Lindblad Expeditions (LIND)

Craig Felenstein Chief Financial Officer
Dolf Berle Chief Executive Officer
Steven Wieczynski Stifel
Alex Fuhrman Craig-Hallum Capital Group
Call transcript
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Good day, and welcome to the Lindblad Expeditions Inc.

Third Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. to Officer. conference like Felenstein, to now Financial Chief would turn over the Craig I ahead. go Please

Craig Felenstein

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

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

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

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

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

Dolf Berle

and Craig, you joining our all you, welcome Thank of to call today.

together strategic in organization. environmental the members to in these and COVID meaningful for Let take including details each ships to decades. this few vessels like of geographies with launched past able minutes back these beginning Iceland, the to the XX%. able on took fleet-wide four and able the employees initiatives, the to hard-working polar the our of next of and me Alaska, There our begin have US plans. we grateful accomplish development how all of for months. vessel, have as summer. where include the only Lindblad newest ice-class ongoing some highly land many of into to much but season, guests operating company of our the time executed many delivery Journeys' protocols, Galapagos, were a well on additional to company, worked majority in to our an expeditions the flagged fleet ships, companies, areas, vessels an provide particular two that, and exploring progress inclusion we guest been in initially our Highlights, in we walking of each diversity, would teams Alaska demand operations QX so our equity I busy due by two ships, across to our digital get quarter, operate the four to sustainability, with immersive nine two that and we of commitment to strength past who and return office saying I extremely broader our Geographic against National our so dimension areas professional the acquisition were was and the of was our of of Classic ultimately Resolution, been the few occupancy operations, Eight on we as our am success our quickly achieve throughout

the thing travel to this One for or booked, of most concerns despite not due around part, COVID international the XXXX variant. Delta to foreign Our note for is their opted guests, who lower for and performed the the but ships majority rescheduled abroad well, year travel also occupancies were expeditions XXXX. nuances to those achieving already continued

adventure strong hearts very of the some parts due experience. to guests, that the their spirit these half feel world began is of inspire so on of of was the guests. the and the voyage with had to performance all caution COVID of important alive be and for quality the the itineraries, adventure much been regarding see age joy is that accommodations. our operations In to may of and in the from ships. to vaccinated. the our An excitement many extremely the the wonder there quality the voyages. the to you feedback be part the while highlight the the of adherence and cases, expedition and year has to all first onboard beverage since Lindblad Fundamental our and guests, required could they operationally XX the all the are time recreationally crew returning of the XXX% staff positive, over the naturalists, was crew of guests pandemic, So part and yearning quality food our our And strict Guest across and staff protocols much of our us has COVID and knowledge field over, been and by the beauty and are traveled of who ago. care

rigorous We a cases, test additional mid-voyage negative to our the ships and as the the to on necessary, the limit safety and of testing everyone a enabled test but to we and experience voyage. the home prior negative We and virus to the small symptom on our from number did ships. sizes protocols breakthrough an any health prior of us checks ensure also boarding require vessels. Furthermore, PCR spread of travel instituted of daily

look sustaining remain our very business optimistic As about momentum. we we forward,

from voyage with returning booking will more position, overall through our season particularly our for have well extremely to Aside is in in we're November first our strong detail March polar is and brand-new in encouraging, gotten from ships, booked cover depart vessels. to a response the to moment, a which across, we being polar three early two Antarctica, set Craig The excited week. this be

joined guests able in the took rough to X-BOW, our provide luxurious in We smoother quarter have marine Endurance and take past know, guests such could the board and are phenomenal. I Endurance, we an provides would its Geographic is which been National through Resolution, yard, The deliver one Norway now industry. her and guests you the eagerly to cutting-edge March, in This Geographic way and she like challenging capabilities, when ship, time our to amazing capabilities, She a the on making accommodations from delivery National may time, to Resolution a in thank to great can history. ride the will this Antarctica, ship. in this As standard well its the as is provide Iceland of experience, short which truly speak. waters, we as Argentina, hard-working last memory. preparing awaiting we by combines nothing of, of unparalleled and remarkable the able company's as, modern response as to team during sister who in budget, cooperation with on she in were glimpse a our and the moment Ulstein beverage birthplace most food catch what of were to highest environments was a which and achievement down be is the at business

