markets. an competition. Okay. move type second it into Got lot those operator is every you. And Galápagos, there's like some markets Arctic, about of just trying seems of really then competition like for question of a would days be And obviously, a to bigger where asset picture the question

your guys other it can't such can assets at it where the places mean, at a guess I Lindblad your this question of the captains? yourselves you Or else's? how So is, market that competitors of Is to what you something point good what folks a is go do position? service this I Or of point keeps product would go? should take why you you length as somebody way to position the versus in you in yourselves? tell terms

Sven Lindblad

nor from new a change using us another. There people just licenses. coupes Well, the hands in number many, one years. to what But are changing. these cupos. of as entrants company of really Galápagos, isn't the called changed amount many, They're they certain the number of example, they an occasionally And maximum number Yes. hasn't of many do is

wants the So of go Antarctica, polar built in are in there where to a can these -- on to have And ships do anyone be reasons. focusing areas Galápagos. true unlike Antarctica, they that. And That's of built. number for Norden but certainly, down not continuing variety who in basically are been and

certainly will, the more Antarctica. in father world, of become competitive, but you the XXXX. is we in And that to if but these there's our it's My geography. also pioneers because -- the believe actually, certainly, interest began clearly most is happening of Antarctica regions his going are find company of -- to I brings people so it growing in leg forward, they there's

so says that I into not teams has is that the tremendous don't put built care factor trained. And to incredibly are can what trust Antarctica been people that a threatening who become our quality a anybody into priority We does of I there's factor marine circumstances well meaningful. unusual because legacy pose believe

So down I if XXX And happens and our the leaders where it believe geography, respect anybody a it geography, because area forwards that just the have it's to need others very in personnel a we than don't the one depth Antarctica but depth they're if don't. the that more every not for should has over backwards be. be to people, fact, captains because And officers you one distinguishing and else a talked respect expedition of to factor. experience. lot of you and can depths hurt and on important about And times. you believe The know the and bit we of knowledgeable. our extremely and they that a lot it's been bridge


is from The Bank. of Deutsche question next Chris Woronka

Chris Woronka

the at again changed vaccinations. And you get and to over change you're do have months. all be couple be last the that this required minute? various ask able you say going don't to are How you pretty the kind Wanted evolved of of do past in couple again, -- of pretty goalposts confident move How a months? to some in that that in at sound certain those back to of protocols you'll the point

Sven Lindblad

it don't a can't I really what Alaska. were so -- Health turn protocols the State be And from We've in there of hear in believe knew deeply was top were. in before that coming. will we only to I engaged move goalposts and Yes. Director requirements way. never or were medical the anticipated our around CDC, but but right those they now, even various people, began going constructing we from title And developed negative on of Washington, been community those we of not the that with

relates made buttoned but the the that to And it's we relates institutions ships believe they've protocols. systems strongest I And the changes it -- put certain that. at this recognize want impossible ventilation industry, blueprint the right as now, they might physical require going really to so And the absolutely ourselves the -- as feel what in up where to industry-wide. about forward. on we've hard our really our the almost reject do looked in We've approach protocols are a case. ships in mean don't it I to potential specific be so instances, believe necessary. strongest to to And industry. on to our I our authorities I make in changes as work the

Craig Felenstein

Craig. it's Chris,

deal make One with of some requirements the the relevant. especially certainly of of because that previously, going we're to time. taken those to that the it the to other have have over changed less do things easier that some be is will things forward, I've will moving And steps I'll mention

charter started when for on we fair at example, things for into of back looking a getting operations, that the that of flights various destinations we we amount first time the was serve. So one spent

them advent of many not the charter vaccinations, the With flights, be those of will necessary.

go capabilities requirements, us. testing the of those way certainly already have testing secured components We've cost down. the also for the solidified been So

remains we doing often do to do capabilities be So that, already we how the we the seen. that to have already much have how But capabilities to of and that. have

investment already if been than we restrictive anything, originally a that has less moving will done. the So needed I it And forward, to make anticipated. lot we think be of

