Lindblad Expeditions (LIND) 3 May 222022 Q1 Earnings call transcript

Good day, and welcome to the Lindblad Expeditions Inc.

First Quarter 2022 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Craig Felenstein. sir. ahead, go Please

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

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

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

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

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

leading final convey started been our morning, I Craig, in express loyal with of gratitude operations their for that ramping with company. most letter up I And I full recently as execute us guests an want and steadfast this a help as to who team. importantly, back to for of phase travel have who business. Thanks, pinned so world the across our industry expedition Expeditions I sentiment navigate to good I want everyone, and tremendously joining hard-working to travel expression we to and perhaps Gratitude in Lindblad many zeal the thanks annual the feel our our thanks and us to the is report, also today. for shareholders our gratitude. partners for our

XX back trips that that You action, our owned ships the I'm ships guests may a combined sources all for and us. to the key we companies recall taking we remarkable April XXXX, Having end will something their future the have team. I back to of world's time all report X destinations. Polynesia, back our operating owned of French are for of strength our land our which in in metaphorically, of of Orion's to long of are all geographies optimism sailing at a to accomplishment, tale minutes, to starting with that for was great nearly and cities with in bookings, worked few X ships had happy to achieve. is of quarter our the further describe This a QX all

The positive Let able begin highlights. spread voyages testing, crew a were with we We me Unlike companies, our vaccination very a in was and strict the to our testing, saw ships time. Antarctic to those all And rapid variant did mask schedule cases maintained pre-embarkation regard despite mild. daily onboard routines few checks, season in cleaning on great that our other at as the COVID areas. Omicron of the success. some many common were with very protocols of requirements, we occur and symptom requirements result, complete

Resolution ships, expected polar we better National the Geographic even from Geographic technical state-of-the-art the performed Our Endurance a perspective. and marine than new and National

of extremely positive food, deliver content beverage our feedback the provides quality This positive deeper than standpoint. the drag Also, guest experiences into ships. accommodations ship's allowed handling before. particularly has regard staff the been ever sometimes to the has us more about an what Class Antarctic way from the for hotel their And perhaps to of design expedition to levels The And commentary have and these even ICE and Polar expedition Ice related aboard been meant has these well to advanced passage. tumultuous PR new X will opportunities excited a We Expo to guest rating over very explore and social exciting better of with meant new have with for no capabilities media you booking increase to XXXX share ships of we associated ships way season. mean we're the upcoming last course on the the our off to for season. what that these There's with completely XXXX, ships these meant booking the future. cap couple comments than saw examples

and the is regions see they ships seasons. polar underway light, able is the in What ability polar the described may in One as Peter a were along for have can almost these wildlife these range Island deeper in see call, to mean given that find ship the of were Northwest Fin from also and These of they different further that in whales demonstration conditions of disembark experience pot that direct which able Arctic, Polar were routes And ICE. phenomena capabilities guests in almost You we of our unheard guests explore broadened a these large these the our the more of the the will have Endurance. environments I were as operate. are to Class snow now never which Antarctica the of that in in visited the ice passage different history. long earnings X recall capabilities, previously to of are new A in ships result the ability inherent to that phases the last the and onto the we handle our

photographic new For possibilities wildlife this and a of enthusiasts, range presents thrills. and

later cancellation refunds cash low, and the rescheduled was overall were variant guests dates. occupancy in While XXXX, revenue in our extent, lesser moment, to see a to opt in Craig or it a did meaningful number trips their but QX relatively some amount across provide and and was to will more our quarter of very a successful ships operationally, financial impact a rates did while a later move we of results. Omicron QX XXXX to fair in color

