Lindblad Expeditions (LIND) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 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	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		53,388,276

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 168,015	$ 87,177
Restricted cash	36,802	28,847
Short-term securities	0	13,591
Marine operating supplies	6,528	9,961
Inventories	3,087	1,965
Prepaid expenses and other current assets	44,722	41,778
Total current assets	259,154	183,319
Property and equipment, net	530,337	539,406
Goodwill	42,017	42,017
Intangibles, net	9,864	11,219
Deferred tax asset	2,305	2,167
Right-to-use lease assets	3,271	4,345
Other long-term assets	4,657	5,502
Total assets	851,605	787,975
Current Liabilities:
Unearned passenger revenues	250,568	245,101
Accounts payable and accrued expenses	66,701	71,019
Long-term debt - current	46	23,337
Lease liabilities - current	1,718	1,663
Total current liabilities	319,033	341,120
Long-term debt, less current portion	620,888	529,452
Deferred tax liabilities	1,454	0
Lease liabilities	1,807	2,961
Other long-term liabilities	89	88
Total liabilities	943,271	873,621
Commitments and contingencies
Redeemable noncontrolling interests	34,232	27,886
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests	106,629	97,029
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 53,379,750 and 53,177,437 issued, 53,321,818 and 53,110,132 outstanding as of September 30, 2023 and December 31, 2022, respectively	5	5
Additional paid-in capital	92,549	83,850
Accumulated deficit	(290,849)	(266,530)
Total stockholders' deficit	(198,295)	(182,675)
Total liabilities, mezzanine equity and stockholders' deficit	851,605	787,975
Series A Redeemable Convertible Preferred Stock [Member]
Current Liabilities:
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	$ 72,397	$ 69,143

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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)	53,379,750	53,177,437
Common stock, shares outstanding (in shares)	53,321,818	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Tour revenues	$ 175,989	$ 144,783	$ 444,183	$ 303,540
Operating expenses:
Cost of tours	95,590	87,576	245,293	208,023
General and administrative	30,015	24,535	85,589	68,882
Selling and marketing	19,387	16,025	55,197	41,193
Depreciation and amortization	10,521	10,839	33,660	33,193
Total operating expenses	155,513	138,975	419,739	351,291
Operating income (loss)	20,476	5,808	24,444	(47,751)
Other (expense) income:
Interest expense, net	(11,482)	(8,369)	(33,593)	(26,500)
(Loss) gain on foreign currency	(455)	(872)	46	(1,417)
Other (expense) income	(77)	(333)	(3,773)	84
Total other expense	(12,014)	(9,574)	(37,320)	(27,833)
Income (loss) before income taxes	8,462	(3,766)	(12,876)	(75,584)
Income tax expense	3	1,732	1,587	619
Net income (loss)	8,459	(5,498)	(14,463)	(76,203)
Net income attributable to noncontrolling interest	2,821	3,228	3,742	3,000
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.	5,638	(8,726)	(18,205)	(79,203)
Series A redeemable convertible preferred stock dividend	1,098	1,036	3,255	3,618
Net income (loss) available to stockholders	$ 4,540	$ (9,762)	$ (21,460)	$ (82,821)
Weighted average shares outstanding
Basic (in shares)	53,309,336	53,045,329	53,227,642	51,665,912
Diluted (in shares)	53,401,799	53,045,329	53,227,642	51,665,912
Undistributed income (loss) per share available to stockholders:
Basic (in dollars per share)	$ 0.08	$ (0.18)	$ (0.4)	$ (1.6)
Diluted (in dollars per share)	$ 0.08	$ (0.18)	$ (0.4)	$ (1.6)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss	$ 8,459	$ (5,498)	$ (14,463)	$ (76,203)
Other comprehensive income:
Reclassification adjustment, net of tax	0	0	0	634
Total other comprehensive income	0	0	0	634
Total comprehensive income (loss)	8,459	(5,498)	(14,463)	(75,569)
Less: comprehensive income attributive to non-controlling interest	2,821	3,228	3,742	3,000
Comprehensive income (loss) attributable to stockholders	$ 5,638	$ (8,726)	$ (18,205)	$ (78,569)

