Lindblad Expeditions Q1 2023 Earnings Call Transcript

Quartr
Provided by Quartr
May 3, 2023

There are 6 speakers on the call.

Operator

Good morning or good afternoon all. Welcome to the Lindblad Expeditions First Quarter's Financial Results Call. My name is Adam and

Speaker 1

I'll be your operator for today.

Operator

I will now hand the call over to Chief Financial Officer, Craig Felenstein, to begin. So Craig, please go ahead when you are ready.

Speaker 2

Thank you, Adam. Good morning, everyone, and thank you for joining us for Lindblad's 2023 Q1 earnings call. With me on the call today is Dalf Berley, Lindblad's Chief Executive Officer. Dolf will begin with some opening comments, and then I will follow with some details on our financial results, balance sheet and current 2023 expectations before we open the call for Q and A. You can find our latest earnings release in the Investor Relations section of our website.

Speaker 2

Before we get started, let me remind everyone that the company's comments today may include forward looking statements. Those expectations are subject to risks And uncertainties that may cause actual results and performance to be materially different from these expectations. The company cannot guarantee the accuracy of any forecast or estimates, And we undertake no obligation to update any such forward looking statements. If you would like more information on the risks involved in forward looking statements, Please see the company's SEC filings. In addition, our comments may reference non GAAP financial measures.

Speaker 2

A reconciliation of the most directly comparable GAAP measures and other associated disclosures are contained in the company's earnings release. And with that out of the way, let me turn the call over to Duff.

Speaker 3

Thanks, Craig. Good morning, everyone, and thanks for joining us today. Not long ago, I wrote our annual report letter to shareholders And described 2022 as a year of resurgence for our company. It was a year with many highlights, Returning to full operations on all our ships, the 1st full year and brilliant performance at both poles of our new blue water ships, The National Geographic Endurance and the National Geographic Resolution. In the Galapagos, the extremely positive reception of our guests to the Islander 2 And the securing of 20 more years of Coupos to operate there and the record setting financial performance of our land companies were all reasons for celebration.

Speaker 3

Most importantly, we experienced a change in guest focus with COVID becoming less and less of a topic. The desire to once again is one which created momentum into our Q1 performance. And I'm pleased to say that Q1 2023 results represent all time highs For Lindblad Expeditions in both revenue and EBITDA. Craig will give some additional color on our financial results in a few minutes, But our Q1 performance demonstrates the earnings power inherent in the increased capacity of our fleet as well as the fast growing land companies. I for 1 am extremely grateful to the hard working and dedicated team of people who fought steadfastly over the last 3 years to ensure Lindblad Expeditions emerged from the pandemic as a strong and vibrant company and who are now working diligently to push it to new heights.

Speaker 3

A centerpiece of the Q1 2023 performance was the increased guest count as we broadened the usage of our expanded fleet and Achieved 81% occupancy fleet wide. All of our ships were fully deployed during the quarter, and the occupancy bump from 66% a year ago Was due to a variety of factors. First, as noted a moment ago, the world is opening up again to travel, and the confidence among guests Continues to grow as they consider travel on expedition ships to remote places. 2nd, our modern marketing machine is starting to yield powerful results And I want to tell you a bit more about that now. Prior to the pandemic, the company had been predominantly utilizing a historically successful marketing approach, Which centered around brochures, letters from our Founder and now Board Co Chair Sven Olof Lindblad, targeted emails And smaller direct mail pieces, which focused on specific geographies and itineraries.

Speaker 3

Over the last 2 years, we have invested heavily in transitioning to an omnichannel marketing approach that evolves our past practices and adds meaningful digital marketing components. Today, we are developing an ever growing capacity to source guests through search engine optimization and SEM. We are active on social media platforms. We also have a growing set of capabilities around the analytics, which allow us to gauge the effectiveness of our various digital marketing efforts and also to understand the relative performance of all these different approaches and channels from a customer acquisition cost standpoint. The largest result thus far of the growing proficiency of this new omnichannel marketing approach Is that we are attracting a higher number of first time guests than ever before.

Speaker 3

Coupled with the ongoing strength of our repeat guest business, Which continues to be on average more than 35% of each voyage, we are booking higher guest volumes than ever before. At this time, our bookings for 2023 are 45% higher than pre pandemic bookings in 2019 for the year 2020. I am also happy to report that cancellations, which had more than doubled as a percentage of booked revenue late last year, are settling down significantly. While still higher than in 2019, they have dropped due to a number of factors. First, the threat of COVID meaningfully impacting a voyage continues to diminish, And indeed, the incidence of COVID ownership is increasingly rare.

