Lindblad Expeditions (LIND)

Craig Felenstein CFO
Dolf Berle CEO
Sven Lindblad Founder and Co-Chair
Steve Wieczynski Stifel
Chris Woronka Deutsche Bank
Alex Fuhrman Craig-Hallum
Call transcript
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Good morning, and welcome to the Lindblad Expeditions Inc., Second Quarter 2021 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. Please go ahead, sir.

Craig Felenstein

Thank you, Chris. thank earnings joining call. and XXXX for everyone quarter second morning you us for Lindblad's Good Founder Lindblad With Dolf Executive Lindblad Berle, on Lindblad's Co-Chair me the Chief Officer; call and Expeditions. today is and of Sven Dolf liquidity will on with I and follow open we with the will results Q&A. some and some begin financial comments then opening our before details call for

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

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

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

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

Dolf Berle

Thanks joining morning. us all you Craig this thank and for

since me thus Lindblad and onboard is dialog Expeditions to you helping a privilege joining this the thank would Lindblad and of earnings role. on generous Sven for to business. in community, company. Sven of very update leader I'm our the efforts for now As far of most co-Chair remarkable partnership founder to publicly like our Lindblad It's while as CEO his and his great I and my investment begin first May, know, with this in succeed, a call excited establishing providing an

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I second as very strong throughout our is have as just on focused ensure As pandemic. the during team this company, we the to return done time supporting imagine, you my that actually did COVID-XX also been can have previous I This a operations XXXX. Topgolf,

and all pandemic liquidity opportunistically the to was important ample mirror, the financial thorough executing prior is in vibrant highlight company pandemic, included moment, walk but yet regain across reducing do that capital to think Lindblad $XXX have position delivering momentum will poised I with we to is through our cash enabling of to in today, are in swiftly and during while a raising to which growth on as support the the balance has a is you COVID our with company sailing costs over initiatives. we our where discuss us the million to not in I operations business of return Craig plan rear-view Before returned it been long-term aspects sheet.

to the once with our given world's were early itineraries, to shortly that of in remarkable guests the today, able June for most Galapagos. across Alaska one We the out say I'm We ships momentum we be to July. to and we in that And again continued our are began ships Alaska significant destinations. and quickly the launch demand tremendously excited And Iceland. U.S. two taking eight operating thereafter. Alaska, ships happy nine our has have Galapagos two throughout remaining in

of we launch most is desire has all destinations offer. example expedition itself of Our us quickly robust then to to once come ship, scheduled dedication world's exploration And Iceland. of the flexibility employees, Northeast The in the reached newest visit in for of have as have eagerly our diligently the we work Arctic. over of to been been and was the our relationships develop to due to to to the unique developed last is would we joining to team voyage. Iceland last was could a a to followed to enjoy Geographic the they the to so exploring the is in these have geographies. itineraries cultivated the guests, of and loyal continually we to have the positive, But we out many testament now have decades, the we experience been the great and restrictions we to amended been the This over months, have presented a by overwhelmingly and already four have the ability on amazing had and Endurance many XX of on see guests and season. March, she expedition on we protocols summer challenging poised return hard guests original times, the company, size ships original National the Endurance. waiting opportunity our response to and be multiple but delivered given guests Her up have our voyage the options. voyages particularly the the Russia, as return new A Norway Passage, post-COVID She departure its globally operations be with was to nimbleness geography worked interested the years, new past traveling quickly our the scheduled to if

innovative, The have expedition like Ice, She marvel excited design, accommodations standard guests new remarkable the I the along soon Polar-class the a and moving Endurance we would her that what to standard every on more has which are and the delivered guest and for destinations reach way, on, a she we in X-Bow amenities in Before mention is technically including and are be to to finally feedback She sister Polar been her industry. unique deep to represent vessels to board. the general. allows in us phenomenal. is even receiving offer and set ship, a ships National Resolution, with Endurance, our new regarding in Geographic has

