Hello, everyone. Thank you for joining us, and welcome to the Lindblad Expeditions third quarter 2026 financial results. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Rick Goldberg, Chief Financial Officer. Rick, please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's third quarter 2026 earnings call. With me on today's call is Natalya Leahy, our Chief Executive Officer. Natalya will begin with some opening comments, and I will follow with details on our Q3 results and 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. 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 those 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 Natalya.
Thank you, Rick. Well, this has been a fun and exciting quarter for us. We welcomed two extraordinary brands, White Desert and Echo Charlie, to our global experiential travel platform, expanding our ability to take guests to some of the world's most remarkable places by sea, by land, and now by air. At the same time, we continue to deliver strong business momentum. Combined, these developments gave us the confidence to raise our guidance mid-quarter and again today. We delivered another outstanding quarter with double-digit growth in both revenue and Adjusted EBITDA. Total company revenue reached $269 million, up 12% from a year ago, while Adjusted EBITDA increased 12% to $64 million, despite fuel prices rising approximately 50% year- over- year. We also generated approximately $27 million in net income available to stockholders. Our year-to-date revenue, Adjusted EBITDA, and net income are all at record levels.
These results are especially meaningful against the backdrop of a challenging geopolitical environment and significantly elevated fuel prices. They demonstrate the strength and resilience of our business model, the effectiveness of our strategy, and our team's ability to execute. I'm incredibly proud of what we continue to accomplish and very confident in the opportunities ahead. Occupancy increased 310 basis points to 91% on a 4% increase in capacity. It was our third consecutive quarter with occupancy above 90%, consistent with our long-term stated goal. Net Yields increased 6% year-over-year to $1,398 per guest night, the highest third quarter net yield in the company's history. Lindblad segment revenue increased 12% to $153 million, and our Land Experiences segment revenue increased 13% to $116 million. Our disciplined commercial execution, revenue management, and improved marketing strategies continue to drive strong bookings momentum.
I'm pleased to share that our 2027 bookings continue to outpace the prior year for both our expedition and land segments, and our 2027 booked position is at record high. Our 2028 bookings are also pacing ahead of 2027. Given our continued momentum, we are raising our 2026 full-year guidance again. Specifically, we're increasing our revenue guidance to a range of $870 million - $885 million from our previous guidance of $850 million - $880 million. We now expect net yields for the full year to increase in the range of 6% - 7%, and we are updating our full-year Adjusted EBITDA guidance to a range of $142 million - $148 million. Before I walk you through our three strategic pillars, I wanted to highlight the significant growth opportunity ahead of us and how our increasingly diversified experiential travel platform positions us to capture it.
We continue to benefit from powerful macro trends as affluent travelers increasingly seek authentic, immersive experiences in extraordinary places. Expedition cruising is one of the fastest-growing and most under-penetrated segments of leisure travel. While expedition capacity has more than doubled over the past decade, it still represents less than 1% of total cruise capacity, with fewer than half a million guests traveling on expedition cruises annually. To put the broader opportunity in perspective, our approximately 60,000 annual guests across eight brands represent less than 0.1% of global travelers with financial means to experience our journeys. This gives us an enormous runway for growth. And importantly, with the addition of White Desert and Echo Charlie, we have further strengthened our position as a truly global experiential travel platform.
Our eight complementary brands now offer extraordinary experiences by sea, by land, and by air, creating more opportunities for guests to explore the world with us across multiple brands and destinations, while further diversifying our portfolio and expanding our addressable market. I believe this combination of strong market tailwinds, an exceptionally large untapped opportunity, and our expanded platform positions us extremely well for sustainable long-term value creation. Now, let me walk you through the progress we made across our three strategic pillars. First, maximizing revenue through higher occupancy pricing and deployment optimization. Second, optimizing financial performance through cost innovation and fixed asset utilization. And third, pursuing accretive growth opportunities. Beginning with our first pillar, maximizing revenue. We continue to execute against several revenue levers we have discussed previously: dynamic pricing, improved marketing communication, maximizing sales channels, and optimizing revenue management.