Speaker 3

Secondly, we have now reinstituted a more industry norm cancellation policy, Which drives guests to think more critically before booking or canceling a trip. During the pandemic, we had reduced penalties for Canceling a trip even on short notice to very low levels, recognizing that our valued guests wanted and needed flexibility due to illnesses And the quarantine requirements that nearly all countries had imposed for anyone who tested positive for COVID. We expect cancellations to continue to drop as a A big step forward in our marketing and sales efforts occurred earlier this week With the launch of our new Seaware reservations and booking platform. The Seaware platform is one which will allow guests And eventually travel advisor partners to book, select a cabin and access any special offers online. I'm quite excited about the fact that it will also allow guests who are on a voyage with us to book a future trip in real time.

Speaker 3

We have found historically that guests who love seeing whales in Alaska express interest in seeing the whales in Baja. The same is true for our polar explorers who once they have experienced one of the poles on a Lindblad ship have a great desire to travel to the other pole in the same fashion. Seawear will also allow us to implement modern dynamic pricing practices, enhancing our ability to reach higher levels of revenue yield On voyages across the globe. Just as importantly, we're building connectivity between the Seaward platform and our marketing technology and CRM stack. This will give us better and faster access to customer data and enable us to be more effective in our guest generation and customer service efforts.

Speaker 3

The Seaware implementation is a major milestone in these digital transformation efforts and enables a leap forward towards a more powerful future. Back in 2002, our founder Sven pulled a group of leaders together within the company and established Lindblad Expeditions guiding principles. Our first guiding principle is ensure that everything we do must add value to the guest experience. I'm really grateful to our team for the guest feedback we are seeing across our fleet, both new and old, with regards to the quality of expedition content, food and beverage And the onboard hotel and amenities aspects of these expeditions. The other thing that is improving as each month goes by is the reliability of the network of Partners which we enjoy, including airlines and the many land and port operations partners that we have built relationships with over decades of working together.

Speaker 3

They are returning to more normal operations, which has a great impact on the enjoyment of our guests traveling the world with us. Delivering amazing experiences for our guests remains our primary focus. And as we do so, we are equally committed to pushing booking levels Higher and higher to once again achieve the occupancy levels that we had attained prior to the pandemic. At this particular time, we have seen the best performance In the geographies which are the historical strongholds for the company, the Antarctic season, which just finished, was extremely strong. Our newest ships Demonstrated their polar Class 5 capabilities in the ice and enabled voyages to areas that were previously unreachable.

Speaker 3

The abundance of wildlife and remarkable scenery observed further south than ever before in the Almondson Sea Created unforgettable experiences for our guests. We also continue to generate booking strength in the Galapagos, While experiencing some of the highest guest feedback scores in our history there. Our Alaska season, which begins in May, is showing strong guest demand Across all four of our U. S. Flag vessels and we're expecting another strong season in the Arctic when the polar ships move further north for the Arctic summer.

Speaker 3

As we continue to ramp occupancy levels, we are focused on fine tuning marketing for some of our more esoteric or shoulder season itineraries, Including where the ships are in transition between the poles or repositioning before and after very popular destinations Such as Baja. I mentioned the performance of our land companies earlier, but their progress deserves more detailed description. As you may recall, our strategy is to develop a best in class platform company, which can provide adventure travel options Across multiple types of experiences and with different thematic focuses for our guests. Famously, Sven Lindblad describes our guests as omnivorous And their desire to experience the world broadly from a travel and expedition standpoint. Q1 is a seasonally quiet quarter for all of our land companies, But they delivered positive earnings and are poised for another year of record results.

Speaker 3

Key drivers behind their performance include the quality of their offerings And strong consumer demand for premium experiential travel, they are also benefiting from the sharing of best practices and greater infrastructure and marketing support resident in our larger organization. Our ability to grow these land companies once they join the Lindblaz family of companies is demonstrated by the success of Natural Habitat, which has more than tripled its EBITDA contribution since joining Lindblad in 2016. As I near the end of my comments, I feel it is important to mention our continued focus related to environmental sustainability And our mission to educate guests about what they can do to support the health of our planet. In addition to our now long time commitment to being carbon neutral And having 0 single use plastics in our system, we continue to push forward on many other efforts. We sponsored the 2023 Planet Forward StoryFest relaunched our support for the Kampong Trolloc Green School in Cambodia and launched the Visiting Scientist program for the 2022 And 2023 Antarctic and Southern Ocean season.