X our put and we our held all requiring and place protocols, are over, are may our addition in Among while of enabling ships. and and local, for X and experiences state, to every to XXX% and vaccinated, have of immersive geography operate, our guests other to standards negative negative XX guests, the have On requiring while protocols embarkation the are to we and accustomed very be national we our These ship mandates international well. immediately the risks antigen to to ahead tests mitigate crew guests days of also PCR the company prior across up that stringent apply. tests Endurance, crew in boarding

gotten and also to crew is close rewarding hear well conservation geographies safety awareness are as is we and it prepared The wild. and priority, first foster our handle couple have they that arise, a the of guests all and experiences all any amazing we certainly We from guests, second, have return occasions. do delivering on to our feedback the positive but health COVID-XX so across of our circumstances to is that staff a and so had to

challenges, While generally positive is prevent volumes. the us still terms business running historic momentum which from in at are of geographies reopening, there various

visitors of just mentioned temporarily yet. have as out receiving We reduced all the of for an cabins sale And abundance caution. are destinations earlier, not number of I

additional for sailing Lindblad We scheduled itineraries the where diligently to November. in focus reactivate season begin to are Antarctica, with on significant working is a

comfortable us, feel The that they outside good to also globally. seen some than From hesitancy among these months. be later Bookings they ever upcoming levels strong travel the at is production year with more remain Americans just booked at for guests when point with that country more in travel historic are to they is the their challenge sustained the pushing to before. have will is dates news today. booking booked we revenue a trips Another over there this are last standpoint, for XXXX few travel some

as potential of This the strength X impact. pace not ship-based years same variant to We COVID. continue the strongly eye But our ahead ago of close booking keeping a today, Delta prior COVID reservations is to are limited on point business. to

has Habitat, which allowed pleased our this that return is bear of means significant will later tourism, trips Canadian seeing Natural We Polar we a to are be the government demand which particularly begin running able at year.

benefit well-positioned have their time I National these unique and and especially strong and these working expanding these look also DuVine strength acquisitions. with seeing future to travel of our strong is recent for to dynamic markets. as and Beaten in acquisitions also Path entrepreneurial with forward scale trips of is two our U.S. are leaders each are them the synergies, we wide Both U.S. also leverage businesses opportunities. destinations, while focus grow globally business of Off Park from have the at begun of seeing short-term. already given to each maximize the of their their We spent addressable to each cross-marketing bookings with on the

remains moving to Lindblad the I travel that As austerity future, this am demand will the believe for grow once liquidity we continue certainly experiential look poised position we to to on capitalize main optimistic. is We very opportunity. healthy. only In short-term, that and forward, again costs will ensure our towards on

of Aside will past new we bikes to team our strategy Parks. further Plus, expanded land, look product an growth amazing have and also and amazing our time experiences increase fully codify which from a track in across over months. ships, I state-of-the-art experiences being well once U.S. by nights XX% our guest with emerged dedicating XXXX National are with forward the we levels coming record available portfolio utilized. with X to X enhance the they for delivering ships, proven decades, from

Although, on I me would be great detail any my think initial it thoughts. for premature to provide strategic

what their think will can adventure And significant growth of You enhance and and companies life opportunity build history world. a build there that to in deeply that My market upon marketplace. of first would guests is believe our our number dimensions upon expand is we acquiring lens businesses be addressable expect about the experiences. our synergistic to adding the evaluating ships our and guests I of across existing travel

how help investments as us Lastly, company. enhance and will our about guest in a I'm optimistic technology experiences future grow

system, previously, Lindblad under discussed and very reservation member company I'm banner. the advancing focused architecture linking driving capabilities evolving of process companies closing, each the team, Lindblad honored a As the be this Expeditions. fine at upgrading the our website, of in of within digital to In the creating has a CRM our here been on transformation our of we are

of turn both and to our by. financial the you grow optimistic for as and to morning. goes see regular I Thanks me And impact, of call to strong innovate and look great We and to operational as plans from let this the really are with about work I deal the The in a from company we foundations years. time now standpoint, our your recover have Craig. coming am many intervals future. the opportunities pandemic we forward all do but the of over time at sharing progress a

Craig Felenstein

Thanks, Dolf.

