Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 26, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001512499 | ||
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | ||
Amendment Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K/A | ||
Amendment Description | Amendment No. 1 | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-35898 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-4749725 | ||
Entity Address, Address Line One | 96 Morton Street, 9th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10014 | ||
City Area Code | 212 | ||
Local Phone Number | 261-9000 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | LIND | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 402,200,000 | ||
Entity Common Stock, Shares Outstanding | 53,429,359 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Hartford, Connecticut |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 156,845 | $ 87,177 |
Restricted cash | 30,499 | 28,847 |
Short-term securities | 0 | 13,591 |
Prepaid expenses and other current assets | 57,158 | 53,704 |
Total current assets | 244,502 | 183,319 |
Property and equipment, net | 526,002 | 539,406 |
Goodwill | 42,017 | 42,017 |
Intangibles, net | 9,412 | 11,219 |
Other long-term assets | 9,364 | 12,014 |
Total assets | 831,297 | 787,975 |
Current Liabilities: | ||
Unearned passenger revenues | 252,199 | 245,101 |
Accounts payable and accrued expenses | 65,055 | 71,019 |
Long-term debt - current | 47 | 23,337 |
Lease liabilities - current | 1,923 | 1,663 |
Total current liabilities | 319,224 | 341,120 |
Long-term debt, less current portion | 621,778 | 529,452 |
Deferred tax liabilities | 2,118 | 0 |
Other long-term liabilities | 1,943 | 3,049 |
Total liabilities | 945,063 | 873,621 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 37,784 | 27,886 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 111,298 | 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 December 31, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 53,390,082 and 53,177,437 issued, 53,332,150 and 53,110,132 outstanding as of December 31, 2023 and December 31, 2022, respectively | 5 | 5 |
Additional paid-in capital | 97,139 | 83,850 |
Accumulated deficit | (322,208) | (266,530) |
Total stockholders' deficit | (225,064) | (182,675) |
Total liabilities, mezzanine equity and stockholders' deficit | 831,297 | 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 December 31, 2023 and December 31, 2022, respectively | $ 73,514 | $ 69,143 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 62,000 | 62,000 |
Preferred stock, shares outstanding (in shares) | 62,000 | 62,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 53,390,082 | 53,177,437 |
Common stock, shares outstanding (in shares) | 53,332,150 | 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tour revenues | $ 569,543 | $ 421,500 | $ 147,107 |
Operating expenses: | |||
Cost of tours | 322,376 | 283,217 | 124,484 |
General and administrative | 118,431 | 96,291 | 65,445 |
Selling and marketing | 71,426 | 60,996 | 28,484 |
Depreciation and amortization | 46,711 | 44,042 | 39,525 |
Total operating expenses | 558,944 | 484,546 | 257,938 |
Operating income (loss) | 10,599 | (63,046) | (110,831) |
Other (expense) income: | |||
Interest expense, net | (45,014) | (37,495) | (24,578) |
Gain (loss) on foreign currency | 751 | (1,236) | (1,265) |
Other (expense) income | (4,066) | (307) | 15,487 |
Total other expense | (48,329) | (39,038) | (10,356) |
(Loss) income before income taxes | (37,730) | (102,084) | (121,187) |
Income tax expense (benefit) | 3,146 | 6,076 | (2,019) |
Net loss | (40,876) | (108,160) | (119,168) |
Net income attributable to noncontrolling interest | 4,734 | 3,221 | 38 |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | (45,610) | (111,381) | (119,206) |
Series A redeemable convertible preferred stock dividend | 4,373 | 4,671 | 5,289 |
Non-cash deemed dividend | 0 | 0 | 170 |
Net loss available to stockholders | $ (49,983) | $ (116,052) | $ (124,665) |
Weighted average shares outstanding | |||
Basic (in shares) | 53,256,513 | 52,018,987 | 50,109,426 |
Diluted (in shares) | 53,256,513 | 52,018,987 | 50,109,426 |
Undistributed loss per share available to stockholders: | |||
Basic (in dollars per share) | $ (0.94) | $ (2.23) | $ (2.41) |
Diluted (in dollars per share) | $ (0.94) | $ (2.23) | $ (2.41) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (40,876) | $ (108,160) | $ (119,168) |
Other comprehensive income: | |||
Net unrealized loss | 0 | 0 | (1,682) |
Reclassification adjustment, net of tax | 0 | 634 | 2,650 |
Total other comprehensive income | 0 | 634 | 968 |
Total comprehensive loss | (40,876) | (107,526) | (118,200) |
Less: comprehensive income attributive to non-controlling interest | 4,734 | 3,221 | 38 |
Comprehensive loss attributable to stockholders | $ (45,610) | $ (110,747) | $ (118,238) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 49,905,512 | ||||
Balance at Dec. 31, 2020 | $ 5 | $ 48,127 | $ (11,572) | $ (1,602) | $ 34,958 |
Stock-based compensation | $ 0 | 5,429 | 0 | 0 | 5,429 |
Net activity related to equity compensation plans (in shares) | 246,608 | ||||
Net activity related to equity compensation plans | $ 0 | (2,221) | 0 | 0 | (2,221) |
Issuance of stock for acquisition (in shares) | 82,302 | ||||
Issuance of stock for acquisition | $ 0 | 1,770 | 0 | 0 | 1,770 |
Issuance of stock for conversion of preferred stock (in shares) | 566,364 | ||||
Issuance of stock for conversion of preferred stock | $ 0 | 5,380 | 0 | 0 | 5,380 |
Non-cash deemed dividend to preferred share holders | 0 | 0 | (170) | 0 | (170) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 968 | 968 |
Redeemable noncontrolling interest | 0 | 0 | (202) | 0 | (202) |
Series A preferred stock dividend | (5,289) | (5,289) | |||
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (119,206) | 0 | (119,206) |
Balance (in shares) at Dec. 31, 2021 | 50,800,786 | ||||
Balance at Dec. 31, 2021 | $ 5 | 58,485 | (136,439) | (634) | (78,583) |
Stock-based compensation | $ 0 | 6,992 | 0 | 0 | 6,992 |
Net activity related to equity compensation plans (in shares) | 267,090 | ||||
Net activity related to equity compensation plans | $ 0 | (1,056) | 0 | 0 | (1,056) |
Issuance of stock for conversion of preferred stock (in shares) | 2,109,561 | ||||
Issuance of stock for conversion of preferred stock | $ 0 | 19,429 | 0 | 0 | 19,429 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 634 | 634 |
Redeemable noncontrolling interest | 0 | 0 | (14,039) | 0 | (14,039) |
Series A preferred stock dividend | 0 | 0 | (4,671) | 0 | (4,671) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (111,381) | 0 | (111,381) |
Balance (in shares) at Dec. 31, 2022 | 53,177,437 | ||||
Balance at Dec. 31, 2022 | $ 5 | 83,850 | (266,530) | 0 | (182,675) |
Stock-based compensation | $ 0 | 13,886 | 0 | 0 | 13,886 |
Net activity related to equity compensation plans (in shares) | 212,645 | ||||
Net activity related to equity compensation plans | $ 0 | (597) | 0 | 0 | (597) |
Other comprehensive income (loss), net | 0 | ||||
Redeemable noncontrolling interest | 0 | 0 | (5,695) | 0 | (5,695) |
Series A preferred stock dividend | 0 | 0 | (4,373) | 0 | (4,373) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | (45,610) | 0 | (45,610) |
Balance (in shares) at Dec. 31, 2023 | 53,390,082 | ||||
Balance at Dec. 31, 2023 | $ 5 | $ 97,139 | $ (322,208) | $ 0 | $ (225,064) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities | |||
Net loss | $ (40,876) | $ (108,160) | $ (119,168) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 46,711 | 44,042 | 39,525 |
Amortization of deferred financing costs and other, net | 3,368 | 2,669 | 3,203 |
Amortization of right-to-use lease assets | 811 | 608 | 21 |
Stock-based compensation | 13,886 | 6,992 | 5,563 |
Deferred income taxes | 2,719 | 5,481 | (833) |
(Gain) loss on foreign currency | (751) | 1,236 | 1,265 |
Write-off of unamortized issuance costs related to debt refinancing | 3,860 | 9,004 | 0 |
Changes in operating assets and liabilities | |||
Prepaid expenses and other current assets | (3,454) | (19,695) | (11,768) |
Unearned passenger revenues | 7,098 | 32,503 | 83,946 |
Other long-term assets | (1,871) | 2,556 | (684) |
Other long-term liabilities | 0 | 689 | 6,140 |
Accounts payable and accrued expenses | (5,210) | 20,530 | 25,285 |
Operating lease liabilities | (850) | (658) | 0 |
Net cash provided by (used in) operating activities | 25,441 | (2,203) | 32,495 |
Cash Flows From Investing Activities | |||
Purchases of property and equipment | (29,963) | (38,205) | (96,688) |
Sale (purchase) of securities | 15,163 | (15,000) | 0 |
Proceeds from loan principal repayment | 0 | 3,610 | 0 |
Acquisition (net of cash acquired) | 0 | 0 | (18,036) |
Net cash used in investing activities | (14,800) | (49,595) | (114,724) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 275,000 | 360,000 | 61,720 |
Repayments of long-term debt | (205,704) | (352,941) | (5,957) |
Payment of deferred financing costs | (7,489) | (10,874) | (3,135) |
Repurchase under stock-based compensation plans and related tax impacts | (1,128) | (1,056) | (2,221) |
Net cash provided by (used in) financing activities | 60,679 | (4,871) | 50,407 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 71,320 | (56,669) | (31,822) |
