Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001512499 | |
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35898 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4749725 | |
Entity Address, Address Line One | 96 Morton Street, 9th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10014 | |
City Area Code | 212 | |
Local Phone Number | 261-9000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LIND | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,318,812 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 168,123 | $ 156,845 |
Restricted cash | 49,537 | 30,499 |
Prepaid expenses and other current assets | 65,902 | 57,158 |
Total current assets | 283,562 | 244,502 |
Property and equipment, net | 515,870 | 526,002 |
Goodwill | 42,017 | 42,017 |
Intangibles, net | 8,508 | 9,412 |
Other long-term assets | 8,380 | 9,364 |
Total assets | 858,337 | 831,297 |
Current Liabilities: | ||
Unearned passenger revenues | 319,655 | 252,199 |
Accounts payable and accrued expenses | 61,222 | 65,055 |
Long-term debt - current | 46 | 47 |
Lease liabilities - current | 1,591 | 1,923 |
Total current liabilities | 382,514 | 319,224 |
Long-term debt, less current portion | 623,585 | 621,778 |
Deferred tax liabilities | 6,306 | 2,118 |
Other long-term liabilities | 1,386 | 1,943 |
Total liabilities | 1,013,791 | 945,063 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 24,233 | 37,784 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 100,033 | 111,298 |
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 53,564,680 and 53,390,082 issued, 53,506,748 and 53,332,150 outstanding as of June 30, 2024 and December 31, 2023, respectively | 6 | 5 |
Additional paid-in capital | 99,351 | 97,139 |
Accumulated deficit | (354,844) | (322,208) |
Total stockholders' deficit | (255,487) | (225,064) |
Total liabilities, mezzanine equity and stockholders' deficit | 858,337 | 831,297 |
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 June 30, 2024 and December 31, 2023, respectively | $ 75,800 | $ 73,514 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 53,564,680 | 53,390,082 |
Common stock, shares outstanding (in shares) | 53,506,748 | 53,332,150 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized (in shares) | 165,000 | 165,000 |
Temporary equity, shares issued (in shares) | 62,000 | 62,000 |
Temporary equity, shares outstanding (in shares) | 62,000 | 62,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares outstanding (in shares) | 62,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Tour revenues | $ 136,499 | $ 124,798 | $ 290,113 | $ 268,194 |
Operating expenses: | ||||
Cost of tours | 78,641 | 77,654 | 157,943 | 149,703 |
General and administrative | 34,148 | 29,155 | 66,535 | 55,574 |
Selling and marketing | 18,281 | 15,158 | 41,038 | 35,810 |
Depreciation and amortization | 13,637 | 11,331 | 24,954 | 23,139 |
Total operating expenses | 144,707 | 133,298 | 290,470 | 264,226 |
Operating (loss) income | (8,208) | (8,500) | (357) | 3,968 |
Other (expense) income: | ||||
Interest expense, net | (11,321) | (11,645) | (22,906) | (22,112) |
(Loss) gain on foreign currency | (12) | 348 | (251) | 500 |
Other income (expense) | 0 | (3,867) | 8 | (3,696) |
Total other expense | (11,333) | (15,164) | (23,149) | (25,308) |
Loss before income taxes | (19,541) | (23,664) | (23,506) | (21,340) |
Income tax expense | 4,453 | 41 | 4,697 | 1,584 |
Net loss | (23,994) | (23,705) | (28,203) | (22,924) |
Net income attributable to noncontrolling interest | 673 | 765 | 442 | 922 |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | (24,667) | (24,470) | (28,645) | (23,846) |
Series A redeemable convertible preferred stock dividend | 1,150 | 1,083 | 2,287 | 2,155 |
Net loss available to stockholders | $ (25,817) | $ (25,553) | $ (30,932) | $ (26,001) |
Weighted average shares outstanding | ||||
Basic (in shares) | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 |
Diluted (in shares) | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 |
Undistributed loss per share available to stockholders: | ||||
Basic (in dollars per share) | $ (0.48) | $ (0.48) | $ (0.58) | $ (0.49) |
Diluted (in dollars per share) | $ (0.48) | $ (0.48) | $ (0.58) | $ (0.49) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net loss | $ (23,994) | $ (23,705) | $ (28,203) | $ (22,924) |
Other comprehensive income: | ||||
Total other comprehensive income | 0 | 0 | 0 | 0 |
Total comprehensive loss | (23,994) | (23,705) | (28,203) | (22,924) |
Less: comprehensive income attributive to non-controlling interest | 673 | 765 | 442 | 922 |
Comprehensive loss attributable to stockholders | $ (24,667) | $ (24,470) | $ (28,645) | $ (23,846) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 53,177,437 | |||
Balance at Dec. 31, 2022 | $ 5 | $ 83,850 | $ (266,530) | $ (182,675) |