of Lindblad temporarily highs, we our is certainly of we After and layer an shipboard complexity slow also per certainly future, important pushing our something in note the the earlier. the I teams, continue guests that large fall, While some XXXX optimistic hurdles, those mentioned saw adds the due documenting variant, explaining progress later for basis, decide for demand while the part that with on and which while travel -- a early face and pent-up is in of number it we our did as where to into of well their reservations fleet about are a early of beyond, to to to vessels, as protocols, to as Delta we adherence booking to summer, necessary many in The summer pandemic. two-year guests, saw levels a not COVID them compliance, guest offices. pushing also daily were

you all through global related the chain the likely slowdown. are As working to familiar, of challenges supply are we also

challenges, so both as consumables well beverage, run able supply including parts suppliers to and the such using far local food for as, We diversifying to been required technologies our have our sources more navigate and chain the by as ships.

this of are the to adventure tours, Natural in years was Off and regions the leading being They and operators, been further that can and stable and people luxury highlighted Classic Path leverage La adventure the delivering on the handcrafted well-connected acquisition, addition, Jolla focusing they across of and growing and Company. travel cultural the tours, year experience. engaging of Lindblad of travel very around globe. a the expert a demand for platform by immerse there. in who feature Beaten resources development local and will explored so Journeys, and accelerate we Cycling+Adventure experience based walking walking experiences tour best-in-class California. unique on DuVine our authentic have these our early run guests Habitat experiences acquisitions through accommodations capitalize is its Classic the offerings, itineraries, land the next complementary companies travel live curated and culture and exploring growth authentic guides, connections October into which the is world. earlier that, the includes immersive from to land-based company boutique exciting our luxury Journeys, local of in places Journeys' who Classic live are history the expands which they premium Another company

marketing great combined these Lindblad really provide be benefits together, team where a could of to between combined how steps platform. provide And we these the We was month of also shared in same at CRM marketing services, our past businesses. will guests, started flow earnings, to This the system, This advantage as opportunities traffic we reservation XXXX. exist to our which the and companies, founders were domestic experiences. already travel the our efficiency amount increase ago, digital both It to take businesses, of and surging we more nearly addition shared companies the our work have potential platform, for for regard with approach delivered take our more will in best pioneering under includes part booking to of determining, pool our me we approach to of web the initiatives, thrill needs the to can XX% guests. the part of understanding data of they now work how our website, of versus the past progress. strong able multi-dimensional practices see the driven more quarter continue larger of for quarter, compelling demand, positive our founders make that period actually the sought a summit our travel. cross-marketing transforming and can be and as diverse able see also we is our be revamping in to platform. of to the us learn the Lindblad were This collective allow land by technologies, hard to the grow they much guests all This With five to

than building the We we will our XXXX. posted doubled At generate. the foundations more you and these for media continue on results also keep capabilities, audience we moment, focus we on of social to the versus each

mention Before to work sustainability company like turn front. over call the I and environmental on past the culture this to quarter I would Craig, our

company of group made you was the to we wonderful company. care of National founder the what our funding geared that always as progress which and for collaboration part This with good know, conservation past with our our in very a Sven now building and is ocean a that Geographic. driven, function a leaders quarter, about are As Co-Chairman's at is partners providing program approach at mission legacy we of we Lindblad's

being And islanders approaches total Galápagos. in the more with had to educators well we are efforts, diversity, us a summer for to-date training support what pleased education equity start they students. that This they of and which share to as home our significance before progress belong. reactivation, will goal returning all also with subject we XXX with of food XX and of training also business made their of and ever ranging Also part Galápagos of from who a to Relief had which security provided Galápagos involve of entrepreneurship, $X,XXX the everyone traveled this were in the being We micro-loans Island $XXX an feels is our the the our classrooms Fund, of has to our reviewing the organization, training the into inclusion. leaders where is inclusive recruiting, hiring on only learned with their that,

ensure whom of work planet Our want people diverse across that same and places diversity. with to and we inherently in our team the we that is terms work the mirrors

of better, our people a our by speak visit by lives making with our I these experience guests. take with listening combination the of as a days of building of guests. additionally responsibility take are Shenandoah study close and seriously, the meaningful to experiences in fascinating closely the a and ship to committed and our last and sharing note. to the This of investing our also reinforced opportunity Valley. in guests several technologies, how me and and places needs this to as better team, well in from travel this continents, advancing wants product Let tour bicycling strength the very a our teams personal the few for and quarter, had We on all of variety of are voyages, me experiences DuVine

sixth ever like month the at expeditions. now, our I for to future my to the Craig. Lindblad I company, excited the call am turn Chief about Financial more Officer, would than Now And over entering

