Earnings call transcript Q4 2022

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Operator

Hello, everyone, and welcome to the Lindblad Expeditions Holding's 2022 Fourth Quarter and Full Year Financial Results. My name is Bruno, and I will be operating your call today. [Operator Instructions]

I will now hand over to your host, Craig Felenstein, Chief Financial Officer. Please go ahead.

Craig Felenstein

Bruno. you, Thank and XXXX everyone, for us joining Good quarter thank and Lindblad's fourth year-end for morning, you earnings call.

the Dolf the Q&A. some liquidity and With Chief call some details I for on call expectations, financial Dolf with is me results, our Berle, will Executive follow Officer. comments, before will opening with XXXX on begin and then today Lindblad's we open

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

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

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

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

of way, And out call the Dolf. that let the me over with to turn

Dolf Berle

Thanks, Craig. joining today. for you Good thank morning, all us and

various on In the we will XXXX I recap share years ahead. thoughts and from months this for also the the call, and outlook positive in very highlights have business

focused powerful building life-changing experiences travel value. the companies, travel our our includes of adventurous For creating of strategic those also out gate for strategy guests. in guest know options companies to organic both of value and of a platform and shareholder growth you are who our means and been an growth land Adding have existing been you premium following our has acquisitions that journey, of array provide accretive on our that fleet

strategy As forward are pushing each we areas. to dual-pronged this and continue be in a of by these energized team,

Journeys emerged Off efforts, year. with work the Natural the tremendous so people DuVine Cycling and Without I not could to have the at more for Adventure, before Before do future. + from Habitat, so for Classic and be you detail, hard want successfully Expeditions, their their Lindblad the -- poised not last pandemic but well Beaten providing our company Path would thank all

a be of year year being XXXX remembered as that resurgence. is will the

While was and of the by end that of the had our acquired full restarted our more getting all operations, we in fleet was during companies, sailing XXXX it three XXXX, including started land with state eventually traction. operations. and and Last quarantine foreign closer comfortable a requirements year, vendors guests loosened that returns became our to of to globe significantly the across more COVID pre-pandemic countries travel, XXXX partners

will provide $XX more as the full improvement the including momentum we year the operations, past Craig of a the significant second year financially, and at million made detail, a EBITDA XXXX. we positive versus XXXX. in And year EBITDA over ramped we course this stood built in of loss while progress EBITDA but half were

National Geographic These years represent exciting first the the In Lindblad Geographic sister the late an in Arctic. where approximately months performed the in their well XXXX, summer ships, increase in together of were early we which guest in capacity part versus extremely the during Antarctica XX% and and fleet. in for new segment Endurance was it the the business, and of XXXX represented the of polar ice-class Resolution. two operation year an full the regarding year the ships: National

provide on number more Their locations access keeping can than our earth. focusing extremely and XXX per accommodations larger and smaller, able purpose-built landings of ships, of with rating ships in patented higher Class these In in dining, short the remote ships most premium two (X) a these passengers are ships voyage on provide. with of capacities remote to to combination hull ice places with technology and make comfortable Polar philosophy X-Bow effective in

any weeks Notably, based Antarctica were the were At than and of land Ross these ice. in of our polar in magnificent and able Passage that typically the seals Amundsen explored earlier ever sea in guest ship's to before both featuring time south scapes our Northwest than history. and areas the remarkable Sea experiences. also go in poles, had prominently guests take species able polar were at able were visited the our two to Narwhals with never that we ships new capabilities hard-to-find wildlife, only unforgettable we observe we to explore to before farther on

Geographic the earning the and Replacing the beautiful we indoor-outdoor in that in addition polar a such into we fleet. she for Islander and how home, of past Islander forged and to is with dining sauna. In refurbishment her first relationships She have more this of the shipyards. and in our partner ships, National ship Purchase is studio be that reviews decades months science can features a guest accommodations amenities ship in expeditions. as welcomed extremely ship Galapagos, the II fitness is the also a we given this the acquisition August, of arena, deep great example community positive spacious opportunistic

