Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 24, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35898 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4749725 | |
Entity Address, Address Line One | 96 Morton Street, 9th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10014 | |
City Area Code | 212 | |
Local Phone Number | 261-9000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LIND | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,251,533 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 83,984 | $ 87,177 |
Restricted cash | 36,740 | 28,847 |
Short-term securities | 0 | 13,591 |
Marine operating supplies | 8,880 | 9,961 |
Inventories | 2,221 | 1,965 |
Prepaid expenses and other current assets | 44,101 | 41,778 |
Total current assets | 175,926 | 183,319 |
Property and equipment, net | 534,492 | 539,406 |
Goodwill | 42,017 | 42,017 |
Intangibles, net | 10,760 | 11,219 |
Deferred tax asset | 2,121 | 2,167 |
Right-to-use lease assets | 3,992 | 4,345 |
Other long-term assets | 4,960 | 5,502 |
Total assets | 774,268 | 787,975 |
Current Liabilities: | ||
Unearned passenger revenues | 249,633 | 245,101 |
Accounts payable and accrued expenses | 53,388 | 71,019 |
Long-term debt - current | 23,308 | 23,337 |
Lease liabilities - current | 1,683 | 1,663 |
Total current liabilities | 328,012 | 341,120 |
Long-term debt, less current portion | 524,332 | 529,452 |
Deferred tax liabilities | 1,486 | 0 |
Lease liabilities | 2,582 | 2,961 |
Other long-term liabilities | 89 | 88 |
Total liabilities | 856,501 | 873,621 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 25,698 | 27,886 |
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 53,243,007 and 53,177,437 issued, 53,175,702 and 53,110,132 outstanding as of March 31, 2023 and December 31, 2022, respectively | 5 | 5 |
Additional paid-in capital | 86,741 | 83,850 |
Accumulated deficit | (264,888) | (266,530) |
Total stockholders' deficit | (178,142) | (182,675) |
Total liabilities, mezzanine equity and stockholders' deficit | 774,268 | 787,975 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Commitments and contingencies | $ 70,211 | $ 69,143 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 62,000 |
Preferred stock, shares outstanding (in shares) | 62,000 | 62,000 |
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) | 53,243,007 | 53,177,437 |
Common stock, shares outstanding (in shares) | 53,175,702 | 53,110,132 |
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 | 62,000 |
Temporary equity, shares outstanding (in shares) | 62,000 | 62,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares outstanding (in shares) | 62,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Tour revenues | $ 143,395 | $ 67,846 |
Operating expenses: | ||
Cost of tours | 72,050 | 57,947 |
General and administrative | 26,419 | 20,637 |
Selling and marketing | 20,652 | 12,329 |
Depreciation and amortization | 11,808 | 11,178 |
Total operating expenses | 130,929 | 102,091 |
Operating income (loss) | 12,466 | (34,245) |
Other (expense) income: | ||
Interest expense, net | (10,467) | (8,715) |
Gain on foreign currency | 152 | 130 |
Other income | 170 | 533 |
Total other expense | (10,145) | (8,052) |
Income (loss) before income taxes | 2,321 | (42,297) |
Income tax expense (benefit) | 1,543 | (149) |
Net income (loss) | 778 | (42,148) |
Net income (loss) attributable to noncontrolling interest | 157 | (427) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. | 621 | (41,721) |
Series A redeemable convertible preferred stock dividend | 1,069 | 1,298 |
Net loss available to stockholders | $ (448) | $ (43,019) |
Weighted average shares outstanding | ||
Basic (in shares) | 53,128,100 | 50,757,126 |
Diluted (in shares) | 53,128,100 | 50,757,126 |
Undistributed loss per share available to stockholders: | ||
Basic (in dollars per share) | $ (0.01) | $ (0.85) |
Diluted (in dollars per share) | $ (0.01) | $ (0.85) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 778 | $ (42,148) |
Other comprehensive income: | ||
Reclassification adjustment, net of tax | 0 | 634 |
Total other comprehensive income | 0 | 634 |
Total comprehensive income (loss) | 778 | (41,514) |
Less: comprehensive income (loss) attributive to non-controlling interest | 157 | (427) |
Comprehensive income (loss) attributable to stockholders | $ 621 | $ (41,087) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 50,800,786 | ||||
Balance at Dec. 31, 2021 | $ 5 | $ 58,485 | $ (136,439) | $ (634) | $ (78,583) |
Stock-based compensation | $ 0 | 1,828 | 0 | 0 | 1,828 |
Net activity related to equity compensation plans (in shares) | 132,685 | ||||
