Lindblad Expeditions (US:LIND)2021-11-02 17:24Financial Data and Key Metrics Changes - The company reported third-quarter revenue of $64.5 million, a significant increase from only $1 million in the same period last year [39] - EBITDA loss improved to $6.6 million, a $10.9 million improvement compared to the same quarter last year [40] - Total cash at the end of the third quarter was $185 million, a decline of $18 million from the previous quarter [35] Business Line Data and Key Metrics Changes - The Lindblad segment generated $33.1 million from operating shifts, primarily in Alaska, Iceland, and the Galapagos [39] - The Land Experiences segment contributed $31.4 million, including trips to Africa and various U.S. national parks [39] - The land businesses delivered positive earnings due to surging demand for domestic travel [24] Market Data and Key Metrics Changes - Bookings for 2022 are currently 51% ahead of 2021 and 27% ahead of 2020 at the same time [38] - The company experienced a temporary slowdown in bookings due to the Delta variant but is seeing a return to health in bookings [76][78] Company Strategy and Development Direction - The company is focused on expanding its fleet and diversifying product offerings to capitalize on the demand for authentic adventure travel [34] - The acquisition of Classic Journeys aims to enhance the company's platform of land-based adventure travel companies [22][23] - Digital initiatives are being prioritized, with a nearly 50% increase in web traffic compared to the same period in 2019 [26] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about sustaining business momentum, particularly with strong bookings for the upcoming Antarctic season [14] - The company is navigating supply chain challenges by diversifying sources and using local suppliers [20] - There is significant pent-up demand for travel, and management expects 2022 to be a positive earnings year [56] Other Important Information - The company has implemented strict COVID protocols, requiring vaccinations and testing for guests and crew [13] - The National Geographic Resolution was delivered on time and on budget, marking a significant achievement for the company [17] Q&A Session Summary Question: Will the company be in a positive earnings position in 2022? - Management indicated that while there are variables, the demand curve is positive, and they expect 2022 to be a positive earnings year [56] Question: What is the outlook for new hardware orders? - The company is opportunistic about acquiring ships and intends to be a growth company, but currently has no new builds on order [58][59] Question: What drove the strength in the Land Experiences segment? - The performance exceeded expectations due to strong domestic travel demand, particularly for national park experiences [66][68] Question: Has there been any change in guest demographics? - There has not been a significant change in demographics, but repeat guests increased slightly due to direct mail marketing [71] Question: Is the slowdown in bookings due to the Delta variant temporary? - Management is seeing a return to health in bookings and is optimistic about future consumer confidence [76][78]