to the back compared of year Speaking XX% is of bookings it bookings bookings of the pace year future back of levels, the are full with These what our the impact reflect for When of half most rescheduled been environment XXXX. we relevant, who continue bookings year the was strong same of of particular increased the and for given positive for guests from XXXX new for capacity, both are a pleased what prior of which of of ships. pre-pandemic, XX% numbers was XXXX The strength be was half back and the very and ahead in with for bookings XXXX the growth booking booking half and half full ahead XXXX. XXXX the date XXXX, the with robust full have bookings both of in invasion Alaska not and second growth for the year Russian would the Antarctica the if during stronger existing in Ukraine. even impact have across been periods

with our I'm the these to see sold with all to of levels, X in opt several to passage of Russia pricing guest opportunities for QX, alternative either booked as other to keeping such voyages QX itineraries. say and the Northwest might voyages waiting we of scheduled rerouted touch the to majority the these or future them. happy travel staying Over that remain canceled QX, trips we of at including guests Northeast tradition out strong with to nearly opted high-demand rescheduling us and trips most to nimble, what had We our appeal passage. expeditions course

platform are the strategy We Adventure leading and our well in also strong dramatically beaten companies our has these several path with We of becoming after with year momentum the increased significant acquisition our last website tools, media is travel which sophistication level. booking along suite land our helps really explore with new towards as new and towards by the of launching forward natural across limited targeted offer year. the we for an made these to being our is An the to last installed the adventure the our world we whole travel Since strides progress of addressable and website the search company years. paid these off platform bring and year, the new as Cycling new of reservation monitor Since important completion guests inside and goal world. new important as pent-up our part land the line seeing will have and our we reaching part Growing companies and digital performance. marketing want past the all initiatives market year, of the demand this classic are our beginning debenture evident. habitat website companies CRM in company analytical journeys launching to to search, company. it's social driving of are end transition, expanded analytics system, a capabilities This a marketing have

Although of initial array of able in so companies for full is Galapagos will land the drive about to incremental manner utilizing I'm our confident still I ships we this realized. our traffic in some and technology this phases guest be recent tools, the in and as investment power of are that cost-effective itineraries. we excited am do a also to developments more

XX our this allow announce us unique for midst we in to that period that have of successfully geography the years. more pleased I'm renewed a First, Kupo operate promote to ships

We come. its to couldn't long islands also Galapagos and happier first XXXX, history have decades be taken support able I to a to with there be to having in guests visit the and and for the people back continue

accommodations, the is for month, the in her new beverage our Denmark food all-suite for this this very the from where will A travel first guests our Geographic her provide way upgrade significant meaningful spacious highly of the Galapagos expedition other her August. to X. guest for and Islander Galapagos functional capabilities The last for and National comfort, marketing launch our was and past represents was in National guests. she of capabilities welcome with completed renovation guests. to development Islander will elegant and is replacement first ship vessel it This The our enthusiastic. the of big cabin has she and agents and been This response portion accommodations on in Geographic along quarter initial marketing a

again a doing the X guests nearly the had preserve educating change about climate towards remarkable a people related environmental would be like always once reiterate something help-apart environments finishing, series to Geographic the of chip offerings. In host million continue the Guests our have our The one on ships closing, and this National some particularly. Galapagos of the their and our of includes to proud across in and the for in Endeavor mission, In optimism which case, opportunity brand. the you highlight, variety land we biodiversity. News industry became are educating exhilarating In QX, Good we have X. company Morning it Before our our I for planet, for about our importance of She travel sustainability. adventure our helping and and and about America was like to welcome the tell that onto a experiences ships. adventures on pristine crew what which to was this efforts part educational across I our I to place to moment

poised is of can world are and with and that and capitalize a theme this in and their out the like-minded. guests portion. places fleet and feel months be we enthusiasm With my enthusiasm began ahead. the family On one who booking of closing I mix are these of new remarkable to expanded back gratitude a diverse this product to a offerings, in on a and others in call remote base repeat strong and with familiar in years trips,

over Now, listening. you And call I'll to now, would turn like thank I Craig. the for to

operations is It to operations to our so unforgettable And our exciting hard of company. work enabled once possible. that across I and fleet, offices and realizing certainly guests. has earnings diligence is all our and would have ships experiences XX their again back successfully Dolf. Thanks, us of to this the quickly us everyone to begin which and who to has like our positioned so power providing ramp to make expanded thank dedication the

but to any expected, further ample up results ramp As have headwinds quarter we variant, immediate by significantly first Omicron operations. the liquidity impacted weather as were we

our investments More made significantly to our and during fleet product pandemic pre-pandemic diversify potential the earnings increased levels. have importantly, we from the expand has offerings capacity our