XX-year we This operating Islands the period. rates with past solidified in Galapagos coupos our guest for of the our permits year an or existing extension also additional

company work with the partners in in of the government as the on many people XX we years. islands as have themselves the represent mainland relationships Ecuadorian over our many plus Our well the and

of A the of land XXXX was companies. further highlight strength our

we've in two and a Off recall, may acquisition of Journeys starting the the Beaten Natural been company, that Cycling of purchase what the Path, the companies with XXXX. recently building happy EBITDA more XXXX, land Classic $XX nearly XXXX announce in you with as DuVine and travel generated Habitat last more years, platform Natural As to than We're million the adventure group, delivered alone double in companies. in around a Habitat over centered best-in-class

and building to a riding guests in good wave team infrastructure and are this are a who to the travel growth. segments these companies of done returning These strong different handle they've job

having scratch one under travel travel companies benefits anticipate to of umbrella on plans. begun leading sustained share these just an even and capture as have we We our the growth of the surface guests' greater

more in we have resurgence we the excited and by are expectations even were we beyond. XXXX, the as excited for XXXX by As

we January, ahead, typically we financial in continues optimistic. bookings year in As are higher January wave for have XXXX net and that in interest. bookings the bookings, XXXX, revenue the over often standpoint, averaged grow and there February EBITDA. for record timeframe, call Demand year. are to In XXXX From what reasons XXXX currently positioned record called that a or piece XXXX XX% a inbound and expect high-quality are will And significant date travel both is look several versus well a have we experiential of in for we and to capture experienced volumes. season and we XX% booking than either up same volumes on we the that we're

and advanced on-platform to clicks omnichannel significant brochures made XXXX. well more now from also as develop our marketing more The by link the effective a video unlock more our website approach CRM robust marketing in to make effectively our We beginning and organic We're social our paying marketing adding approach which cost off. letters of XXXX efficient. media to will capabilities and of digital top combination analytics, is e-mail the doubled channels on investments we as versus views media historic on

with this QX technical our reservations will linking XXXX. this travel of mean for new in a technology passing what every and roll Ultimately team system changes out our and for to our partners. Looking in forward, capabilities. and CRM system anticipate of improve Seaware day salesforce we occur technologies advisory new booking that marketing We greatly will These course upgraded our to a XXXX the analytics number and of thereafter. will and month mean evolve over expect

Commercial team in new my we hires revenue-generation XXXX. The has strengthened great expertise regarding organization. the Noah Officer, who in We marketing. Brodsky, in ranks our hired note of final occurred meaningfully the majority for a new performance On our the the future, optimism of Chief

We also John building is Delaney, base on Senior of Sales, travel a veteran, focused President relationships. Vice who advisor our added of industry

expertise our across with digital roles and our company. added At additions our candidates culture to pre-voyage multiple been we resonated for as the in and gratifying how mission-driven center we has call excellent functions guesting teams. time, several same see technology the and resources made It teams recruit and has to to service

but they are as came that pandemic just are versus the our continuing I mention challenges The subsiding, a historical are there to cancellations lingering with to elevate few want that levels.

There a related someone more tests We health of for are are guests a quarantine remote particularly also there few if to number are who finding measures that still countries require about still places. to concerned COVID. are travel, who positive risks

to see or areas in to reliability. regard continue some travel headwinds such availability cost, as with airline We

Ukraine. with be stops in numerous The anytime Northeast the Passage, Russia, which soon, viable given war not will has

Passage, So, sail who the Northwest the we option Passage the are now offering previously as well booked had fjords Norwegian guests to as Northeast and Svalbard. the

Peru caused of Galapagos unrest has us impacted weeks, trips which temporarily itineraries. In several recent to the to and also Machu Picchu our has Amazon, in halt

As country to of not return normal across operations, and intend unrest soon today, in does provided situation is the to improving we Peru the the return.