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	5,283	0	0	5,283
Net activity related to equity compensation plans (in shares)	222,323
Net activity related to equity compensation plans	$ 0	(766)	0	0	(766)
Redeemable noncontrolling interest	0	0	(17,957)	0	(17,957)
Series A preferred stock dividend	0	0	(3,618)	0	(3,618)
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc	$ 0	0	(79,203)	0	(79,203)
Issuance of stock for conversion of preferred stock (in shares)	2,109,561
Issuance of stock for conversion of preferred stock	$ 0	19,430	0	0	19,430
Other comprehensive income (loss), net	$ 0	0	0	634	634
Balance (in shares) at Sep. 30, 2022	53,132,670
Balance at Sep. 30, 2022	$ 5	82,432	(237,217)	0	(154,780)
Balance (in shares) at Jun. 30, 2022	53,064,077
Balance at Jun. 30, 2022	$ 5	80,812	(218,695)	0	(137,878)
Stock-based compensation	$ 0	1,632	0	0	1,632
Net activity related to equity compensation plans (in shares)	68,593
Net activity related to equity compensation plans	$ 0	(12)	0	0	(12)
Redeemable noncontrolling interest	0	0	(8,760)	0	(8,760)
Series A preferred stock dividend	0	0	(1,036)	0	(1,036)
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc	$ 0	0	(8,726)	0	(8,726)
Other comprehensive income (loss), net					0
Balance (in shares) at Sep. 30, 2022	53,132,670
Balance at Sep. 30, 2022	$ 5	82,432	(237,217)	$ 0	(154,780)
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	9,245	0		9,245
Net activity related to equity compensation plans (in shares)	202,313
Net activity related to equity compensation plans	$ 0	(546)	0		(546)
Redeemable noncontrolling interest	0	0	(2,859)		(2,859)
Series A preferred stock dividend	0	0	(3,255)		(3,255)
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc	$ 0	0	(18,205)		(18,205)
Other comprehensive income (loss), net					0
Balance (in shares) at Sep. 30, 2023	53,379,750
Balance at Sep. 30, 2023	$ 5	92,549	(290,849)		(198,295)
Balance (in shares) at Jun. 30, 2023	53,320,546
Balance at Jun. 30, 2023	$ 5	89,601	(294,491)		(204,885)
Stock-based compensation	$ 0	2,953	0		2,953
Net activity related to equity compensation plans (in shares)	59,204
Net activity related to equity compensation plans	$ 0	(5)	0		(5)
Redeemable noncontrolling interest	0	0	(898)		(898)
Series A preferred stock dividend			(1,098)		(1,098)
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc	$ 0	0	5,638		5,638
Other comprehensive income (loss), net					0
Balance (in shares) at Sep. 30, 2023	53,379,750
Balance at Sep. 30, 2023	$ 5	$ 92,549	$ (290,849)		$ (198,295)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net loss	$ (14,463)	$ (76,203)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	33,660	33,193
Amortization of deferred financing costs and other, net	2,444	1,988
Amortization of right-to-use lease assets	1,074	626
Stock-based compensation	9,245	5,283
Deferred income taxes	1,241	759
Change in fair value of contingent acquisition consideration	0	111
(Gain) loss on foreign currency	(46)	1,417
Write-off of unamortized issuance costs related to debt refinancing	3,860	9,004
Changes in operating assets and liabilities
Marine operating supplies and inventories	2,311	(1,195)
Prepaid expenses and other current assets	(2,944)	(19,575)
Unearned passenger revenues	5,467	34,407
Other long-term assets	(1,165)	3,242
Other long-term liabilities	0	844
Accounts payable and accrued expenses	(4,272)	7,526
Operating lease liabilities	(1,099)	(658)
Net cash provided by operating activities	35,313	769
Cash Flows From Investing Activities
Purchases of property and equipment	(22,723)	(29,566)
Sale of short-term securities	15,163	0
Net cash used in investing activities	(7,560)	(29,566)
Cash Flows From Financing Activities
Proceeds from long-term debt	275,000	360,000
Repayments of long-term debt	(205,704)	(346,301)
Payment of deferred financing costs	(7,455)	(10,859)
Repurchase under stock-based compensation plans and related tax impacts	(801)	(766)
Net cash provided by financing activities	61,040	2,074
Net increase (decrease) in cash, cash equivalents and restricted cash	88,793	(26,723)
Cash, cash equivalents and restricted cash at beginning of period	116,024	172,693
Cash, cash equivalents and restricted cash at end of period	204,817	145,970
Supplemental disclosures of cash flow information:
Interest	30,369	22,159
Income taxes	388	226
Non-cash investing and financing activities:
Non-cash preferred stock dividend	$ 3,255	$ 3,618

