Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 29, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | ||
Entity Central Index Key | 1,512,499 | ||
Trading Symbol | lind | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 45,742,161 | ||
Entity Public Float | $ 290.7 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 113,396 | $ 96,443 |
Restricted cash and marketable securities | 8,755 | 7,057 |
Marine operating supplies | 5,165 | 5,045 |
Inventories | 1,604 | 1,794 |
Prepaid expenses and other current assets | 21,263 | 21,351 |
Total current assets | 150,183 | 131,690 |
Property and equipment, net | 285,979 | 250,952 |
Goodwill | 22,105 | 22,105 |
Intangibles, net | 7,975 | 9,554 |
Other long-term assets | 7,167 | 10,047 |
Total assets | 473,409 | 424,348 |
Current Liabilities: | ||
Contract with Customer, Liability, Current | 123,489 | 112,238 |
Accounts payable and accrued expenses | 33,944 | 30,422 |
Long-term debt - current | 2,000 | 1,750 |
Total current liabilities | 159,433 | 144,410 |
Long-term debt, less current portion | 188,089 | 164,186 |
Deferred tax liabilities | 2,787 | 2,444 |
Other long-term liabilities | 554 | 684 |
Total liabilities | 350,863 | 311,724 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTEREST | 6,502 | 6,302 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value, 200,000,000 shares authorized; 45,814,925 and 45,427,030 issued, 45,442,728 and 44,787,608 outstanding as of December 31, 2018 and December 31, 2017, respectively | 5 | 5 |
Additional paid-in capital | 41,539 | 42,498 |
Retained earnings | 75,171 | 63,819 |
Accumulated other comprehensive loss | (671) | |
Total stockholders' equity | 116,044 | 106,322 |
Total liabilities, stockholders' equity and redeemable noncontrolling interest | $ 473,409 | $ 424,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 0 | 0 |
Preferred stock, shares outstanidng (in shares) | 0 | 0 |
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) | 45,814,925 | 45,427,030 |
Common stock, shares outstanding (in shares) | 45,442,728 | 44,787,608 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tour revenues | $ 309,734 | $ 266,504 | $ 242,346 |
Cost of tours | 153,743 | 135,526 | 118,977 |
Gross profit | 155,991 | 130,978 | 123,369 |
Operating expenses: | |||
General and administrative | 62,898 | 60,529 | 51,896 |
Selling and marketing | 46,987 | 42,354 | 39,072 |
Depreciation and amortization | 20,768 | 17,351 | 18,420 |
Total operating expenses | 130,653 | 120,234 | 109,388 |
Operating income | 25,338 | 10,744 | 13,981 |
Other (expense) income: | |||
Interest expense, net | (10,830) | (9,736) | (10,146) |
(Loss) gain on foreign currency | (2,175) | 1,144 | (720) |
Other expense | (165) | (133) | (1,173) |
Gain (loss) on transfer of assets | 454 | (83) | |
Total other expense | (13,170) | (8,271) | (12,122) |
Income before income taxes | 12,168 | 2,473 | 1,859 |
Income tax expense (benefit) | 616 | 10,002 | (3,200) |
Net income (loss) | 11,552 | (7,529) | 5,059 |
Net income attributable to noncontrolling interest | 200 | 1,132 | 195 |
Net income (loss) available to common stockholders | $ 11,352 | $ (8,661) | $ 4,864 |
Weighted average shares outstanding | |||
Basic (in shares) | 45,378,188 | 44,576,912 | 45,649,971 |
Diluted (in shares) | 46,340,054 | 44,576,912 | 46,456,921 |
Net income (loss) per share available to common stockholders | |||
Basic (in dollars per share) | $ 0.25 | $ (0.19) | $ 0.11 |
Diluted (in dollars per share) | $ 0.24 | $ (0.19) | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ 11,552 | $ (7,529) | $ 5,059 |
Other comprehensive income: | |||
Net unrealized loss | (671) | ||
Total other comprehensive loss | (671) | ||
Total comprehensive income (loss) | 10,881 | (7,529) | 5,059 |
Less: comprehensive income attributive to non-controlling interest | 200 | 1,132 | 195 |
Comprehensive income (loss) attributive to common stockholders | $ 10,681 | $ (8,661) | $ 4,864 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' 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, 2015 | 45,224,881 | ||||
Balance at Dec. 31, 2015 | $ 5 | $ 48,073 | $ 65,843 | $ 113,921 | |
Stock-based compensation (in shares) | 199,044 | ||||
Stock-based compensation | 5,411 | 5,411 | |||
Issuance of stock for equity compensation plans, net (in shares) | 280,347 | ||||
Issuance of stock for equity compensation plans, net | (2,694) | (2,694) | |||
Repurchase of shares and warrants (in shares) | (308,718) | ||||
Repurchase of shares and warrants | (10,343) | (10,343) | |||
Acquisition of Natural Habitat Inc. (in shares) | 264,208 | ||||
Acquisition of Natural Habitat Inc. | 2,650 | 2,650 | |||
Net income (loss) | 4,864 | 4,864 | |||
Other comprehensive income, net | |||||
Balance (in shares) at Dec. 31, 2016 | 45,659,762 | ||||
Balance at Dec. 31, 2016 | $ 5 | 43,097 | 70,707 | 113,809 | |
Balance (in shares) at Dec. 31, 2015 | 45,224,881 | ||||
Balance at Dec. 31, 2015 | $ 5 | 48,073 | 65,843 | 113,921 | |
Balance (in shares) at Dec. 31, 2018 | 45,814,925 | ||||
Balance at Dec. 31, 2018 | $ 5 | 41,539 | 75,171 | (671) | 116,044 |
Balance (in shares) at Dec. 31, 2016 | 45,659,762 | ||||
Balance at Dec. 31, 2016 | $ 5 | 43,097 | 70,707 | 113,809 | |
Stock-based compensation (in shares) | |||||
Stock-based compensation | 10,627 | 10,627 | |||
Issuance of stock for equity compensation plans, net (in shares) | 314,326 | ||||
Issuance of stock for equity compensation plans, net | (5,034) | (5,034) | |||
Repurchase of shares and warrants (in shares) | (547,058) | ||||
Repurchase of shares and warrants | (6,192) | (6,192) | |||
Net income (loss) | (8,661) | (8,661) | |||
Cumulative effect of change in accounting principle | 1,773 | 1,773 | |||
Other comprehensive income, net | |||||
Balance (in shares) at Dec. 31, 2017 | 45,427,030 | ||||
Balance at Dec. 31, 2017 | $ 5 | 42,498 | 63,819 | 106,322 | |
Stock-based compensation (in shares) | |||||
Stock-based compensation | 4,405 | 4,405 | |||
Issuance of stock for equity compensation plans, net (in shares) | 396,925 | ||||
Issuance of stock for equity compensation plans, net | (4,510) | (4,510) | |||
Repurchase of shares and warrants (in shares) | (9,030) | ||||
Repurchase of shares and warrants | (854) | (854) | |||
Net income (loss) | 11,352 | 11,352 | |||
Other comprehensive income, net | (671) | (671) | |||
Balance (in shares) at Dec. 31, 2018 | 45,814,925 | ||||
Balance at Dec. 31, 2018 | $ 5 | $ 41,539 | $ 75,171 | $ (671) | $ 116,044 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ 11,552 | $ (7,529) | $ 5,059 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,768 | 17,351 | 18,420 |
Amortization of National Geographic fee | 2,907 | 2,907 | 2,907 |
Amortization of deferred financing costs and other, net | 1,909 | 2,226 | 1,144 |
Stock-based compensation | 4,405 | 10,627 | 5,411 |
Deferred income taxes | 343 | 8,336 | (3,326) |
Loss (gain) on foreign currency | 2,175 | (1,144) | 720 |
Write-off of unamortized issuance costs related to debt refinancing | 359 | ||
Loss on write-off of assets | 129 | ||
Loss on disposal and transfer of assets | 819 | ||
Changes in operating assets and liabilities | |||
Marine operating supplies and inventories | 70 | (1,036) | 1,073 |
Prepaid expenses and other current assets | (716) | 575 | 629 |
Unearned passenger revenues | 11,134 | 20,709 | 245 |
Other long-term assets | (698) | 136 | (3,642) |
Other long-term liabilities | (129) | 3 | 4 |
Accounts payable and accrued expenses | 2,149 | (243) | 1,964 |
Net cash provided by operating activities | 56,357 | 52,918 | 31,427 |
Cash Flows From Investing Activities | |||
Purchases of property and equipment | (54,345) | (80,485) | (75,933) |
Acquisition of Natural Habitat, Inc., net of $4,904 cash acquired | (9,946) | ||
Net cash used in investing activities | (54,345) | (80,485) | (85,879) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 200,000 | ||
Repayments of long-term debt | (171,625) | (1,750) | (1,750) |
Payment of deferred financing costs | (6,490) | (418) | (1,565) |
Repurchase under stock-based compensation plans and related tax impacts | (4,510) | (5,034) | (2,694) |
Repurchase of warrants and common stock | (854) | (6,192) | (10,343) |
Net cash provided by (used in) financing activities | 16,521 | (13,394) | (16,352) |
Effect of exchange rate changes on cash | 118 | 30 | (128) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18,651 | (40,931) | (70,932) |
Cash, cash equivalents and restricted cash at beginning of period | 103,500 | 144,431 | 205,363 |
Cash, cash equivalents and restricted cash at end of period | 122,151 | 103,500 | 144,431 |
Supplemental disclosures of cash flow information: | |||
Interest | 13,391 | 10,478 | 9,896 |
Income taxes | 522 | 965 | 998 |
Non-cash investing and financing activities: | |||
Additional paid-in capital exercise proceeds of option shares | 1,682 | 1,682 | 1,123 |
Additional paid-in capital exchange proceeds used for option shares | $ (1,682) | $ (1,682) | $ (1,123) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Acquisition of Natural Habitat, Inc., cash acquired | $ 4,904 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 Organization Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries (the “Company” or “Lindblad”) currently operate a fleet of eight five Lindblad’s mission is to offer life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company’s expedition ships are customized, nimble and intimately-scaled vessels that are able to venture where larger cruise ships cannot, thus allowing Lindblad to offer up-close experiences in the planet’s wild and remote places and capitals of culture. Many of these expeditions involve travel to remote places with limited infrastructure and ports (such as Antarctica and the Arctic) or places that are best accessed by a ship (such as the Galápagos, Alaska, Baja’s Sea of Cortez, Costa Rica and Panama), and foster active engagement by guests. Each expedition ship is designed to be comfortable and inviting, while being fully equipped with state-of-the-art tools for in-depth exploration. The Company has an alliance with the National Geographic Partners (“National Geographic”), which often provides lecturers and National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews. Through Natural Habitat, Inc. (“Natural Habitat”), acquired in 2016, seven |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holding, Inc. and its consolidated subsidiaries, 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”). Reclassifications We have reclassified certain prior period amounts to conform to the current period presentation, with no Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets, liabilities, revenues and expenses. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived assets, determining the fair value of assets acquired and liabilities assumed in business combinations, the fair value of the Company’s common stock and related warrants, the valuation of securities underlying stock-based compensation, income tax expense, the valuation of deferred tax assets and liabilities, the fair value of derivative instruments, the value of contingent consideration and assessing its litigation, other legal claims and contingencies. 