Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | |
Entity Central Index Key | 0001512499 | |
Trading Symbol | lind | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 49,716,067 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 104,135 | $ 113,396 |
Restricted cash | 7,995 | 8,755 |
Marine operating supplies | 5,479 | 5,165 |
Inventories | 1,910 | 1,604 |
Prepaid expenses and other current assets | 24,044 | 21,263 |
Total current assets | 143,563 | 150,183 |
Property and equipment, net | 345,280 | 285,979 |
Goodwill | 22,105 | 22,105 |
Intangibles, net | 6,791 | 7,975 |
Right-to-use lease assets | 6,357 | |
Other long-term assets | 5,517 | 7,167 |
Total assets | 529,613 | 473,409 |
Current Liabilities: | ||
Unearned passenger revenues | 124,605 | 123,489 |
Accounts payable and accrued expenses | 32,914 | 33,944 |
Lease liabilities - current | 1,302 | |
Long-term debt - current | 2,000 | 2,000 |
Total current liabilities | 160,821 | 159,433 |
Long-term debt, less current portion | 216,117 | 188,089 |
Deferred tax liabilities | 6,964 | 2,787 |
Lease liabilities | 5,272 | |
Other long-term liabilities | 5,083 | 554 |
Total liabilities | 394,257 | 350,863 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTEREST | 7,336 | 6,502 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value, 200,000,000 shares authorized; 49,716,067 and 45,814,925 issued, 49,625,043 and 45,442,728 outstanding as of September 30, 2019 and December 31, 2018, respectively | 5 | 5 |
Additional paid-in capital | 45,377 | 41,539 |
Retained earnings | 90,339 | 75,171 |
Accumulated other comprehensive income | (7,701) | (671) |
Total stockholders' equity | 128,020 | 116,044 |
Total liabilities, stockholders' equity and redeemable noncontrolling interest | $ 529,613 | $ 473,409 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanidng (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 49,716,067 | 45,814,925 |
Common stock, shares outstanding (in shares) | 49,625,043 | 45,442,728 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Tour revenues | $ 100,983 | $ 87,242 | $ 267,294 | $ 239,125 |
Operating expenses: | ||||
Cost of tours | 48,294 | 44,964 | 124,831 | 114,645 |
General and administrative | 15,266 | 14,718 | 47,615 | 45,647 |
Selling and marketing | 15,531 | 12,255 | 42,100 | 34,911 |
Depreciation and amortization | 6,233 | 5,024 | 18,603 | 15,062 |
Total operating expenses | 85,324 | 76,961 | 233,149 | 210,265 |
Operating income | 15,659 | 10,281 | 34,145 | 28,860 |
Interest expense, net | (3,214) | (2,409) | (9,391) | (8,013) |
(Loss) gain on foreign currency | (2,338) | 163 | (1,181) | (1,430) |
Other (expense) income | (30) | 1 | (79) | (118) |
Total other expense | (5,582) | (2,245) | (10,651) | (9,561) |
Income before income taxes | 10,077 | 8,036 | 23,494 | 19,299 |
Income tax expense | 7,351 | 2,690 | 4,838 | 3,194 |
Net income | 2,726 | 5,346 | 18,656 | 16,105 |
Net income attributable to noncontrolling interest | 565 | 279 | 834 | 107 |
Net income attributable to Lindblad Expeditions Holdings, Inc | 2,161 | 5,067 | 17,822 | 15,998 |
Non-cash deemed dividend to warrant holders | 2,654 | 2,654 | ||
Net (loss) income available to common stockholders | $ (493) | $ 5,067 | $ 15,168 | $ 15,998 |
Weighted average shares outstanding | ||||
Basic (in shares) | 48,863,506 | 45,423,127 | 46,704,634 | 45,356,438 |
Diluted (in shares) | 48,863,506 | 47,690,395 | 49,091,370 | 45,963,669 |
Net (loss) income per share available to common stockholders | ||||
Basic (in dollars per share) | $ (0.01) | $ 0.11 | $ 0.32 | $ 0.35 |
Diluted (in dollars per share) | $ (0.01) | $ 0.11 | $ 0.31 | $ 0.35 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 2,726 | $ 5,346 | $ 18,656 | $ 16,105 |
Other comprehensive income: | ||||
Net unrealized (loss) gain | (7,393) | 157 | (8,654) | 230 |
Reclassification adjustment, net of tax | 1,624 | 1,624 | ||
Total other comprehensive (loss) income | (5,769) | 157 | (7,030) | 230 |
Total comprehensive (loss) income | (3,043) | 5,503 | 11,626 | 16,335 |
Less: comprehensive income attributive to non-controlling interest | 565 | 279 | 834 | 107 |
Comprehensive (loss) income attributable to common shareholders | $ (3,608) | $ 5,224 | $ 10,792 | $ 16,228 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 45,427,030 | ||||
Balance at Dec. 31, 2017 | $ 5 | $ 42,498 | $ 63,819 | $ 106,322 | |
Stock-based compensation | 3,256 | 3,256 | |||
Issuance of stock for equity compensation plans, net (in shares) | 397,425 | ||||
Issuance of stock for equity compensation plans, net | (4,509) | (4,509) | |||
Other comprehensive income, net | 230 | 230 | |||
Net income attributable to Lindblad Expeditions Holdings, Inc | 15,998 | 15,998 | |||
Repurchase of shares and warrants (in shares) | (9,030) | ||||
Repurchase of shares and warrants | (854) | (854) | |||
Stock-based compensation (in shares) | |||||
Balance (in shares) at Sep. 30, 2018 | 45,815,425 | ||||
Balance at Sep. 30, 2018 | $ 5 | 40,391 | 79,817 | 230 | 120,443 |
Balance (in shares) at Jun. 30, 2018 | 45,775,648 | ||||
Balance at Jun. 30, 2018 | $ 5 | 39,172 | 74,750 | 73 | 114,000 |
Stock-based compensation | 1,271 | 1,271 | |||
Issuance of stock for equity compensation plans, net (in shares) | 39,777 | ||||
Issuance of stock for equity compensation plans, net | (52) | (52) | |||
Other comprehensive income, net | 157 | 157 | |||
Net income attributable to Lindblad Expeditions Holdings, Inc | 5,067 | 5,067 | |||
Balance (in shares) at Sep. 30, 2018 | 45,815,425 | ||||
Balance at Sep. 30, 2018 | $ 5 | 40,391 | 79,817 | 230 | 120,443 |
Balance (in shares) at Dec. 31, 2018 | 45,814,925 | ||||
Balance at Dec. 31, 2018 | $ 5 | 41,539 | 75,171 | (671) | 116,044 |
Stock-based compensation | 2,671 | 2,671 | |||
Issuance of stock for equity compensation plans, net (in shares) | 4,786 | ||||
Issuance of stock for equity compensation plans, net | (1,778) | (1,778) | |||
Warrants (in shares) | 3,898,251 | ||||
Warrants | 2,968 | (2,654) | 314 | ||
Other comprehensive income, net | (7,030) | (7,030) | |||
Net income attributable to Lindblad Expeditions Holdings, Inc | 17,822 | 17,822 | |||
Repurchase of shares and warrants (in shares) | (1,895) | ||||
Repurchase of shares and warrants | (23) | (23) | |||
