Lindblad Expeditions (LIND) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		49,825,181
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 137,040	$ 101,579
Restricted cash	22,791	7,679
Marine operating supplies	6,761	6,299
Inventories	1,804	2,027
Prepaid expenses and other current assets	26,716	29,055
Total current assets	195,112	146,639
Property and equipment, net	468,227	357,790
Goodwill	22,105	22,105
Intangibles, net	6,001	6,396
Deferred tax asset	171	218
Right-to-use lease assets	5,849	6,105
Other long-term assets	8,057	9,405
Total assets	705,522	548,658
Current Liabilities:
Unearned passenger revenues	143,595	138,825
Accounts payable and accrued expenses	46,030	38,231
Lease liabilities - current	1,378	1,335
Long-term debt - current	11,816	4,525
Total current liabilities	202,819	182,916
Long-term debt, less current portion	358,871	213,543
Deferred tax liabilities	2,616	4,491
Lease liabilities	4,781	5,029
Other long-term liabilities	12,306	3,317
Total liabilities	581,393	409,296
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTEREST	16,476	16,112
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; 49,758,787 and 49,717,522 issued, 49,667,763 and 49,626,498 outstanding as of March 31, 2020 and December 31, 2019, respectively	5	5
Additional paid-in capital	46,908	46,271
Retained earnings	78,820	81,655
Accumulated other comprehensive loss	(18,080)	(4,681)
Total stockholders' equity	107,653	123,250
Total liabilities, stockholders' equity and redeemable noncontrolling interest	$ 705,522	$ 548,658

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	49,758,787	49,717,522
Common stock, shares outstanding (in shares)	49,667,763	49,626,498

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Tour revenues	$ 81,238	$ 89,654
Operating expenses:
Cost of tours	42,192	39,017
General and administrative	17,226	16,082
Selling and marketing	12,879	14,002
Depreciation and amortization	6,690	6,188
Total operating expenses	78,987	75,289
Operating income	2,251	14,365
Other (expense) income:
Interest expense, net	(3,054)	(2,989)
(Loss) gain on foreign currency	(3,443)	656
Other expense	(53)	(19)
Total other expense	(6,550)	(2,352)
(Loss) income before income taxes	(4,299)	12,013
Income tax benefit	(1,828)	(3,066)
Net (loss) income	(2,471)	15,079
Net (loss) income attributable to noncontrolling interest	(537)	406
Net (loss) income available to common stockholders	$ (1,934)	$ 14,673
Weighted average shares outstanding
Basic (in shares)	49,625,127	45,565,381
Diluted (in shares)	49,625,127	47,429,343
Net (loss) income per share available to common stockholders
Basic (in dollars per share)	$ (0.04)	$ 0.32
Diluted (in dollars per share)	$ (0.04)	$ 0.31

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net (loss) income	$ (2,471)	$ 15,079
Other comprehensive income:
Net unrealized loss	(13,399)	(1,638)
Total other comprehensive (loss) income	(13,399)	(1,638)
Total comprehensive (loss) income	(15,870)	13,441
Less: comprehensive (loss) income attributive to non-controlling interest	(537)	406
Comprehensive (loss) income attributable to common shareholders	$ (15,333)	$ 13,035

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, 2018	45,814,925
Balance at Dec. 31, 2018	$ 5	$ 41,539	$ 75,171	$ (671)	$ 116,044
Stock-based compensation		753			753
Issuance of stock for equity compensation plans, net (in shares)	(44,315)
Issuance of stock for equity compensation plans, net		(1,167)			(1,167)
Repurchase of shares and warrants (in shares)	(1,895)
Repurchase of shares and warrants		(23)			(23)
Other comprehensive loss, net				(1,638)	(1,638)
Net income (loss) available to common stockholders			14,673		14,673
Balance (in shares) at Mar. 31, 2019	45,768,715
Balance at Mar. 31, 2019	$ 5	41,102	89,844	(2,309)	128,642
Balance (in shares) at Dec. 31, 2019	49,717,522
Balance at Dec. 31, 2019	$ 5	46,271	81,655	(4,681)	123,250
Stock-based compensation		898			898
Issuance of stock for equity compensation plans, net (in shares)	49,782
Issuance of stock for equity compensation plans, net		(134)			(134)
Repurchase of shares and warrants (in shares)	(8,517)
Repurchase of shares and warrants		(127)			(127)
Other comprehensive loss, net				(13,399)	(13,399)
Redeemable noncontrolling interest			(901)		(901)
Net income (loss) available to common stockholders			(1,934)		(1,934)
Balance (in shares) at Mar. 31, 2020	49,758,787
Balance at Mar. 31, 2020	$ 5	$ 46,908	$ 78,820	$ (18,080)	$ 107,653