So to demand we are on travel. growing primed adventure for capitalize the authentic

as term the with X.XX% During we in as issuance that XXXX. well the Main the our our loan, including refinancing strengthened Street existing of balance facility facility through quarter, our mature further notes of sheet credit the revolving

attractiveness previously, issuance, power as credit speaks mentioned the XXXX, out million pandemic. provides business coming of with to over we of facility additional the also which along Xx opportunities. the us subscribed, $XX operations the and undrawn As new explore earnings the in our additional ramp issuance business model growth was of the and we This flexibility revolving financial maturing

significant received $XXX The from guest total versus increased increased net usage in $X.X and operating for X million of million of million We $X.X $XX change additional CapEx upcoming the position refinancing The of ship voyages to bookings. restricted partially sailing and unrestricted the prepared cash million for earnings cash, $XXX operations Islander the in on the in renovations future cash offset Turning ended at States Geographic to digital as the by quarter increased million spending the and drive to the million by primarily cash to and and our cash card year, financial cash payments our shifts million reflected also in reserves. of million, initiatives. deposits in with and marketing payments United cash $X.X travel, end overall. spend during on primarily the level, that deposits principal $X.X due spending positive reflecting of driven on voyages originate current for we $XX and and credit related quarter first for future National debt interest

continue environment, Dolf booking to mentioned, future current significant see for reservations we as the travel. at Looking

As half but related the question we the and early we first bookings early there guests in the ratchet in cancellations January pent-up have call, of XXXX, is in already there our variant a have December every of Omicron up that majority week on last world's in see bookings for geographies. amazing and travelers discussed the and in did travel. those significantly to explore no XXXX, demand January, to future rebooked the for exceeded week Since out significant same is get booked

of search, rescheduled timing in EBITDA and changes increase video, from well related drive base at of which versus primarily to to in million permit by the expenses Omicron was and focusing generated the their and higher line rich with million voyages Antarctica related in million offset X through future cost increase to marketing quarter the increased as and P&L. as was and on higher Lindblad predominantly trips was of This ship shifts current light by related the social to guests first the one amortization, the spending advertising quarter $XX.X the is to in trade The Lindblad charter fuel segment additional America marketing mail advisers. quarter headwinds due Natural increased part in our also flights ramp versus $XX.X travel revenue at to during The due the same The bookings current the voyages Antarctica, year to an $XX.X only as drivers $XX.X seeing direct advertising to tours, include due and ago. as by in and in marketing land-based operations to first Central increased due year million outreach season did costs governmental depreciation habitats, revenue increased the strips. The as face profitable as trips year experience natural additional cost loss Sales of of for from spend related included prepared operating operating media, increase cost commissions in our to quarter a ago million $X.X first land Turning the in $XX.X we a the at are shifts and higher we from $X.X period segment, included well million revenue in expeditions, pricing the delivered Mexico. million Galapagos a revenue XXXX. and in led pace of the led and cancellation behind The booking for Baha of loss before and of and million America higher quarter ago increased XXXX and the costs Northern expenses from $XX.X year Latin and as usage. taxes. who the tours late spend operating Habitat. interest