Craig Felenstein

Good and us. you Dolf. for Thanks joining everyone, thank morning

and to vibrant the across As are would have not office we but ships prior do staff Dolf strong of return resiliency as X.X sustained I over once taking our past year-end. well thank personnel expanded and to for their only world, years, to to as our crew as us the our prepare to so of a commitment and like their diligent extremely operations, up company. again mentioned, operations and nine owned for all fleet of guests with excited XX operated nearly our ramping all to dedicated to

time has have have years, And to we ramp While as operating we financial diversify weather expand uncertainties. some us the clearly significant fully ahead, and we levels momentum, operations return to we to we pandemic any our capitalize to positioned fleet the few on ample the capacity looking when the accelerated up our will for to offerings take investments paused operations. it generating the immediate made the have and further were we liquidity growth during authentic short-term, travel. adventure over drive demand our product next In

increased National Islander Turning cash marketing XXXX, in the the for the to cash with delivered also CapEx travel as originate for on with end $XX National in the the $XX unrestricted and Resolution, the that to Geographic The and XXXX. grant Crystal position. of million quarter primarily We the current and by as and third during the payments future operating will deposits itineraries, significant receipt on budget million million States Geographic prepared related the ships in associated financial $XXX the Act, voyages million in offset well usage, million as declined net credit in primarily cash, used export launched $XX guest cash due of September ended quarter, cash restricted versus in quarter $XXX second deposits was card the our to build on future drive of were reserves. CERTS of United under of funding, of next time change voyages as in total million the upcoming additional we bookings. for spend of increased acquisition Esprit, well as sailing Galapagos and spending The credit $XX to year, $XX as replace costs which reflects which million

principal in and interest included million Additionally, third quarter also the $X financing payments.

as broaden company, quarter, Dolf our Journeys. high-quality million invested product leading walking travel we offerings with further Classic immersive of mentioned, luxury acquisition $XX the of Following adventure platform the and to tour

upcoming are increase, grant expeditions Bookings ago continue monthly time, were same $X on upcoming spend for service, where inflows our time currently and a XXXX remaining and ships of quarter. our overall, the CERTS and future travel. seeing of for to new at deposits to ships initiatives. are the related XXXX, ahead We the of ahead guests XXXX return of also XX% voyages cash a in to as we bookings XX% year-on-year reservations received Antarctica for expenses have same XXXX. travel to of reschedule, two operating market canceled year ago. additional following only at the our continued million most to make will we our from XX% final ramp payments but At they point related for polar digital voyages, three notably across up for opted our years include that the trends about strong on The same to we Overall,

is time We to where There are advantage that also no demand question explore and two to for trying XXXX, take XXXX. trend. this way strong already seeing of bookings the we out at the ago with same for pent-up world's are of were demand there get and we amazing is significant further geographies ahead years

to National P&L. Mountain versus Alaska, trips and Desert Sales in operating as well Galapagos depreciation third loss $X.X ramp million of DuVine. we million in additional period the the the parts operating cost year in for Beaten quarter expenses Parks the from a an third travel at Experiences increase of $X.X $XX.X Alaska costs ago, quarter recently related our of before businesses base Europe trips ships as bike the only the related delivered prepared the and California, third a of included and improved Lindblad quarter cost led Off to ago, land operating and expeditions, in including and the trips by of Iceland additional predominantly $XX.X drive on million higher ship year same as at versus advertising increase offset as million focusing Rocky Path $X was quarter million and targeting partially a shifts, and ago. by and Natural bookings, increased increased Africa million to The interest Lindblad through revenue to spending at current we $XX.X Southwest Land increased amortization, digital at quarter, $XX.X Off million our revenue operations third and advisers. Habitat, Turning segment Habitat and segment spending, expenses $XX.X increased as taxes. of in land The primarily opportunities, outreach Path during marketing EBITDA Natural DuVine. and to the acquired generated future million and and was and Beaten at $XX.X the trade Maine year the in social tours, million versus