Net activity related to equity compensation plans | $ 0 | (6) | 0 | 0 | (6) |
Redeemable noncontrolling interest | 0 | 0 | (4,259) | 0 | (4,259) |
Series A preferred stock dividend | 0 | 0 | (1,298) | 0 | (1,298) |
Net income attributable to Lindblad Expeditions Holdings, Inc. | 0 | 0 | (41,721) | 0 | (41,721) |
Other comprehensive income (loss), net | $ 0 | 0 | 0 | 634 | 634 |
Balance (in shares) at Mar. 31, 2022 | 50,933,471 | ||||
Balance at Mar. 31, 2022 | $ 5 | 60,307 | (183,717) | $ 0 | (123,405) |
Balance (in shares) at Dec. 31, 2022 | 53,177,437 | ||||
Balance at Dec. 31, 2022 | $ 5 | 83,850 | (266,530) | (182,675) | |
Stock-based compensation | $ 0 | 2,902 | 0 | 2,902 | |
Net activity related to equity compensation plans (in shares) | 65,570 | ||||
Net activity related to equity compensation plans | $ 0 | (11) | 0 | (11) | |
Redeemable noncontrolling interest | 0 | 0 | 2,090 | 2,090 | |
Series A preferred stock dividend | (1,069) | ||||
Net income attributable to Lindblad Expeditions Holdings, Inc. | $ 0 | 0 | 621 | 621 | |
Other comprehensive income (loss), net | 0 | ||||
Balance (in shares) at Mar. 31, 2023 | 53,243,007 | ||||
Balance at Mar. 31, 2023 | $ 5 | $ 86,741 | $ (264,888) | $ (178,142) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 778 | $ (42,148) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 11,808 | 11,178 |
Amortization of deferred financing costs and other, net | 681 | 701 |
Amortization of right-to-use lease assets | 353 | (9) |
Stock-based compensation | 2,902 | 1,828 |
Deferred income taxes | 1,533 | (149) |
Change in fair value of contingent acquisition consideration | 0 | 56 |
Gain on foreign currency | (152) | (130) |
Write-off of unamortized issuance costs related to debt refinancing | 0 | 9,004 |
Changes in operating assets and liabilities | ||
Marine operating supplies and inventories | 825 | 482 |
Prepaid expenses and other current assets | (2,323) | (4,890) |
Unearned passenger revenues | 4,532 | 29,563 |
Other long-term assets | (1,041) | (261) |
Other long-term liabilities | (1) | 845 |
Accounts payable and accrued expenses | (17,478) | (908) |
Operating lease liabilities | (359) | 0 |
Net cash provided by operating activities | 2,058 | 5,162 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (6,425) | (7,522) |
Sale of securities | 15,163 | 0 |
Net cash provided by (used in) investing activities | 8,738 | (7,522) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 0 | 360,000 |
Repayments of long-term debt | (5,809) | (334,684) |
Payment of deferred financing costs | (21) | (10,781) |
Repurchase under stock-based compensation plans and related tax impacts | (266) | (6) |
Net cash (used in) provided by financing activities | (6,096) | 14,529 |
Net increase in cash, cash equivalents and restricted cash | 4,700 | 12,169 |
Cash, cash equivalents and restricted cash at beginning of period | 116,024 | 172,693 |
Cash, cash equivalents and restricted cash at end of period | 120,724 | 184,862 |
Supplemental disclosures of cash flow information: | ||
Interest | 16,593 | 3,613 |
Income taxes | 89 | 58 |
Non-cash investing and financing activities: | ||
Non-cash preferred stock dividend | $ 1,069 | $ 1,298 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS AND BASIS OF PRESENTATION Business Lindblad Expeditions Holdings, Inc.’s 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’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”. The Company operates the following two Lindblad Segment. Land Experiences Segment. four ● Natural Habitat ● DuVine ● Off the Beaten Path ● Classic Journeys 50 Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2022 10 March 10, 2023 ( “2022 There have been no 2022 |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 EARNINGS PER SHARE Earnings per Common Share Earnings (loss) per common share is computed using the two two Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation. For the three March 31, 2023 2022, three March 31, 2023, 0.8 three March 31, 2022, 1.5 Loss per share was calculated as follows: For the three months ended March 31, 2023 2022 (unaudited) (In thousands, except share and per share data) Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 621 $ (41,721 ) Series A redeemable convertible preferred stock dividend 1,069 1,298 Undistributed loss available to stockholders $ (448 ) $ (43,019 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,128,100 50,757,126 Total weighted average shares outstanding, diluted 53,128,100 50,757,126 Undistributed loss per share available to stockholders: Basic $ (0.01 ) $ (0.85 ) Diluted $ (0.01 ) $ (0.85 ) |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 REVENUES Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and 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. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. The Company does not no March 31, 2023 December 31, 2022, Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (134,262 ) Additional contract liabilities in period 95,692 Balance as of March 31, 2023 $ 139,628 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended March 31, 2023 2022 Guest ticket revenue: (unaudited) Direct 45 % 45 % National Geographic 14 % 16 % Agencies 23 % 20 % Affinity 7 % 9 % Guest ticket revenue 89 % 90 % Other tour revenue 11 % 10 % Tour revenues 100 % 100 % |
