Lindblad Expeditions Holdings Inc (LIND) 2023 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Lindblad Expeditions Report 2023 Third Quarter Financial Results. My name is Chach, and I'll be the coordinator for your call today. (Operator Instructions)

大家早安，歡迎閱讀 Lindblad Expeditions 2023 年第三季財務業績報告。我叫 Chach，我將擔任您今天通話的協調員。 （操作員說明）

I would now like to hand over the call to Craig Felenstein, Chief Financial Officer, to begin. Please go ahead.

我現在想將電話轉交給財務長克雷格費倫斯坦 (Craig Felenstein)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's 2023 Third Quarter Earnings Call. With me on the call today is Sven-Olof Lindblad, Lindblad's Founder and Chief Executive Officer; Sven will begin with some opening comments, and then I will follow with some details on our financial results, balance sheet and current 2023 expectations before we open the call for Q&A.

謝謝你，接線生。大家早安，感謝您參加 Lindblad 的 2023 年第三季財報電話會議。今天與我一起參加電話會議的是 Lindblad 的創辦人兼執行長 Sven-Olof Lindblad； Sven 將首先發表一些開場評論，然後在我們開始問答環節之前，我將介紹有關我們的財務業績、資產負債表和當前 2023 年預期的一些詳細信息。

You can find our latest earnings release in the Investor Relations section of our website. Before we get started, let me 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.

您可以在我們網站的投資者關係部分找到我們最新的收益發布。在開始之前，讓我提醒大家，該公司今天的評論可能包含前瞻性陳述。這些預期受到風險和不確定性的影響，可能導致實際結果和績效與這些預期有重大差異。該公司無法保證任何預測或估計的準確性，並且我們不承擔更新任何此類前瞻性陳述的義務。如果您想了解有關前瞻性陳述所涉及風險的更多信息，請參閱該公司向 SEC 提交的文件。

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.

此外，我們的評論可能會參考非公認會計準則財務指標。最直接可比較的公認會計準則財務指標和其他相關揭露的調節表包含在公司的收益報告中。

And with that out of the way, let me turn the call over to Sven.

那麼，讓我把電話轉給斯文。

Thank you, Craig, and good morning, everybody, and thank you for joining us. Craig will discuss our record financial results in a moment. But before he does, I would like to take a few minutes to discuss some momentum across our operations, along with where we are focused as a company to further take advantage of the earnings potential of our platform and the growing demand for experiential travel.

謝謝克雷格，大家早安，謝謝您加入我們。克雷格稍後將討論我們創紀錄的財務表現。但在他發言之前，我想花幾分鐘時間討論我們運營的一些動力，以及我們作為一家公司的重點，以進一步利用我們平台的盈利潛力和對體驗式旅行不斷增長的需求。

When I returned to CEO in June, I made it clear to the organization that we have 3 key priorities. First, as has been the #1 principle since we founded the company back in 1979, ensure that everything we do elevates and enhances the guest experience. Second, given the fixed cost nature of our fleet still our expanded capacity to the same levels we were doing so prior to the pandemic and third, continue to rapidly grow the diverse businesses we have acquired while strategically and selectively looking for accretive acquisitions where we can further broaden our offerings and when appropriate, create cross-marketing opportunities that provide meaningful incremental value.

當我六月重新擔任執行長時，我向組織明確表示我們有 3 個關鍵優先事項。首先，正如我們自 1979 年創立公司以來的第一個原則一樣，確保我們所做的一切都能提升和增強賓客體驗。其次，考慮到我們機隊的固定成本性質，我們仍將產能擴大到大流行之前的水平；第三，繼續快速發展我們已收購的多元化業務，同時戰略性地、有選擇性地尋找可以增值的收購。進一步擴大我們的產品範圍，並在適當的時候創造交叉行銷機會，以提供有意義的增量價值。

I'd like to provide a little color on each of these priorities, starting with the guest experience. Ensuring our quality is the highest level possible before, during and after the expedition has always been essential because it is our promise to guests. High quality is what they reasonably expect and it's even more important today given the evolving competitive landscape. We are proud of the consistently excellent guest satisfaction scores we have always achieved and we are dedicated to continuing to earn those results as we continue to grow in the months and years ahead.

我想從賓客體驗開始，對每個優先事項進行一些說明。確保我們在探險之前、期間和之後的品質達到最高水平始終至關重要，因為這是我們對客人的承諾。高品質是他們的合理期望，考慮到不斷變化的競爭格局，這在今天顯得更加重要。我們為一直以來取得的出色的賓客滿意度感到自豪，並致力於在未來幾個月和數年中繼續發展，繼續贏得這些成果。

There have been some short-term challenges on the pre-voyage from the changes in our operating environment and changes to our company infrastructure have presented, but we have been diligent in addressing each head on.

