Lindblad Expeditions (LIND) 22 Feb 222021 Q4 Earnings call transcript

Good morning everyone and welcome to the Lindblad Expeditions Inc. Reports Fourth 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 also note, today’s event is being recorded. would Felenstein. turn I over conference time Craig to this like the to call At go please Sir ahead.

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

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

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

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

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

has XXXX ahead. heart in various from resilience you the us today. increasingly for months a story joining highlights for In the dedicated the outlook also Good Craig. its resurgence of thoughts we I thanks and have and very morning will call, all Thanks in years it June grateful perseverance, operations of companies. and of The positive share we part XXXX shutdown business about passion. recap at and family to my sailing. this March This great my initial pandemic. back in And of work to defined stages by was the year I'm of when and our that effects inside began the resume the for of was their of extremely XXXX was COVID hard XXXX team and our

not were for balance operations size of sheet the on upon a taking working position we operations. time ourselves steps the resurgence. was costs, we right While focused Once our restart last summer, to operational, cost fortify to reduce success we structure, our and necessary it of resumed

variant the However, when Delta the more became the first variant in the and swept Omicron business again the winter from then challenging world months. across then

XXX% as need this Lindblad all Darwinian adapt reminder. series Sven safety. of Our often One regarding possible for the aspect for in protocols for range operate and some other vaccination cabins guests the from highlighted The need to strategic and which health is instances the XX masks, multiple our of ability requirements to all everyone passengers. species the of our to kinds. principle key in size XXX continually a and one on-board approach our which in innovation quarantine founder We our to and our advantages of evolved measures and also of developed of emphasis a the create safest including and to reminds drew contributed to company crew, regular geographies. inspiration adaptation designs effectively to survive was needed us from environment testing for on We order ships, our health

efficient of enabled effective unmatched to and us manner. from also COVID Aside experiences, size an to with enabling deliver in us the challenges deal guest the

our taking Shortly and returned new with in the authorities and strict to restarting last adaptations also availability. to years, up the I'm and guests’ set made in foreign additional launch we in protocols for we and of of deep relationships XX ports our buoyed because ships, happy governmental say with as related fully Baja, our these Panama that June able were geographic Another we of quickly remarkable the we of waters to our as Galapagos are by visited back of itineraries launched Iceland ships, push destinations ramped to today, demand we last thereafter, we After a And year our now with Rica, guests the Endurance the National strong fleet. Islands have initial XX Belize, of Costa four X ship, such place have and including Ecuador. to and Alaskan operational out polar Geographic geographies, Antarctica. ships restarting we into U.S. health

our both the ships, have is an remote this guests. new Drake featuring to our past through the design, been a Some for for reviews Expeditions. have X of Antarctic most there sisterships advanced the fleet, in farther of National increase guests invigorating from the and enabling the newest Geographic getting These Endurance ships Geographic work the ride art smoother These and returning also National to represented guest Resolution. ice. the XXXX hole Antarctica year Passage. did enabled represents seasons more bow, XX% places, where we related two rave and Their a inaugural explore state which design particularly new to our capacity

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new its a day month was before. had ships on utilizing Endurance experience. the gives to the explore from of Antarctica, first you where voyage to ago, what advanced few A long Antarctic bring design Geographic National our gone comfortably in guests story a a these its Here's sense that XX

may up a of of highlight that that came Peter places a Endurance Peter same guests I the tell was whales lifetime by a brings to able than that also the upon commitment passion it next our are to is of a opportunistically himself know nature this in have epic On on expeditions, in navigable to and breathtaking, since landmass as guests making experiences advances on usually work for island To A we you and guest near the ice the ice Sven expeditions the Lindblad make were powerful believe years will our more the fewer guests. group in Sea. in XXXX pod, XX once north the island. and towards never beautiful and bound sail. Arctic. our good later, the several fleet people Landing is nature weather sea this optimism history Bellingshausen to inspired with had itself this our what itineraries convey including voyage, and shine in they and are a of pack we we volcanic is on unique XXX covered something the both a our far thrive. of experience which require with found seals giants that founder the in these light our Penguins that What stories Expeditions to and than you in certainly large to on future island in days most fin season set Lindblad of We for we expertise As guests habitat in the foot these explore inaccessible. forget. is and not Glacier I the surrounded few seen I XXXX. ramp also the tune magnificent witness

with future. trips in bookings the been Omicron last to to heightened of the recent XXXX I significant months XXXX. us to and variant both now terms most the dates over share bookings. cancellations some later postpone guests impact want to X.X trends the and preferring has with their Turning of you The in in slower with