Balance (in shares) at Sep. 30, 2019 | 49,716,067 | ||||
Balance at Sep. 30, 2019 | $ 5 | 45,377 | 90,339 | (7,701) | 128,020 |
Balance (in shares) at Jun. 30, 2019 | 45,801,025 | ||||
Balance at Jun. 30, 2019 | $ 5 | 41,617 | 90,832 | (1,932) | 130,522 |
Stock-based compensation | 917 | 917 | |||
Issuance of stock for equity compensation plans, net (in shares) | 19,391 | ||||
Issuance of stock for equity compensation plans, net | (95) | (95) | |||
Warrants (in shares) | 3,895,651 | ||||
Warrants | 2,938 | (2,654) | 284 | ||
Other comprehensive income, net | (5,769) | (5,769) | |||
Net income attributable to Lindblad Expeditions Holdings, Inc | 2,161 | 2,161 | |||
Balance (in shares) at Sep. 30, 2019 | 49,716,067 | ||||
Balance at Sep. 30, 2019 | $ 5 | $ 45,377 | $ 90,339 | $ (7,701) | $ 128,020 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited)) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows From Operating Activities | ||
Net income | $ 18,656 | $ 16,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,603 | 15,062 |
Amortization of National Geographic fee | 2,181 | 2,181 |
Amortization of deferred financing costs and other, net | 1,392 | 1,477 |
Stock-based compensation | 2,671 | 3,256 |
Deferred income taxes | 4,177 | 2,653 |
Loss on foreign currency | 1,181 | 1,430 |
Write-off of unamortized issuance costs related to debt refinancing | 359 | |
Loss on write-off of assets | 129 | |
Changes in operating assets and liabilities | ||
Marine operating supplies and inventories | (620) | 169 |
Prepaid expenses and other current assets | (2,780) | (1,806) |
Right-to-use lease assets | (6,357) | |
Lease liabilities | 6,574 | |
Unearned passenger revenues | 1,116 | 449 |
Other long-term assets | (7,561) | (1,981) |
Other long-term liabilities | 4,530 | 22 |
Accounts payable and accrued expenses | (2,213) | (247) |
Net cash provided by operating activities | 41,550 | 39,258 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (76,720) | (45,510) |
Net cash used in investing activities | (76,720) | (45,510) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 30,476 | 200,000 |
Repayments of long-term debt | (1,500) | (171,125) |
Payment of deferred financing costs | (2,340) | (6,486) |
Repurchase under stock-based compensation plans and related tax impacts | (1,778) | (4,509) |
Warrants exercised | 314 | |
Repurchase of warrants and common stock | (23) | (854) |
Net cash provided by financing activities | 25,149 | 17,026 |
Effect of exchange rate changes on cash | 7 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,021) | 10,781 |
Cash, cash equivalents and restricted cash at beginning of period | 122,151 | 103,500 |
Cash, cash equivalents and restricted cash at end of period | 112,130 | 114,281 |
Supplemental disclosures of cash flow information: | ||
Interest | 10,651 | 9,952 |
Income taxes | 1,893 | 468 |
Non-cash investing and financing activities: | ||
Additional paid-in capital exercise proceeds of option shares | 225 | 1,682 |
Additional paid-in capital exchange proceeds used for option shares | (225) | (1,682) |
Non-cash deemed dividend to warrant holders | $ 2,654 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 Business Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries (the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of eight five The Company operates the following reportable business segments: Lindblad Natural Habitat The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2018 10 February 28, 2019 ( “2018 The presentation of certain prior year items in the notes to the condensed consolidated financial statements of the Company have been reclassified to conform to the 2019 no There have been no 2018 The Company accounts for its various operating leases in accordance with Accounting Standards Codification (“ASC”) 842 Leases, 2016 02. not 12 three nine September 30, 2019, $0.4 $1.1 three nine September 30, 2018, $0.4 $1.1 September 30, 2019, 67 September 30, 2019 (In thousands) Operating Lease Payments (unaudited) Remainder of 2019 $ 303 2020 1,335 2021 1,372 2022 1,437 2023 1,324 Thereafter 1,922 Present value discount (6% weighted average) (1,119 ) Total lease liability $ 6,574 Accounting Pronouncements Recently Adopted In February 2016, 2016 02, Leases 842 July 2018 2018 11, Leases 842 Targeted Improvements 2016 02 December 15, 2018. January 1, 2019, $6.2 January 1, 2019. In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 December 15, 2018. January 1, 2019, not In August 2018, 2018 15 Intangibles—Goodwill and Other—Internal-Use Software 350 40 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018 15 December 15, 2019 January 1, 2019, not |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 Earnings per Common Share Earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards, shares issuable upon the exercise of stock options and previously outstanding warrants, using the treasury stock method. For the three nine September 30, 2019 2018, For the three months ended September 30, For the nine months ended September 30, (In thousands, except share and per share data) 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Net income attributable to Lindblad Expeditions Holdings, Inc $ 2,161 $ 5,067 $ 17,822 $ 15,998 Non-cash deemed dividend to warrant holders 2,654 - 2,654 - Net (loss) income available to common stockholders $ (493 ) $ 5,067 $ 15,168 $ 15,998 Weighted average shares outstanding: Total weighted average shares outstanding, basic 48,863,506 45,423,127 46,704,634 45,356,438 Dilutive potential common shares - 2,267,268 2,386,736 607,231 Total weighted average shares outstanding, diluted 48,863,506 47,690,395 49,091,370 45,963,669 Net (loss) income per share available to common stockholders Basic $ (0.01 ) $ 0.11 $ 0.32 $ 0.35 Diluted $ (0.01 ) $ 0.11 $ 0.31 $ 0.35 For the three September 30, 2019, nine September 30, 2019, 0.1 not three nine September 30, 2018, 0.2 not On July 17, 2019, 7 |
Note 3 - Revenues
