LIND - Earnings call transcript Q1 2020 | Lindblad Expeditions Holdings Inc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good Day, and welcome to the Lindblad Expeditions Inc. reports First Quarter 2020 Financial Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to Mr. Craig Felenstein, CFO. ahead. go Please

Craig Felenstein

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

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

Before that we may statements. remind get started, let the include me everyone today Company's comments forward-looking

Those any expectations these subject risks or undertake we forecast from guarantee to expectations. performance and may and uncertainties cannot are estimates actual any and results cause statements. different obligation such to forward-looking be no The of materially update accuracy to Company that the

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

reconciliation reference are In most contained addition, disclosures may Company's GAAP comments in associated directly our measures. the non-GAAP earnings of measures other comparable release. the financial and A financial

of that the let it over me out to Sven. with And turn way,

Sven-Olof Lindblad

sure a joining of Thanks, times Craig, stressful know people, the for as all you for these and and are I us. on thanks, everyone, I'm phone, for lot well.

be So Lindblad Expeditions XXXX bells year banner to was as chimed poised for a the in. New Year's

before and this for extraordinary year was an built, for most never combined in delivery ever together the was clearly be Endurance, XX% schedule level. National capacity on bringing new Geographic sold the at with ship Our ship, March. She going elegance expedition over expedition the was to

On evident. books be our XX% At it ticket on became the problem. possibly that projections full February, both could time We unraveled. all would demand of could fleet parts. travel we notion the indication had COVID-XX clear resume. with a to reported By operations but expanding the that started year's in for soon remained March contained, crew. it any it XX, a guests laid ships our XXXX be expedition To and plan all earnings for XXXX operations up our it across our cease such will when until present of growing operate decided immediately first, and no Then clear again we seemed on and to which are had already we of safe date, our the multiple

as a The focus first had also or of challenging the borders meaning was containment, thought way, refunds, because which, out possible, to turned be dates, started soon closing. everyone the guests, handling they on offering a travel than wish booked by getting as originally we alternative home more if bit

were in the wished, we of So after then very of they Falkland Seas, ships an and we Southern had taken the two Islands, off but having than longer last care been had or well home, so. flown coast charter the little by a extra week floating the group there

what runway. understand The liquidity our a was situation. was our fully That was second part forward layup in

it's a to And I'm working and was logistics. entirely to programs a a absolutely one longer costs and included a that and developing together, reduce the cost will government with could the we necessary. any exception. to more associated the out later. we further to runway but than variable cutting liquidity high protocols the was fixed was run ships, will and is significantly have reactivate, activity onboard with And industry, while that base, group components possibilities our all third our clear critical, given was not most The any in And that solutions, moment, Craig adjust base focused bit our about fourth discuss our putting out you rate. loan on in fifth medical cost our be necessary uncertainty exploring going aggressively we that costs this long over with operations talk operating extend identify how could of began which

employees as to long possible. for protect as We our wanted

many was received employees. terms followed, $X.X with which So both applied us whom many are base, program, be it PPP definition extremely and from million our all maintain of loan weeks we for the fit defined In for explicitly and that We became of decades program in grateful of clear and have to the years, the able a we flawed been in for cases. many some that execution. many, PPP criteria, to the retaining employee

to we can the in smaller stay hopes small access did, the who the thought, on decided travel and number regardless redistributed in the much negativity up return industry that need. funds most to it of business. businesses, be of those wound the especially We the to list. to did around need Many assistance in a funds after large not that or especially public companies, companies was considerable And there businesses have certain size

urge are protecting existing ours to any on don't our of companies programs. officials create that to hard-hit that focused more like jobs also access funding I U.S. these those to elected into help fit

to our and fleet. related without to planning proactive steps into will operate our enhance is reactivating allow part Our XXXX any ongoing focus expeditions, to a our of and liquidity large dynamic us the

We advantages several this have in span.