由於營運環境的變化和公司基礎設施的變化，航行前出現了一些短期挑戰，但我們一直在努力解決每一個挑戰。

External factors such as lingering remnants of COVID, changing political circumstances and evolving geographic nuances have created much deeper and longer conversations between guests and our service teams. Take -- this takes more time to ensure that they have all the information needed for upcoming in prospective voyages.

新冠疫情揮之不去、不斷變化的政治環境和不斷變化的地理差異等外部因素，使得客人和我們的服務團隊之間進行了更深入、更長的對話。就拿——這需要更多的時間來確保他們擁有即將到來的預期航行所需的所有資訊。

So we have adjusted the employee numbers dedicated to this effort, so swiftly accommodate the rise in inbound call volume. At the same time, we are adapting to a massive change in technology as we significantly upgraded our digital stack with the rollout of a new CRM system, reservation platform, content management system, customer data platform and company website.

因此，我們調整了專門從事這項工作的員工人數，以便迅速適應呼入電話量的成長。同時，我們正在適應技術的巨大變革，透過推出新的 CRM 系統、預訂平台、內容管理系統、客戶資料平台和公司網站，大幅升級了我們的數位堆疊。

Fully integrating these tools will provide far greater efficiency for our guests and employees. And after the expected initial challenges as we integrated 15 critical systems across the company, including sales, marketing, accounting, operational and analytical tools, we are beginning to see the benefits from these investments.

完全整合這些工具將為我們的客人和員工提供更高的效率。在經歷了預期的最初挑戰後，我們整合了整個公司的 15 個關鍵系統，包括銷售、行銷、會計、營運和分析工具，我們開始看到這些投資的好處。

As we focus on our prevoyage interactions and integrating technology, we are also now back to full force with research and development. It is the lifeblood of providing unparalleled experience and having significant boots on the ground, planning and developing itineraries as an essential ingredient to cultivating new experiences in parts of the world we have been visiting for years and curating new expeditions in additional destinations worldwide. The same can be said for in-person training of our field staff, marine personnel and hotel operations.

當我們專注於航行前的互動和整合技術時，我們現在也全力投入研發。它是提供無與倫比的體驗並在當地擁有重要經驗的命脈，規劃和開發行程是在我們多年來訪問過的世界各地培養新體驗並在世界各地其他目的地策劃新探險活動的重要組成部分。我們的現場工作人員、海事人員和酒店運營的現場培訓也是如此。

All key ingredients to the unparalleled service and experiences that Lindblad has been synonymous with over the last 5 decades.

Lindblad 在過去 5 年裡一直是無與倫比的服務和體驗的代名詞，所有這些關鍵要素都構成了這一點。

Turning to our second priority, filling our ships. This is obviously an imperative as they are basically fixed cost platforms. The vast majority of each additional guests beyond our current occupancy drops to the bottom line, in each bed because unsold is a lost opportunity to maximize our platform and increase margins. We have discussed in the past how every point of occupancy is worth approximately $4 million to $5 million all else being equal. So it's not hard to see the tremendous upside in getting from the current occupancies to historic levels. The key to doing so is multifaceted, starting with the right balance of inventory.

轉向我們的第二要務，為我們的船隻加油。這顯然是必要的，因為它們基本上是固定成本平台。除了我們目前的入住人數之外，每張床的絕大多數新增客人都會跌至底線，因為未售出的床位意味著我們失去了最大化平台和增加利潤的機會。我們過去曾討論過，在其他條件相同的情況下，每個入住點的價值約為 400 萬至 500 萬美元。因此，不難看出，從目前的入住率上升到歷史水準將帶來巨大的好處。做到這一點的關鍵是多方面的，首先是庫存的適當平衡。

As we strategically expanded our fleet beginning in 2016, we focused on maintaining that balance, investing in capacity that would serve the guest demand, we were seeing across the globe. By doing so, we expanded our U.S. fleet, nearly tripling our capacity in key areas such as Alaska, while maintaining high occupancy levels and increasing yields.

當我們從 2016 年開始策略性地擴大機隊規模時，我們專注於維持這種平衡，並投資於滿足全球客戶需求的運力。透過這樣做，我們擴大了美國機隊，使阿拉斯加等關鍵地區的運力幾乎增加了兩倍，同時保持了高入住率並提高了產量。

We're on the same path to the same with our expanded blue water fleet when COVID hit, which was further exacerbated by Russia's invasion of Ukraine coursing the rescheduling of many of our new exciting itineraries like crossing the Northeast Passage and any other general involving Russia.