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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’ (collectively, 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 notes to the unaudited condensed consolidated financial statements 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	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 2 EARNINGS PER SHARE Earnings (loss) 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 nine September 30, 2023 three nine September 30, 2022, nine September 30, 2023, three September 30, 2023, three nine September 30, 2022, 1.4 Earnings (loss) per share was calculated as follows: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (In thousands, except share and per share data) Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 5,638 $ (8,726 ) $ (18,205 ) $ (79,203 ) Series A redeemable convertible preferred stock dividend 1,098 1,036 3,255 3,618 Undistributed income (loss) available to stockholders $ 4,540 $ (9,762 ) $ (21,460 ) $ (82,821 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,309,336 53,045,329 53,227,642 51,665,912 Dilutive potential common shares 91,365 - - - Dilutive potential options 1,098 - - - Total weighted average shares outstanding, diluted 53,401,799 53,045,329 53,227,642 51,665,912 Undistributed income (loss) per share available to stockholders: Basic $ 0.08 $ (0.18 ) $ (0.40 ) $ (1.60 ) Diluted $ 0.08 $ (0.18 ) $ (0.40 ) $ (1.60 )

Note 3 - Revenues

Note 3 - Revenues	9 Months Ended
	Sep. 30, 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 19 September 30, 2023 December 31, 2022, Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (427,958 ) Additional contract liabilities in period 365,392 Balance as of September 30, 2023 $ 115,632 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Guest ticket revenue: (unaudited) (unaudited) Direct 58 % 56 % 53 % 51 % National Geographic 11 % 12 % 12 % 15 % Agencies 19 % 19 % 19 % 19 % Affinity 3 % 4 % 7 % 5 % Guest ticket revenue 91 % 91 % 91 % 90 % Other tour revenue 9 % 9 % 9 % 10 % Tour revenues 100 % 100 % 100 % 100 %

Note 4 - Financial Statement De

Note 4 - Financial Statement Details	9 Months Ended
	Sep. 30, 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: As of September 30, 2023 2022 (In thousands) (unaudited) Cash and cash equivalents $ 168,015 $ 116,446 Restricted cash 36,802 29,524 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 204,817 $ 145,970 Restricted cash consists of the following: As of September 30, 2023 As of December 31, 2022 (In thousands) (unaudited) Credit card processor reserves $ 20,850 $ 20,400 Federal Maritime Commission and other escrow 14,270 6,882 Certificates of deposit and other restricted securities 1,682 1,565 Total restricted cash $ 36,802 $ 28,847 Prepaid expenses and other current assets are as follows: As of September 30, 2023 As of December 31, 2022 (unaudited) (In thousands) Prepaid tour expenses $ 23,580 $ 20,605 Other 21,142 21,173 Total prepaid expenses and other current assets $ 44,722 $ 41,778 Accounts payable and accrued expenses are as follows: As of September 30, 2023 As of December 31, 2022 (unaudited) (In thousands) Accrued other expense $ 50,783 $ 54,418 Accounts payable 15,918 16,601 Total accounts payable and accrued expenses $ 66,701 $ 71,019

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5 LONG-TERM DEBT As of September 30, 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 $ (7,322 ) $ 352,678 $ 360,000 (8,968 ) 351,032 9.00% Notes 275,000 (6,833 ) 268,167 - - - Other 89 - 89 955 - 955 First Export Credit Agreement - - - 94,794 (1,829 ) 92,965 Second Export Credit Agreement - - - 110,044 (2,207 ) 107,837 Total long-term debt 635,089 (14,155 ) 620,934 565,793 (13,004 ) 552,789 Less current portion (46 ) - (46 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 635,043 $ (14,155 ) $ 620,888 $ 542,456 $ (13,004 ) $ 529,452 For the three nine September 30, 2023, three nine September 30, 2022, three June 30, 2023, three March 31, 2022, 6.75% On February 4, 2022, 2027 “6.75% 6.75% 6.75% February 15 August 15 6.75% February 15, 2027, 6.75% first pari passu 6.75% may plus accrued and unpaid interest, if any. The 6.75% 6.75% Revolving Credit Facility On February 4, 2022, February 2027, first pari passu September 30, 2023, The Revolving Credit Facility contains customary affirmative and negative covenants, as well as financial covenants and event of default provisions. 9.00% On May 2, 2023, 2028 “9.00% 9.00% 9.00% May 2, 2023, May 15 November 15 November 15, 2023. 9.00% May 15, 2028, 9.00% first 9.00% may The 9.00% 9.00% Other The Company’s Off the Beaten Path subsidiary’s original $0.3 million loan for the purchase of guest transportation vehicles was repaid during June 2023 December 11, 2020, May 2023. 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, Prior Senior Secured Credit Agreements In January 2018, National Geographic Endurance March 2020. May 2, 2023 In April 2019, National Geographic Resolution September 2021. 2019, 2020 2021. May 2, 2023 Covenants The Company’s 6.75% 9.00% September 30, 2023.