external reactivation background whom working who in combined and complexity disease itself of the detailed a people, our guests community. infectious practical X, own internal believe this of ship, size no, smallest our resources, fully either our developing monitoring I vetted consulting easier so outside and both safe physician for our COVID-XX guests, XX any creating the protocols, on and the significant with name, sized levels, all, can't of experts communication plan largest. much to expertise ships. and are among had there with or our to XXX, The but crew we our our most with of and of On advantages include disease knowledge team reintroduction. First unfortunately We are on cases, have

getting future. key the that tests practical, is in will reliable primary access we to and this and believe are the key be possible The near

safety. showing call point pending environment verifiable, guests of ability And helping telephone for able And that order particular and more this. guests indications help are a things two in great and that need with believe to institution tests two provide terms much that's is In had fact, all, because conversation. implement in in specific I yesterday future. necessary at details near it's still in do fact, positive to this can't a issue the to need, reactivate. very But we our us crew; to accomplish plan access and in order single any promise we we will, the In believe else very, in to the I their very above and very, place in be is early that everything pretty safe our simultaneously: a reactivate, and understand the

there held to I get going they at not fact some last they're very wild are travel. bread I recognize is our every They and ships messages feel can to is me they're can and suggest be feel are do want same it clearly, people and that remote. and it group But the lives our there and the they live pandemic travel. and which feel clear geographies, somewhat it advantage, are phone is are and the safely. older, again, But this age they won't smart, explore. out want is are in how in have I once time, size guests and call, Clearly, vulnerable. of enthusiastic problematic so also want because can out to from people which and work they back, telling many to going to, to they their It our Remember, to our about will our email. every forever these back I want to that getting that the places it. butter,

we in extremely on We time basically aboard much is our essence, shoreside can isolated so very need in at touches people guests, sadness daily There self a our that entire this get our clearly our keep, ways community, staff, support, crew once basis. our different ships. well little

We as see all months into bright of ever a look build I affecting manner grow like, entire something are hit to getting We the hard like have I with experienced else, opportunity at future, business our the in and But everyone moment. one never this, globe. the again.

our significant flourished Over to overcome to the XX to every and of adversity guests. to last fully to remarkable our this time again the and to locations. We returning time. in forward of expect world's resiliency due instance, have most then And in from part and the had we years, look have employees endured do large we

over and let me much, the very Craig. you thank to call Now back turn

Craig Felenstein

staying healthy time. safe been XXXX. very has Thanks, Most I to this importantly, hope is extraordinary an Sven. start everyone certainly difficult during It and

results, shown of like trending are to position I Before our of working ensuring personnel before my COVID-XX the crew and they of all ways preserve I a I including discuss were me we on operating pandemic we prior usage But morning take our liquidity do, the the ended how where ultimately quarter also office begin, care remarks identify the Company's have forward. our this hard well I'll cash up. of the expected and for in capital. let for impact to and taken first majority also few moving would focus to to and guests thank to diligence minutes

to prior that outbreak to quarter. years, Lindblad COVID-XX, into great momentum the first strong the generated with to year continuing of the the we was a over the last few off start

year projected order year up authentic bookings, the growing same strong for ticket Our revenues February, was sold strategic investments the for of a to to expand capacity travel compared the XXXX. XX% as reservations as expedition our had end capitalize demand drive full year. And on of ago for to continuing to original bookings XX% we with the XXXX the for guest point of in

first of adjusted the tracking and two EBITDA expectations. revenue internal the ahead were over year of Additionally, months

and our decided during voyages safely all short XX, we to slated to Lindblad guests then of to remaining onboard concerns March having home the any ships the At and COVID-XX February, depart canceled existing Despite ensure quickly the see cut voyages get to with related early starting began in up the cancellations rescheduling some virus ratcheting started late to month. virus in segment, of can cases the our on ramped. possible. as the as we cancellations around no we minor We as virus March

As guest decreased disruptions quarter, XX% year a available decline during same a voyage in and original increases cancellations decline the segment X%.The our Lindblad to night guest despite nights with revenue the in compared associated expectations XX% as a XX available of itineraries. period and drove X% guest the ago versus a per to our first expansion result of the nights at available increase night from in $X,XXX slight largely price net in a COVID-XX due occupancy X% guest changes yields with cancellations to and in certain decrease of

some have cost due due to Turning versus commission Lindblad quarter the cost safely for did canceled first guests get X% side docking as We which home quarter from voyages National disrupted Operating moment on lower COVID-XX the to offset of launch revenues, costs XXXX the personnel and associated of costs. as to and as with related a ago. from dry additional first cost were Sven expense mentioned the segment. to of partially Endurance well impact of voyages, savings the to primarily by the Geographic the expenses higher the increased

was below primarily Fuel prior slightly X.X% fuel year quarter first the versus due voyages, first the XXXX. in decreased and revenue, of to quarter XX% of the the canceled costs

costs EBITDA It same was past months first a As initial was of this the $XX.X revenue year. of Habitat the tracking period $XX.X expectations million a very the quarter, Natural through ahead additional with two and during result similar million the in the the revenue decline EBITDA and below of at XXXX. story quarter, of