we put further and costs in strong do exciting our their is position. and to sustained dedicated return and preserving in the Before to our capital I liquidity extremely dive large world due their for operations, to operations It to the to thank reduce a represent across in, as well office and for once company, fortify our let whenever again diligent in crew as in preparing comprehensive back March part commitment possible. the plan so resiliency place XXXX personnel of us vibrant while we as me

next the we some diversify were years uncertainties expand made time will few drive capacity adventure demand short generating travel. as the our future product it growth of ramp the the we offerings additional paused the our cash growing related during having originate the regain for that in to from restricted fleet immediate States. us continued flexibility with cash momentum focus positions and liquidity take we measures. total investments to voyages have when and for and have quarter while was operations, fully we and payments in $XXX $XX to second preservation million pandemic on where million we We While unrestricted as million cash and well authentic term, ample to opportunities. over on operations explore company's for upcoming large And capitalize still cash, final ended a growth increase any on in part is the the to weather $XX the voyages over XXXX by up deposits to QX in primarily The guest in travel million guest as $XXX the United ended we driven deposits significant

cash additional future drive marketing operating during increased increased usage to the as for and prepared we sailing itineraries, quarter expected, As launched spend bookings. shifts

million spending fleet principal, operations, dry cash primarily quarter during U.S. costs spending directly interest with addition $X in in to and financing the million, of export and and In net credit included payments. resolution used build of CapEx to associated $X due funding, dock the for the

for voyages return to needed. inflows same payments related spend time, Moving forward, as upcoming continued cash we cash ships expeditions, usage deposits final anticipate to transformation additional ramp service, At from monthly digital we operating upcoming increase as travel. project and new will future our market in office our a for on reservations the staff and increase

moving monitor adjust will spending will our as We to forward. our correlation continue in to necessary spend and status operational

ships second and Turning quarter to outreach targeting operating Experiences Off million Costa spending path restarting partially as dry of future of DuVine. expected and a included second prepared operating amortization, additional quarter cost Lindblad Yellow and of Europe related included trips the focusing DuVine, segment, quarter were trips land-based quarter second was million bike $X.X marketing offset Sales increase and tours increased to further cost taxes. Revenues costs bookings, by as as $XX.X California, costs operating at costs and ships at the trips. improved Beaten Maine Off we primarily in itineraries expeditions during increase of ship in cost million generated increased which on Alaska opportunities land the trips. a increased base including our the expenses Stone delivered ships of The also loss and the digital for during the XXXX. The in revenue crew ramp during of additional higher as through for a Beaten quarter Yosemite second in travel in million, and was the and to of acquired XX% at and well operating as which advertising the National operations Rica led quarter and increased revenue to the Path docking first P&L. Lindblad the and at Natural during a third during month depreciation as we XX% and ago parts with a wider additional are XX% year from Habitat, year $X.X increase for at well of Galapagos and second June $X.X to Land interest the by segment EBITDA tours, versus and advisers. array the drive operating versus Africa the and social $XX million quarter Parks trade ago,

new final launch versus further XX%, upcoming travel. credit for website and also including on ago, spending have to related for CRM of We higher a G&A new payments reservations the to increased and development up our capabilities. increased of excluding card compensation itineraries primarily initiatives, the commissions digital stock-based transformation spending second year on future quarter due deposits further ramped our in April our

We as in the personnel personnel return incurring are from operations. along also higher costs furlough, with office we ramp

they and Turning strong the year a have is as year-on-year to same both seeing only are of continues expect There no XX% ago. for and for out opted X trends. XX% accelerate, secure reschedule, ahead that question are geographies. years up momentum ahead fleet. trends current travel, The amazing And at travel our get XXXX we same booking of include XXXX. more and to to to is ago the point voyages across to guests XXXX make significant XXXX bookings where for we there but were open we additional demand Demand XXXX. canceled for destinations that for sustained explore world's currently at on about and the the pent-up XX% XXXX to bookings time Bookings of

agreement Looking at Geographic in on the outstanding, end the $XXX under Resolution. borrowings increase an ended $XX million $XX.X quarter the million for second our from obligations, in payment primarily installment QX, reflecting National of April credit of million fourth our during XXXX export with debt we principal the