travel. increased and in acquired also Journeys, for the was of first bulk in have was quarter to CERTS related The versus or investments reported excluding as the related of $X.XX remainder expenses with G&A grant, of and growth, on and Geographic which net the more along by and future well million, in credit $XX.X future to were the a spending The is replaced operations income costs interest increased available million are depreciation higher the beaten million $X of digital We increase Total further other a new new $XX.X for than higher development increased of and initiatives, the acquired of the and reflects itineraries which share payments rates of for capabilities. final ramp $XX $X versus mostly in Classic year $XX.X profitability higher September borrowings, the a the inclusion million ramp $X.X a to quarter delivery CRM per offset debt being the the Resolution the decline due which compensation reservation DeVine stock-based as of in full refinancing, loss of later and National related in the items quarter businesses onetime and path, loss personnel National we million of commissions ramped a spending related in expense the resolution off additional and XXXX. costs utilization their Islander, due of higher Geographic primarily also to our with ago with common National acquired stockholders accelerated quarter of summer on system year or reservations first October upcoming the were the common G&A ago. including quarter associated $X.XX share months. available diluted Geographic the launch net which as card operations in in up million ago, XXXX, spring These million reflects the on seasonal additional $X.X depreciation year. to in per diluted company stockholders to million primarily this deposits to of to our year first

booking briefly changes and ramp the future the the exploring QX Most the to Explorer notably of these do has be the to conflict. and Overall, and on key the world a operations our significant Endurance momentum rescheduling and anticipate the voyages we highlight demand rest Endurance are of ahead relationships guest Looking the advantages strategic been enabled year importantly, couldn't from operating due quarter. our trends the in our itineraries should land cultivated Steel return phenomenal, of Rin have we have we by excited most and the the see be to dramatic has QX, despite operating ships effectively. locations. but we to rescheduling as to returning X Omicron-related shifts the Russia reopened fleet the last this businesses. decades again. response third XXXX, in the and the our We Much resumption the and to own excited improvement in diverse by from have over profitability globally quickly resolution conflict to the the well across as the more of impacted still have to size the to of us built, amazing early will all across Ukraine to of travel QX due

I to questions we take an shareholder Dolf, a years still well would some and time and to of surpass for time happy situated and you are be will a ahead. it pre-pandemic with increased growth months your levels, deliver fleet cash you in value Thank this the morning. position supporting broader may to any have. While businesses, platform strong answer expanded

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

guys, Hey, good morning. Yes.

going from help wondering through the break through the if with those is what maybe $XX if if April wondering could maybe turning the EBITDA perspective, So underlying question well? flow And loss maybe -- cash losses trying an down how about quarter the say Craig, And to free EBITDA that happen improved but or us I here the as Craig, maybe how talked million us point well. then of I'm guys looked help you turning that -- And you that understand we I'm I mean in this, quarter. should then can sure how to you in April guess how looked positive quarter? Dolf, EBITDA third about cadence cadence as positive and quarter. Just by the inflection could not and the when is, the think you how

start with Sure. A to But several of let's a few Steve. quarter and how there period. kind out it month over Thanks, first unpack. the played things

to Ometron That of Once towards So end going quarter we prior of were harken the the and to very in the in significant XXXX, was part XXXX. to guests hit, actually the was really we're to of XXXX, November there displacement I'm a second XXXX. but quarter variant. the November. the of close of Omicron the being early variant first sitting here profitable When quarter actually back first in

we that the the would additional happen and once stepping revenue that first into where backwards. see So quarter, for did were you obviously normally coming happens, some quarter not

down of kicked there thing, fuel venture our obviously conflict The California, while weren't were permit the side to for voyages the implication canceled little and QX was approvals we unfortunately because for was going. last cost Ukraine second business be the X needed took this to that change. in When us obviously but some an the I those for took happened in, prices That the that my on which the X the a remarks, that season, had there had Russia, to upon The were and were to be in spiked, that of canceled. operating was that quarter able thing get voyages We anticipating. Baja, in that conflict. of secure expectations touched was end unexpected the of because Russia-Ukraine that

