Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 25, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001512499 | |
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35898 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4749725 | |
Entity Address, Address Line One | 96 Morton Street, 9th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10014 | |
City Area Code | 212 | |
Local Phone Number | 261-9000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LIND | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,200,173 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 155,562 | $ 187,531 |
Restricted cash | 29,474 | 16,984 |
Marine operating supplies | 5,894 | 5,473 |
Inventories | 2,122 | 2,168 |
Prepaid expenses and other current assets | 27,078 | 17,014 |
Total current assets | 220,130 | 229,170 |
Property and equipment, net | 547,771 | 482,673 |
Goodwill | 32,772 | 22,105 |
Intangibles, net | 10,165 | 4,817 |
Deferred tax asset | 8,188 | 5,539 |
Right-to-use lease assets | 4,230 | 5,082 |
Other long-term assets | 7,374 | 8,063 |
Total assets | 830,630 | 757,449 |
Current Liabilities: | ||
Unearned passenger revenues | 189,641 | 120,737 |
Accounts payable and accrued expenses | 48,317 | 22,341 |
Lease liabilities - current | 1,418 | 1,475 |
Long-term debt - current | 20,260 | 11,255 |
Total current liabilities | 259,636 | 155,808 |
Long-term debt, less current portion | 526,857 | 471,359 |
Lease liabilities | 3,124 | 3,915 |
Other long-term liabilities | 95 | 90 |
Total liabilities | 789,712 | 631,172 |
COMMITMENTS AND CONTINGENCIES | ||
Redeemable noncontrolling interest | 10,134 | 7,494 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance | 97,919 | 91,319 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 85,000 Series A shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 50,191,647 and 49,905,512 issued, 50,146,407 and 49,818,676 outstanding as of September 30, 2021 and December 31, 2020, respectively | 5 | 5 |
Additional paid-in capital | 52,146 | 48,127 |
Accumulated deficit | (108,411) | (11,572) |
Accumulated other comprehensive loss | (741) | (1,602) |
Total stockholders' (deficit) / equity | (57,001) | 34,958 |
Total liabilities, mezzanine equity and stockholders' equity | 830,630 | 757,449 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series A redeemable convertible preferred stock, 165,000 shares authorized; 85,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | $ 87,785 | $ 83,825 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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) | 85,000 | 85,000 |
Preferred stock, shares outstanding (in shares) | 85,000 | 85,000 |
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) | 50,191,647 | 49,905,512 |
Common stock, shares outstanding (in shares) | 50,146,407 | 49,818,676 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized (in shares) | 165,000 | 165,000 |
Temporary equity, shares issued (in shares) | 85,000 | 85,000 |
Temporary equity, shares outstanding (in shares) | 85,000 | 85,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tour revenues | $ 64,507 | $ 1,019 | $ 81,555 | $ 81,991 |
Operating expenses: | ||||
Cost of tours | 45,600 | 8,075 | 73,270 | 62,988 |
General and administrative | 17,023 | 9,145 | 46,123 | 36,170 |
Selling and marketing | 10,213 | 2,128 | 17,680 | 18,413 |
Depreciation and amortization | 9,323 | 8,485 | 25,785 | 23,728 |
Total operating expenses | 82,159 | 27,833 | 162,858 | 141,299 |
Operating loss | (17,652) | (26,814) | (81,303) | (59,308) |
Other (expense) income: | ||||
Interest expense, net | (6,063) | (4,529) | (17,436) | (11,763) |
(Loss) gain on foreign currency | (1,434) | 989 | (1,165) | (6,334) |
Other income (expense) | 4,357 | (74) | 4,362 | (188) |
Total other expense | (3,140) | (3,614) | (14,239) | (18,285) |
Loss before income taxes | (20,792) | (30,428) | (95,542) | (77,593) |
Income tax expense (benefit) | 2,507 | (2,893) | (2,648) | (7,664) |
Net loss | (23,299) | (27,535) | (92,894) | (69,929) |
Net income (loss) attributable to noncontrolling interest | 1,039 | (156) | (17) | (956) |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | (24,338) | (27,379) | (92,877) | (68,973) |
Series A redeemable convertible preferred stock dividend | 1,340 | 425 | 3,962 | 425 |
Net loss available to stockholders | $ (25,678) | $ (27,804) | $ (96,839) | $ (69,398) |
Weighted average shares outstanding | ||||
Basic (in shares) | 50,110,188 | 49,779,525 | 50,013,191 | 49,715,663 |
Diluted (in shares) | 50,110,188 | 49,779,525 | 50,013,191 | 49,715,663 |
Undistributed loss per share available to stockholders: | ||||
Basic (in dollars per share) | $ (0.50) | $ (0.56) | $ (1.87) | $ (1.40) |
Diluted (in dollars per share) | $ (0.50) | $ (0.56) | $ (1.87) | $ (1.40) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss | $ (23,299) | $ (27,535) | $ (92,894) | $ (69,929) |
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain | (2,333) | 1,745 | (1,789) | (7,724) |
Reclassification adjustment, net of tax | 2,535 | 0 | 2,650 | 5,326 |
Total other comprehensive income (loss) | 202 | 1,745 | 861 | (2,398) |
Total comprehensive loss | (23,097) | (25,790) | (92,033) | (72,327) |
Less: comprehensive income (loss) attributive to non-controlling interest | 1,039 | (156) | (17) | (956) |
Comprehensive loss attributable to stockholders | $ (24,136) | $ (25,634) | $ (92,016) | $ (71,371) |
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, 2019 | 49,717,522 | ||||
Balance at Dec. 31, 2019 | $ 5 | $ 46,271 | $ 81,655 | $ (4,681) | $ 123,250 |
Stock-based compensation | $ 0 | 1,911 | 0 | 0 | 1,911 |
Issuance of stock for equity compensation plans, net (in shares) | 166,181 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (393) | 0 | 0 | (393) |
Other comprehensive income (loss), net | 0 | 0 | 0 | (2,398) | (2,398) |
Series A preferred stock dividend | 0 | (425) | 0 | (425) | |
Net loss attributable to Lindblad Expeditions Holdings, Inc | 0 | 0 | (68,973) | 0 | (68,973) |
Redeemable noncontrolling interest | $ 0 | 0 | 7,216 | 0 | 7,216 |
Repurchase of shares and warrants (in shares) | (8,517) | ||||
Repurchase of shares and warrants | $ 0 | (127) | 0 | 0 | (127) |
Balance (in shares) at Sep. 30, 2020 | 49,875,186 | ||||
Balance at Sep. 30, 2020 | $ 5 | 47,662 | 19,473 | (7,079) | 60,061 |
Balance (in shares) at Jun. 30, 2020 | 49,822,955 | ||||
Balance at Jun. 30, 2020 | $ 5 | 47,394 | 45,403 | (8,824) | 83,978 |
Stock-based compensation | $ 0 | 310 | 0 | 0 | 310 |
Issuance of stock for equity compensation plans, net (in shares) | 52,231 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (42) | 0 | 0 | (42) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 1,745 | 1,745 |
Series A preferred stock dividend | 0 | (425) | 0 | (425) | |
Net loss attributable to Lindblad Expeditions Holdings, Inc | 0 | 0 | (27,379) | 0 | (27,379) |
Redeemable noncontrolling interest | $ 0 | 0 | 1,874 | 0 | 1,874 |
Balance (in shares) at Sep. 30, 2020 | 49,875,186 | ||||
Balance at Sep. 30, 2020 | $ 5 | 47,662 | 19,473 | (7,079) | 60,061 |
Balance (in shares) at Dec. 31, 2020 | 49,905,512 | ||||
Balance at Dec. 31, 2020 | $ 5 | 48,127 | (11,572) | (1,602) | 34,958 |
Stock-based compensation | $ 0 | 4,012 | 0 | 0 | 4,012 |