Speaker 3

The scientists onboard our ship will study snow algae, DNA in the Ocean's Waters and Baleen Whales. A personal highlight for me was welcoming 50 Elementary, middle school and high school teachers into our 2023 class of Lindblad National Geographic Society Grosvenor Teaching Fellows Who will take expeditions with us and then translate their experiences to future generations in their classrooms across America. As we look forward, I want to share my belief that the future will be bright for our segment of this industry and for Lindblad Expeditions individually. The rise in environmental consciousness and the consumer trends indicating that people are desiring experiences rather than being more focused on material goods provide secular tailwinds for our business. Within the industry, Lindblad Expeditions has the deepest and widest history related to expedition travel, Including the many firsts our company recorded, such as being the first company to take tourists to places such as Antarctica and the Galapagos.

Speaker 3

We are building on that great tradition by continuing to advance the technologies and depth of expertise within our ranks, Which will allow us to maintain the preeminent position in this exciting field. And with that, I will turn the call over to Craig.

Speaker 2

Thanks, Dolph. The strong financial results Lindblad generated during the Q1 perfectly demonstrates the opportunity we have across our platform as we take advantage of the strong and growing demand for high quality experiential travel. The targeted strategic investments we made during the pandemic To dramatically increase the capacity of our fleet and to broaden our portfolio of product offerings has significantly expanded the earnings potential of the company And we have just started to significantly tap into that earnings power. At the same time, with our recent debt refinancing, we have further strengthened our balance sheet, Providing additional financial flexibility as we continue to ramp the business and explore additional growth opportunities that can further amplify the growth trajectory of the company. I'll discuss our balance sheet in a moment.

Speaker 2

But before I do, let's take a quick look at our financial performance from this past quarter. 1st quarter total company revenue of $143,000,000 increased $76,000,000 or 111% versus the Q1 a year ago As we continue to ramp operations and was $54,000,000 or 60% higher than 2019 due in large part to our expanded fleet and additional land focused offerings. At the Lindblad segment, revenue of $115,000,000 increased $65,000,000 or 130 percent versus the Q1 a year ago and $39,000,000 or 52% versus 2019. The year on year growth was driven by a 71% expansion in available guest nights from broader utilization of the fleet And by increased occupancy of 81% versus 66% in the Q1 a year ago. The higher occupancy, combined with increased pricing across the fleet, Drove net yields to $1205 per night, an increase of 63% from the Q1 of 2022.

Speaker 2

While occupancy is not yet back to traditional levels, you can see the revenue opportunity we have across the expanded fleet as we ramp guest counts at increased yields. As we dramatically improved the results across our fleet, we also significantly grew our land platform by driving more guests across our product portfolio and further integrating the 3 businesses we acquired in 2021. Revenue with the Land Experiences segment for the Q1 of 2023 $28,000,000 increased 59% versus the Q1 of 2022 and was more than double the Q1 of 2019. The strong revenue performance across both segments generated significant operating leverage with total company adjusted EBITDA of $27,000,000 in the 1st quarter, An increase of $48,000,000 versus the Q1 a year ago and growth of 23% compared with the Q1 of 2019. The year on year growth was driven by a $47,000,000 increase at the Lindblad segment, led by broader utilization of the fleet And strong demand in our Antarctica, the Galapagos, Baja and Costa Rica, while the Land Experience segment in a traditionally slow season increased by 1,000,000 Due predominantly to the growth in natural habitat from Northern Light Trips in Canada and Monarch Butterfly Trips in Mexico.

Speaker 2

Looking a little closer at the cost side of the business, operating expenses before depreciation and amortization, interest and taxes Increased $27,000,000 or 31 percent versus the Q1 of 2022, led by a 24% increase in cost of tours, primarily related to the ramp in ship utilization, which included higher fuel and crew costs as well as expenses related to operating additional land based trips. Fuel costs increased 40% due to the ramp in ship operations, but was only 6% of revenue as compared to 9% of revenue in the Q1 of 2022, reflecting the increased revenue overall offset by slightly higher pricing. Sales and marketing costs increased 68% versus a year ago, primarily due to higher commissions and royalties related to the increase in revenues and from increased search and direct mail marketing to drive future bookings. The quarter also included some additional costs associated with our digital initiatives, most notably associated with our new reservation system, which as Dalf mentioned, launched earlier this week. G and A expense during the quarter increased 26% versus a year ago, excluding stock based compensation and onetime items, Primarily due to higher personnel costs as we ramp operations and increased credit card commissions related to final payments for upcoming itineraries And higher deposits on new reservations for future travel.