Note 4 - Financial Statement De
Note 4 - Financial Statement Details | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 4 FINANCIAL STATEMENT DETAILS The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows: For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Cash and cash equivalents $ 83,984 $ 154,816 Restricted cash 36,740 30,046 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 120,724 $ 184,862 Restricted cash consists of the following: As of March 31, 2023 As of December 31, 2022 (In thousands) (unaudited) Credit card processor reserves $ 20,737 $ 20,400 Federal Maritime Commission and other escrow 14,739 6,882 Certificates of deposit and other restricted securities 1,264 1,565 Total restricted cash $ 36,740 $ 28,847 Prepaid expenses and other current assets are as follows: As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Prepaid tour expenses $ 25,914 $ 20,605 Other 18,187 21,173 Total prepaid expenses and other current assets $ 44,101 $ 41,778 Accounts payable and accrued expenses are as follows: As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Accrued other expense $ 34,578 $ 54,418 Accounts payable 18,810 16,601 Total accounts payable and accrued expenses $ 53,388 $ 71,019 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 LONG-TERM DEBT As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (8,440 ) $ 351,560 $ 360,000 (8,968 ) 351,032 First Export Credit Agreement 91,569 (1,764 ) 89,805 94,794 (1,829 ) 92,965 Second Export Credit Agreement 107,485 (2,140 ) 105,345 110,044 (2,207 ) 107,837 Other 930 - 930 955 - 955 Total long-term debt 559,984 (12,344 ) 547,640 565,793 (13,004 ) 552,789 Less current portion (23,308 ) - (23,308 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 536,676 $ (12,344 ) $ 524,332 $ 542,456 $ (13,004 ) $ 529,452 For the three March 31, 2023 2022, 6.75% On February 4, 2022, 2027 6.75% February 15 August 15 February 15, 2027, first pari passu may plus accrued and unpaid interest, if any. 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 important exceptions and qualifications set forth in the Notes. Revolving Credit Facility On February 4, 2022, February 2027, first pari passu The Revolving Credit Facility contains customary affirmative and negative covenants, as well as financial covenants and event of default provisions. Senior Secured Credit Agreements In January 2018, not National Geographic Endurance March 2020. twelve twelve five September 2021, March 2022 December 31, 2022. May 2022, March 2022 December 31, 2022. three March 31, 2023. In April 2019, not National Geographic Resolution September 2021, twelve twelve five September 2021, March 2022 December 31, 2022. May 2022, March 2022 December 31, 2022. three March 31, 2023. Other The Company’s Off the Beaten Path subsidiary has a loan maturing September 2023 The Company’s Off the Beaten Path subsidiary has a $0.8 million loan under the Main Street Expanded Loan Facility, originated on December 11, 2020. first 12 not December 2023 December 2024, December 2025. one March 31, 2023. 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, Covenants The Company’s Notes, Revolving Credit Facility, First Export Credit Agreement and Second Export Credit Agreement contain financial and restrictive covenants that include among others, net leverage ratios, limits on additional indebtedness and limits on certain investments. On October 11, 2022, March 31, 2023 September 30, 2023. March 31, 2023. |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 6 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Instruments and Hedging Activities The Company’s derivative assets and liabilities consist principally of foreign exchange forward contracts and interest rate caps and are carried at fair value based on significant observable inputs (Level 2 not Currency Risk Interest Rate Risk The Company held the following derivative instruments with absolute notional values as of March 31, 2023: (In thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 12,232 Estimated fair values (Level 2 As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ 316 $ - $ 683 $ - Foreign exchange forward (b) - 434 - 572 Total $ 316 $ 434 $ 683 $ 572 (a) Recorded in prepaid expenses and other current assets. (b) Recorded in accounts payable and accrued expenses. Changes in the fair value of the Company’s hedging instruments are recorded in accumulated other comprehensive income. The effects of derivatives recognized in the Company’s condensed consolidated financial statements were as follows: For the three months ended March 31, (In thousands) 2023 2022 (unaudited) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ (367 ) $ (451 ) Foreign exchange forward (b) 152 130 Total $ (215 ) $ (321 ) (a) Recognized in interest expense, net. For the three March 31, 2022, (b) 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. The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of March 31, 2023 March 31, 2023. March 31, 2023 December 31, 2022, no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 7 STOCKHOLDERS EQUITY Stock Repurchase Plan The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 November 2016. no March 31, 2023. Preferred Stock In August 2020, first two second may third may, not 150% 20 30 March 31, 2023, three March 31, 2023 2022, March 31, 2023, |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 8 STOCK BASED COMPENSATION The Company is authorized to issue up to 4.7 million shares of common stock under the 2021 September 2021. March 31, 2023, The Company recorded stock-based compensation expense of $2.8 million and $1.8 million during the three March 31, 2023 2022, 2022 Long-Term Incentive Compensation During the three March 31, 2023, three During the three March 31, 2023, three not Options During the three March 31, 2023, four ten Stock Option Grants 2023 Stock price $ 9.56 Exercise price $ 9.56 Dividend yield 0.00 % Expected Volatility 64.6 % Risk-free interest rate 3.63 % Expected term (in years) 6.25 As of March 31, 2023 December 31, 2022, March 31, 2023, Natural Habitat Contingent Arrangement In connection with the 2016 December 31, 2025, one 50% December 31, 2023, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 INCOME TAXES As of March 31, 2023 December 31, 2022, three March 31, 2023 three March 31, 2022. three March 31, 2023 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest 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 put options enable the minority holders, but do not not Since the redemption of the noncontrolling interests are not one two The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: For the three months ended March 31, (In thousands) 2023 2022 (unaudited) Beginning balance $ 27,886 $ 10,626 Net income (loss) attributable to noncontrolling interest 157 (427 ) Redemption value adjustment of put option (2,090 ) 4,259 Distribution (255 ) - Ending balance $ 25,698 $ 14,458 Royalty Agreement National Geographic The Company is party to an alliance and license agreement with National Geographic, which allows the Company to use the National Geographic name and logo. In return for these rights, the Company is charged a royalty fee. The royalty fee is included within selling and marketing expense. The fee is calculated based upon a percentage of certain ticket revenues less travel agent commission, including the revenues received from cancellation fees and any revenues received from the sale of pre- and post-expedition extensions. Royalty expense for the three March 31, 2023 three March 31, 2022. The royalty balance payable to National Geographic as of March 31, 2023 December 31, 2022 Royalty Agreement World Wildlife Fund Natural Habitat has a license agreement with WWF, which allows it to use the WWF name and logo. In return for these rights, Natural Habitat is charged a royalty fee and a fee based on annual gross sales. The fees are included within selling and marketing expense. This royalty fee expense was $0.2 million for the three March 31, 2023 March 31, 2022. Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of March 31, 2023 For the years ended December 31, Amount (In thousands) (unaudited) 2023 $ 10,870 2024 12,914 Total $ 23,784 |
Note 12 - Segment Information