COVID and variance Delta the Omicron of is both impact the However, to subside. starting

base great XX% the are XXXX and periods have point We again encouraging. Bookings same in business for at once up prior ahead. half the reservations for strong seeing year a in are of second of travel XXXX versus really is future XXXX pandemic. to looking This the the XX% for comparable and up nearly

and tourists open diversifying you in related and additional this their the adventure soften trend update cope I perception to continue. platform. of dangers As our also to inconveniences countries want our expect on as public progress borders travel we and to to

earnings addressable addition cycling diversified market adventure in which positive October success Path due of XXXX resulted the and to In portfolio via the expanded Beaten company compliment during Star year, in of in class fourth Journeys the XXXX. of and contributions. in habitat, large the DuVine the on the they and we Churchill, bear is we nature the habitat season And been to itineraries Canada. travel a ships. XXXX may quarter you to an since owner performer is recall, fourth quarter returned first habitat land we which natural Classic the the of acquisition quarter, polar our is in As our natural have natural this product destination with for part and have great had Off and Lindblad best in based focused amazing last further

adventure now With have travel can all based companies, collective of these which acquisitions, guests. serve we family a our

successful to similar maximize synergies class is to These already maintain then these individual intent share best running to inherent companies to approach the who and ethos having a teams group. in and in brands together Lindblad. following EBITDA, shared products natural habitat development business. and focused the the them are as them companies model Our marketing a of of when them And with and it initiatives timeframe acquired Through beginning between the we're the was more excited XXXX the doubled habitat's to in pandemic. the than grow in used natural the

could continue to be the creation marketplace additions it to of further, and our acquisitions, is forward to standpoint. brands meaningful from Looking be for which intention family scan a value accretive our

website, is advanced growth and dynamic This distribution more decisions. enhanced and of to analytics video our content, work broader its our and creation journey exciting technology to our and includes more capabilities, can advances better the audiences, reporting which more business become targeted also company booking system, towards upgrades area more forward. drive of significantly Another pricing, CRM for to

Chief life we future We our underscore advances To journey continue today to share and to pleased guest the VP that Meta a Notable our that will Board engagement audience Analytics and just for Schultz, company. areas expanded the are Officer Directors. online. achievements booking which make website way are of flow, this of commitment, XXXX in our in as Alex deepened with of creation and joined on a recently has these in has technology of our and of Marketing new

who of well agility needed. to digital in and we're have the strong adjusting greater we as on highlight digital our on I receiving guests which a the increase dramatic allow occurring fact and booking as experience, yield showed standpoint, hardcopy This will online site, cash milestones our on brochures team booking new to that major the increased into number year-over-year have to flow time are of spending that next to coming the The we reservation about media. much video for in anticipate are and achieve We which guests and in improvement content doubling we fresh itineraries for related newsletter, conversions requests social upgrade response revenue signed excited generated guest the our the and bookings, system up and do year. this as later the guests pre-voyage operating potential ships, want a for the the From are both to improvements and QX EBITDA. performance positive financial delivered our will

issuance Just the our additional flexibility regarding will as be the company. important moments. in will financial provide which in secured in a QX, this for we covering more senior notes, detail were Craig pleased very few of

that XXXX like a year to team. mission we Finally, and where a as a say as continue to would company our live I was

Antarctica. nature the desire Networks’ our and a happening Good thrilled before when is ABC Something expose changes affect an the Antarctica We on to to ever than mission work to stories the and tell to a the to as to environmental how Morning Their region educate were them standpoint. from voyage impact southernmost to fundamental America is that warming with partner larger their that on reach guests is travel to planet whole. that audience share of global was our and planet expedition Lindblad what as chose continent, having in to

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over for Our been joy of company exploration the decades. four delivering has

is short the well We And Lindblad exhilaration certainly XXXX continued inspiring, demand quality guests remarkable during choppiness ahead the see in from while guests’ be reminder they remote term, geographies are pent is first and likely In providing tremendously excited to for front to we once it. in for The there these immersive daily has with as up return most high our of again of the opportunity remains experiences demand destinations. a world's the of is experiential pacing future there travel of levels. booking half be to pre-pandemic strong truly travel.

