Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Feb. 20, 2023 | Jun. 30, 2022 | |
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 | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
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 Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Entity Public Float | $ 276,500,000 | |||
Entity Common Stock, Shares Outstanding | 53,187,249 | |||
Auditor Firm ID | 42 | 688 | ||
Auditor Name | Ernst & Young LLP | Marcum llp | ||
Auditor Location | Hartford, Connecticut | Melville, NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 87,177 | $ 150,753 |
Restricted cash | 28,847 | 21,940 |
Short-term securities | 13,591 | 0 |
Marine operating supplies | 9,961 | 8,275 |
Inventories | 1,965 | 2,278 |
Prepaid expenses and other current assets | 41,778 | 27,094 |
Total current assets | 183,319 | 210,340 |
Property and equipment, net | 539,406 | 542,418 |
Goodwill | 42,017 | 42,017 |
Intangibles, net | 11,219 | 13,235 |
Deferred tax asset | 2,167 | 7,609 |
Right-to-use lease assets | 4,345 | 4,402 |
Other long-term assets | 5,502 | 7,470 |
Total assets | 787,975 | 827,491 |
Current Liabilities: | ||
Unearned passenger revenues | 245,101 | 212,598 |
Accounts payable and accrued expenses | 71,019 | 49,252 |
Long-term debt - current | 23,337 | 26,061 |
Lease liabilities - current | 1,663 | 1,553 |
Total current liabilities | 341,120 | 289,464 |
Long-term debt, less current portion | 529,452 | 518,658 |
Lease liabilities | 2,961 | 3,178 |
Other long-term liabilities | 88 | 247 |
Total liabilities | 873,621 | 811,547 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 27,886 | 10,626 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance | 97,029 | 94,527 |
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 and 80,000 Series A shares issued and outstanding as of December 31, 2022 and 2021, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 53,177,437 and 50,800,786 issued, 53,110,132 and 50,755,546 outstanding as of December 31, 2022 and 2021, respectively | 5 | 5 |
Additional paid-in capital | 83,850 | 58,485 |
Accumulated deficit | (266,530) | (136,439) |
Accumulated other comprehensive loss | 0 | (634) |
Total stockholders' deficit | (182,675) | (78,583) |
Total liabilities, mezzanine equity and stockholders' deficit | 787,975 | 827,491 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 and 80,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively | $ 69,143 | $ 83,901 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 62,000 | 80,000 |
Preferred stock, shares outstanding (in shares) | 62,000 | 80,000 |
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) | 53,177,437 | 50,800,786 |
Common stock, shares outstanding (in shares) | 53,110,132 | 50,755,546 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized (in shares) | 165,000 | 165,000 |
Temporary equity, shares issued (in shares) | 62,000 | 80,000 |
Temporary equity, shares outstanding (in shares) | 62,000 | 80,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tour revenues | $ 421,500 | $ 147,107 | $ 82,356 |
Operating expenses: | |||
Cost of tours | 283,217 | 124,484 | 72,931 |
General and administrative | 96,291 | 65,445 | 45,508 |
Selling and marketing | 60,996 | 28,484 | 20,231 |
Depreciation and amortization | 44,042 | 39,525 | 32,084 |
Total operating expenses | 484,546 | 257,938 | 170,754 |
Operating loss | (63,046) | (110,831) | (88,398) |
Other (expense) income: | |||
Interest expense, net | (37,495) | (24,578) | (16,692) |
Loss on foreign currency | (1,236) | (1,265) | (4,772) |
Other (expense) income | (307) | 15,487 | (83) |
Total other expense | (39,038) | (10,356) | (21,547) |
(Loss) income before income taxes | (102,084) | (121,187) | (109,945) |
Income tax expense (benefit) | 6,076 | (2,019) | (9,805) |
Net loss | (108,160) | (119,168) | (100,140) |
Net income (loss) attributable to noncontrolling interest | 3,221 | 38 | (1,403) |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | (111,381) | (119,206) | (98,737) |
Series A redeemable convertible preferred stock dividend | 4,671 | 5,289 | 1,705 |
Non-cash deemed dividend | 0 | 170 | 0 |
Net loss available to stockholders | $ (116,052) | $ (124,665) | $ (100,442) |
Weighted average shares outstanding | |||
Basic (in shares) | 52,018,987 | 50,109,426 | 49,737,129 |
Diluted (in shares) | 52,018,987 | 50,109,426 | 49,737,129 |
Undistributed loss per share available to stockholders: | |||
Basic (in dollars per share) | $ (2.23) | $ (2.41) | $ (2.01) |
Diluted (in dollars per share) | $ (2.23) | $ (2.41) | $ (2.01) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (108,160) | $ (119,168) | $ (100,140) |
Other comprehensive income: | |||
Net unrealized loss | 0 | (1,682) | (2,247) |
Reclassification adjustment, net of tax | 634 | 2,650 | 5,326 |
Total other comprehensive income | 634 | 968 | 3,079 |
Total comprehensive loss | (107,526) | (118,200) | (97,061) |
Less: comprehensive income (loss) attributive to non-controlling interest | 3,221 | 38 | (1,403) |
Comprehensive loss attributable to stockholders | $ (110,747) | $ (118,238) | $ (95,658) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - 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 | 2,388 | 0 | 0 | 2,388 |
Net activity related to equity compensation plans (in shares) | 196,507 | ||||
Net activity related to equity compensation plans | $ 0 | (405) | 0 | 0 | (405) |
Repurchase of shares (in shares) | (8,517) | ||||
Repurchase of shares | $ 0 | (127) | 0 | 0 | (127) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 3,079 | 3,079 |
Redeemable noncontrolling interest | 0 | 0 | 7,215 | 0 | 7,215 |
Series A preferred stock dividend | (1,705) | (1,705) | |||
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (98,737) | 0 | (98,737) |
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 | 5,429 | 0 | 0 | 5,429 |
Net activity related to equity compensation plans (in shares) | 246,608 | ||||
Net activity related to equity compensation plans | $ 0 | (2,221) | 0 | 0 | (2,221) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 968 | 968 |
Redeemable noncontrolling interest | 0 | 0 | (202) | 0 | (202) |
Series A preferred stock dividend | 0 | 0 | (5,289) | 0 | (5,289) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (119,206) | 0 | (119,206) |
Issuance of stock for acquisition (in shares) | 82,302 | ||||
Issuance of stock for acquisition | $ 0 | 1,770 | 0 | 0 | 1,770 |
Issuance of stock for conversion of preferred stock (in shares) | 566,364 | ||||
Issuance of stock for conversion of preferred stock | $ 0 | 5,380 | 0 | 0 | 5,380 |
Non-cash deemed dividend to preferred share holders | $ 0 | 0 | (170) | 0 | (170) |
Balance (in shares) at Dec. 31, 2021 | 50,800,786 | ||||
Balance at Dec. 31, 2021 | $ 5 | 58,485 | (136,439) | (634) | (78,583) |
Stock-based compensation | $ 0 | 6,992 | 0 | 0 | 6,992 |
Net activity related to equity compensation plans (in shares) | 267,090 | ||||
Net activity related to equity compensation plans | $ 0 | (1,056) | 0 | 0 | (1,056) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 634 | 634 |
Redeemable noncontrolling interest | 0 | 0 | (14,039) | 0 | (14,039) |
Series A preferred stock dividend | 0 | 0 | (4,671) | 0 | (4,671) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (111,381) | 0 | (111,381) |
Issuance of stock for conversion of preferred stock (in shares) | 2,109,561 | ||||
Issuance of stock for conversion of preferred stock | $ 0 | 19,429 | 0 | 0 | 19,429 |
Balance (in shares) at Dec. 31, 2022 | 53,177,437 | ||||
Balance at Dec. 31, 2022 | $ 5 | $ 83,850 | $ (266,530) | $ 0 | $ (182,675) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities | |||
Net loss | $ (108,160) | $ (119,168) | $ (100,140) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 44,042 | 39,525 | 32,084 |
Amortization of National Geographic fee | 0 | 0 | 727 |
Amortization of deferred financing costs and other, net | 2,669 | 3,203 | 2,146 |
Right-of-use lease asset | 608 | 21 | 49 |
Stock-based compensation | 6,992 | 5,563 | 2,388 |
Deferred income taxes | 5,481 | (833) | (9,812) |
Change in fair value of contingent acquisition consideration | (155) | 0 | 0 |
Loss on foreign currency | 1,236 | 1,265 | 4,772 |
Write-off of unamortized issuance costs related to debt refinancing | 9,004 | 0 | 0 |
Loss on write-off of assets | 0 | 0 | 111 |
Changes in operating assets and liabilities | |||
Marine operating supplies and inventories | (1,373) | (2,912) | 685 |
Prepaid expenses and other current assets | (18,322) | (8,856) | 12,525 |
Unearned passenger revenues | 32,503 | 83,946 | (18,088) |
Other long-term assets | 2,556 | (684) | 594 |
Other long-term liabilities | 844 | 6,140 | 844 |
Accounts payable and accrued expenses | 20,530 | 25,285 | (21,142) |
Operating lease liabilities | (658) | 0 | 0 |
Net cash (used in) provided by operating activities | (2,203) | 32,495 | (92,257) |
Cash Flows From Investing Activities | |||
Purchases of property and equipment | (38,205) | (96,688) | (155,479) |
Investments in securities | (15,000) | 0 | 0 |
Proceeds from loan principal repayment | 3,610 | 0 | 0 |
Acquisition (net of cash acquired) | 0 | (18,036) | 0 |
Net cash used in investing activities | (49,595) | (114,724) | (155,479) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 360,000 | 61,720 | 268,339 |
Repayments of long-term debt | (352,941) | (5,957) | (2,842) |
Payment of deferred financing costs | (10,874) | (3,135) | (6,972) |
Repurchase under stock-based compensation plans and related tax impacts | (1,056) | (2,221) | (405) |
Proceeds from Series A preferred stock issuance | 0 | 0 | 85,000 |
Repurchase of warrants and common stock | 0 | 0 | (127) |
Net cash (used in) provided by financing activities | (4,871) | 50,407 | 342,993 |
Net decrease in cash, cash equivalents and restricted cash | (56,669) | (31,822) | 95,257 |
Cash, cash equivalents and restricted cash at beginning of period | 172,693 | 204,515 | 109,258 |
Cash, cash equivalents and restricted cash at end of period | 116,024 | 172,693 | 204,515 |
Supplemental disclosures of cash flow information: | |||
Interest | 25,815 | 18,260 | 16,316 |
Income taxes | 309 | 98 | 700 |
Non-cash investing and financing activities: | |||
Non-cash preferred stock dividend | 4,671 | 5,289 | 1,706 |
Value of shares issued for acquisition | 0 | 1,770 | 0 |