當新冠疫情襲來時，我們與我們擴大的藍水艦隊正走在同樣的道路上，俄羅斯入侵烏克蘭進一步加劇了這種情況，導致我們重新安排了許多令人興奮的新行程，例如穿越東北航道和任何其他涉及俄羅斯的將軍。

These itineraries had to be recrafted remarketed and they had to be done so while we also lost 2 years of generating new pass guests due to COVID. These past guests are critical to generating strong demand for all of our more esoteric itineraries. They have already traveled with us once, have an appreciation for what we do and have recent sees drivers. So it is imperative that we rebuild that pass gas pipeline to maximize the opportunity across our fleet.

這些行程必須重新設計、重新行銷，而且必須這樣做，同時由於新冠疫情，我們也損失了 2 年的新通票旅客數量。這些過去的客人對於為我們所有更深奧的行程產生強烈需求至關重要。他們已經和我們一起旅行過一次，對我們所做的事情很欣賞，並且最近見過司機。因此，我們必須重建該天然氣管道，以最大限度地利用我們船隊的機會。

We are already making significant inroads on that front. Itineraries that are drivers of new guests, Alaska (inaudible), for example, are already performing near historic levels. And so the system is now fully active again, producing the necessary pipeline for balanced across-the-board occupancy in future years.

我們已經在這方面取得了重大進展。例如，阿拉斯加（聽不清楚）等新客人的行程已經接近歷史水準。因此，該系統現在再次完全活躍，為未來幾年的均衡全面佔用提供了必要的管道。

At the same time, as I laid out on Alaska, we continue to focus on creating the most modern marketing and sales platform to propel growth. Marrying the historically successful approach, which centered around direct mail and targeted e-mails with meaningful digital lead generation, focusing on driving first-time bookings through elevated search campaigns to capture and convert new audiences.

同時，正如我在阿拉斯加所闡述的那樣，我們將繼續專注於創建最現代化的行銷和銷售平台以推動成長。將歷史上成功的方法（以直郵和有針對性的電子郵件為中心）與有意義的數位潛在客戶開發結合起來，重點是透過提高搜尋活動來吸引和轉換新受眾來推動首次預訂。

We are also continuing to grow our relationship with travel advisers across the globe as more advisers are booking their clients on expedition cruises than ever before, and we've hired industry-leading salespeople to help us grow our share from these important distribution partners.

我們也持續發展與全球旅遊顧問的關係，因為越來越多的顧問為客戶預訂探險遊輪，我們聘請了業界領先的銷售人員來幫助我們增加從這些重要分銷合作夥伴那裡獲得的份額。

As we grow occupancy, we are also focused on ensuring that we maintain our premium price point given the experience we deliver. This requires that we continue to reinforce the messaging around our value proposition with an emphasis on the differentiated high-quality expedition we can provide given our heritage experience and knowledge base as well as our long-standing partnership with National Geographic.

隨著入住率的成長，我們也致力於確保在提供優質體驗的情況下維持高價位。這要求我們繼續強化圍繞我們的價值主張的訊息傳遞，重點是我們可以根據我們的遺產經驗和知識基礎以及我們與國家地理的長期合作夥伴關係提供差異化的高品質探險。

For many travelers, a destination like Antarctica is a once in a lifetime experience. We believe strongly the exceptional experience should not be compromised. And with us, it won't be. We clearly have the best and most experienced navigators, expedition leaders and naturalists as well as the best ships both from the perspective of providing expedition excellence and elegance.

對許多旅客來說，像南極洲這樣的目的地是一生一次的經驗。我們堅信，卓越的體驗不應受到損害。而對我們來說，情況不會如此。從提供卓越和優雅的探險活動的角度來看，我們顯然擁有最優秀、最有經驗的航海家、探險領隊和博物學家以及最好的船隻。

The first priority is to continue to drive the results across our land ports. The final priority is to continue to drive the results across our land portfolio. The rapid growth we are delivering at Natural Habitat, DuVine, Classic Journeys and off the Beaten Path is a testament to the founders and leaders of these businesses, who share my commitment to the guest experience.

當務之急是繼續推動陸路口岸取得成果。最後的優先事項是繼續推動我們的土地投資組合以取得成果。我們在 Natural Habitat、DuVine、Classic Journeys 和 Off the Beaten Path 所實現的快速成長是對這些企業的創始人和領導者的證明，他們與我一樣致力於賓客體驗。

We had significant momentum coming out of COVID in 2022 and are certainly building on that success in 2023. The collaboration and sharing of best practices with regard to product, marketing and operations is helping to attract more and more travelers and we believe we are just scratching the surface of opportunity where the land portfolio has to offer.