Issuance of stock for equity compensation plans, net (in shares) | 203,833 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (1,763) | 0 | 0 | (1,763) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 861 | 861 |
Series A preferred stock dividend | 0 | 0 | (3,962) | 0 | (3,962) |
Net loss attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (92,877) | 0 | (92,877) |
Issuance of stock for acquisition (in shares) | 82,302 | ||||
Issuance of stock for acquisition | $ 0 | 1,770 | 0 | 0 | 1,770 |
Redeemable noncontrolling interest | 0 | ||||
Balance (in shares) at Sep. 30, 2021 | 50,191,647 | ||||
Balance at Sep. 30, 2021 | $ 5 | 52,146 | (108,411) | (741) | (57,001) |
Balance (in shares) at Jun. 30, 2021 | 50,139,831 | ||||
Balance at Jun. 30, 2021 | $ 5 | 50,777 | (82,733) | (943) | (32,894) |
Stock-based compensation | $ 0 | 1,406 | 0 | 0 | 1,406 |
Issuance of stock for equity compensation plans, net (in shares) | 51,816 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (37) | 0 | 0 | (37) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 202 | 202 |
Series A preferred stock dividend | 0 | 0 | (1,340) | 0 | (1,340) |
Net loss attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (24,338) | 0 | (24,338) |
Redeemable noncontrolling interest | 0 | ||||
Balance (in shares) at Sep. 30, 2021 | 50,191,647 | ||||
Balance at Sep. 30, 2021 | $ 5 | $ 52,146 | $ (108,411) | $ (741) | $ (57,001) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net loss | $ (92,894) | $ (69,929) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 25,785 | 23,728 |
Amortization of National Geographic fee | 0 | 727 |
Amortization of deferred financing costs and other, net | 2,364 | 1,549 |
Amortization of right-to-use lease assets | 4 | 149 |
Stock-based compensation | 4,146 | 1,911 |
Deferred income taxes | (2,648) | (7,710) |
Loss on foreign currency | 1,165 | 6,334 |
Changes in operating assets and liabilities | ||
Marine operating supplies and inventories | (375) | 589 |
Prepaid expenses and other current assets | (8,902) | 6,320 |
Unearned passenger revenues | 62,922 | (18,362) |
Other long-term assets | 658 | 698 |
Other long-term liabilities | 4,857 | (4,949) |
Accounts payable and accrued expenses | 24,438 | (12,794) |
Net cash provided by (used in) operating activities | 21,520 | (71,739) |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (89,114) | (152,791) |
Acquisition (net of cash acquired) | (7,177) | 0 |
Net cash used in investing activities | (96,291) | (152,791) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 61,720 | 183,339 |
Repayments of long-term debt | (1,530) | (1,500) |
Payment of deferred financing costs | (3,135) | (4,877) |
Repurchase under stock-based compensation plans and related tax impacts | (1,763) | (393) |
Proceeds from Series A preferred stock issuance | 0 | 85,000 |
Repurchase of warrants and common stock | 0 | (127) |
Net cash provided by financing activities | 55,292 | 261,442 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (19,479) | 36,912 |
Cash, cash equivalents and restricted cash at beginning of period | 204,515 | 109,258 |
Cash, cash equivalents and restricted cash at end of period | 185,036 | 146,170 |
Supplemental disclosures of cash flow information: | ||
Interest | 13,300 | 12,418 |
Income taxes | 54 | 650 |
Non-cash investing and financing activities: | ||
Non-cash preferred share dividend | 3,962 | 0 |
Shares issued for acquisition | $ 1,770 | $ 0 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS AND BASIS OF PRESENTATION 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 ten five The Company operates the following two Lindblad Segment. Land Experiences Segment. three ● Natural Habitat 100 45 seven ● DuVine ● Off the Beaten Path 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, 2020 10 March 12, 2021 ( “2020 There have been no 2020 Return to Fleet Operations The Company resumed ship operations in June 2021 November 2, 2021 eight ten June 2021, three third 2022. 19 not The Company believes there are a variety of strategic advantages that enable it to deploy its ships safely and quickly, while mitigating the risk of COVID- 19 48 148 12 While the Company’s ships were not The Company continues to adhere to the comprehensive plan it implemented in March 2020 19 19 not Balance Sheet and Liquidity As of September 30, 2021, August 2021, 4 As of September 30, 2021, During September 2021, second National Geographic Resolution. April 2021 second fourth During June 2021, first December 2021 March 31, 2022, December 31, 2022. three March 2022. During April 2021, March 31, 2022, December 31, 2022 Given the dynamic and unpredictable nature of the COVID- 19 no 12 November 2, 2021, 10 Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020. not Recent Accounting Pronouncements In March 2020, 2020 4, 848 may December 31, 2022. not In August 2020, 2020 06, 470 20 815 40 December 15, 2021. not |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 EARNINGS PER SHARE Earnings per Common Share Earnings (loss) per common share is computed using the two two conversion of the Preferred Stock. 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 and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation. For the three nine September 30, 2021 2020, three nine September 30, 2021, three nine September 30, 2020, For the three nine September 30, 2021 2020, For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 (unaudited) (unaudited) (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (24,338 ) $ (27,379 ) $ (92,877 ) $ (68,973 ) Series A redeemable convertible preferred stock dividend 1,340 425 3,962 425 Undistributed loss available to stockholders $ (25,678 ) $ (27,804 ) $ (96,839 ) $ (69,398 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 50,110,188 49,779,525 50,013,191 49,715,663 Total weighted average shares outstanding, diluted 50,110,188 49,779,525 50,013,191 49,715,663 Undistributed loss per share available to stockholders: Basic $ (0.50 ) $ (0.56 ) $ (1.87 ) $ (1.40 ) Diluted $ (0.50 ) $ (0.56 ) $ (1.87 ) $ (1.40 ) |
Note 3 - Revenues
Note 3 - Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 REVENUES 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 trip. Accounting Standards Codification, Revenue from Contracts with Customers 606 not no Contract Liabilities (In thousands) Balance as of January 1, 2021 $ 73,267 Recognized in tour revenues during the period (77,816 ) Additional contract liabilities in period 125,525 Balance as of September 30, 2021 $ 120,976 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Guest ticket revenue: (unaudited) (unaudited) Direct 60 % NA 60 % 42 % National Geographic 13 % NA 12 % 18 % Agencies 17 % NA 17 % 24 % Affinity 7 % NA 6 % 5 % Guest ticket revenue 97 % NA 95 % 89 % Other tour revenue 3 % NA 5 % 11 % Tour revenues 100 % NA 100 % 100 % |
Note 4 - Financial Statement De