Stock-based compensation | $ 0 | 6,292 | 6,292 | |
Net activity related to equity compensation plans (in shares) | 143,109 | |||
Net activity related to equity compensation plans | $ 0 | (541) | (541) | |
Redeemable noncontrolling interest | 0 | 0 | (1,960) | (1,960) |
Series A preferred stock dividend | 0 | 0 | (2,155) | (2,155) |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ 0 | 0 | (23,846) | (23,846) |
Net activity related to equity compensation plans (in shares) | 143,109 | |||
Net activity related to equity compensation plans | $ 0 | (541) | (541) | |
Balance (in shares) at Jun. 30, 2023 | 53,320,546 | |||
Balance at Jun. 30, 2023 | $ 5 | 89,601 | (294,491) | (204,885) |
Balance (in shares) at Mar. 31, 2023 | 53,243,007 | |||
Balance at Mar. 31, 2023 | $ 5 | 86,741 | (264,888) | (178,142) |
Stock-based compensation | $ 0 | 3,390 | 0 | 3,390 |
Net activity related to equity compensation plans (in shares) | 77,539 | |||
Net activity related to equity compensation plans | $ 0 | (530) | (530) | |
Redeemable noncontrolling interest | 0 | 0 | (4,050) | (4,050) |
Series A preferred stock dividend | 0 | 0 | (1,083) | (1,083) |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ 0 | 0 | (24,470) | (24,470) |
Net activity related to equity compensation plans (in shares) | 77,539 | |||
Net activity related to equity compensation plans | $ 0 | (530) | (530) | |
Balance (in shares) at Jun. 30, 2023 | 53,320,546 | |||
Balance at Jun. 30, 2023 | $ 5 | 89,601 | (294,491) | (204,885) |
Balance (in shares) at Dec. 31, 2023 | 53,390,082 | |||
Balance at Dec. 31, 2023 | $ 5 | 97,139 | (322,208) | (225,064) |
Stock-based compensation | $ 0 | 4,833 | 0 | 4,833 |
Net activity related to equity compensation plans (in shares) | 174,598 | |||
Net activity related to equity compensation plans | $ 1 | (697) | (696) | |
Redeemable noncontrolling interest | 0 | (1,924) | (1,704) | (3,628) |
Series A preferred stock dividend | 0 | 0 | (2,287) | (2,287) |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ 0 | 0 | (28,645) | (28,645) |
Net activity related to equity compensation plans (in shares) | 174,598 | |||
Net activity related to equity compensation plans | $ 1 | (697) | (696) | |
Balance (in shares) at Jun. 30, 2024 | 53,564,680 | |||
Balance at Jun. 30, 2024 | $ 6 | 99,351 | (354,844) | (255,487) |
Balance (in shares) at Mar. 31, 2024 | 53,524,606 | |||
Balance at Mar. 31, 2024 | $ 5 | 99,059 | (326,463) | (227,399) |
Stock-based compensation | $ 0 | 2,718 | 2,718 | |
Net activity related to equity compensation plans (in shares) | 40,074 | |||
Net activity related to equity compensation plans | $ 1 | (502) | (501) | |
Redeemable noncontrolling interest | 0 | (1,924) | (2,564) | (4,488) |
Series A preferred stock dividend | (1,150) | (1,150) | ||
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ 0 | 0 | (24,667) | (24,667) |
Net activity related to equity compensation plans (in shares) | 40,074 | |||
Net activity related to equity compensation plans | $ 1 | (502) | (501) | |
Balance (in shares) at Jun. 30, 2024 | 53,564,680 | |||
Balance at Jun. 30, 2024 | $ 6 | $ 99,351 | $ (354,844) | $ (255,487) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows From Operating Activities | ||
Net loss | $ (28,203) | $ (22,924) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 24,954 | 23,139 |
Amortization of deferred financing costs and other, net | 1,847 | 1,509 |
Amortization of right-to-use lease assets | 839 | 711 |
Stock-based compensation | 4,833 | 6,292 |
Deferred income taxes | 4,188 | 1,501 |
Loss (gain) on foreign currency | 251 | (500) |
Write-off of unamortized issuance costs related to debt refinancing | 0 | 3,860 |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | (8,744) | (7,740) |
Unearned passenger revenues | 67,456 | 27,824 |
Other long-term assets | 120 | (1,046) |
Other long-term liabilities | 0 | (3) |
Accounts payable and accrued expenses | (4,088) | (12,395) |
Operating lease liabilities | (887) | (724) |
Net cash provided by operating activities | 62,566 | 19,504 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (13,893) | (14,718) |
Sale of securities | 0 | 15,163 |
Net cash (used in) provided by investing activities | (13,893) | 445 |
Cash Flows From Financing Activities | ||
Additional acquisition of redeemable noncontrolling interest | (16,720) | 0 |
Proceeds from long-term debt | 0 | 275,000 |
Repayments of long-term debt | (24) | (205,693) |
Payment of deferred financing costs | (17) | (7,043) |
Repurchase under stock-based compensation plans and related tax impacts | (1,596) | (796) |
Net cash (used in) provided by financing activities | (18,357) | 61,468 |
Net increase in cash, cash equivalents and restricted cash | 30,316 | 81,417 |
Cash, cash equivalents and restricted cash at beginning of period | 187,344 | 116,024 |