the of in as a year. quarter the versus XX% prior declined first cancellations, of revenues result However, trip $XX.X million

share XX% On of adjusted million million. income of a departures, available and was the diluted from EBITDA stockholders The the $X.X XX% the to $XX.X XXXX. a X% declined resulted in net revenue $X.X in partially first stockholders company quarter EBITDA common cost $X.XX diluted common below with offset declined basis, million the or tour expenses versus per was to loss in $XX.X per quarter a revenue total decrease in operating to year which share associated to or canceled in million, first first $XX.X of X% decline by ago. commission available million, quarter and Net $X.XX savings

in a by year primarily $X.X income was currency year ago. versus XXXX the on decline versus foreign driven impact first as tax $X.X and same the a million well the the current decrease of the benefit loss $X.X COVID-XX period currency operations quarter in The a foreign virus million gain as on million in a of

our let's liquidity. balance turn to Now and sheet

mentioned, place our the reduce Sven that plan swiftly and impact once we apparent a to readily As operations, position. comprehensive to liquidity was enhance it our virus became going costs put in

States. drawing $XX During primarily and voyages originate unrestricted that reserves measures To March, related significantly monthly deposits variety cash have on liquidity we will capital cost-cutting a million extend profile in in million and our the $XXX quarter we that million in ended down raised the facility, an on the place burn. cash and our also by Company, our revolving the of United preserve of to additional in further cash put in we credit with cash restricted $XX reduce

have our ship land-based portion $XX from savings million, originally annual of considerable of expected expedition more over and reduced planned by expenditures costs a have than We our levels. XX% eliminated capital maintenance and

the We spending, spending. suspended marketing and of of and spend significantly majority all expenses and and advertising elimination payroll office including general have lowering reductions planned and discretionary nonessential are travel, administrative

we Board of of all C-suite including deferring of the are for deferred the bonuses, cash XXXX performance, for payment Directors. Additionally, compensation and bonuses have we earned majority

the have stock repurchases also suspended under of We all plan. stock common repurchase

average while As burn cash we laid of our $XX $XX these from monthly operational, lowering million ships million anticipate when over a up. on $XX result our fully million to measures, are to

for payments, future interest expenses, does well new all expenditures made as any payments. payments operating previously ship guest capital and as office includes guest principal of and This travel and exclude necessary expected refunds but

have are full of opting includes most scheduled majority credits to voyages originally rescheduled future canceled the the of as the our refunds. end for we far, and On June, thus which opposed voyages travel through the guests of

compared the a year the X% we back half including substantial ago. second more reservations with XXXX date the of XXXX, scheduled still as as expeditions of for of have Additionally, for half bookings same

final new bookings travel, including also $XX receiving over and are to We for travel. we million future payments X, still see continue March since for deposits future and cash

As most the a is with in the to year Company finish scenarios. liquidity. you certainly additional strategies downside cases, several run we And enhance expect can currently imagine, have also of of would to variety further this even we ample evaluating The limited of or both the issuance any our certainly public to, liquidity These additional position. financing certainly structure markets from and strategies and pursuing are may transaction timing private but not The through market depend the will equity conditions. debt. include, of on

today. Turning to our debt position

ended our were the drawn revolver, all $XXX in outstanding, The with we on in upon quarter million debt increase export with included our $XX We principal million $XXX first the million year-end million on with incremental agreement and since debt March. compliance the delivery conjunction of and drawn the in credit final in covenants. payment of in our $XXX included Endurance

credit our ratio. calculating when reminder, leverage agreements, the we per a forward the As Endurance EBITDA our on include

comes not approximately worth million the we additional payment an delivery agreement the export have do with until proceeds are in which September now end the second credit delivery is for scheduled credit also agreement maturities for fully as noting The are of installment and revolver used It XXXX. by Geographic debt million the borrowed ship. majority not still under due we quarter, the $XX covered payments Resolution, the third XXXX. our due is of $XX.X of the of that remaining for scheduled until upon second National installment export Following and XXXX, any our the in

outbreak withdrew position on has fourth Lastly, conjunction earnings. XXXX. a and results have, and had, provided our with to in with guidance for quarter EBITDA financial COVID-XX our to certainly XXXX Company's issued year revenue The previously significant continue will operation the we impact in expectations, regards full of March, and

have expectations pandemic, all given the when Given the this our providing the outlook the future is update around operations. uncertain and clarity morning. we more your the for of not time results around much Thank extent operations regarding continued very year this time, we'll a Company full and timing of you uncertainty at

any happy you answer be Sven may questions have. and to now I And will

Operator

Instructions] Mr question [Operator Wieczynski from Our Wieczynski. ahead. Please will go Steve come Stifel. with first

now line live. Your is

Steve Wieczynski

Okay. guys. Good morning,

to a get the wanted locations, they understand which air again. benefit to to ships? operational of are ask to you the I of go in I ships First, should ships huge size are But about how the guests actually and unique about both thinking to small your getting be capacity and your guys. you ability

Sven-Olof Lindblad

Okay.