Note 4 - Financial Statement Details | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 4 FINANCIAL STATEMENT DETAILS 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, 2021 2020 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 155,562 $ 129,647 Restricted cash 29,474 16,523 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 185,036 $ 146,170 Restricted cash consists of the following: As of September 30, 2021 As of December 31, 2020 (In thousands) (unaudited) Federal Maritime Commission escrow $ 17,208 $ 13,856 Credit card processor reserves 11,021 1,945 Certificates of deposit and other restricted securities 1,245 1,183 Total restricted cash $ 29,474 $ 16,984 The Company’s prepaid expenses and other current assets consist of the following: As of September 30, 2021 As of December 31, 2020 (In thousands) (unaudited) Prepaid tour expenses $ 12,145 $ 5,630 Prepaid marketing, commissions and other expenses 3,874 3,504 Prepaid client insurance 3,604 2,283 Prepaid air expense 3,161 3,817 Prepaid port agent fees 2,946 530 Prepaid corporate insurance 1,149 1,105 Prepaid income taxes 199 145 Total prepaid expenses $ 27,078 $ 17,014 The Company’s accounts payable and accrued expenses consist of the following: As of September 30, 2021 As of December 31, 2020 (unaudited) (In thousands) CERTS Grant $ 16,677 $ - Accrued other expense 10,150 5,645 Accounts payable 8,778 5,285 Bonus compensation liability 4,193 2,963 Employee liability 4,115 3,495 Refunds and commissions payable 2,209 1,803 Travel certificate liability 870 870 Royalty payable 818 - Accrued travel insurance expense 505 270 Income tax liabilities 2 2 Foreign currency forward contract liability - 2,008 Total accounts payable and accrued expenses $ 48,317 $ 22,341 During August 2021, 25 19. may not one three nine September 30, 2021, Loan Receivable The Company’s loan receivable is recorded at amortized cost within other long-term assets. The Company reviewed its loan receivable for credit losses in connection with the preparation of its condensed consolidated financial statements for the period ended September 30, 2021. may three nine September 30, 2021. For the nine months ended September 30, 2021 (In thousands) (unaudited) Balance as of January 1, 2021 $ 4,220 Adjustment for ship building expense (390 ) Legal invoices deferred 43 Accrued interest 108 Amortization of deferred costs (44 ) Balance as of September 30, 2021 $ 3,937 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 LONG-TERM DEBT As of September 30, 2021 As of December 31, 2020 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Credit Facility $ 283,490 $ (9,721 ) $ 273,769 $ 280,993 $ (9,492 ) $ 271,501 1st Senior Secured Credit Agreement 107,695 (2,155 ) 105,540 107,695 (1,784 ) 105,911 2nd Senior Secured Credit Agreement 122,840 (2,540 ) 120,300 61,120 (2,261 ) 58,859 Revolving Facility 45,000 (227 ) 44,773 45,000 (341 ) 44,659 Note payable 1,684 - 1,684 1,684 - 1,684 Other 1,051 - 1,051 - - - Total long-term debt 561,760 (14,643 ) 547,117 496,492 (13,878 ) 482,614 Less current portion (20,260 ) - (20,260 ) (11,255 ) - (11,255 ) Total long-term debt, non-current $ 541,500 $ (14,643 ) $ 526,857 $ 485,237 $ (13,878 ) $ 471,359 For the three nine September 30, 2021, three nine September 30, 2020, Credit Facility In March 2018, March 2025, March 2023, March 2020, 19 In August 2020, June 2021. In December 2020, December 2025, first third fourth may During April 2021, March 2022, December 31, 2022 The Term Facility, as amended, bears interest at an adjusted Intercontinental Exchange (“ICE”) Benchmark administration LIBOR with a minimum of 0.75%, plus a spread of 5.25%, for an aggregated rate of 6.00% as of September 30, 2021. September 30, 2021. 3 September 30, 2021. Senior Secured Credit Agreement In January 2018, not National Geographic Endurance March 2020, National Geographic Endurance . June 2020, June 2020 March 2021 June 2020 June 2021. June 2021, December 2021 March 31, 2022, December 31, 2022. three March 2022. three September 30, 2021. In April 2019, not National Geographic Resolution September 2021, National Geographic Resolution September 30, 2021 2019, 2020 2021. June 2020, June 2020 June 2021. June 2021, March 31, 2022, December 31, 2022. three September 30, 2021. Notes Payable In connection with the Natural Habitat acquisition in May 2016, May 2020, September 30, 2021. six December 22, 2021 2022. Covenants The Company’s Amended Credit Agreement, First 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, 2021, March 2022. September 30, 2021. |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 6 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS 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 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 gains or losses of the Company’s cash flow hedges were considered to be ineffective and reclassified from other comprehensive income (loss) to earnings for the period ended September 30, 2021. September 30, 2021 not 12 The Company held the following derivative instruments with absolute notional values as of September 30, 2021: (In thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 11,191 Estimated fair values (Level 2 As of September 30, 2021 As of December 31, 2020 (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) $ - $ - $ - $ 2,008 Total $ - $ - $ - $ 2,008 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (b) $ 765 $ - $ 953 $ - Total $ 765 $ - $ 953 $ - (a) Recorded in accounts payable and accrued expenses. (b) Recorded in prepaid expenses and other current assets. 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. For the three months ended September 30, For the nine months ended September 30, (unaudited) (unaudited) (In thousands) 2021 2020 2021 2020 Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ (109 ) $ (1,745 ) $ (605 ) $ 2,261 Interest rate cap (b) (93 ) - (256 ) 137 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 268 989 188 (1,008 ) Total $ 66 $ (756 ) $ (673 ) $ 1,390 (a) For the three nine September 30, 2021, three nine September 30, 2020, (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, 2021, three nine September 30, 2020, 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 agreements were comparable to the market as of September 30, 2021. September 30, 2021 December 31, 2020, no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 STOCKHOLDERS EQUITY Stock and Warrant Repurchase Plan The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 November 2016. no March 2020, 19 September 30, 2021. Preferred Stock On August 31, 2020, first two second may third may, not 150% 20 30 six not September 30, 2021. three nine September 30, 2021, three nine September 30, 2020. September 30, 2021, |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 8 STOCK BASED COMPENSATION The Company is authorized to issue up to 4.7 million shares of common stock under the 2021 June 2021. September 30, 2021, As of September 30, 2021 December 31, 2020, September 30, 2021, The Company recorded stock-based compensation expense of $1.4 million and $4.1 million during the three nine September 30, 2021, three nine September 30, 2020, 2021 Long-Term Incentive Compensation During the nine September 30, 2021, three During the nine September 30, 2021, March 31, 2024. may March 31, 2024. As a new grant under his compensation agreement, the Company granted to Mr. Berle, the Company’s new Chief Executive Officer, 1.0 million options on May 10, 2021 June 3, 2021. five five 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 million, effective as of December 31, 2023, Other Mr. Lawrence, President of Off the Beaten Path, was issued 1,007 profit interest units in the equity of Off the Beaten Path as part of the acquisition. The profit interest units had a $132.86 per share grant date fair value and are considered vested upon issuance. The Company recorded $0.1 million in stock-based compensation expense related to the value of these profit units for the nine September 30, 2021, |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 RELATED PARTY TRANSACTIONS In May 2016, May 2020, 5 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES 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, 2021, December 31, 2020, three nine September 30, 2021 2020, not three nine September 30, 2021 third 2021. three nine September 30, 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 - Acquisitions