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 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 are carried at fair value based on significant observable inputs (Level 2 not Currency Risk Canadian and New Zealand dollars, the Euro and the British pound sterling The Company held the following derivative instruments with absolute notional values as of September 30, 2023: (In thousands) Absolute Notional Value Foreign exchange contracts 16,731 Estimated fair values (Level 2 As of September 30, 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) $ - $ - $ 683 $ - Foreign exchange forward (b) - 407 - 572 Total $ - $ 407 $ 683 $ 572 (a) Recorded in prepaid expenses and other current assets. The interest rate cap matured during May 2023. (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 September 30, For the nine months ended September 30, (In thousands) 2023 2022 2023 2022 (unaudited) (unaudited) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ - $ 1,046 $ (683 ) $ 749 Foreign exchange forward (b) (455 ) (872 ) 46 (1,417 ) Total $ (455 ) $ 174 $ (637 ) $ (668 ) (a) The interest rate cap matured during May 2023. three nine September 30, 2023 three September 30, 2022. nine September 30, 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 September 30, 2023 September 30, 2023. September 30, 2023 December 31, 2022, no

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	9 Months Ended
	Sep. 30, 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 September 30, 2023. Preferred Stock In August 2020, first two second may 2023, third may, not 150% 20 30 September 30, 2023, three nine September 30, 2023, three nine September 30, 2022, September 30, 2023,

Note 8 - Stock Based Compensati

Note 8 - Stock Based Compensation	9 Months Ended
	Sep. 30, 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. September 30, 2023, The Company recorded stock-based compensation expense of $3.0 million and $9.2 million during the three nine September 30, 2023, three nine September 30, 2022, Long-Term Incentive Compensation During the nine September 30, 2023, three During the nine September 30, 2023, three not Options During the nine September 30, 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 September 30, 2023 December 31, 2022, September 30, 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	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 INCOME TAXES As of September 30, 2023 December 31, 2022, three nine September 30, 2023 three September 30, 2022, 2023, nine September 30, 2023 2022,

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, For the nine months ended September 30, (In thousands) 2023 2022 2023 2022 (unaudited) (unaudited) Beginning balance $ 30,513 $ 19,595 $ 27,886 $ 10,626 Net income attributable to noncontrolling interest 2,821 3,228 3,742 3,000 Redemption value adjustment of put option 898 8,760 2,859 17,957 Distribution - - (255 ) - Ending balance $ 34,232 $ 31,583 $ 34,232 $ 31,583 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 nine September 30, 2023 three nine September 30, 2022, The royalty balance payable to National Geographic as of September 30, 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 $0.4 million and $0.9 million for the three nine September 30, 2023, three nine September 30, 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 September 30, 2023 For the years ended December 31, Amount (In thousands) (unaudited) 2023 (three months) $ 207 2024 18,558 2025 7,026 Total $ 25,791