Note 3 - Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and air transportation to and from the ships. Guest deposits represent unearned revenues and are reported as unearned passenger revenues in the condensed consolidated balance sheets when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification, Revenue from Contracts with Customers 606 not no The change in contract liabilities within unearned passenger revenues presented in the Company's condensed consolidated balance sheets are as follows: Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2019 $ 70,903 Recognized in tour revenues during the period (204,935 ) Additional contract liabilities in period 192,864 Balance as of September 30, 2019 $ 58,832 The following table disaggregates total revenues by revenue type: For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Guest ticket revenues $ 94,100 $ 80,265 $ 244,171 $ 218,010 Other tour revenue 6,883 6,977 23,123 21,115 Tour revenues $ 100,983 $ 87,242 $ 267,294 $ 239,125 |
Note 4 - Financial Statement De
Note 4 - Financial Statement Details | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 4 The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows: For the nine months ended September 30, (In thousands) 2019 2018 (unaudited) (unaudited) Cash and cash equivalents $ 104,135 $ 105,688 Restricted cash 7,995 8,593 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 112,130 $ 114,281 Restricted cash consists of the following: (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Federal Maritime Commission escrow $ 6,476 $ 5,823 Certificates of deposit and other restricted securities 1,519 1,402 Credit card processor reserves - 1,530 Total restricted cash $ 7,995 $ 8,755 Prepaid expenses and other current assets consist of the following: (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Prepaid tour expenses $ 13,358 $ 10,617 Prepaid air expense 3,386 2,973 Prepaid corporate insurance 2,358 1,158 Prepaid client insurance 2,223 2,436 Prepaid marketing, commissions and other expenses 2,064 2,622 Prepaid port agent fees 382 1,433 Prepaid income taxes 273 24 Total prepaid expenses $ 24,044 $ 21,263 Accounts payable and accrued expenses consist of the following: (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Accrued other expense $ 9,849 $ 11,464 Accounts payable 6,122 9,326 Bonus compensation liability 4,875 5,195 Employee liability 3,505 2,943 Foreign currency forward contract liability 3,048 387 Royalty payable 1,859 1,005 Income tax liabilities 1,352 576 Travel certificate liability 977 1,088 Refunds and commissions payable 850 1,533 Accrued travel insurance expense 477 427 Total accounts payable and accrued expenses $ 32,914 $ 33,944 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 As of September 30, 2019 As of December 31, 2018 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Credit Facility 197,500 (10,155 ) 187,345 199,000 (11,436 ) 187,564 Senior Secured Credit Agreement 30,476 (2,229 ) 28,247 - - - Total long-term debt 230,501 (12,384 ) 218,117 201,525 (11,436 ) 190,089 Less current portion (2,000 ) - (2,000 ) (2,000 ) - (2,000 ) Total long-term debt, non-current $ 228,501 $ (12,384 ) $ 216,117 $ 199,525 $ (11,436 ) $ 188,089 For the three nine September 30, 2019, $0.5 $1.4 three nine September 30, 2018, $0.4 $1.5 Credit Facility In March 2018, $200.0 first March 2025, $45.0 $5.0 3.250%, 5.266% September 30, 2019. may September 30, 2019, no Senior Secured Credit Agreements In January 2018, not $107.7 80% National Geographic Endurance, first 2020. 5.78% three 3.00% On April 8, 2019, not $122.8 80% National Geographic Resolution fourth 2021. three 3.00% 5.09% September 30, 2019. 6.36% three 3.00% 30% five 70% twelve 70% $2.3 September 2019, $30.5 second National Geographic Resolution Note Payable In connection with the Natural Habitat acquisition in May 2016, $2.5 December 31, 2020. 1.44% six Covenants The Company’s Amended Credit Agreement, Export Credit Agreement and Second Export Credit Agreement contain financial and restrictive covenants that include among others, net leverage ratios, limits on additional indebtedness and limits on certain investments. As of September 30, 2019, |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 6 Derivative Instruments and Hedging Activities The Company’s derivative assets and liabilities consist principally of foreign exchange forward contracts and interest rate caps and are carried at fair value based on significant observable inputs (Level 2 not Currency Risk In March 2019, National Geographic Resolution 11 Interest Rate Risk The Company records the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized. Any changes in fair values of hedges that are determined to be ineffective are immediately reclassified from accumulated other comprehensive income (loss) into earnings. No nine September 30, 2019. $2.2 12 three nine September 30, 2019, $1.6 The Company held the following derivative instruments with absolute notional values as of September 30, 2019: (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 130,744 Estimated fair values (Level 2 As of September 30, 2019 As of December 31, 2018 (unaudited) (in thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ - $ 7,157 $ - $ - Interest rate cap (b) 123 - 710 - Total $ 123 $ 7,157 $ 710 $ - Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ - $ 886 $ - $ 1,328 Total $ - $ 886 $ - $ 1,328 _________ (a) Recorded in accounts payable and accrued expenses and other long-term liabilities. (b) Recorded in prepaid expenses and other current assets and other long-term assets. (c) Recorded in accounts payable and accrued expenses. Changes in the fair value of the Company’s hedging instruments are recorded in accumulated other comprehensive income, pursuant to the guidelines of cash flow hedge accounting as outlined in ASC 815. The effects of derivatives recognized in the Company’s condensed consolidated financial statements were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward contracts (a) $ (7,094 ) $ - $ (8,066 ) $ - Interest rate caps (b) (298 ) 157 (587 ) 230 Derivative instruments not designated as cash flow hedging instruments (c) Foreign exchange forward contracts (715 ) 163 442 (1,430 ) Total $ (8,107 ) $ 320 $ (8,211 ) $ (1,200 ) __________ (a) For the three nine September 30, 2019, $1.6 $5.5 $6.4 (b) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (c) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. During the three nine September 30, 2019, $0.7 $0.4 three nine September 30, 2018, $0.2 $1.4 Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The carrying value of long-term debt approximates fair value given that the terms of the agreement were comparable to the market as of September 30, 2019. September 30, 2019 December 31, 2018, no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 Stock and Warrant Repurchase Plan The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 $35.0 November 2016. no nine September 30, 2019, 1,895 $23,000. 