These initiatives continue to deliver on their objectives, as evidenced by our results and forward-booked position. We stated several times that one of our goals over the past 18 months was to expand booking curves, which drives better revenue predictability and stronger price elasticity. I'm happy to share that our average booking window increased from 9.5 months - 11.9 months. We also continue to see strong momentum in onboard and extension revenues, delivering 27% growth year- to- date. With a robust pipeline of initiatives ahead, I believe we have significant room to further unlock the full potential of this revenue stream. Moving to our second pillar, cost innovation and fixed asset utilization. We have a culture of continuous improvement, and we continue executing several efficiency initiatives across the company. To give you a few examples, we outsourced our warehouse operations and completely overhauled our accounts payable processes.
We're also building out our supply chain and inventory management capabilities and exploring AI to drive further efficiencies. Fuel costs remain a significant headwind, but I'm particularly proud of the partnership between our shoreside and shipboard teams that worked together to deliver year-over-year improvements in fuel consumption this quarter, despite 4% capacity growth. We have a strong pipeline of process improvements and cost initiatives, and we see more opportunities ahead to capture efficiencies and improve margins. That brings me to our third pillar, accretive growth, which I am most excited to discuss today. On our last few calls, we talked about evaluating opportunities to add to our portfolio of brands. On September 15th, we announced the acquisition of a majority stake in White Desert and Echo Charlie. It is the largest transaction in the company's history and the beginning of an incredible new chapter in our 60-year legacy of exploration.
If you aren't yet familiar with White Desert, you're in for something truly special. Founded in 2005 by the record-breaking polar explorer Patrick Woodhead, White Desert flies guests deep into the interior of Antarctica on private aircraft to otherworldly camps in places very few people will ever see. One-of-a-kind bucket list itineraries range from a journey to the geographic South Pole to a visit with emperor penguin colony of more than 20,000 birds. When I experienced White Desert, I immediately felt a shared spirit of curiosity and innovation, and a mutual desire to keep pushing the boundaries of what travel can be. White Desert adds a distinctive new offering to our platform that we're actively working on growing, including the addition of a fourth camp. I'm equally excited about what Echo Charlie brings to our portfolio. Echo Charlie is a new expedition travel brand we're launching together with Patrick.
It combines White Desert's aviation expertise with our knowledge of extraordinary places to create journeys into some of the world's most remote regions, the kinds of adventures many of us grew up reading about, dreaming about, and never stopped hoping to experience ourselves. We see a strong long-term value creation opportunity here. We just introduced three inaugural 2027 itineraries, each offering multiple departure dates exclusively to our past guests, and we're planning to launch publicly over the coming days. Echo Charlie gives past guests of Lindblad and White Desert new reasons to travel with us. Our Chief Expedition Officer, our Head of Corporate Development, and I just returned from Cape Town, where we spent time with White Desert team brainstorming our future together. What an amazing group of people. They are incredibly innovative, talented, and let me tell you, really fun.
I came away even more convinced that we are a great cultural fit and even more excited what we can build together and the growth opportunities ahead. We're also very pleased that Patrick Woodhead will serve as a strategic innovation advisor to Lindblad. This acquisition reinforces our view that Lindblad experiential travel platform provides an exceptional opportunity to drive value creation by enabling affluent travelers to explore by air, land, and sea. As we talk about our why and commitment to sustainability, I would like to highlight that White Desert shares the same commitment to our mission. White Desert flies hundreds of scientists to research stations across Antarctica each season, and it has long been a trusted partner for the scientific community. Additionally, White Desert recently announced the first commercial agreement in Africa to supply sustainable aviation fuel in partnership with Sasol.
This will help lower the carbon emissions of our flight and support our carbon offset program. Before I turn the call over to Rick, let me leave you with three key takeaways. First, our revenue maximization efforts are working. Net yields increased 6%, occupancy rose to 91%, and our 2027 and 2028 bookings continue to pace ahead. Second, we are becoming a more efficient organization, and that discipline is showing up in Adjusted EBITDA margins and growth. Third, our accretive growth initiatives give us multiple ways to capture a large and still under-penetrated market. With White Desert and Echo Charlie, we have added air to our cruise expeditions and land journeys, making us a comprehensive experiential travel platform. Lastly, this year has had its share of challenges, from geopolitical risks to significantly higher fuel prices.
I'm very proud of our operating results in the face of them, and I want to thank every member of our team for their focus, their resilience, and their unwavering commitment to the guest experience. To our new colleagues at White Desert and Echo Charlie, we're delighted to have you with us. With that, I am turning it to you, Rick.