expand allow well-positioned term, strategic years the turn And build to of us has our travel offerings call with the based taken significantly portfolio Over to throughout and to me let diversify Craig. value two us of in the long fleet our to unique over have polar pre-pandemic product above three results will now, delivery shareholder new with ships the the additional ahead. to we the deliver land the levels steps pandemic and addition

Thanks, Dolf.

that take started, geographies. ever our to as the dedication our with are their amazing everyone XX part guests our XXXX expanded X short successfully large has they to impact from most accelerated we Before fleet, ensure ramp take emerge I us but of has to company levels paused any Due It land get guests our let operating moment potential. operated still strong hard the generating work earnings a to further our which have clearly having some in ships enabled and thank and the expanding the they whether half now me dramatically operations explore, from explore unforgettable harder and businesses working experiences and quickly the than variant, immediate of up liquidity operations, to a with return who to back across ample we are destinations which operations arise. the having financial time have may With our world's were us positioned uncertainties when offices operations will momentum. ramp the to term Omicron and fully is it we as pandemic and we so to during

More product investments and demand our we capitalize on potential have to our authentic pandemic fleet the and made our expand to significantly further the pre-pandemic has the will levels earnings from growing adventure for during capacity us offerings importantly, increased diversify enable travel.

position. change million reserves. $XX resolution voyages to Services spending the million upcoming the of quarter fleet. current $XXX in Classic and $XX in at walking the of future and travel future Relief Fourth significant delivery receipt United cash States the existing marketing our $XX.X restricted net unrestricted million Turning for under prepared was for million our financial bookings. fourth increased to from the and and related quarter but Act. of the leading due of card $X.X we declined payments cash Journeys, also the and The included Economic $XX credit million the million positive for operating increased remaining launched Transportation payments Act cash usage acquisition versus interest We maintenance ended CERTS vessel deposits cash quarter primarily in million, granted the $X for drive the $X.X of driven to total quarter with also spend million operations to reflected $XXX ships of CapEx company cash during the in Coronavirus sailing to primarily the additional on principal and that by the for and offset cash of third voyages for partially guests million as by deposits end itineraries, originate

along undrawn facility, model attractiveness our issuance the credit we This pandemic. us as over our further the loan Main we XXXX, X.XX% new The existing the Following of provides in earnings term XXXX. the company. flexibility speaks strengthen mature business maturing that coming $XX with our the the as million credit to which the the also of further the grow well balance out of issuance, model through subscribed, was sheet in revolving and refinancing facility financial revolving including additional as facility Street the times seven power of our quarter, business with notes issuance of

to future December and explore at variant, Omicron week-over-week and Dolf have Bookings reservations we end the while have no to continue that mentioned, and half planned those up to the guests didn't due we of we every Looking the for majority question out amazing current rebooked as get of nearly see and advantage the There's travel. a trend. to this for there ratchet week first since geographies are environment, grown booking cancellations up future significant the of fourth take quarter the significant for XXXX see further in is the pent world travel. of demand of XXXX,

spend Pacific fleet, improved versus and Baja, a experiences quarter $XX QX businesses. seasonality led usual success current generated based revenue ago the the the U.S. related $XX trips, increase to as along depreciation and spending and QX was and as as taxes. Turning in increased million related quarter based of QX interest on the businesses additional as and Sales in and a in million from due loss prepared fourth ago the increased loss to days EBITDA of the in million of commissions the quarter on and and first the the the but future delivered anticipated our ago was our versus to Antarctica, land due costs ship polar fourth increased from Compared cost in EBITDA repositioning acquired and drive land greater of $X during DuVine. trips higher marketing XXXX. $X.X year revenue inclusion tours, ships slow million quarter million quarter habitats advertising QX natural the and and bookings season and led America cost of to to of was land land fleet focusing habitat, year revenue of outreach to digital operating our marketing for acquired we a versus is call to the opportunities well traditional partially Off P&L. higher a million travel by $XX.X additional by $XX.X with increased in marketing only The operation the than for the during expenses the our for seeing related half The during expenses ramp predominantly segment expeditions, newly through social highlighted operating we the million our This increase behind to this XXXX bear at year key an shifts drivers the last at advisors. of experiences by and Central we Galapagos $XX.X as late Lindblad segment Northwest, the million polar at Beaten booking trade period increase base and $XXX,XXX in before are the same year the for spend U.S. natural base operating Lindblad offset Path and XXXX. one included amortization, $XX.X was targeting pace the ago. primarily a

