Lindblad Expeditions Holdings Inc (LIND) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desirey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindblad Expeditions Holdings, Inc. reports 2024 second quarter financial results. (Operator Instructions) I would now like to turn the conference over to Dyson Dryden, Chief Financial Officer. Please go ahead.

女士們先生們，謝謝你們的支持。我叫 Desirey，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家閱讀 Lindblad Expeditions Holdings, Inc. 報告的 2024 年第二季財務表現。（操作員指示）我現在想將會議轉交給財務長 Dyson Dryden。請繼續。

Thank you, Desirey. Good morning, everyone, and thank you for joining us for Lindblad's 2024 second quarter earnings call. With me on the call today is Sven Lindblad, Founder and CEO. Sven will begin with some opening comments, and then I will follow with some details on the financial results and our current 2024 expectations before we open the call for Q&A. You can find our latest earnings release in the Investor Relations section of our website.

謝謝你，德西瑞。大家早安，感謝您參加 Lindblad 的 2024 年第二季財報電話會議。今天與我一起參加電話會議的是創辦人兼執行長斯文‧林德布拉德 (Sven Lindblad)。Sven 將首先發表一些開場評論，然後在我們開始問答之前，我將介紹有關財務業績和我們當前 2024 年預期的一些詳細信息。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。

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.

在我們開始之前，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。

The company cannot guarantee the accuracy of any forecasts 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.

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

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原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。那麼，請允許我將電話轉給 Sven。斯文？

Thanks, Dyson, and thank you for stepping in and doing such a spectacular job as Interim CFO, while we consider our CFO search. Good morning, everyone, and thank you all for joining us today. Lindblad's strong second quarter results set the stage for another year of double-digit growth and record results for 2024.

謝謝戴森，感謝您在我們考慮尋找財務長的同時，作為臨時財務長介入並完成瞭如此出色的工作。大家早安，感謝大家今天加入我們。Lindblad 強勁的第二季業績為明年的兩位數成長和 2024 年創紀錄的業績奠定了基礎。

Dyson will provide additional color on our performance this past quarter, but before he does, let me take a few minutes to discuss some of the drivers of the continued growth this year, as well as the steps we are taking to sustain the momentum in the years ahead.

戴森將為我們上個季度的業績提供更多信息，但在他這樣做之前，讓我花幾分鐘時間討論一下今年持續增長的一些驅動因素，以及我們為維持這一勢頭而採取的步驟未來幾年。

First, I would like to emphasize how delighted we are with two new additions to our Board of Directors. Annette Reavis currently serves as Chief People Officer at CrossFit. Throughout her career, she has served as a strategic partner for people and business operations and organizational design. Perhaps her most defining role was a decade at Meta, where she served as VP of Human Resources, playing an integral role in the company's growth from 1,400 to over 40,000 employees.

首先，我想強調我們對董事會的兩位新成員感到非常高興。Annette Reavis 目前擔任 CrossFit 的首席人力長。在她的整個職業生涯中，她一直擔任人員和業務運營以及組織設計的策略合作夥伴。也許她最具決定性的角色是在 Meta 的十年裡，她擔任人力資源副總裁，在公司從 1,400 名員工發展到 40,000 多名員工的過程中發揮了不可或缺的作用。

Andy Stuart is a celebrated cruise industry Titan. He served as President and Chief Executive Officer, and held several other executive level positions over his 31-year tenure at Norwegian Cruise Line Holdings. These two additions to our Board add a significant diversity of key experiences, which will help tremendously in navigating the company's future. And I would like to thank Bernie Aronson for a significant wisdom and insight during his tenure on our Board.

安迪·史都華 (Andy Stuart) 是著名的郵輪產業巨頭。在挪威郵輪控股公司 31 年的任期內，他擔任總裁兼首席執行官，並擔任過多個其他高階主管職位。我們董事會的這兩位新成員增加了關鍵經驗的顯著多樣性，這將極大地有助於引領公司的未來。我要感謝伯尼·阿倫森 (Bernie Aronson) 在擔任我們董事會期間所展現的重要智慧和洞察力。

Now turning to our quarterly results. Bookings to date for future travel were up 17% versus the same period in 2023, and our in-year bookings expanded to 6% over the same point in 2023. It's important to note that 2023 benefited significantly from the carryover business from prior cancellations during the pandemic. If you remove those from the equation, in-year bookings would be up 29% in 2024 and cancellation rates have stabilized to historic levels.

現在轉向我們的季度業績。迄今為止，未來旅行的預訂量比 2023 年同期增加了 17%，年內預訂量比 2023 年同期增加了 6%。值得注意的是，2023 年從疫情期間取消的結轉業務中受益匪淺。如果將這些因素從等式中剔除，2024 年年內預訂量將成長 29%，取消率也將穩定在歷史水準。

Second quarter occupancy increased from 74% in '23 to 78%. Each percentage point increase on an annual basis depending on itinerary sold adds between $4 billion and $5 billion in additional EBITDA. So clearly as I've consistently said, the single biggest opportunity is to return as quickly as possible to our historic occupancies. At the same time we have stayed committed to price integrity, which is fundamental to our business model.

第二季入住率從 2023 年的 74% 上升至 78%。根據所售行程，每年每增加一個百分點，EBITDA 就會增加 40 億至 50 億美元。正如我一直所說的那樣，明確的是，最大的機會就是盡快回到我們的歷史地位。同時，我們始終致力於價格誠信，這是我們商業模式的基礎。

Many of our competitors continue to compete on price in pursuit of occupancy gains. This without doubt is a flawed unsustainable strategy. To reliably return to the occupancy levels we historically have enjoyed, we are building back our past guest base. This customer cohort is the backbone for a segment of our itineraries those that are longer and more esoteric. We believe this strategy barring external influences will result in us achieving this goal for the full year in 2026.

我們的許多競爭對手繼續在價格上競爭以追求入住率成長。毫無疑問，這是一個有缺陷的、不可持續的策略。為了可靠地恢復到我們歷史上享有的入住率水平，我們正在重建過去的客人基礎。這個客戶群是我們更長、更深奧的行程中的支柱。我們相信，這項排除外部影響的策略將使我們在 2026 年全年實現這一目標。

Speaking of external influences, they have had an impact in 2024 and will likely continue to impact future years. The ongoing Middle East conflict has had a significant effect on our Egypt program and we also canceled two long Mediterranean voyages as one of our ships had to be rerouted at short notice from transiting the Red Sea. Certain of our Galapagos voyages were affected by concerns about stability in mainland Ecuador, but this is largely stabilized as people realized that the issue was very localized.

說到外部影響，它們已經在 2024 年產生了影響，並且可能會繼續影響未來幾年。持續不斷的中東衝突對我們的埃及計劃產生了重大影響，我們也取消了兩次長途地中海航行，因為我們的一艘船必須在短時間內從紅海改道。我們的某些加拉巴哥航行受到對厄瓜多爾大陸穩定的擔憂的影響，但隨著人們意識到這個問題非常局部化，情況基本上穩定下來。

Just as an aside, I just spent 10 days in Ecuador in part meeting with the government including with President Noboa. I was very impressed with his vision for the country and his commitment to the imperative of security. Recently a reality is that since I started this business there have always been periodic disruptions due to world events, some more dramatic than others. Our business model within reason takes this into consideration.