Note 12 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 SEGMENT INFORMATION The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker and management review operating results monthly, and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and 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. Operating results for the Company’s reportable segments were as follows: For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Tour revenues: Lindblad $ 115,498 $ 50,274 Land Experiences 27,897 17,572 Total tour revenues $ 143,395 $ 67,846 Operating income (loss): Lindblad $ 12,118 $ (33,569 ) Land Experiences 348 (676 ) Total operating income (loss) $ 12,466 $ (34,245 ) For the three March 31, 2023 three March 31, 2022, Depreciation and amortization are included in segment operating income as shown below: For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Depreciation and amortization: Lindblad $ 11,152 $ 10,741 Land Experiences 656 437 Total depreciation and amortization $ 11,808 $ 11,178 The following table presents our total assets, intangibles, net and goodwill by segment: (In thousands) As of March 31, 2023 As of December 31, 2022 (unaudited) Total Assets: Lindblad $ 628,968 $ 662,683 Land Experiences 145,300 125,292 Total assets $ 774,268 $ 787,975 Intangibles, net: Lindblad $ 1,651 $ 1,680 Land Experiences 9,109 9,539 Total intangibles, net $ 10,760 $ 11,219 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS In May 2023, 2028 “2028 2028 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2022 10 March 10, 2023 ( “2022 There have been no 2022 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended March 31, 2023 2022 (unaudited) (In thousands, except share and per share data) Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 621 $ (41,721 ) Series A redeemable convertible preferred stock dividend 1,069 1,298 Undistributed loss available to stockholders $ (448 ) $ (43,019 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,128,100 50,757,126 Total weighted average shares outstanding, diluted 53,128,100 50,757,126 Undistributed loss per share available to stockholders: Basic $ (0.01 ) $ (0.85 ) Diluted $ (0.01 ) $ (0.85 ) |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (134,262 ) Additional contract liabilities in period 95,692 Balance as of March 31, 2023 $ 139,628 |
Disaggregation of Revenue [Table Text Block] | For the three months ended March 31, 2023 2022 Guest ticket revenue: (unaudited) Direct 45 % 45 % National Geographic 14 % 16 % Agencies 23 % 20 % Affinity 7 % 9 % Guest ticket revenue 89 % 90 % Other tour revenue 11 % 10 % Tour revenues 100 % 100 % |
Note 4 - Financial Statement _2
Note 4 - Financial Statement Details (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Cash and cash equivalents $ 83,984 $ 154,816 Restricted cash 36,740 30,046 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 120,724 $ 184,862 |
Restricted Cash and Marketable Securities [Table Text Block] | As of March 31, 2023 As of December 31, 2022 (In thousands) (unaudited) Credit card processor reserves $ 20,737 $ 20,400 Federal Maritime Commission and other escrow 14,739 6,882 Certificates of deposit and other restricted securities 1,264 1,565 Total restricted cash $ 36,740 $ 28,847 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Prepaid tour expenses $ 25,914 $ 20,605 Other 18,187 21,173 Total prepaid expenses and other current assets $ 44,101 $ 41,778 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Accrued other expense $ 34,578 $ 54,418 Accounts payable 18,810 16,601 Total accounts payable and accrued expenses $ 53,388 $ 71,019 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (8,440 ) $ 351,560 $ 360,000 (8,968 ) 351,032 First Export Credit Agreement 91,569 (1,764 ) 89,805 94,794 (1,829 ) 92,965 Second Export Credit Agreement 107,485 (2,140 ) 105,345 110,044 (2,207 ) 107,837 Other 930 - 930 955 - 955 Total long-term debt 559,984 (12,344 ) 547,640 565,793 (13,004 ) 552,789 Less current portion (23,308 ) - (23,308 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 536,676 $ (12,344 ) $ 524,332 $ 542,456 $ (13,004 ) $ 529,452 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (In thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 12,232 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block] | For the three months ended March 31, (In thousands) 2023 2022 (unaudited) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ (367 ) $ (451 ) Foreign exchange forward (b) 152 130 Total $ (215 ) $ (321 ) |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2023 As of December 31, 2022 (unaudited) (In thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ 316 $ - $ 683 $ - Foreign exchange forward (b) - 434 - 572 Total $ 316 $ 434 $ 683 $ 572 |
Note 8 - Stock Based Compensa_2