Cash, cash equivalents and restricted cash at beginning of period | 116,024 | 172,693 | 204,515 |
Cash, cash equivalents and restricted cash at end of period | 187,344 | 116,024 | 172,693 |
Supplemental disclosures of cash flow information: | |||
Interest | 43,695 | 25,815 | 18,260 |
Income taxes | 711 | 309 | 98 |
Non-cash investing and financing activities: | |||
Non-cash preferred stock dividend | 4,373 | 4,671 | 5,289 |
Value of shares issued for acquisition | 0 | 0 | 1,770 |
Non-cash preferred stock deemed dividend | $ 0 | $ 0 | $ 170 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS Organization Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries’ (the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of ten six The Company operates the following reportable business segments: Lindblad Segment. Land Experiences Segment four Natural Habitat 100 45 seven Off the Beaten Path DuVine Classic Journeys 50 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of the Company after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The presentation of prior period marine operating supply and inventory on the consolidated balance sheets has been combined with prepaid expenses and other current assets to conform to the 2023 no Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as well as revenues and expenses and related disclosures. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, future travel certificate breakage, annual goodwill impairment assessment, and the recovery of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary. Revenue Recognition Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2023 2022 2021 Guest ticket revenue: Direct 53 % 50 % 56 % National Geographic 12 % 14 % 14 % Agencies 19 % 20 % 18 % Affinity 6 % 5 % 5 % Guest ticket revenue 90 % 89 % 93 % Other tour revenue 10 % 11 % 7 % Tour revenues 100 % 100 % 100 % Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. The Company does not no received is being recognized as a discount to tour revenues at the time the related expedition occurs and includes an estimate of breakage based on historical behavior of the customer and/or time to expiration of the certificate. As of December 31, 2023 2022 The change in contract liabilities within unearned passenger revenues are as follows: Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (548,052 ) Additional contract liabilities in period 463,760 Balance as of December 31, 2023 $ 93,906 Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. General and Administrative Expense General and administrative expenses primarily represent the costs of the Company’s shore-side vessel support, credit card commissions, reservations and other administrative functions, and includes salaries and related benefits, professional fees and occupancy costs. Selling and Marketing Expense Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $33.2 million, $31.6 million and $19.1 million for the years ended December 31, 2023, 2022 2021, December 31, 2023, 2022 2021 Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six As of December 31, 2023 2022 2021 (In thousands) Cash and cash equivalents $ 156,845 $ 87,177 $ 150,753 Restricted cash 30,499 28,847 21,940 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 187,344 $ 116,024 $ 172,693 Concentration of Credit Risk The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may December 31, 2023 2022, Restricted Cash and Marketable Securities The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2023 2022 (In thousands) Credit card processor reserves $ 20,250 $ 20,400 Federal Maritime Commission and other escrow 8,958 6,882 Certificates of deposit and other restricted securities 1,291 1,565 Total restricted cash $ 30,499 $ 28,847 The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. Prepaid Expenses and Other Current Assets The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. Marine operating supplies and first first As of December 31, 2023 2022 (In thousands) Prepaid tour expenses $ 26,123 $ 20,605 Marine operating supplies 5,438 9,961 Other 25,597 21,173 Total prepaid expenses and other current assets $ 57,158 $ 53,704 Property and Equipment, net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 - 10 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life The ship-based tour and expedition industry is very capital intensive. As of December 31, 2023, Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six Goodwill The Company tests for impairment annually as of September 30, not September 30, 2023 no 5—Goodwill Intangible Assets, net Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 96 National Geographic Islander II 48 2042, Upon the occurrence of a triggering event, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. A significant amount of judgment is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of and for the year ended December 31, 2023 2022, no Long-Lived Asset Impairment Assessment The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not December 31, 2023 2022, no Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2023 2022 (In thousands) Accrued other expense $ 48,901 $ 54,418 Accounts payable 16,154 16,601 Total accounts payable and accrued expenses $ 65,055 $ 71,019 Leases The Company leases office and warehousing space with lease terms ranging from one ten three six At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. The Company's right-of-use lease assets are recorded in other long-term assets and the Company's long-term lease liabilities are recorded in other long-term liabilities. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted primarily of office space operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not 12 Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. Derivative Instruments and Hedging Activities Currency Risk not By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing derivative assessments. The Company’s derivative assets and liabilities consist principally of currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and/or other liabilities. The accounting for changes in value of the derivative depends on whether or not not The Company applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes are “more-likely-than- not” The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five Other Long-Term Assets Other long-term assets include the Company’s right-to-use lease assets, deferred tax assets and long-term prepaid value-added taxes, which include those related to the importation of the National Geographic Islander II National Geographic Endeavour II Deferred Financing Costs Deferred financing costs relate to the issuance costs of debt liabilities and are a direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. Stock-Based Compensation Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses. Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not six six not 11—Stockholders’ Recent Accounting Pronouncements During November 2023, 2023 07 Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023 December 15, 2024. January 1, 2024 January 1, 2025 During December 2023, 2023 09 Income Taxes (Topic 740 Improvements to Income Tax Disclosures 2023 09 December 15, 2024. January 1, 2025 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 EARNINGS PER SHARE Earnings per common share is computed using the two two For the years ended December 31, 2023, 2022 2021, December 31, 2023, 8.0 December 31, 2022, 0.7 1.5 7.4 December 31, 2021, 0.8 1.5 For the years ended December 31, 2023, 2022 2021, For the years ended December 31, 2023 2022 2021 (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (45,610 ) $ (111,381 ) $ (119,206 ) Series A redeemable convertible preferred stock dividend 4,373 4,671 5,289 Non-cash deemed dividend to preferred share holders - - 170 Undistributed loss available to stockholders $ (49,983 ) $ (116,052 ) $ (124,665 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,256,513 52,018,987 50,109,426 Total weighted average shares outstanding, diluted 53,256,513 52,018,987 50,109,426 Undistributed loss per share available to stockholders: Basic $ (0.94 ) $ (2.23 ) $ (2.41 ) Diluted $ (0.94 ) $ (2.23 ) $ (2.41 ) |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PROPERTY AND EQUIPMENT, NET Property and equipment, net are as follows: As of December 31, 2023 2022 (In thousands) Vessels and improvements $ 776,622 $ 759,981 Furniture and equipment 42,055 28,732 Leasehold improvements 1,424 1,426 Total property and equipment, gross 820,101 790,139 Less: Accumulated depreciation (294,099 ) (250,733 ) Property and equipment, net $ 526,002 $ 539,406 Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2023, 2022 2021 41.0 For the year ended December 31, 2023, December 31, 2022, National Geographic Islander II third 2022, National Geographic Islander |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 GOODWILL AND INTANGIBLE ASSETS The Company's goodwill relates to the acquisition of its Land Experiences Segment subsidiaries, see Note 9—Acquisitions. (In thousands) Land Experiences Segment Balance as of December 31, 2020 $ 22,105 Acquisitions 19,912 Balance as of December 31, 2021 42,017 Activity - Balance as of December 31, 2022 42,017 Activity - Balance as of December 31, 2023 $ 42,017 The Company’s intangible assets consist of finite lived assets related to the acquisition of its