Cash, cash equivalents and restricted cash at end of period | 217,660 | 197,441 |
Supplemental disclosures of cash flow information: | ||
Interest | 24,785 | 18,232 |
Income taxes | 201 | 206 |
Non-cash investing and financing activities: | ||
Non-cash preferred stock dividend | $ 2,287 | $ 2,155 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS AND BASIS OF PRESENTATION Business Lindblad Expeditions Holdings, Inc.’s and its consolidated subsidiaries’ (collectively, the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of ten six The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”. The Company operates the following two Lindblad Segment. Land Experiences Segment. four ● Natural Habitat 100 45 seven ● Off the Beaten Path ● DuVine ● Classic Journeys 50 Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2023 10 March 6, 2024 ( “2023 There have been no 2023 Recently Adopted Accounting Pronouncements During November 2023, 2023 07 280 2023 07 December 15, 2023 December 15, 2024. January 1, 2024 January 1, 2025, Recent Accounting Pronouncements During December 2023, 2023 09 740 2023 09 December 15, 2024. January 1, 2025 During March 2024, 2024 01 718 718 10 15 3 718, 2024 01 December 15, 2024. January 1, 2025, not |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 EARNINGS PER SHARE Earnings (loss) per Common Share Earnings (loss) per common share is computed using the two two Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation. For the three six June 30, 2024 2023, three six June 30, 2024, three six June 30, 2023, Loss per share was calculated as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (24,667 ) $ (24,470 ) $ (28,645 ) $ (23,846 ) Series A redeemable convertible preferred stock dividend 1,150 1,083 2,287 2,155 Undistributed loss available to stockholders $ (25,817 ) $ (25,553 ) $ (30,932 ) $ (26,001 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,500,084 53,245,491 53,436,128 53,186,796 Total weighted average shares outstanding, diluted 53,500,084 53,245,491 53,436,128 53,186,796 Undistributed loss per share available to stockholders: Basic $ (0.48 ) $ (0.48 ) $ (0.58 ) $ (0.49 ) Diluted $ (0.48 ) $ (0.48 ) $ (0.58 ) $ (0.49 ) |
Note 3 - Revenues
Note 3 - Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 REVENUES Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. The Company does not no June 30, 2024 December 31, 2023, Contract Liabilities (In thousands) Balance as of December 31, 2023 $ 93,906 Recognized in tour revenues during the period (278,898 ) Additional contract liabilities in period 338,940 Balance as of June 30, 2024 $ 153,948 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) Guest ticket revenue: Direct (a) 67 % 64 % 65 % 62 % Agencies 19 % 20 % 20 % 22 % Affinity 5 % 6 % 5 % 6 % Guest ticket revenue 91 % 90 % 90 % 90 % Other tour revenue 9 % 10 % 10 % 10 % Tour revenues 100 % 100 % 100 % 100 % (a) Under the brand license agreement between the Company and National Geographic, effective January 1, 2024, no three six June 30, 2023, 2023 |
Note 4 - Financial Statement De
Note 4 - Financial Statement Details | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 4 FINANCIAL STATEMENT DETAILS The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows: As of June 30, 2024 2023 (In thousands) (unaudited) Cash and cash equivalents $ 168,123 $ 142,950 Restricted cash 49,537 54,491 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 217,660 $ 197,441 Restricted cash consists of the following: As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Credit card processor reserves $ 12,750 $ 20,250 Federal Maritime Commission and other escrow 35,083 8,958 Certificates of deposit and other restricted securities 1,704 1,291 Total restricted cash $ 49,537 $ 30,499 Prepaid expenses and other current assets are as follows: As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Prepaid tour expenses $ 34,739 $ 26,123 Other 31,163 31,035 Total prepaid expenses and other current assets $ 65,902 $ 57,158 Accounts payable and accrued expenses are as follows: As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Accrued other expense $ 52,764 $ 48,901 Accounts payable 8,458 16,154 Total accounts payable and accrued expenses $ 61,222 $ 65,055 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 LONG-TERM DEBT As of June 30, 2024 As of December 31, 2023 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (5,674 ) $ 354,326 $ 360,000 $ (6,771 ) $ 353,229 9.00% Notes 275,000 (5,749 ) 269,251 275,000 (6,481 ) 268,519 Other 54 - 54 77 - 77 Total long-term debt 635,054 (11,423 ) 623,631 635,077 (13,252 ) 621,825 Less current portion (46 ) - (46 ) (47 ) - (47 ) Total long-term debt, non-current $ 635,008 $ (11,423 ) $ 623,585 $ 635,030 $ (13,252 ) $ 621,778 For the three six June 30, 2024, three six June 30, 2023 , 6.75% On February 4, 2022, 2027 “6.75% 6.75% 