Lindblad Expeditions Holdings Inc.

Hello, and thank you for standing by. At this time, I would like to welcome you to the Lit Blank Expeditions Holdings, Inc. Reports 2025 First Quarter Financial Results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to redraw your question, press star one again. I would now like to turn the conference over to Rick Colbert, Chief Financial Officer. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining us for Lindblad's 2025 First Quarter Earnings Call. With me on today's call is Natalia Leahy, our Chief Executive Officer. Natalia will begin with some opening comments, and I'll follow with details on our financial results and 2025 expectations before we open the call for Q&A. As always, you can find our latest earnings release in the investor relations section of our website. But before we get to all of that, I'd like to 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. A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release. With that out of the way, I'll turn the call over to Natalia.

Good morning, everyone, and thank you for joining us on this earnings call. Today, I'm pleased to share what I believe are excellent quarter one results. I could not be prouder of our team because our efforts focused on revenue management and operational excellence resulted in continued momentum in our business. For the quarter, revenues increased 17% with lean blood expeditions segment generating 11% growth. Revenues in our land segment increased 48%. Adjusted EBITDA increased 39% with margins improving 260 basis points. I'm very happy to report that occupancy increased 14 points to 89% compared to 76% in the prior year. The efforts and initiatives that we have put in place to drive occupancy perform in line with our expectations, and I am confident that we are on the path to return to pre-pandemic occupancy labels in 2026. We completed the 2025 wave season on a high note with record bookings and bookings for 2025 and 2026 are tracking ahead of prior year in both segments. Net yields increased 25% to $1,521, the highest quarterly net yield in the company's history. Growth was driven by increases in occupancy and pricing due to dynamic revenue management and demand generation initiatives. These historical yield results are particularly impressive, given that Lindblad increased capacity in the expedition segment by 49% since 2019. With these results, we have set a powerful tone for the year. As we navigate the complex macroeconomic environment, we remain optimistic that our guests will continue to prioritize meaningful experiences. While we are not immune to economic volatility, we believe our company is well positioned because we offer experiential travel that appeals to a demographic with high disposable income. Our focus will stay on the elements within our control, delivering exceptional adventure experiences, optimizing revenue and innovating around cost efficiencies while investing in long-term growth. Talking about long-term growth, on our last earnings call, I shared with you three strategic pillars that will drive value creation for our shareholders. Number one, maximizing revenue generation through higher occupancy, pricing, and deployment profitability both in the Lindblad and land segments. Number two, optimizing financial performance through smart cost innovations and better fixed assets utilization. Number three, exploring and capitalizing on accretive growth opportunities, including fleet expansion charters, as well as potential additions to our brand portfolio. I'm encouraged by our progress across all these areas. Let me share more detail on how we're continuing to execute against these strategic pillars. First, as a continued focus on optimizing occupancy, we successfully piloted an onboard cruise sales program. While our guests are onboard our expeditions and having a wonderful experience, our dedicated onboard expedition experts help them to explore our various destinations, and plan and book their next adventure. During this pilot, we were able to drive early bookings, increase occupancy, and improve repeat rate and loyalty, generating a high return on investments for us. This program will be fully rolled out by the end of this year. Moving on to our Disney partnership. We continue to build on the momentum of our Disney activations. We're driving targeted direct mail and marketing campaigns. Recently, I, along with our sales team, spent a day with the 15 largest travel partners for Disney to discuss our brand and our strategic initiatives. Of these travel partners, only two have previously walked with us. creating a significant opportunity to expand our reach with these highly productive producers. We are only beginning to capitalize on the many opportunities that we have in front of us with this partnership, which will increase our exposure to a new audience. International expansion continues to be a focus for us, and I just returned from the UK, where we hosted a brand introduction event on board the National Geographic Endurance, one of the most advanced and luxurious purpose-built expedition ships in the world. The UK represents a very attractive market for us given its fast-growing adventure travel segment and large addressable market. Over 50 prominent travel and media partners, including representatives from the Daily Mail, Sunday Times, the Telegraph, and others, joined our event where we gave a comprehensive overview of our brand and a commercial strategy. Event attendees also had a chance to get experience and taste of our onboard culture and ship amenities. The event was very well received, and we are confident that combined with our focused efforts and disciplined investments, we'll ignite growth in this market. Moving on to productivity improvements, we continue to make progress on cost innovation and fixed assets utilization initiatives, which drove operating expense leverage in the quarter. Additionally, by optimizing our dry dock planning cycle, we are pleased to announce the addition of three new voyages in 2026. Next, we continue to focus on accretive cross initiatives. I am delighted that we just announced that National Geographic Expeditions will introduce European river experience through a long-term partnership with Strassen Cruises, who will provide a brand new ship for our debut in European rivers in April of 2026. This experience is something that our guests have long desired and will deeply enjoy by exploring Europe's storage rivers in a truly meaningful way. We know that how you see it matters, and that is why we have curated this river voyage with the same depth of care and expertise that defines all our expeditions. We will have National Geographic historians, naturalists coupled with exclusive events that will go into each journey. As we continue to build progress around our strategic pillars, we are also enhancing our financial transparency practices for our investors. We're introducing net yield expectations for 2025, We expect net yield growth of 7% to 10% for the full year, and Rick will be providing more details on our yield expectations in his comments. Before I conclude, I want to reiterate our longstanding commitment to sustainability, which is the heart of our LeanBlood mission. I will continue to share updates in this area because it showcases not only our commitment to responsible exploration, but also highlights our unique experiential proposition. This commitment often translates into an incredible, special and differentiated lean blood experience for our guests. Let me share just a couple of many amazing initiatives. We recently completed our latest artisan training program, collaborating with Indian wildlife artist Miharika Rajput, who is also National Geographic Explorer. She hosted a week-long artisan workshop in the Galapagos community to produce wildlife-inspired art from recycled material, giving artisans we've supported for many years new skills and techniques. We are proud that our program positively impacts communities by supporting local artisans and is funded through contributions from our onboard retail sales. We also welcomed our 17th cohort of Grosvenor Teacher Fellows, where 35 educators will embark on expeditions to some of the most unique places in the world. where they will learn from immersive field based experiences and then share their knowledge back with their students in schools. In conclusion, we are pleased with our quarterly performance and the progress we are making against our strategic priorities to create value for shareholders. I repeat, we will remain focused on what we can control delivering exceptional adventure experiences, optimizing revenue, innovating around cost efficiency, and investing in long-term growth. With this approach, we are confident that we will delight our guests and shareholders alike. Thank you for your time today, and I will hand it over to Rick to provide details on our first quarter financial performance.