Non-cash preferred stock deemed dividend | $ 0 | $ 170 | $ 0 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS Organization 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 reportable business segments: Lindblad Segment. Land Experiences Segment four Natural Habitat 100 45 seven DuVine Off the Beaten Path Classic Journeys 50 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries, after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets, liabilities, revenues and expenses. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, income tax expense, the valuation of deferred tax assets and liabilities, the fair value of derivative instruments, the fair value of assets acquired and liabilities assumed in business combinations, the value of contingent consideration and assessing its litigation, other legal claims and contingencies. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary. Revenue Recognition Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues in the consolidated statements of operations. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2022 2021 2020 Guest ticket revenue: Direct 50 % 56 % 41 % National Geographic 14 % 14 % 18 % Agencies 20 % 18 % 25 % Affinity 5 % 5 % 5 % Guest ticket revenue 89 % 93 % 89 % Other tour revenue 11 % 7 % 11 % Tour revenues 100 % 100 % 100 % 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 certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification (“ASC”), Revenue from Contracts with Customers 606 not no travel December 31, 2022 2021 The change in contract liabilities within unearned passenger revenues are as follows: Contract Liabilities (In thousands) Balance as of December 31, 2021 $ 147,783 Recognized in tour revenues during the period (402,641 ) Additional contract liabilities in period 433,056 Balance as of December 31, 2022 $ 178,198 Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. Insurance The Company maintains insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third third third As of December 31, 2022 2021, $125,000, December 31, 2022 2021, $125,000, December 31, 2022 2021, Not The Company also extends cancellation insurance to guests. The Company uses an insurance company to manage passenger insurance purchased to cover a variety of insurable losses including cancellations, interruption, missed connections, travel delays, accidental death and dismemberment, medical coverage and baggage issues. In certain instances, the Company is self-insured for the claims only which cover cancellations, interruption, missed connections and travel delays. The required reserve was determined based on claims experience. While the Company believes its estimated IBNR and accrued claims reserves are adequate, the ultimate losses may The Company participates in a traditional marine industry reinsurance solution for liability exposure through their Protection and Indemnity (“P&I Club”) Reinsurers, which are similar to mutual marine P&I Club’s that jointly and severally indemnify each other to provide discounted primary and excess Protection and Indemnity coverage to club members. The resulting aggregated surplus of the clubs combines to provide the Company with below market primary and high excess liability coverage for covered losses. For consideration of long-term below market Protection and Indemnity rates, the joint and several liability obligation requires the down-stream indemnification by their members, including the Company. General and Administrative Expense General and administrative expenses primarily represent the costs of the Company’s shore-side vessel support, reservations and other administrative functions, and includes salaries and related benefits, professional fees and occupancy costs. Selling and Marketing Expense Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $31.6 million, $19.1 million and $9.3 million for the years ended December 31, 2022, 2021 2020, December 31, 2022, 2021 2020 Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six For the years ended December 31, 2022 2021 2020 (In thousands) Cash and cash equivalents $ 87,177 $ 150,753 $ 187,531 Restricted cash 28,847 21,940 16,984 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 116,024 $ 172,693 $ 204,515 Concentration of Credit Risk The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may December 31, 2022 2021, Restricted Cash and Marketable Securities The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2022 As of December 31, 2021 (In thousands) Credit card processor reserves $ 20,400 $ 10,536 Federal Maritime Commission and other escrow 6,882 9,814 Certificates of deposit and other restricted securities 1,565 1,590 Total restricted cash $ 28,847 $ 21,940 Marine Operating Supplies and Inventories Marine operating supplies consist primarily of fuel, provisions, spare parts, items required for maintenance and supplies used in the operation of marine expeditions. Marine operating supplies are stated at the lower of cost or net realizable value. Cost is determined using the first first Inventories consist primarily of gift shop merchandise and other items for resale and are stated at the lower of cost or net realizable value. Cost is determined using the first first Prepaid Expenses and Other Current Assets The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. The Company’s prepaid expenses and other current assets consist of the following: As of December 31, 2022 2021 (In thousands) Prepaid tour expenses $ 20,605 $ 10,337 Other 21,173 16,757 Total prepaid and other current expenses $ 41,778 $ 27,094 Loan Receivable In December 2019, National Geographic Resolution construction agreement. The amended agreement among other things, provided for a $4.0 million loan to Ulstein Verft, with repayment to be 112% of the principal loan balance, due on maturity in December 2022. 2021, December 2022, Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life The ship-based tour and expedition industry is very capital intensive. As of December 31, 2022, Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s, estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six Goodwill The Company tests for impairment annually as of September 30, not September 30, 2022 no 5—Goodwill Intangible Assets Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 96 National Geographic Islander II 48 Upon the occurrence of a triggering event, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. A significant amount of judgment is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of December 31, 2022 2021, no Long-Lived Assets The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not December 31, 2022 2021, no Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2022 2021 (In thousands) Accrued other expense $ 54,418 $ 39,560 Accounts payable 16,601 9,692 Total accounts payable and accrued expenses $ 71,019 $ 49,252 Leases The Company leases office and warehousing space with lease terms ranging from one ten three six At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted primarily of office space operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not 12 Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. In connection with the acquisition of Classic Journeys during the year ended December 31, 2021, 3 7—Financial Based on the terms of the agreements and comparable market data, the Company estimates the fair value of its long-term debt to be $523.6 million as of December 31, 2022. The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses and unearned passenger revenue approximate fair value, due to the short-term nature of these instruments. As of December 31, 2022 2021, and contingent acquisition consideration, the Company had no other assets or liabilities that were measured at fair value on a recurring basis. Derivative Instruments and Hedging Activities Currency Risk not Interest Rate Risk By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing hedge assessments. The Company’s derivative assets consist principally of interest rate caps and currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and other liabilities in the consolidated balance sheets at fair value. The accounting for changes in value of the derivative depends on whether or not not The Company applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. 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 provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” 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 are “more-likely-than- not” December 31, 2022 2021, no December 31, 2022 2021, 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 four five Other Long-Term Assets During the years ended December 31, 2022 2016, National Geographic Islander II National Geographic Endeavour II Deferred Financing Costs Deferred financing costs relate to the issuance costs of debt liabilities and are as direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. Stock-Based Compensation Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses. Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not six six not third 12—Stockholders’ |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 EARNINGS PER SHARE Earnings per common share is computed using the two two For the years ended December 31, 2022, 2021 2020, December 31, 2022, 7.4 December 31, 2021, 0.8 1.5 December 31, 2020, For the years ended December 31, 2022, 2021 2020, For the years ended December 31, 2022 2021 2020 (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (111,381 ) $ (119,206 ) $ (98,737 ) Series A redeemable convertible preferred stock dividend 4,671 5,289 1,705 Non-cash deemed dividend to preferred share holders - 170 - Undistributed loss available to stockholders $ (116,052 ) $ (124,665 ) $ (100,442 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 52,018,987 50,109,426 49,737,129 Total weighted average shares outstanding, diluted 52,018,987 50,109,426 49,737,129 Undistributed loss per share available to stockholders: Basic $ (2.23 ) $ (2.41 ) $ (2.01 ) Diluted $ (2.23 ) $ (2.41 ) $ (2.01 ) |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PROPERTY AND EQUIPMENT During the year ended December 31, 2022, National Geographic Islander National Geographic Islander II National Geographic Islander Property and equipment, net are as follows: As of December 31, 2022 2021 (In thousands) Vessels and improvements $ 759,981 $ 739,957 Furniture and equipment 28,732 23,958 Leasehold improvements 1,426 1,426 Total property and equipment, gross 790,139 765,341 Less: Accumulated depreciation (250,733 ) (222,923 ) Property and equipment, net $ 539,406 $ 542,418 Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2022, 2021 2020 41.0 37.6 For the year ended December 31, 2022, National Geographic Islander II third 2022, National Geographic Islander No December 31, 2022. December 31, 2021, 2021 National Geographic Resolution September 2021, National Geographic Islander II |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 GOODWILL AND INTANGIBLE ASSETS The Company's goodwill relates to the acquisition of its Land Experiences Segment subsidiaries, see Note 9—Acquisitions. (In thousands) Land Experiences Segment Balance as of December 31, 2019 $ 22,105 Activity - Balance as of December 31, 2020 22,105 Acquisitions 19,912 Balance as of December 31, 2021 42,017 Activity - Balance as of December 31, 2022 $ 42,017 The Company’s intangible assets consist of finite lived assets related to the acquisition of its Land Experiences Segment subsidiaries and the value of its cupos operating rights. Total amortization expense for the years ended December 31, 2022, 2021 2020, 1.9 The carrying amounts and accumulated amortization of intangibles, net are as follows: As of December 31, 2022 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (1,751 ) $ 5,318 11.3 $ 7,069 $ (1,266 ) $ 5,803 Customer Lists 6,182 (1,961 ) 4,221 3.4 6,182 (624 ) 5,558 Operating rights 6,529 (4,849 ) 1,680 19.2 6,529 (4,655 ) 1,874 Total intangibles, net $ 19,780 $ (8,561 ) $ 11,219 9.5 $ 19,780 $ (6,545 ) $ 13,235 Future expected amortization expense related to these intangibles are as follows: Year Amount (In thousands) 2023 $ 1,795 2024 1,795 2025 1,795 2026 1,071 2027 559 Thereafter 4,204 $ 11,219 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 LONG-TERM DEBT 6.75% Notes On February 4, 2022, 2027 6.75% February 4, 2022, February 15 August 15 February 15, 2027, first may The Notes contain covenants that, among other things, restrict the Company’s ability, and the ability of the Company’s restricted subsidiaries, to incur certain additional indebtedness and make certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of exceptions and qualifications set forth in the Notes. As of December 31, 2022, Revolving Credit Facility On February 4, 2022, February 2027, first December 31, 2022, no The Revolving Credit Facility contains customary affirmative and negative covenants, as well as financial covenants and event of default provisions. Senior Secured Credit Agreements On January 8, 2018, March 2020 National Geographic Endurance March 2020. June 2020, June 2020 March 2021 June 2020 June 2021. June 2021, December 2021 March 31, 2022, December 31, 2022 May October 2022, March 2022 December 31, 2022 March 31, 2023 September 30, 2023. twelve twelve five first National Geographic Endurance may three December 31, 2022. On April 8, 2019, National Geographic Resolution September 2021. 