Land Experiences Segment subsidiaries and the value of its cupos operating rights. Total amortization expense for the years ended December 31, 2023, 2022 2021, 2.0 The carrying amounts and accumulated amortization of intangibles, net are as follows: As of December 31, 2023 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (2,222 ) $ 4,847 10.3 $ 7,069 $ (1,751 ) $ 5,318 Customer Lists 6,182 (3,209 ) 2,973 2.4 6,182 (1,961 ) 4,221 Operating rights 6,529 (4,937 ) 1,592 18.2 6,529 (4,849 ) 1,680 Total intangibles, net $ 19,780 $ (10,368 ) $ 9,412 9.1 $ 19,780 $ (8,561 ) $ 11,219 Future expected amortization expense related to these intangibles are as follows: Year Amount (In thousands) 2024 $ 1,795 2025 1,795 2026 1,059 2027 559 2028 559 Thereafter 3,645 $ 9,412 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 LONG-TERM DEBT 6.75% Notes On February 4, 2022, 2027 “6.75% 6.75% 6.75% February 4, 2022, 6.75% February 15 August 15 6.75% February 15, 2027, 6.75% 6.75% first 6.75% may Revolving Credit Facility On February 4, 2022, February 2027, first December 31, 2023, no 9.00% Notes On May 2, 2023, 2028 “9.00% 9.00% 9.00% May 15 November 15 9.00% May 15, 2028, 9.00% first 9.00% may Covenants The 6.75% 9.00% 6.75% 9.00% December 31, 2023, Other 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, 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. Long-Term Debt Outstanding As of December 31, 2023 2022, As of December 31, 2023 2022 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (6,771 ) $ 353,229 $ 360,000 $ (8,968 ) $ 351,032 9.00% Notes 275,000 (6,481 ) 268,519 - - - Other 77 - 77 955 - 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 635,077 (13,252 ) 621,825 565,793 (13,004 ) 552,789 Less current portion (47 ) - (47 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 635,030 $ (13,252 ) $ 621,778 $ 542,456 $ (13,004 ) $ 529,452 Future minimum principal payments of long-term debt are as follows: Year Amount (In thousands) 2024 $ 47 2025 30 2026 - 2027 360,000 2028 275,000 Thereafter - $ 635,077 For the years ended December 31, 2023, 2022 2021, December 31, 2023, 2022 2021, During the year ended December 31, 2023, 9.00% During the year ended December 31, 2022, Letters of Credit As of December 31, 2023 2022, November 2024. 9—Commitments |
Note 7 - Financial Instruments
Note 7 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 7 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS In 2018, February 2022. December 31, 2022 2021. December 31, 2022 2021, The Company held interest rate cap derivative instruments with absolute notional values of $20.3 million as of December 31, 2023. Estimated fair values (Level 2 As of December 31, 2023 2022 (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) - 39 - 572 Total $ - $ 39 $ 683 $ 572 __________ (a) Recorded in prepaid expenses and other current assets. This interest rate cap matured in May 2023. (b) Recorded in accounts payable and accrued expenses and prepaid expenses and other current assets, respectively. The effects of derivatives recognized in the Company’s consolidated financial statements were as follows: For the years ended December 31, (In thousands) 2023 2022 2021 Derivative instruments designated as cash flow hedging instruments: Interest rate cap (a) $ - $ - $ (363 ) Foreign exchange forward (b) - - (605 ) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ (683 ) 40 - Foreign exchange forward (c) 751 (1,236 ) 288 Total $ 68 $ (1,196 ) $ (680 ) __________ (a) For the year ended December 31, 2022, December 31, 2021 (b) For the year ended December 31, 2021, (c) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged and recognized in gain (loss) on foreign currency. As of December 31, 2022, In connection with the acquisition of Classic Journeys during the year ended December 31, 2021, 3 December 31, 2023, Based on the terms of the agreements and comparable market data, the Company estimates the fair value of its long-term debt to be $644.5 million as of December 31, 2023. The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses and unearned passenger revenue approximate fair value, due to the short-term nature of these instruments. As of December 31, 2023 2022, and contingent acquisition consideration, the Company had no |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 INCOME TAXES The Company (a “C” Corporation) provides for income taxes based on the Federal and state statutory rates on taxable income. U.S. and foreign components of income before incomes taxes are presented below: For the years ended December 31, (In thousands) 2023 2022 2021 Domestic $ (11,630 ) $ (21,403 ) $ (24,875 ) Foreign (26,100 ) (80,681 ) (96,312 ) Total $ (37,730 ) $ (102,084 ) $ (121,187 ) The income tax provisions are comprised of the following: For the years ended December 31, (In thousands) 2023 2022 2021 Current Federal $ - $ - $ - State 218 244 (7 ) Foreign - Other 209 392 45 Total current 427 636 38 Deferred Federal 1,492 5,709 (1,894 ) State 625 218 928 Foreign - Other 602 (487 ) (1,091 ) Total deferred 2,719 5,440 (2,057 ) Income tax expense (benefit) $ 3,146 $ 6,076 $ (2,019 ) A reconciliation of the U.S. federal statutory income tax (benefit) expense to the Company’s effective income tax provision is as follows: For the years ended December 31, 2023 2022 2021 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (2.1 %) (0.3 %) (0.8 %) Foreign tax rate differential (17.1 %) (16.6 %) (15.2 %) Executive compensation (5.0 %) 0.0 % 0.0 % Valuation allowance (5.9 %) (9.4 %) (4.1 %) Other 0.8 % (0.7 %) 0.8 % Total effective income tax rate (8.3 %) (6.0 %) 1.7 % The Company, through its subsidiaries and affiliated entities in the U.S., the Cayman Islands and Ecuador are subject to US Federal, US state and Ecuadorian Federal income taxes. The Cayman Islands do not Deferred tax (liabilities) assets, net, are comprised of the following: As of December 31, (In thousands) 2023 2022 Deferred tax assets: Net operating loss carryforward $ 26,086 $ 27,896 Disallowed interest carryforward 15,286 12,893 Stock-based compensation 383 351 Other 1,637 1,874 Valuation allowance (24,726 ) (21,521 ) Total net deferred assets 18,666 21,493 Deferred tax liabilities: Property and equipment (18,542 ) (18,942 ) Other (676 ) (384 ) Total net deferred liabilities (19,218 ) (19,326 ) Deferred tax (liabilities) assets $ (552 ) $ 2,167 Deferred tax assets and liabilities are recorded on the consolidated balance sheet based on tax jurisdictions. For the years ended December 31, 2023 2022, December 31, 2023, The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not The Company has deferred tax assets related to U.S. federal loss carryforwards of $98.8 million as of December 31, 2023, 2036. may As a result of the transition to the territorial tax regime effectuated by the Tax Cuts and Jobs Act enacted in 2017, no no no No no The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. The Company establishes liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may As of December 31, 2023 2021, no December 31, 2022, December 31, 2023, 2022 2021, The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest Contingent Arrangements The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The agreements were established to provide formal exit opportunities for the minority interest holders and a path to 100% not not Mr. Bressler, founder of Natural Habitat, retains a 19.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement, amended May 2020 December 2022. first 30 not 50% December 31, 2023, second January 31, 2026, not December 31, 2025. not March 31, 2029, Mr. Lawrence, President of Off the Beaten Path, through a combination of his original minority interest and the profit interest units he received, retains a 19.9% noncontrolling interest in Off the Beaten Path, which is subject to a put/call arrangement. Mr. Lawrence has a put option, that under certain conditions and subject to providing notice by October 31, 2025, not December 31, 2025. not October 31, 2025, December 31, 2030, Mr. Levine, founder of DuVine, retains a 30% noncontrolling interest in DuVine, which is subject to a put/call arrangement. Mr. Levine has a put option, that under certain conditions and subject to providing notice by January 31, 2026, not December 31, 2025. first December 31, 2025, second not December 31, 2025, December 31, 2030, Mr. and Mrs. Piegza, founders of Classic Journeys, retain a 19.9% noncontrolling interest in Classic Journeys, which is subject to a put/call arrangement. Mr. and Mrs. Piegza have a put option that under certain conditions, and subject to providing notice by November 13, 2026, not not Since the redemption of these noncontrolling interests is not one two The following is a rollforward of the redeemable noncontrolling interest: For the years ended December 31, (In thousands) 2023 2022 2021 Beginning balance $ 27,886 $ 10,626 $ 7,494 Net income attributable to noncontrolling interest 4,734 3,221 38 Redemption value adjustment of put option 5,695 14,039 202 Distribution (531 ) - - Acquired businesses᾽ noncontrolling interest - - 2,892 Ending balance $ 37,784 $ 27,886 $ 10,626 Lease Commitments The Company leases office space and equipment under long-term leases, which are classified as operating leases. As of December 31, 2023, December 31, 2023 (In thousands) Operating Lease