statement, the made company, driven which the stronger. change As us challenges few has inside an over the overall last have years

nimble more faster as become health and events. policies responding evolving factors international have in We external to and such geopolitical

volume and this to taken of also the have processes higher within upgrade core a to systems and revamp company We time handle business.

interest company voyages, me capabilities combination of natural that this for this upswing after are guests only an our also in in their future. than world of guest optimism appetite travel. product coupled two demand, been that but A the more stronger is during It restricted consumption our is of motivating Their factor demonstrating with work content. and gives and in great years for trips has their not evident an enthusiasm increased and

we you our updating to Lindblad in and our have XXX% area commitments being Expeditions. work and I environmental will central that to conservation on close mission programs the our globe continue an In is included will to neutral. by on XXXX, our that ongoing purpose build carbon briefly across at

We only be be commitment have our ships locally ships to plastic will on will also we sourced since wherever possible. sustainably-sourced All using seafood. our and our continue we maintain on free food XXXX single-use been to will as continue to

shops, continue and Fund Global Gallery other to will visit the art we guests. through locally-created We supporting our in communities Artisan bring products artisans which through and also retail our our

ships we we for In fieldwork to citizen the space our scientists continue conduct on provide and continue well. areas will to science as science education, projects and perform of to will

voyages with XX middle teachers, school Just Teacher class travel Fellowship remote most week, call places and the our were that National These of who on the of importance will places help school Grosvenor conserving and program and the notified this XXXX high past elementary Geographic's the us Expeditions as part of they will Lindblad home. on those the will wildlife, studying going generation voyages be earth, them they next teach world. across the loving,

And will Craig. the turn call now, over to I

Craig Felenstein

Dolf. Thanks,

and As ahead. made the throughout strategic in XXXX, since ourselves we while increased for momentum potential growing levels, across the poised Dolf in and platform a growth on fleet operations, as advantage and dramatically travel our high-quality we experiences, company to and significantly substantial full investments sustained we travel are capacity the and The of further offerings. considerably our with authentic deliver years positioning years highlighted, robust take strong product EBITDA to XXXX, our over revenues deliver to immersive of last diversify demand our we expand several portfolio the began ramped operating positive to has pre-pandemic our capitalize earnings record delivering

performance few a company. further from from Before XXXX strong and focused we vibrant take cultivating look acquisitions a me as minutes this our from our land past operations, we to on the year, emerging and ahead, pandemic ramping discuss as let

increased to revenue expanded and was XXXX and $XXX full for additional than offerings. XX% company $XXX due or our million the higher fleet $XX XXXX large million part XXXX, year Total of land-focused in million versus

$XXX the across million available included versus and nights ramp the segment, revenue increased million due additional of higher $X in and or At primarily XXXX, X% from operations, fleet. pricing which guest million to Lindblad the $XXX capacity year-on-year new

revenue levels, expanded you we And year yields. the not XX%. fleet yet for counts see back the the we to in as was occupancy have across opportunity can levels while year XXXX quite full Occupancy grow the and guest increase were

Habitat. platform by As increased land guest the guests in our integrating Natural counts our we fleet, acquired three businesses driving also more we across we XXXX further and in significantly grew

Europe to the ventures at segment Revenue experience to across parks, Beaten France, immersive trips tours and was Path's like of bike double for full Journey's Natural as guests Habitat XXXX million $XXX Land walking began returned to XXXX, Italy than as places XXXX, more the US and DuVine's year Classic Off America. well Experiences double with the national as traveling Latin luxurious and in and

Habitat of $XX segment. full EBITDA Experiences million was segment as operating than XXXX occupancy model the from doubled positive loss demonstrating than a business we continued million improvement $XX was of losses leverage more higher XXXX million $XX inherent from Land the in full alone. was by price $XX more points. Experiences The than and of EBITDA year million in $X The from offset to loss Lindblad Natural our at the Land Lindblad EBITDA maintain year strong million delivered as the Adjusted XXXX XXXX, ramp a the $XX segment was our in levels high and EBITDA million

primarily cost ship increased ago, tours and expenses as to million and in cost the crew versus as expenses to which business. operating Looking a related higher $XXX $XXX interest increase of before by in of land-based costs the included little Operating expeditions, related closer a led ramp additional trips. side versus and to XXXX, well year depreciation taxes the amortization, million fuel