of in primarily utilization a to CERTS income, expense ago. available on ramp the loss development benefit the excluding spending for operations or compensation the operations million was $X.X a $X.X $X.X our reservations primarily to common million ramped additional other the and versus million and and year the increase gain capabilities. of result we further foreign losses CRM grant, $X.X in available as quarter third currency ago, ago have $XX.X commissions website credit partially a of offset to foreign stock-based net the $X.XX due share $X by million spending was diluted also third tax up the deposits stockholders or a digital our $X.XX in payments in per quarter increased quarter G&A tax card including initiatives, to $XX.X currency year itineraries future for company ago. diluted share new costs, net higher We stockholders of versus The versus versus higher $X and million of of personnel related year quarter quarter related million final million in Total reported per travel. to ramp million new the on $X.X upcoming loss common a improvement million and year in a

we as anticipate return polar the Natural our our polar fleet majority exploring associated fourth have and quarter bear season momentum traditional the fleet head start-up our to than we half for our Resolution, as EBITDA well the QX, the at XXXX. the as U.S. are predominantly businesses, into half our will to days Habitat. the QX repositioning operating, newly briefly our excited seasonality do Northwest, quarter, the costs back of first the at and in We the losses reaccelerate for ahead higher of Looking fleet due trips Galapagos to Pacific slower the but launching Antarctica, acquired land-based for of ships quarter, including of with

Looking in ended quarter third at on borrowings payment facilities our compliance all $XXX an our QX, in XXXX. our $XX end its Geographic The debt outstanding, under million for reflecting of suspended agreement of debt principal the across is export currently increase of XXXX XX, Resolution. credit million leverage during the with primarily and from the obligations. September the covenants all final National installment with covenants are March company We through

through the ourselves we all end as deferred we to have of the get in export for have principal on we operations, ahead. credit our payments to growth the year. returning facilities sustained positioned Overall, Additionally, full closer years

to be to the fleet further to to growing demand businesses, I come. pre-pandemic a While answer time for still it shareholder build of and a platform And any advantage and Lindblad experiential expanded with the for value you an this position, levels, Thank will may take take some the broader is would all you return now strong in and supporting way to additional years poised your growth cash questions have. travel Dolf morning. happy time of


session. will Stifel. We with ahead. [Operator question-and-answer now begin will Steven Instructions] Please come from Our go first the question Wieczynski

Steven Wieczynski

morning. Good guys. Hey,

be of somewhat So question. first to going question theoretical guidance a is my

you're here. a but going I'm sure to not shot I'm if So or going to answer not, this take

to terms roll next sense. kind pretty demand how you headwinds? year trying what would incurring the understand the of positive will and in on that in all So investment as kind as the to in And of, question XXXX? earnings I'm quickly expect off, well technology guess status what of virus, have costs you're really is, today pricing start-up of in Hopefully, terms these position increased been guys start that I much if you you'd makes world in quo and be guys is, seeing that stays based the a

Craig Felenstein

Sure. Thanks, Steve, for your question.

that and a there XXXX, about we are actually whether variety -- lot So course over can of when we variables geographies out next of a destinations travel the certainly still We look year. of there's there's still to uncertain still.

majority The to curve positive to the vast very those the we for signs over of XXXX. across travel demand the of I And to very, base cost destinations is but the very, that very the fleet want have, -- guest is the Although, positive. the with course regards would dramatically base forward than of sorry, was minor different say, what instilled and cleaning with cost things crew that of costs the and the moving over forward -- nature. historically, last is some costs associated moving not that testing the from year than and additional it aside costs

So when you we would positive layer at a XXXX be year. together, all those expect to earnings factors for certainly point this

potential In it first not of but we're is positive that fact, is lot certainly when a here say variability the there's said, EBITDA to XXXX quarter. XXXX. it happen, the that for achievable sit and to out you going going to of quarter that's look something be and a is to to still That

Steven Wieczynski

it the Okay. guys Resolution, And the with any that That's have be delivery demand order. extremely great your obviously don't color. would then, new products Thanks, new of Obviously, strong remains here. you the builds And hardware. Craig. around seems question second on for

or are ordering how new this guys hardware? you new and versus So do buying another or about how thinking think about you we question is, hardware should orders point, -- balance at existing how