我們在2022 年從新冠疫情中獲得了巨大的動力，並且肯定會在2023 年的成功基礎上再接再厲。在產品、營銷和運營方面的合作和最佳實踐共享有助於吸引越來越多的旅行者，我們相信我們只是在起步階段土地組合所提供的機會面。

As we grow our existing business, we also continue to explore additional opportunities to further broaden our product offerings. We recognize that our travelers are (inaudible) in their interest. A person may be with us in Antarctica in December and on Safari in Africa in September. The more diverse options we can provide the better. So we are very focused and excited about selectively finding additional companies that are best-in-class and aligned from a mission perspective to bring into the fold.

隨著我們現有業務的發展，我們也繼續探索更多機會來進一步擴大我們的產品範圍。我們認識到我們的旅客（聽不清楚）符合他們的利益。一個人可能會在 12 月與我們一起去南極洲，並在 9 月與我們一起去非洲探險。我們可以提供的選擇越多樣化越好。因此，我們非常專注並興奮地有選擇地尋找其他同類中最好的、從使命角度來看一致的公司來引入。

The biggest opportunity we have in the short term is to increase the execution of our existing portfolio but augmenting our long-term growth opportunity with additional drivers remains a priority. Overall, we are very excited by the momentum across our entire company as we deliver strong results today, while setting ourselves up to further leverage the premium platform we have built.

短期內我們擁有的最大機會是增加現有投資組合的執行力，但透過額外的驅動因素來增強我們的長期成長機會仍然是我們的首要任務。總的來說，我們對整個公司的勢頭感到非常興奮，因為我們今天取得了強勁的業績，同時我們也做好了進一步利用我們建立的優質平台的準備。

In many ways, we are a much different company now than we were right before the pandemic with a fleet that is 40% larger, a land portfolio that is quite beautiful and an involve technological footprint and overall company infrastructure. While there is significant opportunity, there will also be a lot of hard work involved ensuring the success of the priorities I've laid out but the organization fully understands and embraces their importance, and we look forward to delivering continued growth in the months and years ahead.

從很多方面來說，我們現在的公司與大流行之前相比有很大不同，我們的機隊擴大了 40%，土地投資組合非常漂亮，涉及技術足跡和整體公司基礎設施。雖然存在重要的機會，但也需要付出大量艱苦的工作來確保我所列出的優先事項取得成功，但組織充分理解並接受其重要性，我們期待在數月和數年中實現持續增長。

And with that, I will turn the call back to Craig.

然後，我會將電話轉回給克雷格。

Thanks, Sven. As Sven mentioned, Lindblad delivered record third quarter results, building on the momentum we generated during the first half of the year. As we further ramped operations with broader deployment of our expanded fleet and additional departures across our diversified portfolio of demand businesses.

謝謝，斯文。正如 Sven 所提到的，Lindblad 在我們上半年產生的勢頭的基礎上實現了創紀錄的第三季業績。隨著我們進一步擴大營運規模，擴大機隊的部署範圍，並在多元化的需求業務組合中增加航班班次。

Equally as important, as we deliver sustained year-on-year growth we continue to take the necessary operational and strategic steps to further position us to take full advantage of the growing demand for high-quality experiential travel. The earnings potential of the company has increased dramatically for pre-pandemic levels and the significant investments we have made in our overall infrastructure, technological footprint and marketing and sales capabilities will allow us to maximize that earnings potential in the years ahead.

同樣重要的是，在我們實現持續的同比增長的同時，我們將繼續採取必要的營運和策略步驟，以進一步充分利用對高品質體驗式旅行不斷增長的需求。該公司的獲利潛力已大幅提高到疫情前的水平，我們在整體基礎設施、技術足跡以及行銷和銷售能力方面進行的重大投資將使我們能夠在未來幾年最大限度地發揮盈利潛力。

Turning to the third quarter specifically. Total company revenue of $176 million increased $31 million or 22% versus the third quarter a year ago. As we continue to ramp operations with strong growth across both of our operating segments. At the Lindblad segment, revenue of $109 million increased $25 million or 30% versus the third quarter a year ago. The year-on-year growth was driven by a 21% expansion in available guest nights from broader utilization of the fleet and by increased pricing, which contributed to a 9% increase in net yield to $1,110 per available guest night.