6.75% February 15 August 15 6.75% February 15, 2027, 6.75% first pari passu 6.75% may Revolving Credit Facility On February 4, 2022, February 2027, first pari passu June 30, 2024, no 9.00% 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 Company’s 6.75% 9.00% 6.75% 9.00% June 30, 2024. |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 6 FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of June 30, 2024 June 30, 2024. June 30, 2024 December 31, 2023, no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 7 STOCKHOLDERS EQUITY Stock Repurchase Plan The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 November 2016. no No six June 30, 2024. June 30, 2024. Preferred Stock In August 2020, first two second may 2024, third may, not 150% 20 30 June 30, 2024, three six June 30, 2024, three six June 30, 2023, June 30, 2024, |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 8 STOCK BASED COMPENSATION The Company is authorized to issue up to 4.7 million shares of common stock under the 2021 September 2021. June 30, 2024, The Company recorded stock-based compensation expense of $2.7 million and $4.8 million for the three six June 30, 2024, three six June 30, 2023, Long-Term Incentive Compensation During the six June 30, 2024, three During the six June 30, 2024, three not Options Stock option information for the six June 30, 2024 Stock Option Grants 2024 Number of options awarded 1,944,319 Stock price $ 7.40 - 8.44 Exercise price $ 7.40 - 8.44 Dividend yield 0.00 % Expected Volatility 64.6 - 77.8 % Risk-free interest rate 3.63 - 4.48 % Expected term (in years) 5.0 - 6.25 As of June 30, 2024 December 31, 2023, June 30, 2024, In connection with the 2016 December 31, 2025, three March 31, 2024, one December 31, 2023. three March 31, 2024, ten 2023, December 31, 2025 2023 three six June 30, 2024, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 INCOME TAXES As of June 30, 2024 December 31, 2023, three six June 30, 2024 three six June 30, 2023, 2024, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The put options enable the minority holders, but do not not Since the redemption of the noncontrolling interests are not one two During April 2024, April 2024, The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Beginning balance $ 36,297 $ 25,698 $ 37,784 $ 27,886 Net income attributable to noncontrolling interest 673 765 442 922 Redemption value adjustment of put option 2,564 4,050 1,704 1,960 Redemption of put and/or call options (14,797 ) - (14,797 ) - Distribution (504 ) - (900 ) (255 ) Ending balance $ 24,233 $ 30,513 $ 24,233 $ 30,513 Brand License Agreement National Geographic The Company is party to a brand license agreement with National Geographic, effective January 1, 2024, 2026, expected to be exceeded. During 2023, Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of June 30, 2024 For the years ended December 31, Amount (In thousands) 2024 (six months) $ 4,268 2025 18,752 2026 612 Total $ 23,632 Other The Company had an agreement for the acquisition of Wineland-Thomson Adventures, Inc., (“Wineland-Thomson Adventures”) an adventure travel group that primarily operates Tanzania safaris, camp and tours and the acquisition was completed July 31, 2024. The Company has an agreement for the acquisition of Torcatt Enterprises Limitada, a holding company that operates two January 2025. |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 SEGMENT INFORMATION The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker and management review operating results monthly and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. The Company evaluates the performance of its business segments based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. Operating results for the Company’s reportable segments were as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 93,053 $ 87,412 $ 211,356 $ 202,910 Land Experiences 43,446 37,386 78,757 65,284 Total tour revenues $ 136,499 $ 124,798 $ 290,113 $ 268,194 Operating (loss) income: Lindblad $ (9,372 ) $ (11,043 ) $ (1,589 ) $ 1,076 Land Experiences 1,164 2,543 1,232 2,892 Operating (loss) income $ (8,208 ) $ (8,500 ) $ (357 ) $ 3,968 For the three six June 30, 2024, three six June 30, 2023, Depreciation and amortization are included in segment operating income as shown below: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 12,749 $ 10,338 $ 23,231 $ 21,490 Land Experiences 888 993 1,723 1,649 Total depreciation and amortization $ 13,637 $ 11,331 $ 24,954 $ 23,139 The following table presents our total assets, intangibles, net and goodwill by segment: As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Total Assets: Lindblad $ 648,425 $ 675,432 Land Experiences 209,912 155,865 Total assets $ 858,337 $ 831,297 Intangibles, net: Lindblad $ 1,549 $ 1,592 Land Experiences 6,959 7,820 Total intangibles, net $ 