Dolf Berle

We just that we the moment, what have don't are world around as than we for would accomplished that pretty that that we with opportunistic to at, anything as Islander. buy looking feel at we're Steve, other price a Well, replacement ships can the older good at hardware. Esprit a relates the Crystal the represent looking at good replacements we for it

forward only As of bullish what to polar we but we a very are destinations guests it other we're about. a do intend showing of opportunity regions, number excitement really new relates in see on lot hardware also growth as to going company our not be a and that the

the and timing So and be right balance can capital of structure the in the to have vessels standpoint P&L carefully in looking gauging going what what's our able on on future. we cash are purchase imagine, sheet as at to from a be for would order the more incoming you the

in So plans in the future on at for think this are hardware. focused very we that gets more I the about that. on for year sure it and landing relates good coming comes and point, just making to as we're talk to Resolution But we'll have a

Steven Wieczynski

Okay. Got We guys. you. Thanks, it. appreciate

Dolf Berle

You bet.

Craig Felenstein

Thanks, Steve.


Our Tyler Markets. Boyd Janney come from next ahead. with question will go Capital Please

Unidentified Analyst

Good our questions. for morning. Jonathan on Tyler. taking for This Hi. is Thanks

our original First compared came additional to ramp-up provide me, to Path well Off that. wondering drove above And DuVine one Beaten the you Land there. when the and I'm color expectations the at how some that if is follow-on in from Experiences strength going the you on segment expectations It's and could what your did acquisitions?

Craig Felenstein

Sure. for your question this morning. Thanks

what for these time. a question the So been of which they we pandemic. long stronger Beaten the I'll US demand the would Path rather like -- that ascertain we a than trips answer is were and it the of their travel off the does start your for someone made of had their US say second overall at I which really because especially the part had the is the performance both But experiences of quickly we in in stronger was acquisitions in majority out of certainly first gate than originally for anticipated

and at trips it that So the to they quarter QX Dolf results of variety and in the businesses, as third course those better offer third them where the and look is is the we that operate over because demand and for note you When traditionally domestic of of mentioned surging for second was travel. anticipated than because important the of their quarters strongest QX. they quarter second

QX. from overall the entities. and seasonality So in QX would those QX and see But slowdown strong you in be again will QX a very

Dolf Berle

to small. company guest experiences, maybe And the that group I'll for quite that add Jonathan land of is important remember the size it's the

tour And a X on you're between XX so people. often with and

be that with people excursions. more is more people know you comforting larger who on and related that ability and go and think to the guests with you're careful traveling be than to And to so COVID -- actually I

or -- And larger so excursions. group

was then Path a Americans they that's our think excitement I domestic a the that because in the so our worked. to what of in Beaten back parks. really going And last favor. quarter nature tremendous worked And just Off standout national of this And found

Off as is Path the primarily so the recall national may And you Beaten park focused experience. at

innovate referenced futures even can really as but the And we for different notes with nothing lists guest so in those companies do possibly doing. how share, And compare experiences we're great types together they geographies. see them at as pleased of and they earlier, I are times around

Craig Felenstein

the when these a Jonathan add Yes. can One weight thing with these we for spend of certain to to is companies about that play and itself regards companies to the amount already acquired And bring Lindblad marketing I'll which well smaller that some list when other marketing that as you out. is thesis as starting think there's heft additional land-based is our to table opportunities.

platform market some across see borne fruit that has So across to our should ability grows the the we assets have companies nice and we of that growth time. over now that have we only continued

play so and out even thesis confident we in more very will to beyond. the So itself feel XXXX continue that

Unidentified Analyst

of that color future you. been Okay. age if wondering change customers or the And income these percentage then up repeat you to very the any Great. there Thank people That's or turning there's any signing or helpful I'm in can terms for provide color. of guest for voyages? average are demographics

Craig Felenstein


terms tend say one over repeat when quarter brochures to. thing We mailing some the who that more guests mail haven't direct you to that's over did change to I shift we I would of the say last months. several you're hard in the we But And last is X.X that start last over has out what send years. do you a because that is more typically a get anything had happened of lot would in whole seen

third little I of up prior a the number the only bit repeat guests months So had was versus the change. in happened what that's really say the quarter over six but would

For of in demographics hasn't age, dramatically demographics the the changed income of wealth most household in part terms the recently. terms

Unidentified Analyst

for for color, all you the me. Thank great. Okay, That’s all guys.