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 in the consolidated statements of operations. The Company’s primary performance obligation under these contracts is to provide an expedition and may Tour revenues also include revenues from the sale of goods and services onboard our 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. 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 air transportation to and from the ships. Guest deposits represent unearned revenues and are reported as unearned passenger revenues in the consolidated balance sheet when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification ("ASC"), Revenue from Contracts with Customers 606 not no $70.9 $62.1 December 31, 2018 December 31, 2017, December 31, 2017 December 31, 2018. Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, 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 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. Insurance The Company maintains insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third third third As of December 31, 2018 2017, $125,000 $100,000, December 31, 2018 2017, $125,000 $100,000, $57,500 December 31, 2018 2017, Not four The Company also extends cancellation insurance to guests. The Company uses an insurance company to manage passenger insurance purchased to cover a variety of insurable losses including cancellations, interruption, missed connections, travel delays, accidental death and dismemberment, medical coverage and baggage issues. The Company is self-insured for the claims only which cover cancellations, interruption, missed connections and travel delays. The required reserve was determined based on claims experience. While the Company believes its estimated IBNR and accrued claims reserves are adequate, the ultimate losses may The Company participates in a traditional marine industry reinsurance solution for liability exposure through their Protection and Indemnity (“P&I Club”) Reinsurers, which are similar to mutual marine P&I Club’s that join and severally indemnify each other to provide discounted primary and excess Protection and Indemnity coverage to club members. The resulting aggregated surplus of the clubs combines to provide the Company with below market primary and high excess liability coverage for covered losses. For consideration of long-term below market Protection and Indemnity rates, the joint and several liability obligation requires the down-stream indemnification by their members, including the Company. General and Administrative Expense General and administrative expenses primarily represent the costs of our shore-side vessel support, 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 direct mail, print and online advertising costs, as well as costs associated with website development and maintenance. Also included are social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $16.9 $16.4 $14.7 December 31, 2018, 2017 2016, $5.4 $6.3 $5.5 December 31, 2018, 2017 2016, Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: As of December 31, (In thousands) 2018 2017 Cash and cash equivalents $ 113,396 $ 96,443 Restricted cash and marketable securities 8,755 7,057 Total cash, cash equivalents and restricted cash shown in statement of cash flows $ 122,151 $ 103,500 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, 2018 2017, $6.4 $4.1 Restricted Cash and Marketable Securities Included in “Restricted cash and marketable securities” on the accompanying consolidated balance sheets are restricted cash and marketable securities, consisting of six As of 2018 2017 (In thousands) Federal Maritime Commission escrow $ 5,823 $ 4,186 Credit card processor reserves 1,530 1,530 Certificates of deposit and other restricted securities 1,402 1,341 Total restricted cash and marketable securities $ 8,755 $ 7,057 The amounts held in restricted cash and marketable securities represent principally funds required to be held in certificates of deposit by certain vendors and regulatory agencies and are classified as restricted assets since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. Interest income is recognized when earned. The Company has classified marketable securities, principally money market funds, 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. 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% $30 At December 31, 2018 2017, $1.5 third Marine Operating Supplies and Inventories Marine operating supplies consist primarily of fuel, provisions, spare parts, items required for maintenance and supplies used in the operation of marine expeditions. Marine operating supplies are stated at the lower of cost or net realizable value. Cost is determined using the first first Inventories consist primarily of gift shop merchandise and other items for resale and are stated at the lower of cost or net realizable value. Cost is determined using the first first 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. The Company’s prepaid expenses and other current assets consist of the following: As of (In thousands) 2018 2017 Prepaid tour expenses $ 10,617 $ 9,846 Prepaid air expense 2,973 3,621 Prepaid marketing, commissions and other expenses 2,622 2,495 Prepaid client insurance 2,516 2,525 Prepaid port agent fees 1,433 1,022 Prepaid corporate insurance 1,078 1,033 Prepaid income taxes 24 809 Total prepaid expenses $ 21,263 $ 21,351 Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization 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 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 2018, eight National Geographic Quest National Geographic Venture third 2017 fourth 2018, National Geographic Endurance first 2020. 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 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 In accordance with ASC 360, September 30, not September 30, 2018 no 5 6 Intangible Assets 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 5 6 The Company operates two National Geographic Endeavour II 95 National Geographic Islander 47 In June 2015, November 2015. November 2015 July 2015, nine July 2024. no July 2024. 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 December 31, 2018 2017, no not Long-Lived Assets 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 As of December 31, 2018 2017, no not first 2016, National Geographic Endeavour National Geographic Endeavour II fourth 2016. National Geographic Endeavour’s December 31, 2015 one seven fourth 2016. 4 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 (In thousands) 2018 2017 Accrued other expenses $ 11,851 $ 7,664 Accounts payable 9,326 7,791 Bonus compensation liability 5,195 3,736 Employee liability 2,943 2,644 Refunds and commissions payable 1,533 1,805 Travel certificate liability 1,088 1,120 Royalty payable 1,005 1,010 Income tax liabilities 576 1,490 Accrued travel insurance expense 427 432 New build liability - 2,730 Total accounts payable and accrued expenses $ 33,944 $ 30,422 Leases The Company leases office space with lease terms ranging from one ten three six 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 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. The carrying value of long-term debt approximates fair value given that the terms of the agreement were comparable to the market as of December 31, 2018 2017. December 31, 2018 2017, no 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. The Company’s derivative assets consist principally of interest rate caps and are carried at fair value based on significant observable inputs (Level 2 not Derivative Instruments and Hedging Activities 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 hedge assessments. The Company records derivatives on a gross basis in other long-term assets and other liabilities in the consolidated balance sheets at fair value. The accounting for changes in value of the derivative depends on whether or not not The Company held foreign exchange forward derivative instruments with notional values of approximately $32.8 $21.5 December 31, 2018 2017, 2 December 31, 2018 $1.3 December 31, 2017 $1.0 The Company applies hedge accounting to its interest rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company is exposed to market risks attributable to changes in interest rates on its term loan facility and seeks to hedge the risk of variability in cash flows associated with the changes in US$-LIBOR-Intercontinental Exchange associated with interest payments on its Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). During the second 2018, first one May 31, 2023. Interest Rate Caps Corporate Debt Trade date and borrowing date May 29, 2018 March 27, 2018 Effective date September 27, 2018 Not applicable Termination date May 31, 2023 March 31, 2025 Notional amount $100,000,000 $100,000,000 Fixed interest rate (plus spread) 2.50% until November 30, 2018 Not applicable  2.75% December 1, 2018 until April 30, 2019 3.00% May 1, 2019 until maturity Variable interest rate 1 month LIBOR 1 month LIBOR + 3.50% Settlement Monthly on last day of each month Monthly on last day of each month Interest payment dates Monthly on last day of each month Monthly on last day of each month Reset dates Last day of each month Last day of each month The notional amount of outstanding debt associated with the interest rate cap agreements was $100.0 December 31, 2018, $0.7 815 2017 12. December 31, 2018, $0.7 not 12 The effects of cash flow hedge accounting on accumulated other comprehensive income were as follows: For the years ended (in thousands) 2018 2017 2016 Beginning balance: $ - $ - $ - Net change in period (671 ) - - Accumulated Other Comprehensive Income $ (671 ) $ - $ - The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no No December 31, 2018. Income Taxes The U. S. Tax Cuts and Jobs Act (the “Tax Act”) introduces significant changes to U.S. income tax law that have a meaningful impact on our provision for income taxes. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional amounts in our financial statements for the year ended December 31, 2017. 