順便說一句，我剛剛在厄瓜多爾待了 10 天，部分會見了政府，包括諾博亞總統。他對國家的願景和對安全必要性的承諾給我留下了深刻的印象。最近的一個現實是，自從我開始從事這項業務以來，世界各地的事件總是會造成週期性的干擾，其中一些事件比其他事件更嚴重。我們的商業模式合理地考慮到了這一點。

One of the most significant developments for the company is our agreement with National Geographic and Disney to build and significantly grow the company through at least 2040. To be clear this agreement was only realized in November last year, so we are still in the early stages. There are a number of initiatives I cannot speak to here at this time due to competitive reasons, however, there are several that I can.

該公司最重要的發展之一是我們與國家地理和迪士尼達成協議，至少到 2040 年將建立並顯著發展該公司。需要明確的是，該協議於去年 11 月才達成，因此我們仍處於早期階段。由於競爭原因，我目前無法在這裡談論許多舉措，但是，我可以談論其中一些舉措。

First of all, the rallying cry within the three organizations that have chosen to deeply collaborate Lindblad, National Geographic, and Disney is the power of three. On the surface the key ingredients each brings is Lindblad expedition execution, National Geographic brand strength, and Disney distribution. Aside from these critical components there is a lot more. Let's focus on primary benefits.

首先，選擇與林德布拉德、國家地理和迪士尼深度合作的三個組織內部的戰鬥口號是三者的力量。從表面上看，兩者帶來的關鍵要素是 Lindblad 探險執行力、國家地理品牌實力和迪士尼發行。除了這些關鍵組件之外，還有更多組件。讓我們專注於主要好處。

We have spent dozens of hours together unearthing how and where we expand our reach with a goal of attracting new travelers. We have determined together to update our consumer brand and this will be launched by the end of September. The updated brand National Geographic Lindblad Expeditions leads with the power and name recognition of National Geographic.

我們花了數十個小時共同探索如何以及在何處擴大我們的影響力，以吸引新旅行者。我們共同決定更新我們的消費品牌，並將於九月底推出。更新後的品牌「國家地理 Lindblad Expeditions」憑藉國家地理的實力和知名度而處於領先地位。

Our research and experimentation has demonstrated the power of this new brand increasing consumer intent, search efficiency, and conversion. This is especially important as we begin to market internationally where the National Geographic brand has far more awareness today than the name Lindblad.

我們的研究和實驗證明了這個新品牌在提高消費者意圖、搜尋效率和轉換方面的力量。當我們開始進行國際行銷時，這一點尤其重要，如今國家地理品牌的知名度遠高於 Lindblad 這個名字。

We have begun to leverage Disney's ad buying power with our joint marketing fund and have just committed to a new domestic marketing campaign to support the launch of our new co-program. Featuring radio, connected TV, digital, and print advertising, this campaign will reach our target households across the country.

我們已經開始透過我們的聯合行銷基金來利用迪士尼的廣告購買力，並剛剛致力於開展新的國內行銷活動，以支持我們新的聯合計劃的推出。該活動以廣播、連網電視、數位和平面廣告為特色，將覆蓋全國各地的目標家庭。

We are also working together to create a full suite of new co-branded advertising assets to appeal to a diverse audience of potential guests. Our first cross-selling campaigns to Disney affinity audiences were launched this year, reaching millions of consumers with strong Disney affinity and a love of travel. With our new ability to market together with the MG brand internationally, we are launching sales in Great Britain this quarter and planned further expansions into Europe later this year.

我們也共同努力創建一整套新的聯名品牌廣告資產，以吸引潛在客人的不同受眾。我們的首個針對迪士尼親和力受眾的交叉銷售活動於今年推出，覆蓋了數百萬具有強烈迪士尼親和力且熱愛旅行的消費者。憑藉我們與 MG 品牌一起進行國際行銷的新能力，我們將於本季在英國啟動銷售，並計劃在今年稍後進一步擴展到歐洲。

We are also looking at a variety of new charter products that we believe will be uniquely successful under the new co-brand, including possible expansion of river cruising. So we believe that through committed and various testing and campaigns, we will be able to generate meaningful growth as a consequence of our lines beginning next year.

我們也正在尋找各種新的包機產品，我們相信這些產品將在新的聯合品牌下取得獨特的成功，包括可能擴大內河巡航。因此，我們相信，透過堅定的各種測試和活動，我們將能夠從明年開始透過我們的產品線實現有意義的成長。

A few words on inventory and its importance. First, we are working on new thematic content creation, which we hope to articulate soon, harnessing the creative forces within both National Geographic and Disney. A good example of this is our renewed focus on family travel.

關於庫存及其重要性的幾句話。首先，我們正在致力於新的主題內容創作，我們希望利用國家地理和迪士尼的創造力盡快闡明這一內容。一個很好的例子就是我們重新關注家庭旅行。

For those familiar with our current products, we know we have different ships designed for very different missions, operating in different geographies and attracting very different guests. Our voyages range from 4 days to 30 days in length.

對於熟悉我們目前產品的人來說，我們知道我們有不同的船舶，專為不同的任務而設計，在不同的地理位置運行並吸引不同的客人。我們的航程長度從 4 天到 30 天不等。

Certain itineraries are more suited to bring in new guests, Galapagos, Alaska, for example. Some particularly esoteric Arctic largely across past guest examples includes places like Cape New Guinea and the Northwest Passage and somewhere there is a balance, Antarctica and Iceland, for example. We have always worked on calibrating inventory to have the right balance.

某些行程更適合引進新客人，例如加拉巴哥群島、阿拉斯加。一些特別深奧的北極主要跨越過去的客座例子，包括新幾內亞角和西北航道等地方，以及有平衡的地方，例如南極洲和冰島。我們一直致力於校準庫存以達到適當的平衡。

For many years, we achieved this optimal balance, hence our 90 plus or minus percent occupancies. With COVID, we basically lost two years of adding to the funnel, basically 30,000-plus guests. Inventory is planned several years out, so a beautiful, essentially perfect formula was disrupted for a time. We have responded by increasing first-timer itineraries and culling those for past guests.

多年來，我們實現了這種最佳平衡，因此我們的入住率達到 90% 上下。由於新冠疫情，我們基本上損失了兩年的時間，基本上增加了 30,000 多名客人。庫存計劃是在幾年後進行的，因此一個美麗的、本質上完美的配方一度被打亂。我們的因應措施是增加首次來訪者的行程，並剔除過去客人的行程。

Examples are increasing our presence in Iceland and reducing more of our esoteric Arctic itinerary. Another is our fly-in program to Antarctica, making it possible to have a shorter experience by flying from Chile to Antarctica to board our ships, which has opened up an entirely new market.

例如，增加我們在冰島的存在，並減少更多深奧的北極行程。另一個是我們飛往南極洲的計劃，使我們能夠以更短的時間從智利飛往南極洲登船，這開闢了一個全新的市場。

We have also just signed an agreement to acquire two additional ships for Galapagos, critical for bringing in new guests, the National Geographic Gemini and the National Geographic Delfina with 48 and 16 passengers respectively.