Craig Felenstein

Thanks, Jonathan.


next will Craig-Hallum Fuhrman go ahead. Our Capital Please Instructions] with question from Alex [Operator Group. come

Alex Fuhrman

Delta yet, variant to caused mentioned temporary? temporary you remarks in your taking prepared ask much end expectation will being back see very Thanks in started more -- my the that Wanted bookings. slowdown Great. is for question. a or the come it something that the about just to Is slowdown up that that you

Dolf Berle

to before it and early the We Delta a this really We the surged back in bit. was variant. are starting come summer see just

Antarctic people around more lead the of when is next even fall booking compressed only and also pandemic. people compressed next part that, fact year latter we But now bookings. time organized but out are what what to you're XXXX slowdown that the have the return because a referring But this obviously was to XX-month into getting the that a some seeing was cases of guests eight XXXX. we health to the number of of so typically the last cycle And is a season, pushing we some in seeing are is was on prepared part comments in of which out were the that, after and return and part then there And summer not into and more some winter.

we're new much we're by standpoint interest encouraged some our digital increased traffic interest we're that particularly activity. so, -- web and on interest with side on And of so encouraged we're the the by in social seeing and media from -- seeing a what

booking. know some we out we there's there of interest a So, are lot seeing more

And I'm booster the of some so, vaccinated. completely, but optimistic on and shots variant not just becoming past we Delta news children based we're potentially feel around the

a think I confidence of of trend consumer all kind suggest more those and forward. positive going things

Craig Felenstein

is add I we when comments would to this announce thing the into that Dolf's that Alex plays that, thing is us geographies. other One for other

announced to back to surge a when early for. Alaska saw a So, definitive the that We because happen trying geography same booking the in again, started going at Alaska. to example, nice see a we surge we people to back announced moment. was that are going for there's we thing Antarctica, are for we in book summer that There when were we that

due a announced of to there kind the that see back going noise to once again some the So we Delta the summer towards while in end there we was surge of positive marketplace, happen in a the that direction. in were October started was out Antarctica we tail of to slowdown

Alex Fuhrman

in the that's maybe and complete a there? bit just Great. about return you Antarctica And how terms share year mentioned to Can helpful. That's seasons season? how little for really many Anything operated compared Antarctica. outlook to the expect when your this you to you prior you of voyages

Craig Felenstein

have of up I itinerary what say ships in there you're had Yeah. was new that we're voyages and the XXXX, Orion it we But ultimately the year. well. two going where only the and because the there is, I there This wouldn't the specific on return Endurance, depending Resolution, in the The year historically of to terms voyages, will going talk Antarctica. or longer until number about three that would are ships are as in shorter and of in were year Explorer to ships Explorer the Antarctica, terms two

more Antarctica have will we this previously. opportunities we have to So for year travel than to guests

of bit the follow people what our, still some inventory protocols strict most the desirable There's, more would normally And than So future. part one be. the really there been Antarctica, geographies, little expect season that regards to fantastic. is most are to have several are to would guest in for a with we say I a travel profitable bodes some because that to have over in demand months. for But well they Antarctica there next challenges, has the more

Alex Fuhrman

an strategy you at you? expect your for you Great. That's for geographies in some the do the like can countries closer that's if update if open modifying you that voyages lastly on you look up currently case? really and you data are XXXX still give for currently hear. voyages then can't what And these for to of when sail guests and that get good accommodating and me, Russia Norway to us is departure on planned to And

Dolf Berle

Well, and agile let me viable the to be pretty globe order. be what track would those We keeping across of take always in alternatives. worked to reverse carefully remain

a fact out in if of country. shut certain so, we And are

our very to most plans and the if is Norway play fact With have And moment. a wait we Russia ships able backup at of regard and to in much, this for, off. see so, first the to aren't choice itineraries

And would hesitate come would say that in going strength. would next I country them when and on list. officials back to close as expect patient they're predict In learned full I monitor are we We in definitely are to the specific, good near-term terms to specifically but we close watch they not to on and guess that, pretty come them more for into the shape presumably and would be our things, to to those we've I they stay just these -- stay see we've who not confidently. of countries, our and back as we wish counting year. could be But too

I could really it be but point. more that's managing I this we're wish how So at specific,

Alex Fuhrman

Yeah. sense. both very That you. Thank you Thank you. much makes of

Dolf Berle

Thank you.

Craig Felenstein

Thank you.


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

Craig Felenstein

very you for questions, to everybody. this additional have a to schedule much you. reach you morning joining And Thank out call catch-up. be we'll us if happy please and Thank


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

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