Lindblad Expeditions Holdings Inc.

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will again be placed on music hold. Thank you for your patience. Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Lindblad Expeditions Holdings, Inc., 2025 fourth quarter and full year financial results. All lines have been placed on mute to prevent any backward noise. After the speaker's remarks, there will be a question and answer session. We do request for today's session that you please limit to two questions. 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 questions, press star one again. I would now like to turn the conference over to Rick Goldberg, Chief Financial Officer. You may begin.

Thank you, Operator. Good morning, everyone, and thank you for joining us for Lindblad's fourth 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 will follow with details on our 2025 results and 2026 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.

Thank you, Rick. Good morning, everyone. Well, we are very excited to share our progress and results today. As we begin this call, I'd like to start with the words from our founder, Sven Lindblad. We have always had a very distinct North Star. If we can provide people with extraordinary experiences in the world's most charismatic places, they form a connection with the natural world that is truly profound. This year, as we celebrate the 60th anniversary of the very first non-scientific expedition to Antarctica led by Sven's father, This North Star feels as relevant as ever. It guides us in every decision, every day. Rick and I recently marked our first year in the company aboard National Geographic Resolution in Antarctica. And standing on the bridge, as Captain Martin noted, that we were the southernmost passenger ship in the world for days. and later skiing with expedition leader Stefano towards a glacier with emperor penguins nearby. It's moments like this that remind us what truly sets Lindblad expeditions apart. Unmatched expertise, intimate shifts, and deeply authentic experiences. That commitment is not only philosophical, it drives results. In 2025, we delivered record guest satisfaction scores and record financial performance, while strengthening our operating discipline and accelerating progress across all three strategic pillars. To that end, we've also rounded up our strong leadership team with the recent addition of a new chief marketing officer, Mike Fulkerson, who brings extensive experience across hospitality, luxury, expedition, and cruising sectors. Turning to our results, full year revenues reached a record 771 million, representing 20% growth year over year. We achieved record growth in yields to 1,335 per guest night, the highest in the company's history. Our adjusted EBITDA increased 38% to another record of 126.2 million, with margins expanding 220 basis points to 16.4%, reflecting our operational discipline and the scalability of our business model. We also strengthened our balance sheet position, improving our net leverage from 4.6 times at the end of 2024 to approximately 3.1 times by year-end 2025. These full-year achievements were punctuated by our strong fourth-quarter results with revenues increasing 23% to $183.2 million. The lean blood segment delivered 28% revenue growth driven by an 11% increase in net yields to 1,279 per guest night, while occupancy rose to 87% from 78% in Q4 2024. Our land experiences segment maintained its momentum with 16% revenue growth, underscoring strengths across our entire portfolio. Let me walk you through how we achieve these results across our three strategic pillars. Our first pillar focuses on maximizing revenue generation through occupancy pricing and deployment optimization. I'm proud to update you on our progress across multiple initiatives in this area. Our relationships with Disney continues to expand our reach through broader distribution to broader audiences. contributing to strong performance across key channels. As an example, bookings from earmarked Disney travel agents increased 35% for the full year. Our onboard expedition sales program rollout resulted in nearly three times as many bookings in 2025 compared to 2024. Importantly, the percentage of guests booking within 30 days from a voyage has doubled since the launch of the program, leading to expanded booking course and higher repeat rate. Our outbound sales program gained significant traction with sales increasing 97% for the full year. We continue to see this as a high potential channel that is in its early stages. Our online bookings increased 52% year over year fueled by strong demand generation through our National Geographic Partnership, as well as significant enhancements to our web platform. Our extension revenues increased 45% for the year. We are pleased that we are seeing customers take full advantage of our full range of expedition offerings as they travel with us. I just returned from London, where our team hosted a series of travel advisors and journalists. We are very encouraged by the progress in the UK market and the momentum we've been building. In just the first six weeks of the year, we already booked half of our 2025 revenue. Our second pillar focuses on optimizing financial performance through cost innovation and fixed asset utilization. During the year, we made significant strides in building cost innovation pipelines throughout our organization. A key highlight in our 2026 capacity growth strategy is that we are now realizing the benefits from last year's fleet optimization walk. We expect meet single-digit capacity growth in 2026 driven almost entirely by our dry dock and deployment optimization that reduced non-revenue days by over 100, enabling us to release additional voyages and drive incremental sales. We've extended this walk into our 2027 deployment and beyond and are pleased to see that we expect future efficiencies to be unlocked. Looking ahead, We've also built another strong pipeline of cost innovation initiatives for 2026 and beyond, positioning us to realize continued operational efficiencies over the long term. Our last strategic pillar focuses on exploring and capitalizing on accretive growth opportunities. Last January, we acquired two Galapagos ships, as you know, expanding our presence in the core market reinforcing our leadership position there. We also expanded charter portfolio, including a new three-year agreement with Greg Mortimer, increasing and modernizing our Alaska capacity through a capital light approach. Additionally, we completed the small token acquisition of Earth's Watch on the natural habitat, adding a respected citizen science brand to our portfolio. As we look ahead, a key focus of 2026 will be on identifying accretive growth opportunities both across the fleet and by adding to our portfolio of brands. As always, I want to reiterate our purpose, our why. Our commitment to responsible exploration remains central to who we are and a defining differentiator for our company. For us, it's more than a trip. It's a mission. In 2025, we made a record $3 million investment through the Lindblad Expeditions National Geographic Fund, the largest in its 18-year history, supporting critical conservation, research, and education initiatives worldwide. We supported 46 scientist education and storytelling projects including hosting visiting scientists on 25 voyages and welcoming 45 teacher fellows. I'm especially proud of our teams whose grassroots efforts raised over $50,000 to support gray whale research, a powerful reflection of our culture in action. Turning to our outlook for 2026. our booking momentum remains very strong. We had a record weight season and booked revenue for 26 has already exceeded revenue for 2025. We're seeing similar positive trends for 2027 bookings, both across land and expedition segments. We are guiding full year revenues and adjusted EBITDA in the range of 800 to 850 million and 140 to 140 million, respectively. Rick will provide more details on the pacing of our earnings bill this year, but we are excited by our momentum and are optimistic about the opportunities ahead of us. In closing, 2025 was a foundational year, laying the groundwork for sustained profitable growth in years ahead. We delivered record revenue, record yields, and a record EBITDA, alongside a significantly strengthened balance sheet, clear evidence that our strategy is working. These results reflect our team's discipline, execution, and longstanding commitment to our North Star. Thank you for your continued confidence in Lean Blood Expeditions. I'll now turn the call over to Rick for the financial results.