Note 11 - Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 11 ACQUISITIONS To further expand the Company’s land-based experiential travel offerings and increase its addressable market, on February 1, 2021, March 3, 2021, The acquisitions had an aggregate purchase price of $10.6 million, including $1.8 million in Company stock at closing. The acquisitions were accounted for under purchase accounting and are included in our consolidated results from the acquisition dates. Acquisition related cost were approximately $0.4 million and are included in general and administrative expenses in the condensed consolidated statements of operations for the nine September 30, 2021. three nine September 30, 2021, three nine September 30, 2021 three nine September 30, 2021 2020, January 1, 2020: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 (In thousands) (unaudited) (unaudited) Revenue $ 64,507 $ 2,130 $ 81,608 $ 84,829 Net loss available to stockholders (25,678 ) (28,046 ) (97,142 ) (70,938 ) In addition to the businesses acquired above, during September 2021, 48 National Geographic Islander |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest Mr. Bressler, founder of Natural Habitat, retains a 19.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement, amended in May 2020. 100% January 31, 2024, not December 31, 2023. not January 31, 2024, March 31, 2029, Mr. Lawrence, through a combination of his original minority interest and the profit interest units he received, retains a 19.9% noncontrolling interest in Off the Beaten Path, which is subject to a put/call arrangement. The arrangement between the Company and Mr. Lawrence was established in order to provide a formal exit opportunity for Mr. Lawrence and a path to 100% October 31, 2025, not December 31, 2025. not October 31, 2025, December 31, 2030, Mr. Levine, founder of DuVine, retains a 30% noncontrolling interest in DuVine, which is subject to a put/call arrangement. The arrangement between the Company and Mr. Levine was established in order to provide a formal exit opportunity for Mr. Levine and a path to 100% January 31, 2026, not December 31, 2025. first not December 31, 2023, December 31, 2025, second not December 31, 2025, December 31, 2030, Since the redemption of the noncontrolling interests are not one two The fair value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: For the three months ended September 30, For the nine months ended September 30, (In thousands) 2021 2020 2021 2020 (unaudited) (unaudited) Beginning balance $ 10,036 $ 9,970 $ 7,494 $ 16,112 Net income (loss) attributable to noncontrolling interest 1,039 (156 ) (17 ) (956 ) Acquired businesses' noncontrolling interest (941 ) - 2,657 - Fair value adjustment of put option - (1,874 ) - (7,216 ) Balance September 30, $ 10,134 $ 7,940 $ 10,134 $ 7,940 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 nine September 30, 2021 three nine September 30, 2020, The royalty balance payable to National Geographic as of September 30, 2021 December 31, 2020 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 million and $0.3 million for the three nine September 30, 2021, three nine September 30, 2020 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, 2021 For the years ended December 31, Amount (In thousands) 2021 (three months) $ 622 2022 6,247 2023 2,790 Total $ 9,659 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 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13 SEGMENT INFORMATION The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker and management review operating results monthly, and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and also contain information regarding the separate results of both segments. 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, 2021 2020, For the three months ended September 30, For the nine months ended September 30, 2021 2020 Change % 2021 2020 Change % (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 33,100 $ 16 $ 33,084 NM $ 40,264 $ 69,533 $ (29,269 ) (42 )% Land Experiences 31,407 1,003 30,404 NM 41,291 12,458 28,833 231 % Total tour revenues $ 64,507 $ 1,019 $ 63,488 NM $ 81,555 $ 81,991 $ (436 ) 1 % Operating (loss) income: Lindblad $ (22,282 ) $ (24,835 ) $ 2,553 10 % $ (80,617 ) $ (54,287 ) $ (26,330 ) (49 )% Land Experiences 4,630 (1,979 ) 6,609 NM (686 ) (5,021 ) 4,335 86 % Total operating loss $ (17,652 ) $ (26,814 ) $ 9,162 34 % $ (81,303 ) $ (59,308 ) $ (21,995 ) (37 )% 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, 2021 2020 Change % 2021 2020 Change % (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 8,928 $ 7,888 $ 1,040 13 % $ 24,618 $ 22,075 $ 2,543 12 % Land Experiences 395 597 (202 ) (34 )% 1,167 1,653 (486 ) (29% ) Total depreciation and amortization $ 9,323 $ 8,485 $ 838 10 % $ 25,785 $ 23,728 $ 2,057 9 % The following table presents our total assets, intangibles, net and goodwill by segment: (In thousands) As of September 30, 2021 As of December 31, 2020 Total Assets: (unaudited) Lindblad $ 737,999 $ 698,420 Land Experiences 92,631 59,029 Total assets $ 830,630 $ 757,449 Intangibles, net: Lindblad $ 2,055 $ 2,599 Land Experiences 8,110 2,218 Total intangibles, net $ 10,165 $ 4,817 Goodwill: Lindblad $ - $ - Land Experiences 32,772 22,105 Total goodwill $ 32,772 $ 22,105 For the three nine September 30, 2021 three nine September 30, 2020, |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14 SUBSEQUENT EVENTS On October 8, 2021, 25 19. may On October 14, 2021, 50 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 10 March 12, 2021 ( “2020 There have been no 2020 |
Return to Operations, Policy [Policy Text Block] | Return to Fleet Operations The Company resumed ship operations in June 2021 November 2, 2021 eight ten June 2021, three third 2022. 19 not The Company believes there are a variety of strategic advantages that enable it to deploy its ships safely and quickly, while mitigating the risk of COVID- 19 48 148 12 While the Company’s ships were not The Company continues to adhere to the comprehensive plan it implemented in March 2020 19 19 not |