Fuel revenue XXXX of as operation. number ships in was compared the to X% in of in X% revenue increase XXXX, and higher prices of fuel an reflecting in

commissions million increased and to and a to drive ago, due in increase revenue related higher to $XX and from bookings. the future year royalties versus search marketing and Sales cost increased marketing mail direct primarily

future versus and new we $XX to upcoming to increased ramped one-time costs a related for card on stock-based and reservations payments items credit commissions and as million increased ago, due final travel. spending deposits primarily G&A operations higher itineraries compensation for higher excluding year personnel

million stockholders in and XXXX. the depreciation, Geographic mostly net in XXXX launch to available our reflects in a loss by a the million in of common of per to of net, the to year associated Resolution ramp higher lower expense for partially net improved company available $XX $XXX borrowings, or current in included also September tax of other utilization million research The primarily increase expenses. $X primarily costs to related The reported and grant XXXX $X.XX refinancing operations income year February per million $X $X.XX XXXX a diluted debt delivery XXXX income, covered $X.X million million of and stockholders refinancing versus the the associated related the related and lower $XXX of in Resolution, offset increased debt share rates $XX expense, versus loss to ago. Total higher of or with from National improvement with additional million significant interest share

EBITDA XX% fourth the of quickly Looking at highlighted this to loss compared offerings. our anticipated, our call, the greater XX% and the of quarter to and and, a in as cancellation of XXXX. Revenue XXXX short-term XXXX growth rates. expanded increased period our business due I of seasonality Adjusted was than and same $X.X last was land elevated in given the million fleet

weather of from of digital a as million $XX operations flow use million spending the million $XX our over $XX Geographic million cash additional end continue Cash operations with Turning $XX the and any with cash XXXX positioned which by to ramp and from and $XXX million II million the included $XX investments of of well in remain interest investments and offset we payments in was cash million, $XX declined on initiatives. the balance free year to transformation sheet, CapEx to ended National Islander and uncertainties. of and short-term

are expanded yields. we excited platform significant momentum sustained and occupancies increased driven the by additional our in higher by and nights, operating ahead, anticipate Looking XXXX, we guest growth across net

well a XX% XXXX, same at have year the ahead for mentioned, in projected point year, segment XX% the our booking year. and revenues the upcoming the ticket we strong over Lindblad for already of full we where in As positioned Dolf booked were pacing is

of and and booking the the we part $XX we Given impact XXXX Please $XXX elevated company million, year. million the adjusted million. and generating, strong early trends are the EBITDA projections that between total revenue of in between and cancellations $XX million in expect these reflect tour note occupancy do $XXX

prior as levels back normal XXXX, more cancellation tighter September pandemic the through policies anticipate return cancellations have to of of and we XXXX. a reverted to in As move to we the place

And we to continue exploration. are in experiencing of strong world well-positioned XXXX. has guests Overall, the will short-term the once again there choppiness, for while are results some reopened and likely be thrill our

We a ahead. to results our any build ample headwinds, and have the and the with offerings, pandemic months and strong set weather years immediate situated along liquidity value to to fleet prior in position moving well and forward, we booking a an are product expanded additional shareholder broader deliver upon with of

answer would your may for have. I you be and morning. questions now, And to happy time Dolf any you Thank this

Operator

[Operator question is Stifel. is Steve, Please open. Instructions] Steve Wieczynski from your from now ahead. Our first line go

Steve Wieczynski

good Yes. guys, Hey morning.

to And range there, just your range both just So, Craig, meaning, feel a would help high for to of in dig initial what low a the wanted commentary put trying also can guys and take some you the end embedded you us the more Just to end of maybe that your that of to made you out around there then have for range? there? what guidance in get you about about it think the little year. the get the you

is, EBITDA guidance, look have the than we I bit at revenue what line then, a other the little to if it question expected. look, would the And the guess is flow-through seems we less here probably down

there helpful as your would outlook commentary cost for be any around well. So, this year