Thank you, Natalya. I'm pleased to report that the third quarter was another record-setting quarter for Lindblad Expeditions, with our highest-ever quarterly Adjusted EBITDA and net income, and our third consecutive quarter with occupancy above 90%. Reflecting the strong performance and continued booking momentum, we're raising our full-year guidance for the second time in just six weeks. Before diving into the details, I'd also like to recognize the acquisition of White Desert and Echo Charlie, our largest acquisition to date and an important milestone in Lindblad's growth. I'm particularly proud of the team's work to bring this transaction to completion, reflecting the capabilities we've built to identify, evaluate, and execute strategic acquisitions. With that, let me walk through our third-quarter results in more detail. Total company revenue for the third quarter was $269.2 million, an increase of $29 million, or 12.1%, compared to the prior year.
Lindblad segment revenues were $153.4 million, an increase of $15.8 million, or 11.5%, compared to the prior year. Despite a 4.3% increase in available guest nights, occupancy increased 3.1 percentage points from 88.1% to 91.2%, and Net Yield per Available Guest Night increased 6.4% to $1,398, the highest Q3 net yield in company history. Land Experiences segment revenues were $115.8 million, an increase of $13.2 million, or 12.8%, compared to Q3 2025, primarily driven by a 12% growth in guests. Turning now to the cost side of the business. Operating expenses before stock-based compensation, transaction and reorganization expenses, and depreciation and amortization increased $22.1 million, or 12.1%, versus Q3 2025. Specifically, cost of tours increased $11.6 million, or 9.3%, driven by additional voyages and trips, as well as higher fuel costs.
Despite higher fuel prices, revenue growth outpaced the increase in costs, resulting in gross margin expansion of 130 basis points to 49.5%. We remain focused on reducing fuel consumption through technology and operational improvements while preserving the flexibility for our captains and expedition leaders to adjust itineraries in real time to optimize the guest experience. These efforts are delivering tangible results. Despite a 4.3% increase in capacity, we reduced total fuel consumption year over year. However, higher fuel prices resulted in a $1.3 million, or 22% increase in fuel expense, with fuel costs representing 4.9% of Lindblad segment revenue compared to 4.5% in the prior year quarter. Selling and marketing costs increased $7.7 million, or 25.5%, primarily due to the final royalty rate step-up under our National Geographic agreement. General and administrative costs, excluding stock-based compensation, transaction-related expenses, and reorganization costs, increased $2.9 million, or 10.2%.
Approximately two-thirds of this increase, or $1.8 million, was attributable to a one-time employee retention tax credit benefit recognized in the third quarter of 2025. Excluding this prior year benefit, G&A as a percentage of revenue declined approximately 1% year- over- year, reflecting disciplined cost management and improving operating leverage as we scale the business. Adjusted EBITDA for the quarter was $64.1 million, an increase of $6.9 million, or 12%, compared to the third quarter of 2025. Lindblad segment Adjusted EBITDA increased $4.3 million, or 13.2%, to $37.1 million, while Land Experiences segment Adjusted EBITDA increased $2.5 million, or 10.3%, to $27 million. Despite higher fuel costs and the final royalty rate step-up under our National Geographic agreement, we maintained Adjusted EBITDA margins of 23.8%, consistent with the prior year quarter.
Net income available to stockholders reached $24.2 million, or $0.36 per diluted share, compared to a slight loss in the prior year quarter. Importantly, this represents the highest quarterly net income in our company's history, a significant milestone that underscores the progress we're making in driving profitable growth. Through the first nine months of the year, net income available to stockholders totaled $28.8 million, or $0.44 per diluted share. Turning to the balance sheet, we ended the quarter with total cash of $308.2 million, an increase of $18.4 million since year-end 2025. This reflects strong operating cash flow of $111.3 million, driven primarily by solid business performance and increased bookings for future travel.
Cash used in investing activities totaled $73.4 million, including $18.8 million in capital expenditures, primarily for maintenance of our own fleet, and approximately $54.6 million for the acquisition of 60% controlling interest in White Desert and Echo Charlie, net cash acquired and subject to customary post-closing accounting reconciliations. Year-to-date Free Cash Flow reached $92.5 million, an increase of $32.1 million, or 53%, compared to the prior year quarter. Following the acquisitions of White Desert and Echo Charlie, net leverage stood at 2.5x at quarter end, compared to 2.2x at the end of the second quarter. Our balance sheet remains strong, and we believe we are well-positioned to continue pursuing accretive growth opportunities, including fleet expansion through new builds, acquisitions, and charters, as well as additional Land Experience acquisitions. Turning now to our full-year outlook.