我們也剛簽署了一項協議，為加拉巴哥群島購買另外兩艘船，這對於引進新客人至關重要，這艘船分別是載有48 名乘客和16 名乘客的國家地理雙子座號和國家地理德爾菲娜號。

Galapagos is a closed market for ships with a defined number of licenses, so the overall market is not increased, but our inventory has by 45%. These two additional ships are expected to begin operation late Q1 next year, and the effects on accelerating first-time travelers by upwards of 3,000 people a year will be felt across the fleet over time.

加拉巴哥群島是一個封閉的船舶市場，擁有一定數量的許可證，因此整體市場並沒有增加，但我們的庫存卻增加了 45%。這兩艘額外的郵輪預計將於明年第一季末開始運營，隨著時間的推移，整個船隊將感受到每年增加 3,000 名以上首次旅行者的影響。

A few operational highlights. Our first 10 governing principles is to ensure that everything we do adds value to the guest experience. This is sacrosanct, and I'm very happy to be able to report to the guest satisfaction this quarter was the highest level since before the pandemic.

一些操作亮點。我們的前 10 項管理原則是確保我們所做的一切都能為賓客體驗增添價值。這是神聖不可侵犯的，我很高興能夠向客人報告，本季的滿意度是大流行之前以來的最高水平。

Our new IT systems, while still being improved, have begun to streamline our internal processes and improve the guest experience. We believe there is more we can do on this front. For some months now, we have made a concerted effort to further improve efficiency, looking at the organizational structure broadly and how we can modernize, improve, and eliminate unnecessary costs.

我們的新 IT 系統雖然仍在改進中，但已開始簡化我們的內部流程並改善賓客體驗。我們相信在這方面我們可以做更多的事情。幾個月來，我們齊心協力進一步提高效率，廣泛審視組織結構以及如何現代化、改善和消除不必要的成本。

Our land experience sector continues to perform and grow at exceptional levels. Revenue last quarter was $43.4 million, a 16% increase year over year. Natural Habitat, the largest of our land subsidiaries has current bookings over 20% greater than at the same period in 2023.

我們的陸地體驗部門繼續以卓越的水平表現和成長。上季營收為 4,340 萬美元，年增 16%。Natural Habitat 是我們最大的土地子公司，目前的預訂量比 2023 年同期增加了 20% 以上。

The theory from the beginning that our kind of travelers are numerous in their interest and engage in a diverse set of experiences is absolutely proven to be true. The more people that travel with our land companies are better as they provide best-in-class experiences and travelers stay in the family, so to speak.

從一開始就認為我們的旅客興趣廣泛、體驗多樣化的理論絕對被證明是正確的。乘坐我們的陸地公司旅行的人越多越好，因為他們提供一流的體驗，而且旅行者就像家人一樣，可以這麼說。

Think of what this diversity represents, natural habitat adventures focused on land-based itineraries in natural remote places. Examples included enjoying polar bears in the high Arctic safaris in Africa, Ben Bressler is the Founder and CEO, and he also oversees all of our land companies.

想想這種多樣性代表什麼，自然棲息地探險集中在自然偏遠地區的陸上行程。例如，在非洲的北極高海拔地區觀賞北極熊，本·布雷斯勒 (Ben Bressler) 是我們的創始人兼首席執行官，他也負責監管我們所有的陸地公司。

Nat Hab's mission is entirely consistent with our own conservation through exploration, protecting our planet by inspiring travelers, supporting local communities, and boldly influencing the entire travel industry. Classic Journeys focus on cultural walking tour all over the world, think Italy, Spain, South America, and beyond. It’s founders and leaders Edward and Susan Piegza are really driving and expanding this business and talk about the minimal capital, it's actually 2 feet at a time.

Nat Hab 的使命與我們透過探索進行保護、透過激勵旅客、支持當地社區和大膽影響整個旅遊業來保護我們的星球完全一致。經典之旅專注於世界各地的文化健行之旅，包括義大利、西班牙、南美洲等地。它的創始人和領導者 Edward 和 Susan Piegza 確實在推動和擴展這項業務，並談論最低資本，實際上一次 2 英尺。

DuVine offers luxury bike tours that offer immersive experience in some of the world's most scenic and culturally rich destinations. It's an exciting company really capitalizing on the growing interest in fitness and cycling.

DuVine 提供豪華自行車之旅，在世界上一些風景最優美、文化最豐富的目的地提供身臨其境的體驗。這是一家令人興奮的公司，真正利用了人們對健身和自行車日益增長的興趣。

After that, the agnatic e-bikes, which massively grows the category well we have quite a growth story, which in DuVine case is largely fed by level of Italy and France. Founder and CEO, Andy Levine turned a personal interest, biking culture and line into a perfect enterprise, and we are thrilled to support his team and their growth.

之後，男性電動自行車，該類別大幅增長，我們有一個相當長的增長故事，在杜文的情況下，這主要是由意大利和法國的水平推動的。創辦人兼執行長安迪·萊文 (Andy Levine) 將個人興趣、自行車文化和路線轉變為完美的企業，我們很高興能夠支持他的團隊及其成長。

Off the Beaten Path was in the process of extending its strong presence in North American national parks to other lesser travel destinations globally. With third-party development of new and exciting hotels, lodges, and the expansion of glamorous camping, OBP is in the right market. CEO, Cory Lawrence, ideally suited to lead this growth platform for us.

Off the Beaten Path 正在將其在北美國家公園的強大影響力擴展到全球其他較小的旅遊目的地。隨著第三方開發令人興奮的新酒店、旅館以及迷人露營的擴張，OBP 正處於正確的市場。執行長 Cory Lawrence 非常適合領導我們的這個成長平台。

Just last week, we closed the acquisition of our fifth land company, Thomson Safaris, which has been focusing on the spectacular country of Tanzania for over 40 years, and their operation will create synergies with natural habitats East African operation.

就在上週，我們完成了對第五家土地公司 Thomson Safaris 的收購，該公司 40 多年來一直專注於坦尚尼亞這個美麗的國家，其業務將與東非自然棲息地業務產生協同效應。

The level of focus and expertise in one of Africa's most desirable countries for safari travelers unmatched and included in the transaction is a spectacular lands of Gibb's Farm, named East Africa’s best hotel by Condé Nast in 2023. Gibb's is a place with deep history and actually was my favorite launch back in the 1970s when I was living in East Africa and is consistently related as one of Africa's top ledges today.

作為非洲最受遊獵遊客歡迎的國家之一，吉布農場 (Gibb's Farm) 的壯觀土地擁有無與倫比的關注度和專業知識，被康泰納仕 (Condé Nast) 評為 2023 年東非最佳酒店。吉布山 (Gibb's) 是一個歷史悠久的地方，實際上是 1970 年代我住在東非時最喜歡的發射地，並且一直被認為是當今非洲的頂級岩架之一。

Each of our land companies is pursuing their stated mission with vigor and aims to be a dominant force in their focus segments. We're excited to continue to expand by adding additional best-in-class companies to this valuable portfolio. Companies where we are mission-aligned and whereby joining our family, we can add value and propel meaningful growth. In summation, 2024 is shaping up nicely, and we remain optimistic about the future. Now, Dyson will delve deeply into the numbers.