Balance Sheet and Liquidity, Policy [Policy Text Block] | Balance Sheet and Liquidity As of September 30, 2021, August 2021, 4 As of September 30, 2021, During September 2021, second National Geographic Resolution. April 2021 second fourth During June 2021, first December 2021 March 31, 2022, December 31, 2022. three March 2022. During April 2021, March 31, 2022, December 31, 2022 Given the dynamic and unpredictable nature of the COVID- 19 no 12 November 2, 2021, 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020. not Recent Accounting Pronouncements In March 2020, 2020 4, 848 may December 31, 2022. not In August 2020, 2020 06, 470 20 815 40 December 15, 2021. not |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 (unaudited) (unaudited) (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (24,338 ) $ (27,379 ) $ (92,877 ) $ (68,973 ) Series A redeemable convertible preferred stock dividend 1,340 425 3,962 425 Undistributed loss available to stockholders $ (25,678 ) $ (27,804 ) $ (96,839 ) $ (69,398 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 50,110,188 49,779,525 50,013,191 49,715,663 Total weighted average shares outstanding, diluted 50,110,188 49,779,525 50,013,191 49,715,663 Undistributed loss per share available to stockholders: Basic $ (0.50 ) $ (0.56 ) $ (1.87 ) $ (1.40 ) Diluted $ (0.50 ) $ (0.56 ) $ (1.87 ) $ (1.40 ) |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of January 1, 2021 $ 73,267 Recognized in tour revenues during the period (77,816 ) Additional contract liabilities in period 125,525 Balance as of September 30, 2021 $ 120,976 |
Disaggregation of Revenue [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Guest ticket revenue: (unaudited) (unaudited) Direct 60 % NA 60 % 42 % National Geographic 13 % NA 12 % 18 % Agencies 17 % NA 17 % 24 % Affinity 7 % NA 6 % 5 % Guest ticket revenue 97 % NA 95 % 89 % Other tour revenue 3 % NA 5 % 11 % Tour revenues 100 % NA 100 % 100 % |
Note 4 - Financial Statement _2
Note 4 - Financial Statement Details (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | For the nine months ended September 30, 2021 2020 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 155,562 $ 129,647 Restricted cash 29,474 16,523 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 185,036 $ 146,170 |
Restricted Cash and Marketable Securities [Table Text Block] | As of September 30, 2021 As of December 31, 2020 (In thousands) (unaudited) Federal Maritime Commission escrow $ 17,208 $ 13,856 Credit card processor reserves 11,021 1,945 Certificates of deposit and other restricted securities 1,245 1,183 Total restricted cash $ 29,474 $ 16,984 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of September 30, 2021 As of December 31, 2020 (In thousands) (unaudited) Prepaid tour expenses $ 12,145 $ 5,630 Prepaid marketing, commissions and other expenses 3,874 3,504 Prepaid client insurance 3,604 2,283 Prepaid air expense 3,161 3,817 Prepaid port agent fees 2,946 530 Prepaid corporate insurance 1,149 1,105 Prepaid income taxes 199 145 Total prepaid expenses $ 27,078 $ 17,014 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of September 30, 2021 As of December 31, 2020 (unaudited) (In thousands) CERTS Grant $ 16,677 $ - Accrued other expense 10,150 5,645 Accounts payable 8,778 5,285 Bonus compensation liability 4,193 2,963 Employee liability 4,115 3,495 Refunds and commissions payable 2,209 1,803 Travel certificate liability 870 870 Royalty payable 818 - Accrued travel insurance expense 505 270 Income tax liabilities 2 2 Foreign currency forward contract liability - 2,008 Total accounts payable and accrued expenses $ 48,317 $ 22,341 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | For the nine months ended September 30, 2021 (In thousands) (unaudited) Balance as of January 1, 2021 $ 4,220 Adjustment for ship building expense (390 ) Legal invoices deferred 43 Accrued interest 108 Amortization of deferred costs (44 ) Balance as of September 30, 2021 $ 3,937 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 2021 As of December 31, 2020 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Credit Facility $ 283,490 $ (9,721 ) $ 273,769 $ 280,993 $ (9,492 ) $ 271,501 1st Senior Secured Credit Agreement 107,695 (2,155 ) 105,540 107,695 (1,784 ) 105,911 2nd Senior Secured Credit Agreement 122,840 (2,540 ) 120,300 61,120 (2,261 ) 58,859 Revolving Facility 45,000 (227 ) 44,773 45,000 (341 ) 44,659 Note payable 1,684 - 1,684 1,684 - 1,684 Other 1,051 - 1,051 - - - Total long-term debt 561,760 (14,643 ) 547,117 496,492 (13,878 ) 482,614 Less current portion (20,260 ) - (20,260 ) (11,255 ) - (11,255 ) Total long-term debt, non-current $ 541,500 $ (14,643 ) $ 526,857 $ 485,237 $ (13,878 ) $ 471,359 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 11,191 |
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 September 30, For the nine months ended September 30, (unaudited) (unaudited) (In thousands) 2021 2020 2021 2020 Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ (109 ) $ (1,745 ) $ (605 ) $ 2,261 Interest rate cap (b) (93 ) - (256 ) 137 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 268 989 188 (1,008 ) Total $ 66 $ (756 ) $ (673 ) $ 1,390 |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2021 As of December 31, 2020 (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) $ - $ - $ - $ 2,008 Total $ - $ - $ - $ 2,008 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (b) $ 765 $ - $ 953 $ - Total $ 765 $ - $ 953 $ - |
Note 11 - Acquisitions (Tables)
Note 11 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 (In thousands) (unaudited) (unaudited) Revenue $ 64,507 $ 2,130 $ 81,608 $ 84,829 Net loss available to stockholders (25,678 ) (28,046 ) (97,142 ) (70,938 ) |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, (In thousands) 2021 2020 2021 2020 (unaudited) (unaudited) Beginning balance $ 10,036 $ 9,970 $ 7,494 $ 16,112 Net income (loss) attributable to noncontrolling interest 1,039 (156 ) (17 ) (956 ) Acquired businesses' noncontrolling interest (941 ) - 2,657 - Fair value adjustment of put option - (1,874 ) - (7,216 ) Balance September 30, $ 10,134 $ 7,940 $ 10,134 $ 7,940 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2021 (three months) $ 622 2022 6,247 2023 2,790 Total $ 9,659 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 Change % 2021 2020 Change % (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 33,100 $ 16 $ 33,084 NM $ 40,264 $ 69,533 $ (29,269 ) (42 )% Land Experiences 31,407 1,003 30,404 NM 41,291 12,458 28,833 231 % Total tour revenues $ 64,507 $ 1,019 $ 63,488 NM $ 81,555 $ 81,991 $ (436 ) 1 % Operating (loss) income: Lindblad $ (22,282 ) $ (24,835 ) $ 2,553 10 % $ (80,617 ) $ (54,287 ) $ (26,330 ) (49 )% Land Experiences 4,630 (1,979 ) 6,609 NM (686 ) (5,021 ) 4,335 86 % Total operating loss $ (17,652 ) $ (26,814 ) $ 9,162 34 % $ (81,303 ) $ (59,308 ) $ (21,995 ) (37 )% For the three months ended September 30, For the nine months ended September 30, 2021 2020 Change % 2021 2020 Change % (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 8,928 $ 7,888 $ 1,040 13 % $ 24,618 $ 22,075 $ 2,543 12 % Land Experiences 395 597 (202 ) (34 )% 1,167 1,653 (486 ) (29% ) Total depreciation and amortization $ 9,323 $ 8,485 $ 838 10 % $ 25,785 $ 23,728 $ 2,057 9 % (In thousands) As of September 30, 2021 As of December 31, 2020 Total Assets: (unaudited) Lindblad $ 737,999 $ 698,420 Land Experiences 92,631 59,029 Total assets $ 830,630 $ 757,449 Intangibles, net: Lindblad $ 2,055 $ 2,599 Land Experiences 8,110 2,218 Total intangibles, net $ 10,165 $ 4,817 Goodwill: Lindblad $ - $ - Land Experiences 32,772 22,105 Total goodwill $ 32,772 $ 22,105 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) $ in Thousands | Oct. 08, 2021USD ($) | Sep. 30, 2021USD ($) | Aug. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Nov. 02, 2021 | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) |
Number of Expedition Ships Operated | 10 | 10 | 10 | ||||||||||
Number of Seasonal Charter Vessels Operated | 5 | 5 | 5 | ||||||||||