share million compensation operations to G&A a we higher and itineraries year higher quarter Resolution during grant, the year in loss increase $XX.X common further share National certain well also $XX.X diluted to ago. including in of have our costs a to later quarter based as tax expense $X.X Resolution. on for new ramping company million accelerated or income for commissions future rates $X.X digital expense deposits new the Geographic higher net the the or up $X.XX in to increase million items and as ago, the and fourth CRM a Geographic to Islander, credit versus National Geographic was year upcoming and and year. and and by per per $X.X The to higher $XXX,XXX September, million quarter reservations being $X.X The this stock improvement related excluding launch capabilities. operations, stockholders National available the card from ago personnel due additional included of which quarter of increased a $X.XX our of on payments a million related reported development available the net fourth spending spending versus to of result other in loss $XX primarily website million the onetime tax interest as travel. primarily of primarily was stockholders $X.X ramped to year Total versus ramp delivery common the is utilization the in of depreciation diluted increased borrowings We initiatives offset partially on replaced also CERTS million the related related of benefit due depreciation million the final

impact to with to short Looking having ships owned more to more of operating fleet continued the with anticipate our land are we in launching later XXXX, our businesses. to entire be the and Geographic couldn't our Omicron quarter. return all ahead excited the variant and briefly by Polynesia losses the geographic the restrictions the have a quarter first French year. anticipate based and of across fleet National term we we Overall, during the Due momentum nearly second in excited currently traditional own Orion for do operational, levels

broader the years growth response booking Well, has these been to again, it the of an return Thanks the up for the morning. a future travel time running pre-pandemic with platform take to Aside to fleet some have ahead. we will And assumptions locations. to position in way to our time positioned this return expanded of levels potential expanded from ourselves supporting earnings trends and of the cash operations phenomenal. still having amazing all businesses the the for demand your majority a and strong guests exploring highlight

to would may I have. questions any you Dolf Now be answer and happy

comes Stifel. we Steven questions. Ladies session. question [Operator this Please from and from Instructions] with Wieczynski begin morning first go question answer will now the gentlemen and Our your

Hey, guys, morning. good

guess given you But the impact ramp right appreciate don't I I'm continued help Craig year out I I on fully pandemic you playing level trying or think on and the And to you're timeline. Dolf its guidance uncertainty about now? the maybe So you higher give now from a your what of want any perspective, us see seeing how guess right based around kind can about to the is the you Craig, losses year positive? and remarks, showing then in year half going quarter about first turning kind bit your the and first about we have think you talked we the second little expected? what And a loss understand from the know, should of probably talked prepared running half then with a of than that's sooner of would I there,

Sure.

So let me history, then give can future. you of a little we bit the about and talk

thing would say is, in quarter So at the the of point, last a at XXXX. spoke October EBITDA time were the first of that end I positive we anticipating first we contribution

we've seen there Given that to variant, XXXX and most in the the to will be losses first regards either the to bookings in into and later of Omicron pushing folks obviously, due XXXX cancellations with quarter.

the have I contribution, of quarter, bit we no positive there's is of rates, but earnings lateness possible It second uncertainty. the remains certainty booking that would a given point given The say this at cancellation patterns.

our So see profitable for here anticipation do anticipate sit to that's uncertainty very with given three cancellations half the assuming But that no I next is say ultimately the currently to current I'm really we hard of the COVID that going the It'll it's year being for two is solidly sure but year. happen. regards the in environment. that with on changes what to happens months. the depend back would and what say going over say not the to We to

you. Okay, got

you're side over Second the out be capacity some present on past and to there question means that cruise you at business does out fact go thinking or luxury new an And maybe or build have there point, don't buy whether you existing the would given disruption go around and that about order hardware? capacity month the ships so. been the new in how has and of out this any new capacity and opportunity

is Well, Steve this Dolf.

and think what think I capacity fair of that aligned are out with any on increase in expeditions this thinking have and we active so placing can the end with additional that always resolution ways point special say sauce the around ships size endurance. the for we're not have going types strategically are order. who interest Lindblad We forward on the that in and are conversations ships we there ship run with constantly also an is lookout folks for that the strength but it's we hard also the number of to do and of we about to of at

Okay, got Appreciate you. it. guys. Thanks,

Thanks, Steve.

