Lindblad Expeditions is a premium adventure travel company operating two businesses: small-ship expedition cruises and land-based adventure tours. The expedition cruise business — the larger of the two — operates a fleet of owned and chartered vessels carrying small groups to remote destinations including Antarctica, the Arctic, the Galápagos Islands, and Alaska. Ships are intentionally small to access areas large cruise lines cannot, and guests engage with wildlife and nature through activities like Zodiac rides and kayaking, often alongside National Geographic photographers and naturalists. The land business operates under five brands — Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys, and Thomson Group — offering safaris, cycling tours, walking tours, and nature treks across more than 50 countries, typically in groups of 10 or fewer guests. Lindblad sells fully-inclusive packages, with guests paying deposits well in advance of departure, giving the company strong forward revenue visibility. A long-standing partnership with National Geographic, extended through 2040, is central to the brand — all owned ships carry the National Geographic name and experts join voyages. Lindblad's customer base skews toward affluent Americans aged 50 and older, and roughly 40% of expedition cruise guests are repeat customers. Lindblad avoids discounting, preferring to add value rather than cut prices when occupancy is soft. Growth priorities include driving occupancy back toward 90%, expanding booking channels through a newer distribution partnership with Disney, using capital-light charters to test new markets, and pursuing acquisitions of ships and land brands.