8,508 $ 9,412 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS On July 31, 2024, April 29, 2024 four 40 one three 80 30 20 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION Except as set forth below, during the three June 30, 2024, no 16 10b5 1 10b5 1 408 Rule 10b5 1 Trading Plans Directors and Executive Officers. may 10b5 1 10b5 1” 10b5 1 not 10b5 1 10b5 1 three June 30, 2024, 10b5 1 Name and Title Adoption, Termination or Modification Date of Adoption, Termination or Modification Scheduled Expiration Date of Plan Number of Shares to be Purchased under the Plan Alex P. Schultz Director Purchase April 19, 2024 April 18, 2025 101,331 | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Trading Arrangement, Securities Aggregate Available Amount | 101,331 | 101,331 |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Trading Arrangement, Individual Name | Alex P. Schultz | |
Trading Arrangement, Individual Title | Director | |
Rule 10b5-1 Arrangement Adopted [Flag] | true | |
Trading Arrangement Adoption Date | April 19, 2024 | |
Trading Arrangement Expiration Date | April 18, 2025 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2023 10 March 6, 2024 ( “2023 There have been no 2023 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements During November 2023, 2023 07 280 2023 07 December 15, 2023 December 15, 2024. January 1, 2024 January 1, 2025, Recent Accounting Pronouncements During December 2023, 2023 09 740 2023 09 December 15, 2024. January 1, 2025 During March 2024, 2024 01 718 718 10 15 3 718, 2024 01 December 15, 2024. January 1, 2025, not |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) (In thousands, except share and per share data) Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (24,667 ) $ (24,470 ) $ (28,645 ) $ (23,846 ) Series A redeemable convertible preferred stock dividend 1,150 1,083 2,287 2,155 Undistributed loss available to stockholders $ (25,817 ) $ (25,553 ) $ (30,932 ) $ (26,001 ) Weighted average shares outstanding: Total weighted average shares outstanding, basic 53,500,084 53,245,491 53,436,128 53,186,796 Total weighted average shares outstanding, diluted 53,500,084 53,245,491 53,436,128 53,186,796 Undistributed loss per share available to stockholders: Basic $ (0.48 ) $ (0.48 ) $ (0.58 ) $ (0.49 ) Diluted $ (0.48 ) $ (0.48 ) $ (0.58 ) $ (0.49 ) |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of December 31, 2023 $ 93,906 Recognized in tour revenues during the period (278,898 ) Additional contract liabilities in period 338,940 Balance as of June 30, 2024 $ 153,948 |
Disaggregation of Revenue [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) Guest ticket revenue: Direct (a) 67 % 64 % 65 % 62 % Agencies 19 % 20 % 20 % 22 % Affinity 5 % 6 % 5 % 6 % Guest ticket revenue 91 % 90 % 90 % 90 % Other tour revenue 9 % 10 % 10 % 10 % Tour revenues 100 % 100 % 100 % 100 % |
Note 4 - Financial Statement _2
Note 4 - Financial Statement Details (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | As of June 30, 2024 2023 (In thousands) (unaudited) Cash and cash equivalents $ 168,123 $ 142,950 Restricted cash 49,537 54,491 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 217,660 $ 197,441 |
Restricted Cash and Marketable Securities [Table Text Block] | As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Credit card processor reserves $ 12,750 $ 20,250 Federal Maritime Commission and other escrow 35,083 8,958 Certificates of deposit and other restricted securities 1,704 1,291 Total restricted cash $ 49,537 $ 30,499 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Prepaid tour expenses $ 34,739 $ 26,123 Other 31,163 31,035 Total prepaid expenses and other current assets $ 65,902 $ 57,158 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Accrued other expense $ 52,764 $ 48,901 Accounts payable 8,458 16,154 Total accounts payable and accrued expenses $ 61,222 $ 65,055 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of June 30, 2024 As of December 31, 2023 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance 6.75% Notes $ 360,000 $ (5,674 ) $ 354,326 $ 360,000 $ (6,771 ) $ 353,229 9.00% Notes 275,000 (5,749 ) 269,251 275,000 (6,481 ) 268,519 Other 54 - 54 77 - 77 Total long-term debt 635,054 (11,423 ) 623,631 635,077 (13,252 ) 621,825 Less current portion (46 ) - (46 ) (47 ) - (47 ) Total long-term debt, non-current $ 635,008 $ (11,423 ) $ 623,585 $ 635,030 $ (13,252 ) $ 621,778 |
Note 8 - Stock Based Compensa_2