Speaker 2

Total company net loss available to stockholders $400,000 or $0.01 per diluted share improved $43,000,000 versus net loss available to common stockholders of $43,000,000 or $0.85 per diluted share reported in the Q1 a year ago. The improvement reflects the significant ramp in operations, Partially offset by higher taxes of $1,700,000 and additional interest expense of $1,800,000 net associated with higher rates on our export credit agreements And increased borrowings related to our debt refinancing in February 2022. Turning to the balance sheet. We ended the quarter with $121,000,000 in cash and short term investments, a $9,000,000 decline from the end of 2022 as positive operating cash of $2,000,000 Was more than offset primarily by CapEx of $6,000,000 which included maintenance CapEx and spending on our digital initiatives As well as my principal payments on our ECA facilities of $6,000,000 Following the quarter, we further solidified our balance sheet by refinancing our export credit agreements with notes that mature in 20 28. The 9% fixed rate notes replaced variable rate debt had an interest rate of approximately 8.5% in the Q1 and also eliminates principal payments of over $200,000,000 annually.

Speaker 2

We also increased our cash position by nearly $70,000,000 providing further flexibility as we ramp operations and additional capital as we explore additional strategic initiatives to expand our long term growth opportunities. Turning to the full year 2023, We remain excited by the sustained operating momentum across our portfolio and continue to anticipate significant growth as we ramp operations and capitalize on our expanded platform. The Lindblad segment has already booked well over 90% of its full year projected ticket revenues for the year, and we continue to expect total company tour revenue in 2023 between $550,000,000 $575,000,000 and adjusted EBITDA between $70,000,000 $80,000,000 These projections reflect the impact of elevated cancellations on occupancy in the first half of the year. But as anticipated, we have started to see a slowdown in cancellation rates with regards to bookings for the back half of the year and into 2024. Please note that quarterly results will reflect the seasonality of our business, With the 2nd and 4th quarters impacted by less available guest nights due to the heavy drydock and transit time across our fleet, more shoulder season inventory, The impact of launching our new reservation platform and seasonality for our land businesses.

Speaker 2

Conversely, the Q3 will benefit from more complete fleet usage and peak seasons across our fleet and land companies. Overall, while there will reach quarterly choppiness, we are well positioned for strong results in 2023 and beyond. More and more guests are experiencing the thrill of exploration. And with an expanded fleet and a broader set of product offerings, we are well situated to capitalize on the growing demand experiential travel and deliver additional shareholder value in the months years ahead. Thanks for your time this morning.

Speaker 2

And now Dolf and I would be happy to answer any questions you may

Operator

Our first question today comes from Steve Wieczynski from Stifel. Steve, your line is open. Please go ahead.

Speaker 1

Hey guys, good morning. So Craig, let's can we do some simple math here? You just posted a 27,000,000 EBITDA, Q1. And based on your unchanged guidance, you're saying your business is going to do, let's say, let's call it $48,000,000 at the midpoint for the last three quarters of the year. You kind of talked about this towards the end of your prepared remarks, and I fully understand the seasonality of your business.

Speaker 1

But I guess I really have no idea how this business is only going to do $48,000,000 of EBITDA over the last 3 quarters of the years over the years. So are you being Super, super conservative here. Are you seeing something we aren't seeing? Just trying to square away why that full year guidance wasn't touched yet at this Thanks.

Speaker 2

Sure. Thanks, Steve. So when you look at the guidance that we gave for the year, obviously, there was a fair amount of items that we knew heading into the year, Including the fact that we expected Q1 to be very strong and it was. So we knew we're going to start off the year on the right foot, which is certainly what happened. When you look at kind of the rest of the year, there are certain headwinds which are just relevant in the business.