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited)) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities
Net (loss) income	$ (2,471)	$ 15,079
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,690	6,188
Amortization of National Geographic fee	727	727
Amortization of deferred financing costs and other, net	486	434
Amortization of right-to-use lease assets	51	165
Stock-based compensation	898	753
Deferred income taxes	(1,828)	(3,865)
Loss (gain) on foreign currency	3,443	(656)
Changes in operating assets and liabilities
Marine operating supplies and inventories	(239)	(219)
Prepaid expenses and other current assets	2,339	(6,699)
Unearned passenger revenues	4,770	6,016
Other long-term assets	621	(1,294)
Other long-term liabilities	(4,411)	825
Accounts payable and accrued expenses	4,356	(2,112)
Net cash provided by operating activities	15,432	15,342
Cash Flows From Investing Activities
Purchases of property and equipment	(116,732)	(35,144)
Net cash used in investing activities	(116,732)	(35,144)
Cash Flows From Financing Activities
Proceeds from long-term debt	152,695
Repayments of long-term debt	(500)	(500)
Payment of deferred financing costs	(61)	(18)
Repurchase under stock-based compensation plans and related tax impacts	(134)	(1,167)
Repurchase of warrants and common stock	(127)	(23)
Net cash provided by (used in) financing activities	151,873	(1,708)
Net increase (decrease) in cash, cash equivalents and restricted cash	50,573	(21,510)
Cash, cash equivalents and restricted cash at beginning of period	109,258	122,150
Cash, cash equivalents and restricted cash at end of period	159,831	100,640
Supplemental disclosures of cash flow information:
Interest	3,862	3,377
Income taxes	$ 12	$ 23

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 nine five The Company operates the following reportable business segments: Lindblad Natural Habitat 100 45 seven 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 (“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, 2019 10 February 26, 2020 ( “2019 The presentation of certain items in the condensed consolidated statements of cash flows have been reclassified to conform to the 2020 no There have been no 2019 COVID- 19 Due to the spread of the COVID- 19 March 16, 2020 June 30, 2020 no 19 The Company has moved quickly to implement a comprehensive plan to mitigate the impact of COVID- 19 ● Significantly reducing ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up. ● Lowered expected annual maintenance capital expenditures by over $10 50% ● Meaningfully reduced general and administrative expenses through payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending. ● Suspended the majority of planned advertising and marketing spend. ● Deferred payment of the majority of bonuses earned for 2019 ● Suspended all repurchases of common stock under the stock repurchase plan. Bookings Trends The Company was off to a strong start to the year with Lindblad segment bookings at the end of February 25% 2020 2019, 86% 19 2020 27% 2019 2020, 8% second 2020 second 2019 2020, 2021 2022, $15 March 1, 2020, For 2020 April 24, 2020, Balance Sheet and Liquidity As of March 31, 2020, $137.0 $22.8 $45.0 first 19 $107.7 first National Geographic Endurance March 2020. March 31, 2020, $382.2 $30.6 second third National Geographic Resolution fourth 2021. Export credit agencies, in conjunction with export credit lenders, are working to finalize an industrywide initiative to grant a 12 $9.0 12 first Considering the cost reduction measures and the potential deferral of near-term export credit agreement amortization, the Company estimates its monthly cash usage while its vessels are not $10 15 The Company is also currently evaluating several additional strategies to enhance its liquidity position. These strategies may not Following the first 19 $6.6 The Company has not 19 no 12 May 5, 2020, 10 Return to Operations While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 148 Valuation of Goodwill and Trademarks The effects of COVID- 19 December 31, 2019, March 31, 2020. no Valuation of Long-lived Assets The effects of COVID- 19 December 31, 2019, may not March 31, 2020, no Recent Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020, not In March 2020, 2020 4, 848 may December 31, 2022. not

Note 2 - Earnings Per Share

Note 2 - Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019, For the three months ended March 31, 2020 2019 (In thousands, except share and per share data) (unaudited) (unaudited) Net (loss) income available to common stockholders $ (1,934 ) $ 14,673 Weighted average shares outstanding: Total weighted average shares outstanding, basic 49,625,127 45,565,381 Dilutive potential common shares - 270,742 Dilutive potential options - 36,120 Dilutive potential warrants - 1,557,100 Total weighted average shares outstanding, diluted 49,625,127 47,429,343 Net (loss) income per share available to common stockholders Basic $ (0.04 ) $ 0.32 Diluted $ (0.04 ) $ 0.31 For the three March 31, 2020, March 31, 2020, 0.5 0.2 March 31, 2019, 0.2 not

Note 3 - Revenues

Note 3 - Revenues	3 Months Ended
	Mar. 31, 2020
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 Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2020 $ 72,051 Recognized in tour revenues during the period (68,182 ) Additional contract liabilities in period 57,363 Balance as of March 31, 2020 $ 61,232 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended March 31, 2020 2019 Guest ticket revenue: (unaudited) (unaudited) Direct 41 % 41 % National Geographic 18 % 19 % Agencies 24 % 24 % Affinity 5 % 6 % Guest ticket revenue 88 % 90 % Other tour revenue 12 % 10 % Tour revenues 100 % 100 %