So Sven here.

moved people aircraft. created those routes, in ideally of those out. all quarter. we've done to plan all certain we've got charter logistics number a of activate them, that sorted third of carrier, understood. got we've We've we've voyages, we've what but be would And prices, is the So by got not a reasonable got fully all we've And got them, a a

elements triggered that's just be to So waiting are place. other when the put in

Steve Wieczynski

a then, number the how Sven. you, deposits. guests the million any that and are credit, future cruise cash us there on excludes different to majority million burn way talked You people. your about things about customer majority different month And to $XX of that to Is means the think about Got the but you taking Okay. $XX the net per Craig, talked basis? word help

there. that figure out outflow to like look what net could trying just So

Craig Felenstein

Yes, sure.

When you XX%. about about not talking So detail only look XX%, the customer can we're right I there's talking much we're so but at provide now. refunds, not our

two think and more So variables out a there's But of figure I'll things couple refunds can you way, the you importantly, those somewhere about. of with it to it between deposits, numbers. kind about customer that frame when and you think when

thing occurred. guest the through our most payments July. really of where payments really of is had The that this majority applied whole March That's final first from thing started, the when

deposits could through point, actually at already Obviously, we long that this had that point. vast we refunds, but significantly lasts, the this the that rear is there some a depending exposed far mirror are to how of be view So, more our or how deposits lot from on now are guests. in this of majority at

most The remember that second our have XXX you within to deposits of due days of thing is to travel. guest XX are

of that start But will to a start amount make right effectively get in once door guests out. travel the cash and the on from that as running, Now of in we there's significant up now. little obviously, will be to come bit to payments flexibility there

what kind say because be, of But impact know don't take start. to over So we it's when believe of of to them certainly time, on the that totality that front. know OK when should we in period certain hard we to you net exactly we be that a

Steve Wieczynski

of ships Okay. burn. of of drip it's I then cash delta higher kind question end on last including range. up fall on are to an laid low that. And but near for in And that that kind deposit as of that extended to to a XX%, the you're at? time. to adds term, should even way the I range period the the going the XX% kind guess inside closer our still look right that of of math, Is retention, down based But customer assume then

Craig Felenstein

Yes.

of have have less use like we the to But point, think start go those to point, to but incur. again, we're looking I home back. right start said, we to that, going get do and laid we want again. off don't you I got That right? operating at cost with some crew operating a our some So, yes, to most when ships, to are, the it's are kind the And ahead we fully ships crew those your up. going of it's get longer you this now, have So, hammock, There's still of ships. expression, to

which to have are suspended. We do mostly our get and ships to spending things to to marketing today going ready to them dollars, going to sail start are were have again some to we some

again. operate will the once we to part lower again, we'll ready see to would then operate cost to again to continue back up So certainly. decline I And get the or that ratchet months, start several over you of say, range, that to next seem

Operator

our with Deutsche now Woronka will question Bank. And from come Chris go ahead. next Please

Chris Woronka

guys. think imagine starting entities what Hey, Glad sail just give and Can think staff on In we and that again, for ports about of morning different companies, entities to a things to on there's hear to in good you with the all countries. color us terms have to but CDC, happen? little are U.S., I you the your other to bigger how as many the Question in the to of governments? about were needs probably got was going other what customers kind are work you safe.

Sven-Olof Lindblad

Yes, just let's sure. Well, example. if for Alaska, you with take start

we start getting our go relatively and Sitka people programs, in place You've they the to our basically in deal other Juneau human case, Alaska. got We few with to where And and to deal with community. one there's end they in ports. a current

we'll leaders then So I already is exposure July, they're trying to community and we'll are which talk very have they'll by with of view. think do what state And reduce to understand I there's that to what going a think in different protocols less their so Alaska, to the and starting communities. really

quarantined the external from. need And aside support. certainly, aircraft little people then very, to advantage June the logistical clearly believe Now at for point. have some size And from absolutely in we is that you to be and other be will get the you have case, need we to be probably two weeks. very starting that I that to able don't

ships, think time. If book for to with other they there example, They the too from many any particular you port aren't to ship, ports. to a so port, have about cruise goes that in have coordinate

to be exercise. for massive excursions. have it's of god what You have organized all logistical kind And knows and a buses land they

a we anchor, people zodiacs, They we ashore we For the into get a or naturalists. take a drop to take our They with the place, jump drop us, we hike. kayak whatever.

