Financial Data and Key Metrics Changes - Total company revenues for Q3 2025 were $240 million, an increase of $34 million or 16.6% compared to Q3 2024 [22] - Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in company history, reflecting a 25% increase year over year [24][25] - Net income available to stockholders for Q3 was approximately breakeven, reflecting $23.5 million in debt refinancing expenses [25] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $138 million, an increase of $16 million or 13.4% compared to the prior year, with occupancy increasing from 82% to 88% [22][23] - Land Experience segment revenues were $103 million, an increase of $18 million or 21.1%, driven by a 12% increase in guests and an 8% increase in revenue per guest [23] Market Data and Key Metrics Changes - The luxury travel segment is expected to grow at a 10% CAGR through 2028, reinforcing confidence in the company's positioning for sustained growth [10] - The company has seen a significant uptick in bookings for 2027, with strong demand in popular destinations like Alaska [9][10] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [10][11] - The partnership with Disney and National Geographic is expected to introduce the brand to new audiences and expand distribution channels [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving historical occupancy levels in 2026 and beyond, supported by strong booking momentum for 2025 and 2026 [9][29] - The company is raising full-year guidance for net yields, revenue, and EBITDA due to strong performance [20][30] Other Important Information - The company completed a comprehensive refinancing of its debt, lowering its cost of debt by approximately 75 basis points and enhancing financial flexibility [28] - The company ended the quarter with total cash of $290.1 million, an increase of $74 million compared to the previous year [26] Q&A Session Summary Question: Can you provide more color around booking trends for 2026 and 2027? - Management noted that bookings for 2026 are strong, with significant upticks in both segments, and they are on track to achieve historical occupancy levels [38][39] Question: How do you view pricing and yield growth for next year? - Management indicated that while double-digit yield growth is not expected to continue, they will maintain price integrity and continue to increase occupancy [41][42] Question: Are there any macroeconomic headwinds affecting the business? - Management acknowledged the geopolitical environment but noted that demand remains stable, particularly among higher net worth customers [56][57] Question: What are the financing alternatives for growth opportunities? - Management expressed confidence in pursuing expansion opportunities through charters, acquisitions, and new builds, supported by a strengthened balance sheet [63][65]

Luxury Ecotourism In Central America, The World’s Most Beautiful Restaurants And More Travel News https://t.co/oXPqrKle3F ...