XX, $XX anticipated covered this to of under fourth March payment million Our has is credit ship be will our be and the under covenants quarter, facilities final export regards facility. which the our its contract revolver upon and quarter credit to the build during lenders, delivery, amended be further continued year approximately of drawn will ratio suspend still its covenants, during company leverage XXXX. existing and through term, export leverage to the with With to work

end all through year. our the deferred payments credit export the principal on we facilities of Additionally,

the our operations, to over And us the additional now time reality, marine a has in excited of as to from return we momentum the returns year have. to enhance regain enabled take for Thank and full to strong growing come. emerge to may much it operations, increase platform, to to value And existing resumption we a we some to Dolf, of would were while have questions demand With happy are years the steps expanding to advantage company. time expeditions pandemic our I liquidity Sven past our will product taken while this pandemic the poised the your the strong and morning. be experiential further any build the answer generating you travel shareholder to for take now deliver and very you prior and runway


[Operator Steve Wieczynski of Instructions] question ahead. Our first Please is Stifel. from go

Steve Wieczynski

probably that an point question, you this any figure to status EBITDA but EBITDA even sometime looked could things perspective? on going $XX July then help like? And a positive quarter of in how way imagine was looked And us maybe see cash if closer be based you're with be I'm stay loss will there breakeven near for but where from Or on in monthly quo, basis? think us can future? that trying today, would June Craig, seeing So is guys this the what think about can kind EBITDA what you, you or about help probably the out would if you million you flow you to

Craig Felenstein

Steve. Sure, the thanks for question,

during that loss we generated quarter the the we given months. break quarter. not the But lowest So the revenues was certainly, by month obviously, June that going we're of out to had,

docks June they're ahead ships, to to so ships the ready July. back, things we big frankly and portion that of that personnel they're there incur some obviously also necessary cognizant that prepping of as that crew still that costs vaccinated making doing you is begin vaccinated, right are that We're bringing of to and back, launch, those but sure a are throughout have now sailing all sure of throughout on office making dry One bringing well. all includes any go be and

cost fair of a take operations. there of that So place amount is ahead

marks, and basis. to here you positive so While reach to to an it's on answer. sit really still or operations There flow tell and I we're is positive would hard EBITDA cash when love question many going

for next when still So able look guest than specifically which example, don't But those out demand, is we'll short of and to in has right to cash open, the several of XXXX. the as we be geographies, for certain be it, company for heading do we - within as some time. got geographies. we aren't breakeven the year Certainly reach direction. rest we'll able to flow operating XXXX specifically period know go obviously up EBITDA positivity uncertainty all, the open in plan certain geographies in to the on the when more to And long that all feel we a months, over

Steve Wieczynski

that. for Okay, thanks

thinking probably way as should of about the expense of are current Second right guess, question, the rate run what But costs ships and the models going it kinds guys months, have be of the you witnessed think foreseeable and is X see quarter of for in witnessed you into I kind talked what we given next assume would take next over we phase we and six our the the months, push And little future? kind - itineraries second you a all or I embedded you're actually restart that to your hit in to now, that bit. kind the that excess so over the whatnot? right

Craig Felenstein

ships start our frankly ratchet June. operating the cost four the June No, what's example, start I really end you end of we happened when in for it those look really will of right. in of And of didn't till didn't only had the June. up, really at two sorry, think Because those quarter base one June till

June. And really of ships of point, to end ships have So the fully we now only nine had by operational we operating for July. the three eight really Dolf's month of

that as as we operating ready has are the to a get along going when And commissions, cost that at of hopefully, deposits these At well. continuing those you're look base we for marketing August, and spending with significant. And the credit month to same in in of XXXX. time, you're July for when come are and So on looking card up ships ships with bunch all will cost ratchet all comes right. then the the have be cost full further to those to travel these at further And are that you coming future drive it. coming in future look for coffers that along a goes out, that payments even lastly, travel then a

pay to you're to and have the We commissions, because money good out spending those have door going a cost it's on future revenues.