Note 8 - Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Grants 2023 Stock price $ 9.56 Exercise price $ 9.56 Dividend yield 0.00 % Expected Volatility 64.6 % Risk-free interest rate 3.63 % Expected term (in years) 6.25 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the three months ended March 31, (In thousands) 2023 2022 (unaudited) Beginning balance $ 27,886 $ 10,626 Net income (loss) attributable to noncontrolling interest 157 (427 ) Redemption value adjustment of put option (2,090 ) 4,259 Distribution (255 ) - Ending balance $ 25,698 $ 14,458 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) (unaudited) 2023 $ 10,870 2024 12,914 Total $ 23,784 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Tour revenues: Lindblad $ 115,498 $ 50,274 Land Experiences 27,897 17,572 Total tour revenues $ 143,395 $ 67,846 Operating income (loss): Lindblad $ 12,118 $ (33,569 ) Land Experiences 348 (676 ) Total operating income (loss) $ 12,466 $ (34,245 ) For the three months ended March 31, 2023 2022 (In thousands) (unaudited) Depreciation and amortization: Lindblad $ 11,152 $ 10,741 Land Experiences 656 437 Total depreciation and amortization $ 11,808 $ 11,178 (In thousands) As of March 31, 2023 As of December 31, 2022 (unaudited) Total Assets: Lindblad $ 628,968 $ 662,683 Land Experiences 145,300 125,292 Total assets $ 774,268 $ 787,975 Intangibles, net: Lindblad $ 1,651 $ 1,680 Land Experiences 9,109 9,539 Total intangibles, net $ 10,760 $ 11,219 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Expedition Ships Operated | 10 |
Number of Seasonal Charter Vessels Operated | 5 |
Number of Reportable Segments | 2 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - $ / shares shares in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 0.8 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.9 | 1.5 | |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7.6 | 9.3 | |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. | $ 621 | $ (41,721) |
Series A redeemable convertible preferred stock dividend | 1,069 | 1,298 |
Net loss available to stockholders | $ (448) | $ (43,019) |
Total weighted average shares outstanding, basic (in shares) | 53,128,100 | 50,757,126 |
Diluted (in shares) | 53,128,100 | 50,757,126 |
Basic (in dollars per share) | $ (0.01) | $ (0.85) |
Diluted (in dollars per share) | $ (0.01) | $ (0.85) |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Contract with Customer, Liability | $ 139,628 | $ 178,198 |
Passenger Revenue [Member] | ||
Contract with Customer, Liability | $ 249,600 | $ 245,100 |
Note 3 - Revenues - Change in C
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance as of December 31, 2022 | $ 178,198 |
Recognized in tour revenues during the period | (134,262) |
Additional contract liabilities in period | 95,692 |
Balance | $ 139,628 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Tour revenues | 100% | 100% |
Guest Ticket [Member] | ||
Tour revenues | 89% | 90% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | ||
Tour revenues | 45% | 45% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | ||
Tour revenues | 14% | 16% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | ||
Tour revenues | 23% | 20% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | ||
Tour revenues | 7% | 9% |
Other Tour [Member] | ||
Tour revenues | 11% | 10% |
Note 4 - Financial Statement _3
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 83,984 | $ 87,177 | $ 154,816 | |
Restricted cash | 36,740 | 28,847 | 30,046 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 120,724 | $ 116,024 | $ 184,862 | $ 172,693 |
Note 4 - Financial Statement _4
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Total restricted cash and marketable securities | $ 36,740 | $ 28,847 | $ 30,046 |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 20,737 | 20,400 | |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 14,739 | 6,882 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,264 | $ 1,565 |
Note 4 - Financial Statement _5
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid tour expenses | $ 25,914 | $ 20,605 |
Other | 18,187 | 21,173 |
Total prepaid expenses and other current assets | $ 44,101 | $ 41,778 |
Note 4 - Financial Statement _6
Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued other expense | $ 34,578 | $ 54,418 |
Accounts payable | 18,810 | 16,601 |
Total accounts payable and accrued expenses | $ 53,388 | $ 71,019 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) € in Millions, $ in Millions | 3 Months Ended | ||||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 | Mar. 31, 2023 EUR (€) | Feb. 04, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jan. 08, 2020 | Apr. 30, 2019 USD ($) | Jan. 31, 2018 USD ($) | |
Amortization of Debt Issuance Costs | $ 0.7 | $ 0.5 | |||||||
Senior Secured Notes [Member] | |||||||||