具體來說第三季。該公司總收入為 1.76 億美元，與去年同期相比增加了 3,100 萬美元，即 22%。隨著我們繼續擴大運營，我們的兩個營運部門都實現了強勁成長。 Lindblad 部門的營收為 1.09 億美元，與去年同期相比增加了 2,500 萬美元，即 30%。同比增長的推動因素是，由於機隊的更廣泛利用，可用賓客過夜數增加了 21%，加上價格上漲，導致淨收益增長 9%，達到每可用賓客過夜數 1,110 美元。

Occupancy of 81% was in line with the third quarter a year ago, despite the significant increase in available guest nights year-over-year. At the Land Experiences segment, revenue of $67 million increased $6 million or 10% versus the third quarter of 2022, led by additional departures and guests across our land companies, including Natural Habitat trips to Africa, Alaska, Canada and the U.S. national parks. Off the Beaten Path trips to Alaska and the U.S. national parks, DuVine bike tours in Italy, France and Portugal and Classic Journey trips across Europe.

儘管可用賓客過夜數同比大幅增加，但入住率仍達 81%，與去年同期持平。在陸地體驗部門，收入為6,700 萬美元，與2022 年第三季相比增加了600 萬美元，即10%，這主要是由於我們陸地公司的出發人數和客人數量增加，包括前往非洲、阿拉斯加、加拿大和美國國家公園的自然棲息地之旅。前往阿拉斯加和美國國家公園的人跡罕至的旅行，義大利、法國和葡萄牙的杜文自行車之旅以及穿越歐洲的經典之旅。

The strong revenue performance across both segments generated significant operating leverage with total company adjusted EBITDA of $34 million in the third quarter, an increase of 83% versus the third quarter a year ago, driven by a $15 million increase at the Lindblad segment with strength in Alaska, the Galapagos and the Arctic.

這兩個部門的強勁收入表現產生了巨大的營運槓桿，第三季公司調整後 EBITDA 總額為 3,400 萬美元，比去年同期增長 83%，這主要得益於 Lindblad 部門增加了 1,500 萬美元，阿拉斯加、加拉巴哥群島和北極。

Looking a little closer at the cost side of the business, operating expenses before depreciation and amortization, stock-based compensation, interest and taxes increased $16 million or 13% versus the third quarter of 2022, led by a 9% increase in cost of tours, primarily related to the ramp in ship utilization as well as expenses related to operating additional land-based trips.

仔細觀察業務的成本方面，與 2022 年第三季相比，折舊和攤提、股票薪酬、利息和稅項前的營運費用增加了 1,600 萬美元，即 13%，其中旅遊成本增加了 9% ，主要與船舶利用率的提高以及與營運額外陸上旅行相關的費用有關。

Fuel costs were 3% of revenue as compared to 6% of revenue in the third quarter of 2022, reflecting the increased revenue profile and lower fuel prices versus a year ago. We have seen a steady increase in fuel costs from the second quarter of this year, which will likely impact our fourth quarter and 2024 results.

燃料成本佔收入的 3%，而 2022 年第三季佔收入的 6%，反映了收入狀況的增加和燃料價格與一年前相比的下降。我們看到燃料成本從今年第二季開始穩定上升，這可能會影響我們第四季和 2024 年的業績。

But overall, fuel remains a relatively small component of our operating costs. Sales and marketing costs increased 21% versus a year ago, primarily due to higher commissions and royalties related to the increase in revenue as well as additional marketing spend to drive future bookings.

但總體而言，燃料在我們的營運成本中所佔的比例仍然相對較小。銷售和行銷成本比一年前增加了 21%，主要是由於與收入增加相關的佣金和特許權使用費增加，以及為推動未來預訂而增加的行銷支出。

The quarter also included some additional costs associated with our digital initiatives, most notably associated with the integration of our new reservation system. G&A expense during the quarter increased 18% versus a year ago, excluding stock-based compensation and onetime items, primarily due to higher personnel costs as we ramp operations and position the company for future growth. As well as from the increased credit card commissions related to final payments for upcoming itineraries and higher deposits on new reservations for future travel.

該季度還包括與我們的數位計劃相關的一些額外成本，尤其是與我們新的預訂系統的整合相關的成本。本季度的一般管理費用與一年前相比增長了 18%，不包括基於股票的薪酬和一次性項目，這主要是由於我們擴大運營並為公司未來增長做好準備而導致人員成本上升。以及與即將到來的行程的最終付款相關的信用卡佣金增加以及未來旅行的新預訂的更高押金。

Total company net income available to stockholders of $4.5 million or $0.08 per diluted share, improved $14.3 million versus a net loss available to common stockholders of $9.8 million or $0.18 per diluted share reported in the third quarter a year ago. The improvement primarily reflects the significant ramp in operations, partially offset by additional interest expense of $3.1 million, associated with higher rates and increased borrowings related to our debt refinancing in May.