866,701 $8.2 6,011,926 $14.7 $12.1 September 30, 2019. Warrants During the nine September 30, 2019, 27,311 On June 14, 2019, 0.385 not 0.36575 July 17, 2019, 9,935,000 3,824,959 125,763 not 45,981 no As the fair value of the warrants tendered in the Warrant Exchange offer was less than the fair value of the common stock issued, the Company recorded a non-cash deemed dividend of approximately $2.7 August 17, 2019, 1 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 8 The Company is authorized to issue up to 2.5 2015 September 30, 2019, 1.3 As of September 30, 2019, December 31, 2018, 200,000 220,000 $9.47 $9.63, September 30, 2019, 150,000 The Company recorded stock-based compensation expense of $0.9 $2.7 three nine September 30, 2019, $1.3 $3.3 three nine September 30, 2018, 2019 During the nine September 30, 2019, 109,357 $15.30. first three During the nine September 30, 2019, 23,706 $18.98. first During the nine September 30, 2019, 61,631 $15.25. may three may 0% 200% |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 The Company and National Geographic Society collaborate on exploration, research, technology and conservation in order to provide travel experiences and disseminate geographic knowledge around the globe. The Lindblad/National Geographic Society alliance is set forth in (i) an Alliance and License Agreement and (ii) a Tour Operator Agreement. The extension of the agreements, entered into July 2015, $10.00 five July 8, 2015, 2015 March 2019, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The measurement of net deferred tax assets is reduced by the amount of any tax benefit that, based on available evidence, is not The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes reflect the “more-likely-than- not” not may may September 30, 2019, December 31, 2018, $0.1 $0.6 three nine September 30, 2019 2018, not nine September 30, 2019 2018 20.6% 16.6%, The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no three four three |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Fleet Expansion In 2017, National Geographic Endurance, 1,066.0 $134.6 first twenty eighty first 2020. During February 2019, second National Geographic Resolution, National Geographic Endurance 1,291.0 first 20% 50% 30% fourth 2021. March 2019, a purchase price National Geographic Resolution $153.5 Royalty Agreement – National Geographic The Company is party to an alliance and license agreement with National Geographic, which allows the Company to use the National Geographic name and logo. In return for these rights, the Company is charged a royalty fee. The royalty fee is included within selling and marketing expense on the accompanying condensed consolidated statements of income. The amount is calculated based upon a percentage of certain ticket revenues less travel agent commission, including the revenues received from certain cancellation fees and any certain revenues received from the sale of pre- and post-expedition extensions. A pre- and post-expedition extension occurs when a guest extends his or her trip with pre- or post-voyage hotel nights. Royalty expense was $1.7 $4.8 three nine September 30, 2019, $1.2 $3.3 three nine September 30, 2018, The royalty balance outstanding to National Geographic as of September 30, 2019 December 31, 2018 $1.7 $1.0 Royalty Agreement – World Wildlife Fund Natural Habitat has a license agreement with WWF, which allows it to use the WWF name and logo. In return for these rights, Natural Habitat is charged a royalty fee and a fee based on annual gross sales. The fees are included within selling and marketing expense on the accompanying condensed consolidated statements of income. This royalty fee expense was $0.3 $0.7 three nine September 30, 2019, $0.3 $0.6 three nine September 30, 2018, Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of September 30, 2019 For the years ended December 31, Amount (In thousands) (unaudited) Remainder of 2019 $ 3,223 2020 12,472 2021 7,280 2022 1,850 Total $ 24,825 Legal Proceedings  From time to time, the Company is party to litigation and regulatory matters and claims. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability will be incurred and the amount or range of the loss can be reasonably estimated. The results of complex proceedings and reviews are difficult to predict and the Company’s view of these matters may |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12 The Company is primarily a specialty cruise and adventure expedition operator with operations in two two The Company evaluates the performance of its business segments based largely on tour revenues and operating income, without allocating other income and expenses, net, income taxes and interest expense, net. For the three nine September 30, 2019 2018, For the three months ended September 30, For the nine months ended September 30, 2019 2018 Change % 2019 2018 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Tour revenues: Lindblad $ 76,581 $ 64,507 $ 12,074 19 % $ 217,549 $ 194,516 $ 23,033 12 % Natural Habitat 24,402 22,735 1,667 7 % 49,745 44,609 5,136 12 % Total tour revenues $ 100,983 $ 87,242 $ 13,741 16 % $ 267,294 $ 239,125 $ 28,169 12 % Operating Income: Lindblad $ 12,570 $ 8,209 $ 4,361 53 % $ 31,514 $ 26,755 $ 4,759 18 % Natural Habitat 3,089 2,072 1,017 49 % 2,631 2,105 526 25 % Total operating income $ 15,659 $ 10,281 $ 5,378 52 % $ 34,145 $ 28,860 $ 5,285 18 % Depreciation and amortization are included in segment operating income as shown below: For the three months ended September 30, For the nine months ended September 30, 2019 2018 Change % 2019 2018 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 5,812 $ 4,645 $ 1,167 25 % $ 17,380 $ 13,954 $ 3,426 25 % Natural Habitat 421 379 42 11 % 1,223 1,108 115 10 % Total depreciation and amortization $ 6,233 $ 5,024 $ 1,209 24 % $ 18,603 $ 15,062 $ 3,541 24 % The following table presents the total assets, intangibles, net and goodwill by segment: As of September 30, 2019 As of December 31, 2018 (In thousands) (unaudited) Total Assets: Lindblad $ 453,176 $ 409,622 Natural Habitat 76,437 63,787 Total assets $ 529,613 $ 473,409 Intangibles, net: Lindblad $ 3,506 $ 4,050 Natural Habitat 3,285 3,925 Total intangibles, net $ 6,791 $ 7,975 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 For the three nine September 30, 2019 $1.3 $3.8 three nine September 30, 2018 $1.2 $2.6 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2018 10 February 28, 2019 ( “2018 The presentation of certain prior year items in the notes to the condensed consolidated financial statements of the Company have been reclassified to conform to the 2019 no There have been no 2018 The Company accounts for its various operating leases in accordance with Accounting Standards Codification (“ASC”) 842 Leases, 2016 02. not 12 three nine September 30, 2019, $0.4 $1.1 three nine September 30, 2018, $0.4 $1.1 September 30, 2019, 67 September 30, 2019 (In thousands) Operating Lease Payments (unaudited) Remainder of 2019 $ 303 2020 1,335 2021 1,372 2022 1,437 2023 1,324 Thereafter 1,922 Present value discount (6% weighted average) (1,119 ) Total lease liability $ 6,574 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Recently Adopted In February 2016, 2016 02, Leases 842 July 2018 2018 11, Leases 842 Targeted Improvements 2016 02 December 15, 2018. January 1, 2019, $6.2 January 1, 2019. In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 December 15, 2018. January 1, 2019, not In August 2018, 2018 15 Intangibles—Goodwill and Other—Internal-Use Software 350 40 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018 15 December 15, 2019 January 1, 2019, not |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Lease Payments (unaudited) Remainder of 2019 $ 303 2020 1,335 2021 1,372 2022 1,437 2023 1,324 Thereafter 1,922 Present value discount (6% weighted average) (1,119 ) Total lease liability $ 6,574 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, (In thousands, except share and per share data) 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Net income attributable to Lindblad Expeditions Holdings, Inc $ 2,161 $ 5,067 $ 17,822 $ 15,998 Non-cash deemed dividend to warrant holders 2,654 - 2,654 - Net (loss) income available to common stockholders $ (493 ) $ 5,067 $ 15,168 $ 15,998 Weighted average shares outstanding: Total weighted average shares outstanding, basic 48,863,506 45,423,127 46,704,634 45,356,438 Dilutive potential common shares - 2,267,268 2,386,736 607,231 Total weighted average shares outstanding, diluted 48,863,506 47,690,395 49,091,370 45,963,669 Net (loss) income per share available to common stockholders Basic $ (0.01 ) $ 0.11 $ 0.32 $ 0.35 Diluted $ (0.01 ) $ 0.11 $ 0.31 $ 0.35 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2019 $ 70,903 Recognized in tour revenues during the period (204,935 ) Additional contract liabilities in period 192,864 Balance as of September 30, 2019 $ 58,832 |
Disaggregation of Revenue [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Guest ticket revenues $ 94,100 $ 80,265 $ 244,171 $ 218,010 Other tour revenue 6,883 6,977 23,123 21,115 Tour revenues $ 100,983 $ 87,242 $ 267,294 $ 239,125 |
Note 4 - Financial Statement _2
Note 4 - Financial Statement Details (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 2.5%; margin-left: 2.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">For the nine months ended September 30,</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(In thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(unaudited)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(unaudited)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,688</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted cash</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,995</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Total cash, cash equivalents and restricted cash as presented in the statement of cash flows</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,130</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,281</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 2.5%; margin-left: 2.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">For the nine months ended September 30,</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(In thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(unaudited)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(unaudited)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,688</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted cash</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,995</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,593</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Total cash, cash equivalents and restricted cash as presented in the statement of cash flows</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,130</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,281</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
Restricted Cash and Marketable Securities [Table Text Block] | (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Federal Maritime Commission escrow $ 6,476 $ 5,823 Certificates of deposit and other restricted securities 1,519 1,402 Credit card processor reserves - 1,530 Total restricted cash $ 7,995 $ 8,755 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Prepaid tour expenses $ 13,358 $ 10,617 Prepaid air expense 3,386 2,973 Prepaid corporate insurance 2,358 1,158 Prepaid client insurance 2,223 2,436 Prepaid marketing, commissions and other expenses 2,064 2,622 Prepaid port agent fees 382 1,433 Prepaid income taxes 273 24 Total prepaid expenses $ 24,044 $ 21,263 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (In thousands) As of September 30, 2019 As of December 31, 2018 (unaudited) Accrued other expense $ 9,849 $ 11,464 Accounts payable 6,122 9,326 Bonus compensation liability 4,875 5,195 Employee liability 3,505 2,943 Foreign currency