Note 11 - Segment Information

Note 11 - Segment Information	9 Months Ended
	Sep. 30, 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 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 108,750 $ 83,741 $ 311,660 $ 198,063 Land Experiences 67,239 61,042 132,523 105,477 Total tour revenues $ 175,989 $ 144,783 $ 444,183 $ 303,540 Operating income (loss): Lindblad $ 7,501 $ (7,142 ) $ 8,576 $ (60,380 ) Land Experiences 12,975 12,950 15,868 12,629 Total operating income (loss) $ 20,476 $ 5,808 $ 24,444 $ (47,751 ) For the three nine September 30, 2023, three nine September 30, 2022, Depreciation and amortization are included in segment operating income as shown below: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 9,665 $ 10,090 $ 31,155 $ 31,087 Land Experiences 856 749 2,505 2,106 Total depreciation and amortization $ 10,521 $ 10,839 $ 33,660 $ 33,193 The following table presents our total assets, intangibles, net and goodwill by segment: (In thousands) As of September 30, 2023 As of December 31, 2022 (unaudited) Total Assets: Lindblad $ 692,119 $ 662,683 Land Experiences 159,486 125,292 Total assets $ 851,605 $ 787,975 Intangibles, net: Lindblad $ 1,614 $ 1,680 Land Experiences 8,250 9,539 Total intangibles, net $ 9,864 $ 11,219 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION During the three September 30, 2023, no 16 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements 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)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (In thousands, except share and per share data) Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 5,638 $ (8,726 ) $ (18,205 ) $ (79,203 ) Series A redeemable convertible preferred stock dividend 1,098 1,036 3,255 3,618 Undistributed income (loss) available to stockholders $ 4,540 $ (9,762 ) $ (21,460 ) $ (82,821 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,309,336 53,045,329 53,227,642 51,665,912 Dilutive potential common shares 91,365 - - - Dilutive potential options 1,098 - - - Total weighted average shares outstanding, diluted 53,401,799 53,045,329 53,227,642 51,665,912 Undistributed income (loss) per share available to stockholders: Basic $ 0.08 $ (0.18 ) $ (0.40 ) $ (1.60 ) Diluted $ 0.08 $ (0.18 ) $ (0.40 ) $ (1.60 )

Note 3 - Revenues (Tables)

Note 3 - Revenues (Tables)	9 Months Ended
	Sep. 30, 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 (427,958 ) Additional contract liabilities in period 365,392 Balance as of September 30, 2023 $ 115,632
Disaggregation of Revenue [Table Text Block]	For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Guest ticket revenue: (unaudited) (unaudited) Direct 58 % 56 % 53 % 51 % National Geographic 11 % 12 % 12 % 15 % Agencies 19 % 19 % 19 % 19 % Affinity 3 % 4 % 7 % 5 % Guest ticket revenue 91 % 91 % 91 % 90 % Other tour revenue 9 % 9 % 9 % 10 % Tour revenues 100 % 100 % 100 % 100 %

Note 4 - Financial Statement _2

Note 4 - Financial Statement Details (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]	As of September 30, 2023 2022 (In thousands) (unaudited) Cash and cash equivalents $ 168,015 $ 116,446 Restricted cash 36,802 29,524 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 204,817 $ 145,970
Restricted Cash and Marketable Securities [Table Text Block]	As of September 30, 2023 As of December 31, 2022 (In thousands) (unaudited) Credit card processor reserves $ 20,850 $ 20,400 Federal Maritime Commission and other escrow 14,270 6,882 Certificates of deposit and other restricted securities 1,682 1,565 Total restricted cash $ 36,802 $ 28,847
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	As of September 30, 2023 As of December 31, 2022 (unaudited) (In thousands) Prepaid tour expenses $ 23,580 $ 20,605 Other 21,142 21,173 Total prepaid expenses and other current assets $ 44,722 $ 41,778
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of September 30, 2023 As of December 31, 2022 (unaudited) (In thousands) Accrued other expense $ 50,783 $ 54,418 Accounts payable 15,918 16,601 Total accounts payable and accrued expenses $ 66,701 $ 71,019

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	As of September 30, 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 $ (7,322 ) $ 352,678 $ 360,000 (8,968 ) 351,032 9.00% Notes 275,000 (6,833 ) 268,167 - - - Other 89 - 89 955 - 955 First Export Credit Agreement - - - 94,794 (1,829 ) 92,965 Second Export Credit Agreement - - - 110,044 (2,207 ) 107,837 Total long-term debt 635,089 (14,155 ) 620,934 565,793 (13,004 ) 552,789 Less current portion (46 ) - (46 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 635,043 $ (14,155 ) $ 620,888 $ 542,456 $ (13,004 ) $ 529,452

Note 6 - Financial Instrument_2

Note 6 - Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	(In thousands) Absolute Notional Value Foreign exchange contracts 16,731
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block]	For the three months ended September 30, For the nine months ended September 30, (In thousands) 2023 2022 2023 2022 (unaudited) (unaudited) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ - $ 1,046 $ (683 ) $ 749 Foreign exchange forward (b) (455 ) (872 ) 46 (1,417 ) Total $ (455 ) $ 174 $ (637 ) $ (668 )
Fair Value, Inputs, Level 2 [Member]
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	As of September 30, 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) $ - $ - $ 683 $ - Foreign exchange forward (b) - 407 - 572 Total $ - $ 407 $ 683 $ 572