So we the control logistics.

industry to requires reactivate. tiny reactivating needs up of what in starting small, so the and cruise a again And order fraction

from expedition a fully people integrated of such out office fully the have and implications reactivating. team, and team that a leaders got of laid the we've And

We to also the Arctic, believe to example, to say, come. come. So need to open, please places want And Norwegian borders we like go of And Norway need for that if right? of will Galapagos likely there we are important And those us. to again, are And Islands manageable course, size incredibly Greenland, and important terms and the the are in logistics scope. Iceland the us. to the I

Chris Woronka

Okay. kind in question helpful. which second of outbreaks of get can a kind is of your hopefully, you all away, be possibility And there sounds the able in the business you quarter. you and continue if next like do back there's this How learning That's say, very time is then long third in about maybe winter, it Do kind to like, will do you a you for, plan any if think could that are a of think resurgence? pockets there future? because sailing we're isolated business thing, lot seems

Sven-Olof Lindblad

Yes.

is test two test. situation. One three whole to to that there's ability there's the relate well, this things So

comfort. can a people That sense of that are travel. But cure, know have you give be also can we'll that terms of means make to crew, in do can and that have not-too-distant safe crew you a sure incidences ideally, off. you infected, test believe guests, That can we those can't then ways you no will who be So the and you reject a greater ship you test that future. will and able they your and among in will your

vaccine, equation is right? available, you in I get the point those medicines will changes this you get a if off. that some also COVID, that a there because would of can with But XXXX, landscape are people that at test somebody vaccine have deal can And people, a imagine whole things happens then that, ways completely all obviously, and which and to of

it's now, have Right completely no no very we limited have and different. testing. So very, we we just have vaccine, cure,

world improve kind worst we're So in time over presumably, And just it sense? currently. components. to Does position three is that of regard salient in its will those make the a in

Chris Woronka

luck. and Thanks, that's yes. helpful. of guys, very Yes, No, best

Sven-Olof Lindblad

Thanks.

Operator

come Please from question will Craig-Hallum. with Alex next ahead. Our Furman go

Alex Furman

and seems fact doing the very as my I the opting Lindblad guests opposed thanks important have hope to well. refund. of to is that take everyone credits for travel much to Great, one investors your is taking It to most here at your liquidity the be been things of majority question. to

So or I travel is as of in been that traveling? call difference a would Is And out rebooking future, in terms terms more. to had for terms who they to who when credits the love customers little refunds that age as bit the opposed there for? anything to notable unpack then are of for of any customers destinations noticeable taking of are rebooking the they in

Craig Felenstein

Sure.

Let me anything you and on that. if start can of in else top chime you have

ultimate what first refund the we time. say sure over change the would I from in I'll was, thing not me among So a difference seen demographic perspective, the rebooking our dramatic rate is has patterns a have guests. What wasn't been interesting for

in change and other in Would span? rate travel April we then refund Actually, words, have and now we're dramatically more we a that then in credit, March, May, that voyages canceled to find we canceling little a not So canceling up in started over ticked future we time which And June. slightly seen as not up bit ticked that. has very has but of to by, be be I much, interesting. canceled it's gone

want difference there you see don't we add? anything any from else is So that perspective. Sven, to real significant

Sven-Olof Lindblad

the light to is and what it's No. they're of potential see beginning end itching interesting the The and tunnel, doing they're more, bit because out this people are understanding to and there I again. a get they're at assimilating think

a to them. are the and again incentive, an benefit go right? And in of so they of value advantage future, the travel there's the taking if certificate cash than is the So there's and greater people intend

Craig Felenstein

the the using thing is, other folks in use are we're folks seeing answer year. in of the add same one I'll the voyage for your following terms credit. of the credit The Most when the to question

travel we now, can. surprising. do to for not want a Obviously, which amount want of have redeemed that quarter right they when go credits to people So being second to chosen to XXXX, it the back and they have destination of significant is a future travel they

Alex Furman

approach Okay. that's like are It taking hope you thoughtful that, luck and That's seems best guys really to a you helpful. and I really reopening, wish of able the Thanks soon. guys. to happen