我們的每家土地公司都在積極追求其既定使命，並致力於成為其重點領域的主導力量。我們很高興能夠透過向這寶貴的投資組合中添加更多一流的公司來繼續擴張。我們與使命一致的公司加入我們的大家庭，我們可以增加價值並推動有意義的成長。總而言之，2024 年進展順利，我們對未來保持樂觀。現在，戴森將深入研究這些數字。

Thank you, Sven. Lindblad's strong year-on-year growth continued during the second quarter as we further ramped up ship operations with broader deployment of our expanded fleet and continue to grow our diversified portfolio of land businesses.

謝謝你，斯文。Lindblad 在第二季度繼續保持強勁的同比增長，我們進一步擴大了船舶運營，擴大了船隊的部署範圍，並繼續發展多元化的陸地業務組合。

As we deliver sustained year-on-year growth, we are taking the operational and strategic steps necessary to take full advantage of the earnings potential of the company. The investments we've made in additional capacity, diverse product offerings, technological capabilities, and overall infrastructure have positioned us to capitalize on the growing demand for experiential travel.

在我們實現持續的同比成長的同時，我們正在採取必要的營運和策略步驟，以充分利用公司的獲利潛力。我們在額外產能、多樣化產品、技術能力和整體基礎設施方面進行的投資使我們能夠充分利用體驗式旅行不斷增長的需求。

Turning to the second quarter. Total revenue of $136.5 million increased $11.7 million or 9% versus the second quarter of 2023. Lindblad segment tour revenues were $93.1 million, which is an increase of $5.6 million or 6% compared to the second quarter a year ago. The increase was driven by a 4% increase in available guest nights, a 6% increase in net yield per available guest night to $1,094, and an increase in occupancy to 78%, up from 74%.

轉向第二季。總收入為 1.365 億美元，與 2023 年第二季相比增加了 1,170 萬美元，即 9%。Lindblad 分部巡迴收入為 9,310 萬美元，比去年第二季增加 560 萬美元，即 6%。這一增長的推動因素包括可用賓客過夜數增加 4%、每可用賓客過夜淨收益增長 6% 至 1,094 美元，以及入住率從 74% 提高至 78%。

As Sven noted, we canceled two voyages as we decided to transit around the Red Sea due to the conflict in the region. And our Egypt program was affected by the Middle East conflict. We also saw instability in Mainland Ecuador, which impacted Galapagos for a brief period of time.

正如斯文指出的那樣，由於該地區的衝突，我們決定繞著紅海過境，因此取消了兩次航行。我們的埃及計劃也受到了中東衝突的影響。我們也看到厄瓜多爾大陸局勢不穩定，對加拉巴哥群島造成了短暫影響。

Land experience tour revenues were $43.4 million, which is an increase of $6.1 million or 16% compared to the second quarter a year ago, led by additional guests and higher pricing across Natural Habitats, trips to Africa, the Galapagos Islands, Europe, the Amazon, India, and Alaska, defined cycling tours across Italy, France, Croatia, Turkey, and Spain, classic journeys cultural walking tours in places like Portugal and Iceland and off the beat and pass small guided group adventures to the US National Parks.

陸上體驗旅遊收入為4,340 萬美元，與去年第二季相比增加了610 萬美元，增幅為16%，主要得益於自然棲息地、非洲、加拉巴哥群島、歐洲、亞馬遜地區的遊客數量增加和定價上漲、印度和阿拉斯加，定義了意大利、法國、克羅埃西亞、土耳其和西班牙的自行車之旅，葡萄牙和冰島等地的經典之旅文化徒步之旅，以及前往美國國家公園的小團體探險之旅。

Second quarter adjusted EBITDA was $10.4 million and increased $4.2 million year over year, driven by a 3.9% increase in the Lindblad segment and a $300,000 increase in the land experience segment.

第二季調整後 EBITDA 為 1,040 萬美元，年增 420 萬美元，主要得益於 Lindblad 業務成長 3.9%，以及陸上體驗業務成長 30 萬美元。

Lindblad segment adjusted EBITDA of $6.5 million increased $3.9 million as compared to the same period in 2023, primarily due to increased tour revenues, partially offset by higher general and administrative costs, which were related to increased personnel costs and increased royalties associated with the expanded National Geographic agreement.

Lindblad 部門調整後的EBITDA 為650 萬美元，與2023 年同期相比增加了390 萬美元，主要是由於旅遊收入增加，但部分被一般和行政成本增加所抵消，這些成本與人員成本增加以及與國家擴大相關的特許權使用費增加有關。

Land experience segment adjusted EBITDA of $3.8 million increased $300,000 as I mentioned, as compared to the same period in 2023 as increased tour revenues were offset by increased operating and personnel costs, higher marketing spend to drive future growth, and credit card fees and commission expense.

正如我所提到的，與2023 年同期相比，陸地體驗部門調整後的EBITDA 為380 萬美元，增加了30 萬美元，因為旅遊收入的增加被運營和人員成本的增加、推動未來增長的營銷支出增加以及信用卡費用和佣金支出所抵銷。

Looking a little closer at the cost side of the business, operating expenses before depreciation and amortization, interest taxes increased $7.5 million or 6.4% versus the second quarter of 2023, led by a $3.4 million or 13.3% increase in G&A expense, excluding stock-based comp and one-time items versus a year ago, primarily again due to higher personnel costs associated with the expanded operations as well as from increased credit card commissions related to final payments for upcoming itineraries and higher deposits on new reservations for future travel.

仔細觀察業務的成本方面，折舊和攤銷前的營運費用、利息稅與2023 年第二季相比增加了750 萬美元，即6.4%，其中G&A 費用增加了340 萬美元，即13.3%（不包括股票）。以及未來旅行新預訂的訂金增加。

Sales and marketing costs increased $3.1 million or 20.6% versus a year ago, primarily due to increased royalties associated with the expanded national geographic agreement and additional marketing spend to drive future bookings. Fuel costs were 4.2% of revenue in the second quarter of 2024, which is down compared with the second quarter a year ago.

銷售和行銷成本比一年前增加了 310 萬美元，即 20.6%，主要是由於與擴大的國家地理協議相關的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。2024 年第二季燃料成本佔營收的 4.2%，較去年第二季下降。

As a reminder, credit card commissions are paid upon cash receipt with the expense recognized today and with trip revenue not recognized until the guest travels. With higher bookings in the second quarter versus the same period a year ago, the expense impact is significantly higher on year with the revenue growth to be delivered in the periods ahead.

請注意，信用卡佣金是在收到現金時支付的，並在當天確認費用，並且在客人旅行後才確認旅行收入。由於第二季的預訂量較去年同期增加，因此隨著未來各時期收入的成長，費用影響將顯著高於去年同期。

While our expense base will grow in absolute terms, as we continue to expand the business, we also believe we have an opportunity to improve efficiency over time. Our recent investment in technology is an important enabler of this objective. We are now well-positioned to identify ways to further improve existing processes and systems and thereby reduce certain costs.