股東可獲得的公司淨利潤總額為450 萬美元，即稀釋後每股0.08 美元，與去年第三季報告的普通股股東可獲得的淨虧損980 萬美元，即稀釋後每股0.18 美元相比，增加了1,430 萬美元。這項改善主要反映了業務的大幅成長，部分被 310 萬美元的額外利息支出所抵消，這些額外利息支出與利率上升以及與 5 月份債務再融資相關的借款增加有關。

Turning to the balance sheet. We ended the quarter with $205 million in cash and short-term investments. A $7 million increase from the end of the second quarter, and the company generated positive operating cash flow of $27 million during the quarter, which was partially offset by interest payments of $12 million and CapEx of $8 million, including maintenance CapEx and spending on our digital initiatives.

轉向資產負債表。本季結束時，我們擁有 2.05 億美元的現金和短期投資。較第二季末增加700 萬美元，該公司在本季產生了2,700 萬美元的正營運現金流，部分被1,200 萬美元的利息支付和800 萬美元的資本支出所抵消，其中包括維護資本支出和我們的支出數位化措施。

Turning to the full year 2023. We are excited by the sustained operating momentum across our portfolio and continue to anticipate significant growth as we ramp operations and capitalize on our expanded platform. The Lindblad segment has already booked nearly all of its full year projected ticket revenues for the year and we continue to expect total company total revenue in 2023 between $550 million and $575 million and adjusted EBITDA between $70 million and $80 million.

展望 2023 年全年。我們對整個投資組合的持續營運勢頭感到興奮，並繼續預計隨著我們擴大營運和利用我們擴展的平台，將出現顯著增長。 Lindblad 部門已經預訂了今年幾乎所有的全年預計門票收入，我們繼續預計 2023 年公司總收入在 5.5 億至 5.75 億美元之間，調整後 EBITDA 在 7,000 萬至 8,000 萬美元之間。

Please note, as we mentioned last quarter, the fourth quarter results will be impacted by the heavy dry dock and transit times across our fleet, more shoulder season inventory and seasonality to our land businesses. We have made several of the repositioning trips across the Pacific and down the Atlantic available to guests, which will increase our available guest nights and contribute to revenue growth versus a year ago. But we do anticipate lower occupancy on these wages given their nature.

請注意，正如我們上季度所提到的，第四季度的業績將受到我們船隊繁忙的乾船塢和運輸時間、更多的平季庫存以及我們的陸地業務的季節性的影響。我們已經為客人提供了幾次橫跨太平洋和大西洋沿岸的重新定位旅行，這將增加我們的可用客人過夜數，並有助於收入比一年前增長。但考慮到這些工資的性質，我們確實預期這些工資的佔用率會較低。

Additionally, occupancy will be impacted by the heightened cancellations on our each of voyages as a result of recent worldwide events. Overall, we continue to be excited about the opportunity ahead. While there may be short-term fluctuations. The investments we have made in strengthening our existing operations and expanding our product platform is delivering more guests today than ever before and ideally situates us to further capitalize on the growing demand for high-quality authentic and immersive experiential travel.

此外，由於最近發生的全球性事件，我們每趟航程的取消次數增多，也會影響入住率。總的來說，我們仍然對未來的機會感到興奮。雖然短期內可能會出現波動。我們在加強現有營運和擴大產品平台方面所做的投資，為我們帶來了比以往更多的客人，並為我們進一步利用對高品質真實和沈浸式體驗式旅行不斷增長的需求提供了理想的條件。

Thank you for your time this morning. And now Sven and I will be happy to answer any questions you have.

感謝您今天早上抽出時間。現在，斯文和我很樂意回答您的任何問題。

(Operator Instructions) Our first question today comes from Steve Wieczynski from Stifel.

（操作員說明）今天我們的第一個問題來自 Stifel 的 Steve Wieczynski。

This is Jackson behalf of Steve. First of all, excellent quarter, really nice balanced performance across land-based and crews, nicely ahead of consensus EBITDA. Given the beat, can you talk about what went into the decision to leave your guidance unchanged here? And what sort of question marks still remain that might push you towards the top or bottom of that $70 million to $80 million range?

這是傑克遜代表史蒂夫。首先，本季表現出色，在陸上和船員方面的表現非常平衡，遠遠超過了普遍預期的 EBITDA。考慮到這一點，您能談談決定保持指導不變的原因嗎？仍然存在什麼樣的問號可能會推動您走向 7000 萬至 8000 萬美元區間的頂部或底部？

Sure. Thanks, Jackson. Appreciate it. So there's a couple of things. Obviously, we're pretty much well into the fourth quarter and we have pretty good visibility as to where the rest of the year plays out. The reason we didn't change anything at this point really circles around, I would say, 3 items, which are probably more variable than less visibility here moving forward.