Note 8 - Stock Based Compensa_2

Note 8 - Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	For the three months ended September 30, For the nine months ended September 30, (In thousands) 2023 2022 2023 2022 (unaudited) (unaudited) Beginning balance $ 30,513 $ 19,595 $ 27,886 $ 10,626 Net income attributable to noncontrolling interest 2,821 3,228 3,742 3,000 Redemption value adjustment of put option 898 8,760 2,859 17,957 Distribution - - (255 ) - Ending balance $ 34,232 $ 31,583 $ 34,232 $ 31,583
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block]	For the years ended December 31, Amount (In thousands) (unaudited) 2023 (three months) $ 207 2024 18,558 2025 7,026 Total $ 25,791

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 108,750 $ 83,741 $ 311,660 $ 198,063 Land Experiences 67,239 61,042 132,523 105,477 Total tour revenues $ 175,989 $ 144,783 $ 444,183 $ 303,540 Operating income (loss): Lindblad $ 7,501 $ (7,142 ) $ 8,576 $ (60,380 ) Land Experiences 12,975 12,950 15,868 12,629 Total operating income (loss) $ 20,476 $ 5,808 $ 24,444 $ (47,751 ) For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 9,665 $ 10,090 $ 31,155 $ 31,087 Land Experiences 856 749 2,505 2,106 Total depreciation and amortization $ 10,521 $ 10,839 $ 33,660 $ 33,193 (In thousands) As of September 30, 2023 As of December 31, 2022 (unaudited) Total Assets: Lindblad $ 692,119 $ 662,683 Land Experiences 159,486 125,292 Total assets $ 851,605 $ 787,975 Intangibles, net: Lindblad $ 1,614 $ 1,680 Land Experiences 8,250 9,539 Total intangibles, net $ 9,864 $ 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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		0.8	0.8	0.8
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		1.4	1.3
Series A Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	7.8	7.4	7.8	7.4
Series A Redeemable Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001		$ 0.0001

Note 2 - Earnings Per Share - S

Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.	$ 5,638	$ (8,726)	$ (18,205)	$ (79,203)
Series A redeemable convertible preferred stock dividend	1,098	1,036	3,255	3,618
Undistributed income (loss) available to stockholders	$ 4,540	$ (9,762)	$ (21,460)	$ (82,821)
Total weighted average shares outstanding, basic (in shares)	53,309,336	53,045,329	53,227,642	51,665,912
Dilutive potential common shares (in shares)	91,365	0	0	0
Dilutive potential options (in shares)	1,098	0	0	0
Total weighted average shares outstanding, diluted (in shares)	53,401,799	53,045,329	53,227,642	51,665,912
Basic (in dollars per share)	$ 0.08	$ (0.18)	$ (0.4)	$ (1.6)
Diluted (in dollars per share)	$ 0.08	$ (0.18)	$ (0.4)	$ (1.6)

Note 3 - Revenues (Details Text

Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Liability, Current	$ 250,568	$ 245,101

Note 3 - Revenues - Change in C

Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance as of December 31, 2022	$ 178,198
Recognized in tour revenues during the period	(427,958)
Additional contract liabilities in period	365,392
Balance	$ 115,632

Note 3 - Revenues - Disaggregat

Note 3 - Revenues - Disaggregation of Revenues by Type (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Tour revenues	100%	100%	100%	100%
Guest Ticket [Member]
Tour revenues	91%	91%	91%	90%
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member]
Tour revenues	58%	56%	53%	51%
Guest Ticket [Member] | Sales Channel, National Geographic [Member]
Tour revenues	11%	12%	12%	15%
Guest Ticket [Member] | Sales Channel, Agencies [Member]
Tour revenues	19%	19%	19%	19%
Guest Ticket [Member] | Sales Channel, Affinity [Member]
Tour revenues	3%	4%	7%	5%
Other Tour [Member]
Tour revenues	9%	9%	9%	10%

Note 4 - Financial Statement _3

Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 168,015	$ 87,177	$ 116,446
Restricted cash	36,802	28,847	29,524
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows	$ 204,817	$ 116,024	$ 145,970	$ 172,693