Payments 2024 $ 1,923 2025 1,193 2026 496 2027 393 Present value discount ( 6 (231 ) Total $ 3,774 Lease expense was $2.7 million, $2.3 million and $2.0 million for the years ended December 31, 2023, 2022 2021, Royalty Agreement National Geographic The Company is engaged in a brand license agreement with National Geographic through 2040, December 31, 2023, 2022 2021 Royalty Agreement World Wildlife Fund Natural Habitat has a license agreement with World Wildlife Fund, which allows it to use the WWF name and logo. In return for these rights, Natural Habitat is charged a royalty fee and a fee based on annual gross sales. The fees are included within selling and marketing expense. The annual royalty payment and gross sales fees are paid on a quarterly basis. For the years ended December 31, 2023, 2022 2021, Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions, and with third Future minimum payments on its charter agreements are as follows: For the years ended December 31, Amount (In thousands) 2024 $ 15,767 2025 12,647 Total $ 28,414 Other Commitments The Company participates, with other tour operators, in the Consumer Protection Insurance Plan sponsored by the United States Tour Operators Association (“USTOA”). The USTOA requires a $1.0 Legal Proceedings The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. In the opinion of management, after consulting legal counsel, there are no |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 10 EMPLOYEE BENEFIT PLAN The Company has a 401 2023, 2022 2021, 2023, 2022 2021. December 31, 2023, 2022 2021, |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 11 STOCKHOLDERS EQUITY Company Stock The Company has 1,000,000 shares of preferred stock authorized, $0.0001 par value and 200,000,000 shares of common stock authorized, $0.0001 par value. Preferred Stock On August 31, 2020, December 31, 2023, first two December 31, 2023, second may may, not 150% 20 30 six not December 31, 2023. During the years ended December 31, 2022 2021, 2023. For the years ended December 31, 2023, 2022 2021, December 31, 2023, Stock Repurchase Plan In 2016, no December 31, 2023. December 31, 2023 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 STOCK-BASED COMPENSATION During 2021, 2021 2015 December 31, 2023. Restricted Stock and Restricted Stock Units Restricted stock is shares of stock granted to an employee, non-employee director or other service providers for which sale is prohibited for a specified period of time. Restricted stock typically vests ratably over a one three three not Market Stock Units MSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. The MSUs are market-based equity incentive awards based on a performance-multiplier of change in the stock price of the Company’s common stock between the grant date and a determined closing price. Each MSU represents the right to receive one may may The Company assessed the applicable metrics related to the MSU grants, estimating the fair value of employee MSU awards and the amount of stock compensation expense using the Monte-Carlo pricing model. Performance Stock Units PSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. PSUs generally vest three not The PSUs granted may three may Long-Term Incentive Compensation See the following table for a summary of PSU, restricted stock, RSU and MSU activity. Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, December 31, 2022 22,620 5.41 540,723 14.17 131,976 13.66 Granted 96,757 9.56 573,668 9.70 25,517 9.56 Vested and released - - (256,255 ) 12.25 (76,547 ) 8.51 Forfeited (52,693 ) 7.78 (200,929 ) 14.02 (19,065 ) 15.08 Balance, December 31, 2023 66,684 9.56 657,207 11.06 61,881 17.48 Stock Options Stock options represent a right to buy a number of shares by the employee, non-employee director or other service providers at a future date, for a pre-set price, or exercise price, for a fixed period of time. Stock options generally vest over one four ten 2021 2015 Stock Option Grants 2023 2022 2021 Stock price $ 9.56 $ 12.64 - 14.36 $ 16.38 Exercise price $ 9.56 $ 12.64 - 14.36 $ 16.38 Dividend yield 0.0 % 0.00 % 0.00 % Expected volatility 64.6 % 57.79 % 25.61 % Risk-free interest rate 3.63 % 2.75 - 3.15 % 1.63 % Expected term in years 6.25 6.25 7.50 The following table is a summary of stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options outstanding as of December 31, 2022 1,388,458 15.10 7.9 - Granted 500,000 9.56 Forfeited (1,000,000 ) 16.38 Options outstanding as of December 31, 2023 888,458 10.55 7.7 - As of December 31, 2023 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 888,458 $ 10.55 7.7 $ - Options exercisable 238,115 10.43 3.9 - During the year ended 2022, December 31, 2021, December 31, 2023. Stock-based Compensation Expense Stock-based compensation expense for the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 December 31, 2023, $16.6 Mr. Bressler has an equity incentive opportunity to earn an award of options based on the financial performance of Natural Habitat, where if the final year equity value of Natural Habitat, as defined in Mr. Bressler's employment agreement, as amended, exceeds $25.0 million, effective as of December 31, 2025, one 50% December 31, 2023, 30 December 31, 2023, In 2021, 2021 |
Note 13 - Segment Information
Note 13 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13 SEGMENT INFORMATION The Company’s chief operating decision maker, or CODM, assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company is primarily an experiential travel operator with operations in two segments, Lindblad and Land Experiences. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company evaluates the performance of the business based largely on the results of its operating segments. The CODM and management review operating results monthly, and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and also contain information regarding the separate results of both reportable segments. The Company evaluates the performance of its business segments based largely on tour revenues and operating income, without allocating other income and expenses, net, income taxes and interest expense, net. For the years ended December 31, 2023, 2022 2021, For the years ended December 31, 2023 2022 2021 (In thousands) Tour revenues: Lindblad $ 397,410 $ 278,449 $ 82,842 Land Experiences 172,133 143,051 64,265 Total tour revenues $ 569,543 $ 421,500 $ 147,107 Operating income (loss): Lindblad $ (8,692 ) $ (77,871 ) $ (111,477 ) Land Experiences 19,291 14,825 646 Total operating income (loss) $ 10,599 $ (63,046 ) $ (110,831 ) Intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation and in the presentation above for the years ended December 31, 2023, 2022 2021 Depreciation and amortization expense is included in segment operating income as shown below: For the years ended December 31, 2023 2022 2021 (In thousands) Depreciation and amortization: Lindblad $ 43,351 $ 41,275 $ 37,516 Land Experiences 3,360 2,767 2,009 Total depreciation and amortization $ 46,711 $ 44,042 $ 39,525 The following table presents the Company’s total assets, intangibles, net and goodwill by segment: As of December 31, 2023 2022 Total Assets: Lindblad $ 675,432 $ 662,683 Land Experiences 155,865 125,292 Total assets $ 831,297 $ 787,975 Intangibles, net: Lindblad $ 1,592 $ 1,680 Land Experiences 7,820 9,539 Total intangibles, net $ 9,412 $ 11,219 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The presentation of prior period marine operating supply and inventory on the consolidated balance sheets has been combined with prepaid expenses and other current assets to conform to the 2023 no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as well as revenues and expenses and related disclosures. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, future travel certificate breakage, annual goodwill impairment assessment, and the recovery of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary. |
Revenue [Policy Text Block] | Revenue Recognition Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2023 2022 2021 Guest ticket revenue: Direct 53 % 50 % 56 % National Geographic 12 % 14 % 14 % Agencies 19 % 20 % 18 % Affinity 6 % 5 % 5 % Guest ticket revenue 90 % 89 % 93 % Other tour revenue 10 % 11 % 7 % Tour revenues 100 % 100 % 100 % |
Customer Deposits and Contract Liabilities, Policy [Policy Text Block] | Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. The Company does not no received is being recognized as a discount to tour revenues at the time the related expedition occurs and includes an estimate of breakage based on historical behavior of the customer and/or time to expiration of the certificate. As of December 31, 2023 2022 The change in contract liabilities within unearned passenger revenues are as follows: Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (548,052 ) Additional contract liabilities in period 463,760 Balance as of December 31, 2023 $ 93,906 |