Note 4 - Financial Statement De

Note 4 - Financial Statement Details	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 2019 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 137,040 $ 70,103 Restricted cash 22,791 30,537 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 159,831 $ 100,640 Restricted cash consist of the following: As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Federal Maritime Commission escrow $ 21,383 $ 6,104 Certificates of deposit and other restricted securities 1,408 1,575 Total restricted cash $ 22,791 $ 7,679 The Company’s prepaid expenses and other current assets consist of the following: As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Prepaid tour expenses $ 15,410 $ 15,630 Prepaid client insurance 3,545 3,064 Prepaid air expense 3,340 4,415 Prepaid marketing, commissions and other expenses 2,932 4,026 Prepaid corporate insurance 972 1,376 Prepaid port agent fees 413 491 Prepaid income taxes 104 53 Total prepaid expenses $ 26,716 $ 29,055 The Company’s accounts payable and accrued expenses consist of the following: As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Accrued other expense $ 10,777 $ 8,348 Refunds and commissions payable 9,773 1,873 Accounts payable 7,939 14,633 Foreign currency forward contract liability 5,922 1,300 Bonus compensation liability 4,906 5,322 Employee liability 3,603 3,712 Royalty payable 1,171 1,075 Travel certificate liability 870 888 Income tax liabilities 592 603 Accrued travel insurance expense 477 477 Total accounts payable and accrued expenses $ 46,030 $ 38,231 Loan Receivable The Company’s loan receivable is recorded at amortized cost within other long-term assets. The following is a rollforward of the receivable balance: For the three months ended March 31, 2020 (In thousands) (unaudited) Balance as of January 1, 2020 $ 4,084 Accrued interest 40 Amortization of deferred costs (6 ) Balance as of March 31, 2020 $ 4,118

Note 5 - Long-term Debt

Note 5 - Long-term Debt	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5 As of March 31, 2020 As of December 31, 2019 (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 196,499 (6,903 ) 189,596 197,000 (9,704 ) 187,296 Revolving Facility 45,000 (455 ) 44,545 - - - 1st Senior Secured Credit Agreement 107,695 (1,933 ) 105,762 - - - 2nd Senior Secured Credit Agreement 30,476 (2,217 ) 28,259 30,476 (2,229 ) 28,247 Total long-term debt 382,195 (11,508 ) 370,687 230,001 (11,933 ) 218,068 Less current portion (11,816 ) - (11,816 ) (4,525 ) - (4,525 ) Total long-term debt, non-current $ 370,379 $ (11,508 ) $ 358,871 $ 225,476 $ (11,933 ) $ 213,543 For the three March 31, 2020 2019, $0.5 $0.4 Credit Facility In March 2018, $200.0 first March 2025, $45.0 $5.0 3.25%, 4.24% March 31, 2020. may March 2020, $45.0 19 March 27, 2023 3.00%, 3.99% March 31, 2020. Senior Secured Credit Agreement In January 2018, not $107.7 80% National Geographic Endurance March 2020, National Geographic Endurance $107.7 . three 3.00% 4.45% March 31, 2020. 90 January 2032. In April 2019, not $122.8 80% National Geographic Resolution fourth 2021. 30% five 70% twelve 70% $2.3 September 2019, $30.5 second National Geographic Resolution three 3.00% 4.45% March 31, 2020. 6.36% three 3.00% Note Payable In connection with the Natural Habitat acquisition in May 2016, $2.5 1.44% six May 1, 2020, three first December 22, 2020, second December 22, 2021 December 22, 2022. 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 March 31, 2020,

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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, 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 March 31, 2020. $5.8 12 The Company held the following derivative instruments with absolute notional values as of March 31, 2020: (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 132,966 Estimated fair values (Level 2 As of March 31, 2020 As of December 31, 2019 (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) $ - $ 18,042 $ - $ 4,459 Interest rate cap (b) 16 - 138 - Total $ 16 $ 18,042 $ 138 $ 4,459 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ - $ 3,054 $ 459 $ 70 Total $ - $ 3,054 $ 459 $ 70 _______ (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 prepaid expenses and other current assets, and 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: For the three months ended March 31, (In thousands) 2020 2019 Derivative instruments designated as cash flow hedging instruments: (unaudited) (unaudited) Foreign exchange forward (a) $ 13,277 $ 1,488 Interest rate cap (a) 122 149 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (b) (3,443 ) 656 Total $ 9,956 $ 2,293 (a) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. During the three March 31, 2020, $3.4 three March 31, 2019, $0.7 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 March 31, 2020. March 31, 2020 December 31, 2019, no

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
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 three March 31, 2020, 8,517 $127,000. 875,218 $8.3 6,011,926 $14.7 $12.0 March 31, 2020. March 2020, 19

Note 8 - Stock Based Compensati

Note 8 - Stock Based Compensation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 8 The Company is authorized to issue up to 2.5 2015 March 31, 2020, 1.2 As of March 31, 2020 December 31, 2019, 200,000 $9.47 March 31, 2020, 150,000 The Company recorded stock-based compensation expense of $0.9 $0.8 three March 31, 2020 2019, 2020 Long-Term Incentive Compensation During the three March 31, 2020, 97,768 $4.17. first three March 31, 2020 25% 2020 19 75% During the three March 31, 2020, 56,347 $4.17. three may 0% 200% three March 31, 2020 25% 2020 19 75% Natural Habitat Contingent Arrangement In connection with the acquisition of Natural Habitat, Mr. Bressler, the founder of Natural Habitat, has an equity incentive opportunity to earn an award of options based on the future financial performance of Natural Habitat, where if the Final Year Equity Value of Natural Habitat, as defined in Mr. Bressler's amended employment agreement, exceeds $25 December 31, 2023, 10.1%

Note 9 - Related Party Transact

Note 9 - Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 9 In May 2016, $2.5 May 1, 2020, 5

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, December 31, 2019, $0.0 three March 31, 2020 2019, not three March 31, 2020 42.5% 25.5% three March 31, 2019, first 2020 19 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