Chris Woronka

as on And both but smaller the how of acquire? the top net? -- announced just of from you point a might then underwrite helpful. Question something interesting. Or these growing pretty a you acquisitions these that you then of companies it in a understanding for look not Is line? terms customer a their line it is businesses else you making of bottom some that of value see? just underwrite mean, you And terms Very look the morning, guess is, this more view, potential of you more difficult better can how I how a you broadly of get financial Okay. us forward, profitable is cast it -- value to I do in

Sven Lindblad

as it. the well. But here's then Craig, And weigh basis of my Yes. in

that they're Our -- in their very numerous travelers, for are a and I'm interest. we've known time, -- long very

diverse the the might that run family areas That's in Africa, came generation a of France So type safari day, that end decision. you they do of if very to -- the they next in in opportunities extravagant Like provide at for Southern create into can somebody X may again. they one in year, came if the following that with example, And want year, their in Antarctica the you us organized Antarctica. year, have or whatever. a of not a be we travel -- to a interesting And they'll the X grandmother family day thing -- around companies their interest. on

things to but For because family. they'll do things many, they're as other doing years, committed many kind a of

the the we more to new drops offer them, dramatically their a And they've can can them cost so speak. the experience. acquiring positive a family, more So we had of keep guest once and

elsewhere. year it's very, which of benefits a big so needing Nat in this are in there committed -- deal. cross-marketing to to platform, for very year go family meaningful from do, so And enough grown we're many both between notion and absolutely that. we're a as I have is I really it broad keeping And creating if keeps cost the mean, year. And it going exponentially them become with proven -- And It's us ourselves It's been effective. after a just has -- after keeps Hab a with organizations. them smart enough consequence or to them

Craig Felenstein

of that, top on add I'll Yes. in.

Aside could for very bring some by certainly very from strong existing that be be very built before you table opportunities, the expertise all strong across occupancy help these Habitat. the acquired going So been were capturing able and but in founders Natural quickly. these to businesses if operating of doing to wallet able lows, relatively years, a right? including from you're to them increase their we increase now strong to the you'll brands are to we've many, we share is we greater many also the that of travelers, Habitat, and And Natural ramp even revenue bring what

You promotion, look to was at adding partially ramp, XXXX XXXX. marketing what additional in by happened by done It's with Natural have and Habitat million revenue well a having of that been fast back to occupancy. supposed adding $XX gone over partially leverage, by from cross $XX increased in pretty of million revenue partially

So across of think opportunity both we there's a moving assets these unique forward.


Sidoti. The Pendy next question is from Greg of

Greg Pendy


efforts. case? be you in more of if moving that In marketing question. the me when of that Just in marketing -- year correct? you direction. had pre-COVID, hire, a what believe quick kind we your digital that, sounds I if just, be on I'm to rate correct like thinking made is the normalize, run net might a digital the guys Is a step-up the I things light And that's guess, And about, it should

Sven Lindblad

of how the I answer run the sure question. I'm rate not net part

So it's...

Greg Pendy

you're savings going just it out Yes. giving what seeing -- to if better move a is towards better dollars you more curious, dollars moving effort is this be potential more a advertising, I -- just you're you into is from there a or dollar more advertising savings as return? there on digital that moving return was just is digital

Craig Felenstein


and can that, you in take me Let afterwards. jam

gone one high-priced comparing vent pre our can an amount inventory We've increased increased we is number dramatically. pandemic, beds, where have question of the we to beds. that are number of the versus we were the So you're apples-to-apples, interesting of has today the right? across not ecosystem where up because we've you So

capitalize not that in what the probably here, of with trying spend. the what is So the the much we're forefront We because able notion digital explosion especially to of of space. on efficient the we this will explosion to more want we're the to to seeing transformation reducing marketing be be given do able But be we of space. at accomplish is that can

more we're be higher lot flexible. So It's they're return digital to than materials marketing spending. have a with to much more able on And hardcore send this manner. spend at we that in brochure. when versus to turn on a receiving Which a to off the you're marketing the when us a that we'll will allow looking target bigot can or be folks regards dollars focused also you easier lot a

that new and or move tweak we and we're based as spending. old efficient move up returns as be we more to much that going off certainly and the we're forward, we'll it's So as a of marriage the can getting we down the be forward,