2019, 2020 2021. June 2020, June 2020 June 2021. June 2021, March 31, 2022, December 31, 2022 May October 2022, March 2022 December 31, 2022 March 31, 2023 September 30, 2023. twelve twelve five three December 31, 2022. The First Export Credit Agreement and the Second Export Credit Agreement contain financial covenants that, among other things, required us to maintain a total net leverage ratio of 4.75 to 1.00. The total net leverage ratio is defined under the covenants as on any date of determination, the ratio of total debt on such date, less up to $50.0 million of the unrestricted cash and cash equivalents to Adjusted EBITDA, as defined in the First Export Credit Agreement and the Second Export Credit Agreement, for the trailing 12 December 2022. December 31, 2022, Credit Agreement The Company's former Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”) provided for a $200.0 million senior secured term facility (the “Term Facility”), and a $45.0 million senior secured incremental revolving credit facility (the “Former Revolving Facility”), which included a $5.0 million letter of credit sub-facility. In March 2020, third December 10, 2020, first third fourth The Amended Credit Agreement, including the Term Facility, Main Street Expanded Loan, and Former Revolving Facility, was prepaid and terminated during February 2022. Note Payable In connection with the Natural Habitat acquisition in May 2016, six May 1, 2020, three December 22, 2020, December 22, 2021 December 22, 2022. Other The Company’s Off the Beaten Path subsidiary has a loan maturing June 2023 The Company’s Off the Beaten Path subsidiary has a $0.8 million loan under the Main Street Expanded Loan Facility program, originated on December 11, 2020. first 12 not December 2023 December 2024, December 2025. one December 31, 2022. may The Company’s DuVine subsidiary has a EUR 0.1 million State Assistance Loan related to the financial consequences of the COVID- 19 August 2025, Long-Term Debt Outstanding As of December 31, 2022 2021, As of December 31, 2022 2021 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (8,968 ) $ 351,032 $ - $ - $ - First Export Credit Agreement 94,794 (1,829 ) 92,965 107,695 (2,090 ) 105,605 Second Export Credit Agreement 110,044 (2,207 ) 107,837 120,281 (2,473 ) 117,808 Other 955 - 955 1,034 - 1,034 Note payable - - - 842 - 842 Credit Facility - - - 284,170 (9,050 ) 275,120 Revolving Facility - - - 44,500 (190 ) 44,310 Total long-term debt 565,793 (13,004 ) 552,789 558,522 (13,803 ) 544,719 Less current portion (23,337 ) - (23,337 ) (26,061 ) - (26,061 ) Total long-term debt, non-current $ 542,456 $ (13,004 ) $ 529,452 $ 532,461 $ (13,803 ) $ 518,658 Future minimum principal payments of long-term debt are as follows: Year Amount (In thousands) 2023 $ 23,337 2024 23,290 2025 40,580 2026 38,016 2027 373,448 Thereafter 67,122 $ 565,793 For the years ended December 31, 2022, 2021 2020, For the years ended December 31, 2022, 2021 2020, three March 31, 2022, Letters of Credit As of December 31, 2022 2021, November 2023. |
Note 7 - Financial Instruments
Note 7 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 7 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS 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 The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S. dollar denominated receivables and payables. The Company primarily hedges a portion of its current-year currency exposure to several currencies, which normally include, but are not In 2018, February 2022. one May 31, 2023. Interest Rate Caps Trade date and borrowing date May 29, 2018 Effective date September 27, 2018 Termination date May 31, 2023 Notional amount $100,000,000 Fixed interest rate (plus spread) 3.00% May 1, 2019 until maturity Variable interest rate 1 month LIBOR Settlement Monthly on last day of each month Interest payment dates Monthly on last day of each month Reset dates Last day of each month In March 2019, National Geographic Resolution September 2021. The Company recorded the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassified these amounts into earnings in the period during which the hedged transaction was recognized. Any changes in fair values of hedges that would be determined to be ineffective would be 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 years ended December 31, 2022, 2021 2020. December 31, 2022, 2021 2020, The Company held the following derivative instruments with absolute notional values as of December 31, 2022: (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 12,440 Estimated fair values (Level 2 As of December 31, 2022 2021 (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: Interest rate cap (a) $ - $ - $ 9 $ - Total $ - $ - $ 9 $ - Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (b) $ 683 $ - $ - $ - Foreign exchange forward (c) - 572 664 - Total $ 683 $ 572 $ 664 $ - __________ (a) Recorded in other long-term assets. (b) Recorded in prepaid expenses and other current assets. (c) Recorded in accounts payable and accrued expenses and prepaid expenses and other current assets, respectively. The effects of derivatives recognized in the Company’s consolidated financial statements were as follows: For the years ended December 31, (In thousands) 2022 2021 2020 Derivative instruments designated as cash flow hedging instruments: Interest rate cap (a) $ - $ (363 ) (247 ) Foreign exchange forward (b) - (605 ) $ (2,832 ) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) 40 - - Foreign exchange forward (c) (1,236 ) 288 554 Total $ (1,196 ) $ (680 ) $ (2,525 ) __________ (a) For the year ended December 31, 2022, December 31, 2021 2020, (b) For the year ended December 31, 2021, December 31, 2020, (c) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged and recognized in gain (loss) on foreign currency. As of December 31, 2022, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 INCOME TAXES The Company (a “C” Corporation) provides for income taxes based on the Federal and state statutory rates on taxable income. U.S. and foreign components of income before incomes taxes are presented below: For the years ended December 31, (In thousands) 2022 2021 2020 Domestic $ (21,403 ) $ (24,875 ) $ (46,490 ) Foreign (80,681 ) (96,312 ) (63,455 ) Total $ (102,084 ) $ (121,187 ) $ (109,945 ) The income tax provisions are comprised of the following: For the years ended December 31, (In thousands) 2022 2021 2020 Current Federal $ - $ - $ - State 244 (7 ) 6 Foreign - Other 392 45 2 Total current 636 38 8 Deferred Federal 5,709 (1,894 ) (8,959 ) State 218 928 (481 ) Foreign - Other (487 ) (1,091 ) (373 ) Total deferred 5,440 (2,057 ) (9,813 ) Income tax expense (benefit) $ 6,076 $ (2,019 ) $ (9,805 ) A reconciliation of the U.S. federal statutory income tax (benefit) expense to the Company’s effective income tax provision is as follows: For the years ended December 31, 2022 2021 2020 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (0.3 %) (0.8 %) 0.4 % Foreign tax rate differential (16.6 %) (15.2 %) (10.5 %) Valuation allowance (9.4 %) (4.1 %) (2.2 %) Other (0.7 %) 0.8 % 0.2 % Total effective income tax rate (6.0 %) 1.7 % 8.9 % The Company, through its subsidiaries and affiliated entities in the U.S., the Cayman Islands and Ecuador are subject to US Federal, US state and Ecuadorian Federal income taxes. The Cayman Islands do not Deferred tax (liabilities) assets, net, are comprised of the following: As of December 31, (In thousands) 2022 2021 Net operating loss carryforward $ 27,896 $ 29,642 Property and equipment (18,942 ) (20,293 ) Disallowed interest carryforward 12,893 8,280 Valuation allowance (21,521 ) (10,248 ) Stock-based compensation 351 311 Intangibles (384 ) (435 ) Other 1,874 352 Deferred tax assets $ 2,167 $ 7,609 The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not The Company has deferred tax assets related to U.S. federal loss carryforwards of $103.6 million as of December 31, 2022, 2027. may As a result of the transition to the territorial tax regime effectuated by the Tax Cuts and Jobs Act enacted in 2017, no no no No no The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Significant judgment is required in evaluating tax positions and determining the provision for income taxes. The Company establishes liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may The following is a tabular reconciliation of the total amounts of unrecognized tax benefits and does not For the years ended December 31, (In thousands) 2022 2021 2020 Beginning of year $ - $ - $ - Current year positions 1,411 - - Prior year positions - - - End of year $ 1,411 $ - $ - The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2022, 2021 2020, not 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 four five |
Note 9 - Acquisitions
Note 9 - Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 ACQUISITIONS To further expand the Company’s land-based experiential travel offerings and increase its addressable market, on February 1, 2021, March 3, 2021, October 13, 2021, The acquisitions had an aggregate purchase price of $23.6 million, including $1.8 million in Company stock at closing and $0.2 December 31, 2021. $10.4 19.9 December 31, 2021, Following are pro forma revenue and net loss available to stockholders for the years ended December 31, 2021 2020, January 1, 2020: For the years ended December 31, 2021 2020 (In thousands) (unaudited) Revenue $ 150,508 $ 87,463 Net loss available to stockholders (124,469 ) (104,044 ) |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest Contingent Arrangements The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The agreements were established to provide formal exit opportunities for the minority interest holders and a path to 100% not not Mr. Bressler, founder of Natural Habitat, retains a 19.