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 11 Fleet Expansion On March 16, 2020, National Geographic Endurance $107.7 5 In February 2019, December 2019, second National Geographic Resolution 1,291.0 first 20% 50% $30.5 September 2019, $30.6 April 2020 $15.5 April 2021, 30% March 2019, second $153.5 fourth 2021. 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 operations. The amount is calculated based upon a percentage of certain ticket revenues less travel agent commission, including the revenues received from cancellation fees and any revenues received from the sale of pre- and post-expedition extensions. Royalty expense for the three March 31, 2020 2019 $1.2 $1.4 The royalty balances outstanding to National Geographic as of March 31, 2020 December 31, 2019 $1.2 $2.2 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 operations. This royalty fee expense was $0.2 three March 31, 2020 2019. 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 March 31, 2020 For the years ended December 31, Amount (In thousands) (unaudited) 2020 $ 6,538 2021 9,534 2022 1,850 Total $ 17,922 Natural Habitat Redeemable Non- Controlling Interest Mr. Bressler, founder of Natural Habitat, retains a 19.9% 100% May 1, 2020, January 31, 2024, not December 31, 2023. not March 31, 2029, Since the redemption of the noncontrolling interest is not one two The Company elected the income classification-excess adjustment and accretion methods for recognizing changes in the redemption value of Mr. Bressler’s put option. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the fair value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the fair value of the noncontrolling interest, are treated as a decrease to net income available to common stockholders. The fair value of Mr. Bressler’s put option was determined using a discounted cash flow model. The redemption value was adjusted to its present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: Three Months Ended March 31, (In thousands) 2020 2019 (unaudited) (unaudited) Balance January 1, $ 16,112 $ 6,502 Net income attributable to noncontrolling interest (537 ) 406 Fair value adjustment of put option 901 - Balance March 31, $ 16,476 $ 6,908 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019, For the three months ended March 31, 2020 2019 Change % (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 69,539 $ 76,038 $ (6,499 ) (9 %) Natural Habitat 11,699 13,616 (1,917 ) (14 %) Total tour revenues $ 81,238 $ 89,654 $ (8,416 ) (9 %) Operating Income: Lindblad $ 2,189 $ 13,641 $ (11,452 ) (84 %) Natural Habitat 62 724 (662 ) (91 %) Total operating income $ 2,251 $ 14,365 $ (12,114 ) (84 %) Depreciation and amortization are included in segment operating income as shown below: For the three months ended March 31, 2020 2019 Change % (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 6,248 $ 5,794 $ 454 8 % Natural Habitat 442 394 48 12 % Total depreciation and amortization $ 6,690 $ 6,188 $ 502 8 % The following table presents our total assets, intangibles, net and goodwill by segment: (In thousands) As of March 31, 2020 As of December 31, 2019 Total Assets: (unaudited) Lindblad $ 625,876 $ 471,499 Natural Habitat 79,646 77,159 Total assets $ 705,522 $ 548,658 Intangibles, net: Lindblad $ 3,144 $ 3,325 Natural Habitat 2,857 3,071 Total intangibles, net $ 6,001 $ 6,396 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 For the three March 31, 2020 2019 $2.2 $1.7

Note 13 - Subsequent Event

Note 13 - Subsequent Event	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 13 On April 1, 2020, $30.6 third National Geographic Resolution On April 10, 2020, May 2020 19 June 2020. On April 10, 2020 19 $6.6 On May 1, 2020, three first December 22, 2020, second December 22, 2021 December 22, 2022. On May 1, 2020, January 31, 2024, March 31, 2029, December 31, 2023, On May 1, 2020, December 31, 2023.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 (“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, 2019 10 February 26, 2020 ( “2019 The presentation of certain items in the condensed consolidated statements of cash flows have been reclassified to conform to the 2020 no There have been no 2019
COVID-19 Business Update, Policy [Policy Text Block]	COVID- 19 Due to the spread of the COVID- 19 March 16, 2020 June 30, 2020 no 19 The Company has moved quickly to implement a comprehensive plan to mitigate the impact of COVID- 19 ● Significantly reducing ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up. ● Lowered expected annual maintenance capital expenditures by over $10 50% ● Meaningfully reduced general and administrative expenses through payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending. ● Suspended the majority of planned advertising and marketing spend. ● Deferred payment of the majority of bonuses earned for 2019 ● Suspended all repurchases of common stock under the stock repurchase plan. Bookings Trends The Company was off to a strong start to the year with Lindblad segment bookings at the end of February 25% 2020 2019, 86% 19 2020 27% 2019 2020, 8% second 2020 second 2019 2020, 2021 2022, $15 March 1, 2020, For 2020 April 24, 2020,
Balance Sheet and Liquidity, Policy [Policy Text Block]	Balance Sheet and Liquidity As of March 31, 2020, $137.0 $22.8 $45.0 first 19 $107.7 first National Geographic Endurance March 2020. March 31, 2020, $382.2 $30.6 second third National Geographic Resolution fourth 2021. Export credit agencies, in conjunction with export credit lenders, are working to finalize an industrywide initiative to grant a 12 $9.0 12 first Considering the cost reduction measures and the potential deferral of near-term export credit agreement amortization, the Company estimates its monthly cash usage while its vessels are not $10 15 The Company is also currently evaluating several additional strategies to enhance its liquidity position. These strategies may not Following the first 19 $6.6 The Company has not 19 no 12 May 5, 2020, 10
Return to Operations, Policy [Policy Text Block]	Return to Operations While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 148
Goodwill and Intangible Assets, Policy [Policy Text Block]	Valuation of Goodwill and Trademarks The effects of COVID- 19 December 31, 2019, March 31, 2020. no
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Valuation of Long-lived Assets The effects of COVID- 19 December 31, 2019, may not March 31, 2020, no
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020, not In March 2020, 2020 4, 848 may December 31, 2022. not

