Lindblad Expeditions Holdings Inc. (NASDAQ:LIND) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 04:30 pm ET

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Lindblad Expeditions Holdings Inc. (NASDAQ:LIND) Q2 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

[Operator Instructions] Our first question today comes from Steve Wieczynski with Stifel. Please go ahead.

Analyst
Steve Wieczynski

Yeah. Hey. Good morning, guys. Good afternoon, guys. I'm used to you guys doing the morning call, so good afternoon, guys. So, first question would be around your 2021 booking commentary. And Craig, did I hear you say that the $30 million of future travel that you booked since March, that's all new bookings? Did I hear that right?

Executive
Craig Felenstein

Yeah. So, the $30 million represents new bookings. Obviously, when you factor in the bookings that have been transferred from folks who are using future travel credits from 2020 into 2021, the actual booking number is much larger if you factor all those in. But we've booked over $30 million in people who are not using future travel credits for 2021.

Analyst
Steve Wieczynski

And I don't know if you can say this, but where approximately would that normally be? I mean that seems like a pretty impressive number.

Executive
Craig Felenstein

Yeah. We're not going to give you exactly where it would have been versus where we were in the past. It's certainly less than what we would do historically, but it does speak to the fact that we're seeing significant interest from not only guests that were previously booked but also guests that frankly are looking to come out of this with something to do and some place to go. And we expect that demand to continue because it's been pretty consistent since, I would say, the early part of March.

Analyst
Steve Wieczynski

Okay. And then Craig, do you have more cash coming in the door today from new bookings versus refunds going out the door?

Executive
Craig Felenstein

As of today, that is not the case with refunds.

Analyst
Steve Wieczynski

Okay.

Executive
Craig Felenstein

No, I shouldn't say that. I would say that was the case -- that was not the case through July. Certainly moving forward, we would expect that to start to shift because now the amount of refunds that are going out the door will certainly be significantly less because we have not received a significant amount of final payments with regard to travel. That's further into the future.

What's important is, we are still seeing significant deposits for future travel and final payments are coming in as scheduled. But because we cancelled so many voyages through September and because final payments are no longer, right now, due 90 to 120 days in advance, those payments have been pushed back, the final payments till later. But when you look out to the rest of the year, I would expect the future cash payments to exceed refunds, barring significant amount of future cancellations.

Analyst
Steve Wieczynski

Okay. Got you. And then I want to ask about the ability for you guys to return to operations. And look, I fully understand you have no clue when that's going to happen. But any idea or thoughts as to the air service or the chartering service you guys were thinking about implementing? I think we talked about that the last time you guys reported.