2017 During 2018, 118, December 22, 2018. fourth 2018, $0.6 one No 2018 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 reflect the “more-likely-than- not” December 31, 2018 2017, 0.3 $0.4 December 31, 2018 2017, 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 2018, three three four 2017 Other Long-Term Assets In 2016, $3.6 ational Geographic Endeavour II December 31, 2018 2017, $2.7 $3.5 In 2015, 2,387,499 $13.8 March 2020. December 31, 2018 2017 $3.6 $6.5 10 Deferred Financing Costs Deferred financing costs relate to the issuance costs of recognized debt liabilities and are presented in the consolidated balance sheets as 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 in the consolidated statements of operations. See Note 8 Foreign Currency Translation The U.S. dollar is the functional currency in the Company’s foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the consolidated statements of operations. Stock-Based Compensation The Company accounts for stock-based compensation issued to employees, non-employee directors or other service providers in accordance with ASC 718, Recent Accounting Pronouncements In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 December 15, 2018. January 1, 2019, not In February 2016, No. 2016 02, Leases 842 July 2018 2018 11, Leases 842 Targeted Improvements 2016 02 December 15, 2018. January 1, 2019, $6.4 not Accounting Pronouncements Recently Adopted In August 2017, 2017 12, Derivatives and Hedging (Topic 815 2017 12 2017 12 December 31, 2018, 2017 12, second 2018, In May 2017, No. 2017 09, Compensation - Stock Compensation 718 : Scope of Modification Accounting No. 2017 09 No. 2017 09 December 15, 2017. January 1, 2018, not In January 2017, No. 2017 04, Intangibles and Othe 350 Simplifying the Test for Goodwill Impairment 2 2, January 1, 2018, not In January 2017, No. 2017 01, Business Combinations 805 Clarifying the Definition of a Business not January 1, 2018, not In November 2016, No. 2016 18, Statement of Cash Flows 230 Restricted Cash 2016 18 December 15, 2017. not In 2014, 2014 09, Revenue from Contracts with Customers 606 2014 09. January 1, 2018, not not not |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 Earnings per common share is computed by dividing net income available to common shareholders, by the weighted average number of common shares outstanding during the period. 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 issuable upon the exercise of stock options (if such option is an equity instrument, using the treasury stock method), unvested performance-based share units, unvested restricted share units, unvested restricted shares and warrants. For the year ended December 31, 2017, no December 31, 2018 2016, 961,866 806,950, As of December 31, 2018, 2017 2016, 10,088,074, 10,656,520 11,186,387 $11.50 December 31, 2017 2016, not For the years ended December 31, 2018, 2017 2016, For the years ended December 31, (In thousands, except share and per share data) 2018 2017 2016 Net income (loss) available to common stockholders $ 11,352 $ (8,661 ) $ 4,864 Weighted average shares outstanding: Total weighted average shares outstanding, basic 45,378,188 44,576,912 45,649,971 Dilutive potential common shares 961,866 - 806,950 Total weighted average shares outstanding, diluted 46,340,054 44,576,912 46,456,921 Net income (loss) per share available to common stockholders Basic $ 0.25 $ (0.19 ) $ 0.11 Diluted $ 0.24 $ (0.19 ) $ 0.10 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Property and equipment, net are as follows: As of December 31, (In thousands) 2018 2017 Vessels and improvements $ 399,700 $ 346,895 Furniture and equipment 12,902 11,731 Leasehold improvements 1,425 1,425 Total property and equipment, gross 414,027 360,051 Less: Accumulated depreciation (128,048) (109,099) Property and equipment, net $ 285,979 $ 250,952 Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2018, 2017 2016 $19.0 $15.8 $17.1 For the year ended December 31, 2018, 54.3 40.2 National Geographic Venture fourth 2018. December 31, 2017, $80.5 $42.8 two National Geographic Quest National Geographic Venture $27.2 National Geographic Endurance January 2016 two National Geographic Endeavour II National Geographic Endurance December 31, 2018 2017, 3.8 $2.6 |
Note 5 - Acquisition
Note 5 - Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 5 On May 4, 2016, 80.1% 2016, $1.0 The Company recorded this transaction using the acquisition method for business combinations. The Company measured the identifiable assets, liabilities and non-controlling interest of Natural Habitat at their fair market value as of the acquisition date and separately measured goodwill at its fair market value as of the acquisition date. Goodwill is an intangible asset arising as a result of name, reputation, customer loyalty, location, products and similar factors not no not The Company recognized a noncontrolling interest in Natural Habitat and measured the noncontrolling interest at fair value on the acquisition date. The noncontrolling interest is recognized as a redeemable noncontrolling interest to the extent that the risks and rewards of ownership substantially remain with the noncontrolling interest. Mr. Bressler, founder of Natural Habitat, retains a noncontrolling interest in the remaining 19.9% 100% October 31, 2020, not December 31, 2020. not December 31, 2025, These rights to purchase or sell the noncontrolling interest may may 1 2 3 As the purchase prices indicated similar fair value measures, the put/call arrangement had been struck at fair value and each party is in agreement that the valuation is indicative of fair value, the asset and liability position would be netted and it is expected that the resulting value would be immaterial given the structure of the arrangement. As Mr. Bressler is responsible for the management of Natural Habitat, the risks and rewards of ownership substantially remain with the noncontrolling interest. The existence of the put/call arrangement does not not The total purchase price of the acquisition is as follows: (In thousands) Cash consideration $ 14,850 Long-term debt 2,525 Lindblad restricted shares (264,208 shares) 2,650 Total purchase price $ 20,025 Below is a summary, which details the allocation of assets acquired and liabilities assumed as a result of this acquisition: (In thousands) Assets acquired: Cash and cash equivalents $ 4,904 Prepaid expenses and other current assets 9,623 Property and equipment 2,068 Goodwill and other intangibles 28,305 Total assets $ 44,900 Liabilities assumed: Accounts payable and accrued expenses $ 2,472 Unearned passenger revenues 15,000 Deferred tax liability 2,428 Noncontrolling interest in consolidated subsidiaries 4,975 Total liabilities $ 24,875 Total cash price paid upon acquisition and fair value of existing equity interest $ 20,025 The acquired business contributed revenues of $34.5 $2.2 May 5, 2016 December 31, 2016. January 1, 2015. Pro forma years ended December 31, (In thousands) 2016 2015 Revenues $ 254,567 $ 249,819 Operating income $ 15,345 $ 17,883 The Company adjusted $1.0 January 1, 2015, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6 The carrying amounts and accumulated amortization of the Company’s intangibles, net are as follows: As of December 31, 2018 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 2,900 $ (515 ) $ 2,385 12.3 $ 2,900 $ (322 ) $ 2,578 Customer lists 3,300 (1,760 ) 1,540 2.3 3,300 (1,100 ) 2,200 Operating rights 6,529 (2,479 ) 4,050 5.6 6,529 (1,753 ) 4,776 Total intangibles, net $ 12,729 $ (4,754 ) $ 7,975 7.0 $ 12,729 $ (3,175 ) $ 9,554 The decrease in the Company’s intangibles, net is the result of amortization expense associated with intangible assets acquired in connection with the acquisition of Natural Habitat on May 4, 2016. $2.9 $3.3 $22.1 5 $6.5 July 2015, 2 Intangible Assets December 31, 2018, 2017 2016 $1.6 Year Amount (In thousands) 2019 $ 1,579 2020 1,579 2021 1,139 2022 919 2023 919 Thereafter 1,840 $ 7,975 |
Note 7 - Letters of Credit
Note 7 - Letters of Credit | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Letters of Credit Disclosure [Text Block] | NOTE 7 As of December 31, 2018 2017, $1.2 1% September 2019. |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 Note Payable On May 4, 2016, $2.5 December 31, 2020. 1.44% six Credit Facility On March 27, 2018, March 7, 2016 ( $200.0 $25.0 first March 27, 2025. $45.0 $5.0 In connection with the Amended Credit Agreement, the Company capitalized $4.2 third $1.0 December 31, 2018, Borrowings under the Term Facility bear interest at an adjusted Intercontinental Exchange (“ICE”) Benchmark administration LIBOR plus a spread of 3.50%, 3.25% B1 December 31, 2018 6.02% 3.00%, 2.00%. 0.5% March 27, 2023. The Amended Credit Agreement contains financial covenants that, among other things, (i) requires the Company to maintain a total net leverage ratio (defined as on any date of determination, the ratio of total debt on such date, less up to $50.0 12 5.25 1.00 0.25 two June 30, 2022 4.75 1.00 may may December 31, 2018, Borrowings under the Revolving Facility will be used for general corporate and working capital purposes and related fees and expenses. As of December 31, 2018, no Senior Secured Credit Agreement On January 8, 2018, not $107.7 80% January 2020. At the Borrower’s election, the loan will bear interest either at a fixed interest rate effectively equal to 5.78% three 3.00% twelve 70% twelve 30% five first may The Export Credit Agreement contains financial covenants that, among other things, require us to maintain a total net leverage ratio (defined as on any date of determination, the ratio of total debt on such date, less up to $25.0 12 4.50 1.00. December 31, 2018, Long-Term Debt Outstanding As of December 31, 2018 2017, As of 2018 2017 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Credit Facility 199,000 (11,436 ) 187,564 170,625 (7,214 ) 163,411 Total long-term debt 201,525 (11,436 ) 190,089 173,150 (7,214 ) 165,936 Less current portion (2,000 ) - (2,000 ) (1,750 ) - (1,750 ) Total long-term debt, non-current $ 199,525 $ (11,436 ) $ 188,089 $ 171,400 $ (7,214 ) $ 164,186 Future minimum principal payments of long-term debt are as follows: Year Amount (In thousands) 2019 $ 2,000 2020 4,525 2021 2,000 2022 2,000 2023 2,000 Thereafter 189,000 $ 201,525 For the years ended December 31, 2018, 2017 2016, $6.5 $0.4 $1.6 For the years ended December 31, 2018, 2017 2016, $1.9 $2.2 $2.2 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 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 for the years ended December 31, 2018, 2017 2016 For the years ended December 31, (In thousands) 2018 2017 2016 Domestic $ (13,015 ) $ (10,423 ) $ (8,696 ) Foreign 25,183 12,896 10,555 Total $ 12,168 $ 2,473 $ 1,859 The income tax provisions at December 31, 2018, 2017 2016 For the years ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 191 $ (15 ) $ - State (14 ) 529 51 Foreign - Other 578 1,062 164 Total current 755 1,576 215 Deferred Federal 937 8,168 (3,015 ) State (1,161 ) 242 (426 ) Foreign - Other 85 16 26 Total deferred (139 ) 8,426 (3,415 ) Income tax expense (benefit) $ 616 $ 10,002 $ (3,200 ) The U.S. Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 2018, 35% 21%, 2017 one not The U. S. Tax Cuts and Jobs Act (the “Tax Act”) introduces significant changes to U.S. income tax law that have a meaningful impact on our provision for income taxes. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional amounts in our financial statements for the year ended December 31, 2017. 2017 During 2018, 118, December 22, 2018. fourth 2018, $0.6 one No 2018 One-time transition tax The Tax Act requires us to increase our U.S. taxable income for accumulated foreign subsidiary earnings not 15.5% 8% one $13.9 not 2019 Deferred tax effects The Tax Act reduces the U.S. statutory tax rate from 35% 21% 2017. December 31, 2017 $1.8 not December 31, 2017 The net tax expense recognized in 2017 $12.7 may may not December 31, 2017. 