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement, amended May 2020 December 2022. first January 31, 2024, not 50% December 31, 2023, second January 31, 2026, not December 31, 2025. not March 31, 2029, Mr. Lawrence, President of Off the Beaten Path, 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. Mr. Lawrence has a put option, that under certain conditions and subject to providing notice by 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. Mr. Levine has a put option, that under certain conditions and subject to providing notice by January 31, 2026, not December 31, 2025. first not December 31, 2023, December 31, 2025, second not December 31, 2025, December 31, 2030, Mr. and Mrs. Piegza, founders of Classic Journeys, retain a 19.9% noncontrolling interest in Classic Journeys, which is subject to a put/call arrangement. Mr. and Mrs. Piegza have a put option that under certain conditions, and subject to providing notice by November 13, 2026, not not Since the redemption of these noncontrolling interests is not one two The following is a rollforward of the redeemable noncontrolling interest: For the years ended December 31, (In thousands) 2022 2021 2020 Beginning balance $ 10,626 $ 7,494 $ 16,112 Net income (loss) attributable to noncontrolling interest 3,221 38 (1,403 ) Redemption value adjustment of put option 14,039 202 (7,215 ) Acquired businesses' noncontrolling interest - 2,892 - Ending balance $ 27,886 $ 10,626 $ 7,494 In connection with the 2016 December 31, 2025, one 50% December 31, 2023. Lease Commitments The Company leases office space and equipment under long-term leases, which are classified as operating leases. As of December 31, 2022, December 31, 2022 (In thousands) Operating Lease Payments 2023 $ 1,663 2024 1,736 2025 1,002 2026 300 2027 310 Present value discount ( 6 (387 ) Total $ 4,624 Lease expense was $2.3 million, $2.0 million and $1.8 million for the years ended December 31, 2022, 2021 2020, Royalty Agreement National Geographic The Company is engaged in an alliance and license agreement with National Geographic through 2025, December 31, 2022, 2021 2020 The royalty balances payable to National Geographic as of December 31, 2022 2021 Royalty Agreement World Wildlife Fund Natural Habitat has a license agreement with World Wildlife Fund, 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. The annual royalty payment and gross sales fees are paid on a quarterly basis. For the years ended December 31, 2022, 2021 2020, Royalty Agreement Islander Under a perpetual royalty agreement, the Company is obligated to pay a third National Geographic Islander December 31, 2022, 2021 2020 0.4 August 2022, National Geographic Islander Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions, and with third Future minimum payments on its charter agreements are as follows: For the years ended December 31, Amount (In thousands) 2023 $ 14,660 2024 7,086 Total $ 21,746 Other Commitments The Company participates, with other tour operators, in the Consumer Protection Insurance Plan sponsored by the United States Tour Operators Association (“USTOA”). The USTOA requires a $1.0 In certain instances when not Operational Agreement The Company maintains an agreement with a third National Geographic Endeavour II National Geographic Islander II December 31, 2023 Legal Proceedings The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. In the opinion of management, after consulting legal counsel, there are no |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11 EMPLOYEE BENEFIT PLAN The Company has a 401 2022, 2021 2020, 2022, 2021 2020. December 31, 2022, December 31, 2021 2020. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 STOCKHOLDERS EQUITY Company Stock The Company has 1,000,000 shares of preferred stock authorized, $0.0001 par value and 200,000,000 shares of common stock authorized, $0.0001 par value. Preferred Stock On August 31, 2020, December 31, 2022, first two second may third may, not 150% 20 30 six not December 31, 2022. During the years ended December 31, 2022 2021, For the years ended December 31, 2022, 2021 2020, December 31, 2022, Stock Repurchase Plan In 2016, no February 4, 2023, one February 2022. December 31, 2020, December 31, 2022. December 31, 2022 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 13 STOCK-BASED COMPENSATION During 2021, 2021 2015 December 31, 2022. Restricted Stock and Restricted Stock Units Restricted stock is shares of stock granted to an employee, non-employee director or other service providers for which sale is prohibited for a specified period of time. Restricted stock typically vests ratably over a one three three not Market Stock Units Market stock units (“MSUs”) represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. The MSUs are market-based equity incentive awards based on a performance-multiplier of change in the stock price of the Company’s common stock between the grant date and a determined closing price. Each MSU represents the right to receive one may may The Company assessed the applicable metrics related to the MSU grants, estimating the fair value of employee MSU awards and the amount of stock compensation expense using the Monte-Carlo pricing model. Performance Stock Units PSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. PSUs generally vest three not The PSUs granted may three may Stock Options Stock options represent a right to buy a number of shares by the employee, non-employee director or other service providers at a future date, for a pre-set price, or exercise price, for a fixed period of time. Stock options generally vest over one four ten 2021 2015 Stock Option Grants 2022 2021 2020 Stock price $ 12.64 14.36 $ 16.38 $ 10.84 Exercise price $ 12.64 14.36 $ 16.38 $ 10.84 Dividend yield 0.0 % 0.00 % 0.00 % Expected volatility 57.79 % 25.61 % 29.08 % Risk-free interest rate 2.75 3.15 % 1.63 % 0.98 % Expected term in years 6.25 7.50 7.00 Long-Term Incentive Compensation See the following table for a summary of PSU, restricted stock, RSU and MSU activity. Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, December 31, 2019 215,421 $ 11.16 342,046 $ 12.47 - $ - Granted 86,783 5.42 648,617 11.22 102,062 8.51 Vested and released (57,022 ) 8.98 (213,583 ) 11.99 - - Forfeited (66,484 ) 9.69 (35,479 ) 8.81 - - Balance, December 31, 2020 178,698 9.73 741,601 11.70 102,062 8.51 Granted - - 283,872 17.16 50,072 18.90 Vested and released (41,990 ) 10.27 (358,144 ) 10.21 - - Forfeited (61,767 ) 9.79 (98,978 ) 14.18 - - Balance, December 31, 2021 74,941 9.39 568,351 14.93 152,134 11.93 Granted - - 348,046 13.18 81,726 15.08 Vested and released (14,543 ) 15.25 (236,306 ) 14.42 (76,549 ) 8.51 Forfeited (37,778 ) 9.51 (139,368 ) 14.38 (25,335 ) 16.78 Balance, December 31, 2022 22,620 5.41 540,723 14.17 131,976 13.66 Stock Options The following table is a summary of stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options outstanding as of December 31, 2019 200,000 $ 9.47 7.6 $ 1,376,000 Granted 310,000 10.84 Options outstanding as of December 31, 2020 510,000 10.30 6.7 3,476,800 Granted 1,000,000 16.38 Exercised (12,000 ) 9.47 Options outstanding as of December 31, 2021 1,498,000 14.37 8.8 1,848,040 Granted 200,458 14.02 Exercised (77,500 ) 10.84 Forfeited (232,500 ) 10.84 Options outstanding as of December 31, 2022 1,388,458 15.10 7.9 - As of December 31, 2022 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 1,388,458 $ 15.10 7.9 $ - Options exercisable 388,000 13.03 6.1 - Stock-based Compensation Expense Stock-based compensation expense for the years ended December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 December 31, 2022, $14.3 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. |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 RELATED PARTY TRANSACTIONS On May 4, 2016, three 6—Long |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 SEGMENT INFORMATION The Company’s chief operating decision maker, or CODM, assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company is primarily an experiential travel operator with operations in two segments, Lindblad and Land Experiences. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company evaluates the performance of the business based largely on the results of its operating segments. The CODM 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 full year ended December 31, 2022, 2021 2020, For the years ended December 31, 2022 2021 2020 (In thousands) Tour revenues: Lindblad $ 278,449 $ 82,842 $ 69,620 Land Experiences 143,051 64,265 12,736 Total tour revenues $ 421,500 $ 147,107 $ 82,356 Operating income (loss): Lindblad $ (77,871 ) $ (111,477 ) $ (78,573 ) Land Experiences 14,825 646 (9,825 ) Total operating income (loss) $ (63,046 ) $ (110,831 ) $ (88,398 ) Intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation and in the presentation above for the years ended December 31, 2022, 2021 2020 Depreciation and amortization expense is included in segment operating income as shown below: For the years ended December 31, 2022 2021 2020 (In thousands) Depreciation and amortization: Lindblad $ 41,275 $ 37,516 $ 30,033 Land Experiences 2,767 2,009 2,051 Total depreciation and amortization $ 44,042 $ 39,525 $ 32,084 The following table presents the Company’s total assets, intangibles, net and goodwill by segment: As of December 31, 2022 2021 Total Assets: Lindblad $ 662,683 $ 724,873 Land Experiences 125,292 102,618 Total assets $ 787,975 $ 827,491 Intangibles, net: Lindblad $ 1,680 $ 1,874 Land Experiences 9,539 11,361 Total intangibles, net $ 11,219 $ 13,235 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries, after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets, liabilities, revenues and expenses. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, income tax expense, the valuation of deferred tax assets and liabilities, the fair value of derivative instruments, the fair value of assets acquired and liabilities assumed in business combinations, the value of contingent consideration and assessing its litigation, other legal claims and contingencies. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues in the consolidated statements of operations. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2022 2021 2020 Guest ticket revenue: Direct 50 % 56 % 41 % National Geographic 14 % 14 % 18 % Agencies 20 % 18 % 25 % Affinity 5 % 5 % 5 % Guest ticket revenue 89 % 93 % 89 % Other tour revenue 11 % 7 % 11 % Tour revenues 100 % 100 % 100 % |
Customer Deposits and Contract Liabilities, Policy [Policy Text Block] | 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 certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification (“ASC”), Revenue from Contracts with Customers 606 not no travel December 31, 2022 2021 The change in contract liabilities within unearned passenger revenues are as follows: Contract Liabilities (In thousands) Balance as of December 31, 2021 $ 147,783 Recognized in tour revenues during the period (402,641 ) Additional contract liabilities in period 433,056 Balance as of December 31, 2022 $ 178,198 |
Cost of Revenue, Policy [Policy Text Block] | Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. |
Self Insurance Reserve [Policy Text Block] | Insurance The Company maintains insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third third third As of December 31, 2022 2021, $125,000, December 31, 2022 2021, $125,000, December 31, 2022 2021, Not The Company also extends cancellation insurance to guests. The Company uses an insurance company to manage passenger insurance purchased to cover a variety of insurable losses including cancellations, interruption, missed connections, travel delays, accidental death and dismemberment, medical coverage and baggage issues. In certain instances, the Company is self-insured for the claims only which cover cancellations, interruption, missed connections and travel delays. The required reserve was determined based on claims experience. While the Company believes its estimated IBNR and accrued claims reserves are adequate, the ultimate losses may The Company participates in a traditional marine industry reinsurance solution for liability exposure through their Protection and Indemnity (“P&I Club”) Reinsurers, which are similar to mutual marine P&I Club’s that jointly and severally indemnify each other to provide discounted primary and excess Protection and Indemnity coverage to club members. The resulting aggregated surplus of the clubs combines to provide the Company with below market primary and high excess liability coverage for covered losses. For consideration of long-term below market Protection and Indemnity rates, the joint and several liability obligation requires the down-stream indemnification by their members, including the Company. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expense General and administrative expenses primarily represent the costs of the Company’s shore-side vessel support, reservations and other administrative functions, and includes salaries and related benefits, professional fees and occupancy costs. Selling and Marketing Expense Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $31.6 million, $19.1 million and $9.3 million for the years ended December 31, 2022, 2021 2020, December 31, 2022, 2021 2020 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six For the years ended December 31, 2022 2021 2020 (In thousands) Cash and cash equivalents $ 87,177 $ 150,753 $ 187,531 Restricted cash 28,847 21,940 16,984 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 116,024 $ 172,693 $ 204,515 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may December 31, 2022 2021, |