So base. a second - in when ratchet you do towards think out see of will end up look the quarter. cost you sorry, And of that quarter end I the third the the

you You're that you going to were similar of were the we levels top which operating in have when additional more costs. that, some an obviously Endurance, ship has additional fleet. And color, to back on providing to be the keep XXXX reaching

because So nature of fleet at operations when restarting the costs in you of think about and quarter, about and just looking the higher additional operation. you're our third think you ships

Steve Wieczynski

you so seen at, repeat have And maybe couple thanks. Craig can I you more over you when bookings taken at or pretty color, way past the help great is that's who speak? get brand? guys have all to booking months, is these are us any just one, trying I'm then if And so quick about that customers of there think Okay, look the new to to ask to cruises one it much

Craig Felenstein

been fairly interesting. Yes, it's

a throughout such XXXX was obviously, weird it year. So

June say, what take see I too from that really up, once of But would to July. the So page patterns. January, into XXXX, to really is hard through end and in you turned even much timers the, the continued booking away starting has first was the ratcheted grow it are has new to book and to

are And seeing seeing, first folks timers. our very had would had call we have canceled those remain reschedule. nice folks a some very, Those then really drove. and that at loyal especially who trend were we're guests and stayed the on voyages same I loyal. what So time, But

now hope and that actually as between new see really move continue mix right old, So is we the we and strong forward. to


Batory question ahead. go next from Tyler Please The is Janney. of

Unidentified Analyst

Hi the good and morning, for for taking on Tyler. Jonathan Thanks congrats to our is questions this sailing. on return

highlighted Craig, in and seeing demand you're booking for one that demand there. leisure prepared me you pent-up the First that out remarks the

environment up Just the that evolving right the provide curious And I some color that? so with how yields how strong demand see years could pricing given but now, sign seem to with XXXX XXXX? want some maybe the couple you lead know over in be aggressive pushing next you of on people time, and you

Craig Felenstein

I, at so is color, Sure, from and perspective way a the provide we Dolf at the little can of maybe bit look business here, there it look drivers always multiple right. the of is

You of driver additional price. have the

and significant the ultimately of we more fleet our to over add the And than it We'll look fleet, company nights that, out You think of the to that end have Resolution driver the overall. at pretty you to when are had XX% occupancy within to year. this have a growth is driver we about inventory think previously. additional actually when right of inventory. today. we inventory additional on XXXX at where added now, prices. focused you have massive from about to If XXXX we can continue our we've added have when we'll do will you That there and filling drive jump, getting the we're further and occupancy current those Furthermore, existing

already about think So industry. price, I to is at regards with when price it today, high very you point the a think

is at additional filling focused we're that the price we reality where adding can, a So on look while inventory. take will opportunities and inventory today, we

Dolf Berle

I Craig. thanks, don't Yes, have anything to that. on add

Unidentified Analyst

Endurance. or was sailed and Dolf, your prepared early it the remarks, ships June highlighted some I are believe very of you rest related ships And Okay you sailing in were helpful. guys the July? guest in thank of feedback, what from have curious you, I'm that hearing then the that's to that the four the

Dolf Berle

of company are getting I'm Yes, years, and a for ship. the I each reasons. And leaving pent-up the - levels the anticipated are But couple of that his of experience and think, prior of of on feedback, we come surveys on demand previous get back has to to a done And love I'd at/or out higher feedback. do share which fill guest Endurance. the we some happy for seeing terms think that that's do to be Sven I job than a has to I the the over the bit nice guests specific also little that that true. are excited in think

so excitement the emotional of that some get out wild of into to is And back an and remarkable. that sort things are pent-up experience

really background, feedback. had proof-of-concept, practice going of ensuring to we And job the a live. strong the way had company of we've that runs with guest so, did nice prior I by ships And very think

And as one that high so the guest as was standard for ever. the was experience

experience. on them on perhaps that bit And the that it some of a whom about so that actually here, Sven the bit I has was Sven be benefit good return. have so him to spent Sven, and XX-plus And was it think voyage our voyages a had Endurance, a would actually of little on Endurance. of strong little because few we And share for him behind of joined a words many who legacy time guests, the