Craig Felenstein

Thanks, Steve, Sure. question. the for

now The imagine. the that -- But is variability you factor come kind business, lot XX XXXX, guidance over it occupancy future very guidance related to provided in both we the and to really is they head year. as down cancellations we trending very really as end the revenue are start bookings look are base of will the high low to come side. I softened then the on little the So, fixed, right it point really of like would of understandable behind But and those range. when happening. the that, which a cost in, than will months. variables, occupancy, would cost of what might the as to would the to going drive positive. end the ultimately the the anticipate to the that We the say, of focal flip for on in on and be we the of which be anticipated, or comes very, that driving through course here feel range know the bit continue we side the us And what side -- a of more It is levels next two is

from the going EBITDA, really With to there's regards to flow-through on. revenue two things

is, them. first significant And our a land-based the have are thing growth do expecting with The margin we really by businesses lower at associated definition businesses. land-based

So, that but some in expect across have businesses so do to umbrella today, we land-based growth we of at will margin. see will do a that deliver nice obviously higher EBITDA, our lower all the and

of across levels getting absolutely The they The are occupancy those our the as that rave is really really, ships just performing on fleet. ships. are the And those from we is, ramp flow-through Endurance the new margin magnificent. The ships, Resolution, ships second reality you occupancy guests, larger this however, the and side are to relates really the which reviews built, of well.

as to the until the for be way profit expect should gross they to up marginal ships occupancy those that that. building ships trending be we year. towards result, all get ships. get And the the on So, those levels levels margin still full a lower to the would XX%, north traditionally will occupancies well XX% somewhere for as We're those of

that seeing really are factors driving those the you're today. So, two

Steve Wieczynski

question stock. released have that, generate to you've color. talked cash Okay. -- Thanks restriction And that is, your should in of second flow buyback your look, (ph) be [main of you Craig. you, That's here program, point. first] really starting this you I good know from buying then, been obviously, And are about for starting kind kind terms back of now some at

cash wanted kind understand from 'XX? just to moving using you of think how your here throughout forward So about

Craig Felenstein

Sure.

So, growth, and yields do since on we lens significant foremost. of that in the first here is through really front And that the our looked have looked at really primary today. I that, we at, are our and and look continue would opportunities when have are we which I've say, a we to pandemic, the the focus to us, opportunity same even is given been really cash today, hand to the drive occupancies here throughout of amount given organic where where we

primary really number driver would that one. So be

of house, look driver the Primary of two opportunities, side which whether be ship side house, or be some side the it'd M&A profile of other for capital pretty the done number say new from is improve six area that on long-term of to to being, it'd do that whether that house, moving is the forward. I years. of will land the the a in what spend would our company. job growth continue judicious last good We've We'll with the over

have over then, the to is in become things certainly time variety with return obviously, forward shareholders. back back third on moving that forward believe year, those the the of regards the return to to certainly -- did right a as we the regards the are look We through as moving are that clear to at corporate And whether And that well. of the opportunities pandemic. things today, attractive occupancies, that lens to it's of but the to course capital with to in capital shares back here want we'll point two absence we price needs and more prior at shareholders. they We, that to decide focus area,

we'll that lens the So that's use.

Steve Wieczynski

Thanks color. Great it. guys. Appreciate you. Got Okay.

Craig Felenstein

Thank you.