Note 2 - Earnings Per Share (Ta

Note 2 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended March 31, 2020 2019 (In thousands, except share and per share data) (unaudited) (unaudited) Net (loss) income available to common stockholders $ (1,934 ) $ 14,673 Weighted average shares outstanding: Total weighted average shares outstanding, basic 49,625,127 45,565,381 Dilutive potential common shares - 270,742 Dilutive potential options - 36,120 Dilutive potential warrants - 1,557,100 Total weighted average shares outstanding, diluted 49,625,127 47,429,343 Net (loss) income per share available to common stockholders Basic $ (0.04 ) $ 0.32 Diluted $ (0.04 ) $ 0.31

Note 3 - Revenues (Tables)

Note 3 - Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2020 $ 72,051 Recognized in tour revenues during the period (68,182 ) Additional contract liabilities in period 57,363 Balance as of March 31, 2020 $ 61,232
Disaggregation of Revenue [Table Text Block]	For the three months ended March 31, 2020 2019 Guest ticket revenue: (unaudited) (unaudited) Direct 41 % 41 % National Geographic 18 % 19 % Agencies 24 % 24 % Affinity 5 % 6 % Guest ticket revenue 88 % 90 % Other tour revenue 12 % 10 % Tour revenues 100 % 100 %

Note 4 - Financial Statement _2

Note 4 - Financial Statement Details (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]	For the three months ended March 31, 2020 2019 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 137,040 $ 70,103 Restricted cash 22,791 30,537 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 159,831 $ 100,640
Restricted Cash and Marketable Securities [Table Text Block]	As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Federal Maritime Commission escrow $ 21,383 $ 6,104 Certificates of deposit and other restricted securities 1,408 1,575 Total restricted cash $ 22,791 $ 7,679
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Prepaid tour expenses $ 15,410 $ 15,630 Prepaid client insurance 3,545 3,064 Prepaid air expense 3,340 4,415 Prepaid marketing, commissions and other expenses 2,932 4,026 Prepaid corporate insurance 972 1,376 Prepaid port agent fees 413 491 Prepaid income taxes 104 53 Total prepaid expenses $ 26,716 $ 29,055
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of March 31, 2020 As of December 31, 2019 (In thousands) (unaudited) Accrued other expense $ 10,777 $ 8,348 Refunds and commissions payable 9,773 1,873 Accounts payable 7,939 14,633 Foreign currency forward contract liability 5,922 1,300 Bonus compensation liability 4,906 5,322 Employee liability 3,603 3,712 Royalty payable 1,171 1,075 Travel certificate liability 870 888 Income tax liabilities 592 603 Accrued travel insurance expense 477 477 Total accounts payable and accrued expenses $ 46,030 $ 38,231
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	For the three months ended March 31, 2020 (In thousands) (unaudited) Balance as of January 1, 2020 $ 4,084 Accrued interest 40 Amortization of deferred costs (6 ) Balance as of March 31, 2020 $ 4,118

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	As of March 31, 2020 As of December 31, 2019 (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 196,499 (6,903 ) 189,596 197,000 (9,704 ) 187,296 Revolving Facility 45,000 (455 ) 44,545 - - - 1st Senior Secured Credit Agreement 107,695 (1,933 ) 105,762 - - - 2nd Senior Secured Credit Agreement 30,476 (2,217 ) 28,259 30,476 (2,229 ) 28,247 Total long-term debt 382,195 (11,508 ) 370,687 230,001 (11,933 ) 218,068 Less current portion (11,816 ) - (11,816 ) (4,525 ) - (4,525 ) Total long-term debt, non-current $ 370,379 $ (11,508 ) $ 358,871 $ 225,476 $ (11,933 ) $ 213,543

Note 6 - Financial Instrument_2

Note 6 - Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 132,966
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block]	For the three months ended March 31, (In thousands) 2020 2019 Derivative instruments designated as cash flow hedging instruments: (unaudited) (unaudited) Foreign exchange forward (a) $ 13,277 $ 1,488 Interest rate cap (a) 122 149 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (b) (3,443 ) 656 Total $ 9,956 $ 2,293
Fair Value, Inputs, Level 2 [Member]
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	As of March 31, 2020 As of December 31, 2019 (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) $ - $ 18,042 $ - $ 4,459 Interest rate cap (b) 16 - 138 - Total $ 16 $ 18,042 $ 138 $ 4,459 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ - $ 3,054 $ 459 $ 70 Total $ - $ 3,054 $ 459 $ 70

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block]	For the years ended December 31, Amount (In thousands) (unaudited) 2020 $ 6,538 2021 9,534 2022 1,850 Total $ 17,922
Redeemable Noncontrolling Interest [Table Text Block]	Three Months Ended March 31, (In thousands) 2020 2019 (unaudited) (unaudited) Balance January 1, $ 16,112 $ 6,502 Net income attributable to noncontrolling interest (537 ) 406 Fair value adjustment of put option 901 - Balance March 31, $ 16,476 $ 6,908