Our next from go Chris Bank. question. your question from Please Deutsche Woronka comes ahead with

Hey, good morning, guys.

important itinerary. in give Can you mentioned and maybe I really integrity you're little CRM you has know pricing. or doing ship talk dynamic comments, in some price prepared past, work think across I some around you're there? more us -- what the a doing you been on the to bit and pricing color consistency a given

or hope more what give to can some color on, changing, So accomplish? that's you if you just

going is airlines, That's we're to building look to at the see now. the is capability from standpoint in there's fact clear in kinds digital there's really nimble have company promotions similar hasn't to voyages might of that had foundational really we more a run the that the pricing really with the a see when various do evolving. we terms Prior the and a and in engine help various amount that the What standpoint, believe today, opportunity and the the ability marketplace, of data not would but also capacity. only from additional that marketing could closer We're analytical to capacity future in to we a in the some at adjust stimulate of in some in be have ability always, you in And all competitors what future. we geographies. be going the what's on building think to particularly point That's demand.

at are a build QX there. of teams a to to excited just so foundation a that work and the our build from this whole it's digital coming point in timeframe body And to you'll which really the doing marketing and and before of of combination see we're lot

traditionally, because a upon system a when left a sailing, prior some stagnant touched top pricing we I'll opportunity table, those in half we or because year question of little opportunity is the on because notion Hey of side We upside Chris, raise pandemic, the that anywhere we pricing this believing do house. was static from two it of in of do we it. set pricing many it to advance were of the which to didn't believe our pricing our on the cases the kind bit of thing years allow wouldn't that to one have with your and add the you to

new reservation have curve will up will us fill the demand advantage dynamic that system voyages over time, of individual lot the us these voyages see which takes of pricing, pricing each to the With raise of a allow we has. as to which allow more

think transformation there's digital through we certain yield moving some to these increase opportunities opportunity forward. So new

of might lifting to Okay, going kind thanks. the see get and past about destinations, of trying we future feel the are enough the itinerary whether whether to plan out know you think those of all That's now, comfortable a over normalized you if on be operating they're what back have helpful. you And get to whether kind markets? for what in then you restrictions changes consistently But and guys all schedule, given their plans to had your make COVID your visibility various same ’XX, you've for more as I of the years. couple

say two I'd things. Well,

go of the goal the do what of CDC of and because some are a governments us seeing there's opposed to I severity been all of across movement this lenience ability of more will is going the world of will need direction of itineraries more we the to company a get look COVID nimble restrictions. quite has there and that where places. be if think we're in a the But muscle place The And terms do clearly keep with to pivot, be to so. agile. moves we I to to year the which ability starting as a to number to reduce is the it is cases and one different last to strengths all, of itself in bit back think of individuals First all at starting in

some have plans scheduled for to for backup ships on the route. not we able contingency the originally they're go if and reason, So

are our add have it's think One where go. the on looking of flexibility, I'll summer. about Alaska just it's things is to do guests prime States A given to from want ultimately the only you moved going we originally in on example have operating of geographies open, Orion Lion of ultimately the ships of availability. that, Coast the thing for United we what about East demand, XXXX. the Sea were we also when with to top to that is are in the potentially our about the but not same three Alaska And the depending the But of

It's to So has mentioned again open us guests earlier two go. to and the that want for that components. themselves not where Dolf our just nimbleness to reacting what but geographies also

Okay, Thanks, helpful. very guys.

questions. Please Our next from comes question with your from Batory ahead Tyler go Janney.

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

in to follow the up operate? some still First some normally one wanted you restrictions are markets in would or of provide just Can just us place discussion. on on the for color where that that you remind me

Sure.

So them there's flux. a couple are are restrictions in of some of and again places that

talk we want where operate. So in restrictions and open depending but variety closed when others may some be about they to you on

a us one Russia, which that But that on certainly, had an say So the issues is right now is another is be seeing there. to be keep for but to now today. us geography then we're And news it's to it that going fully going on one it's eye its to is to where able us. expect open two not hurdles be operate yet certainly own the and is looking we'll open, that we to would biggest for is not prior I yet like what would Greenland

fully. those we're necessarily geographies. be are around think, are that largest pockets geographies for there working months through there within be the Europe that by they not giving to those are So pause. But in then go And two the some I where those are roll okay us this summer expect to time us ultimately need and to still

reason if And some what's with perception concern Jonathan, that quarantine guest company is kind country, of for about in and foreign the central we is find they're I think going to of just tests one and a things the on positive. really