Operator

Our ahead. next Please Sidoti. with question Pendy from come will Greg go

Greg Pendy

guess, you XQ. you think an to Resolution give you any on has Is be there Can $XX.X And expect completed? I due in of still, work just million goes something been as had update, that assume disruption? I percentage I XXXX us the that a for Craig, you in completion? that mentioned late

Craig Felenstein

Sure.

contract we the the have installment Resolution we paid the works XX% upon that way payments. for the signing Then was had So contract. we

installment a first vessel the delivered. not, payment predicated milestone, then now tied to on or obviously, being is payment the and the on delivery between and delivery The remainder was

the this which we majority vast XXXX. earlier, with for is to was of and as is The I as in scheduled of in all the payment today such. it that April, made year delivery, $XX-plus remainder, So due October anticipated September, million always said upon due XXXX be still

know delivery everything discussions the hard to Endurance. a have in did Geographic wait Right to exactly for to everybody because be maintained. anything close if we know. yet, chain that of situation. the with this at it's of anticipate to And She's and led in front But the job And XXXX. continue that sister that's her. be, magnificent. point change, on monitor does staying world, to everybody in delivering that not certainly virus. quarter obviously, But just her of point. for we heard And If will certainly, will supply we have current the the sure on We issues that as that we'll fourth able given in taking be National ship. we're equally yard, can't let a all would obviously, because contact do going ship think see who fantastic magnificent will now, be the we And

Greg Pendy

in exchange? one then Canadian the dollar? was the big just that And one. other Was What swing foreign

Sven-Olof Lindblad

Yes.

that profit that to its a in primary lot forward up Canada So was on does to Natural the in do And in fair a happened, change currency most contracts operations Habitat intend of a given the of swing. driver of lock of those trips. currency margin has amount the and

Operator

Diamond. come next Please from Deckoff go Black Our ahead. question Instructions] Stephen will [Operator with

Stephen Deckoff

going question I you be And How where a that on should about be? quarterly thinking number to would project capex. to in relation guess my do guess, maintenance first that? be I forward, basis, we

Craig Felenstein

Sure.

IT normal a originally factor more each average a some operating, of between certainly year expecting in averages we when then bit our CapEx ships and to our CapEx. some maintenance and a somewhere were you this $X office the year, year, spend ship little when in And million So projects. we're on $X of money million in

into heading of year was for million forecast the somewhere maintenance CapEx. north So, $XX this

we on for Obviously, we've and below able in world, don't year, of number we $XX million the significant with That's to going year. to do the expectations. this what's which are current identified a that necessarily CapEx need amount that, maintenance our take

XXXX. for obviously, $XX of if Now we lasts, time, longer cut the million of somewhere further. is for south the would lasted even that period this expectation this But now, significant a

Stephen Deckoff

renewal that National you. then like that partnership ending regards with How regards about in of Got Geographic, to And it the thinking to process we XXXX. with should in in be them? contract looks kind is the

Sven-Olof Lindblad

the at So anticipating Probably beneficial XXXX. probably and we'll and has extend how Geographic agreement for been is those years. for The XX-plus having we start start to beneficial for National discussions point some us not agreement. in

And reason that continue. see so shouldn't why no we

Stephen Deckoff

was confirm, then And just great. Okay, your to monthly cash burn? what

Craig Felenstein

are burn, When cash you say talking monthly moving you you're historically? talking or forward

Stephen Deckoff

forward. I No, going no, mean,

Craig Felenstein

Yes.

that somewhere to be we interest all our all So to and debt burn capex. $XX which operating going all of million and expenses, forward, our would include of our payments cash range, expect monthly $XX of million the in

Sven-Olof Lindblad

good it. and there. guys out got luck Thanks it. Okay, Appreciate

Craig Felenstein

you. Thank

Stephen Deckoff

Thanks.

Operator

back session. would turn This closing any to the conference like for to Craig Felenstein remarks. question-and-answer over today's I will conclude

Craig Felenstein

Thank you, strange current time, know everybody, help expectations for We business walk you I joining and said, us happy have. this we're morning. like through to of a and little bit we the our a it's,

So to give Thank staying call, a in us look and we forward you. touch.

Sven-Olof Lindblad

everybody. Thanks,

Operator

today's you And now may Thank for you concluded. attending conference now presentation. disconnect. The is

Lindblad Expeditions (LIND) 2 May 202020 Q1 Earnings call transcript