當然。謝謝，傑克遜。欣賞它。所以有幾件事。顯然，我們已經進入第四季度了，而且我們對今年剩餘時間的情況有很好的了解。我想說，我們此時沒有改變任何內容的原因實際上是圍繞著 3 個項目，這些項目可能比未來可見度較低的項目更具可變性。

The first certainly is cancellation levels, we don't know for sure what cancellation levels are going to look like. Cancellation levels thus far aside from (inaudible) get into in a second, have been relatively minimal still trending a little bit above 2019 levels. But they certainly have come down significantly from where they were at the start of the year. So where they ultimately end up, will have an impact on the fourth quarter, like they do traditionally at this time of year, you're not seeing a whole lot of new bookings coming into the fourth quarter given the time frame of our bookings we dealt.

第一個當然是取消水平，我們不確定取消水平會是什麼樣子。到目前為止，除了（聽不清楚）立即進入之外，取消水平相對較低，但仍略高於 2019 年的水平。但與年初相比，它們確實已經大幅下降。因此，他們最終的結果將對第四季度產生影響，就像每年這個時候的傳統做法一樣，鑑於我們的預訂時間範圍，您不會看到第四季度出現大量新預訂。處理了。

The second item is Egypt. Obviously, we have a presence in Egypt today, which is being impacted a little bit by what's going on in the world. How cancellations ratchet up with regard to each specifically will have an impact in the quarter and we'll have better visibility on that probably here in the next 2 to 3 weeks. And then the last item I would say is the fuel prices, I did mention how they're increasing here versus where they were prior in the year. But how high they ultimately increase and what the impact of that is in the fourth quarter, still is a little bit of variability. So those 3 things are what's kind of keeping us where we are today, and we'll see how they play out over the next several weeks and months.

第二個項目是埃及。顯然，我們今天在埃及的業務受到了世界上正在發生的事情的一些影響。具體而言，取消訂單的增加將在本季度產生影響，我們可能會在接下來的 2 到 3 週內對此有更好的了解。我要說的最後一個項目是燃油價格，我確實提到了與今年之前相比，這裡的燃油價格如何上漲。但它們最終成長的幅度以及對第四季的影響仍存在一些變化。所以這三件事讓我們保持了今天的水平，我們將看看它們在接下來的幾週和幾個月裡會如何發揮作用。

Okay. Great. Really appreciate all the detail there. If I could ask 1 more, I would just say, in your release, you noted 2023 bookings remained solidly ahead of pre-pandemic, 42% but can you give any commentary around 2024 bookings and recent booking trends? And I guess, specifically, have you noticed any hesitance from your customer base further out, just kind of tied to the heightened geopolitical tensions globally.

好的。偉大的。真的很欣賞那裡的所有細節。如果我還能再問一個問題，我只想說，在您的新聞稿中，您指出2023 年的預訂量仍然遠遠領先於大流行前的42%，但您能否對2024 年的預訂量和最近的預訂趨勢發表任何評論？我想，具體來說，您是否注意到您的客戶群有任何猶豫，這與全球地緣政治緊張局勢加劇有關。

Sure. So here's what I'll say. The booking trends have been relatively consistent. So when we look at kind of the bookings during the third quarter, for example, gross production in the third quarter was up close to 20% versus where it was in 2022 in the third quarter.

當然。這就是我要說的。預訂趨勢相對一致。例如，當我們查看第三季的預訂情況時，第三季的總產量比 2022 年第三季的總產量增加了近 20%。

So we continue to see really nice growth year-on-year in terms of the volumes that we're bringing in. In terms of where we are for '24, we'll provide more color on that certainly in February on our year-end earnings call. What I will say is from a percentage of sale of our available inventory for next year, we are in a really nice spot heading into 2024. We are behind where we were for 2023 a year ago, but that was predominantly because a year ago, we had some benefit from all the people who had canceled or pushed their bookings from travel in 2021 and 2022.

因此，就我們帶來的數量而言，我們繼續看到同比非常好的成長。就我們 24 年的情況而言，我們肯定會在今年 2 月提供更多的色彩 -結束財報電話會議。我要說的是，從我們明年可用庫存的銷售百分比來看，進入 2024 年我們處於一個非常好的位置。我們落後於一年前 2023 年的水平，但這主要是因為一年前，我們從所有取消或推遲2021 年和2022 年旅行預訂的人那裡得到了一些好處。

So we had a little bit of a better base, but we're closing that gap every single week, and we expect to be in really good shape as we head into 2024. We have not seen any real impact yet other than the cancellations from Egypt with regards to what's going on in the world. The booking window for next year remains pretty consistently in that 9 -- averaging at 9 month window. When people are booking. So no real change yet. Obviously, we don't know if that continues. But today, we're not seeing any impact.