Dolf Berle

Steve. Thanks,

Operator

is Our line ahead. Alex, from open. Alex your Please from Capital now is Craig-Hallum Fuhrman question Group. go next

Alex Fuhrman

how that my your this you much get ask sounds very try XXXX. still a they much EBITDA to of on question, Wanted and what a lingering Thanks be challenges weighing start and strong guys. to seeing taking are congratulations sense year. to like might Hey, some on the about for of

your places headlines those -- think now the I going of Northeast to think things the reverted bigger that or like you some quarantines of mentioned sort headwinds curious, more you be all pre-COVID profitability? to as old and through related that as of air think And you headwinds headwinds which just impactful, in your some travel major loss -- about and Passage. is those Are cancellation policy, were do you own under back of start macro get the made to is has driver bookings which the profitability the that the policy? policy, to

Dolf Berle

Thanks Alex. for the there, question

think the I good topics I news steadily. that pretty the is improving lingering all are think of

good have So, of pretty countries such as much requirements news getting it's Panama, are more had than a New that consistently that past. few just now policies in they Zealand, out we're their foreign lenient only even the and Argentina lowering

down as are We're world safe. feeling on community, The of some gets issues were I COVID back few each kind ago than a the are more back of their health to and the think are into I significant, concerns that more very other of routine. dramatically. with ships today weeks people going that seeing obviously are so is And incidences airline they guests communicating think and getting

would would significant than those that policy. the say are I But more I those So, improving. cancelation say are

even And to As higher a more penalty associated of policy, a we've cost returned have the cancellation, trip. what cancellation which of to is we're closer the which cancellation. to relates XX% actually with level going it policy, is the of for an industry of XXXX, penalty to does standard, in pre-pandemic

so, think I will And those improve.

ones, industry, would them fairly more are But the would think -- relative be that on internal we're you well. a but say I negotiating external basis, and true the significant than I factors throughout our would

to little it it relates more for me affecting Let how as that's EBITDA. over turn a to Craig specific

Craig Felenstein

Yes. Thanks, Dolf.

but So, items when getting mentioned, is we were are to want a we're to we in we the we on an of are in these they end not much back the the to there all not certainly us same company. better the We're house. same of all which impacting levels side to that from up place, in yet. XX% occupancy that overhang to XXXX, XXXX, about of you than be things and the that what's as really We're think were going get that level were back

COVID, much certainly, be percentage. it one concerns to say hard have people it as because of fill not of ship at in cancel. be when may they where It's is short to last ability us that But to the cancel of illness minute we impacts to and them the how they that because each related to may a sort any decide a have related period can time health

XXXX Dolf, certainly to of back we as and more an we issue not much the get policies As previously. because be through was as where half mentioned, to of XXXX, that anticipate to cancellation it the back

down is, it's to end yet near fuel that exception some is or XXXX, The ranking that I what where side mentioned from Traditionally of important of our overall -- X% feeling because right nowhere of certainly the than remember that a the say of fuel has higher towards come or It's were for back the only end items to aside in costs. XXXX were revenue more the Dolf the X% headwind middle they're is about of I us. to from they would where on say still pressures have now. that been the the XXXX we're fuel at would they but timeframe. Prices

as So, headwind on front well, there is that which is EBITDA. impacting a

Alex Fuhrman

voyages the you're Sea That's Cloud Could going on like some are a could chartering be looks be us you opportunities Dolf, II to on ship other little bit I up more helpful. there Mediterranean? tell about to so it And free then, that? Okay. Is to XXXX. ask, really concentrate that the in in demand response may to in your other regions? Or more if

Dolf Berle

asked I that. am so about glad that Alex, you

long had just those with a for So, and the not has many to be familiar, we Company, reminder original Sea Cloud charter as Sea been Cloud a us relationship might so years. fantastic who the a for

have that that relationship yet the So, ship, same orientation the to the Cloud will general strength another experience that actually, on we expand Alex. geographic Sea to which it's wanted of II,

to They're kind sailing then these greater designed a onboard, of ships of and the Mediterranean ships. are and sailing and The for more formats into experience these is where Caribbean go different are experience down a enthusiasts. sailing historic real

So, guests we way these to geographies spend a with in existing fleet, beautiful a little be not only our bit frankly just we be consider this that less time to and for come the that products who the learn the more throughout expedition point vantage but we world. sort the sailing, of but also of add offer about then guests in through can broader

and but building. this financially And certainly helpful, so, we consider audience also strategically

Alex Fuhrman

Okay. That's helpful. really much. Thanks very

Dolf Berle

need you need the go. Take to to Alex, You go. trip.