Cost of Revenue, Policy [Policy Text Block] | Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expense General and administrative expenses primarily represent the costs of the Company’s shore-side vessel support, credit card commissions, reservations and other administrative functions, and includes salaries and related benefits, professional fees and occupancy costs. Selling and Marketing Expense Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $33.2 million, $31.6 million and $19.1 million for the years ended December 31, 2023, 2022 2021, December 31, 2023, 2022 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six As of December 31, 2023 2022 2021 (In thousands) Cash and cash equivalents $ 156,845 $ 87,177 $ 150,753 Restricted cash 30,499 28,847 21,940 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 187,344 $ 116,024 $ 172,693 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may December 31, 2023 2022, |
Restricted Cash and Marketable Securities [Policy Text Block] | Restricted Cash and Marketable Securities The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2023 2022 (In thousands) Credit card processor reserves $ 20,250 $ 20,400 Federal Maritime Commission and other escrow 8,958 6,882 Certificates of deposit and other restricted securities 1,291 1,565 Total restricted cash $ 30,499 $ 28,847 The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. Marine operating supplies and first first As of December 31, 2023 2022 (In thousands) Prepaid tour expenses $ 26,123 $ 20,605 Marine operating supplies 5,438 9,961 Other 25,597 21,173 Total prepaid expenses and other current assets $ 57,158 $ 53,704 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 - 10 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life The ship-based tour and expedition industry is very capital intensive. As of December 31, 2023, Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company tests for impairment annually as of September 30, not September 30, 2023 no 5—Goodwill |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets, net Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 96 National Geographic Islander II 48 2042, Upon the occurrence of a triggering event, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. A significant amount of judgment is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of and for the year ended December 31, 2023 2022, no |
Long-Lived Assets [Policy Text Block] | Long-Lived Asset Impairment Assessment The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not December 31, 2023 2022, no |
Accounts Payable and Accrued Expenses, Policy [Policy Text Bock] | Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2023 2022 (In thousands) Accrued other expense $ 48,901 $ 54,418 Accounts payable 16,154 16,601 Total accounts payable and accrued expenses $ 65,055 $ 71,019 |
Lessee, Leases [Policy Text Block] | Leases The Company leases office and warehousing space with lease terms ranging from one ten three six At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. The Company's right-of-use lease assets are recorded in other long-term assets and the Company's long-term lease liabilities are recorded in other long-term liabilities. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted primarily of office space operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not 12 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities Currency Risk not By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing derivative assessments. The Company’s derivative assets and liabilities consist principally of currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and/or other liabilities. The accounting for changes in value of the derivative depends on whether or not not The Company applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes are “more-likely-than- not” The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five |
Other Long-term Assets [Policy Text Block] | Other Long-Term Assets Other long-term assets include the Company’s right-to-use lease assets, deferred tax assets and long-term prepaid value-added taxes, which include those related to the importation of the National Geographic Islander II National Geographic Endeavour II |
Debt, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs relate to the issuance costs of debt liabilities and are a direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses. |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not six six not 11—Stockholders’ |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements During November 2023, 2023 07 Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023 December 15, 2024. January 1, 2024 January 1, 2025 During December 2023, 2023 09 Income Taxes (Topic 740 Improvements to Income Tax Disclosures 2023 09 December 15, 2024. January 1, 2025 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the years ended December 31, 2023 2022 2021 Guest ticket revenue: Direct 53 % 50 % 56 % National Geographic 12 % 14 % 14 % Agencies 19 % 20 % 18 % Affinity 6 % 5 % 5 % Guest ticket revenue 90 % 89 % 93 % Other tour revenue 10 % 11 % 7 % Tour revenues 100 % 100 % 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of December 31, 2022 $ 178,198 Recognized in tour revenues during the period (548,052 ) Additional contract liabilities in period 463,760 Balance as of December 31, 2023 $ 93,906 |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | As of December 31, 2023 2022 2021 (In thousands) Cash and cash equivalents $ 156,845 $ 87,177 $ 150,753 Restricted cash 30,499 28,847 21,940 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 187,344 $ 116,024 $ 172,693 |
Restricted Cash and Marketable Securities [Table Text Block] | As of December 31, 2023 2022 (In thousands) Credit card processor reserves $ 20,250 $ 20,400 Federal Maritime Commission and other escrow 8,958 6,882 Certificates of deposit and other restricted securities 1,291 1,565 Total restricted cash $ 30,499 $ 28,847 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of December 31, 2023 2022 (In thousands) Prepaid tour expenses $ 26,123 $ 20,605 Marine operating supplies 5,438 9,961 Other 25,597 21,173 Total prepaid expenses and other current assets $ 57,158 $ 53,704 |
Schedule Of Estimated Useful Lives [Table Text Block] | Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 - 10 Leasehold improvements, including expedition sites and port facilities Shorter of lease term or related asset life |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of December 31, 2023 2022 (In thousands) Accrued other expense $ 48,901 $ 54,418 Accounts payable 16,154 16,601 Total accounts payable and accrued expenses $ 65,055 $ 71,019 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, 2023 2022 2021 (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (45,610 ) $ (111,381 ) $ (119,206 ) Series A redeemable convertible preferred stock dividend 4,373 4,671 5,289 Non-cash deemed dividend to preferred share holders - - 170 Undistributed loss available to stockholders $ (49,983 ) $ (116,052 ) $ (124,665 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,256,513 52,018,987 50,109,426 Total weighted average shares outstanding, diluted 53,256,513 52,018,987 50,109,426 Undistributed loss per share available to stockholders: Basic $ (0.94 ) $ (2.23 ) $ (2.41 ) Diluted $ (0.94 ) $ (2.23 ) $ (2.41 ) |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2023 2022 (In thousands) Vessels and improvements $ 776,622 $ 759,981 Furniture and equipment 42,055 28,732 Leasehold improvements 1,424 1,426 Total property and equipment, gross 820,101 790,139 Less: Accumulated depreciation (294,099 ) (250,733 ) Property and equipment, net $ 526,002 $ 539,406 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Land Experiences Segment Balance as of December 31, 2020 $ 22,105 Acquisitions 19,912 Balance as of December 31, 2021 42,017 Activity - Balance as of December 31, 2022 42,017 Activity - Balance as of December 31, 2023 $ 42,017 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2023 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (2,222 ) $ 4,847 10.3 $ 7,069 $ (1,751 ) $ 5,318 Customer Lists 6,182 (3,209 ) 2,973 2.4 6,182 (1,961 ) 4,221 Operating rights 6,529 (4,937 ) 1,592 18.2 6,529 (4,849 ) 1,680 Total intangibles, net $ 19,780 $ (10,368 ) $ 9,412 9.1 $ 19,780 $ (8,561 ) $ 11,219 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount (In thousands) 2024 $ 1,795 2025 1,795 2026 1,059 2027 559 2028 559 Thereafter 3,645 $ 9,412 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of December 31, 2023 2022 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (6,771 ) $ 353,229 $ 360,000 $ (8,968 ) $ 351,032 9.00% Notes 275,000 (6,481 ) 268,519 - - - Other 77 - 77 955 - 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 635,077 (13,252 ) 621,825 565,793 (13,004 ) 552,789 Less current portion (47 ) - (47 ) (23,337 ) - (23,337 ) Total long-term debt, non-current $ 635,030 $ (13,252 ) $ 621,778 $ 542,456 $ (13,004 ) $ 529,452 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount (In thousands) 2024 $ 47 2025 30 2026 - 2027 360,000 2028 275,000 Thereafter - $ 635,077 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block] | For the years ended December 31, (In thousands) 2023 2022 2021 Derivative instruments designated as cash flow hedging instruments: Interest rate cap (a) $ - $ - $ (363 ) Foreign exchange forward (b) - - (605 ) Derivative instruments not designated as cash flow hedging instruments: Interest rate cap (a) $ (683 ) 40 - Foreign exchange forward (c) 751 (1,236 ) 288 Total $ 68 $ (1,196 ) $ (680 ) |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2023 2022 (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) - 39 - 572 Total $ - $ 39 $ 683 $ 572 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the years ended December 31, (In thousands) 2023 2022 2021 Domestic $ (11,630 ) $ (21,403 ) $ (24,875 ) Foreign (26,100 ) (80,681 ) (96,312 ) Total $ (37,730 ) $ (102,084 ) $ (121,187 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the years ended December 31, (In thousands) 2023 2022 2021 Current Federal $ - $ - $ - State 218 244 (7 ) Foreign - Other 209 392 45 Total current 427 636 38 Deferred Federal 1,492 5,709 (1,894 ) State 625 218 928 Foreign - Other 602 (487 ) (1,091 ) Total deferred 2,719 5,440 (2,057 ) Income tax expense (benefit) $ 3,146 $ 6,076 $ (2,019 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2023 2022 2021 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (2.1 %) (0.3 %) (0.8 %) Foreign tax rate differential (17.1 %) (16.6 %) (15.2 %) Executive compensation (5.0 %) 0.0 % 0.0 % Valuation allowance (5.9 %) (9.4 %) (4.1 %) Other 0.8 % (0.7 %) 0.8 % Total effective income tax rate (8.3 %) (6.0 %) 1.