Speaker 2

Certainly, when you look at Q2, you going to have a significant amount of dry dock and transit time, as I just mentioned. There is some expenses associated with launching our Seawear product this week, which will roll through the quarter. There are some cancellation impacts associated with Peru. Thankfully, that's in the rearview window, but it did have an impact on us in the early part of the quarter. And then as Dolf mentioned in his commentary, you certainly do have some of these more esoteric or shoulder season inventory voyages, We are still ramping up.

Speaker 2

The geographies that have bounced back quicker are the tried and true geographies that we have certainly been operating in for years. Some of the more, I would say, nuanced itineraries are still ramping and those are more prevalent in the Q2 and Q4. So that's kind of the primary driver between a lot of this. The other thing that's kind of happening on the cost side is while fuel costs have come down from where they were in the Q4, they still haven't fully abated and we're still seeing the impact of higher costs. But the last thing that I'll say with regards to guidance is where we end up for Full year still has significant amount of variability to it associated with do bookings continue on the same trajectory that they're on today?

Speaker 2

What happens with cancellations? Dov talked about cancellations coming down dramatically and they have, but they're still higher than they were in 2019 and probably close to 2 times higher, Which is still a headwind that we're facing. So with all those things combined, we felt leaving guidance where it is made the most sense at this time.

Speaker 1

Okay. Thanks, Greg, for that. And then second question, in terms of cancellation rates, I guess, can you then help us think about Maybe how you guys are thinking about load factors for the rest of the year. There's obviously going to be some seasonality With shoulder seasons and stuff like that, so just any help there around how you're thinking about occupancy for the last three quarters? And then Also, if we can get an update on just kind of how what you're seeing from higher airfares and any pressure that you are seeing?

Speaker 1

Or is that Come back in a little bit from a booking perspective. Thanks.

Speaker 2

Sure. Let me handle the first part, and I'll turn it over to Don for the second part. When you look at the year that we're facing it moving forward, we do expect to continue to ramp occupancy each quarter versus where we were back in 2022. However, we will not yet obviously get back to the levels we were at in 2019 and we're ramping towards that as we head out of this year into 2024. When you think about the quarterly cadence of our occupancies, certainly Q1 and Q3 will be the strongest occupancy quarters for the year And you would expect Q2 and Q4 to be the lowest occupancies of the year with Q2 probably facing the most headwinds out of all of the So that's kind of how the cadence should play itself out in 2023.

Speaker 3

Yes. I'll just comment briefly on the airfare comment. It's certainly the case that airfares are higher. They're dramatically higher for places like Australia and New Zealand. We're also seeing airfare to Europe being something that our guests are thinking about.

Speaker 3

And I do think it has Had some effect on bookings. We make quite an effort to offset that with promotions of our own to Like reduce that as a negative factor. But I do think that for the next few months at least, I do think that will be a factor and we Expect that it will improve by the end of the year.

Speaker 1

Okay, great. Thanks guys. Appreciate it.

Speaker 2

Thanks Steve.

Operator

The next question comes from Tyler Batory from Oppenheimer. Tyler, your line is open. Please go ahead.

Speaker 4

Good morning. This is Jonathan on for Tyler. Thanks for taking our questions and congrats on the quarter. First one for me, can you talk a little bit about what you're seeing from the consumer Given the macro backdrop here and what's happened over the last few months, any changes to the guest mix or signs of the shutdown in terms of Lower price rooms or itinerary changes or shorter durations?

Speaker 2

Sure. Thanks, Jonathan. A couple of things are happening with regards to the guest mix. I will say for the most part, they remain pretty consistent with where they have been traditionally. We are seeing some additional bookings in year for 2023 that arguably in past years would probably be pushed out 2024, that booking window is shifting a little bit to more in the short term and then actually more in the long term.

Speaker 2

So that bell curve has kind of changed a little bit. But that is could be potentially short lived, but that's what we're seeing today. We are also continuing to see More bookings from U. S. Guests than international guests.

Speaker 2

The mix is becoming a little more U. S. Focused, not too dramatically, but a little shifting on that front. We've seen a significant amount of success with first time guests. So the mix of first time to repeat guests has shifted a little bit.

Speaker 2

That was always to be expected Partially because of the additional inventory that we have across the fleet. So as you add more hardware, you're going to ultimately need to get more new guests into the mix. But we are seeing a whole lot of new success with first time guests, which is nice. We're also seeing growth in repeat guests, which is nice, But the new guests are going a little bit faster right now.

