Lindblad Expeditions Holdings Inc.

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad Expedition's second quarter 2025 earnings conference call. 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, then the number one on your telephone keypad. To withdraw your question, press star one again. We kindly ask that you please limit your initial questions to two. I would now like to turn the conference over to Rick Goldberg. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's second quarter 2025 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 Q2 financial results and updated expectations for the full year 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 to review LeanBlood Expedition's second quarter results. I will start by saying how incredibly proud I am of our team and the very strong performance we delivered this quarter. We're seeing a clear momentum from the strategic initiatives we've implemented to increase occupancy and innovate across our core structure. While we are focused on value creation opportunities ahead, The meaningful progress we've made with the team in a relatively short period gives me and all of us great confidence in the path we are on. Before diving into the quarterly results, I'd like to take a step back and highlight some key milestones from the past six months that have positioned us for continued success. First, we introduced more strategic revenue management capabilities. Through thoughtful pricing architecture aligned with strategic and systemic commercial calendar. Second, we're executing impactful strategic and tactical initiatives with our Disney partners, allowing us access to new channels and audiences, which are already yielding positive outcomes. Third, we've implemented robust cost innovation process across the business. To support these priorities, we adopted an organizational structure better aligned with our long-term goals and made several key additions to our leadership team, bringing deep and diverse expertise. Krista Souza joined us as Chief Revenue Management Officer, bringing extensive experience across revenue management, sales, and marketing in the cruise industry and across multiple brands. Rare Admiral Keith Taylor, U.S. Coast Guard retired, now serving as Chief Maritime Officer. He brings more than 40 years of experience in the Coast Guard, maritime, and cruise industry and is already delivering meaningful results in maintenance optimization and dry dock planning. Janelle Findley was appointed Senior Vice President of Planning and Operations. With her strong operational and financial background, she's leading deployment optimization and robust cost innovation efforts. Sean Choksi came aboard as Senior Vice President of Strategy and Corporate Development, where he will be advancing our programmatic M&A strategy. Sean brings valuable experience from both private equity and industry. These leaders, together with our very talented existing team, reinforce a culture rooted in purpose and performance, giving us full confidence in our ability to capitalize on opportunities that lie ahead. Turning to our second quarter performance, I am pleased to report another outstanding quarter. Revenue increased by 23%. including 19% increase in our Coraline Blood Expedition segment and 41% increase in our land segment. Occupancy rose to 86%, an 11-point gain despite a 5% capacity increase. Net yields grew 13% to $1,241. a historic high for second quarter. Adjusted EBITDA increased 139%, with margins expanding 720 basis points to 14.8%. Our bookings remain strong and tracking ahead of last year, both in 2025 and 2026, across both segments. setting us up well for continued success throughout the year and beyond, and reflecting the strengths of our brand, differentiated experiences, and exceptional service our guests enjoy. Let me now walk you through the progress we've made across our three long-term strategic pillars. Number one, maximizing revenue generation through higher occupancy pricing and deployment optimization. Number two, optimizing financial performance through cost innovations and fixed assets optimization. Number three, exploring and capitalizing on accretive growth opportunities, including additions to our brand portfolio. Let me begin with our first pillar, which focuses on maximizing revenue generation. We are optimizing deployment by focusing on most profitable destinations across both expedition and land segments and reducing non-revenue days. As a result, we have added four voyages in 2026, up from three we announced last quarter. And thanks to improved dry dock and transition voyage planning, we've reduced non-revenue days by 38% between 2025 and 2027. Our onboard sales program pilots that I mentioned during last call will be fully rolled out by the end of August. This initiative allows guests to book their next journey while still immersed in their current expedition. and it's already driving meaningful results in repeat bookings and expanding booking curves. Our partnership with Disney continues to build momentum. Following last quarter's engagement with Disney's earmarked travel advisors, we've conducted multiple follow-up webinars and presentations. As a result, bookings from this group have increased 45%. Additionally, Disney Vacation Club members can now redeem points for expedition cruises, introducing our brand to more than 250,000 members globally. This is a major milestone and a significant cross-lever. National Geographic Reframe Travel Campaign was launched across digital and social media, resulting in search volumes increased by 122%, and we plan to further expand this activation. We also recently relaunched our youth travel program under the new name Explorers in Training, reinforcing our commitment to multigenerational travel. We believe that offering family-friendly options for our most popular itineraries presents a sizable growth opportunity. I had the pleasure of attending a meaningful naming ceremony of our National Geographic Delfina and National Geographic Gemini in the Galapagos, celebrating nearly 60 years of partnership with the local community. This event attracted extensive media coverage and amplified our brand presence in one of our top destinations. Outbound sales also remain a key priority. we nearly doubled quarter to outbound sales delivering strong return on investments thanks to our dedicated focus charters also remain a strategic focus our small ships provide ideal settings for affinity groups high net worth individuals and institutional clients as a result charters now make up a double digit percentage of 2026 bookings Last not least, in our land segment, we are leveraging innovation to align with key consumer trends that drive growth across our portfolio. For instance, Natural Habitat has expanded its Women's Journeys program to tap into the rising demand for female-focused group travel. Similarly, DeWine has enhanced its Chefs on Wheels offering, premium chef-led cycling tours, that combine two passions shared by many, food and cycling. Each tour offers stylish, immersive lodgings that complement the region's character and cuisine. These premium-priced, experience-driven products continue to demonstrate exceptional demand. Moving to our second strategic pillar, which focuses on operational excellence and productivity improvements. We now have more than 20 cost innovation initiatives underway, targeting port cost optimization, procurement, and crew planning. As mentioned earlier, our improved dry dock planning has already added four additional voyages to 2026, enhancing fixed effort utilization and productivity. Our first strategic pillar centers on accretive growth initiatives. Our newly launched European River Cruise Program has been very well received, with 2026 departures already over 50% booked and some voyages sold out. I'm pleased to announce our acquisition of four safari camps in East Africa, which enable vertical integration in our key region for natural habitat adventures and deepen our footprint in Africa. Sustainability remains central to our mission, and we will continue to share meaningful highlights in this area. We are currently preparing our first ever ESG report to be released next quarter, highlighting our environmental and social impact efforts. Natural habitat expanded on the electrification of its vehicle fleet by introducing the first ever electrical vehicle officially permitted for tourism in Peru. It was a meaningful undertaking to build out on the infrastructure, and it is a symbolic example of the company's commitment to greenhouse gas emissions in each region we operate. Given our strong first half performance and growing momentum, we are rising full year guidance for net yields, revenue, and adjusted EBITDA. Rick will cover more on this topic. We remain focused on operational excellence and sustainable growth that will drive long-term shareholders' value. In closing, I want to express my sincere appreciation to our incredible shipboard, shore site, and field teams. Their passion, dedication, and commitment to delivering extraordinary guest experiences while upholding the highest standards of responsibility are truly inspiring. As we move forward, we will remain focused on our three strategic pillars to drive meaningful long-term value. With that, I'll now turn the call over to Rick for a deeper dive into our financial results. Rick?