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, 2018 2017 2016 Tax provision at statutory rate – federal 21.0% 35.0% 35.0% U.S. tax reform toll charge 0.0% 562.2% 0.0% Tax rate change deferred revaluation 0.0% (63.3%) 0.0% Tax provision at effective state and local rates (9.6%) 23.9% (21.1%) Foreign tax rate differential (12.8%) (158.3%) (216.4%) Subpart F income 22.7% 0.0% 0.0% Nondeductible expenses 0.2% 6.5% 51.7% Uncertain tax provisions (0.4%) 1.2% 0.2% Valuation allowance (11.9%) 2.8% 22.1% Prior period adjustments (3.2%) 11.2% (37.7%) Stock compensation (0.8%) (9.5%) 0.0% Tax credits (0.1%) (7.3%) 0.0% Other 0.0% 0.0% (5.9%) Total effective income tax rate 5.1% 404.4% (172.1%) The Company, through its subsidiaries and affiliated entities in the U.S., the Cayman Islands, Ecuador and Australia are subject to US Federal, US state, Ecuadorian Federal and Australian Federal income taxes. The Cayman Islands do not Deferred tax assets (liabilities) as of December 31, 2018 2017 As of December 31, (In thousands) 2018 2017 Net operating loss carryforward $ 15,235 $ 16,292 Property and equipment (17,164 ) (8,880 ) Disallowed interest carryforward 1,549 - Valuation allowance (1,549 ) (8,863 ) Stock-based compensation 57 9 Intangibles (949 ) (1,022 ) Other 34 20 Deferred tax (liabilities) assets $ (2,787 ) $ (2,444 ) The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not As of December 31, 2018, no no $56.3 2027. may As a result of the transition to the territorial tax regime effectuated by the Tax Act described above, any potential dividends from our foreign subsidiaries would no no no No no The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Significant judgment is required in evaluating tax positions and determining the provision for income taxes. The Company establishes liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may The following is a tabular reconciliation of the total amounts of unrecognized tax benefits and does not December 31, 2018, 2017 2016: For the years ended December 31, (In thousands) 2018 2017 2016 Beginning of year $ 421 $ 447 $ 473 Current year positions - - (26 ) Prior year positions (123 ) (26 ) - End of year $ 298 $ 421 $ 447 The amount of uncertain tax positions that, if recognized, would impact the effective tax rate at December 31, 2018 2017 $0.3 $0.3 twelve The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2018, 2017 2016, 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 2018, three three four 2017 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 Lease Commitments The Company leases office space and equipment under long-term leases, which are classified as operating leases. Future minimum rental commitments, under non-cancellable operating leases as of December 31, 2018 For the Years Ended December 31, Minimum lease payments (In thousands) 2019 $ 1,180 2020 1,193 2021 1,226 2022 1,287 2023 1,212 Thereafter 1,603 Total $ 7,701 Rent expense was approximately $1.3 $1.2 $1.1 December 31, 2018, 2017 2016, Fleet Expansion In November 2017, 1,066.0 $134.6 first twenty eighty January 2020. 8 In February 2019, National Geographic Endurance September 2021. 17 Royalty Agreement – National Geographic The Company is engaged in an alliance and license agreement with National Geographic through 2025, 2 December 31, 2018, 2017 2016 $5.0 $4.5 $4.2 The royalty balances payable to National Geographic as of December 31, 2018 2017 1.0 In 2015, 2,387,499 $13.8 $5.76 March 31, 2020. December 31, 2018 2017 $3.6 $6.5 December 31, 2018, 2017 2016, $2.9 Stock price at July 9, 2015: $ 10.75 Exercise price: $ 10.00 Expected term (years): 5 Volatility: 60 % Risk free rate: 1.58 % Dividend rate: 0 % 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 on the accompanying consolidated statements of operations. The annual royalty payment and gross sales fees are paid on a quarterly basis. For the years ended December 31, 2018, 2017 2016, $0.8 $0.6 $0.5 Royalty Agreement – Islander Under a perpetual royalty agreement, the Company is obligated to pay a third National Geographic Islander December 31 2018, 2017 2016 $0.7 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 are as follows: For the years ended December 31, Amount (In thousands) 2019 $ 10,921 2020 9,467 2021 2,031 2022 1,850 Total $ 24,269 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 $1.0 The Company self-insures cancellation insurance extended to guests. Further, the Company contracts with an unrelated insurance company to administer the guest insurance program, which includes additional guest-related insurance coverage purchased by guests. In connection with the program, the Company has provided a $150,000 Operational Agreement The Company maintains an agreement with a third National Geographic Endeavour II National Geographic Islander December 31, 2019. 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, there are no |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11 The Company has a 401 30% 2018, 30% 2017 25% 2016, $2,100 2018, $2,100 2017 $1,800 2016. December 31, 2018, 2017 2016, $0.3 $0.3 $0.2 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 Company Stock The Company has 1,000,000 $0.0001 200,000,000 $0.0001 Initial Public Offering and Warrants In connection with its initial public offering, on May 15, 2013, 20,000,000 $10.00 2,000,000 $200.0 one $0.0001 one one one July 1, 2013 2015, one $11.50 thirty five The warrants may not $0.01 30 $24.00 20 30 three If the Company calls the warrants for redemption as described above, the Company’s management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing ( x five third Certain of the outstanding warrants were privately acquired from the Company by its sponsor and certain of the Company’s initial officers and directors and are identical to the warrants included in the units sold in the offering except that such warrants: (i) are not may Stock and Warrant Repurchase Plan In 2016, $15.0 $35.0 2015, no 568,446 $0.8 9,030 $0.1 2018, 529,867 $1.1 547,058 $5.1 2017, 2,821,995 $7.3 308,718 $3.0 2016. 864,806 $8.1 6,011,926 $14.7 December 31, 2018. December 31, 2018 $12.1 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 13 In 2017, 2015 The Company's stock-based compensation program is a long-term retention program that provides for the grant of options, restricted stock, restricted stock units and performance-based restricted shares or units in order to attract, retain and provide incentives for directors, officers and employees. The maximum number of shares reserved for the grant of awards under the plan is 2.5 2.2 December 31, 2018. Time-based awards generally vest ratably over a three three 2018 During the year ended December 31, 2018, 2015 178,648 $10.73, 88,851 $10.27, 38,555 $12.97, one first three The PSUs are performance-vesting equity incentive awards that will be earned based on the Company's performance against metrics relating to annual Adjusted EBITDA and annual revenue. Awards will vest after a three may 0% 200% 2017 In March 2017, 2015 171,388 April 3, 2017 $8.98. first three The PSUs are performance-vesting equity incentive awards that will be earned based on our performance against metrics relating to annual Adjusted EBITDA, annual revenue, and guest satisfaction. Awards will vest after a three may 0% 200% April 3, 2017, 126,953 March 31, 2017 $8.96. December 31, 2017, 2016 In April 2016, 2016 “2016 June 2016, 2016 1,000,000 2016 1,000,000 2016 not 2016 2016 2016 may 2016 On January 10, 2017, 716,550 $9.65. three January 10, 2017, January 10, 2018 January 10, 2019. Performance Share Units Performance shares are 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. PSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain vesting conditions are met. The Company does not The following table is a summary of PSU activity: Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2017 - $ - Granted 126,953 8.98 Vested and released - - Forfeited (39,161 ) 8.98 Balance, December 31, 2017 87,792 8.98 Granted 88,851 10.27 Vested and released - - Forfeited (13,863 ) 8.98 Balance, December 31, 2018 162,780 9.63 Restricted Shares and Restricted Share Units Restricted shares are 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. RSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain vesting conditions are met. The Company does not The following table is a summary of restricted stock and RSU activity: Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2016 - $ - Granted 213,812 9.97 Vested and released (11,791 ) 11.20 Forfeited - - Balance, December 31, 2016 202,021 9.90 Granted 940,147 9.56 Vested and released (299,951 ) 9.72 Forfeited (63,945 ) 9.41 Balance, December 31, 2017 778,272 9.60 Granted 217,203 11.12 Vested and released (352,116 ) 9.67 Forfeited (23,633 ) 9.60 Balance, December 31, 2018 619,726 10.16 Stock Options Stock compensation expense related to options are recorded based on the fair value of stock option grants, amortized on a straight-line basis over the employee’s required service period. The Company estimated the fair value of employee stock options using the Black-Scholes option pricing model. The fair values of employee stock options granted under the Company's incentive plans were estimated using the following assumptions: 2016 Grants Stock price $ 9.63 Exercise price $ 9.63 Dividend yield 0.00 % Expected volatility 60.00 % Risk-free interest rate 1.18 % Expected term in years 5.11 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 January 1, 2016 2,849,071 $ 2.69 3.7 $ 23,992,814 Granted 220,000 9.63 Exercised (638,223 ) 1.76 Forfeited (300,000 ) 10.58 Options outstanding as of December 31, 2016 2,130,848 2.57 2.8 146,542,221 Granted - - Exercised (955,424 ) 1.76 Forfeited - - Options outstanding as of December 31, 2017 1,175,424 3.23 2.4 7,707,255 Granted - - Exercised (955,424 ) 1.76 Forfeited - - Options outstanding as of December 31, 2018 220,000 9.63 7.6 842,000 As of December 31, 2018 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 220,000 $ 9.63 7.6 $ 842,000 Options exercisable 113,333 9.68 7.6 428,333 During the year ended December 31, 2018, 955,424 $1.76 442,820 Stock-based Compensation Expense Stock-based compensation expense for 2018, 2017 2016 $4.4 $10.6 $5.4 December 31, 2018, 2017 2016 0.2 $0.1 $0.1 December 31, 2018, $4.4 1.8 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions - Stockholder Loans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 LOANS Described below are the Company's related party transactions. Capitol Acquisition Corp. II All of the initial shares of common stock issued by the Company to its sponsor and initial shareholders (Capitol Acquisition Management 2 one July 8, 2015 not $13.00 20 30 four July 8, 2015. not July 8, 2016 2018 Lindblad Expeditions, Inc. The Company and National Geographic collaborate on exploration, research, technology and conservation in order to provide travel experiences and disseminate geographic knowledge around the globe. The Lindblad/National Geographic alliance is set forth in (i) an Alliance and License Agreement and (ii) a Tour Operator Agreement. During the years ended December 31, 2018 2017, $6.1 $5.2 $10.00 five July 8, 2015, 2015 15,600,000 1,250,000 5% In connection with the 2015 2 500,000 no five 2018, On May 4, 2016, $2.5 December 31, 2020. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 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 a specialty cruise operator with operations in two two During the second 2016, December 31, 2018, 2017 2016, For the years ended December 31, (In thousands) 2018 2017 Change % 2016 Change % Tour revenues: Lindblad $ 246,334 $ 216,815 $ 29,519 14 % $ 207,836 $ 8,979 4 % Natural Habitat (a) 63,400 49,689 13,711 28 % 34,510 15,179 44 % Total tour revenues $ 309,734 $ 266,504 $ 43,230 16 % $ 242,346 $ 24,158 10 % Operating income (loss): Lindblad $ 19,798 $ 7,292 $ 12,506 172 % $ 11,794 $ (4,502 ) (38 %) Natural Habitat (a) 5,540 3,452 2,088 60 % 2,187 1,265 58 % Total operating income $ 25,338 $ 10,744 $ 14,594 136 % $ 13,981 $ (3,237 ) (23 %) __________ (a) The 2016 May 2016 December 31, 2016. Depreciation and amortization are included in segment operating income as shown below: For the years ended December 31, (In thousands) 2018 2017 Change % 2016 Change % Depreciation and amortization: Lindblad $ 19,277 $ 15,969 $ 3,308 21 % $ 17,569 $ (1,600 ) (9% ) Natural Habitat (a) 1,491 1,382 109 8 % 851 531 62 % Total depreciation and amortization $ 20,768 $ 17,351 $ 3,417 20 % $ 18,420 $ (1,069 ) (6% ) __________ (a) The 2016 May 2016 December 31, 2016. The following table presents our total assets, intangibles, net and goodwill by segment: For the years ended (In thousands) 2018 2017 Total Assets: Lindblad $ 409,622 $ 371,080 Natural Habitat 63,787 53,268 Total assets $ 473,409 $ 424,348 Intangibles, net: Lindblad $ 4,050 $ 4,776 Natural Habitat 3,925 4,778 Total intangibles, net $ 7,975 $ 9,554 Goodwill Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 Intercompany tour revenues between the Lindblad and Natural Habitat segments eliminated in consolidation for the years ended December 31, 2018, 2017 2016 $3.7, $2.0 $0.5 |
Note 16 - Quarterly Financial D
Note 16 - Quarterly Financial Data - Unaudited | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 16 Provided below are selected unaudited quarterly financial data for 2018 2017. 10 not The earnings per share information is calculated independently for each quarter based on the weighted average common stock and common stock equivalents outstanding, which may may not The following is the quarterly financial data for the years ended December 31, 2018 2017: 2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Tour revenues $ 82,410 $ 69,473 $ 87,242 $ 70,609 $ 309,734 Gross profit $ 46,539 $ 35,663 $ 42,278 $ 31,511 $ 155,991 Net income (loss) $ 10,917 $ (159 ) $ 5,346 $ (4,552 ) $ 11,552 Diluted earnings (loss) per share $ 0.24 $ 0.00 $ 0.11 $ (0.10 ) $ 0.24 2017 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Tour revenues $ 63,128 $ 55,571 $ 84,584 $ 63,221 $ 266,504 Gross profit $ 30,525 $ 26,874 $ 46,104 $ 27,475 $ 130,978 Net income (loss) $ 625 $ (2,578 ) $ 9,443 $ (15,019 ) $ (7,529 ) Diluted earnings (loss) per share $ 0.01 $ (0.06 ) $ 0.20 (0.36 ) $ (0.19 ) |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17 On February 25, 2019, 1,291.0 ) first 20% 50% 30% September 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holding, Inc. and its consolidated subsidiaries, 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”). |
Reclassification, Policy [Policy Text Block] | Reclassifications We have reclassified certain prior period amounts to conform to the current period presentation, with no |
Revenue Recognition, Policy [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 in the consolidated statements of operations. The Company’s primary performance obligation under these contracts is to provide an expedition and may Tour revenues also include revenues from the sale of goods and services onboard our 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. |
Revenue from Contract with Customer [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 air transportation to and from the ships. Guest deposits represent unearned revenues and are reported as unearned passenger revenues in the consolidated balance sheet when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification ("ASC"), Revenue from Contracts with Customers 606 not no $70.9 $62.1 December 31, 2018 December 31, 2017, December 31, 2017 December 31, 2018. |
Cost of Revenue, Policy [Policy Text Block] | Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, 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 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. |
Self Insurance Reserve [Policy Text Block] | Insurance The Company maintains insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third third third As of December 31, 2018 2017, $125,000 $100,000, December 31, 2018 2017, $125,000 $100,000, $57,500 December 31, 2018 2017, Not four The Company also extends cancellation insurance to guests. The Company uses an insurance company to manage passenger insurance purchased to cover a variety of insurable losses including cancellations, interruption, missed connections, travel delays, accidental death and dismemberment, medical coverage and baggage issues. The Company is self-insured for the claims only which cover cancellations, interruption, missed connections and travel delays. The required reserve was determined based on claims experience. While the Company believes its estimated IBNR and accrued claims reserves are adequate, the ultimate losses may The Company participates in a traditional marine industry reinsurance solution for liability exposure through their Protection and Indemnity (“P&I Club”) Reinsurers, which are similar to mutual marine P&I Club’s that join and severally indemnify each other to provide discounted primary and excess Protection and Indemnity coverage to club members. The resulting aggregated surplus of the clubs combines to provide the Company with below market primary and high excess liability coverage for covered losses. For consideration of long-term below market Protection and Indemnity rates, the joint and several liability obligation requires the down-stream indemnification by their members, including the Company. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expense General and administrative expenses primarily represent the costs of our shore-side vessel support, reservations and other administrative functions, and includes salaries and related benefits, professional fees and occupancy costs. |
Advertising Costs, Policy [Policy Text Block] | Selling and Marketing Expense Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include direct mail, print and online advertising costs, as well as costs associated with website development and maintenance. Also included are social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $16.9 $16.4 $14.7 December 31, 2018, 2017 2016, $5.4 $6.3 $5.5 December 31, 2018, 2017 2016, |
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 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: As of December 31, (In thousands) 2018 2017 Cash and cash equivalents $ 113,396 $ 96,443 Restricted cash and marketable securities 8,755 7,057 Total cash, cash equivalents and restricted cash shown in statement of cash flows $ 122,151 $ 103,500 |
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, 2018 2017, $6.4 $4.1 |
Restricted Cash and Marketable Securities [Policy Text Block] | Restricted Cash and Marketable Securities Included in “Restricted cash and marketable securities” on the accompanying consolidated balance sheets are restricted cash and marketable securities, consisting of six As of 2018 2017 (In thousands) Federal Maritime Commission escrow $ 5,823 $ 4,186 Credit card processor reserves 1,530 1,530 Certificates of deposit and other restricted securities 1,402 1,341 Total restricted cash and marketable securities $ 8,755 $ 7,057 The amounts held in restricted cash and marketable securities represent principally funds required to be held in certificates of deposit by certain vendors and regulatory agencies and are classified as restricted assets since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. Interest income is recognized when earned. The Company has classified marketable securities, principally money market funds, 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. 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% $30 At December 31, 2018 2017, $1.5 third |
Inventory Supplies, Policy [Policy Text Block] | Marine Operating Supplies and Inventories Marine operating supplies consist primarily of fuel, provisions, spare parts, items required for maintenance and supplies used in the operation of marine expeditions. Marine operating supplies are stated at the lower of cost or net realizable value. Cost is determined using the first first Inventories consist primarily of gift shop merchandise and other items for resale and are stated at the lower of cost or net realizable value. Cost is determined using the first first |
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. The Company’s prepaid expenses and other current assets consist of the following: As of (In thousands) 2018 2017 Prepaid tour expenses $ 10,617 $ 9,846 Prepaid air expense 2,973 3,621 Prepaid marketing, commissions and other expenses 2,622 2,495 Prepaid client insurance 2,516 2,525 Prepaid port agent fees 1,433 1,022 Prepaid corporate insurance 1,078 1,033 Prepaid income taxes 24 809 Total prepaid expenses $ 21,263 $ 21,351 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization 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 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 2018, eight National Geographic Quest National Geographic Venture third 2017 fourth 2018, National Geographic Endurance first 2020. 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 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 In accordance with ASC 360, September 30, not September 30, 2018 no 5 6 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets 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 5 6 The Company operates two National Geographic Endeavour II 95 National Geographic Islander 47 In June 2015, November 2015. November 2015 July 2015, nine July 2024. no July 2024. 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 December 31, 2018 2017, no not |
Long-Lived Assets [Policy Text Block] | Long-Lived Assets 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 As of December 31, 2018 2017, no not first 2016, National Geographic Endeavour National Geographic Endeavour II fourth 2016. National Geographic Endeavour’s December 31, 2015 one seven fourth 2016. 4 |
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 (In thousands) 2018 2017 Accrued other expenses $ 11,851 $ 7,664 Accounts payable 9,326 7,791 Bonus compensation liability 5,195 3,736 Employee liability 2,943 2,644 Refunds and commissions payable 1,533 1,805 Travel certificate liability 1,088 1,120 Royalty payable 1,005 1,010 Income tax liabilities 576 1,490 Accrued travel insurance expense 427 432 New build liability - 2,730 Total accounts payable and accrued expenses $ 33,944 $ 30,422 |
Lessee, Leases [Policy Text Block] | Leases The Company leases office space with lease terms ranging from one ten three six |