Operator

Our is William Ryan, Ryan now go next Sundby is from open. from Blair. line Please ahead. your question

Ryan Sundby

Hey macro another morning. of seeing quarter talk guest the Craig, you on of terms mix a or about headwinds shift bit down duration or here what the so outside signs itineraries rooms priced the guys, Congrats kind or backdrop you've far, here? consumer from and covered of you're even in from Dolf changes lower little Any to or can shorter the trips? I of here. nice good guess,

Craig Felenstein

Ryan. Thanks, Sure.

the So, a side on demographic of house. couple guest things the of

is price getting across getting that price levels newer and price seeing we're or foremost, The fleet. at across of some having traditional maintaining higher -- points than more if the down. up is the rather actually inventory we you're what rising we're points entire newer the aside seeing level those on the the anything, to are would no fleet I we're is our fleet. What a from the on problems and a First shift say occupancy points more that our at

price been the has very positive. point shift So, very, actually

always this short seeing I a the as guests, bit are the kind shifts, a regards our thing, during we would of season, other to with say, is wave regards here the newer changed the percentage in With any We versus term, guests has bit repeat wave really to is just little only season. guests, we a but side, newer wave which get is season tend the little more during skew newer higher to during repeat bit. dramatically, towards a guest. than not been But get has little guests

So, would thing point I I one think that's out.

marketing bit success direct out about in from sources. we are strategy -- than marketing would as his talked seeing other thing more we our seeing and of we right our comments, are now I overall a point are a that The our percentage is and business business seeing Dolf little other

be the and demand. but positive really to with guests two we're shifts would seeing, those that of their all the So regards

Dolf Berle

to just I'll add Ryan, that. briefly

of this work function think with we're is lot a optimization. doing search the that of engine I a

And opposed so, Alaska, that for and from brochures or we're people, response just web seeing a letters as coming higher particularly emails. to core to are in the or as geographies in incidence Galapagos such of Antarctica, our

year. been And and so, we we the continue can nice see to throughout that hope that's

Ryan Sundby

Dolf, and you seeing hear. actively to pursuing you there great are here, sounded side, you've -- given looking you upstreams on the do thought or both with guess I excited dual-pronged you organic a strategy success able more are about out Islander to seen and land-based And That's I what then, like II? the there, organically. were

Dolf Berle

we think guest but our know best focusing to think at preference trying I know that grow, versus experiences we We're we're sure that that can we a something pay guests, be think strong accretive. will we for just that for very to we don't on have the that a make we and -- I appealing is one price another.

And serve have companies maybe also and company where inside that so, the and land looking ships this and my approach only people our are in not company at opportunities, a who the over world. ships, doing and are that guests mind, but even in operation allow all world based from organizations and marketing sales the of would operating the elsewhere base that and new build which us to infrastructure have create to

ours, leaning wouldn't diligence the particularly family with work, quality companies founders and for another work by are selling world. world about to and the next a in I were of So, such to company that as a knows step looking I or that we their we care our who way guests the feel good good do and and for way and one say able trying to good that about we're the

looking are at important And anything when opportunities. as is probably so shared ethos as we else

Ryan Sundby

lot sense. All a guys. right. of Makes Thanks, Yes.

Dolf Berle

Thank you.

Operator

Chief no go [Operator Financial Instructions] back Craig have questions. Felenstein, We will remarks. to Please final I Officer, for now currently ahead. further hand

Craig Felenstein

over please you. Bruno, or with weeks, the if have you Thank joining questions, And moving morning. look out to you, today additional free you reach company catch to us forward this several happy feel Thank and you up. speaking forward here. the thank either to for everybody about next We we're

Dolf Berle

you. Thank

Operator

concludes you this Ladies Thank joining. call. and gentlemen, today's for

your disconnect now may You lines.

Lindblad Expeditions (LIND) 28 Feb 232022 Q4 Earnings call transcript