Restricted Cash and Marketable Securities [Policy Text Block] | Restricted Cash and Marketable Securities The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2022 As of December 31, 2021 (In thousands) Credit card processor reserves $ 20,400 $ 10,536 Federal Maritime Commission and other escrow 6,882 9,814 Certificates of deposit and other restricted securities 1,565 1,590 Total restricted cash $ 28,847 $ 21,940 |
Inventory Supplies, Policy [Policy Text Block] | Marine Operating Supplies and Inventories Marine operating supplies consist primarily of fuel, provisions, spare parts, items required for maintenance and supplies used in the operation of marine expeditions. Marine operating supplies are stated at the lower of cost or net realizable value. Cost is determined using the first first Inventories consist primarily of gift shop merchandise and other items for resale and are stated at the lower of cost or net realizable value. Cost is determined using the first first |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. The Company’s prepaid expenses and other current assets consist of the following: As of December 31, 2022 2021 (In thousands) Prepaid tour expenses $ 20,605 $ 10,337 Other 21,173 16,757 Total prepaid and other current expenses $ 41,778 $ 27,094 |
Financing Receivable [Policy Text Block] | Loan Receivable In December 2019, National Geographic Resolution construction agreement. The amended agreement among other things, provided for a $4.0 million loan to Ulstein Verft, with repayment to be 112% of the principal loan balance, due on maturity in December 2022. 2021, December 2022, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life The ship-based tour and expedition industry is very capital intensive. As of December 31, 2022, Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s, estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company tests for impairment annually as of September 30, not September 30, 2022 no 5—Goodwill |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 96 National Geographic Islander II 48 Upon the occurrence of a triggering event, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. A significant amount of judgment is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of December 31, 2022 2021, no |
Long-Lived Assets [Policy Text Block] | Long-Lived Assets The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not December 31, 2022 2021, no |
Accounts Payable and Accrued Expenses, Policy [Policy Text Bock] | Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2022 2021 (In thousands) Accrued other expense $ 54,418 $ 39,560 Accounts payable 16,601 9,692 Total accounts payable and accrued expenses $ 71,019 $ 49,252 |
Lessee, Leases [Policy Text Block] | Leases The Company leases office and warehousing space with lease terms ranging from one ten three six At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted primarily of office space operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not 12 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. In connection with the acquisition of Classic Journeys during the year ended December 31, 2021, 3 7—Financial Based on the terms of the agreements and comparable market data, the Company estimates the fair value of its long-term debt to be $523.6 million as of December 31, 2022. The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses and unearned passenger revenue approximate fair value, due to the short-term nature of these instruments. As of December 31, 2022 2021, and contingent acquisition consideration, the Company had no other assets or liabilities that were measured at fair value on a recurring basis. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities Currency Risk not Interest Rate Risk By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing hedge assessments. The Company’s derivative assets consist principally of interest rate caps and currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and other liabilities in the consolidated balance sheets at fair value. The accounting for changes in value of the derivative depends on whether or not not The Company applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. 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 provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” 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 are “more-likely-than- not” December 31, 2022 2021, no December 31, 2022 2021, 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 four five |
Other Long-term Assets [Policy Text Block] | Other Long-Term Assets During the years ended December 31, 2022 2016, National Geographic Islander II National Geographic Endeavour II |
Debt, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs relate to the issuance costs of debt liabilities and are as direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses. |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not six six not third 12—Stockholders’ |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the years ended December 31, 2022 2021 2020 Guest ticket revenue: Direct 50 % 56 % 41 % National Geographic 14 % 14 % 18 % Agencies 20 % 18 % 25 % Affinity 5 % 5 % 5 % Guest ticket revenue 89 % 93 % 89 % Other tour revenue 11 % 7 % 11 % Tour revenues 100 % 100 % 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of December 31, 2021 $ 147,783 Recognized in tour revenues during the period (402,641 ) Additional contract liabilities in period 433,056 Balance as of December 31, 2022 $ 178,198 |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | For the years ended December 31, 2022 2021 2020 (In thousands) Cash and cash equivalents $ 87,177 $ 150,753 $ 187,531 Restricted cash 28,847 21,940 16,984 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 116,024 $ 172,693 $ 204,515 |
Restricted Cash and Marketable Securities [Table Text Block] | As of December 31, 2022 As of December 31, 2021 (In thousands) Credit card processor reserves $ 20,400 $ 10,536 Federal Maritime Commission and other escrow 6,882 9,814 Certificates of deposit and other restricted securities 1,565 1,590 Total restricted cash $ 28,847 $ 21,940 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of December 31, 2022 2021 (In thousands) Prepaid tour expenses $ 20,605 $ 10,337 Other 21,173 16,757 Total prepaid and other current expenses $ 41,778 $ 27,094 |
Schedule Of Estimated Useful Lives [Table Text Block] | Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of December 31, 2022 2021 (In thousands) Accrued other expense $ 54,418 $ 39,560 Accounts payable 16,601 9,692 Total accounts payable and accrued expenses $ 71,019 $ 49,252 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, 2022 2021 2020 (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (111,381 ) $ (119,206 ) $ (98,737 ) Series A redeemable convertible preferred stock dividend 4,671 5,289 1,705 Non-cash deemed dividend to preferred share holders - 170 - Undistributed loss available to stockholders $ (116,052 ) $ (124,665 ) $ (100,442 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 52,018,987 50,109,426 49,737,129 Total weighted average shares outstanding, diluted 52,018,987 50,109,426 49,737,129 Undistributed loss per share available to stockholders: Basic $ (2.23 ) $ (2.41 ) $ (2.01 ) Diluted $ (2.23 ) $ (2.41 ) $ (2.01 ) |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2022 2021 (In thousands) Vessels and improvements $ 759,981 $ 739,957 Furniture and equipment 28,732 23,958 Leasehold improvements 1,426 1,426 Total property and equipment, gross 790,139 765,341 Less: Accumulated depreciation (250,733 ) (222,923 ) Property and equipment, net $ 539,406 $ 542,418 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Land Experiences Segment Balance as of December 31, 2019 $ 22,105 Activity - Balance as of December 31, 2020 22,105 Acquisitions 19,912 Balance as of December 31, 2021 42,017 Activity - Balance as of December 31, 2022 $ 42,017 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2022 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (1,751 ) $ 5,318 11.3 $ 7,069 $ (1,266 ) $ 5,803 Customer Lists 6,182 (1,961 ) 4,221 3.4 6,182 (624 ) 5,558 Operating rights 6,529 (4,849 ) 1,680 19.2 6,529 (4,655 ) 1,874 Total intangibles, net $ 19,780 $ (8,561 ) $ 11,219 9.5 $ 19,780 $ (6,545 ) $ 13,235 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount (In thousands) 2023 $ 1,795 2024 1,795 2025 1,795 2026 1,071 2027 559 Thereafter 4,204 $ 11,219 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of December 31, 2022 2021 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (8,968 ) $ 351,032 $ - $ - $ - First Export Credit Agreement 94,794 (1,829 ) 92,965 107,695 (2,090 ) 105,605 Second Export Credit Agreement 110,044 (2,207 ) 107,837 120,281 (2,473 ) 117,808 Other 955 - 955 1,034 - 1,034 Note payable - - - 842 - 842 Credit Facility - - - 284,170 (9,050 ) 275,120 Revolving Facility - - - 44,500 (190 ) 44,310 Total long-term debt 565,793 (13,004 ) 552,789 558,522 (13,803 ) 544,719 Less current portion (23,337 ) - (23,337 ) (26,061 ) - (26,061 ) Total long-term debt, non-current $ 542,456 $ (13,004 ) $ 529,452 $ 532,461 $ (13,803 ) $ 518,658 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount (In thousands) 2023 $ 23,337 2024 23,290 2025 40,580 2026 38,016 2027 373,448 Thereafter 67,122 $ 565,793 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Interest Rate Caps Trade date and borrowing date May 29, 2018 Effective date September 27, 2018 Termination date May 31, 2023 Notional amount $100,000,000 Fixed interest rate (plus spread) 3.00% May 1, 2019 until maturity Variable interest rate 1 month LIBOR Settlement Monthly on last day of each month Interest payment dates Monthly on last day of each month Reset dates Last day of each month |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 12,440 |
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 years ended December 31, (In thousands) 2022 2021 2020 Derivative instruments designated as cash flow hedging instruments: Interest rate cap (a) $ - $ (363 ) (247 ) Foreign exchange forward (b) - (605 ) $ (2,832 ) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) 40 - - Foreign exchange forward (c) (1,236 ) 288 554 Total $ (1,196 ) $ (680 ) $ (2,525 ) |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2022 2021 (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: Interest rate cap (a) $ - $ - $ 9 $ - Total $ - $ - $ 9 $ - Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (b) $ 683 $ - $ - $ - Foreign exchange forward (c) - 572 664 - Total $ 683 $ 572 $ 664 $ - |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the years ended December 31, (In thousands) 2022 2021 2020 Domestic $ (21,403 ) $ (24,875 ) $ (46,490 ) Foreign (80,681 ) (96,312 ) (63,455 ) Total $ (102,084 ) $ (121,187 ) $ (109,945 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the years ended December 31, (In thousands) 2022 2021 2020 Current Federal $ - $ - $ - State 244 (7 ) 6 Foreign - Other 392 45 2 Total current 636 38 8 Deferred Federal 5,709 (1,894 ) (8,959 ) State 218 928 (481 ) Foreign - Other (487 ) (1,091 ) (373 ) Total deferred 5,440 (2,057 ) (9,813 ) Income tax expense (benefit) $ 6,076 $ (2,019 ) $ (9,805 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2022 2021 2020 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (0.3 %) (0.8 %) 0.4 % Foreign tax rate differential (16.6 %) (15.2 %) (10.5 %) Valuation allowance (9.4 %) (4.1 %) (2.2 %) Other (0.7 %) 0.8 % 0.2 % Total effective income tax rate (6.0 %) 1.7 % 8.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (In thousands) 2022 2021 Net operating loss carryforward $ 27,896 $ 29,642 Property and equipment (18,942 ) (20,293 ) Disallowed interest carryforward 12,893 8,280 Valuation allowance (21,521 ) (10,248 ) Stock-based compensation 351 311 Intangibles (384 ) (435 ) Other 1,874 352 Deferred tax assets $ 2,167 $ 7,609 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the years ended December 31, (In thousands) 2022 2021 2020 Beginning of year $ - $ - $ - Current year positions 1,411 - - Prior year positions - - - End of year $ 1,411 $ - $ - |