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 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. The carrying value of long-term debt approximates fair value given that the terms of the agreement were comparable to the market as of December 31, 2018 2017. December 31, 2018 2017, no 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. The Company’s derivative assets consist principally of interest rate caps and are carried at fair value based on significant observable inputs (Level 2 not |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities 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 hedge assessments. The Company records derivatives on a gross basis in other long-term assets and other liabilities in the consolidated balance sheets at fair value. The accounting for changes in value of the derivative depends on whether or not not The Company held foreign exchange forward derivative instruments with notional values of approximately $32.8 $21.5 December 31, 2018 2017, 2 December 31, 2018 $1.3 December 31, 2017 $1.0 The Company applies hedge accounting to its interest rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company is exposed to market risks attributable to changes in interest rates on its term loan facility and seeks to hedge the risk of variability in cash flows associated with the changes in US$-LIBOR-Intercontinental Exchange associated with interest payments on its Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). During the second 2018, first one May 31, 2023. Interest Rate Caps Corporate Debt Trade date and borrowing date May 29, 2018 March 27, 2018 Effective date September 27, 2018 Not applicable Termination date May 31, 2023 March 31, 2025 Notional amount $100,000,000 $100,000,000 Fixed interest rate (plus spread) 2.50% until November 30, 2018 Not applicable  2.75% December 1, 2018 until April 30, 2019 3.00% May 1, 2019 until maturity Variable interest rate 1 month LIBOR 1 month LIBOR + 3.50% Settlement Monthly on last day of each month Monthly on last day of each month Interest payment dates Monthly on last day of each month Monthly on last day of each month Reset dates Last day of each month Last day of each month The notional amount of outstanding debt associated with the interest rate cap agreements was $100.0 December 31, 2018, $0.7 815 2017 12. December 31, 2018, $0.7 not 12 The effects of cash flow hedge accounting on accumulated other comprehensive income were as follows: For the years ended (in thousands) 2018 2017 2016 Beginning balance: $ - $ - $ - Net change in period (671 ) - - Accumulated Other Comprehensive Income $ (671 ) $ - $ - The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no No December 31, 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes The U. S. Tax Cuts and Jobs Act (the “Tax Act”) introduces significant changes to U.S. income tax law that have a meaningful impact on our provision for income taxes. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional amounts in our financial statements for the year ended December 31, 2017. 2017 During 2018, 118, December 22, 2018. fourth 2018, $0.6 one No 2018 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 reflect the “more-likely-than- not” December 31, 2018 2017, 0.3 $0.4 December 31, 2018 2017, 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 2018, three three four 2017 |
Other Long-term Assets [Policy Text Block] | Other Long-Term Assets In 2016, $3.6 ational Geographic Endeavour II December 31, 2018 2017, $2.7 $3.5 In 2015, 2,387,499 $13.8 March 2020. December 31, 2018 2017 $3.6 $6.5 10 |
Debt, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs relate to the issuance costs of recognized debt liabilities and are presented in the consolidated balance sheets as 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 in the consolidated statements of operations. See Note 8 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The U.S. dollar is the functional currency in the Company’s foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the consolidated statements of operations. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation issued to employees, non-employee directors or other service providers in accordance with ASC 718, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 December 15, 2018. January 1, 2019, not In February 2016, No. 2016 02, Leases 842 July 2018 2018 11, Leases 842 Targeted Improvements 2016 02 December 15, 2018. January 1, 2019, $6.4 not Accounting Pronouncements Recently Adopted In August 2017, 2017 12, Derivatives and Hedging (Topic 815 2017 12 2017 12 December 31, 2018, 2017 12, second 2018, In May 2017, No. 2017 09, Compensation - Stock Compensation 718 : Scope of Modification Accounting No. 2017 09 No. 2017 09 December 15, 2017. January 1, 2018, not In January 2017, No. 2017 04, Intangibles and Othe 350 Simplifying the Test for Goodwill Impairment 2 2, January 1, 2018, not In January 2017, No. 2017 01, Business Combinations 805 Clarifying the Definition of a Business not January 1, 2018, not In November 2016, No. 2016 18, Statement of Cash Flows 230 Restricted Cash 2016 18 December 15, 2017. not In 2014, 2014 09, Revenue from Contracts with Customers 606 2014 09. January 1, 2018, not not not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style=""> </td> <td style=""> </td> <td colspan="6" rowspan="1" style="text-align: center; padding-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of December 31,</div></div> <div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;"> </div></td> <td style=""><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 70%;">(In thousands)</td> <td style=""> </td> <td colspan="2" style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="padding-bottom: 1px;"> </td> <td style=""> </td> <td colspan="2" style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 12%; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">113,396</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 12%; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,443</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Restricted cash and marketable securities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,755</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,057</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Total cash, cash equivalents and restricted cash shown in statement of cash flows</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122,151</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,500</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style=""> </td> <td style=""> </td> <td colspan="6" rowspan="1" style="text-align: center; padding-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of December 31,</div></div> <div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;"> </div></td> <td style=""><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 70%;">(In thousands)</td> <td style=""> </td> <td colspan="2" style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="padding-bottom: 1px;"> </td> <td style=""> </td> <td colspan="2" style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 12%; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">113,396</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 12%; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,443</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Restricted cash and marketable securities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,755</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,057</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Total cash, cash equivalents and restricted cash shown in statement of cash flows</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122,151</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,500</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
Restricted Cash and Marketable Securities [Table Text Block] | As of 2018 2017 (In thousands) Federal Maritime Commission escrow $ 5,823 $ 4,186 Credit card processor reserves 1,530 1,530 Certificates of deposit and other restricted securities 1,402 1,341 Total restricted cash and marketable securities $ 8,755 $ 7,057 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of (In thousands) 2018 2017 Prepaid tour expenses $ 10,617 $ 9,846 Prepaid air expense 2,973 3,621 Prepaid marketing, commissions and other expenses 2,622 2,495 Prepaid client insurance 2,516 2,525 Prepaid port agent fees 1,433 1,022 Prepaid corporate insurance 1,078 1,033 Prepaid income taxes 24 809 Total prepaid expenses $ 21,263 $ 21,351 |
Schedule Of Estimated Useful Lives [Table Text Block] | Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 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 (In thousands) 2018 2017 Accrued other expenses $ 11,851 $ 7,664 Accounts payable 9,326 7,791 Bonus compensation liability 5,195 3,736 Employee liability 2,943 2,644 Refunds and commissions payable 1,533 1,805 Travel certificate liability 1,088 1,120 Royalty payable 1,005 1,010 Income tax liabilities 576 1,490 Accrued travel insurance expense 427 432 New build liability - 2,730 Total accounts payable and accrued expenses $ 33,944 $ 30,422 |
Schedule of Interest Rate Derivatives [Table Text Block] | Interest Rate Caps Corporate Debt Trade date and borrowing date May 29, 2018 March 27, 2018 Effective date September 27, 2018 Not applicable Termination date May 31, 2023 March 31, 2025 Notional amount $100,000,000 $100,000,000 Fixed interest rate (plus spread) 2.50% until November 30, 2018 Not applicable  2.75% December 1, 2018 until April 30, 2019 3.00% May 1, 2019 until maturity Variable interest rate 1 month LIBOR 1 month LIBOR + 3.50% Settlement Monthly on last day of each month Monthly on last day of each month Interest payment dates Monthly on last day of each month Monthly on last day of each month Reset dates Last day of each month Last day of each month |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended (in thousands) 2018 2017 2016 Beginning balance: $ - $ - $ - Net change in period (671 ) - - Accumulated Other Comprehensive Income $ (671 ) $ - $ - |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, (In thousands, except share and per share data) 2018 2017 2016 Net income (loss) available to common stockholders $ 11,352 $ (8,661 ) $ 4,864 Weighted average shares outstanding: Total weighted average shares outstanding, basic 45,378,188 44,576,912 45,649,971 Dilutive potential common shares 961,866 - 806,950 Total weighted average shares outstanding, diluted 46,340,054 44,576,912 46,456,921 Net income (loss) per share available to common stockholders Basic $ 0.25 $ (0.19 ) $ 0.11 Diluted $ 0.24 $ (0.19 ) $ 0.10 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, (In thousands) 2018 2017 Vessels and improvements $ 399,700 $ 346,895 Furniture and equipment 12,902 11,731 Leasehold improvements 1,425 1,425 Total property and equipment, gross 414,027 360,051 Less: Accumulated depreciation (128,048) (109,099) Property and equipment, net $ 285,979 $ 250,952 |
Note 5 - Acquisition (Tables)