When we announced the acquisition of White Desert on September 15th, we raised our full-year guidance to reflect both the addition of White Desert and the continued strength of our core business. Since then, our core business has continued to demonstrate strong momentum, and I'm pleased to share that we are once again raising our outlook. As Natalya mentioned, booking momentum remains strong, with continued strength in booking for travel during the remainder of 2026, and both 2027 and 2028 are pacing ahead of the prior year. Reflecting this momentum, we now expect Net Yield per Available Guest Night to increase 6%-7% year-over-year, up from our previous guidance of 5.5%-6.5%. We are also raising our full-year revenue guidance to a range of $870 million-$885 million, compared to our prior range of $850 million-$880 million.
While higher fuel prices continue to present a headwind, the strength of our underlying business is helping offset these pressures. Accordingly, we are raising the low end of our full-year Adjusted EBITDA guidance by $2 million, resulting in an updated range of $142 million-$148 million, compared to our previous range of $140 million-$148 million. In closing, we're proud of the progress we've made this year, delivering record financial results while continuing to invest in the long-term growth of our business. With strong booking momentum, a healthy balance sheet, and an expanded portfolio of differentiated travel experiences, we're more confident than ever in Lindblad's future. Thank you for your interest in the company. With that, Natalya and I would be happy to answer any questions you may have.
We will now begin the question-and-answer session. Please limit yourself to two questions. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Steven Wieczynski. Your line is open. Please go ahead.
Yeah, you guys. Good morning. I want to ask about the 2027, 2028 booked position and current demand patterns. If we think about 2027, 2028 bookings, you guys noted they are running at record. You guys are running at record booked levels or a booked position at this point. I guess my question is, as we think about that booked position, can you maybe give us some color around how pricing is looking, what pricing is looking like in those out years? Just trying to understand what that pricing could look like at this point, given your occupancy is now running in that low 90s range. To us, that should mean you should be able to kind of push a little bit more on price, given where demand is. I will stop there and let you answer that if you can.
Yeah. Good morning, Steve. Great question. I mean, we are at the optimal occupancy level, like we noticed, and the revenue booked position is all-time high in 2027 in the company history, which by mathematical definition means that our pricing is up. I am very pleased. It is, of course, pricing course, and we are managing over 100 destinations, but on many, many occasions, our pricing is in double digits. It will waver to about mid-single digits yield. That is what I would be forecasting, but we are very pleased with what we are doing with revenue management and demand generation, both in 2027 and 2028.
Okay. Just to be clear, there you are kind of saying as we think about next year, like a mid-single digit yield would be pretty fair at this point.
Correct.
Okay. Then want to ask about maritime capacity expansion, which Rick touched on just briefly in his prepared remarks. Think from our seat, the next step here has to be, from a growth perspective, more capacity given demand, given where demand is for luxury and exploration. I mean, obviously, that continues to be extremely strong. Maybe Rick or Natalya Leahy, give us a little bit more color in terms of the options that are out there for you guys, in terms of maybe how you are thinking about those options between building, whether it is building, whether it is chartering, whether it is buying. Any more color on there, I think, would be super helpful. Thanks.
Yeah, Steve, let me start, and Rick can jump in on that. First of all, as we talked about, we continue to expand our charter capacity. We have seen mid-single digit capacity growth this year, mainly from our optimization of deployment, but also from significant expansion of our charters. We will continue to see mid-single digit capacity growth on our charter expanded business going forward. As we talked about in the last couple calls, we also work on adding ships to our fleet. We're not ready to share yet, but we're very close to finalizing our plans in that regard, and I just ask us all to be a little patient with that. Rick, anything to add?
Nope. I think you covered it, Natalya.
Okay, guys. Appreciate the color. Thank you so much.
Your next question comes from the line of Ian Zaffino with Oppenheimer. Your line is open. Please go ahead.
Hi. Great. Thank you very much. Glad to see demand is so strong here. Question would be just on Q4 and maybe EBITDA guide. Can you maybe help us understand the bridge there? Is this kind of mostly related to fuel? Because I'm just looking at the year-over-year comp, and is that all fuel? Anything else going on there? Anything else you could do to mitigate that? Thanks.