Note 8 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Grants 2024 Number of options awarded 1,944,319 Stock price $ 7.40 - 8.44 Exercise price $ 7.40 - 8.44 Dividend yield 0.00 % Expected Volatility 64.6 - 77.8 % Risk-free interest rate 3.63 - 4.48 % Expected term (in years) 5.0 - 6.25 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Beginning balance $ 36,297 $ 25,698 $ 37,784 $ 27,886 Net income attributable to noncontrolling interest 673 765 442 922 Redemption value adjustment of put option 2,564 4,050 1,704 1,960 Redemption of put and/or call options (14,797 ) - (14,797 ) - Distribution (504 ) - (900 ) (255 ) Ending balance $ 24,233 $ 30,513 $ 24,233 $ 30,513 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2024 (six months) $ 4,268 2025 18,752 2026 612 Total $ 23,632 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Tour revenues: Lindblad $ 93,053 $ 87,412 $ 211,356 $ 202,910 Land Experiences 43,446 37,386 78,757 65,284 Total tour revenues $ 136,499 $ 124,798 $ 290,113 $ 268,194 Operating (loss) income: Lindblad $ (9,372 ) $ (11,043 ) $ (1,589 ) $ 1,076 Land Experiences 1,164 2,543 1,232 2,892 Operating (loss) income $ (8,208 ) $ (8,500 ) $ (357 ) $ 3,968 For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (In thousands) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 12,749 $ 10,338 $ 23,231 $ 21,490 Land Experiences 888 993 1,723 1,649 Total depreciation and amortization $ 13,637 $ 11,331 $ 24,954 $ 23,139 As of June 30, 2024 As of December 31, 2023 (In thousands) (unaudited) Total Assets: Lindblad $ 648,425 $ 675,432 Land Experiences 209,912 155,865 Total assets $ 858,337 $ 831,297 Intangibles, net: Lindblad $ 1,549 $ 1,592 Land Experiences 6,959 7,820 Total intangibles, net $ 8,508 $ 9,412 Goodwill: Lindblad $ - $ - Land Experiences 42,017 42,017 Total goodwill $ 42,017 $ 42,017 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Expedition Ships Operated | 10 |
Number of Seasonal Charter Vessels Operated | 6 |
Number of Reportable Segments | 2 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Restricted Stock [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 0.7 | 0.8 | 0.7 | |
Share-Based Payment Arrangement, Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.7 | 1.9 | 2.7 | 1.9 | |
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 8.2 | 7.7 | 8.2 | 7.7 | |
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net loss attributable to Lindblad Expeditions Holdings, Inc. | $ (24,667) | $ (24,470) | $ (28,645) | $ (23,846) |
Series A redeemable convertible preferred stock dividend | 1,150 | 1,083 | 2,287 | 2,155 |
Net loss available to stockholders | $ (25,817) | $ (25,553) | $ (30,932) | $ (26,001) |
Total weighted average shares outstanding, basic (in shares) | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 |
Total weighted average shares outstanding, diluted (in shares) | 53,500,084 | 53,245,491 | 53,436,128 | 53,186,796 |
Basic (in dollars per share) | $ (0.48) | $ (0.48) | $ (0.58) | $ (0.49) |
Diluted (in dollars per share) | $ (0.48) | $ (0.48) | $ (0.58) | $ (0.49) |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Contract with Customer, Liability, Current | $ 319,655 | $ 319,655 | $ 252,199 | ||
Percentage of Revenue | 100% | 100% | 100% | 100% | |
Guest Ticket [Member] | |||||
Percentage of Revenue | 91% | 90% | 90% | 90% | |
Sales Channel, Directly to Consumer, Through National Geographic [Member] | Guest Ticket [Member] | |||||
Percentage of Revenue | 11% | 13% |
Note 3 - Revenues - Change in C
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Balance | $ 93,906 |
Recognized in tour revenues during the period | (278,898) |
Additional contract liabilities in period | 338,940 |
Balance | $ 153,948 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Tour revenues | 100% | 100% | 100% | 100% | |
Guest Ticket [Member] | |||||
Tour revenues | 91% | 90% | 90% | 90% | |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | |||||
Tour revenues | [1] | 67% | 64% | 65% | 62% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | |||||
Tour revenues | 19% | 20% | 20% | 22% | |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | |||||
Tour revenues | 5% | 6% | 5% | 6% | |
Other Tour [Member] | |||||
Tour revenues | 9% | 10% | 10% | 10% | |
[1]Under the brand license agreement between the Company and National Geographic, effective January 1, 2024, National Geographic no longer receives commissions on sales bookings through the former National Geographic sales channel as the co-selling arrangement operates as direct sales through the Company’s booking system. In the three and six months ended June 30, 2023, the National Geographic sales channel accounted for 11% and 13%, respectively, of the Company’s consolidated guest ticket revenue. In the table above, 2023 guest ticket revenues derived through the National Geographic sales channel have been classified as direct sales for comparison purposes. |
Note 4 - Financial Statement _3
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 168,123 | $ 156,845 | $ 142,950 | |
Restricted cash | 49,537 | 30,499 | 54,491 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 217,660 | $ 187,344 | $ 197,441 | $ 116,024 |
Note 4 - Financial Statement _4