Note 9 - Acquisitions (Tables)
Note 9 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | For the years ended December 31, 2021 2020 (In thousands) (unaudited) Revenue $ 150,508 $ 87,463 Net loss available to stockholders (124,469 ) (104,044 ) |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the years ended December 31, (In thousands) 2022 2021 2020 Beginning balance $ 10,626 $ 7,494 $ 16,112 Net income (loss) attributable to noncontrolling interest 3,221 38 (1,403 ) Redemption value adjustment of put option 14,039 202 (7,215 ) Acquired businesses' noncontrolling interest - 2,892 - Ending balance $ 27,886 $ 10,626 $ 7,494 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Lease Payments 2023 $ 1,663 2024 1,736 2025 1,002 2026 300 2027 310 Present value discount ( 6 (387 ) Total $ 4,624 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2023 $ 14,660 2024 7,086 Total $ 21,746 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Grants 2022 2021 2020 Stock price $ 12.64 14.36 $ 16.38 $ 10.84 Exercise price $ 12.64 14.36 $ 16.38 $ 10.84 Dividend yield 0.0 % 0.00 % 0.00 % Expected volatility 57.79 % 25.61 % 29.08 % Risk-free interest rate 2.75 3.15 % 1.63 % 0.98 % Expected term in years 6.25 7.50 7.00 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, December 31, 2019 215,421 $ 11.16 342,046 $ 12.47 - $ - Granted 86,783 5.42 648,617 11.22 102,062 8.51 Vested and released (57,022 ) 8.98 (213,583 ) 11.99 - - Forfeited (66,484 ) 9.69 (35,479 ) 8.81 - - Balance, December 31, 2020 178,698 9.73 741,601 11.70 102,062 8.51 Granted - - 283,872 17.16 50,072 18.90 Vested and released (41,990 ) 10.27 (358,144 ) 10.21 - - Forfeited (61,767 ) 9.79 (98,978 ) 14.18 - - Balance, December 31, 2021 74,941 9.39 568,351 14.93 152,134 11.93 Granted - - 348,046 13.18 81,726 15.08 Vested and released (14,543 ) 15.25 (236,306 ) 14.42 (76,549 ) 8.51 Forfeited (37,778 ) 9.51 (139,368 ) 14.38 (25,335 ) 16.78 Balance, December 31, 2022 22,620 5.41 540,723 14.17 131,976 13.66 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options outstanding as of December 31, 2019 200,000 $ 9.47 7.6 $ 1,376,000 Granted 310,000 10.84 Options outstanding as of December 31, 2020 510,000 10.30 6.7 3,476,800 Granted 1,000,000 16.38 Exercised (12,000 ) 9.47 Options outstanding as of December 31, 2021 1,498,000 14.37 8.8 1,848,040 Granted 200,458 14.02 Exercised (77,500 ) 10.84 Forfeited (232,500 ) 10.84 Options outstanding as of December 31, 2022 1,388,458 15.10 7.9 - As of December 31, 2022 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 1,388,458 $ 15.10 7.9 $ - Options exercisable 388,000 13.03 6.1 - |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the years ended December 31, 2022 2021 2020 (In thousands) Tour revenues: Lindblad $ 278,449 $ 82,842 $ 69,620 Land Experiences 143,051 64,265 12,736 Total tour revenues $ 421,500 $ 147,107 $ 82,356 Operating income (loss): Lindblad $ (77,871 ) $ (111,477 ) $ (78,573 ) Land Experiences 14,825 646 (9,825 ) Total operating income (loss) $ (63,046 ) $ (110,831 ) $ (88,398 ) For the years ended December 31, 2022 2021 2020 (In thousands) Depreciation and amortization: Lindblad $ 41,275 $ 37,516 $ 30,033 Land Experiences 2,767 2,009 2,051 Total depreciation and amortization $ 44,042 $ 39,525 $ 32,084 As of December 31, 2022 2021 Total Assets: Lindblad $ 662,683 $ 724,873 Land Experiences 125,292 102,618 Total assets $ 787,975 $ 827,491 Intangibles, net: Lindblad $ 1,680 $ 1,874 Land Experiences 9,539 11,361 Total intangibles, net $ 11,219 $ 13,235 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Dec. 31, 2022 |
Number of Expedition Ships Operated | 10 |
Number of Seasonal Charter Vessels Operated | 5 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Contract with Customer, Liability, Total | $ 178,198,000 | $ 147,783,000 | |||
Self-Insurance Coverage, Medical Insurance Claims, Limit | 250,000 | 125,000 | |||
Self Insurance, Coverage for Medical Claims, Aggregate Deductible | 57,500 | ||||
Advertising Expense | 31,600,000 | 19,100,000 | $ 9,300,000 | ||
Marketing Expense | 14,700,000 | 9,800,000 | $ 3,500,000 | ||
Foreign Financial Institutions, Actual Deposits | $ 3,300,000 | 1,000,000 | |||
Required Escrow Deposit Amount, Maximum | 32,000,000 | ||||
Number of Vessels Owned | 10 | ||||
License Agreement, Term of Contract (Year) | 20 years | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 0 | |||
National Geographic Islander II [Member] | |||||
Value Added Tax Receivable, Current | 2,300,000 | ||||
National Geographic Endeavour II [Member] | |||||
Value Added Tax Receivable, Current | $ 3,600,000 | ||||
Fair Value, Recurring [Member] | |||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | |||||
Long-Term Debt, Fair Value | $ 523,600,000 | ||||
Office Space, Lease [Member] | Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||||
Equipment Lease [Member] | Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | ||||
Equipment Lease [Member] | Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Customer Lists [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Ulstein Verft [Member] | National Geographic Resolution [Member] | Loans Receivable [Member] | |||||
Receivable with Imputed Interest, Face Amount | $ 4,000,000 | ||||
Repayment of Loans Receivable, Related Parties, Percent of Principal Balance | 112% | ||||
Proceeds from Collection of Loans Receivable | $ 4,100,000 | ||||
Passenger Revenue [Member] | |||||
Contract with Customer, Liability, Total | $ 245,100,000 | $ 212,600,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenues by Type (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tour revenues | 100% | 100% | 100% |
Guest Ticket [Member] | |||
Tour revenues | 89% | 93% | 89% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | |||
Tour revenues | 50% | 56% | 41% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | |||
Tour revenues | 14% | 14% | 18% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | |||
Tour revenues | 20% | 18% | 25% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | |||
Tour revenues | 5% | 5% | 5% |
Other Tour [Member] | |||
Tour revenues | 11% | 7% | 11% |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Change in Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Balance | $ 147,783 |
Recognized in tour revenues during the period | (402,641) |
Additional contract liabilities in period | 433,056 |
Balance | $ 178,198 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 87,177 | $ 150,753 | $ 187,531 | |
Restricted cash | 28,847 | 21,940 | 16,984 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 116,024 | $ 172,693 | $ 204,515 | $ 109,258 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Total restricted cash and marketable securities | $ 28,847 | $ 21,940 | $ 16,984 |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 20,400 | 10,536 | |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 6,882 | 9,814 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,565 | $ 1,590 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid tour expenses | $ 20,605 | $ 10,337 |
Other | 21,173 | 16,757 |
Total prepaid and other current expenses | $ 41,778 | $ 27,094 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Vessels and Vessel Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Vessels and Vessel Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 25 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Computer Hardware and Software [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued other expense | $ 54,418 | $ 39,560 |
Accounts payable | 16,601 | 9,692 |
Total accounts payable and accrued expenses | $ 71,019 | $ 49,252 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.7 | 0.8 | 1 |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.5 | 1.5 | 0.5 |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7.4 | 9.1 | 9.1 |
Note 3 - Earnings Per Share - S
Note 3 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ (111,381) | $ (119,206) | $ (98,737) |
Series A redeemable convertible preferred stock dividend | 4,671 | 5,289 | 1,705 |
Non-cash deemed dividend to preferred share holders | 0 | 170 | 0 |
Net loss available to stockholders | $ (116,052) | $ (124,665) | $ (100,442) |
Total weighted average shares outstanding, basic (in shares) | 52,018,987 | 50,109,426 | 49,737,129 |
Diluted (in shares) | 52,018,987 | 50,109,426 | 49,737,129 |
Basic (in dollars per share) | $ (2.23) | $ (2.41) | $ (2.01) |
Diluted (in dollars per share) | $ (2.23) | $ (2.41) | $ (2.01) |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 41,000 | $ 37,600 | $ 30,500 |
Payments to Acquire Property, Plant, and Equipment, Total | 38,205 | 96,688 | $ 155,479 |
Property, Plant and Equipment, Additions | 71,200 | ||
Interest Paid, Capitalized, Investing Activities | 2,600 | ||
Crystal Esprit Yacht [Member] | |||
Payments to Acquire Productive Assets, Total | $ 13,300 | ||
Maritime Equipment [Member] | |||
Property, Plant and Equipment, Additions | $ 14,600 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 790,139 | $ 765,341 |
Less: Accumulated depreciation | (250,733) | (222,923) |
Property and equipment, net | 539,406 | 542,418 |
Vessels and Vessel Improvements [Member] | ||
Property and equipment, gross | 759,981 | 739,957 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 28,732 | 23,958 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 1,426 | $ 1,426 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 2 | $ 1.9 | $ 1.6 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Balance | $ 42,017 |
Land-experience [Member] | |
Balance | 22,105 |
Acquisitions | 19,912 |
Balance | $ 42,017 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangibles, gross | $ 19,780 | $ 19,780 |
Intangibles, accumulated amortization | (8,561) | (6,545) |
Intangibles, net | $ 11,219 | 13,235 |
Intangible, weighted average useful life (Year) | 9 years 6 months | |
Trade Names [Member] | ||
Intangibles, gross | $ 7,069 | 7,069 |
Intangibles, accumulated amortization | (1,751) | (1,266) |
Intangibles, net | $ 5,318 | 5,803 |
Intangible, weighted average useful life (Year) | 11 years 3 months 18 days | |
Customer Lists [Member] | ||
Intangibles, gross | $ 6,182 | 6,182 |
Intangibles, accumulated amortization | (1,961) | (624) |
Intangibles, net | $ 4,221 | 5,558 |
Intangible, weighted average useful life (Year) | 3 years 4 months 24 days | |
Operating Rights [Member] | ||
Intangibles, gross | $ 6,529 | 6,529 |
Intangibles, accumulated amortization | (4,849) | (4,655) |
Intangibles, net | $ 1,680 | $ 1,874 |
Intangible, weighted average useful life (Year) | 19 years 2 months 12 days |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 1,795 | |
2024 | 1,795 | |
2025 | 1,795 | |
2026 | 1,071 | |
2027 | 559 | |