forward contract liability 3,048 387 Royalty payable 1,859 1,005 Income tax liabilities 1,352 576 Travel certificate liability 977 1,088 Refunds and commissions payable 850 1,533 Accrued travel insurance expense 477 427 Total accounts payable and accrued expenses $ 32,914 $ 33,944 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 2019 As of December 31, 2018 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Credit Facility 197,500 (10,155 ) 187,345 199,000 (11,436 ) 187,564 Senior Secured Credit Agreement 30,476 (2,229 ) 28,247 - - - Total long-term debt 230,501 (12,384 ) 218,117 201,525 (11,436 ) 190,089 Less current portion (2,000 ) - (2,000 ) (2,000 ) - (2,000 ) Total long-term debt, non-current $ 228,501 $ (12,384 ) $ 216,117 $ 199,525 $ (11,436 ) $ 188,089 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 130,744 |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2019 As of December 31, 2018 (unaudited) (in thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ - $ 7,157 $ - $ - Interest rate cap (b) 123 - 710 - Total $ 123 $ 7,157 $ 710 $ - Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ - $ 886 $ - $ 1,328 Total $ - $ 886 $ - $ 1,328 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward contracts (a) $ (7,094 ) $ - $ (8,066 ) $ - Interest rate caps (b) (298 ) 157 (587 ) 230 Derivative instruments not designated as cash flow hedging instruments (c) Foreign exchange forward contracts (715 ) 163 442 (1,430 ) Total $ (8,107 ) $ 320 $ (8,211 ) $ (1,200 ) |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) (unaudited) Remainder of 2019 $ 3,223 2020 12,472 2021 7,280 2022 1,850 Total $ 24,825 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2019 2018 Change % 2019 2018 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Tour revenues: Lindblad $ 76,581 $ 64,507 $ 12,074 19 % $ 217,549 $ 194,516 $ 23,033 12 % Natural Habitat 24,402 22,735 1,667 7 % 49,745 44,609 5,136 12 % Total tour revenues $ 100,983 $ 87,242 $ 13,741 16 % $ 267,294 $ 239,125 $ 28,169 12 % Operating Income: Lindblad $ 12,570 $ 8,209 $ 4,361 53 % $ 31,514 $ 26,755 $ 4,759 18 % Natural Habitat 3,089 2,072 1,017 49 % 2,631 2,105 526 25 % Total operating income $ 15,659 $ 10,281 $ 5,378 52 % $ 34,145 $ 28,860 $ 5,285 18 % For the three months ended September 30, For the nine months ended September 30, 2019 2018 Change % 2019 2018 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 5,812 $ 4,645 $ 1,167 25 % $ 17,380 $ 13,954 $ 3,426 25 % Natural Habitat 421 379 42 11 % 1,223 1,108 115 10 % Total depreciation and amortization $ 6,233 $ 5,024 $ 1,209 24 % $ 18,603 $ 15,062 $ 3,541 24 % As of September 30, 2019 As of December 31, 2018 (In thousands) (unaudited) Total Assets: Lindblad $ 453,176 $ 409,622 Natural Habitat 76,437 63,787 Total assets $ 529,613 $ 473,409 Intangibles, net: Lindblad $ 3,506 $ 4,050 Natural Habitat 3,285 3,925 Total intangibles, net $ 6,791 $ 7,975 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 |
Note 1 - Business and Basis o_3
Note 1 - Business and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Expense | $ 400 | $ 400 | $ 1,100 | $ 1,100 | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 210 days | 5 years 210 days | ||||
Operating Lease, Right-of-Use Asset | $ 6,357 | $ 6,357 | ||||
Operating Lease, Liability, Total | $ 6,574 | $ 6,574 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 6,200 | |||||
Operating Lease, Liability, Total | $ 6,200 |
Note 1 - Business and Basis o_4
Note 1 - Business and Basis of Presentation - Operating Lease Payment (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 303 |
2020 | 1,335 |
2021 | 1,372 |
2022 | 1,437 |
2023 | 1,324 |
Thereafter | 1,922 |
Present value discount (6% weighted average) | (1,119) |
Total lease liability | $ 6,574 |
Note 1 - Business and Basis o_5
Note 1 - Business and Basis of Presentation - Operating Lease Payment (Details) (Parentheticals) | Sep. 30, 2019 |
Weighted average discount rate | 6.00% |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.2 | 0.1 | 0.2 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income attributable to Lindblad Expeditions Holdings, Inc | $ 2,161 | $ 5,067 | $ 17,822 | $ 15,998 |
Non-cash deemed dividend to warrant holders | 2,654 | 2,654 | ||
Net (loss) income available to common stockholders | $ (493) | $ 5,067 | $ 15,168 | $ 15,998 |
Weighted average shares outstanding | ||||
Total weighted average shares outstanding, basic (in shares) | 48,863,506 | 45,423,127 | 46,704,634 | 45,356,438 |
Dilutive potential common shares (in shares) | 2,267,268 | 2,386,736 | 607,231 | |
Total weighted average shares outstanding, diluted (in shares) | 48,863,506 | 47,690,395 | 49,091,370 | 45,963,669 |
Net (loss) income per share available to common stockholders | ||||
Basic (in dollars per share) | $ (0.01) | $ 0.11 | $ 0.32 | $ 0.35 |
Diluted (in dollars per share) | $ (0.01) | $ 0.11 | $ 0.31 | $ 0.35 |
Note 3 - Revenues - Change in C
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Balance | $ 70,903 |
Recognized in tour revenues during the period | (204,935) |
Additional contract liabilities in period | 192,864 |
Balance | $ 58,832 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Tour revenues | $ 100,983 | $ 87,242 | $ 267,294 | $ 239,125 |
Guest Ticket [Member] | ||||
Tour revenues | 94,100 | 80,265 | 244,171 | 218,010 |
Other Tour [Member] | ||||
Tour revenues | $ 6,883 | $ 6,977 | $ 23,123 | $ 21,115 |
Note 4 - Financial Statement _3
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 104,135 | $ 113,396 | $ 105,688 | |
Restricted cash | 7,995 | 8,755 | 8,593 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 112,130 | $ 122,151 | $ 114,281 | $ 103,500 |
Note 4 - Financial Statement _4
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Total restricted cash and marketable securities | $ 7,995 | $ 8,755 | $ 8,593 |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 6,476 | 5,823 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | 1,519 | 1,402 | |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | $ 1,530 |
Note 4 - Financial Statement _5
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Prepaid tour expenses | $ 13,358 | $ 10,617 |
Prepaid air expense | 3,386 | 2,973 |