Sven Lindblad

And were voyages. both where people voyage important have because perspective that of interesting. thought interesting an had equally smallest, of in there first met and is simplest sophisticated those point been June, operates. now in is of our Sea these Endurance, many pertinent ship. that extremes the Yes, I the And - think I was was I palpable National on it a make, and in years others find two I well over just the our I the guests these on each what went And both From on June went to July, Geographic ship. most so this of Bird,

a you're like So small if in Sea Endurance. more the Southeast way the National Bird Alaska, ship is than Geographic suitable

If you're Sea Endurance Bird. suitable National Geographic way Greenland, the in the more North the and is Sea than

that foot on in does set extraordinary raising excellence, say, to I And standard ships that's on, sorry, I'm possible we And on launched most our its any these So minutes. newer The ship older Zodiac fleet quite delighted is where - think ever really the Endurance the XX level. while a used. however, is I From really are Zodiacs XX it they expedition devalue XX not interesting circumstance. the we're I've ships, of perspective diverse. the have

folks to but lots Now it fast, you people And ship the of terms the get quiet, is you hand, of on out. with being dime, that get phone that spaces off could maneuver ship diverse even not you in able is to lot so you're to deliver, to the launch boats, a mean It's lots moving. extraordinary somewhere, it may aboard. able on a the most know and don't comfortable and possibly imagine, is be can

that and Expedition So the space is being a this Expedition in perspective vessel standard, comes of ship the as no of view, out creating is new totally definitely, there perspective Bluewater in from ships, extraordinary Excellence/Elegance. to this close there, my from as the

Unidentified Analyst

I helpful. it very was Thanks, think

Dolf Berle

Go Okay. ahead.

Unidentified Analyst

me. Okay, thank you all all for That's the color. from

Craig Felenstein

Thanks Jonathan.


ahead. go Please of Chris from Woronka [Operator Bank. next question Instructions] Deutsche The is

Chris Woronka

back bit whether Thanks for being could little get get you ability these how these I sense that to you and your some of change to or later year? in trying to just impacts with all where I'm the you into How next get mean, was for been yet to far. restrictions visibility hoping you modifications? restrictions. of of details talk it's How restrictions have haven't the itineraries make to have much implemented where of lead early markets those this kind how I plan some you quickly year time a do much a able terms about in so

Sven Lindblad

here. Sven Sure,

very basis over all it's dynamic, a daily world. and changing So the on it's

we're programs out I and degree, that will And people very with I we, occupancies mean, travel, to Northeast I to mean pivot fast there and that notice, our first Iceland is are are Icelandic pivoted But or Passage month only mean so is of the good people there people are were this they from but to think such who Greenland, I two conditions, make many normal on finding anxious having notice. the trip, which in we right. what not at a the so occasions. really unheard on came all on to we've immediately. got when short decisions

fourth countries very in countries a critical second now, Norway, importantly, to to quarters. the the These Russia lot third the we quarter, matter And going doesn't know or the going right us. what but countries so us. into matter. are winter So, Like much the matter more or into in of specifically don't

QX, important So right. business, we're are about that optimistic focused Norway, the believe really open - of when sort matter we QX, be, is Greenland, feel and that on a they then Britain, And year, we couple of we like geographies by will next countries Iceland point Russia, what's at this those. really for and

Dolf Berle

the we're contacts a This across sense is with world. allows what's authorities to in Dolf. directionally do of these is what us get And happening. that all regular And

seen, the activities mentioned, that we've really to Sven quicker relates I surrounding pivots COVID. think that

And to takes goes in and can of there swift that. to related might by be a government, a, it we're so, both affected cases ways change perhaps certain a is geography an Delta up for something action, us cause new area. surge opens make And or a amend an variant outbreak itinerary that or That the therefore, if and the that us.

have And those guests and so relate happening on fond the what's we most And on that focus our Sven the and very we and ground as to then primarily. are is have for priorities, being said, in geographies. close these to geographies these that the routes the of, the which we key known established us ones

is And the so today. as you said, focus Antarctica really

Chris Woronka

that months year than these you of breakeven, there way if to we you're assume wouldn't to are a to that any is that question a of percentage number all be a that's there? point with of - then fully when margins you think we triangulate to XXXX we're there way just to all it's think helpful. inventory certain with number have? Craig, higher great, any incremental of Okay expenses there whether Or probably this inventory is, back Craig, out the that basically second capacity, get operational and for then happening now, reason normal is a your at And percentage next at back what to they were we in ships and have or EBITDA is about