Debt Instrument, Face Amount | $ 360 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45 | ||||||||
Credit Agreement [Member] | Letter of Credit [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | ||||||||
First Export Credit Agreement [Member] | |||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 107.7 | ||||||||
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% | ||||||||
First Export Credit Facility [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.65% | 8.65% | |||||||
First Export Credit Facility [Member] | London Interbank Offered Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||
Second Export Credit Agreement [Member] | |||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122.8 | $ 122.8 | |||||||
Percentage of Purchase Price, Financing Maximum | 80% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.46% | 8.46% | |||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||
Export Credit Agreement [Member] | |||||||||
Debt Instrument, Maturing over Twelve Years from Drawdown, Percentage | 70% | ||||||||
Debt Instrument, Maturing over Five Years from Drawdown, Percentage | 30% | ||||||||
Loan Maturing September 2023 [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||
Debt Instrument, Face Amount | $ 0.3 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.77% | 4.77% | |||||||
Loan Originated on December 11, 2020 [Member] | Off the Beaten Path, LLC (OBP) [Member] | Main Street Expanded Loan Facility Program [Member] | |||||||||
Debt Instrument, Face Amount | $ 0.8 | ||||||||
Debt, Weighted Average Interest Rate | 7.86% | 7.86% | |||||||
Loan Originated on December 11, 2020 [Member] | Off the Beaten Path, LLC (OBP) [Member] | Main Street Expanded Loan Facility Program [Member] | Forecast [Member] | |||||||||
Debt Instrument, Amortization Rate | 15% | ||||||||
Loan Originated on December 11, 2020 [Member] | London Interbank Offered Rate [Member] | Off the Beaten Path, LLC (OBP) [Member] | Main Street Expanded Loan Facility Program [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 5 - Long-term Debt - Long-
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Principal | $ 559,984 | $ 565,793 |
Deferred Financing Costs, Net | (12,344) | (13,004) |
Balance | 547,640 | 552,789 |
Principal, Current | (23,308) | (23,337) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (23,308) | (23,337) |
Principal, Non-current | 536,676 | 542,456 |
Deferred Financing Costs, Net, Non-current | (12,344) | (13,004) |
Balance, Non-current | 524,332 | 529,452 |
Senior Secured Notes [Member] | ||
Principal | 360,000 | 360,000 |
Deferred Financing Costs, Net | (8,440) | (8,968) |
Balance | 351,560 | 351,032 |
First Senior Secured Credit Agreement [Member] | ||
Principal | 91,569 | 94,794 |
Deferred Financing Costs, Net | (1,764) | (1,829) |
Balance | 89,805 | 92,965 |
Second Senior Secured Credit Agreement [Member] | ||
Principal | 107,485 | 110,044 |
Deferred Financing Costs, Net | (2,140) | (2,207) |
Balance | 105,345 | 107,837 |
Other Debt [Member] | ||
Principal | 930 | 955 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | $ 930 | $ 955 |
Note 6 - Financial Instrument_3
Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2023 | |
Long-Term Debt, Fair Value | $ 541.8 | |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (0.6) |
Note 6 - Financial Instrument_4
Note 6 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 12,232 |
Note 6 - Financial Instrument_5
Note 6 - Financial Instruments and Fair Value Measurements - Estimated Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivatives designated as hedging instruments | $ 316 | $ 683 | |
Derivatives designated as hedging instruments | 434 | 572 | |
Interest Rate Cap [Member] | |||
Derivatives designated as hedging instruments | [1] | 316 | 683 |
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Foreign Exchange Contract [Member] | |||
Derivatives designated as hedging instruments | [2] | 0 | |
Derivatives designated as hedging instruments | [2] | $ 434 | $ 572 |
[1]Recorded in prepaid expenses and other current assets.[2]Recorded in accounts payable and accrued expenses. |
Note 6 - Financial Instrument_6
Note 6 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative instruments not designated as cash flow hedging instruments: | $ (215) | $ (321) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | |||
Derivative instruments not designated as cash flow hedging instruments: | [1] | (367) | (451) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative instruments not designated as cash flow hedging instruments: | [2] | $ 152 | $ 130 |