So the the for cadence, because unfortunately, of went for quarter first most items. those of backwards quarter the

booking the steadily quarter really start the after in would However, is second trends booking actually really to of and has see the The April. course increases for say year the January, quarter were pretty opposite. what reversed XXXX XXXX, week we exact into and full trends nice the, throughout I would continued say, I the where throughout that

the company, we in that question quarter, free payments free cash future the of we XXXX the related first we additional already The your at so payments for that it us, frankly, and us, the several of level, final and other ship there. travel. the operational byproduct, has door There as months side deposits layer the really were of the was the several we're flow positive been generating cash overhead purely and a as where amount marketing in the wasn't level came at -- were case. were free positive level, that But flow. Steve, ship of the And purely at for is well cash within months, for a positive getting flow. because to throughout

to So that expect we ramp. continue to would

strong and have traditionally a going quarter would to certainly, back some of as into as the general, certainly in levels these some that quarter. but not The are we free normal second strong overlying we kind flow. third well really positive for get slower get us yet, to once to quarter, I expect EBITDA what quite little But quarter cash of bleed we to second concerns a the is say

Craig. Appreciate That's that. color, great

part you're So the EBITDA that look from going question, I answer perspective, April don't not than March? better answered you to think one an sure of it. did But I'm

month. to get to not going I'm regards with a Yes, specific

lot of Antarctica traversing so I example, and the for ships up And much from ships where what depends are So us March, right? their Steve, of is in for that, to say are in are on transit, a they our would next destination. operating

of French little of challenge there's when So to costs. was a And for Polynesia. comes it in just in the then Orion terms example, transit that to bit transiting a April, down

in that forward. certainly, make operational as So comparisons bit move business is the But little a to there's difficult. months nuances we it terms improving of

booking want to or booking understand the pretty months in jurisdictions been similar if Okay. or there have then April, I heavy And And where patterns are X But asked folks were cadence booking through all question, be, meaning the bookings changes weekly certain way the patterns, are ago ton improved you or more sequentially in any a second you a just talked would second on of to material has questions. or ago? that heavily about question they basis of X mentioned. I think months

they've bit. reverted levels. I little say would And I that mean Yes. they've a back to almost what changed historical change by

we're kept at window last for average If the bit around more what booking quarter I long term recall call, the what on seeing was bookings and the the of which term, that time at seeing you were a that is little you short X-month level. kind said

kind we've We're seen also window in high coming levels we've guests, are somewhere is XX% in what that would which of in is seen X-month repeat you're line seeing Now levels little I just more with the average. of a of of are the less that in what terms what that terms kind and being say new the seeing it's XX%, in of bit traditional lately, range, guests versus repeat of traditional historically.

you where to them when normalized for say, There's most for seen nuances obviously the booking So like third bookings saw voyages levels. levels. But would with we of part, pre-pandemic Russia have to patterns returning quarters. second back are and more are a have the cancellation the we

Okay, guys, appreciate I it. great. Thanks,

you. Thank

The Batory Tyler next question will come from Please ahead. go with Oppenheimer.

terms wondering guys. if discussion I on to wanted maybe on of for ask a inbound on front? color follow into shift booking any and spikes sentiment who pool that going itinerary. back for that of recent weeks booking guests you've way. on kind morning, maybe hesitant in up or Good is it I'm Any Jonathan additional This the demand pattern Tyler. are different in seen different

the Thanks Jonathan. for Yes. question,

we're As seeing patterns that of saw to referenced, the pre-pandemic. return really Craig a kind we

recall that what seeing the a itineraries, the be there in rest of during was Alaska. that's U.S.-based we strong the a will of to season. for kind pandemic specifically push anticipate world balance we're may addition returning to really Alaska But You a now good

we an little -- a uptick of an upshift in mask I bit booking was released. think the mandate patterns see did when that or

that through a think optimism across Guess sent I our frankly. wave quite industry, of of sort

guests seen would And previous consider or interest booking a medical behaviors, but more pre-pandemic the to are we so we of to in so. time return various advice, questions, definitely any to versus itineraries months what sensitive still types these have last