Number of Reportable Segments | 2 | ||||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 155,562 | $ 155,562 | $ 155,562 | $ 187,531 | $ 129,647 | ||||||||
Restricted Cash and Investments, Current, Total | 29,474 | 29,474 | 29,474 | 16,984 | $ 16,523 | ||||||||
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | $ 21,000 | ||||||||||||
Long-term Debt, Gross | 561,760 | 561,760 | 561,760 | $ 496,492 | |||||||||
Second Export Credit Agreement [Member] | |||||||||||||
Long-term Debt, Gross | 122,800 | 122,800 | $ 122,800 | ||||||||||
Proceeds from Issuance of Debt | $ 46,200 | $ 15,500 | $ 30,600 | $ 30,500 | $ 61,700 | ||||||||
First Export Credit Facility [Member] | |||||||||||||
Long-Term Debt, Aggregate Amount Deferred for Future Payments | $ 15,700 | ||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | ||||||||||||
Export Credit Agreement [Member] | |||||||||||||
Proceeds from Issuance of Debt | $ 107,700 | ||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | ||||||||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | |||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Number of Expedition Ships Operated | 8 | ||||||||||||
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | $ 6,000 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 0.3 | 0.8 | 0.3 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.5 | 0.2 | 1.5 | 0.2 |
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9.5 | 8.9 | 9.5 | 8.9 |
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss attributable to Lindblad Expeditions Holdings, Inc | $ (24,338) | $ (27,379) | $ (92,877) | $ (68,973) |
Series A redeemable convertible preferred stock dividend | 1,340 | 425 | 3,962 | 425 |
Undistributed loss available to stockholders | $ (25,678) | $ (27,804) | $ (96,839) | $ (69,398) |
Total weighted average shares outstanding, basic (in shares) | 50,110,188 | 49,779,525 | 50,013,191 | 49,715,663 |
Diluted (in shares) | 50,110,188 | 49,779,525 | 50,013,191 | 49,715,663 |
Basic (in dollars per share) | $ (0.50) | $ (0.56) | $ (1.87) | $ (1.40) |
Diluted (in dollars per share) | $ (0.50) | $ (0.56) | $ (1.87) | $ (1.40) |
Note 3 - Revenues - Change in C
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 73,267 |
Recognized in tour revenues during the period | (77,816) |
Additional contract liabilities in period | 125,525 |
Balance | $ 120,976 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tour revenues | 100.00% | 100.00% | 100.00% |
Guest Ticket [Member] | |||
Tour revenues | 97.00% | 95.00% | 89.00% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | |||
Tour revenues | 60.00% | 60.00% | 42.00% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | |||
Tour revenues | 13.00% | 12.00% | 18.00% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | |||
Tour revenues | 17.00% | 17.00% | 24.00% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | |||
Tour revenues | 7.00% | 6.00% | 5.00% |
Other Tour [Member] | |||
Tour revenues | 3.00% | 5.00% | 11.00% |
Note 4 - Financial Statement _3
Note 4 - Financial Statement Details (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | $ 21,000 | ||||
Other Nonoperating Income (Expense), Total | $ 4,357 | $ (74) | $ 4,362 | $ (188) | |
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | 0 | |||
Grant [Member] | |||||
Other Nonoperating Income (Expense), Total | $ 4,400 | $ 4,400 |
Note 4 - Financial Statement _4
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 155,562 | $ 187,531 | $ 129,647 | |
Restricted cash | 29,474 | 16,984 | 16,523 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 185,036 | $ 204,515 | $ 146,170 | $ 109,258 |
Note 4 - Financial Statement _5
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Total restricted cash and marketable securities | $ 29,474 | $ 16,984 | $ 16,523 |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 17,208 | 13,856 | |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 11,021 | 1,945 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,245 | $ 1,183 |
Note 4 - Financial Statement _6
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid tour expenses | $ 12,145 | $ 5,630 |
Prepaid marketing, commissions and other expenses | 3,874 | 3,504 |
Prepaid client insurance | 3,604 | 2,283 |
Prepaid air expense | 3,161 | 3,817 |
Prepaid port agent fees | 2,946 | 530 |
Prepaid corporate insurance | 1,149 | 1,105 |
Prepaid income taxes | 199 | 145 |
Total prepaid expenses | $ 27,078 | $ 17,014 |
Note 4 - Financial Statement _7
Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CERTS Grant | $ 16,677 | $ 0 |
Accrued other expense | 10,150 | 5,645 |
Accounts payable | 8,778 | 5,285 |
Bonus compensation liability | 4,193 | 2,963 |
Employee liability | 4,115 | 3,495 |
Refunds and commissions payable | 2,209 | 1,803 |
Travel certificate liability | 870 | 870 |
Royalty payable | 818 | 0 |
Accrued travel insurance expense | 505 | 270 |
Income tax liabilities | 2 | 2 |
Foreign currency forward contract liability | 0 | 2,008 |
Total accounts payable and accrued expenses | $ 48,317 | $ 22,341 |
Note 4 - Financial Statement _8
Note 4 - Financial Statement Details - Loan Receivable (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 4,220 |
Adjustment for ship building expense | (390) |
Legal invoices deferred | 43 |
Accrued interest | 108 |
Amortization of deferred costs | (44) |
Balance | $ 3,937 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Aug. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2019 | Mar. 31, 2018 | Jan. 31, 2018 | May 31, 2016 | |
Amortization of Debt Issuance Costs | $ 800 | $ 500 | $ 2,300 | $ 1,500 | ||||||||||||||
Long-term Debt, Gross | $ 561,760 | 561,760 | $ 561,760 | $ 561,760 | 561,760 | $ 496,492 | ||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Long-term Line of Credit, Total | $ 45,000 | |||||||||||||||||
Long-term Debt, Gross | $ 45,000 | $ 45,000 | $ 45,000 | $ 45,000 | $ 45,000 | 45,000 | ||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.58% | 3.58% | 3.58% | 3.58% | 3.58% | |||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||
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, Increase (Decrease) | 1.25% | |||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | |||||||||||||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.75% | ||||||||||||||||
Amended Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | Main Street Expanded Loan Facility Program [Member] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 85,000 | |||||||||||||||||
Debt Instrument, Interest Amortization Rate | 15.00% | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.13% | 3.13% | 3.13% | 3.13% | 3.13% | |||||||||||||
Amended Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Main Street Expanded Loan Facility Program [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||||
Export Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.62% | 3.62% | 3.62% | 3.62% | 3.62% | |||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 107,700 | |||||||||||||||||
Percentage of Purchase Price, Financing Maximum | 80.00% | 80.00% | ||||||||||||||||
Proceeds from Issuance of Debt | $ 107,700 | |||||||||||||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||
First Export Credit Facility [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | |||||||||||||||||
Long-Term Debt, Aggregate Amount Deferred for Future Payments | $ 15,700 | |||||||||||||||||