Note 5 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) Cash consideration $ 14,850 Long-term debt 2,525 Lindblad restricted shares (264,208 shares) 2,650 Total purchase price $ 20,025 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Assets acquired: Cash and cash equivalents $ 4,904 Prepaid expenses and other current assets 9,623 Property and equipment 2,068 Goodwill and other intangibles 28,305 Total assets $ 44,900 Liabilities assumed: Accounts payable and accrued expenses $ 2,472 Unearned passenger revenues 15,000 Deferred tax liability 2,428 Noncontrolling interest in consolidated subsidiaries 4,975 Total liabilities $ 24,875 Total cash price paid upon acquisition and fair value of existing equity interest $ 20,025 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma years ended December 31, (In thousands) 2016 2015 Revenues $ 254,567 $ 249,819 Operating income $ 15,345 $ 17,883 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2018 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 2,900 $ (515 ) $ 2,385 12.3 $ 2,900 $ (322 ) $ 2,578 Customer lists 3,300 (1,760 ) 1,540 2.3 3,300 (1,100 ) 2,200 Operating rights 6,529 (2,479 ) 4,050 5.6 6,529 (1,753 ) 4,776 Total intangibles, net $ 12,729 $ (4,754 ) $ 7,975 7.0 $ 12,729 $ (3,175 ) $ 9,554 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount (In thousands) 2019 $ 1,579 2020 1,579 2021 1,139 2022 919 2023 919 Thereafter 1,840 $ 7,975 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of 2018 2017 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Credit Facility 199,000 (11,436 ) 187,564 170,625 (7,214 ) 163,411 Total long-term debt 201,525 (11,436 ) 190,089 173,150 (7,214 ) 165,936 Less current portion (2,000 ) - (2,000 ) (1,750 ) - (1,750 ) Total long-term debt, non-current $ 199,525 $ (11,436 ) $ 188,089 $ 171,400 $ (7,214 ) $ 164,186 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount (In thousands) 2019 $ 2,000 2020 4,525 2021 2,000 2022 2,000 2023 2,000 Thereafter 189,000 $ 201,525 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the years ended December 31, (In thousands) 2018 2017 2016 Domestic $ (13,015 ) $ (10,423 ) $ (8,696 ) Foreign 25,183 12,896 10,555 Total $ 12,168 $ 2,473 $ 1,859 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the years ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 191 $ (15 ) $ - State (14 ) 529 51 Foreign - Other 578 1,062 164 Total current 755 1,576 215 Deferred Federal 937 8,168 (3,015 ) State (1,161 ) 242 (426 ) Foreign - Other 85 16 26 Total deferred (139 ) 8,426 (3,415 ) Income tax expense (benefit) $ 616 $ 10,002 $ (3,200 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2018 2017 2016 Tax provision at statutory rate – federal 21.0% 35.0% 35.0% U.S. tax reform toll charge 0.0% 562.2% 0.0% Tax rate change deferred revaluation 0.0% (63.3%) 0.0% Tax provision at effective state and local rates (9.6%) 23.9% (21.1%) Foreign tax rate differential (12.8%) (158.3%) (216.4%) Subpart F income 22.7% 0.0% 0.0% Nondeductible expenses 0.2% 6.5% 51.7% Uncertain tax provisions (0.4%) 1.2% 0.2% Valuation allowance (11.9%) 2.8% 22.1% Prior period adjustments (3.2%) 11.2% (37.7%) Stock compensation (0.8%) (9.5%) 0.0% Tax credits (0.1%) (7.3%) 0.0% Other 0.0% 0.0% (5.9%) Total effective income tax rate 5.1% 404.4% (172.1%) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (In thousands) 2018 2017 Net operating loss carryforward $ 15,235 $ 16,292 Property and equipment (17,164 ) (8,880 ) Disallowed interest carryforward 1,549 - Valuation allowance (1,549 ) (8,863 ) Stock-based compensation 57 9 Intangibles (949 ) (1,022 ) Other 34 20 Deferred tax (liabilities) assets $ (2,787 ) $ (2,444 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the years ended December 31, (In thousands) 2018 2017 2016 Beginning of year $ 421 $ 447 $ 473 Current year positions - - (26 ) Prior year positions (123 ) (26 ) - End of year $ 298 $ 421 $ 447 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Years Ended December 31, Minimum lease payments (In thousands) 2019 $ 1,180 2020 1,193 2021 1,226 2022 1,287 2023 1,212 Thereafter 1,603 Total $ 7,701 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Stock price at July 9, 2015: $ 10.75 Exercise price: $ 10.00 Expected term (years): 5 Volatility: 60 % Risk free rate: 1.58 % Dividend rate: 0 % |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2019 $ 10,921 2020 9,467 2021 2,031 2022 1,850 Total $ 24,269 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2017 - $ - Granted 126,953 8.98 Vested and released - - Forfeited (39,161 ) 8.98 Balance, December 31, 2017 87,792 8.98 Granted 88,851 10.27 Vested and released - - Forfeited (13,863 ) 8.98 Balance, December 31, 2018 162,780 9.63 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2016 - $ - Granted 213,812 9.97 Vested and released (11,791 ) 11.20 Forfeited - - Balance, December 31, 2016 202,021 9.90 Granted 940,147 9.56 Vested and released (299,951 ) 9.72 Forfeited (63,945 ) 9.41 Balance, December 31, 2017 778,272 9.60 Granted 217,203 11.12 Vested and released (352,116 ) 9.67 Forfeited (23,633 ) 9.60 Balance, December 31, 2018 619,726 10.16 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 Grants Stock price $ 9.63 Exercise price $ 9.63 Dividend yield 0.00 % Expected volatility 60.00 % Risk-free interest rate 1.18 % Expected term in years 5.11 |
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 January 1, 2016 2,849,071 $ 2.69 3.7 $ 23,992,814 Granted 220,000 9.63 Exercised (638,223 ) 1.76 Forfeited (300,000 ) 10.58 Options outstanding as of December 31, 2016 2,130,848 2.57 2.8 146,542,221 Granted - - Exercised (955,424 ) 1.76 Forfeited - - Options outstanding as of December 31, 2017 1,175,424 3.23 2.4 7,707,255 Granted - - Exercised (955,424 ) 1.76 Forfeited - - Options outstanding as of December 31, 2018 220,000 9.63 7.6 842,000 As of December 31, 2018 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 220,000 $ 9.63 7.6 $ 842,000 Options exercisable 113,333 9.68 7.6 428,333 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the years ended December 31, (In thousands) 2018 2017 Change % 2016 Change % Tour revenues: Lindblad $ 246,334 $ 216,815 $ 29,519 14 % $ 207,836 $ 8,979 4 % Natural Habitat (a) 63,400 49,689 13,711 28 % 34,510 15,179 44 % Total tour revenues $ 309,734 $ 266,504 $ 43,230 16 % $ 242,346 $ 24,158 10 % Operating income (loss): Lindblad $ 19,798 $ 7,292 $ 12,506 172 % $ 11,794 $ (4,502 ) (38 %) Natural Habitat (a) 5,540 3,452 2,088 60 % 2,187 1,265 58 % Total operating income $ 25,338 $ 10,744 $ 14,594 136 % $ 13,981 $ (3,237 ) (23 %) For the years ended December 31, (In thousands) 2018 2017 Change % 2016 Change % Depreciation and amortization: Lindblad $ 19,277 $ 15,969 $ 3,308 21 % $ 17,569 $ (1,600 ) (9% ) Natural Habitat (a) 1,491 1,382 109 8 % 851 531 62 % Total depreciation and amortization $ 20,768 $ 17,351 $ 3,417 20 % $ 18,420 $ (1,069 ) (6% ) For the years ended (In thousands) 2018 2017 Total Assets: Lindblad $ 409,622 $ 371,080 Natural Habitat 63,787 53,268 Total assets $ 473,409 $ 424,348 Intangibles, net: Lindblad $ 4,050 $ 4,776 Natural Habitat 3,925 4,778 Total intangibles, net $ 7,975 $ 9,554 Goodwill Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 |
Note 16 - Quarterly Financial_2
Note 16 - Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Tour revenues $ 82,410 $ 69,473 $ 87,242 $ 70,609 $ 309,734 Gross profit $ 46,539 $ 35,663 $ 42,278 $ 31,511 $ 155,991 Net income (loss) $ 10,917 $ (159 ) $ 5,346 $ (4,552 ) $ 11,552 Diluted earnings (loss) per share $ 0.24 $ 0.00 $ 0.11 $ (0.10 ) $ 0.24 2017 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Tour revenues $ 63,128 $ 55,571 $ 84,584 $ 63,221 $ 266,504 Gross profit $ 30,525 $ 26,874 $ 46,104 $ 27,475 $ 130,978 Net income (loss) $ 625 $ (2,578 ) $ 9,443 $ (15,019 ) $ (7,529 ) Diluted earnings (loss) per share $ 0.01 $ (0.06 ) $ 0.20 (0.36 ) $ (0.19 ) |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2019 | Jul. 08, 2015 | |
Contract with Customer, Liability, Current | $ 123,489,000 | $ 123,489,000 | $ 112,238,000 | |||||
Health Care Organization, Stop Loss Insurance Recoveries | 125,000 | 100,000 | ||||||
Self Insurance, Coverage for Medical Claims, Aggregate Deductible | 57,500 | 57,500 | ||||||
Advertising Expense | 16,900,000 | 16,400,000 | $ 14,700,000 | |||||
Marketing Expense | 5,400,000 | 6,300,000 | 5,500,000 | |||||
Foreign Financial Institutions, Actual Deposits | 6,400,000 | 6,400,000 | 4,100,000 | |||||
Required Escrow Deposit Amount, Maximum | 30,000,000 | 30,000,000 | ||||||
Cash Reserve Deposit Required and Made | 1,500,000 | 1,500,000 | 1,500,000 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (671,000) | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 600,000 | 600,000 | ||||||
Unrecognized Tax Benefits, Ending Balance | 298,000 | 298,000 | 421,000 | 447,000 | $ 473,000 | |||
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 6,400,000 | |||||||
Operating Lease, Liability, Total | $ 6,400,000 | |||||||
License Agreement with National Geographic [Member] | ||||||||
License Agreement Asset | 3,600,000 | 3,600,000 | 6,500,000 | |||||
National Geographic [Member] | ||||||||
Number of Shares Called by Options | 2,387,499 | |||||||
Call Options, Long Term Asset | $ 13,800,000 | |||||||
Other Noncurrent Assets [Member] | ||||||||
Derivative Asset, Current | 700,000 | 700,000 | ||||||
Other Noncurrent Liabilities [Member] | ||||||||
Unrecognized Tax Benefits, Ending Balance | 300,000 | 300,000 | 400,000 | |||||
Foreign Exchange Forward [Member] | ||||||||
Derivative, Notional Amount | 32,800,000 | 32,800,000 | 21,500,000 | |||||
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||||
Derivative Liability, Current | 1,300,000 | 1,300,000 | ||||||
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||
Derivative Asset, Current | 1,000,000 | |||||||
Interest Rate Cap [Member] | ||||||||
Derivative Asset, Notional Amount | $ 100,000,000 | $ 100,000,000 | ||||||
Office Space, Lease [Member] | Minimum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||||||
Office Space, Lease [Member] | Maximum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract | 10 years | 10 years | ||||||
Equipment Lease [Member] | Minimum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | ||||||
Equipment Lease [Member] | Maximum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract | 6 years | 6 years | ||||||
National Geographic Endeavour II [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 1 year | 7 years | ||||||
Value Added Tax Receivable, Current | $ 2,700,000 | $ 2,700,000 | 3,500,000 | $ 3,600,000 | ||||
Trade Names [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
Customer Lists [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Contract Liabilities [Member] | ||||||||
Contract with Customer, Liability, Current | $ 70,900,000 | $ 70,900,000 | $ 62,100,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 113,396 | $ 96,443 | ||
Restricted cash and marketable securities | 8,755 | 7,057 | ||
Total cash, cash equivalents and restricted cash shown in statement of cash flows | $ 122,151 | $ 103,500 | $ 144,431 | $ 205,363 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total restricted cash and marketable securities | $ 8,755 | $ 7,057 |
Federal Maritime Commission Escrow [Member] | ||
Total restricted cash and marketable securities | 5,823 | 4,186 |
Credit Card Processor Reserves [Member] | ||
Total restricted cash and marketable securities | 1,530 | 1,530 |