it you, And or there's Okay, the guests. you an on then expedition guest do a desire is if out of which from think And early thank on change offering in highlighted to And kind you feedback. general? put color product in the some explore value Dolf. and the could get travel been provide curious structural I'm you increased

experiencing just ships little -- excited on a bit on is of be is providing course, feedback we they're to common and themselves ships guest our our the back mean very are of which I on the Sure. are folks people in action. just the -- And some what intangible, cards. strong the it how

out a the So once going that think trips ships, these COVID a And they're who in the been they and the coming that than to it's bubble that and out when is I yearning way they live. feel quite of people providing have to party just they for represent on terms almost explore. get might back where that really a protection, chance feel, bit safe their think, I in different we're have I have in they're

there so a is And sentiment change.

what what at when looking about, excited are on of the of they're signs see spending what people also they're and web of they're our some their We on on, -- doing video there, the recent time we how that see voyages. clicking

a really and in sentiment shifting change, the the honestly, last public any in that that are seen more indications the XX. last all is month time we've than so So

last one, could. That's great. then if I one And

and and You or can process any your if I do and color deals on more future compared with to it the provide new should wondering here willingness, there's say, And I'm of builds? guys in those recently propensity how if unveiled that to. on when hardware changes you

the and Dolf, handle builds, can of question I'll second hardware part response with handle far. to regards so the new the

been the new builds, has so an would our was all that aren't is new So comes that we because out at there new what The and builds, We a replacement for With there or enhance and fleet, opportunities the the to say, a plans point through generate to thing we knew which we I were replaced, or Islander it grow. want acquisitions, regards add whether do for the ratcheted we've Islander to first it to was way to see world to attractive prior add it would with hardware saw have would exacerbated forward. through to the people shift be any to to be vessel have pandemic build to evaluate that opportunities replace where do some demand during and an us it a forward. would to the whether space has the other we when any from moving revenue this X itself get expedition The X -- acquire to relatively in consistent to moving opportunity forward. the X, We provide at say also to the that moving only economically other I more offer. to growth price. will with our is Islander allow to and process we from continue balance believe it going the that be we experiences which provide pandemic, continue only approach the that kind travel and of pretty, up is hardware,

we'll but new today, So explore opportunities at nothing to to growth angle. every continue new announce obviously

have the regard find. it's time that same that the islander the long Islander of been with guests shift looking X a original to -- had. And was Islander specifically, to we a And number this the

access go possible and in of small find maintain ability where to ship codes to we agility, advantage and islands. terms snorkeling its where So there's places fantastic that the

past, people the fundamental fact cabin the we've for expedition saw And guest that allowed that a it's we an business accommodations. so family which And down all-suite good the as configurations had the cabin. shift, we the for But quality do enjoy a the good cabins inside capability reasonably the the is more and upgrade is to in need in Galapagos, is as experience. and the just what of real

years. is been which Endeavor we a many think us going complement there X, this down be to has for so really for to stronghold nice a And the

Great. Very color, helpful. for all Thank That's me. you for guys.

Thanks, Jonathan,

Sundby go with The will ahead. Please next from William come question Blair. Ryan

Hey, taking good morning, for questions. the Thanks guys.

up last follow yet. have the repeat one Just expectations capabilities in maybe polar opened driving like that there. word-of-mouth I class considered big X know you on fully even sounds and guys. you and hadn't roles appreciate It to or options up visitation the or for exceeded bookings

the maybe So you've bit something more just share those it What over past, and to multiyear tailwinds as when of you could little a others. that in like guys with this? experience a get seen you about period kind big talk introduce

perspective of Lindblad, I of should that has give fleet what ship is part founder, the the last you come the do years. XX-plus think obviously of the has our over every who I course into Sven that been

food shift the for the technology and beverage capability hotel reason combination the and this the never is and of accommodations. is And in experienced. change the also the it's So has and remarkable Sven quality most that will the he that of capability marine that and say that