雖然我們的支出基礎絕對值將會成長，但隨著我們業務的不斷擴展，我們也相信隨著時間的推移，我們有機會提高效率。我們最近對科技的投資是實現這一目標的重要推動力。我們現在處於有利地位，可以找到進一步改進現有流程和系統的方法，從而降低某些成本。

Turning to the balance sheet for a moment. Total cash was $217.7 million as of June 30, 2024, as compared to $187.3 million as of December 31, 2023. The increase primarily reflects a $63.2 million increase in cash from operations due primarily to increased bookings for future travel, which was partially offset by the $17.3 million cash used in the acquisition of additional ownership of Natural Habitat and DuVine, as well as the $3.9 million used for purchasing property equipment over the first half of the year.

暫時轉向資產負債表。截至2024年6月30日，現金總額為2.177億美元，截至2023年12月31日，現金總額為1.873億美元。這一增長主要反映了營運現金增加了 6,320 萬美元，這主要是由於未來旅行預訂的增加，但部分抵消了用於收購 Natural Habitat 和 DuVine 額外所有權所使用的 1,730 萬美元現金以及使用的 390 萬美元上半年採購物業設備。

Lindblad now owns 90% of Natural Habitat and 75% of DuVine Cycling. Both businesses continue to outperform our original expectations. On July 31, 2024, we completed the acquisition of Wineland-Thomson Adventures, an Adventure Travel Group that primarily operates African Safaris. The acquisition purchase price was $30 million is financed through $24 million of cash and $6 million in Lindblad stock.

Lindblad 現在擁有 Natural Habitat 90% 的股份和 DuVine Cycling 75% 的股份。兩項業務的表現持續超出我們最初的預期。2024 年 7 月 31 日，我們完成了對 Wineland-Thomson Adventures 的收購，這是一家主要經營非洲狩獵之旅的探險旅遊集團。此次收購價格為 3,000 萬美元，資金來源為 2,400 萬美元現金和 600 萬美元 Lindblad 股票。

We plan to close our previously announced purchase of the two purpose-built Galapagos expedition vessels in January of 2025. Importantly, we've already begun adding bookings for the National Geographic Gemini and the National Geographic Delfina ships to effectively use the time period between signing and closing.

我們計劃於 2025 年 1 月完成之前宣布的兩艘加拉巴哥群島專用探險船的採購。重要的是，我們已經開始增加國家地理雙子座號和國家地理德爾菲娜號船隻的預訂，以有效利用簽約和結束之間的時間段。

On closing, the ships will undergo revitalization, after which they will begin operations late in the first quarter of 2025. We continue to explore additional growth opportunities in the year ahead and including diversifying our own product portfolio or opportunistically expanding our fleet to capitalize on the continued growth in demand for experiential travel.

交易完成後，這些船舶將進行改造，然後將於 2025 年第一季末開始營運。我們將在未來一年繼續探索更多成長機會，包括使我們自己的產品組合多樣化或趁機擴大我們的機隊，以利用體驗式旅行需求的持續成長。

Turning to the full year 2024, we continue to anticipate significant growth driven by higher guest counts and increased net yields across the fleet, as well as additional travelers across our growing land businesses. Given the strong booking trends, we continue to expect total revenue in 2024 between $610 million and $630 million and adjusted EBITDA between $88 million and $98 million.

展望 2024 年全年，我們繼續預計，由於乘客數量增加、機隊淨收益增加，以及我們不斷增長的陸地業務中的旅客數量增加，將帶來顯著增長。鑑於強勁的預訂趨勢，我們仍然預計 2024 年的總收入將在 6.1 億美元至 6.3 億美元之間，調整後的 EBITDA 將在 8,800 萬美元至 9,800 萬美元之間。

The acquisition, Thompson Safaris is expected to have a minimal contribution this year due to certain planned investments in the business. However, it is expected to be a more meaningful contributor for the full year 2025.

由於計劃對業務進行某些投資，預計 Thompson Safaris 今年的收購貢獻微乎其微。然而，預計它將為 2025 年全年做出更有意義的貢獻。

Please note that quarterly results for the remainder of this year will reflect the seasonality of our business, with the third quarter benefiting from more complete fleet usage and peak seasons across both our fleet and land businesses.

請注意，今年剩餘時間的季度業績將反映我們業務的季節性，第三季度受益於我們的車隊和陸地業務的更完整的車隊使用和旺季。

Conversely, the fourth quarter will be impacted by less available guest nights to the heavy dry dock and transit time across our fleet, more shoulder season inventory and seasonality for our land businesses. Overall, we are pleased with the operating momentum across our businesses. Thank you for your interest, and now Sven and I would be happy to answer any questions that you may have.

相反，第四季度將受到前往繁忙的乾船塢的可用賓客過夜數量減少和我們船隊的運輸時間減少、更多的平季庫存和我們的陸地業務季節性的影響。總體而言，我們對整個業務的營運勢頭感到滿意。感謝您的關注，現在斯文和我很樂意回答您可能提出的任何問題。

(Operator Instructions) Steven Wieczynski, Stifel.

（操作員說明）Steven Wieczynski，Stifel。

Thanks, guys. Good morning. So Dyson, this is one is probably for you. I don't want to put you in the hot seat right away. But it's a guidance question, and you addressed a little bit of this in your prepared remarks, but I'm going to ask it a little bit differently.

謝謝，夥計們。早安.所以戴森，這可能適合你。我不想立即讓你陷入困境。但這是一個指導性問題，你在準備好的發言中解決了這個問題，但我會以不同的方式提出這個問題。

So if we think about the first half of this year, you guys you generated about $32 million in EBITDA. That is actually below the $35 million you generated in the first half of 2019. So my question is, to get to the low end of your EBITDA guidance for the year, you guys are going to generate about 50 -- mid-50s -- $56 million in EBITDA in the second half of the year. That's well above what you did in the second half of 2019. And look, I fully understand there's a material change in capacity.

因此，如果我們考慮今年上半年，你們的 EBITDA 收入約為 3,200 萬美元。這實際上低於 2019 年上半年的 3,500 萬美元收入。所以我的問題是，為了達到今年 EBITDA 指導的低端，你們將在今年下半年產生大約 50 到 50 年代中期 5600 萬美元的 EBITDA。這遠高於您在 2019 年下半年所做的事情。看，我完全理解容量發生了重大變化。

But I guess the real question is what gives you guys such confidence with only five months left in the year that kind of getting that mid-50s EBITDA in the second half of the year is going to be possible. Thanks.

但我想真正的問題是，在今年只剩下五個月的情況下，是什麼讓你們如此有信心，在下半年獲得 50 多歲的 EBITDA 是可能的。謝謝。

Yeah, sure. Thanks, Steve. So let me just talk a little bit about our strong booking position. I think that's really going to be the key variable in the back half of the year. The Lindblad segment is a very strong booking segment for the year. So we've already booked 98% of the Lindblad segment, full year projected ticket revenues for 2024.