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Total restricted cash and marketable securities | $ 49,537 | $ 30,499 | $ 54,491 |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 12,750 | 20,250 | |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 35,083 | 8,958 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,704 | $ 1,291 |
Note 4 - Financial Statement _5
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid tour expenses | $ 34,739 | $ 26,123 |
Other | 31,163 | 31,035 |
Total prepaid expenses and other current assets | $ 65,902 | $ 57,158 |
Note 4 - Financial Statement _6
Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued other expense | $ 52,764 | $ 48,901 |
Accounts payable | 8,458 | 16,154 |
Total accounts payable and accrued expenses | $ 61,222 | $ 65,055 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Feb. 04, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | May 02, 2023 | |
Amortization of Debt Issuance Costs | $ 0.9 | $ 0.8 | $ 1.9 | $ 1.5 | ||
Senior Secured Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 360 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45 | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||
Credit Agreement [Member] | Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | |||||
The 9.00% Note [Member] | ||||||
Debt Instrument, Face Amount | $ 275 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9% |
Note 5 - Long-term Debt - Long-
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Principal | $ 635,054 | $ 635,077 |
Deferred Financing Costs, Net | (11,423) | (13,252) |
Balance | 623,631 | 621,825 |
Principal, Current | (46) | (47) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (46) | (47) |
Principal, Non-current | 635,008 | 635,030 |
Deferred Financing Costs, Net, Non-current | (11,423) | (13,252) |
Balance, Non-current | 623,585 | 621,778 |
The 6.75% Note [Member] | ||
Principal | 360,000 | 360,000 |
Deferred Financing Costs, Net | (5,674) | (6,771) |
Balance | 354,326 | 353,229 |
The 9.00% Note [Member] | ||
Principal | 275,000 | 275,000 |
Deferred Financing Costs, Net | (5,749) | (6,481) |
Balance | 269,251 | 268,519 |
Other Debt [Member] | ||
Principal | 54 | 77 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | $ 54 | $ 77 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) |
Long-Term Debt, Fair Value | $ 642.8 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 91 Months Ended | |||||
Aug. 31, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Nov. 30, 2016 | |
Dividends, Preferred Stock | $ 1,150 | $ 1,083 | $ 2,287 | $ 2,155 | ||||
Preferred Stock, Shares Outstanding (in shares) | 62,000 | 62,000 | 62,000 | 62,000 | ||||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 8,200,000 | 8,200,000 | 8,200,000 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | ||||||||
Temporary Equity, Shares Issued (in shares) | 62,000 | 62,000 | 62,000 | 62,000 | ||||
Deferred Offering Costs | $ 2,100 | $ 2,100 | $ 2,100 | |||||
Dividends, Preferred Stock | $ 1,200 | 1,100 | $ 2,300 | 2,200 | ||||
Preferred Stock, Shares Outstanding (in shares) | 62,000 | 62,000 | 62,000 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | ||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 6% | |||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.5 | |||||||
Common Stock [Member] | ||||||||
Dividends, Preferred Stock | $ 0 | $ 0 | $ 0 | |||||
Stock and Warrant Repurchase Plan [Member] | ||||||||
Share Repurchase Program, Authorized, Amount | $ 35,000 | |||||||
Warrants Repurchased During Period (in shares) | 6,011,926 | |||||||
Warrants Repurchased During Period, Value | $ 14,700 | |||||||
Share Repurchase Program, Remaining Authorized, Amount | $ 12,000 | $ 12,000 | $ 12,000 | |||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | ||||||||
Stock Repurchased During Period, Shares (in shares) | 875,218 | |||||||
Stock Repurchased During Period, Value | $ 8,300 |
Note 8 - Stock Based Compensa_3
Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 2.7 | $ 3.4 | $ 4.8 | $ 6.3 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 2,700,000 | 2,700,000 | 900,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.84 | $ 8.84 | $ 10.55 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 1,800,000 | 1,800,000 | ||||
Natural Habitat, Inc [Member] | Mr. Bressler [Member] | ||||||
Equity Incentive Opportunity, Floor Value | $ 25 | $ 25 | ||||
Stock Options, Excess of Fair Value, Percent | 10.10% | 10.10% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Percentage of Award Elected to Receive Early | 50% | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,300,000 | |||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 8.44 | |||||
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense | $ 0.8 | $ 1.5 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,944,319 | |||||