Craig Felenstein

Sure, It's these how regards with answer question. difficult much question really get first and ships started operational at let to to of requires a me with variability also geography. because each there's each, start the the to in least again so what realities are,

that an aircraft be Let cost Antarctica. to have example. overall and moving the certainly operate there down to fly certainly changes you me It's likelihood our level certainly previously. high a if that changes but is the That it's cost been structure us, to the will the able Right using are forward now, not charter still structure folks same Antarctica of it give would organization. at we for season, profitable we profitable

there's a go into that variety this. of So factors

hard be in each at certainly, from occupancy percent company a level, can an won't say, anywhere So it's about be as I profitable new now. ship profitable XX% And not because on really ex basis, ship most, right a plus normal think geographies. on you will for when to of me a that say there's what ship occupancy it overall

but profitable enough get to will from level to the ships So us a be ship water certainly these water us the in back perspective. the we in feel company will have having perspective, all that to there ships certainly from scale getting a allow allow

be having for terms not way I levels water, moving geographies forward, see Antarctica still fully all the challenges way Because that we of charter at ships XXXX have only in expansion with our potentially there margins certain they're seven a open. said, expect again, some to don't our the supposed would still of fleet, at. to perspective XXXX sit That fleet. and expand when will will may margin and company expanding water, the have occupancies the we that be in the because, six we That be XXXX forward at it's certain ships. to In when the as or scale of we obviously the looking continue our hard we regards you're back from to all get to and to get economies they're we're supposed that of say

we ships, of So have the four realities XX Bluewater we to which are when in expect our margins the fully ships over increase time. of water,


question Alex Craig-Hallum. next The of go you. Please is from Thank ahead. Fuhrman

Alex Fuhrman

the question. returning Great, taking it much bit voyages, pandemic? and upcoming new XXXX? today thanks about very versus look Does before your similar your who's into on been my Can customers a looking little booking talk you more of for as mix did

Craig Felenstein

less how many, not those still because guests. of whereas be, really guests to tend traveling hard to times. easy if how to have how be time operate. They've for returning more understand you say safely they they've how also that and they it would obviously, - ramp-up operate, feel been in very little surprising, our it more it's them comfortable ships. because understand many on is will folks is say possible, is guests, work of very internationally, first we And skewed we been what and certainly done as as would we been of timers know very, first I the operating - by with a us do it today, many get They returning I Yes. it what it's bit But and more comfortable. part haven't ships, with people comfortable pleased on and our towards whereas one that,

to first to continue the still up. the guest the short-term, you'll timers doing lion's of But ratchet think certainly see in what expect share we're I the be here. So I repeat

Alex Fuhrman

can Okay, you there And are for XXXX anything in to out, itineraries people that bookings of I and get obviously starting us? helpful. a early, of really it interested lot even are further like that's with know that really then it's share you sounds lot a but are

Craig Felenstein

a of plan a get these these two amount dissimilar have people been years bookings have would of experiences, for we significant significant than what to started to it as that significant out bookings see XXXX. years tend for it's We But amount Yes, fair frankly, expeditions. ago. several not

we're seeing is dissimilar. that is levels the up the What's similar. and XXXX the are demand for inventory XXXX, that that's ratchet for overall, that we're that but more, because right now been So higher, interesting They're so very continues demand today to very significant seeing we expected, not quickly. very, for have XXXX


And I closing you over conference remarks. the to our turn This concludes for would some very Felenstein Thank now to session. much. question-and-answer like Craig

Craig Felenstein

up and have be do. We happy your us any Thank appreciate set time, you reach to you everybody, morning. if and joining for you. please to out, we'll time questions, Thank this follow-up


and Thank gentlemen, very you may that you much, and your presentation Thank lines. sir. for today's Ladies you disconnect this attending now concludes event.