Thereafter | 4,204 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 11,219 | $ 13,235 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Feb. 04, 2022 USD ($) | Jan. 08, 2018 USD ($) | Jun. 30, 2021 USD ($) | Apr. 30, 2020 USD ($) | Sep. 30, 2019 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 EUR (€) | Sep. 30, 2021 USD ($) | Dec. 10, 2020 USD ($) | Jan. 08, 2020 | Apr. 30, 2019 USD ($) | Mar. 27, 2018 USD ($) | Jan. 31, 2018 USD ($) | May 31, 2016 USD ($) | May 04, 2016 USD ($) | |
Payments of Financing Costs, Total | $ 10,874 | $ 3,135 | $ 6,972 | |||||||||||||||||
Debt Issuance Costs, Gross | $ 3,000 | 10,900 | 3,000 | 4,500 | ||||||||||||||||
Amortization of Debt Issuance Costs | 2,700 | 3,100 | 2,100 | |||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 9,000 | 9,004 | $ 0 | $ 0 | ||||||||||||||||
Letters of Credit Outstanding, Amount | $ 1,200 | |||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1% | |||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Off the Beaten Path, LLC (OBP) [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.39% | |||||||||||||||||||
Senior Secured Notes [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 360,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||||||||||||||
Payments of Financing Costs, Total | $ 10,900 | |||||||||||||||||||
Credit Agreement [Member] | ||||||||||||||||||||
Debt Instrument, Deferred Financing Costs Capitalized | $ 4,200 | |||||||||||||||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | 200,000 | |||||||||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000 | 45,000 | ||||||||||||||||||
Credit Agreement [Member] | Letter of Credit [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | $ 5,000 | ||||||||||||||||||
Export Credit Agreement [Member] | ||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 107,700 | |||||||||||||||||||
Percentage of Purchase Price, Financing Maximum | 80% | |||||||||||||||||||
Debt Instrument, Maturing over Twelve Years from Drawdown, Percentage | 70% | |||||||||||||||||||
Debt Instrument, Maturing over Five Years from Drawdown, Percentage | 30% | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.25% | 8.25% | ||||||||||||||||||
Second Export Credit Agreement [Member] | ||||||||||||||||||||
Payments of Financing Costs, Total | $ 2,400 | 2,600 | ||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122,800 | $ 122,800 | ||||||||||||||||||
Percentage of Purchase Price, Financing Maximum | 80% | |||||||||||||||||||
Proceeds from Issuance of Debt | $ 30,600 | $ 30,500 | $ 61,700 | |||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 4.75% | 4.75% | ||||||||||||||||||
Debt Instruments, Covenant, Net Leverage Ratio, Deduction Every Two Years | 1% | 1% | ||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash and Cash Equivalents | $ 50,000 | |||||||||||||||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||
First Export Credit Facility [Member] | ||||||||||||||||||||
Long-Term Debt, Aggregate Amount Deferred for Future Payments | $ 15,700 | |||||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 50% | 50% | ||||||||||||||||||
First Export Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.23% | 8.23% | ||||||||||||||||||
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% | |||||||||||||||||||
Promissory Notes, Natural Habitat Acquisition [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | $ 2,500 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | 1.44% | ||||||||||||||||||
Loan Maturing September 2023 [Member] | Off the Beaten Path, LLC (OBP) [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 300 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.77% | 4.77% | ||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 800 | |||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | Forecast [Member] | ||||||||||||||||||||
Debt Instrument, Amortization Rate | 15% | |||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||||||||||
State Assistance Loan [Member] | DuVine [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | € | € 0.1 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.53% | 0.53% |
Note 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Principal | $ 565,793 | $ 558,522 |
Deferred Financing Costs, Net | (13,004) | (13,803) |
Balance | 552,789 | 544,719 |
Principal, Current | (23,337) | (26,061) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (23,337) | (26,061) |
Principal, Non-current | 542,456 | 532,461 |
Deferred Financing Costs, Net, Non-current | (13,004) | (13,803) |
Balance, Non-current | 529,452 | 518,658 |
Revolving Credit Facility [Member] | ||
Principal | 0 | 44,500 |
Deferred Financing Costs, Net | 0 | (190) |
Balance | 0 | 44,310 |
Senior Secured Notes [Member] | ||
Principal | 360,000 | 0 |
Deferred Financing Costs, Net | (8,968) | 0 |
Balance | 351,032 | 0 |
First Senior Secured Credit Agreement [Member] | ||
Principal | 94,794 | 107,695 |
Deferred Financing Costs, Net | (1,829) | (2,090) |
Balance | 92,965 | 105,605 |
Second Senior Secured Credit Agreement [Member] | ||
Principal | 110,044 | 120,281 |
Deferred Financing Costs, Net | (2,207) | (2,473) |
Balance | 107,837 | 117,808 |
Other Debt [Member] | ||
Principal | 955 | 1,034 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 955 | 1,034 |
Notes Payable, Other Payables [Member] | ||
Principal | 0 | 842 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 0 | 842 |
Term Facility [Member] | ||
Principal | 0 | 284,170 |
Deferred Financing Costs, Net | 0 | (9,050) |
Balance | $ 0 | $ 275,120 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Minimum Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 23,337 | |
2024 | 23,290 | |
2025 | 40,580 | |
2026 | 38,016 | |
2027 | 373,448 | |
Thereafter, long-term debt | 67,122 | |
Long-Term Debt, Gross | $ 565,793 | $ 558,522 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (634) | $ (2,650) | $ (5,326) | ||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | 0 | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,236) | (1,265) | (4,772) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0 | (1,682) | (2,247) | ||
Fixed Income Securities [Member] | |||||
Investments, Total | 15,000 | ||||
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Interest Expense, Total | $ 700 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (600) | ||||
Foreign Exchange Forward [Member] | AOCI Attributable to Parent [Member] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ (2,000) | ||||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (2,700) | 5,300 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ (2,400) |
Note 7 - Financial Instrument_4
Note 7 - Financial Instruments and Fair Value Measurements - Detailed Terms of Interest Rate Caps and The Portion of The Company Term Facility (Details) - Interest Rate Cap [Member] | Dec. 31, 2022 USD ($) |
Interest rate caps | $ 100,000,000 |
Designated as Hedging Instrument [Member] | |
Interest rate caps | $ 100,000,000 |
Fixed interest rate (plus spread), Interest Rate Caps | 3% |
Note 7 - Financial Instrument_5
Note 7 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 12,440 |
Note 7 - Financial Instrument_6
Note 7 - Financial Instruments and Fair Value Measurements - Estimated Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | $ 0 | $ 9 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | 683 | 664 | |
Derivatives designated as hedging instruments | 572 | 0 | |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 0 | 9 |
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 683 | 0 |
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 664 | |
Derivatives designated as hedging instruments | [1] | $ 572 | $ 0 |
[1]Recorded in prepaid expenses and other current assets. |
Note 7 - Financial Instrument_7
Note 7 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivative instruments not designated as cash flow hedging instruments: | $ (1,196) | $ (680) | $ (2,525) | |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [1] | 0 | (363) | (247) |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [2] | 0 | (605) | (2,832) |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative instruments not designated as cash flow hedging instruments: | [1] | 40 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative instruments not designated as cash flow hedging instruments: | [3] | $ (1,236) | $ 288 | $ 554 |
[1]For the year ended December 31, 2022, $0.7 million was recognized as income in interest expense, net, and $0.6 million was reclassified from other comprehensive (loss) income to interest expense, net. Amounts for the years ended December 31, 2021 and 2020, were recognized, net of tax, as a component of accumulated other comprehensive (loss) income.[2]For the year ended December 31, 2021, $2.7 million was recognized as a loss on foreign currency and $2.0 million was recognized, net of tax, as a component of accumulated other comprehensive (loss) income. For the year ended December 31, 2020, $5.3 million was recognized as a loss on foreign currency, and $2.4 million, was recognized, net of tax, as a component of accumulated other comprehensive (loss) income.[3]Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged and recognized in gain (loss) on foreign currency. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 103.6 |
Note 8 - Income Taxes - U.S. an
Note 8 - Income Taxes - U.S. and Foreign Components of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ (21,403) | $ (24,875) | $ (46,490) |
Foreign | (80,681) | (96,312) | (63,455) |
(Loss) income before income taxes | $ (102,084) | $ (121,187) | $ (109,945) |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 0 | $ 0 | $ 0 |
State | 244 | (7) | 6 |
Foreign - Other | 392 | 45 | 2 |
Total current | 636 | 38 | 8 |
Federal | 5,709 | (1,894) | (8,959) |
State | 218 | 928 | (481) |
Foreign - Other | (487) | (1,091) | (373) |
Total deferred | 5,440 | (2,057) | (9,813) |
Income tax expense (benefit) | $ 6,076 | $ (2,019) | $ (9,805) |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax (Benefit) Expense (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax provision at statutory rate – federal | 21% | 21% | 21% |
Tax provision at effective state and local rates | (0.30%) | (0.80%) | 0.40% |
Foreign tax rate differential | (16.60%) | (15.20%) | (10.50%) |
Valuation allowance | (9.40%) | (4.10%) | (2.20%) |
Other | (0.70%) | 0.80% | 0.20% |
Total effective income tax rate | (6.00%) | 1.70% | 8.90% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforward | $ 27,896 | $ 29,642 |
Property and equipment | (18,942) | (20,293) |
Disallowed interest carryforward | 12,893 | 8,280 |
Valuation allowance | (21,521) | (10,248) |
Stock-based compensation | 351 | 311 |
Intangibles | (384) | (435) |
Other | 1,874 | 352 |
Deferred tax assets | $ 2,167 | $ 7,609 |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning of year | $ 0 | $ 0 | $ 0 |
Current year positions | 1,411 | 0 | 0 |
Prior year positions | 0 | 0 | 0 |
End of year | $ 1,411 | $ 0 | $ 0 |
Note 9 - Acquisitions (Details
Note 9 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Oct. 13, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 03, 2021 | Feb. 01, 2021 | |
Goodwill, Ending Balance | $ 42,017 | $ 42,017 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 421,500 | 147,107 | $ 82,356 | |||
Beaten Path [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | |||||
DuVine [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70% | |||||
Classic Journeys, LLC [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | |||||
Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 23,600 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 1,800 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 200 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 10,400 | |||||
Goodwill, Ending Balance | 19,900 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 17,900 | |||||
Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] | General and Administrative Expense [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 1,000 |
Note 9 - Acquisitions - Pro For
Note 9 - Acquisitions - Pro Forma Information (Details) - Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 150,508 | $ 87,463 |
Net loss available to stockholders | $ (124,469) | $ (104,044) |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 39 months | |||
Operating Lease, Expense | $ 2,300,000 | $ 2,000,000 | $ 1,800,000 | |
Letters of Credit Outstanding, Amount | 1,200,000 | |||
Perpetual Royalty Agreement [Member] | ||||
Royalty Expense | 400,000 | 0 | 400,000 | |
National Geographic [Member] | ||||
Royalty Expense | 5,700,000 | 1,700,000 | 1,300,000 | |
Accounts Payable and Other Accrued Liabilities, Current | 1,800,000 | 900,000 | ||
World Wildlife Fund [Member] | ||||
Royalty Expense | 1,100,000 | $ 600,000 | $ 200,000 | |
United States Tour Operators Association [Member] | ||||
Letters of Credit Outstanding, Amount | 1,000,000 | |||
Unrelated Insurance Company [Member] | ||||
Letters of Credit Outstanding, Amount | $ 150,000 | |||
Natural Habitat, Inc [Member] | Mr. Bressler [Member] | Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Final Year Equity Value Threshold | $ 25,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value, Percentage of Excess Financial Performance | 10.10% | |||
Mr. Bressler [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | |||
Mr. Lawrence, President of Off the Beaten Path [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | |||
DuVine [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30% | |||
Minority Interest Ownership, Call Option for Additional Ownership, Percent | 10% | |||
Classic Journeys, LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% |
Note 10- Commitments and Contin
Note 10- Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 10,626 | $ 7,494 | $ 16,112 |
Net income (loss) attributable to noncontrolling interest | 3,221 | 38 | (1,403) |
Redemption value adjustment of put option | 14,039 | 202 | (7,215) |
Acquired businesses' noncontrolling interest | 0 | 2,892 | 0 |
Ending balance | $ 27,886 | $ 10,626 | $ 7,494 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 1,663 |
2024 | 1,736 |
2025 | 1,002 |
2026 | 300 |
2027 | 310 |
Present value discount (6% weighted average) | (387) |
Total | $ 4,624 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details) (Parentheticals) | Dec. 31, 2022 |
Weighted average discount rate | 6% |
Note 10 - Commitments and Con_6
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 14,660 |
2024 | 7,086 |
Total | $ 21,746 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 30% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 2,400 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 600,000 | $ 400,000 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | 73 Months Ended | |||||
Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Dec. 31, 2022 | Aug. 31, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 0 | $ 85,000,000 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 80,000 | 62,000 | ||||
Stock Repurchased During Period, Value | $ 127,000 | ||||||
Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares (in shares) | 8,517 | ||||||
Stock Repurchased During Period, Value | $ 0 | ||||||
Stock and Warrant Repurchase Plan [Member] | |||||||
Stock Repurchase Program, Additional Authorized Amount | $ 15,000,000 | ||||||
Stock Repurchase Program, Authorized Amount | $ 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] | |||||||
Stock Repurchased During Period, Shares (in shares) | 8,517 | 875,218 | |||||
Stock Repurchased During Period, Value | $ 127,000 | $ 8,300,000 | |||||
Conversion From Preferred Stock to Common Stock [Member] | |||||||
Conversion of Stock, Shares Converted (in shares) | 18,000 | 5,000 | |||||
Conversion of Stock, Shares Issued (in shares) | 2,109,561 | 566,364 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity, Shares Issued (in shares) | 62,000 | 80,000 | 62,000 | ||||
Deferred Offering Costs | $ 2,100,000 | $ 2,100,000 | |||||
Dividends Payable | $ 4,600,000 | $ 5,300,000 | $ 1,700,000 | $ 4,600,000 | |||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 7,500,000 | 7,500,000 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | ||||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6% | ||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.50 | ||||||
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 62,000 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ | $ 0 | |||
Employee Service Share-based Compensation, Compensation Not yet Recognized | $ | $ 14,300 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | |||
Off the Beaten Path, LLC (OBP) [Member] | Mr. Lawrence, President of Off the Beaten Path [Member] | ||||
Business Acquisition, Profit Interest Units Issued (in shares) | shares | 1,007 | |||
Business Acquisition, Profit Interest Units Issued, Grant Date Fair Value, Per Share (in dollars per share) | $ / shares | $ 132.86 | |||
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | $ | $ 7,000 | $ 5,600 | $ 2,400 | |
2021 Long-Term Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 4,700,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 3,600,000 | |||
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 | |||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0% | |||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 150% | |||
2021 Long-Term Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
2021 Long-Term Incentive Compensation Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
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% | |||
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% |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock price (in dollars per share) | $ 16.38 | $ 10.84 | |
Exercise price (in dollars per share) | $ 16.38 | $ 10.84 | |
Dividend yield | 0% | 0% | 0% |
Expected volatility | 57.79% | 25.61% | 29.08% |
Risk-free interest rate | 1.63% | 0.98% | |
Expected term in years (Year) | 6 years 3 months | 7 years 6 months | 7 years |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of PSU, Restricted Share and RSU Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | $ 5.41 | $ 9.39 | $ 9.73 | $ 11.16 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 0 | 5.42 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 15.25 | 10.27 | 8.98 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 9.51 | 9.79 | 9.69 | |
Restricted Stock Units (RSUs) [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | 14.17 | 14.93 | 11.70 | 12.47 |
Granted, weighted average grant date fair value (in dollars per share) | 13.18 | 17.16 | 11.22 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 14.42 | 10.21 | 11.99 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 14.38 | 14.18 | 8.81 | |
Market Stock Units [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | 13.66 | 11.93 | 8.51 | $ 0 |
Granted, weighted average grant date fair value (in dollars per share) | 15.08 | 18.90 | 8.51 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 8.51 | 0 | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 16.78 | $ 0 | $ 0 | |
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||
Balance (in shares) | 74,941 | 178,698 | 215,421 | |
Granted (in shares) | 0 | 0 | 86,783 | |
Vested and released (in shares) | (14,543) | (41,990) | (57,022) | |
Forfeited (in shares) | (37,778) | (61,767) | (66,484) | |
Balance (in shares) | 22,620 | 74,941 | 178,698 | |
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Balance (in shares) | 568,351 | 741,601 | 342,046 | |
Granted (in shares) | 348,046 | 283,872 | 648,617 | |
Vested and released (in shares) | (236,306) | (358,144) | (213,583) | |
Forfeited (in shares) | (139,368) | (98,978) | (35,479) | |
Balance (in shares) | 540,723 | 568,351 | 741,601 | |
2021 Long-Term Incentive Compensation Plan [Member] | Market Stock Units [Member] | ||||
Balance (in shares) | 152,134 | 102,062 | 0 | |
Granted (in shares) | 81,726 | 50,072 | 102,062 | |
Vested and released (in shares) | (76,549) | 0 | 0 | |
Forfeited (in shares) | (25,335) | 0 | 0 | |
Balance (in shares) | 131,976 | 152,134 | 102,062 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Granted, shares (in shares) | 200,458 | |||
Granted, weighted average exercise price (in dollars per share) | $ 14.02 | |||
Forfeited, shares (in shares) | (232,500) | |||
Forfeited, weighted average exercise period (in dollars per share) | $ 10.84 | |||
Lindblad Plan and 2015 Plan [Member] | ||||
Options outstanding, shares (in shares) | 1,498,000 | 510,000 | 200,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 14.37 | $ 10.30 | $ 9.47 | |
Options outstanding, weighted average contractual ife (Year) | 7 years 10 months 24 days | 8 years 9 months 18 days | 6 years 8 months 12 days | 7 years 7 months 6 days |
Options outstanding, aggregate intrinsic value | $ 1,848,040 | $ 3,476,800 | $ 1,376,000 | |
Granted, shares (in shares) | 1,000,000 | 310,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 16.38 | $ 10.84 | ||
Exercised, shares (in shares) | (77,500) | (12,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 10.84 | $ 9.47 | ||
Options outstanding, shares (in shares) | 1,388,458 | 1,498,000 | 510,000 | 200,000 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.10 | $ 14.37 | $ 10.30 | $ 9.47 |
Options vested and/or expected to vest, number of options (in shares) | 1,388,458 | |||
Options vested and/or expected to vest, weighted average exercise price (in dollars per share) | $ 15.10 | |||
Options vested and/or expected to vest, weighted average contractual life (Year) | 7 years 10 months 24 days | |||
Options vested and/or expected to vest, aggregate intrinsic value | $ 0 | |||
Options exercisable, number of options (in shares) | 388,000 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 13.03 | |||
Options exercisable, weighted average contractual life (Year) | 6 years 1 month 6 days | |||
Options exercisable, aggregate intrinsic value | $ 0 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | May 31, 2016 | May 04, 2016 |
Promissory Notes, Natural Habitat Acquisition [Member] | ||
Debt Instrument, Face Amount | $ 2.5 | $ 2.5 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Operating Segments | 2 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 421,500 | $ 147,107 | $ 82,356 |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,000 | $ 2,200 | $ 2,400 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tour revenues | $ 421,500 | $ 147,107 | $ 82,356 | |
Operating income (loss) | (63,046) | (110,831) | (88,398) | |
Depreciation and amortization | 44,042 | 39,525 | 32,084 | |
Total depreciation and amortization, change | 32,084 | |||
Total Assets | 787,975 | 827,491 | ||
Total intangibles, net | 11,219 | 13,235 | ||
Total goodwill | 42,017 | 42,017 | ||
Lindblad Segment [Member] | ||||
Tour revenues | 278,449 | 82,842 | 69,620 | |
Operating income (loss) | (77,871) | (111,477) | (78,573) | |
Depreciation and amortization | 41,275 | 37,516 | ||
Total depreciation and amortization, change | 30,033 | |||
Total Assets | 662,683 | 724,873 | ||
Total intangibles, net | 1,680 | 1,874 | ||
Total goodwill | 0 | 0 | ||
Land-experience [Member] | ||||
Tour revenues | 143,051 | 64,265 | 12,736 | |
Operating income (loss) | 14,825 | 646 | (9,825) | |
Depreciation and amortization | 2,767 | 2,009 | ||
Total depreciation and amortization, change | 2,051 | |||
Total Assets | 125,292 | 102,618 | ||
Total intangibles, net | 9,539 | 11,361 | ||
Total goodwill | $ 42,017 | $ 42,017 | $ 22,105 | $ 22,105 |