Prepaid corporate insurance | 2,358 | 1,158 |
Prepaid client insurance | 2,223 | 2,436 |
Prepaid marketing, commissions and other expenses | 2,064 | 2,622 |
Prepaid port agent fees | 382 | 1,433 |
Prepaid income taxes | 273 | 24 |
Total prepaid expenses | $ 24,044 | $ 21,263 |
Note 4 - Financial Statement _6
Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued other expense | $ 9,849 | $ 11,464 |
Accounts payable | 6,122 | 9,326 |
Bonus compensation liability | 4,875 | 5,195 |
Employee liability | 3,505 | 2,943 |
Foreign currency forward contract liability | 3,048 | 387 |
Royalty payable | 1,859 | 1,005 |
Income tax liabilities | 1,352 | 576 |
Travel certificate liability | 977 | 1,088 |
Refunds and commissions payable | 850 | 1,533 |
Accrued travel insurance expense | 477 | 427 |
Total accounts payable and accrued expenses | $ 32,914 | $ 33,944 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Apr. 08, 2019 | Sep. 30, 2019 | Jan. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 |
Amortization of Debt Issuance Costs and Discounts, Total | $ 500 | $ 400 | $ 1,392 | $ 1,477 | ||||
Payments of Financing Costs, Total | 2,340 | $ 6,486 | ||||||
Revolving Credit Facility [Member] | ||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | $ 0 | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||||||
Credit Agreement [Member] | Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | ||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.266% | 5.266% | 5.266% | |||||
Export Credit Agreement [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122,800 | $ 107,700 | ||||||
Percentage of Purchase Price, Financing Maximum | 80.00% | 80.00% | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.78% | |||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.09% | 5.09% | 5.09% | |||||
Second Export Credit Agreement [Member] | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.36% | |||||||
Payments of Financing Costs, Total | $ 2,300 | |||||||
Proceeds from Issuance of Debt | $ 30,500 | |||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Promissory Notes, Natural Habitat Acquisition [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,500 | $ 2,500 | $ 2,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | 1.44% | 1.44% |
Note 5 - Long-term Debt - Long-
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Principal | $ 230,501 | $ 201,525 |
Deferred Financing Costs, Net | (12,384) | (11,436) |
Balance | 218,117 | 190,089 |
Principal, Current | (2,000) | (2,000) |
Deferred Financing Costs, Net, Current | ||
Balance, Current | (2,000) | (2,000) |
Principal, Non-current | 228,501 | 199,525 |
Deferred Financing Costs, Net, Non-current | (12,384) | (11,436) |
Balance, Non-current | 216,117 | 188,089 |
Notes Payable, Other Payables [Member] | ||
Principal | 2,525 | 2,525 |
Deferred Financing Costs, Net | ||
Balance | 2,525 | 2,525 |
Term Facility [Member] | ||
Principal | 197,500 | 199,000 |
Deferred Financing Costs, Net | (10,155) | (11,436) |
Balance | 187,345 | 187,564 |
Senior Secured Credit Agreement [Member] | ||
Principal | 30,476 | |
Deferred Financing Costs, Net | (2,229) | |
Balance | $ 28,247 |
Note 6 - Financial Instrument_3
Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | $ 0 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,200 | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (2,338) | $ 163 | (1,181) | $ (1,430) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (7,393) | $ 157 | (8,654) | $ 230 |
Foreign Exchange Forward [Member] | AOCI Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (5,500) | (6,400) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,600) | (1,600) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (700) | $ (400) |
Note 6 - Financial Instrument_4
Note 6 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 130,744 |
Note 6 - Financial Instrument_5
Note 6 - Financial Instruments and Fair Value Measurements - Estimated Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | $ 123 | $ 710 | |
Derivatives designated as hedging instruments | 7,157 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | |||
Derivatives designated as hedging instruments | 886 | 1,328 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | ||
Derivatives designated as hedging instruments | [1] | 7,157 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [2] | ||
Derivatives designated as hedging instruments | [2] | 886 | 1,328 |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [3] | 123 | 710 |
Derivatives designated as hedging instruments | [3] | ||
[1] | Recorded in accounts payable and accrued expenses and other long-term liabilities. | ||
[2] | Recorded in accounts payable and accrued expenses. | ||
[3] | Recorded in prepaid expenses and other current assets and other long-term assets. |
Note 6 - Financial Instrument_6
Note 6 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Total | $ (8,107) | $ 320 | $ (8,211) | $ (1,200) | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Foreign exchange forward contracts (a) | [1] | (7,094) | (8,066) | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Foreign exchange forward contracts | [2] | (715) | 163 | 442 | (1,430) |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||||
Foreign exchange forward contracts (a) | [3] | $ (298) | $ 157 | $ (587) | $ 230 |
[1] | For the three and nine months ended September 30, 2019, $1.6 million was recognized as a loss on foreign currency in the condensed consolidated statements of income, and $5.5 million and $6.4 million, respectively, was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. | ||||
[2] | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. During the three and nine months ended September 30, 2019, a loss of $0.7 million and a gain of $0.4 million, respectively, was recognized in gain (loss) on foreign currency. During the three and nine months ended September 30, 2018, a gain of $0.2 million and a loss of $1.4 million, respectively, was recognized in gain (loss) on foreign currency. | ||||
[3] | Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Jul. 17, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Nov. 30, 2016 |
Stock Repurchased During Period, Value | $ 23,000 | $ 854,000 | |||||