是的，當然。謝謝，史蒂夫。讓我簡單談談我們強勁的預訂狀況。我認為這確實將成為今年下半年的關鍵變數。Lindblad 細分市場是今年非常強勁的預訂細分市場。因此，我們已經預訂了 Lindblad 部分 2024 年全年預計門票收入的 98%。

As you know, that last 2% does come at a very high margin. So filling the rest of the 2% is our focus. And if we do that, we should be able to get there where we want to be on for the full year guidance perspective. So we're confident at this point in time based on the trends and the cancellations really going back to historical levels that we're in a good position to reach the guidance.

如您所知，最後 2% 的利潤率確實很高。所以填補剩下的2%是我們的重點。如果我們這樣做，我們應該能夠達到我們想要的全年指導目標。因此，根據趨勢和取消數量確實回到歷史水平，我們目前有信心，我們處於達到指導的有利位置。

I think also importantly, the land business bookings are also very strong. The bookings just the Nat Hab which is our largest land segment, were up 20% year over year. So we remain confident in achieving the guidance.

我認為同樣重要的是，土地業務預訂也非常強勁。僅 Nat Hab（我們最大的土地部分）的預訂量年增 20%。因此，我們對實現指導方針仍然充滿信心。

Okay. Thanks for that Dyson. And then second question, Sven, for you. It's a bigger picture question, really around the Disney partnership. As you continue to work and collaborate with those guys, look, a big piece of this partnership was always going to be around the ability to drive load factors higher over time. And just want to ask how you feel about the partnership today and of the ability to drive that long-term occupancy is still in play? And then maybe when will we start to see some of the material benefits of this partnership? Thanks.

好的。謝謝戴森。然後是第二個問題，斯文，問你。這是一個更大的問題，實際上是圍繞迪士尼的合作關係。當你繼續與這些人一起工作和協作時，你會發現，這種合作關係的一個重要部分始終是圍繞著隨著時間的推移提高負載係數的能力。只是想問一下，您對今天的合作夥伴關係以及推動長期入住率仍然發揮作用的能力有何看法？那麼也許我們什麼時候才能開始看到這種夥伴關係的一些物質利益呢？謝謝。

Thanks, Steve, and I appreciate the question. So with any new partnership right, it's like you've got to kind of figure out how are you going to play together. How are you going to work together in the most productive way possible, right? So we've been working since 2004 with National Geographic, but National Geographic has not from being an independent organization to one owned by Fox to then migrating over to Disney.

謝謝，史蒂夫，我很欣賞這個問題。因此，對於任何新的合作夥伴關係，你必須弄清楚如何一起玩。你們將如何以最高效的方式合作，對吧？因此，我們自 2004 年以來一直與《國家地理》合作，但《國家地理》並沒有從一個獨立的組織變成福克斯旗下的組織，然後又遷移到迪士尼。

And Disney is kind of a new player from the perspective of our relationship. So the first thing we did was, this past April, we took a significant number of people from Disney, from National Geographic, and from our own organization, and we went to the Pacific and spent five days together, where we help build understanding about what we do in those different segments and had sort of working sessions every day for five day. Really exploring how we were going to build out this business together and how we're going to use each other's assets in a combined way to build what we call the Power of Three.

從我們關係的角度來看，迪士尼是個新玩家。所以我們做的第一件事是，今年四月，我們從迪士尼、國家地理和我們自己的組織中抽調了大量人員，我們去了太平洋，一起度過了五天，在那裡我們幫助建立對我們在這些不同的部分做了什麼，並且連續五天每天都舉行一些工作會議。真正探索我們將如何共同發展這項業務，以及我們將如何以組合的方式使用彼此的資產來建立我們所謂的「三者之力」。

And so when you think about what we all are individually and how you bring that together into some sort of a chemical mix, it's -- I believe it's an incredibly potent one. So Nat Geo not only is brand, but also has tremendous content that can help with that in terms of photography, explorers, family idea, education. Disney is a massive, massive distribution entity, right. And we want to harness that and they want to harness it on behalf of our collective effort. And then obviously, we're in the execution business of making sure these expeditions happen.

因此，當你思考我們各自是什麼以及如何將它們組合成某種化學混合物時，我相信這是一種非常強大的化學混合物。因此，國家地理不僅是品牌，而且在攝影、探險、家庭觀念、教育等方面也有大量的內容可以提供幫助。迪士尼是一個龐大的發行實體，對吧。我們希望利用這一點，他們也希望代表我們的集體努力來利用它。顯然，我們正在執行確保這些探險活動發生的業務。

So I mean there is nobody in my view in the travel industry in the expedition space that has so much power behind it as a consequence of these partnerships. And everybody is really, really interacting in a very concerted way. They are constantly discussions going on about the next step and the next step and how can we advance the distribution.

所以我的意思是，在我看來，在旅遊業的探險領域中，沒有人能夠透過這些合作關係擁有如此大的力量。每個人都在以非常一致的方式互動。他們不斷地討論下一步和下一步以及我們如何推進分配。

And so I think you're going to see in 2025, a lot of this begin to come to real fruition. Remember, we only signed a deal in November, and then you have to plan and then you have to -- Disney is a big organization and doesn't necessarily move as quickly as a smaller one like ourselves, but it is moving. And once it gets up to full steam, I think, it's going to -- I think it cannot help but have a significant effect on how we grow the business.

因此，我認為到 2025 年，您將看到其中許多內容開始真正實現。請記住，我們在 11 月簽署了一項協議，然後你必須計劃，然後你必須 - 迪士尼是一個大組織，不一定像我們這樣的小組織那樣行動迅速，但它正在行動。我認為，一旦它全速運轉，就會對我們的業務發展方式產生重大影響。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thank you. Good morning. A couple of questions. I guess, first question, kind of a follow-up on the last one around the expanded Nat Geo-Disney relationship. Obviously, Sven maybe comment about the organizations like Disney, maybe built in a SaaS as you expected you went with a bunch of the teams in April, you were launching a new brand by September.

謝謝。早安.有幾個問題。我想，第一個問題是關於擴大國家地理與迪士尼關係的最後一個問題的後續問題。顯然，Sven 可能會評論像迪士尼這樣的組織，可能會內建 SaaS，正如您期望的那樣，您在 4 月與一群團隊一起去了，您將在 9 月推出一個新品牌。

If you take everything together, is everything kind of expected when you first made the announcement back in November, kind of, running on schedule ahead of plan, behind plan versus where you were? And can you make any maybe general comments about any bookings tailwind from the Disney relationship in '25, as you kind of previously expected you'd see?

如果你把所有事情放在一起，當你在 11 月第一次宣布這一消息時，一切是否都在預期之中，是否按計劃提前計劃、落後計劃與實際情況相比？正如您之前所期望的那樣，您能否對 25 年迪士尼關係帶來的預訂順風發表任何可能的一般性評論？

Yeah. So first of all, I just want to clarify one thing, I did not say they were moving slower than expected. I just meant that a big organization doesn't necessarily move as quickly as a smaller organization. I think they're moving faster than I would have expected, to be honest, given the fact that it is such a large organization.