[1]Recognized as income in interest expense, net. For the three months ended March 31, 2022, $0.6 million was reclassified from other comprehensive income (loss) to interest expense, net.[2]Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged and recognized in gain (loss) on foreign currency. |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 76 Months Ended | ||||
Aug. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2016 | |
Dividends, Preferred Stock | $ 1,298 | |||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 62,000 | 62,000 | |||
Series A Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 62,000 | 62,000 | 62,000 | |||
Deferred Offering Costs | $ 2,100 | $ 2,100 | ||||
Dividends, Preferred Stock | $ 1,100 | 1,300 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 62,000 | ||||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 7,600,000 | 7,600,000 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 6% | |||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.50 | |||||
Common Stock [Member] | ||||||
Dividends, Preferred Stock | $ 0 | |||||
Stock and Warrant Repurchase Plan [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 35,000 | |||||
Warrants Repurchased During Period (in shares) | 6,011,926 | |||||
Warrants Repurchased During Period, Value | $ 14,700 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000 | $ 12,000 | ||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 875,218 | |||||
Stock Repurchased During Period, Value | $ 8,300 |
Note 8 - Stock Based Compensa_3
Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 2.8 | $ 1.8 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 1,900,000 | 1,400,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.64 | $ 15.10 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 388,000 | ||
2021 Long-Term Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,700,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,900,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 9.56 | ||
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 273,656 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.57 | ||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 96,757 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.56 | ||
2021 Long-Term Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [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 |
Note 8 - Share Based Compensati
Note 8 - Share Based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Stock price (in dollars per share) | $ 9.56 |
Exercise price (in dollars per share) | $ 9.56 |
Dividend yield | 0% |
Expected Volatility | 64.60% |
Risk-free interest rate | 3.63% |
Expected term (in years) (Year) | 6 years 3 months |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 66.50% | 0.40% | |
Discrete Income Tax Expense | $ 1,500 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
National Geographic [Member] | |||
Royalty Expense | $ 1.3 | $ 1.2 | |
Accounts Payable and Other Accrued Liabilities, Current | 2.1 | $ 1.8 | |
World Wildlife Fund [Member] | |||
Royalty Expense | $ 0.2 | $ 0.2 |
Note 10- Commitments and Contin
Note 10- Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 27,886 | $ 10,626 |
Net income (loss) attributable to noncontrolling interest | 157 | (427) |
Redemption value adjustment of put option | (2,090) | 4,259 |
Distribution | (255) | 0 |
Ending balance | $ 25,698 | $ 14,458 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 | $ 10,870 |
2024 | 12,914 |
Total | $ 23,784 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 143,395 | $ 67,846 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,500 | $ 1,600 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Tour revenues | $ 143,395 | $ 67,846 | |
Operating income (loss) | 12,466 | (34,245) | |
Depreciation and amortization | 11,808 | 11,178 | |
Total Assets | 774,268 | $ 787,975 | |
Total intangibles, net | 10,760 | 11,219 | |
Total goodwill | 42,017 | 42,017 | |
Lindblad Segment [Member] | |||
Tour revenues | 115,498 | 50,274 | |
Operating income (loss) | 12,118 | (33,569) | |
Depreciation and amortization | 11,152 | 10,741 | |
Total Assets | 628,968 | 662,683 | |
Total intangibles, net | 1,651 | 1,680 | |
Total goodwill | 0 | 0 | |
Land-experience [Member] | |||
Tour revenues | 27,897 | 17,572 | |
Operating income (loss) | 348 | (676) | |
Depreciation and amortization | 656 | $ 437 | |
Total Assets | 145,300 | 125,292 | |
Total intangibles, net | 9,109 | 9,539 | |
Total goodwill | $ 42,017 | $ 42,017 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - The 2028 Notes [Member] - Subsequent Event [Member] $ in Millions | May 31, 2023 USD ($) |
Debt Instrument, Face Amount | $ 275 |
Debt Instrument, Interest Rate, Stated Percentage | 9% |