Note 4 - Financial Statement _4

Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Total restricted cash and marketable securities	$ 36,802	$ 28,847	$ 29,524
Credit Card Processor Reserves [Member]
Total restricted cash and marketable securities	20,850	20,400
Federal Maritime Commission Escrow [Member]
Total restricted cash and marketable securities	14,270	6,882
Certificates of Deposit and Other Restricted Securities [Member]
Total restricted cash and marketable securities	$ 1,682	$ 1,565

Note 4 - Financial Statement _5

Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid tour expenses	$ 23,580	$ 20,605
Other	21,142	21,173
Total prepaid expenses and other current assets	$ 44,722	$ 41,778

Note 4 - Financial Statement _6

Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued other expense	$ 50,783	$ 54,418
Accounts payable	15,918	16,601
Total accounts payable and accrued expenses	$ 66,701	$ 71,019

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) $ in Thousands, € in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2019 USD ($)

Sep. 30, 2023 EUR (€)

May 02, 2023 USD ($)

Feb. 04, 2022 USD ($)

Apr. 30, 2019 USD ($)

Jan. 31, 2018 USD ($)

Amortization of Debt Issuance Costs

$ 900

$ 700

$ 2,400

$ 2,100

Deferred Debt Issuance Cost, Writeoff

$ 3,900

$ 9,000

3,860

$ 9,004

Senior Secured Notes [Member]

Debt Instrument, Face Amount

$ 360,000

Debt Instrument, Interest Rate, Stated Percentage

6.75%

Credit Agreement [Member] | Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 45,000

Long-Term Line of Credit

$ 0

$ 0

Credit Agreement [Member] | Letter of Credit [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 5,000

The 9.00% Note [Member]

Debt Instrument, Face Amount

$ 275,000

Debt Instrument, Interest Rate, Stated Percentage

9%

Loan Maturing September 2023 [Member] | Off the Beaten Path, LLC (OBP) [Member]

Debt Instrument, Face Amount

300

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

$ 800

State Assistance Loan [Member] | DuVine [Member]

Debt Instrument, Face Amount | €

€ 0.1

Debt Instrument, Interest Rate, Stated Percentage

0.53%

0.53%

0.53%

First Export Credit Agreement [Member]

Percentage of Purchase Price, Financing Maximum

80%

Debt Agreement, Maximum Borrowing Capacity

$ 107,700

Second Export Credit Agreement [Member]

Percentage of Purchase Price, Financing Maximum

80%

Debt Agreement, Maximum Borrowing Capacity

$ 122,800

Proceeds from Issuance of Debt

$ 61,700

$ 30,600

$ 30,500

Note 5 - Long-term Debt - Long-

Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Principal	$ 635,089	$ 565,793
Deferred Financing Costs, Net	(14,155)	(13,004)
Balance	620,934	552,789
Principal, Current	(46)	(23,337)
Deferred Financing Costs, Net, Current	0	0
Balance, Current	(46)	(23,337)
Principal, Non-current	635,043	542,456
Deferred Financing Costs, Net, Non-current	(14,155)	(13,004)
Balance, Non-current	620,888	529,452
Senior Secured Notes [Member]
Principal	360,000	360,000
Deferred Financing Costs, Net	(7,322)	(8,968)
Balance	352,678	351,032
The 9.00% Note [Member]
Principal	275,000	0
Deferred Financing Costs, Net	(6,833)	0
Balance	268,167	0
Other Debt [Member]
Principal	89	955
Deferred Financing Costs, Net	0	0
Balance	89	955
First Senior Secured Credit Agreement [Member]
Principal	0	94,794
Deferred Financing Costs, Net	0	(1,829)
Balance	0	92,965
Second Senior Secured Credit Agreement [Member]
Principal	0	110,044
Deferred Financing Costs, Net	0	(2,207)
Balance	$ 0	$ 107,837

Note 6 - Financial Instrument_3

Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Long-Term Debt, Fair Value		$ 613.3
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Interest Expense	$ 1.3
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	Sep. 30, 2023 USD ($)
Foreign Exchange Contract [Member]
Foreign exchange contracts	$ 16,731

