Lindblad Expeditions has outsourced its warehouse operations and overhauled how it pays its bills, and executives said on Tuesday’s third quarter earnings call that more savings are coming.

“We have a culture of continuous improvement, and we continue executing several efficiency initiatives across the company,” CEO Natalya Leahy said.

“To give you a few examples, we outsourced our warehouse operations and completely overhauled our accounts payable processes. We are also building out our supply chain and inventory management capabilities, and exploring AI to drive further efficiencies.”

Leahy said the program still had a long way to go.

“While we had seen significant results this year, we’re still in pretty early innings on that work, given some of the investments in technology we are making,” she said.

She singled out inventory management as “one of the areas that I think we’re going to really see some results coming in upcoming years.”

CFO Rick Goldberg said many of the initiatives take a long time to pay off.

“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,” Goldberg said.

The biggest effects will show up in cost of tours, general and administrative costs and capital expenditures, he added.

Fuel remained the biggest pressure, with prices up about 50 percent year over year. Even so, Lindblad used less fuel in total than a year earlier despite 4.3 percent more capacity.

“I’m particularly proud of the partnership between our shoreside and shipboard teams that worked together to deliver year-over-year improvement in fuel consumption this quarter,” Leahy said.

Goldberg said the company has never hedged fuel. Instead it is looking at “how and where we purchase fuel” to limit the impact of higher prices.