Yeah. Thanks so much, Ian. What I'd say with Q4 is, as we shared previously, we expect capacity to be down mid-single digits in Q4 due to the timing of dry docks and repositionings. We're continuing to expect full-year capacity to be up 4.5%-5%, but there always is some fluctuations between quarters in terms of dry docks and repositioning. So you're seeing that in Q4. In addition, we have fuel price, which remains a headwind for the business. Despite that, we're continuing to see strong in-year bookings, which is helping to offset and mitigate those factors.
Okay. Then just maybe sticking on fuel for a second longer. I know you kind of mentioned a few things to mitigate fuel costs, but any thinking on surcharges or pursuing hedges or anything like that? Or maybe any other kind of mitigating steps that you think that you could take to offset some of that? Maybe even like dynamic pricing. I don't know if that factors into any of that at all. If you could give some color there. Thank you.
Ian, let me cover your surcharges and dynamic pricing question, and we can comment on hedging. The pricing, and I firmly believe in that, has to be driven by consumer. So our job is drive demand there and develop capabilities. First of all, develop an outstanding product and guest experience, and that will be supported by our marketing tools to generate pricing capabilities. We are doing that in a very, very strong way, which obviously helps to offset any kind of cost fluctuation, including fuel or investments in our food and guest experience. I don't think you can, I don't believe you can just add the surcharge for fuel, and I think it needs to be supported by guest experience and natural organic demand. I'll let Rick comment on hedging.
The company has never hedged fuel consistent with some other public peers, and our focus is really on looking at ways that we can control fuel prices. We talked about a little bit on the call the steps that we're taking to reduce consumption. We're also looking at how and where we purchase fuel in order to help us limit the impact of these price increases that we're seeing in the fuel markets.
Okay. Thank you very much.
Your next question comes from the line of Chris Woronka with Deutsche Bank. Your line is open. Please go ahead.
Hey. Good morning, guys. Thanks for taking the questions. I know that you've always talked about the importance of availability of airfare, particularly adequate number of first-class seats from some key feeder U.S. markets. As you kind of look out to 2027, just given airlines keep kind of playing around with their schedules in response to fuel, is there anything on the good side or bad side that you see schedule-wise in terms of, or do you think there's going to be enough first-class capacity in the major airlines and the major feeder markets to your markets internationally? Thank you.
Yeah. Thanks so much, Chris. We're not seeing anything in terms of air routes that we expect to impact demand for our 2027 or 2028 itineraries at this time.
And again.
Okay
I think, Chris, remember, we have, with all the growth that we have for our company, but we only have 60,000 guests traveling with us annually across all of our brands.
Yeah. That's a great point. Thanks, Natalya. And the follow-up question is, I mean, look, we've seen in the last quarter, we've seen one of the major cruise companies do this newer land-based strategy with the joint venture. I know that's not something you guys would necessarily look at in that kind of size or scope, but is there any thought to hotel operations in certain markets if there's the right opportunity that kind of fits your demographic?
Chris, I think this is very much related to our main topic of this call is we are and have been building a truly experiential travel platform. We are not per se in a hotel business. We are in experiential travel business. Our goal is to grow our portfolio by delivering very high to replicate exceptional experiential guest experience in most unique destinations. We had portfolio of land companies that take people by feet, by bicycles to most exceptional destinations and close to the nature and culture. Now we are at White Desert, we are launching Echo Charlie, and all of these brands play in this experiential travel segment, allowing our guests to transition from brand to brand as they experience this world.
Okay. Understood. Very helpful. Thanks, Natalya. Thanks, Rick.
Thank you.
Your next question comes from the line of Anthony Berni with Jefferies. Your line is open. Please go ahead. As a reminder, please unmute your device locally.
Anthony, if you are speaking, we cannot hear you.
Maybe we will go to the next question, and if Anthony comes back on, we can bring him back into the queue.
Okay. Your next question is from Eric Des Lauriers with Craig-Hallum Capital Group. Your line is open. Please go ahead.