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		Sep. 30, 2023	Dec. 31, 2022
Derivatives designated as hedging instruments		$ 0	$ 683
Derivatives designated as hedging instruments		407	572
Interest Rate Cap [Member]
Derivatives designated as hedging instruments	[1]	0	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]	$ 407	$ 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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative instruments not designated as cash flow hedging instruments:		$ (455)	$ 174	$ (637)	$ (668)
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative instruments not designated as cash flow hedging instruments:	[1]	0	1,046	(683)	749
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative instruments not designated as cash flow hedging instruments:	[2]	$ (455)	$ (872)	$ 46	$ (1,417)
[1]Recognized in interest expense, net. The interest rate cap matured during May 2023. For the three and six months ended June 30, 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		9 Months Ended		82 Months Ended
	Aug. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Nov. 30, 2016
Dividends, Preferred Stock		$ 1,098	$ 1,036	$ 3,255	$ 3,618
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		62,000		62,000		62,000	62,000
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares)		7,800,000		7,800,000		7,800,000
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity, Shares Issued (in shares)		62,000		62,000		62,000	62,000
Deferred Offering Costs		$ 2,100		$ 2,100		$ 2,100
Dividends, Preferred Stock		$ 1,100	1,000	$ 3,300	3,600
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		62,000		62,000		62,000
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)	$ 9.5
Common Stock [Member]
Dividends, Preferred Stock			$ 0	$ 0	$ 0
Stock and Warrant Repurchase Plan [Member]
Stock Repurchase Program, Authorized Amount								$ 35,000
Warrants Repurchased During Period (in shares)						6,011,926
Warrants Repurchased During Period, Value						$ 14,700
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 12,000		$ 12,000		$ 12,000
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member]
Stock Repurchased During Period, Shares (in shares)						875,218
Stock Repurchased During Period, Value						$ 8,300

Note 8 - Stock Based Compensa_3

Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-Based Payment Arrangement, Expense	$ 3	$ 1.6	$ 9.2	$ 5.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	1,300,000		1,300,000		1,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 12.36		$ 12.36		$ 15.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	638,115		638,115
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		4,700,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	3,800,000		3,800,000
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)			553,871
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)			$ 9.78
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]	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0		$ 0
Effective Income Tax Rate Reconciliation, Percent	0%	46%	12.30%	0.80%
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
National Geographic [Member]
Royalty Expense	$ 2	$ 1.9	$ 5.9	$ 4.5
Accounts Payable and Other Accrued Liabilities, Current	1.9		1.9		$ 1.8
World Wildlife Fund [Member]
Royalty Expense	$ 0.4	$ 0.4	$ 0.9	$ 1

Note 10- Commitments and Contin

Note 10- Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Balance	$ 30,513	$ 19,595	$ 27,886	$ 10,626
Net income attributable to noncontrolling interest	2,821	3,228	3,742	3,000
Redemption value adjustment of put option	898	8,760	2,859	17,957
Distribution	0	0	(255)	0
Ending balance	$ 34,232	$ 31,583	$ 34,232	$ 31,583

Note 10 - Commitments and Con_4

Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (three months)	$ 207
2024	18,558
2025	7,026
Total	$ 25,791

Note 11 - Segment Information_2

Note 11 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Number of Operating Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 175,989	$ 144,783	$ 444,183	$ 303,540
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 2,300	$ 1,700	$ 6,300	$ 5,300

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Tour revenues	$ 175,989	$ 144,783	$ 444,183	$ 303,540
Operating income (loss)	20,476	5,808	24,444	(47,751)
Depreciation and amortization	10,521	10,839	33,660	33,193
Total Assets	851,605		851,605		$ 787,975
Total intangibles, net	9,864		9,864		11,219
Total goodwill	42,017		42,017		42,017
Lindblad Segment [Member]
Tour revenues	108,750	83,741	311,660	198,063
Operating income (loss)	7,501	(7,142)	8,576	(60,380)
Depreciation and amortization	9,665	10,090	31,155	31,087
Total Assets	692,119		692,119		662,683
Total intangibles, net	1,614		1,614		1,680
Total goodwill	0		0		0
Land-experience [Member]
Tour revenues	67,239	61,042	132,523	105,477
Operating income (loss)	12,975	12,950	15,868	12,629
Depreciation and amortization	856	$ 749	2,505	$ 2,106
Total Assets	159,486		159,486		125,292
Total intangibles, net	8,250		8,250		9,539
Total goodwill	$ 42,017		$ 42,017		$ 42,017