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the three months ended March 31, 2020 2019 Change % (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 69,539 $ 76,038 $ (6,499 ) (9 %) Natural Habitat 11,699 13,616 (1,917 ) (14 %) Total tour revenues $ 81,238 $ 89,654 $ (8,416 ) (9 %) Operating Income: Lindblad $ 2,189 $ 13,641 $ (11,452 ) (84 %) Natural Habitat 62 724 (662 ) (91 %) Total operating income $ 2,251 $ 14,365 $ (12,114 ) (84 %) For the three months ended March 31, 2020 2019 Change % (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 6,248 $ 5,794 $ 454 8 % Natural Habitat 442 394 48 12 % Total depreciation and amortization $ 6,690 $ 6,188 $ 502 8 % (In thousands) As of March 31, 2020 As of December 31, 2019 Total Assets: (unaudited) Lindblad $ 625,876 $ 471,499 Natural Habitat 79,646 77,159 Total assets $ 705,522 $ 548,658 Intangibles, net: Lindblad $ 3,144 $ 3,325 Natural Habitat 2,857 3,071 Total intangibles, net $ 6,001 $ 6,396 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105

Note 1 - Business and Basis o_2

Note 1 - Business and Basis of Presentation (Details Textual) $ in Thousands	Apr. 10, 2020USD ($)	Mar. 16, 2020USD ($)	Mar. 01, 2020USD ($)	May 04, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Feb. 28, 2020	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Number of Expedition Ships Operated						9
Number of Seasonal Charter Vessels Operated						5
Percentage of Segment Bookings						27.00%
Percentage of Advanced Booking for Future Travel, Increased, Compared to Second Half of Previous Year						8.00%
Future Bookings For Travel			$ 15,000
Unrestricted Cash						$ 137,040		$ 101,579	$ 70,103
Restricted Cash, Deposits On Future Travel						22,791		7,679	$ 30,537
Debt, Current, Total						382,195		230,001
Export Credit Agency Backed Amortization, Payment Due Over Next 12 Months						9,000
Subsequent Event [Member]
Return of Paycheck Protection Program under CARES Act					$ 6,600
Proceeds from U.S. Small Business Administration Loan	$ 6,600				$ 6,600
Export Credit Agreement [Member]
Proceeds from Lines of Credit, Total		$ 107,700				107,700
Second Senior Credit Agreement [Member] | Subsequent Event [Member]
Proceeds from Lines of Credit, Total				$ 30,600
Revolving Credit Facility [Member]
Unrestricted Cash, Drawn Under Credit Facility						45,000
Debt, Current, Total						$ 45,000
Guest Ticket [Member]
Percentage of Projected Revenues						86.00%
Minimum [Member]
Capital Expenditures, Expected Annual Maintenance Amount, Decrease During period						$ 10,000
Estimate Cash Usage, Monthly, Including Ship and Office Expense						10,000
Maximum [Member]
Percentage of Segment Bookings							25.00%
Estimate Cash Usage, Monthly, Including Ship and Office Expense						$ 15,000

Note 2 - Earnings Per Share (De

Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.5	0.2
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	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
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss) available to common stockholders	$ (1,934)	$ 14,673
Weighted average shares outstanding
Total weighted average shares outstanding, basic (in shares)	49,625,127	45,565,381
Dilutive potential common shares (in shares)		270,742
Dilutive potential options (in shares)		36,120
Dilutive potential warrants (in shares)		1,557,100
Total weighted average shares outstanding, diluted (in shares)	49,625,127	47,429,343
Net (loss) income per share available to common stockholders
Basic (in dollars per share)	$ (0.04)	$ 0.32
Diluted (in dollars per share)	$ (0.04)	$ 0.31

Note 3 - Revenues - Change in C

Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Balance	$ 72,051
Recognized in tour revenues during the period	(68,182)
Additional contract liabilities in period	57,363
Balance	$ 61,232

Note 3 - Revenues - Disaggregat

Note 3 - Revenues - Disaggregation of Revenues by Type (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Tour Revenues	100.00%	100.00%
Guest Ticket [Member]
Tour Revenues	88.00%	90.00%
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member]
Tour Revenues	41.00%	41.00%
Guest Ticket [Member] | Sales Channel, National Geographic [Member]
Tour Revenues	18.00%	19.00%
Guest Ticket [Member] | Sales Channel, Agencies [Member]
Tour Revenues	24.00%	24.00%
Guest Ticket [Member] | Sales Channel, Affinity [Member]
Tour Revenues	5.00%	6.00%
Other Tour [Member]
Tour Revenues	12.00%	10.00%

Note 4 - Financial Statement _3

Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 137,040	$ 101,579	$ 70,103
Restricted cash	22,791	7,679	30,537
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows	$ 159,831	$ 109,258	$ 100,640	$ 122,150

Note 4 - Financial Statement _4

Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Total restricted cash and marketable securities	$ 22,791	$ 7,679	$ 30,537
Federal Maritime Commission Escrow [Member]
Total restricted cash and marketable securities	21,383	6,104
Certificates of Deposit and Other Restricted Securities [Member]
Total restricted cash and marketable securities	$ 1,408	$ 1,575

Note 4 - Financial Statement _5

Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid tour expenses	$ 15,410	$ 15,630
Prepaid client insurance	3,545	3,064
Prepaid air expense	3,340	4,415
Prepaid marketing, commissions and other expenses	2,932	4,026
Prepaid corporate insurance	972	1,376
Prepaid port agent fees	413	491
Prepaid income taxes	104	53
Total prepaid expenses	$ 26,716	$ 29,055