Great. Thanks for taking my questions, and congrats on another very impressive quarter here. Both my questions focus on the Land Experiences growth opportunities. We saw some increased ownership stakes this quarter. Just wondering what capacity remains for increased ownership stakes across some of your various Land Experiences brands or companies here, and then ownership stakes aside, how should we think about the organic growth opportunities within your existing Land Experiences portfolio? Thanks.
Yeah. I will start with the second half of that question, Eric, which is we continue to see tremendous opportunities to grow our Land Experiences portfolio businesses organically, and you can see the results over the last year of those businesses, and we remain very bullish on them. In terms of the increased stakes, we did earlier in the year purchase a little bit of the outstanding stakes for Natural Habitat Adventures as well as Classic Journeys. However, over the last year, all of the founders of our Land Experiences businesses have signed extensions to continue to lead those companies into the future, and we remain very excited and enthusiastic about those partnerships.
Great. That is it for my question.
Again, we have Anthony Berni with Jefferies. Your line is open. Please go ahead.
Hi, good morning. Can you hear me now?
Good morning. Yes, we can, Anthony.
Hey, sorry about that before. Thank you for taking our questions. Congrats on a great quarter. Apologies if this was asked before, but just following up on the capacity question, I think I heard charters will increase cruise capacity by mid-single digits next year. Is that correct? Are there any other factors to consider? On the land side, appreciate that you can flex your capacity up and down with demand pretty easily, but can you give us any color on how much volume you expect next year in that segment as well? Thank you.
Well, I think, Anthony, we are going to provide the next year guidance in upcoming calls, so I'm not going to share exact numbers. But you are hearing correctly the fact that we will continue to grow our charter business in some of the most unique destinations. We expanded our Amazon offerings. We have Greg Mortimer expanding our Alaska business and growing, and we continue to develop this long-term partnership. You heard about European river cruises, et cetera. Yes, that will continue to be our moderate capacity growth lever. Yes, our Land Experiences businesses are growing both in geographies that they are offering, but also in adding additional departures or various different products within their current destinations. Last time we talked about Off the Beaten Path launching a new Grandslam product in Alaska that sold out within days.
We continue to innovate in places where we already are strong.
Perfect. Last one from me. In the past, you've called out dozens of cost innovation initiatives that you have available. Can you quantify how much you intend to save with those and which cost buckets you think should see the biggest benefits?
Rick will answer more detailed questions. What I want to stress here, we continue to see dozens on cost innovation initiatives. What I would say, while we have seen significant results translate into margin this year, we're still in pretty early innings on that work, given some of the investments in technology we are making and capabilities. I mentioned today inventory management as one of the areas that I think we're going to really see some results coming in upcoming years, given our investments in technology and people and capabilities in that space. Rick, anything to add?
Yeah, I'd just say that of the initiatives that we have launched here in 2026, we won't see the full benefit of those hit the P&L until 2027, just given the long lead time that many of them have. If you think about what lines on the P&L are most impacted, it's cost of tours, it's G&A, and it's CapEx.
Great. Thank you very much.
Your last question comes from the line of Stephen Grambling with Morgan Stanley. Your line is open. Please go ahead.
Hey, thank you for taking the questions. Maybe a good segue from that last question on technology is actually just thinking about the potential impact of agentic bookings. I know that you're mainly direct in terms of your business, but curious how you make sure that as more people use agents and/or LLMs in how they're researching their vacations, how you ensure that you'll be kind of in the top of the heap, or even maybe see opportunity to improve the awareness and pricing capabilities. Thank you.
Yeah, thank you, Stephen. It's great to hear from you. We talked a little bit last time, you and I talked about that. I think we are all learning here. What I would say in terms of, yes, people use AI to get them information, and therefore, as we think about our storytelling and demand generation, what plays a bigger role than ever is areas like public relations or organic-generated opinion on things like Reddit, et cetera, where what we can do there is, one, is we are investing in our public relations and storytelling capabilities. We just welcomed a new PR leader into our organization last quarter. We also will have to continue deliver exceptional guest experience that generate organic comments that are feeding AI agents as they're providing recommendations. So, hopefully it helps.
Yes. Thank you.
You are welcome.
There are no further questions at this time. I will now turn the call back to Rick Goldberg for closing remarks.
Thanks so much. Really appreciate everyone taking the time to join today's call and your continued interest in Lindblad Expeditions. Thanks so much, everyone. Bye now.
This concludes today's call. Thank you for attending. You may now disconnect.