is keep requirements, guests. some careful And may track seeing course what also quickly. of very of everyone of we're use while restrictions of to countries, so signs our loosen, also with quarantine too across restrictions being accessibility we in the we communicate But to which terms there. And easing world the is

how and then talked if you it's a to removing variant the just about. restrictions you about near usage some ship you're the curve And Understanding balancing some color that of continuing thinking future. demand on spikes on limit versus those Okay. That's pricing could helpful. Got it. the COVID act provide in the wondering very

we capacity our given regards to the fleet with out still half of existing it how there reduced we that's year. anticipate levels do and operating today, first the uncertainty utilize at the ultimately Yes, for

when half Now think let the assuming majority not the we first limiting terms for the cabins if about out, the we're necessary. quarantine year. in the to that of of of last we But half first the when reason be capacity may the year, of year the to whole have really, we're for is model going it

an XXX% Our the ships you place in want opportunity provide ample distance, bay. are the to are if at to do you job keeping socially have to amazing COVID doing forward. quarantine we voyage continue protocols of do that to to we basis, But need move that opportunity back X frankly, the of on capacity so. July by a But And at as to our by would we'll latest. utilizing evaluate being anticipate certainly voyage

from all That's guys. Thanks, helpful. me. Very

Jonathan. Thanks,

Thank you.

with questions. comes Craig-Hallum. Alex from go from Please ahead question Fuhrman your Our next

tracking have for a All you from were new the bookings? to X their in is hold. curious and seeing what sense trips my It very us pandemic? right, guys making that compares like Lindblad, here customers to trips repeat Just Can demand and record thanks earlier canceled be coming customers bookings new that is taking that how versus XXXX customers lastly, give a first how much question. time then rescheduled you of looks year existing the booking their pattern ago much for XX months of

Yes.

the who was booking what today bit target and So booking year versus let who's talk a we're booking seeing about current a ago. me little and

about So with traditionally a given little year any and to business, any when bit in historically XX% about year of you less, guests. given think maybe our we regards guests, our were repeat

business nice of from we So really have guests. loyal a that base comes returning

the until which we of XXXX, What to a least coming that even end is a the terms back cruise pandemic with and the returning understand have as not today be XX% returning is we're also ago, because was experience surprising guests the are first really for coming result And half. traveling those They through travelers. is new actually say comfortable I way way saw in booking back And past. line what seeing majority that as XXXX the look and a more wide guests traveled from We new year is today the about to is the were from a historically, from of have in going or guests. is seeing let's that the it us. understand guys of bookings do with where early the us what how the to folks traditional remainder of continued were What transitioned base at from itineraries. be it the they curve booking was different with that the pretty that's coming we on you much up if business were they booking

cancellations. So in XXXX credits travel it's bookings. XXXX, vast you're utilizing folks XX% of business. our When majority a nice seeing out look spread about you Only bookings that now the right of really to new the are of XXXX bookings are for from previous

would folks future. as nice world the of to we are for we continue the seeing a path set down open up. expect that as to And the booking the So continues

Okay, And made, at That's sea to and your sounds that's expect the sure of helpful, you've I'm really get those acquisitions a voyages. bass run ‘XX, to of or then term speed obviously, XXXX as your short great. volatility those some like But and your, kind would running subjected acquisitions as same of that at cancellations Craig. those some really it acquisitions up basis. back rate what see when we normal for full revenue are whether

Yes.

before look We digit to they term today the what assets goal say grow EBITDA a when is them levels. doing at say provided hold. about a little took But they're EBITDA habitat in generating traditional But would the we XXXX, acquisitions. you are generated the is million long what those natural regards acquired, I is back was very, where all time. from grow on over you think the single guidance they haven't to low $X of just which to with is goal pandemic them Today to their the over I'd when

that portfolio would and across from as they as I their Lindblad our experience. they, shared take for unique But not of of we product I'm put heft now they land companies based say a as other the when amount get with to work So streamline initiatives of marketing advantage going to level. shared we a timeframe opportunity a see can certainly marketing, services

a of unique forward. So opportunity there's we amount think moving

Thank Craig. really helpful. you, that's Great,

Thank you.

comes your Instructions] go Blair. [Operator William ahead Ryan next question Please questions. from Our from Sundby with

taking Thanks good guys, Hey for my morning. Yes. questions.