Second Export Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.63% | 3.63% | 3.63% | 3.63% | 3.63% | |||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122,800 | |||||||||||||||||
Proceeds from Issuance of Debt | $ 46,200 | $ 15,500 | $ 30,600 | $ 30,500 | $ 61,700 | |||||||||||||
Long-term Debt, Gross | 122,800 | $ 122,800 | $ 122,800 | 122,800 | $ 122,800 | |||||||||||||
Promissory Notes, Natural Habitat Acquisition [Member] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||||||||||||
Long-term Debt, Gross | $ 1,700 | $ 1,700 | $ 1,700 | $ 1,700 | $ 1,700 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | 1.44% | 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, 2021 | Dec. 31, 2020 |
Principal | $ 561,760 | $ 496,492 |
Deferred Financing Costs, Net | (14,643) | (13,878) |
Balance | 547,117 | 482,614 |
Principal, Current | (20,260) | (11,255) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (20,260) | (11,255) |
Principal, Non-current | 541,500 | 485,237 |
Deferred Financing Costs, Net, Non-current | (14,643) | (13,878) |
Balance, Non-current | 526,857 | 471,359 |
Revolving Credit Facility [Member] | ||
Principal | 45,000 | 45,000 |
Deferred Financing Costs, Net | (227) | (341) |
Balance | 44,773 | 44,659 |
Term Facility [Member] | ||
Principal | 283,490 | 280,993 |
Deferred Financing Costs, Net | (9,721) | (9,492) |
Balance | 273,769 | 271,501 |
First Senior Secured Credit Agreement [Member] | ||
Principal | 107,695 | 107,695 |
Deferred Financing Costs, Net | (2,155) | (1,784) |
Balance | 105,540 | 105,911 |
Second Senior Secured Credit Agreement [Member] | ||
Principal | 122,840 | 61,120 |
Deferred Financing Costs, Net | (2,540) | (2,261) |
Balance | 120,300 | 58,859 |
Notes Payable, Other Payables [Member] | ||
Principal | 1,684 | 1,684 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 1,684 | 1,684 |
Other Debt [Member] | ||
Principal | 1,051 | 0 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | $ 1,051 | $ 0 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | $ 0 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (2,535) | $ 0 | (2,650) | $ (5,326) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,434) | 989 | (1,165) | (6,334) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (2,333) | 1,745 | (1,789) | (7,724) |
Foreign Exchange Forward [Member] | AOCI Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (2,400) | 1,700 | (2,000) | (7,600) |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (900) | (5,300) | (1,000) | (5,300) |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 300 | $ 1,000 | $ 200 | $ (1,000) |
Note 6 - Financial Instrument_4
Note 6 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 11,191 |
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, 2021 | Dec. 31, 2020 | |
Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | $ 0 | $ 0 | |
Derivatives designated as hedging instruments | 0 | 2,008 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | 765 | 953 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Derivatives designated as hedging instruments | [1] | 0 | 2,008 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [2] | 765 | 953 |
Derivatives designated as hedging instruments | [2] | $ 0 | $ 0 |
[1] | Recorded in accounts payable and accrued expenses. | ||
[2] | Recorded in prepaid expenses and other current 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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Total | $ 66 | $ (756) | $ (673) | $ 1,390 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||||
Derivative instruments designated as cash flow hedging instruments: | [1] | (109) | (1,745) | (605) | 2,261 |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | |||||
Derivative instruments designated as cash flow hedging instruments: | [2] | (93) | 0 | (256) | 137 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||||
Foreign exchange forward | [3] | $ 268 | $ 989 | $ 188 | $ (1,008) |
[1] | For the three and nine months ended September 30, 2021, $0.9 million and $1.0 million, respectively, was recognized as a loss on foreign currency in the condensed consolidated statements of income, and $2.4 million and $1.8 million losses, respectively, were recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. For the three and nine months ended September 30, 2020, $5.3 million was recognized as a loss on foreign currency in the condensed consolidated statements of income, and a $1.7 million gain and a $7.6 million loss, respectively, was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. | ||||
[2] | Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. | ||||
[3] | 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, 2021, a gain of $0.3 million and $0.2 million, respectively, were recognized in gain (loss) on foreign currency. During the three and nine months ended September 30, 2020, a gain of $1.0 million and a loss of $1.0 million was recognized in gain (loss) on foreign currency. |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2016 |
Stock Repurchased During Period, Value | $ 127 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | 85,000 | ||||||
Dividends, Preferred Stock, Total | $ 1,340 | $ 425 | $ 3,962 | 425 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | ||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | 85,000 | 85,000 | 85,000 | ||||
Deferred Offering Costs | $ 2,900 | $ 2,900 | $ 2,900 | |||||
Dividends, Preferred Stock, Total | $ 1,300 | 400 | $ 4,000 | $ 400 | ||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 9,500,000 | 9,500,000 | 9,500,000 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | ||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | |||||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 1,000 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.50 | |||||||
Common Stock [Member] | ||||||||
Stock Repurchased During Period, Shares (in shares) | 8,517 | |||||||
Stock Repurchased During Period, Value | $ 0 | |||||||
Dividends, Preferred Stock, Total | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Stock and Warrant Repurchase Plan [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 35,000 | |||||||
Warrants Repurchased During Period (in shares) | 6,011,926 | |||||||
Warrants Repurchased During Period, Value | $ 14,700 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000 | $ 12,000 | $ 12,000 | |||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | ||||||||
Stock Repurchased During Period, Shares (in shares) | 875,218 | |||||||
Stock Repurchased During Period, Value | $ 8,300 |
Note 8 - Stock Based Compensa_2
Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jun. 03, 2021 | May 10, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,500,000 | 1,500,000 | 1,500,000 | 510,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 14.37 | $ 14.37 | $ 14.37 | $ 10.30 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 188,000 | 188,000 | 188,000 | |||||
Share-based Payment Arrangement, Expense | $ 1.4 | $ 0.3 | $ 4.1 | $ 1.9 | ||||
Mr. Bressler [Member] | Natural Habitat, Inc [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Financial Performance Target | $ 25 | |||||||
Business Combination, Contingent Consideration Arrangements, Fair Value of Options Granted in Excess of Range of Outcomes High, Percentage | 10.10% | |||||||
