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 |