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (In thousands) 2023 2022 Deferred tax assets: Net operating loss carryforward $ 26,086 $ 27,896 Disallowed interest carryforward 15,286 12,893 Stock-based compensation 383 351 Other 1,637 1,874 Valuation allowance (24,726 ) (21,521 ) Total net deferred assets 18,666 21,493 Deferred tax liabilities: Property and equipment (18,542 ) (18,942 ) Other (676 ) (384 ) Total net deferred liabilities (19,218 ) (19,326 ) Deferred tax (liabilities) assets $ (552 ) $ 2,167 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the years ended December 31, (In thousands) 2023 2022 2021 Beginning balance $ 27,886 $ 10,626 $ 7,494 Net income attributable to noncontrolling interest 4,734 3,221 38 Redemption value adjustment of put option 5,695 14,039 202 Distribution (531 ) - - Acquired businesses᾽ noncontrolling interest - - 2,892 Ending balance $ 37,784 $ 27,886 $ 10,626 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (In thousands) Operating Lease Payments 2024 $ 1,923 2025 1,193 2026 496 2027 393 Present value discount ( 6 (231 ) Total $ 3,774 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2024 $ 15,767 2025 12,647 Total $ 28,414 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, December 31, 2022 22,620 5.41 540,723 14.17 131,976 13.66 Granted 96,757 9.56 573,668 9.70 25,517 9.56 Vested and released - - (256,255 ) 12.25 (76,547 ) 8.51 Forfeited (52,693 ) 7.78 (200,929 ) 14.02 (19,065 ) 15.08 Balance, December 31, 2023 66,684 9.56 657,207 11.06 61,881 17.48 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Grants 2023 2022 2021 Stock price $ 9.56 $ 12.64 - 14.36 $ 16.38 Exercise price $ 9.56 $ 12.64 - 14.36 $ 16.38 Dividend yield 0.0 % 0.00 % 0.00 % Expected volatility 64.6 % 57.79 % 25.61 % Risk-free interest rate 3.63 % 2.75 - 3.15 % 1.63 % Expected term in years 6.25 6.25 7.50 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options outstanding as of December 31, 2022 1,388,458 15.10 7.9 - Granted 500,000 9.56 Forfeited (1,000,000 ) 16.38 Options outstanding as of December 31, 2023 888,458 10.55 7.7 - As of December 31, 2023 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 888,458 $ 10.55 7.7 $ - Options exercisable 238,115 10.43 3.9 - |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the years ended December 31, 2023 2022 2021 (In thousands) Tour revenues: Lindblad $ 397,410 $ 278,449 $ 82,842 Land Experiences 172,133 143,051 64,265 Total tour revenues $ 569,543 $ 421,500 $ 147,107 Operating income (loss): Lindblad $ (8,692 ) $ (77,871 ) $ (111,477 ) Land Experiences 19,291 14,825 646 Total operating income (loss) $ 10,599 $ (63,046 ) $ (110,831 ) For the years ended December 31, 2023 2022 2021 (In thousands) Depreciation and amortization: Lindblad $ 43,351 $ 41,275 $ 37,516 Land Experiences 3,360 2,767 2,009 Total depreciation and amortization $ 46,711 $ 44,042 $ 39,525 As of December 31, 2023 2022 Total Assets: Lindblad $ 675,432 $ 662,683 Land Experiences 155,865 125,292 Total assets $ 831,297 $ 787,975 Intangibles, net: Lindblad $ 1,592 $ 1,680 Land Experiences 7,820 9,539 Total intangibles, net $ 9,412 $ 11,219 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Dec. 31, 2023 |
Number of Expedition Ships Operated | 10 |
Number of Seasonal Charter Vessels Operated | 6 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Contract with Customer, Liability | $ 93,906 | $ 178,198 | ||
Advertising Expense | 33,200 | 31,600 | $ 19,100 | |
Foreign Financial Institutions, Actual Deposits | $ 5,800 | 3,300 | ||
Required Escrow Deposit Amount, Maximum | 32,000 | |||
Number of Vessels Owned | 10 | |||
License Agreement, Term of Contract (Year) | 20 years | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 0 | ||
Office Space, Lease [Member] | Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||
Equipment Lease [Member] | Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | |||
Equipment Lease [Member] | Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | |||
Trade Names [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Customer Lists [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Online Advertising [Member] | ||||
Advertising Expense | $ 17,300 | 14,700 | $ 9,800 | |
Passenger Revenue [Member] | ||||
Contract with Customer, Liability | $ 252,200 | $ 245,100 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenues by Type (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tour revenues | 100% | 100% | 100% |
Guest Ticket [Member] | |||
Tour revenues | 90% | 89% | 93% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | |||
Tour revenues | 53% | 50% | 56% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | |||
Tour revenues | 12% | 14% | 14% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | |||
Tour revenues | 19% | 20% | 18% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | |||
Tour revenues | 6% | 5% | 5% |
Other Tour [Member] | |||
Tour revenues | 10% | 11% | 7% |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Change in Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Balance | $ 178,198 |
Recognized in tour revenues during the period | (548,052) |
Additional contract liabilities in period | 463,760 |
Balance | $ 93,906 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 156,845 | $ 87,177 | $ 150,753 | |
Restricted cash | 30,499 | 28,847 | 21,940 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 187,344 | $ 116,024 | $ 172,693 | $ 204,515 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Total restricted cash and marketable securities | $ 30,499 | $ 28,847 | $ 21,940 |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 20,250 | 20,400 | |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 8,958 | 6,882 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,291 | $ 1,565 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid tour expenses | $ 26,123 | $ 20,605 |
Marine operating supplies | 5,438 | 9,961 |
Other | 25,597 | 21,173 |
Total prepaid expenses and other current assets | $ 57,158 | $ 53,704 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Net (Details) | Dec. 31, 2023 |
Vessels and Vessel Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Vessels and Vessel Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 25 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued other expense | $ 48,901 | $ 54,418 |
Accounts payable | 16,154 | 16,601 |
Total accounts payable and accrued expenses | $ 65,055 | $ 71,019 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 0.7 | 0.8 |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | 1.5 | 1.5 |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 8 | 7.4 | 9.1 |
Note 3 - Earnings Per Share - S
Note 3 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ (45,610) | $ (111,381) | $ (119,206) |
Series A redeemable convertible preferred stock dividend | 4,373 | 4,671 | 5,289 |
Non-cash deemed dividend to preferred share holders | 0 | 0 | 170 |
Net loss available to stockholders | $ (49,983) | $ (116,052) | $ (124,665) |
Total weighted average shares outstanding, basic (in shares) | 53,256,513 | 52,018,987 | 50,109,426 |
Diluted (in shares) | 53,256,513 | 52,018,987 | 50,109,426 |
Basic (in dollars per share) | $ (0.94) | $ (2.23) | $ (2.41) |
Diluted (in dollars per share) | $ (0.94) | $ (2.23) | $ (2.41) |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 44,900 | $ 41,000 | $ 37,600 |
Payments to Acquire Property, Plant, and Equipment | $ 29,963 | $ 38,205 | $ 96,688 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 820,101 | $ 790,139 |
Less: Accumulated depreciation | (294,099) | (250,733) |
Property and equipment, net | 526,002 | 539,406 |
Vessels and Vessel Improvements [Member] | ||
Property and equipment, gross | 776,622 | 759,981 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 42,055 | 28,732 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 1,424 | $ 1,426 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 1.8 | $ 2 | $ 1.9 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Schedule of Goodwill (Details) - Land-experience [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Balance | $ 22,105 |
Acquisitions | 19,912 |
Balance | $ 42,017 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangibles, gross | $ 19,780 | $ 19,780 |
Intangibles, accumulated amortization | (10,368) | (8,561) |
Intangibles, net | $ 9,412 | 11,219 |