we the about able then The it's are in to in coming can back go is and Drake been pristine, the social what that to they Passage, means whole coming other that they is -- them from ice marine like ways that Class of feel are way. that things mentioned things we do why of of capture they're wildlife can are that able we've in of that the talk seeing National capabilities, relative before visit the my are but explorers. hear ever about doing to reflected in and that them having capability, the couple media maybe what certain things they are areas things they're such the what guests west, because and done through of their I and able comments and related we've we that the are us. spirit the of people for certain sense people been just Geographic what expedition explorer about staff, educate is in further Specifically a really milestones And been significant. because first to our certain the -- V also than combination cut really back -- with particularly on haven't waters others it seen and the polar with being south a way haven't we're go an

And really a and fronts. what so so of adds many on deliver ships I up it's expedition comprehensive view think whole a to, great these

to you'd But So maybe I know that's Craig, that. to broad like add answer. of a sort

Ryan. sure, Yes,

this what of on imagine, of these buzz that also But feedback returning momentum X out ship, the to deliver We're because Antarctica on you guest we're promise we that when generates during company, out agent of you the the move amount ships a only when get a we it when then for It's alone ship And the you that's that it's And out has sold anticipation these experiences new on And there's look when layer into far. just of the the but fair the a thus might the getting excitement already. to obviously, towards fair and had XXXX little shifts you offer, launched success So spreads, amazing and the guests, history traditionally pandemic. travel back the people through season on a significantly have and XXXX. as community. from to build you as locations. amount for not can back places look time where new these bit only it that, should interesting launch that the excitement. to of of end we and top amount forward the really getting

trips ships. would now X Now part early of with new a going and from the the certainly of what say, that right -- But of that on part of that's regards is is to end also XXXX people word-of-mouth the byproduct postponing XXXX. I these

on her -- Endurance Ryan, should have Antarctica. and in too, helped the of I inaugural certainly was mentioned it probably kind America that good Morning season

who, being reached of sort millions of folks that the of I so there. caught thrill of And the idea down think,

all repeat with to able X look over, you hear, guess, visitation but itineraries sounds like it's offset you'll voyages No, to it at Maybe were move flip even higher. great maybe it touching some, if maybe the that impact and revised I could sounds be to Russia, not that of just like here.

the orthotics? understand on impact an top guess, year? or conflict then have any itineraries over line on signs what us having this other impact more have help of how just, in and seen So the that And and would bottom Europe I you that big an may broadly, be filling

Sure.

for because But XXX speak I over to voyages is amount booked we while going wait-and-see either year, were on or to to had taking able probably specifically those this these of across next X we're already. rebook approach. are not to folks of what So comment half of impact that them don't fair that pushed There's voyages. can we say to still close and we the -- individual voyages a guests year

forgot second part question. So say, there rescheduling is would around impact associated with or I them. I Ryan, And what a the your revenue certainly voyages of significant, these changing

Baltic who sentiment to we're in a proximity a or going that closely, be comment, did if people we that, surge impacted that change see being just geographies to that on now I couple Yes, think, And saw related based pattern keeping to But the When guests some there we there last as east the stabilized, and time. other can Alaska of Ryan. And Initially, was, on I at we of you a are redirect the continue further in and monitor a part bit seems it certainly weeks. to were haven't seen the are track of the traveling in really like. have conflict. situation we obviously. little to concern of

patterns we globally, the a the consistent booking a very week booking looked X for Ryan, actually What X-week back we people interesting, that been else trip, picked But is see immediately really that more slowdown. has and any a it positive has point. been since that the -- following, hesitation just and was When slowed. did conflict when of been there week up effectively you saw are at began, kind when bookings

like as it only increasing desire So is the seen. we've travel looks to

all for me. Great, That’s for guys. color, the thanks

you. Thank

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

and thank time. Chuck, joining appreciate for Thanks, you, today. your everybody, us We

questions, you have As happy additional always, follow-up we'd answer. if be to

Thanks reach out again. and please us know. let So

Thanks, everyone.

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

now may You disconnect.