Q3 2024 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Lindblad Expeditions Holdings Inc (LIND) reported record third-quarter results, setting the stage for another year of double-digit growth in 2024.
- Bookings for future travel in the Lindblad segment increased by 26% compared to the same period in 2023.
- The company maintained price integrity with a 9% increase in net yield per available guest night, despite significant discounting from competitors.
- The strategic partnership with National Geographic and Disney is expected to significantly grow the company through at least 2040, with a new co-branded identity enhancing market presence.
- The land experiences segment saw a 26% increase in revenue year-over-year, driven by additional guests and higher pricing.
- The company faces challenges in returning to historic occupancy levels, with expectations to achieve this by 2026.
- Increased marketing and general administrative costs impacted the financials, primarily due to personnel costs and expanded National Geographic Agreement royalties.
- The fourth quarter is expected to be impacted by less available guest nights due to heavy dry dock and transit time across the marine fleet.
- There is still a lot of discounting in the market, which could affect future pricing strategies.
- The integration of new branding and marketing strategies will take time to fully implement and show results, with some benefits not expected until 2025.
Thank you for standing by. My name is Mandeep and I'll be your operator today at this time. I'd like to welcome everyone to the Lindblad expedition holding thing 2024 3rd quarter. Financial results call, all lines have been placed on mute to prevent any background noise. After the speaker tomorrow, there'll be a question and answer session. If you like to ask a question during this time, simply press star follow. But the number one on your telephone keypad, if you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to L. Dyson Dryden CFO You may begin.
Thank you, Mandeep. Appreciate it. Good morning, everyone. And thank you for joining us for the Lindblad's 2024 3rd quarter earnings call with me on the call today is Sven Lindblad, our founder and CEO then will begin with some opening comments and I'll follow with some details on the financial results and current 2024 expectations. Before we open the call for Q&A you can find our
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