Intangible, weighted average useful life (Year) | 9 years 1 month 6 days | |
Trade Names [Member] | ||
Intangibles, gross | $ 7,069 | 7,069 |
Intangibles, accumulated amortization | (2,222) | (1,751) |
Intangibles, net | $ 4,847 | 5,318 |
Intangible, weighted average useful life (Year) | 10 years 3 months 18 days | |
Customer Lists [Member] | ||
Intangibles, gross | $ 6,182 | 6,182 |
Intangibles, accumulated amortization | (3,209) | (1,961) |
Intangibles, net | $ 2,973 | 4,221 |
Intangible, weighted average useful life (Year) | 2 years 4 months 24 days | |
Operating Rights [Member] | ||
Intangibles, gross | $ 6,529 | 6,529 |
Intangibles, accumulated amortization | (4,937) | (4,849) |
Intangibles, net | $ 1,592 | $ 1,680 |
Intangible, weighted average useful life (Year) | 18 years 2 months 12 days |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 1,795 | |
2025 | 1,795 | |
2026 | 1,059 | |
2027 | 559 | |
2028 | 559 | |
Thereafter | 3,645 | |
Finite-Lived Intangible Assets, Net | $ 9,412 | $ 11,219 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |||||||
Feb. 04, 2022 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Jun. 30, 2023 USD ($) | May 02, 2023 USD ($) | Dec. 11, 2020 USD ($) | |
Payments of Financing Costs, Total | $ 7,489 | $ 10,874 | $ 3,135 | ||||||
Line of Credit Facility, Commitment Fee Percentage | 1% | ||||||||
Debt Issuance Costs, Gross | $ 7,500 | 10,900 | 3,000 | ||||||
Amortization of Debt Issuance Costs | 3,400 | 2,700 | 3,100 | ||||||
Deferred Debt Issuance Cost, Writeoff | 3,860 | $ 9,004 | $ 0 | ||||||
Letters of Credit Outstanding, Amount | 1,200 | ||||||||
Senior Secured Notes [Member] | |||||||||
Debt Instrument, Face Amount | $ 360,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||||
Payments of Financing Costs, Total | $ 10,900 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||||
Long-Term Line of Credit | $ 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% | ||||||||
State Assistance Loan [Member] | DuVine [Member] | |||||||||
Debt Instrument, Face Amount | € | € 0.1 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.53% | 0.53% | |||||||
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 | ||||||||
Repayments of Debt | $ 800 |
Note 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Principal | $ 635,077 | $ 565,793 |
Deferred Financing Costs, Net | (13,252) | (13,004) |
Balance | 621,825 | 552,789 |
Principal, Current | (47) | (23,337) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (47) | (23,337) |
Principal, Non-current | 635,030 | 542,456 |
Deferred Financing Costs, Net, Non-current | (13,252) | (13,004) |
Balance, Non-current | 621,778 | 529,452 |
The 6.75% Note [Member] | ||
Principal | 360,000 | 360,000 |
Deferred Financing Costs, Net | (6,771) | (8,968) |
Balance | 353,229 | 351,032 |
The 9.00% Note [Member] | ||
Principal | 275,000 | 0 |
Deferred Financing Costs, Net | (6,481) | 0 |
Balance | 268,519 | 0 |
Other Debt [Member] | ||
Principal | 77 | 955 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 77 | 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 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Minimum Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 47 | |
2025 | 30 | |
2026 | 0 | |
2027 | 360,000 | |
2028 | 275,000 | |
Thereafter, long-term debt | 0 | |
Long-Term Debt, Gross | $ 635,077 | $ 565,793 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | $ 0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 0 | (634) | $ (2,650) |
Derivative, Notional Amount | 20,300 | ||
Foreign Currency Transaction Gain (Loss), before Tax, Total | 751 | (1,236) | (1,265) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0 | 0 | (1,682) |
Long-Term Debt, Fair Value | 644,500 | ||
Classic Journeys, LLC [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 600 | ||
Fixed Income Securities [Member] | |||
Investments, Total | 15,000 | ||
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest Expense, Total | 700 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (600) | ||
Foreign Exchange Forward [Member] | AOCI Attributable to Parent [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (2,000) | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (2,700) |
Note 7 - Financial Instrument_4
Note 7 - 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 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Derivatives designated as hedging instruments | $ 0 | $ 683 | |||
Derivatives designated as hedging instruments | 39 | 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 | 0 | [1] | 0 | [2] | |
Derivatives designated as hedging instruments | [2] | $ 39 | $ 572 | ||
[1]Recorded in prepaid expenses and other current assets. This interest rate cap matured in May 2023.[2]Recorded in accounts payable and accrued expenses and prepaid expenses and other current assets, respectively. |
Note 7 - Financial Instrument_5
Note 7 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative instruments not designated as cash flow hedging instruments: | $ 68 | $ (1,196) | $ (680) | |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [1] | 0 | 0 | (363) |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [2] | 0 | 0 | (605) |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative instruments not designated as cash flow hedging instruments: | [1] | (683) | 40 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative instruments not designated as cash flow hedging instruments: | [3] | $ 751 | $ (1,236) | $ 288 |
[1]For the year ended December 31, 2022, $0.7 million was recognized as income in interest expense, net, and $0.6 million was reclassified from other comprehensive (loss) income to interest expense, net. Amounts for the years ended December 31, 2021 and 2020, were recognized, net of tax, as a component of accumulated other comprehensive (loss) income.[2]For the year ended December 31, 2021, $2.7 million was recognized as a loss on foreign currency and $2.0 million was recognized, net of tax, as a component of accumulated other comprehensive (loss) income. For the year ended December 31, 2020, $5.3 million was recognized as a loss on foreign currency, and $2.4 million, was recognized, net of tax, as a component of accumulated other comprehensive (loss) income.[3]Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged and recognized in gain (loss) on foreign currency. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets, Net of Valuation Allowance | $ 18,666 | $ 21,493 |
Deferred Tax Liabilities, Net | 552 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 98,800 | |
Unrecognized Tax Benefits | 1,400 | |
Other Noncurrent Assets [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance | 1,600 | $ 2,200 |
Other Noncurrent Liabilities [Member] | ||
Deferred Tax Liabilities, Net | $ 2,200 |
Note 8 - Income Taxes - U.S. an
Note 8 - Income Taxes - U.S. and Foreign Components of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic | $ (11,630) | $ (21,403) | $ (24,875) |
Foreign | (26,100) | (80,681) | (96,312) |
(Loss) income before income taxes | $ (37,730) | $ (102,084) | $ (121,187) |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 0 | $ 0 | $ 0 |
State | 218 | 244 | (7) |
Foreign - Other | 209 | 392 | 45 |
Total current | 427 | 636 | 38 |
Federal | 1,492 | 5,709 | (1,894) |
State | 625 | 218 | 928 |
Foreign - Other | 602 | (487) | (1,091) |
Total deferred | 2,719 | 5,440 | (2,057) |
Income tax expense (benefit) | $ 3,146 | $ 6,076 | $ (2,019) |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax (Benefit) Expense (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax provision at statutory rate – federal | 21% | 21% | 21% |
Tax provision at effective state and local rates | (2.10%) | (0.30%) | (0.80%) |
Foreign tax rate differential | (17.10%) | (16.60%) | (15.20%) |
Executive compensation | (5.00%) | 0% | 0% |
Valuation allowance | (5.90%) | (9.40%) | (4.10%) |
Other | 0.80% | (0.70%) | 0.80% |
Total effective income tax rate | (8.30%) | (6.00%) | 1.70% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforward | $ 26,086 | $ 27,896 |
Disallowed interest carryforward | 15,286 | 12,893 |
Stock-based compensation | 383 | 351 |
Other | 1,637 | 1,874 |
Valuation allowance | (24,726) | (21,521) |
Total net deferred assets | 18,666 | 21,493 |
Property and equipment | (18,542) | (18,942) |
Other | (676) | (384) |
Total net deferred liabilities | (19,218) | (19,326) |
Deferred tax (liabilities) | $ (552) | |
Deferred tax assets | $ 2,167 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 31 months | ||
Operating Lease, Expense | $ 2.7 | $ 2.3 | $ 2 |
Letters of Credit Outstanding, Amount | 1.2 | ||
National Geographic [Member] | |||
Royalty Expense | 7.6 | 5.7 | 1.7 |
World Wildlife Fund [Member] | |||
Royalty Expense | 1.2 | $ 1.1 | $ 0.6 |
United States Tour Operators Association [Member] | |||
Letters of Credit Outstanding, Amount | $ 1 | ||
Mr. Bressler [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | ||
Mr. Lawrence, President of Off the Beaten Path [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | ||
DuVine [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30% | ||
Minority Interest Ownership, Call Option for Additional Ownership, Percent | 10% | ||
Classic Journeys, LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% |
Note 9- Commitments and Conting