因此，我們的基礎稍好一些，但我們每週都會縮小這一差距，並且預計在進入 2024 年時我們將處於非常好的狀態。除了取消埃及關於世界上正在發生的事情。明年的預訂窗口在這 9 個月內保持相當一致——平均為 9 個月窗口。當人們預訂時。所以還沒有真正的改變。顯然，我們不知道這種情況是否會持續下去。但今天，我們沒有看到任何影響。

Next question on the line is from Alex Fuhrman from Craig-Hallum Capital.

下一個問題來自 Craig-Hallum Capital 的 Alex Fuhrman。

I wanted to ask about the occupancy. It looks like unchanged here from last year at 81%. Can you kind of break down what the difference is between that 81% and the 90% or so that you were operating at for the most part, prior to the pandemic. I think you mentioned that short-term cancellations are starting to come down a little bit. Was that still the lion's share of the delta there in Q3? And then how much of the shortfall in occupancy relative to 2019, is it a function of needing more time to ramp up itineraries on the new ships, especially in the shoulder season.

我想問一下入住情況。與去年的 81% 相比，這一比例似乎沒有改變。您能否詳細說明一下，在疫情大流行之前，您大部分時間的營運情況是 81% 和 90% 左右之間的差異。我想你提到短期取消航班開始下降。第三季這仍然是三角洲的最大份額嗎？與 2019 年相比，入住率下降了多少，是因為需要更多時間來增加新船的行程，尤其是在淡季。

Yes. So I'm going to -- it's a complicated equation, but I'll try and keep it as clear as I possibly can. So we have certain products, which are drivers for new people coming in. Mostly bucket list destinations and certain like Alaska, for example, in the (inaudible) and then we have a certain number of itineraries, particularly on the blue water ships that are more esoteric in the South Pacific, Papua New Guinea, certain parts of the Arctic, South America.

是的。所以我要——這是一個複雜的方程式，但我會盡力讓它保持清晰。因此，我們有某些產品，這些產品是新人進來的驅動力。主要是願望清單目的地，例如阿拉斯加（聽不清楚），然後我們有一定數量的行程，特別是在藍水船上更深奧的是南太平洋、巴布亞紐幾內亞、北極的某些地區、南美洲。

And these are really quite heavily dependent on past guests. And so we had 2020 and 2021 and then a weaker 2 -- a bit of a weaker 2022, where we were not generating the same numbers of new guests. And so the pipeline got stagnant, if you will, or didn't expand in those years. And so our inventory was a bit out of balance. And also a key factor was that we had a lot of new itineraries planned primarily involving parts of Russia, the Northeast passage, for example, that had originally just completely flown off the shelves and filled.

這些確實在很大程度上依賴過去的客人。因此，我們有 2020 年和 2021 年，然後是較弱的 2 年，即 2022 年，我們沒有產生相同數量的新客人。因此，如果你願意的話，管道在那些年裡停滯不前，或者沒有擴張。所以我們的庫存有點不平衡。還有一個關鍵因素是，我們計劃了很多新的行程，主要涉及俄羅斯的部分地區，例如東北航道，這些行程最初剛剛完全空運並被填滿。

And obviously, we had to reroute and involve a lot of geography that was less new and a lot of those past guests had already been through those areas. So there's a bit of rebalancing of inventory needed until that pipeline gets back to the level that it's meant to be in order to provide the fuel, if you will, for those esoteric programs. And we're sort of in the middle of that.

顯然，我們必須重新安排路線並涉及許多不太新鮮的地理區域，而且許多過去的客人已經穿過這些區域。因此，需要對庫存進行一些重新平衡，直到該管道恢復到應有的水平，以便為那些深奧的項目提供燃料（如果您願意的話）。我們正處於其中。

For example, we've already done some of that rebalancing for '24 and we are going to do some more work on that front for '25. And by '26, I think we'll be back sort of in a normal cadence again.

例如，我們已經在 24 年完成了一些重新平衡，並且將在 25 年在這方面做更多的工作。到 26 年，我想我們會再次以正常的節奏回歸。

(Operator Instructions) It appears we have no further questions.

（操作員說明）看來我們沒有其他問題了。

Great. Thank you, operator, for your time. Thank you, everybody else for joining us. I know it's a busy morning, on a variety of fronts. So if you have additional questions, please feel free to reach out, and we're happy to continue the discussion.

偉大的。謝謝接線生您的寶貴時間。謝謝大家加入我們。我知道這是一個忙碌的早晨，各個方面都很忙碌。因此，如果您還有其他問題，請隨時與我們聯繫，我們很樂意繼續討論。

Thank you.

謝謝。

This concludes today's presentation. You may now disconnect your lines, and enjoy the rest of your day.

今天的演講到此結束。現在您可以斷開線路，享受剩下的一天。