是的。首先，我只想澄清一件事，我並沒有說他們的進展比預期慢。我只是想說，大組織的行動速度不一定比小組織快。老實說，考慮到這是一個如此龐大的組織，我認為他們的行動速度比我預期的要快。

So one of the major things that's going to happen this fall is a real sort of coming out party, if you will, with the trade with their entire sales team, which is huge by comparison, maybe upwards of 10 times the size of our own or more that exposes products, their products and now our products as well as to the travel treat.

因此，今年秋天將發生的一件大事就是一場真正的出櫃派對，如果你願意的話，與他們整個銷售團隊進行交易，相比之下規模很大，可能是我們自己的 10 倍以上或更多展示產品、他們的產品以及現在我們的產品以及旅行款待。

I mean this is a massive, massive expansion of exposure in a critical area of business development. So that and advertising plans of direct mail campaigns and search. Now we used to -- National Geographic and ourselves, we used to compete for search terms, for example, because we had -- we worked together, but we also have different entities because there's different attribution as to how the business was sourced, all of that is no longer there. So we are collaborating on literally everything to drive the business.

我的意思是，這是業務發展關鍵領域的大規模的曝光擴張。因此，還有直效郵件活動和搜尋的廣告計劃。現在我們過去 - 國家地理和我們自己，例如，我們過去常常競爭搜尋字詞，因為我們 - 我們一起工作，但我們也有不同的實體，因為業務來源的歸屬不同，所有那個已經不存在了。因此，我們在一切方面進行合作以推動業務發展。

And so I can't quantify it in absolute terms, but it's hard for me to imagine that it isn't going to be a very, very powerful force going forward. And we will, I think, starting the next earnings call and the one after that. I think we will be in a position to be more specific as a consequence of having more sort of water under the bridge.

所以我無法用絕對的術語來量化它，但我很難想像它不會成為一股非常非常強大的力量。我認為，我們將開始下一次和之後的財報電話會議。我認為，由於橋下有更多種類的水，我們將能夠更加具體。

I would just add that as you well know, we have about a nine-month booking window on average, that's been pretty consistent. And so as all this activity is ramping up, as Sven mentioned, the results really come in 2025, in large part just due to the timing of the booking window. So the activity is beginning to happen in earnest, and we expect the results to really start showing in 2025.

我想補充一點，正如您所知，我們平均有大約九個月的預訂窗口，這非常穩定。因此，正如 Sven 所提到的，隨著所有這些活動都在增加，結果將在 2025 年真正出現，這在很大程度上只是由於預訂窗口的時間表。因此，這項活動正在認真開展，我們預計結果將在 2025 年真正開始顯現。

Perfect. And then a follow-up question. On the two vessels you acquired or acquiring in Galapagos, you mentioned increase your inventory in the region by 45%. Any more comments in terms of United Nations you get from that potential annual revenue for the two ships. And then how does this -- a longer-term base, how does this impact digital pricing in the region by taking out two competitive ships? And what is the opportunity to leverage that customer list to kind of bring them to other expeditions outside of the region.

完美的。然後是後續問題。對於您在加拉巴哥群島收購或收購的兩艘船隻，您提到將該地區的庫存增加了 45%。您可以從這兩艘船的潛在年收入中得到更多關於聯合國的評論。那麼，作為一個長期基礎，這將如何透過淘汰兩艘有競爭力的船隻來影響該地區的數位定價？利用該客戶名單將他們帶到該地區以外的其他探險活動的機會是什麼？

Do you want to answer that?

你想回答這個問題嗎？

Sure. So we're not in a position to update any guidance for '25 at this point. But we did announce that they're going to come in the service at the end of the first quarter. And so when we put out guidance, we'll certainly show that contribution.

當然。因此，我們目前無法更新 25 年的任何指引。但我們確實宣布它們將在第一季末投入使用。因此，當我們發布指導意見時，我們肯定會展示這項貢獻。

We believe these are going to be really important as far as adding first-time guest inventory, and we underwrote a very conservative occupancy level for 2025 with the transaction, which we believe is going to be very accretive to shareholders financially and frankly, from a leverage perspective as well.

我們相信，就增加首次入住的賓客庫存而言，這些將非常重要，並且我們通過此次交易承保了非常保守的2025 年入住率水平，坦率地說，我們相信這將在財務上為股東帶來非常大的增值。

So I think we'll just have to give you more guidance as we go forward on that. But this is largely a first-time guest product, which is very much aligned with our mission to add new first-time guests to the funnel and improve the overall occupancy levels for the organization.

因此，我認為我們在前進的過程中必須為您提供更多指導。但這在很大程度上是首次來賓產品，這與我們的使命非常一致，即向通路中添加新的首次來賓並提高組織的整體入住率。

The 45% increase is just the fact that there's a fixed license business, which in the Galapagos, which I think most are aware of. And so that just means it's not like two new ships are coming into the Galapagos, we took two ships from a competitor of ours and brought them into our fleet. Is that helpful?

45% 的成長只是因為在加拉巴哥群島有固定許可證業務，我想大多數人都知道這一點。所以這只是意味著並不是有兩艘新船進入加拉巴哥群島，我們從我們的競爭對手那裡拿走了兩艘船並將它們納入我們的艦隊。有幫助嗎？

Alex Fuhrman, Craig-Hallum.

亞歷克斯·福爾曼，克雷格·哈勒姆。

Hi, guys. Thanks very much for taking my question. It sounds like you guys are investing a lot more in the Galapagos now as a region with the new ships you have coming online. Can you talk about what your market share in that region is going to be when you have these new ships online giving the fixed supply in the region?

嗨，大家好。非常感謝您提出我的問題。聽起來你們現在在加拉巴哥群島投入了更多資金，作為一個新船舶上線的地區。您能談談當您有這些新船在線提供該地區的固定供應時，您在該地區的市場份額將會是多少？

And then I think in the past, you've talked about the Galapagos being a good region for you in terms of acquiring first-time passengers. Is that the case you expect to be able to acquire a lot of new customers as a result of your increased presence in that geography?

我想在過去，您曾說過加拉巴哥群島對您來說是吸引首次旅客的好地區。您是否希望透過增加在該地區的業務來獲得大量新客戶？

Yeah. Well, so Galapagos is a place we've been involved with for a very, very long time. I mean, going back to my father's, first bringing people there in 1967. And so it's a place that we're very closely connected with and is very, very important to us. And so the opportunity to expand in a place that we have such a deep connection with them, and so the public equates us being connected with is for us a real, real opportunity.

是的。嗯，加拉巴哥群島是我們參與很長時間的地方。我的意思是，回到我父親的地方，1967 年第一次把人們帶到那裡。因此，這是一個與我們聯繫非常密切、對我們非常非常重要的地方。因此，在我們與他們有如此深厚的聯繫、公眾認為我們與之有聯繫的地方進行擴張的機會對我們來說是一個真正的機會。

So now we will have a total of 206, I think it is bad in the Galapagos, which is -- which doesn't sound like a lot when you think of cruise ships, but it's -- there's only -- in terms of boats there are like 40, 50 passengers more, there are only about 600 beds total, I think, somewhere in that neighborhood in the Galapagos, including our own.