since question you the the the just that saw Steve's initial up to way then during in on sounds here. you're to and today wanted Just contrast of you like Delta is It business overall And follow just magnitude trends there can to I’m December, wave? any improvement? frame hoping week-over-week versus compare some maybe what -- seeing increase what maybe the

little Delta Delta week that further lot onset perspective, trend the a phase from accelerated of the more about of the variant a variant. the What hear kind really, on week the variant. when we and November got to has can that on get variant even booking a the through launched away cases. with variant Only handful weekly Omicron. than as would was much is week, between of Omicron what is a we regard pandemic during albeit way early to From seeing more changed to I faster, would our not you what and what on Omicron were trend cases we started not seen seeing that bit. were mild we Omicron the Once were say ships, different is, further from the to comment say June, going the did would Delta had we're a of variant say The I but Omicron was the assume end the hit cases I we the you of spreading was we in Sure. all in

as That to to regards and the voyage So that subsided recent is on little six across a maybe were seeing bookings and the cancellations that the one on the per saw seeing two we over about say Dolf has impact weeks. we the now Omicron fleet. or impact that cases two opposed talk certainly bit saw could one one whole subsided we with but barrier, trends I would last or certainly

cases Craig, we that. any on just are to in month of Now, no February, on And down build ships. it's really to almost the dropping

keeping of And going. so our that's I function think a protocols

function fact themselves a think variants in slowing I that the down. it's of perhaps are

they to really into even And And than on. were about were think ago. a a they that's in of as month bookings on decide lot go part of enthusiasm translate that we this, guests understand a and and I so it read very going then different holding the ahead today off day to we're make

in Have just to the booking that you times? in Can things that shorten there. seen the are shrink a last near comment or terms if normal? follow return up going on here And to of window term

more as well is seen nine seeing the for is at Yes, but it's see at similar. shifted somewhere you've all. looking much traditionally still yesterday both around that term. still really actually we average window you're been because it our And what nine bookings as what months. It's were around short months Ryan And very is actually average to has interesting, booking term seeing you're that this long

future want kind because make some are who in seeing already. a three and lock for end have booking of cabin we for So folks But they things to their sure quickly. months. folks for tail next They want we're selling the seeing the travel pretty are are activity down four that of here also the XXXX to voyage to that

has spread Albeit, really the averages kind out a I changed. would say the bit. haven't distribution itself So little of

helpful. you of really up your kind Can in of just [indiscernible] talk where how as lot ability just It's to staffing ramp to people. about for keep about a to of and at feel you terms one, itineraries, Last staff you're going great place? you hear. That's of dropping guess, in I kind keep

last late that planned. most to off play return would Yes. the for would healthiness because We've was as about whether front. year, difficult say fact in I uncertainty on staffing of degree time really voyages the seen of a nice

Our efforts there. wide team, officer, recently the catching quite people recruiting a in net our of who terms a strong. are added actually to level sophistication new We've chief brings next of

just we're how And ships well to how the excited is staffs. and we quite super then to our seeing time. grateful this ships us rather difficult those who that describe all those international are Alaska filling extremely So well stable a tough maintain situation ships, staffed about through before, people as particularly hung staff. what would continue brighter up Craig of on much we're but with and happily, mentioned with our And are we

ships, been working very, work very one for the on who long Yes, who have when individuals the been is especially on in and have working that top Ryan thing a with of internationally about add folks time. us I'll those of folks ships, you think our that, been ships have a lot our

only the So pandemic, really have with loved with they to back company, to as work because decades, and interact throughout our many loyal with they but really regular also who been come wanted guests only on not they were a basis. not they us a for loyal

we'll U.S. regards to seeing labor to move challenging across the fleet, steward staff like we the jobs So that as But of is is The levels say a career I not and and of to we what be think folk. ships. as of more whole the continue it higher little I jobs was and U.S. we lot continues not need the place which a staffed nor little challenging ships a are with forward. some monitor ship the one that were be they would issues international are to seeing the the

That's to good Thanks, hear. guys.

Thank you.

be management and floor turn to question and session. that gentlemen, over to remarks. the ladies And back we'll closing today's any ending like for with I'd answer

Jamie. I everybody's this you, appreciate time Thank morning.

to please you. If you have continuing additional the to feel questions, out we forward Thank dialogue. and reach free look

good look being us to forward ahead. for with you Thank and times today

Thank you.

you. Thank

do with conference for call. and ladies will thank attending. We we And you that conclude today's gentlemen

now lines. may your disconnect You