Note 4 - Financial Statement _6

Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued other expense	$ 10,777	$ 8,348
Refunds and commissions payable	9,773	1,873
Accounts payable	7,939	14,633
Foreign currency forward contract liability	5,922	1,300
Bonus compensation liability	4,906	5,322
Employee liability	3,603	3,712
Royalty payable	1,171	1,075
Travel certificate liability	870	888
Income tax liabilities	592	603
Accrued travel insurance expense	477	477
Total accounts payable and accrued expenses	$ 46,030	$ 38,231

Note 4 - Financial Statement _7

Note 4 - Financial Statement Details - Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Balance	$ 4,084
Accrued interest	40
Amortization of deferred costs	(6)
Balance	$ 4,118

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Mar. 16, 2020	Apr. 08, 2019	Sep. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 27, 2018	Jan. 31, 2018	May 04, 2016
Amortization of Debt Issuance Costs				$ 486	$ 434
Payments of Financing Costs, Total				61	$ 18
Revolving Credit Facility [Member]
Long-term Line of Credit, Total				$ 45,000
Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 45,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%
Debt Instrument, Interest Rate, Effective Percentage				3.99%
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
Debt Instrument, Interest Rate, Effective Percentage				4.24%
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.25%
Export Credit Agreement [Member]
Debt Agreement, Maximum Borrowing Capacity		$ 122,800					$ 107,700
Percentage of Purchase Price, Financing Maximum		80.00%					80.00%
Proceeds from Lines of Credit, Total	$ 107,700			$ 107,700
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				4.45%
Second Export Credit Agreement [Member]
Proceeds from Lines of Credit, Total			$ 30,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		6.36%
Payments of Financing Costs, Total		$ 2,300
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%		3.00%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				4.45%
Promissory Notes, Natural Habitat Acquisition [Member]
Debt Instrument, Face Amount				$ 2,500				$ 2,500
Debt Instrument, Interest Rate, Stated Percentage				1.44%

Note 5 - Long-term Debt - Long-

Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Principal	$ 382,195	$ 230,001
Deferred Financing Costs, Net	(11,508)	(11,933)
Balance	370,687	218,068
Principal, Current	(11,816)	(4,525)
Deferred Financing Costs, Net, Current
Balance, Current	(11,816)	(4,525)
Principal, Non-current	370,379	225,476
Deferred Financing Costs, Net, Non-current	(11,508)	(11,933)
Balance, Non-current	358,871	213,543
Revolving Credit Facility [Member]
Principal	45,000
Deferred Financing Costs, Net	(455)
Balance	44,545
Notes Payable, Other Payables [Member]
Principal	2,525	2,525
Deferred Financing Costs, Net
Balance	2,525	2,525
Term Facility [Member]
Principal	196,499	197,000
Deferred Financing Costs, Net	(6,903)	(9,704)
Balance	189,596	187,296
First Senior Secured Credit Agreement [Member]
Principal	107,695
Deferred Financing Costs, Net	(1,933)
Balance	105,762
Second Senior Secured Credit Agreement [Member]
Principal	30,476	30,476
Deferred Financing Costs, Net	(2,217)	(2,229)
Balance	$ 28,259	$ 28,247

Note 6 - Financial Instrument_3

Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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	5,800
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(13,399)	$ (1,638)
AOCI Attributable to Parent [Member] | Foreign Exchange Forward [Member]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	$ (3,400)	$ 700

Note 6 - Financial Instrument_4

Note 6 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands	Mar. 31, 2020USD ($)
Interest Rate Cap [Member]
Interest rate caps	$ 100,000
Foreign Exchange Contract [Member]
Interest rate caps	$ 132,966

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		Mar. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments		$ 16	$ 138
Derivatives designated as hedging instruments		18,042	4,459
Not Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments			459
Derivatives designated as hedging instruments		3,054	70
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments	[1]
Derivatives designated as hedging instruments	[1]	18,042	4,459
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments	[2]		459
Derivatives designated as hedging instruments	[2]	3,054	70
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments	[3]	16	138
Derivatives designated as hedging instruments	[3]
[1]	Recorded in accounts payable and accrued expenses, and other long-term liabilities.
[2]	Recorded in prepaid expenses and other current assets, and 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
		Mar. 31, 2020	Mar. 31, 2019
Total		$ 9,956	$ 2,293
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivative instruments designated as cash flow hedging instruments:	[1]	13,277	1,488
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Foreign exchange forward (b)	[2]	(3,443)	656
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member]
Derivative instruments designated as cash flow hedging instruments:	[1]	$ 122	$ 149
[1]	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 months ended March 31, 2020, a loss of $3.4 million was recognized in gain (loss) on foreign currency. During the three months ended March 31, 2019, a gain of $0.7 million was recognized in gain (loss) on foreign currency.