所以現在我們總共有 206 艘，我認為這在加拉巴哥群島很糟糕，當你想到遊輪時，這聽起來不是很多，但就船隻而言，只有 206 艘。斯群島附近的某個地方，包括我們自己的地方，大約還有40、50 名乘客，總共只有大約600 個床位。

So we represent a very, very sizable percentage of the market. And as a consequence to that, we can change our investment mentality in terms of promoting the area because obviously, we have a level of scale that is proportionately different, which is very, very helpful.

所以我們佔據了非常非常大的市佔率。因此，我們可以改變我們在推廣該地區方面的投資心態，因為顯然，我們的規模水平成比例地不同，這是非常非常有幫助的。

And yes, about new people, see Galapagos is an iconic place for people who are interested in nature, probably as an island group, more known than any other in the world and more aspirational than any other in the world from the perspective of natural history. And so it absolutely is a place where you can get people in the door for the first time, probably more easily than any place else on earth.

是的，關於新人，加拉巴哥群島對於那些對自然感興趣的人來說是一個標誌性的地方，可能是一個島嶼群，從自然歷史的角度來看，它比世界上任何其他島嶼都更知名，也比世界上任何其他島嶼都更令人嚮往。因此，這絕對是一個可以讓人們第一次進來的地方，可能比地球上任何其他地方都更容易。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey guys, good morning. Thanks for all the details so far. Sven, I think you mentioned earlier that you might be looking to increase your activity in the river cruising space. And so the question is, did you have two new vessels coming for Galapagos. Would that require if you can decide to go down the river cruising path in a bigger way, would that require additional fleet? Or can you make that happen with your current fleet?

嘿夥計們，早安。感謝到目前為止的所有詳細資訊。斯文，我想您之前提到您可能希望增加在河流巡航空間中的活動。所以問題是，你們有兩艘新船即將前往加拉巴哥嗎？如果您決定以更大的方式沿著河流巡航，這是否需要額外的艦隊？或者您可以用您目前的機隊實現這一目標嗎？

Yeah. So anything that we envision doing on rivers, well, we do a lot on rivers already. On the Columbian Snake River, on the Amazon. So we already are deeply involved with rivers, and we know that people really like rivers, and in Egypt, obviously, as well. So we would envision, at least for the moment, to pursue rivers on a charter basis, not on building for rivers -- or not taking our ships into rivers, more than they currently do in the Columbian Snake River.

是的。因此，我們設想在河流上做的任何事情，我們已經在河流上做了很多。在哥倫比亞蛇河、亞馬遜河上。因此，我們已經深入了解河流，我們知道人們真的很喜歡河流，顯然在埃及也是如此。因此，我們設想，至少目前，以包租的方式開發河流，而不是為河流建造——或不讓我們的船隻進入河流，比目前在哥倫比亞蛇河中所做的更多。

So we own now 12 ships, and we charter eight ships, and those eight charter ships are also important because they fill different niches. Maybe certain places that are particularly seasonal, and we don't want to necessarily own something. We don't want to own something where you can only successfully operate it for three months a year, and be stuck with it for the other nine.

所以我們現在擁有 12 艘船，我們租了 8 艘船，這 8 艘租船也很重要，因為它們填補了不同的空白。也許某些地方特別季節性，我們不一定想擁有一些東西。我們不想擁有一年只能成功運作三個月的東西，而在另外九個月只能堅持使用它。

So charter is really, for us, a great mechanism to expand our offerings. And in certain instances, to test areas that, after which we might decide we want to get more deeply involved, so we have, in the past, chartered ships to certain areas, and then eventually bought a ship, or built a ship, to accommodate that interest, but right now it's going to be primarily focused on charter work.

因此，對我們來說，特許經營確實是擴展我們產品的一個很好的機制。在某些情況下，為了測試一些領域，然後我們可能會決定要更深入地參與其中，所以我們過去曾包租船隻到某些地區，然後最終購買一艘船或建造一艘船，以滿足這種興趣，但現在它將主要集中在包機工作上。

And I'd just add that -- I just want to add one thing, which is, unlike the river product that Sven's mentioning, the Galapagos is a 52-week operational deployment, so that's the place where owning a ship makes a lot of sense. And I did find the statistic in my notes here. There are only nine ships in the Galapagos with over 40 passengers in existence. So it is a pretty limited market.

我只想補充一點——我只想補充一件事，那就是，與斯文提到的河流產品不同，加拉巴哥群島是一個為期52 週的營運部署，所以在那裡擁有一艘船可以賺很多錢。我確實在我的筆記中找到了統計數據。加拉巴哥群島僅有 9 艘載有 40 多名乘客的船隻。所以這是一個相當有限的市場。

Yes. Understood. Thanks, both. I appreciate that. And then, obviously there's a lot of moving parts here. You guys, if I look at relative to 2019 or 2018, whatever the right year is, you've taken on more land-based businesses, you're growing the fleet now, you have the Nat Geo and Disney partnership, and we've had inflation, of course.

是的。明白了。謝謝，兩位。我很欣賞這一點。然後，顯然這裡有很多活動部件。你們，如果我相對於2019 年或2018 年來看，無論是哪一年，你們都承擔了更多的陸上業務，你們現在正在擴大機隊，你們擁有國家地理頻道和迪士尼的合作夥伴關係，我們'當然，我們經歷過通貨膨脹。

So the question is, as we look out to, maybe 2024 is not the right year, maybe it's 2025, 2026, the margin profile of the overall business, we just think about the EBITDA margin of 20% or so reached in 2019, is there a lot of upside in the out-years or is there are there structural limits? Just trying to get a sense of how to frame the two- to three-year potential, right?

所以問題是，正如我們所期待的，也許2024年不是合適的一年，也許是2025年、2026年，整個業務的利潤率狀況，我們只考慮2019年達到的20%左右的EBITDA利潤率，是未來幾年有許多上升空間還是有結構性限制？只是想了解如何建構兩到三年的潛力，對吧？

Yeah. Without giving specific guidance, we did mention that we're focused on cost and efficiency as well. We think a combination of returning to historical occupancies and also a focus on efficiency and cost there should be an opportunity there and that work is ongoing right now. But certainly, that Chris, to your point, that would be the goal. There should be significant operating leverage in the business. Some will depend on the ultimate mix of land versus marine because they do carry different margin profiles. But yes, your focus is similar to ours.

是的。在沒有給出具體指導的情況下，我們確實提到我們也關注成本和效率。我們認為，結合恢復歷史佔用以及關注效率和成本，應該有機會，目前工作正在進行中。但毫無疑問，克里斯，就你的觀點而言，這將是目標。企業應該有顯著的經營槓桿。有些將取決於陸地與海洋的最終組合，因為它們確實具有不同的利潤概況。但是，是的，您的重點與我們相似。

There are no further questions at this time. Mr. Dryden, I turn the call back over to you.

目前沒有其他問題。德萊頓先生，我將電話轉回給您。

Okay. Great. Thank you, Desirey. Thank you for everyone for joining our second quarter earnings call. I hope everyone has a wonderful day. And if you have any questions, don't hesitate to reach for us directly.

好的。偉大的。謝謝你，德西瑞。感謝大家參加我們的第二季財報電話會議。我希望每個人都有美好的一天。如果您有任何疑問，請隨時直接與我們聯繫。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。