Note 9- Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 27,886 | $ 10,626 | $ 7,494 |
Net income attributable to noncontrolling interest | 4,734 | 3,221 | 38 |
Redemption value adjustment of put option | 5,695 | 14,039 | 202 |
Distribution | (531) | 0 | 0 |
Acquired businesses? noncontrolling interest | 0 | 0 | 2,892 |
Ending balance | $ 37,784 | $ 27,886 | $ 10,626 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Operating Lease Payment (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 1,923 |
2025 | 1,193 |
2026 | 496 |
2027 | 393 |
Present value discount (6% weighted average) | (231) |
Total | $ 3,774 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Operating Lease Payment (Details) (Parentheticals) | Dec. 31, 2023 |
Weighted average discount rate | 6% |
Note 9 - Commitments and Cont_6
Note 9 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 15,767 |
2025 | 12,647 |
Total | $ 28,414 |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 30% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 2,400 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 700,000 | $ 600,000 | $ 400,000 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 84 Months Ended | |||||
Aug. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | Dec. 31, 2023 | Aug. 31, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 62,000 | 62,000 | ||||
Stock and Warrant Repurchase Plan [Member] | |||||||
Stock Repurchase Program, Additional Authorized Amount | $ 15 | ||||||
Stock Repurchase Program, Authorized Amount | $ 35 | ||||||
Warrants Repurchased During Period (in shares) | 6,011,926 | ||||||
Warrants Repurchased During Period, Value | $ 14.7 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12 | $ 12 | |||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares (in shares) | 875,218 | ||||||
Stock Repurchased During Period, Value | $ 8.3 | ||||||
Conversion From Preferred Stock to Common Stock [Member] | |||||||
Conversion of Stock, Shares Converted (in shares) | 18,000 | 5,000 | |||||
Conversion of Stock, Shares Issued (in shares) | 0 | 2,109,561 | 566,364 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity, Shares Issued (in shares) | 62,000 | 62,000 | 62,000 | ||||
Deferred Offering Costs | $ 2.1 | $ 2.1 | |||||
Dividends Payable | $ 4.4 | $ 4.6 | $ 5.3 | $ 4.4 | |||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 8,000,000 | 8,000,000 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | ||||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6% | ||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.5 | ||||||
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 62,000 | 62,000 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 $ / shares shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares | 0 | 77,500 | 12,000 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 300 | $ 100 | ||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 0 | 0 | 0 | |
Employee Service Share-based Compensation, Compensation Not yet Recognized | $ 16,600 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | |||
Natural Habitat, Inc [Member] | Mr. Bressler [Member] | ||||
Equity Incentive Opportunity, Floor Value | $ 25,000 | |||
Stock Options, Excess of Fair Value, Percent | 10.10% | |||
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense | $ 8,000 | |||
Off the Beaten Path, LLC (OBP) [Member] | Mr. Lawrence, President of Off the Beaten Path [Member] | ||||
Business Acquisition, Profit Interest Units Issued (in shares) | shares | 1,007 | |||
Business Acquisition, Profit Interest Units Issued, Grant Date Fair Value, Per Share (in dollars per share) | $ / shares | $ 132.86 | |||
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 13,900 | $ 7,000 | $ 5,600 | |
2021 Long-Term Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 4,700,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 3,700,000 | |||
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 | |||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0% | |||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 150% | |||
2021 Long-Term Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
2021 Long-Term Incentive Compensation Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0% | |||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 200% |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of PSU, Restricted Share and RSU Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Performance Shares [Member] | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 9.56 | $ 5.41 |
Granted, weighted average grant date fair value (in dollars per share) | 9.56 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 7.78 | |
Restricted Stock Units (RSUs) [Member] | ||
Balance, weighted average grant date fair value (in dollars per share) | 11.06 | 14.17 |
Granted, weighted average grant date fair value (in dollars per share) | 9.7 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 12.25 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 14.02 | |
Market Stock Units [Member] | ||
Balance, weighted average grant date fair value (in dollars per share) | 17.48 | $ 13.66 |
Granted, weighted average grant date fair value (in dollars per share) | 9.56 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 8.51 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 15.08 | |
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||
Balance (in shares) | 22,620 | |
Granted (in shares) | 96,757 | |
Vested and released (in shares) | 0 | |
Forfeited (in shares) | (52,693) | |
Balance (in shares) | 66,684 | |
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Balance (in shares) | 540,723 | |
Granted (in shares) | 573,668 | |
Vested and released (in shares) | (256,255) | |
Forfeited (in shares) | (200,929) | |
Balance (in shares) | 657,207 | |
2021 Long-Term Incentive Compensation Plan [Member] | Market Stock Units [Member] | ||
Balance (in shares) | 131,976 | |
Granted (in shares) | 25,517 | |
Vested and released (in shares) | (76,547) | |
Forfeited (in shares) | (19,065) | |
Balance (in shares) | 61,881 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock price (in dollars per share) | $ 9.56 | $ 16.38 | |
Exercise price (in dollars per share) | $ 9.56 | $ 16.38 | |
Dividend yield | 0% | 0% | 0% |
Expected volatility | 64.60% | 57.79% | 25.61% |
Risk-free interest rate | 3.63% | 1.63% | |
Expected term in years (Year) | 6 years 3 months | 6 years 3 months | 7 years 6 months |
Minimum [Member] | |||
Stock price (in dollars per share) | $ 12.64 | ||
Exercise price (in dollars per share) | $ 12.64 | ||
Risk-free interest rate | 2.75% | ||
Maximum [Member] | |||
Stock price (in dollars per share) | $ 14.36 | ||
Exercise price (in dollars per share) | $ 14.36 | ||
Risk-free interest rate | 3.15% |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Summary of Option Activity (Details) - Lindblad Plan and 2015 Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Options outstanding, shares (in shares) | 1,388,458 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.1 | |
Options outstanding, weighted average contractual ife (Year) | 7 years 8 months 12 days | 7 years 10 months 24 days |
Granted, shares (in shares) | 500,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 9.56 | |
Forfeited, shares (in shares) | (1,000,000) | |
Forfeited, weighted average exercise period (in dollars per share) | $ 16.38 | |
Options outstanding, shares (in shares) | 888,458 | 1,388,458 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.55 | $ 15.1 |
Options vested and/or expected to vest, number of options (in shares) | 888,458 | |
Options vested and/or expected to vest, weighted average exercise price (in dollars per share) | $ 10.55 | |
Options vested and/or expected to vest, weighted average contractual life (Year) | 7 years 8 months 12 days | |
Options vested and/or expected to vest, aggregate intrinsic value | $ 0 | |
Options exercisable, number of options (in shares) | 238,115 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.43 | |
Options exercisable, weighted average contractual life (Year) | 3 years 10 months 24 days | |
Options exercisable, aggregate intrinsic value | $ 0 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 2 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 569,543 | $ 421,500 | $ 147,107 |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 7,900 | $ 6,000 | $ 2,200 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tour revenues | $ 569,543 | $ 421,500 | $ 147,107 | |
Operating income (loss) | 10,599 | (63,046) | (110,831) | |
Depreciation and amortization | 46,711 | 44,042 | 39,525 | |
Total Assets | 831,297 | 787,975 | ||
Total intangibles, net | 9,412 | 11,219 | ||
Total goodwill | 42,017 | 42,017 | ||
Lindblad Segment [Member] | ||||
Tour revenues | 397,410 | 278,449 | 82,842 | |
Operating income (loss) | (8,692) | (77,871) | (111,477) | |
Depreciation and amortization | 43,351 | 41,275 | 37,516 | |
Total Assets | 675,432 | 662,683 | ||
Total intangibles, net | 1,592 | 1,680 | ||
Total goodwill | 0 | 0 | ||
Land-experience [Member] | ||||
Tour revenues | 172,133 | 143,051 | 64,265 | |
Operating income (loss) | 19,291 | 14,825 | 646 | |
Depreciation and amortization | 3,360 | 2,767 | 2,009 | |
Total Assets | 155,865 | 125,292 | ||
Total intangibles, net | 7,820 | 9,539 | ||
Total goodwill | $ 42,017 | $ 42,017 | $ 42,017 | $ 22,105 |