Speaker 4

Very helpful. Thank you for the color, Craig. And then switching gears Somewhat in a similar vein on the inorganic growth front. I'm curious if you've seen more opportunities coming to market, whether that's existing hardware or potential Hold on acquisitions given some of that macro volatility we've seen?

Speaker 3

Yes. Thanks, Jonathan. We in fact Are seeing, I think, an uptick in the overall marketplace as it relates to the potential acquisitions of some of the smaller Company is similar to what we've done in the past. And we're always on a lookout for ships that could be additive to our fleet. I think The world is opening up again, particularly with family businesses in the travel business that have weathered the storms of the pandemic and are Thinking hard about whether they're going to pass their companies on to the next generation or whether they prefer to make a sale.

Speaker 3

So we don't have anything that is close to the finish line at the moment, but we're active in the marketplace and we're encouraged by The kinds of opportunities that could be available to us in the coming months years.

Speaker 4

Okay, great. I appreciate all the color guys. That's all for me.

Speaker 2

Thanks, Jonathan.

Operator

The next question comes from Alex Berman from Craig Hallum Capital. Alex, your line is open. Please go ahead.

Speaker 5

Hey guys, thanks for taking my question and congratulations on a really strong start to the year. I wanted to ask about the Land Experiences segment, what's been driving the strength there? I remember a few years ago there was maybe some hesitation to Market, the land offering to your cruise customers, just given how high priced the cruises are Relative to some of the land voyages, not that the land voyages aren't also up there in price, but just curious if you've had any more Kind of interplay between the two segments there or if it's just been its own kind of natural recovery in demand for the land experiences?

Speaker 2

Sure. Thanks. Thanks, Alex. Let me start out by saying, one of the things that we were looking for when we acquired these companies was obviously we're looking for businesses fit with the ethos and the mission of what Lindblad does. We're looking for businesses that ultimately had significant growth upside from where they were today.

Speaker 2

We are also interested in finding businesses that had really strong leaders that were running those businesses today. And I will say both Dolph and I would point out that The folks who are running those businesses, whether it be Andy and Dina over at Dubai, whether it be Cory at Off the Beaten Path, whether it be Edward and Susie at Classic Journeys and certainly Ben at Natural Habitat, they've done a great job with these businesses and they set them up for success coming out of the pandemic Because they were delivering such amazing experiences in such amazing geographies, we always knew that they had significant growth ahead of them. And we also knew that we could add some significant fuel to that growth By providing some additional heft from the Lindblad Company, providing some additional focus from the Lindblad Company and that's exactly what's happened coming out of the pandemic. So you're seeing really nice success from these businesses. I will say we have really just started to scratch the surface What Lindblad can do for these businesses, a lot of the success that you're seeing today is success that was built into these businesses by these original founders and owners.

Speaker 2

But as Dov mentioned in his comments, by sharing best practices on the way things can operate, by making sure we're focused on the right products, by giving them the marketing capabilities that they need To attract new guests, all these things are really, what I would say, combining to create some really nice momentum at these businesses.

Speaker 3

And I'll just add that we're really seeing the benefit of the pent up demand that occurred during the pandemic and as they come into their stronger seasons now. A lot of the guests that held off for a few years are really coming back with some strength. Probably the most remarkable example of the growth also Is Duvall where the you may know that there's just been this surge in interest in bicycling, Which is true not only here in the U. S. But also abroad.

Speaker 3

And so that company is just Riding that wave, no pun intended, extremely well. So we're excited about it. And Craig really said the right thing, I think, as it relates to marketing. Just the opportunity for these leaders to share best practices in what they're seeing not only from A traditional marketing standpoint, but definitely with the enhanced kind of web marketing and search engine optimization that comes with Part of the Lindblad Company all of those things are contributing. So we're just really optimistic about each of those businesses going forward.

Speaker 5

Okay. That's really helpful. Thank you both.

Speaker 2

Thanks, Alex.

Operator

Nothing further in the queue at present. We have no further questions at this time. So I'll hand the call back to the management team for any concluding remarks.

Speaker 2

Thanks, Adam, and thank you everybody for joining us this morning. We look forward to maintaining the dialogue. If you have additional questions, please give us a ring and we'd be happy to connect again. Thank you.

Speaker 3

Thank you, everyone.

Operator

This concludes today's call. Thank you very much for your attendance. You may now disconnect.

Remove Ads
Powered by Quartr
Earnings Conference Call
Lindblad Expeditions Q1 2023
00:00 / 00:00
Remove Ads