Class of Warrant or Right, Exercised | 27,311 | ||||||
Class of Warrant or Right, Outstanding | 0 | 0 | 0 | ||||
Temporary Equity, Dividends, Adjustment | $ 2,654,000 | $ 2,654,000 | |||||
Warrant Exchange [Member] | |||||||
Warrant Exchange, Common Stock to be Received | 0.385 | ||||||
Class of Warrant or Right, Outstanding | 9,935,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,824,959 | ||||||
Temporary Equity, Dividends, Adjustment | $ 2,700,000 | ||||||
Warrants Exchanged in Consent Solicitation [Member] | |||||||
Non Warrant Exchange, Common Stock to be Received | 0.36575 | ||||||
Class of Warrant or Right, Outstanding | 125,763 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 45,981 | ||||||
Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares | 1,895 | 9,030 | |||||
Stock Repurchased During Period, Value | |||||||
Stock and Warrant Repurchase Plan [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 | ||||||
Warrants Repurchased During Period | 6,011,926 | ||||||
Warrants Repurchased During Period, Value | $ 14,700,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,100,000 | $ 12,100,000 | $ 12,100,000 | ||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | |||||||
Warrants Repurchased During Period | 1,895 | ||||||
Warrants Repurchased During Period, Value | $ 23,000 | ||||||
Stock Repurchased During Period, Shares | 866,701 | ||||||
Stock Repurchased During Period, Value | $ 8,200,000 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 200,000 | 200,000 | 220,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 9.47 | $ 9.47 | $ 9.63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 150,000 | 150,000 | |||
Share-based Payment Arrangement, Expense | $ | $ 0.9 | $ 1.3 | $ 2.7 | $ 3.3 | |
2015 Long-Term Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | 2,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,300,000 | 1,300,000 | |||
2019 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 109,357 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 15.30 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 | 3 | |||
2019 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 23,706 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 18.98 | ||||
2019 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 61,631 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 15.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2019 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0.00% | ||||
2019 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 200.00% |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - National Geographic Society [Member] - Collaborate Agreement [Member] | Jul. 08, 2015$ / shares |
Call Options, Exercise Price | $ 10 |
Call Options, Percentage of Issued and Outstanding Shares | 5.00% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.60% | 16.60% | |
Other Noncurrent Liabilities [Member] | |||
Unrecognized Tax Benefits, Ending Balance | $ 0.1 | $ 0.6 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) kr in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019NOK (kr) | Dec. 31, 2018USD ($) | Dec. 31, 2017NOK (kr) | Dec. 31, 2017USD ($) | |
National Geographic [Member] | |||||||||
Royalty Expense | $ 1.7 | $ 1.2 | $ 4.8 | $ 3.3 | |||||
Accounts Payable and Other Accrued Liabilities, Current | 1.7 | 1.7 | $ 1 | ||||||
World Wildlife Fund [Member] | |||||||||
Royalty Expense | $ 0.3 | $ 0.3 | $ 0.7 | $ 0.6 | |||||
Class Vessel [Member] | Ulstein Verft [Member] | |||||||||
Vessel, Contract Price | kr 1,066 | $ 134.6 | |||||||
Foreign Exchange Contract [Member] | Ulstein Verft [Member] | |||||||||
Vessel, Contract Price | $ 153.5 | kr 1,291 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 3,223 |
2020 | 12,472 |
2021 | 7,280 |
2022 | 1,850 |
Total | $ 24,825 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Number of Operating Segments | 2 | |||
Number of Reportable Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 100,983 | $ 87,242 | $ 267,294 | $ 239,125 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,300 | $ 1,200 | $ 3,800 | $ 2,600 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Tour revenues | $ 100,983 | $ 87,242 | $ 267,294 | $ 239,125 | |
Tour revenues, change | $ 13,741 | $ 28,169 | |||
Tour revenues, percentage change | 16.00% | 12.00% | |||
Operating income | $ 15,659 | 10,281 | $ 34,145 | 28,860 | |
Operating income, change | $ 5,378 | $ 5,285 | |||
Operating income, percentage change | 52.00% | 18.00% | |||
Depreciation and amortization | $ 6,233 | 5,024 | $ 18,603 | 15,062 | |
Total depreciation and amortization, change | $ 1,209 | $ 3,541 | |||
Total depreciation and amortization, percentage change | 24.00% | 24.00% | |||
Assets | $ 529,613 | $ 529,613 | $ 473,409 | ||
Intangibles, net | 6,791 | 6,791 | 7,975 | ||
Goodwill | 22,105 | 22,105 | 22,105 | ||
Lindblad Segment [Member] | |||||
Tour revenues | 76,581 | 64,507 | 217,549 | 194,516 | |
Tour revenues, change | $ 12,074 | $ 23,033 | |||
Tour revenues, percentage change | 19.00% | 12.00% | |||
Operating income | $ 12,570 | 8,209 | $ 31,514 | 26,755 | |
Operating income, change | $ 4,361 | $ 4,759 | |||
Operating income, percentage change | 53.00% | 18.00% | |||
Depreciation and amortization | $ 5,812 | 4,645 | $ 17,380 | 13,954 | |
Total depreciation and amortization, change | $ 1,167 | $ 3,426 | |||
Total depreciation and amortization, percentage change | 25.00% | 25.00% | |||
Assets | $ 453,176 | $ 453,176 | 409,622 | ||
Intangibles, net | 3,506 | 3,506 | 4,050 | ||
Goodwill | |||||
Natural Habitat Segment [Member] | |||||
Tour revenues | 24,402 | 22,735 | 49,745 | 44,609 | |
Tour revenues, change | $ 1,667 | $ 5,136 | |||
Tour revenues, percentage change | 7.00% | 12.00% | |||
Operating income | $ 3,089 | 2,072 | $ 2,631 | 2,105 | |
Operating income, change | $ 1,017 | $ 526 | |||
Operating income, percentage change | 49.00% | 25.00% | |||
Depreciation and amortization | $ 421 | $ 379 | $ 1,223 | $ 1,108 | |
Total depreciation and amortization, change | $ 42 | $ 115 | |||
Total depreciation and amortization, percentage change | 11.00% | 10.00% | |||
Assets | $ 76,437 | $ 76,437 | 63,787 | ||
Intangibles, net | 3,285 | 3,285 | 3,925 | ||
Goodwill | $ 22,105 | $ 22,105 | $ 22,105 |