Greg Pendy

Great. one. final That's one helpful. And then just

you been start in efforts on top dry relief in As ships so? back to docking and there place June, normalize or of kind is things that Or as return X over see years a you'll every on any is just goes have stationed? ramp still the --

Sven Lindblad

terms docking. any there of meaningful be difference dry No, won't in

Some regulatory. are of docks dry those

that You do but that consequence every we no won't planned material the flag we which the moment them that we'll a and had as in to the change. of have -- depends pandemic future do in delayed which There's is and originally to at ship change. do just it certain work


Lawrence question Swan of Instructions] is next from Shares. [Operator The Undervalued

Swan Lawrence

company. a you've about neither X of and these Sven you lot and just spoken Craig, a announced is platform, So one a which ship building acquisitions, cruise

a So maybe this more for Sven. question is

looked see Or you and ship XX if see years you broader like Lindbald still as a specialized Expedition primarily So cruise experiences? company exploration the into you something out in more would a nature future, would travel company?

Sven Lindblad

company. aspect people. latter I diversified people deep to case, on adventure, expedition of the your been It's -- the then experiential of special the hear any the And is business, think Founders still long voice. ways by to way, breed the And have we believe, I think be sort well, will doing. travel companies a our I they're Yes. nice in travel which ship aspect They do, are lots different time. Swan, a because ethos I believe be to to And see deep are should companies opportunities mix. we to working which other path because doing of change there amount entire really we and But a of of find added we are our to applying with considerable the -- travel. what absolutely have I I that. we in which will be dominant that. think, commitment is but most no what of particularly the of this, will In interesting. passion,

they what so need -- tremendous And you resources. they And ideas. great are to have

How marketing it's is you we degree and things. building do of very market of world. platform, need -- market those first, attack structure built is structure necessarily And few and they're elusive built that because ship have It's become compelling have of what don't to the and we constantly you need sophisticated idea. marketing today's growing to a the platform the a some financial deep a augmenting XX,XXX-plus ability create our these all and for right and capital have to Most advantage to in you have to ideas. tenders. them all the a have and garnering a Almost rapidly You them marketing ability have. the right have of very

never from And give company. rather those having scratch is from build really scratch, so have systems limiting technology all you're to something which before companies than and to build everything all They these of small which lot had what them time, to when a companies do. a that is the we have of these can that they've to apply

the such on out where efforts this Focus structural I considered more that to commitments. more idea. -- on purely to call to business. them to land -- it good travel a businesses. augment productive X/XX want fixed had idea focus for entrepreneurs decided developed. And business profitable. it creations a we make really with the very build prior with But ships -- had we deeply in to some far And those what needs a recognize the after building be one way X/XX, appreciate more to meaningful extraordinary We we and far opportunity at that to and in point land comes and look founders really when we referable is were turned to to work have ourselves really So because focus our did with to practical involved we forward -- branded work we to they to

we so were and And to build back ideas decided, going these no, go ourselves. we not

them the going of enabled acquisition are to We competent develop through companies.

looking And are very, where opportunities are of And in so we have at closely the very regard. them. we now X next this

Swan Lawrence

there's if lot your is makes marketing of which And a amazing one always can't an say, have, and for on the Obviously, just renewal into time future. that I that about link. the your to could obviously can link that or a the alleviate sense. partnership that in expiring ask And lot next platform But you appreciate I you depends far That follow-up look you can worries looming XXXX. question, years? you Geographic is do in there coming please. that date National X up anyone's something of short

Sven Lindblad

now that we mean, this on -- a years. is of has productive relationship mutually very XX I for gone upwards Yes.

we Because be And XXXX. in our their and very will interest confident continue beyond it interest. will so it that be in will we feel

I relationship, see don't continue. And long -- just but why reason so I it's see deep, deep, standing it shouldn't don't any a


over Felenstein for to remarks. the conference question-and-answer This concludes Craig turn closing session. our to would like I

Craig Felenstein

quarter everybody, this about to you, couple us morning. look and the we And Thank year, acquisitions next fourth Thank completed. joining for days the of forward just the the speaking full we over you. that


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

now disconnect. may You