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended		41 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2016
Stock Repurchased During Period, Value	$ 127,000	$ 23,000
Common Stock [Member]
Stock Repurchased During Period, Shares (in shares)	8,517	1,895
Stock Repurchased During Period, Value
Stock and Warrant Repurchase Plan [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)				35,000,000
Warrants Repurchased During Period (in shares)			6,011,926
Warrants Repurchased During Period, Value			$ 14,700,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 12,000,000		$ 12,000,000
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member]
Warrants Repurchased During Period (in shares)	8,517
Warrants Repurchased During Period, Value	$ 127,000
Stock Repurchased During Period, Shares (in shares)			875,218
Stock Repurchased During Period, Value			$ 8,300,000

Note 8 - Stock Based Compensa_2

Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	200,000		200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 9.47		$ 9.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)	150,000
Share-based Payment Arrangement, Expense	$ 0.9	$ 0.8
Mr. Bressler [Member] | Natural Habitat, Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 25
Business Combination, Contingent Consideration Arrangements, Fair Value of Options Granted in Excess of Range of Outcomes High, Percentage	10.10%
2015 Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	2,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,200,000
The 2020 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 (in shares)	97,768
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.17
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Percentage of Total Awards	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants Deferred in Period, Percentage of Total Awards	75.00%
The 2020 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 (in shares)	56,347
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.17
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Percentage of Total Awards	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants Deferred in Period, Percentage of Total Awards	75.00%
The 2020 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%
The 2020 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) - USD ($) $ in Millions	Mar. 31, 2020	May 04, 2016
Promissory Notes, Natural Habitat Acquisition [Member]
Debt Instrument, Face Amount	$ 2.5	$ 2.5

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	42.50%	25.50%
Other Noncurrent Liabilities [Member]
Unrecognized Tax Benefits, Ending Balance			$ 0

Note 11 - Commitments and Con_3

Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands, kr in Millions	Mar. 16, 2020USD ($)	Apr. 30, 2021USD ($)	Apr. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Feb. 25, 2019NOK (kr)
Payments to Acquire Property, Plant, and Equipment, Total					$ 116,732	$ 35,144
Selling and Marketing Expense, Total					$ 12,879	14,002
Mr. Bressler [Member] | Natural Habitat, Inc [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					19.90%
Ulstein Verft [Member]
Payments to Acquire Property, Plant, and Equipment, Total				$ 30,500
Ulstein Verft [Member] | Forecast [Member]
Payments to Acquire Property, Plant, and Equipment, Total		$ 15,500
Ulstein Verft [Member] | Subsequent Event [Member]
Payments to Acquire Property, Plant, and Equipment, Total			$ 30,600
National Geographic [Member]
Royalty Expense					$ 1,200	1,400
Accounts Payable and Other Accrued Liabilities, Current					1,200		$ 2,200
World Wildlife Fund [Member]
Selling and Marketing Expense, Total					200	200
Foreign Exchange Contract [Member] | Ulstein Verft [Member]
Vessel, Contract Price						$ 153,500		kr 1,291
Export Credit Agreement [Member]
Proceeds from Lines of Credit, Total	$ 107,700				$ 107,700

Note 11 - Commitments and Con_4

Note 11 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands	Mar. 31, 2020USD ($)
2020	$ 6,538
2021	9,534
2022	1,850
Total	$ 17,922

Note 11 - Commitments and Con_5

Note 11 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Balance January 1	$ 16,112
Net income attributable to noncontrolling interest	(537)	$ 406
Balance March 31	16,476
Natural Habitat, Inc [Member]
Balance January 1	16,112	6,502
Net income attributable to noncontrolling interest	(537)	406
Fair value adjustment of put option	901
Balance March 31	$ 16,476	$ 6,908

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Number of Operating Segments	2
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 81,238	$ 89,654
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 2,200	$ 1,700

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Tour revenues	$ 81,238	$ 89,654
Tour revenues, change	$ (8,416)
Tour revenues, percentage change	(9.00%)
Operating income	$ 2,251	14,365
Operating income, change	$ (12,114)
Operating income, percentage change	(84.00%)
Depreciation and amortization	$ 6,690	6,188
Total depreciation and amortization, change	$ 502
Total depreciation and amortization, percentage change	8.00%
Assets	$ 705,522		$ 548,658
Intangibles, net	6,001		6,396
Goodwill	22,105		22,105
Lindblad Segment [Member]
Tour revenues	69,539	76,038
Tour revenues, change	$ (6,499)
Tour revenues, percentage change	(9.00%)
Operating income	$ 2,189	13,641
Operating income, change	$ (11,452)
Operating income, percentage change	(84.00%)
Depreciation and amortization	$ 6,248	5,794
Total depreciation and amortization, change	$ 454
Total depreciation and amortization, percentage change	8.00%
Assets	$ 625,876		471,499
Intangibles, net	3,144		3,325
Goodwill
Natural Habitat Segment [Member]
Tour revenues	11,699	13,616
Tour revenues, change	$ (1,917)
Tour revenues, percentage change	(14.00%)
Operating income	$ 62	724
Operating income, change	$ (662)
Operating income, percentage change	(91.00%)
Depreciation and amortization	$ 442	$ 394
Total depreciation and amortization, change	$ 48
Total depreciation and amortization, percentage change	12.00%
Assets	$ 79,646		77,159
Intangibles, net	2,857		3,071
Goodwill	$ 22,105		$ 22,105

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) - USD ($) $ in Millions	Apr. 10, 2020	Apr. 01, 2020	Apr. 30, 2020	Sep. 30, 2019
Second Export Credit Agreement [Member]
Proceeds from Lines of Credit, Total				$ 30.5
Subsequent Event [Member]
Proceeds from U.S. Small Business Administration Loan	$ 6.6		$ 6.6
Subsequent Event [Member] | Second Export Credit Agreement [Member]
Proceeds from Lines of Credit, Total		$ 30.6