Mr. Lawrence, President of Off the Beaten Path [Member] | Off the Beaten Path, LLC (OBP) [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 0.1 | |||||||
Business Acquisition, Profit Interest Units Issued (in shares) | 1,007 | |||||||
Business Acquisition, Profit Interest Units Issued, Grant Date Fair Value, Per Share (in dollars per share) | $ 132.86 | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,700,000 | 4,700,000 | 4,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,900,000 | 3,900,000 | 3,900,000 | |||||
2015 Long-Term Incentive Compensation Plan [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 1,000,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 16.38 | |||||||
2015 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) | 224,506 | |||||||
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) | $ 17.45 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 58,452 | |||||||
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) | $ 17.33 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
2015 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) | 50,072 | |||||||
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) | $ 18.90 | |||||||
2015 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% | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Market Stock Units [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 150.00% | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 12.10% | (9.50%) | (2.80%) | (9.90%) | |
Other Noncurrent Liabilities [Member] | |||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 |
Note 11 - Acquisitions (Details
Note 11 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Mar. 03, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 01, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 32,772 | $ 32,772 | $ 32,772 | $ 22,105 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 64,507 | $ 1,019 | 81,555 | $ 81,991 | ||||
Crystal Esprit Yacht [Member] | ||||||||
Payments to Acquire Productive Assets, Total | 13,300 | |||||||
Off the Beaten Path, LLC (OBP) [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.10% | |||||||
DuVine Cycling And Adventure LLC [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | |||||||
Off The Beaten Path Llc OBP And Duvine Cycling And Adventure LLC [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 10,600 | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,800 | |||||||
Goodwill, Ending Balance | 10,700 | 10,700 | 10,700 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 10,500 | 14,000 | ||||||
Off The Beaten Path Llc OBP And Duvine Cycling And Adventure LLC [Member] | Tradenames and Customer Lists [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,500 | $ 6,500 | 6,500 | |||||
Off The Beaten Path Llc OBP And Duvine Cycling And Adventure LLC [Member] | General and Administrative Expense [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 400 |
Note 11 - Acquisitions - Pro Fo
Note 11 - Acquisitions - Pro Forma Information (Details) - Off The Beaten Path Llc OBP And Duvine Cycling And Adventure LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 64,507 | $ 2,130 | $ 81,608 | $ 84,829 |
Net loss available to stockholders | $ (25,678) | $ (28,046) | $ (97,142) | $ (70,938) |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
National Geographic [Member] | |||||
Royalty Expense | $ 700 | $ 0 | $ 900 | $ 1,300 | |
Accounts Payable and Other Accrued Liabilities, Current | 700 | 700 | $ 0 | ||
World Wildlife Fund [Member] | |||||
Royalty Expense | $ 200 | $ 100 | $ 300 | $ 100 | |
Mr. Bressler [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | 19.90% | |||
Off the Beaten Path, LLC (OBP) [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | 19.90% | |||
DuVine [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | |||
Minority Interest Ownership, Call Option for Additional Ownership, Percent | 10.00% | 10.00% |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 10,036 | $ 9,970 | $ 7,494 | $ 16,112 |
Net income (loss) attributable to noncontrolling interest | 1,039 | (156) | (17) | (956) |
Acquired businesses' noncontrolling interest | (941) | 0 | 2,657 | 0 |
Fair value adjustment of put option | 0 | (1,874) | 0 | (7,216) |
Balance | $ 10,134 | $ 7,940 | $ 10,134 | $ 7,940 |
Note 12 - Commitments and Con_5
Note 12 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2021 (three months) | $ 622 |
2022 | 6,247 |
2023 | 2,790 |
Total | $ 9,659 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Number of Operating Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 64,507 | $ 1,019 | $ 81,555 | $ 81,991 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,000 | $ 0 | $ 1,100 | $ 2,200 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Tour revenues | $ 64,507 | $ 1,019 | $ 81,555 | $ 81,991 | |
Tour revenues, change | 63,488 | $ (436) | |||
Tour revenues, percentage of change | 1.00% | ||||
Operating income (loss) | (17,652) | (26,814) | $ (81,303) | (59,308) | |
Operating income (loss), change | $ 9,162 | $ (21,995) | |||
Operating income (loss), percentage change | 34.00% | (37.00%) | |||
Depreciation and amortization | $ 9,323 | 8,485 | $ 25,785 | 23,728 | |
Total depreciation and amortization, change | $ 838 | $ 2,057 | |||
Total depreciation and amortization, percentage change | 10.00% | 9.00% | |||
Total Assets | $ 830,630 | $ 830,630 | $ 757,449 | ||
Total intangibles, net | 10,165 | 10,165 | 4,817 | ||
Total goodwill | 32,772 | 32,772 | 22,105 | ||
Lindblad Segment [Member] | |||||
Tour revenues | 33,100 | 16 | 40,264 | 69,533 | |
Tour revenues, change | 33,084 | $ (29,269) | |||
Tour revenues, percentage of change | (42.00%) | ||||
Operating income (loss) | (22,282) | (24,835) | $ (80,617) | (54,287) | |
Operating income (loss), change | $ 2,553 | $ (26,330) | |||
Operating income (loss), percentage change | 10.00% | (49.00%) | |||
Depreciation and amortization | $ 8,928 | 7,888 | $ 24,618 | 22,075 | |
Total depreciation and amortization, change | $ 1,040 | $ 2,543 | |||
Total depreciation and amortization, percentage change | 13.00% | 12.00% | |||
Total Assets | $ 737,999 | $ 737,999 | 698,420 | ||
Total intangibles, net | 2,055 | 2,055 | 2,599 | ||
Total goodwill | 0 | 0 | 0 | ||
Land-experience [Member] | |||||
Tour revenues | 31,407 | 1,003 | 41,291 | 12,458 | |
Tour revenues, change | 30,404 | $ 28,833 | |||
Tour revenues, percentage of change | 231.00% | ||||
Operating income (loss) | 4,630 | (1,979) | $ (686) | (5,021) | |
Operating income (loss), change | 6,609 | $ 4,335 | |||
Operating income (loss), percentage change | 86.00% | ||||
Depreciation and amortization | 395 | $ 597 | $ 1,167 | $ 1,653 | |
Total depreciation and amortization, change | $ (202) | $ (486) | |||
Total depreciation and amortization, percentage change | (34.00%) | (29.00%) | |||
Total Assets | $ 92,631 | $ 92,631 | 59,029 | ||
Total intangibles, net | 8,110 | 8,110 | 2,218 | ||
Total goodwill | $ 32,772 | $ 32,772 | $ 22,105 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Oct. 14, 2021 | Oct. 08, 2021 | Aug. 31, 2021 |
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | $ 21 | ||
Subsequent Event [Member] | |||
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | $ 6 | ||
Subsequent Event [Member] | Classic Journeys, LLC [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | ||
Payments to Acquire Businesses, Gross | $ 12.8 |