Share-Based Payment Arrangement, Option [Member] | Natural Habitat, Inc [Member] | Mr. Bressler [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
2021 Long-Term Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,700,000 | 4,700,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,700,000 | 1,700,000 | ||||
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 371,333 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.76 | |||||
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 70,378 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.33 |
Note 8 - Share Based Compensati
Note 8 - Share Based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-Based Payment Arrangement, Option [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of options awarded (in shares) | shares | 1,944,319 |
Dividend yield | 0% |
Minimum [Member] | |
Stock price (in dollars per share) | $ 7.4 |
Exercise price (in dollars per share) | $ 7.4 |
Expected Volatility | 64.60% |
Risk-free interest rate | 3.63% |
Expected term (in years) (Year) | 5 years |
Maximum [Member] | |
Stock price (in dollars per share) | $ 8.44 |
Exercise price (in dollars per share) | $ 8.44 |
Expected Volatility | 77.80% |
Risk-free interest rate | 4.48% |
Expected term (in years) (Year) | 6 years 3 months |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, Percent | 22.80% | 0.20% | 20% | 7.40% |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
Jul. 31, 2024 | Jan. 31, 2025 | Apr. 30, 2024 | |
Wineland-Thomson Adventures, Inc [Member] | Subsequent Event [Member] | |||
Business Combination, Price of Acquisition, Expected | $ 30 | ||
Payments to Acquire Businesses, Gross | 24 | ||
Wineland-Thomson Adventures, Inc [Member] | Subsequent Event [Member] | TANZANIA, UNITED REPUBLIC OF | |||
Business Combination, Price of Acquisition, Expected | 11.2 | ||
Wineland-Thomson Adventures, Inc [Member] | Subsequent Event [Member] | Common Stock [Member] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6 | ||
Torcatt Enterprises Limitada [Member] | Forecast [Member] | |||
Business Combination, Price of Acquisition, Expected | $ 17 | ||
DuVine [Member] | |||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 1.5 | ||
Natural Habitat, Inc [Member] | |||
Subsidiary, Ownership Percentage, Additional Ownership Acquired | 9.95% | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 15.2 | ||
Subsidiary, Ownership Percentage, Parent | 90.10% | ||
DuVine [Member] | |||
Subsidiary, Ownership Percentage, Additional Ownership Acquired | 5% | ||
Subsidiary, Ownership Percentage, Parent | 75% |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 36,297 | $ 25,698 | $ 37,784 | $ 27,886 |
Net income attributable to noncontrolling interest | 673 | 765 | 442 | 922 |
Redemption value adjustment of put option | 2,564 | 4,050 | 1,704 | 1,960 |
Redemption of put and/or call options | (14,797) | 0 | (14,797) | 0 |
Distribution | (504) | 0 | (900) | (255) |
Balance | $ 24,233 | $ 30,513 | $ 24,233 | $ 30,513 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
2024 (six months) | $ 4,268 |
2025 | 18,752 |
2026 | 612 |
Total | $ 23,632 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Number of Operating Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 136,499 | $ 124,798 | $ 290,113 | $ 268,194 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,000 | $ 1,600 | $ 3,800 | $ 4,000 |
Note 11 - Segment Information -
Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Tour revenues | $ 136,499 | $ 124,798 | $ 290,113 | $ 268,194 | |
Operating (loss) income | (8,208) | (8,500) | (357) | 3,968 | |
Depreciation and amortization | 13,637 | 11,331 | 24,954 | 23,139 | |
Total Assets | 858,337 | 858,337 | $ 831,297 | ||
Total intangibles, net | 8,508 | 8,508 | 9,412 | ||
Total goodwill | 42,017 | 42,017 | 42,017 | ||
Lindblad Segment [Member] | |||||
Tour revenues | 93,053 | 87,412 | 211,356 | 202,910 | |
Operating (loss) income | (9,372) | (11,043) | (1,589) | 1,076 | |
Depreciation and amortization | 12,749 | 10,338 | 23,231 | 21,490 | |
Total Assets | 648,425 | 648,425 | 675,432 | ||
Total intangibles, net | 1,549 | 1,549 | 1,592 | ||
Total goodwill | 0 | 0 | 0 | ||
Land-experience [Member] | |||||
Tour revenues | 43,446 | 37,386 | 78,757 | 65,284 | |
Operating (loss) income | 1,164 | 2,543 | 1,232 | 2,892 | |
Depreciation and amortization | 888 | $ 993 | 1,723 | $ 1,649 | |
Total Assets | 209,912 | 209,912 | 155,865 | ||
Total intangibles, net | 6,959 | 6,959 | 7,820 | ||
Total goodwill | $ 42,017 | $ 42,017 | $ 42,017 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Wineland-Thomson Adventures, Inc [Member] - Subsequent Event [Member] $ in Millions | Jul. 31, 2024 USD ($) shares |
Payments to Acquire Businesses, Gross | $ 24 |
Common Stock [Member] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 682,593 |