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 [16] - Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in company history, reflecting a 25% increase year over year [18] - Net income available to stockholders for the third quarter was roughly break-even, reflecting $23.5 million in debt refinancing expenses [19] 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% [16][17] - Land Experiences segment revenues were $103 million, an increase of $18 million, or 21.1% compared to Q3 2024, driven by a 12% increase in guests and an 8% increase in revenue per guest [17] Market Data and Key Metrics Changes - The company reported a 9% increase in net yield per available guest night to $1,314, the highest third-quarter yield in company history [16][18] - The demand for luxury tourism is projected to grow at a 10% CAGR through 2028, reinforcing the company's confidence in its positioning for sustained growth [7] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [7][12] - The company is actively expanding its charter offerings and evaluating accretive acquisitions to enhance its capacity and market presence [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong booking trends for 2026 and 2027, with bookings significantly ahead of the prior year [7][25] - The company raised its full-year guidance for net yields, revenue, and EBITDA, reflecting continued strength in business performance [14][22] Other Important Information - The company completed a comprehensive refinancing of its debt, which strengthens its balance sheet and enhances financial flexibility [21] - The company ended the quarter with total cash of $290.1 million, an increase of $74 million versus the end of 2024 [19] Q&A Session Summary Question: Can you provide more color around booking trends for 2026 and 2027? - Management noted that bookings for 2026 are significantly ahead of the previous year, with encouraging upticks in demand [25][26] 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 maintain pricing integrity and anticipate continued occupancy increases [28][30] Question: Are there any macroeconomic headwinds affecting demand? - Management acknowledged the importance of monitoring the geopolitical environment but noted that demand has remained stable despite economic changes [33] Question: What is the current mix of revenues and future plans for expansion? - Management expressed comfort with the current revenue mix and highlighted plans to pursue charters, acquisitions, and new builds for growth [35][36]