Certificates of Deposit and Other Restricted Securities [Member] | ||
Total restricted cash and marketable securities | $ 1,402 | $ 1,341 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid tour expenses | $ 10,617 | $ 9,846 |
Prepaid air expense | 2,973 | 3,621 |
Prepaid marketing, commissions and other expenses | 2,622 | 2,495 |
Prepaid client insurance | 2,516 | 2,525 |
Prepaid port agent fees | 1,433 | 1,022 |
Prepaid corporate insurance | 1,078 | 1,033 |
Prepaid income taxes | 24 | 809 |
Total prepaid expenses | $ 21,263 | $ 21,351 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of lease term or related asset life |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued other expenses | $ 11,851 | $ 7,664 |
Accounts payable | 9,326 | 7,791 |
Bonus compensation liability | 5,195 | 3,736 |
Employee liability | 2,943 | 2,644 |
Refunds and commissions payable | 1,533 | 1,805 |
Travel certificate liability | 1,088 | 1,120 |
Royalty payable | 1,005 | 1,010 |
Income tax liabilities | 576 | 1,490 |
Accrued travel insurance expense | 427 | 432 |
New build liability | 2,730 | |
Total accounts payable and accrued expenses | $ 33,944 | $ 30,422 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Schedule of Interest Rate Derivatives (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Interest Rate Cap [Member] | |
Trade date and borrowing date | May 29, 2018 |
Effective date | September 27, 2018 |
Termination date | May 31, 2023 |
Notional amount | $ 100,000,000 |
Fixed interest rate (plus spread) | 2.50% until November 30, 2018, 2.75% December 1, 2018 until April 30, 2019, 3.00% May 1, 2019 until maturity |
Variable interest rate | 1 month LIBOR |
Settlement | Monthly on last day of each month |
Interest payment dates | Monthly on last day of each month |
Reset dates | Last day of each month |
Corporate Debt [Member] | |
Trade date and borrowing date | Mar. 27, 2018 |
Termination date | Mar. 31, 2025 |
Notional amount | $ 100,000,000 |
Variable interest rate | 1 month LIBOR + 3.50% |
Settlement | Monthly on last day of each month |
Interest payment dates | Monthly on last day of each month |
Reset dates | Last day of each month |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies - Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income | |||
Other comprehensive income, net | (671) | ||
Accumulated Other Comprehensive Income | $ (671) |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 961,866 | 0 | 806,950 |
Class of Warrant or Right, Outstanding | 10,088,074 | 10,656,520 | 11,186,387 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | $ 11.50 | $ 11.50 |
Note 3 - Earnings Per Share - S
Note 3 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ 11,352 | $ (8,661) | $ 4,864 | ||||||||
Weighted average shares outstanding | |||||||||||
Total weighted average shares outstanding, basic (in shares) | 45,378,188 | 44,576,912 | 45,649,971 | ||||||||
Dilutive potential common shares (in shares) | 961,866 | 0 | 806,950 | ||||||||
Total weighted average shares outstanding, diluted (in shares) | 46,340,054 | 44,576,912 | 46,456,921 | ||||||||
Net income (loss) per share available to common stockholders | |||||||||||
Basic (in dollars per share) | $ 0.25 | $ (0.19) | $ 0.11 | ||||||||
Diluted (in dollars per share) | $ (0.10) | $ 0.11 | $ 0 | $ 0.24 | $ (0.36) | $ 0.20 | $ (0.06) | $ 0.01 | $ 0.24 | $ (0.19) | $ 0.10 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Depletion and Amortization, Total | $ 19 | $ 15.8 | $ 17.1 |
Capital Expenditure | 54.3 | 80.5 | |
Interest Paid, Capitalized, Investing Activities | 3.8 | 2.6 | |
Maritime Equipment [Member] | |||
Property, Plant and Equipment, Additions | $ 40.2 | 42.8 | |
Class Vessel [Member] | |||
Property, Plant and Equipment, Additions | $ 27.2 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 414,027 | $ 360,051 |
Less: Accumulated depreciation | (128,048) | (109,099) |
Property and equipment, net | 285,979 | 250,952 |
Vessels and Vessel Improvements [Member] | ||
Property and equipment, gross | 399,700 | 346,895 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 12,902 | 11,731 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 1,425 | $ 1,425 |
Note 5 - Acquisition (Details T
Note 5 - Acquisition (Details Textual) - USD ($) $ in Thousands | May 04, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (4,552) | $ 5,346 | $ (159) | $ 10,917 | $ (15,019) | $ 9,443 | $ (2,578) | $ 625 | $ 11,552 | $ (7,529) | $ 5,059 | ||
Natural Habitat, Inc [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | ||||||||||||
Business Combination, Acquisition Related Costs | $ 1,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 19.90% | ||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 34,500 | ||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 2,200 | ||||||||||||
Natural Habitat, Inc [Member] | Acquisition-related Costs [Member] | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 1,000 |
Note 5 - Acquisition - Purchase
Note 5 - Acquisition - Purchase Price of Acquisition (Details) - Natural Habitat, Inc [Member] $ in Thousands | May 04, 2016USD ($) |
Cash consideration | $ 14,850 |
Long-term debt | 2,525 |
Lindblad restricted shares (264,208 shares) | 2,650 |
Total purchase price | $ 20,025 |
Note 5 - Acquisition - Purcha_2
Note 5 - Acquisition - Purchase Price of Acquisition (Details) (Parentheticals) | May 04, 2016shares |
Natural Habitat, Inc [Member] | |
Linblad restricted shares, shares (in shares) | 264,208 |
Note 5 - Acquisition - Allocati
Note 5 - Acquisition - Allocation of Assets Acquired and Liabilities (Details) - Natural Habitat, Inc [Member] $ in Thousands | May 04, 2016USD ($) |
Cash and cash equivalents | $ 4,904 |
Prepaid expenses and other current assets | 9,623 |
Property and equipment | 2,068 |
Goodwill and other intangibles | 28,305 |
Total assets | 44,900 |
Accounts payable and accrued expenses | 2,472 |
Unearned passenger revenues | 15,000 |
Deferred tax liability | 2,428 |
Noncontrolling interest in consolidated subsidiaries | 4,975 |
Total liabilities | 24,875 |
Total cash price paid upon acquisition and fair value of existing equity interest | $ 20,025 |
Note 5 - Acquisition - Pro Form
Note 5 - Acquisition - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 254,567 | $ 249,819 |
Operating income | $ 15,345 | $ 17,883 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 04, 2016 | Jul. 31, 2015 | |
Finite-Lived Intangible Assets, Gross, Total | $ 12,729 | $ 12,729 | |||
Goodwill, Ending Balance | 22,105 | 22,105 | |||
Amortization of Intangible Assets, Total | 1,600 | 1,600 | $ 1,600 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | 2,900 | 2,900 | |||
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | 3,300 | 3,300 | |||
Operating Rights [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | $ 6,529 | $ 6,529 | $ 6,500 | ||
Natural Habitat, Inc [Member] | |||||
Goodwill, Ending Balance | $ 22,100 | ||||
Natural Habitat, Inc [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | 2,900 | ||||
Natural Habitat, Inc [Member] | Customer Lists [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | $ 3,300 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2015 | |
Intangibles, gross | $ 12,729 | $ 12,729 | |
Intangibles, accumulated amortization | (4,754) | (3,175) | |
Intangibles, net | $ 7,975 | 9,554 | |
Intangible, weighted average useful life (Year) | 7 years | ||
Trade Names [Member] | |||
Intangibles, gross | $ 2,900 | 2,900 | |
Intangibles, accumulated amortization | (515) | (322) | |
Intangibles, net | $ 2,385 | 2,578 | |
Intangible, weighted average useful life (Year) | 12 years 109 days | ||
Customer Lists [Member] | |||
Intangibles, gross | $ 3,300 | 3,300 | |
Intangibles, accumulated amortization | (1,760) | (1,100) | |
Intangibles, net | $ 1,540 | 2,200 | |
Intangible, weighted average useful life (Year) | 2 years 109 days | ||
Operating Rights [Member] | |||
Intangibles, gross | $ 6,529 | 6,529 | $ 6,500 |
Intangibles, accumulated amortization | (2,479) | (1,753) | |
Intangibles, net | $ 4,050 | $ 4,776 | |
Intangible, weighted average useful life (Year) | 5 years 219 days |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 1,579 | |
2,020 | 1,579 | |
2,021 | 1,139 | |
2,022 | 919 | |
2,023 | 919 | |
Thereafter | 1,840 | |
$ 7,975 | $ 9,554 |
Note 7 - Letters of Credit (Det
Note 7 - Letters of Credit (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Letters of Credit Outstanding, Amount | $ 1.2 | $ 1.2 |
Letter of Credit [Member] | ||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | 1.00% |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 27, 2018 | Jan. 08, 2018 | Mar. 07, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2020 | May 04, 2016 |
Debt Issuance Costs, Gross | $ 6,500 | $ 400 | $ 1,600 | |||||
Interest Expense [Member] | ||||||||
Amortization of Debt Issuance Costs | 1,900 | $ 2,200 | $ 2,200 | |||||
Revolving Credit Facility [Member] | ||||||||
Long-term Line of Credit, Total | 0 | |||||||
Promissory Notes, Natural Habitat Acquisition [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | |||||||
Credit Agreement [Member] | ||||||||
Debt Instrument, Deferred Financing Costs Capitalized | 4,200 | |||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash and Cash Equivalents | $ 50,000 | |||||||
Debt Instrument, Covenant, Net Leverage Ratio | 5.25% | |||||||
Debt Instruments, Covenant, Net Leverage Ratio, Deduction Every Two Years | 0.25% | |||||||
Credit Agreement [Member] | Scenario, Forecast [Member] | ||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 4.75% | |||||||
Credit Agreement [Member] | General and Administrative Expense [Member] | ||||||||
Debt Instrument, Debt Refinance Costs Expensed | $ 1,000 | |||||||
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% | |||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Credit Agreement [Member] | Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | ||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||
Debt Instrument, Increase (Decrease), Net, Total | $ 25,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.02% | |||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||
Debt Instrument, Basis Spread on Variable Rate, Contingent on Debt Rating | 3.25% | |||||||
Export Credit Agreement [Member] | ||||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash and Cash Equivalents | $ 25,000 | |||||||
Debt Instrument, Covenant, Net Leverage Ratio | 4.50% | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 107,700 | |||||||
Percentage of Purchase Price, Financing Maximum | 80.00% | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.78% | |||||||
Debt Instrument, Maturing over Twelve Years from Drawdown, Percentage | 70.00% | |||||||
Debt Instrument, Maturing over Five Years from Drawdown, Percentage | 30.00% | |||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Note 8 - Long-term Debt - Long-
Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Principal | $ 201,525 | $ 173,150 |
Deferred Financing Costs, Net | (11,436) | (7,214) |
Balance | 190,089 | 165,936 |
Principal, Current | (2,000) | (1,750) |
Deferred Financing Costs, Net, Current | ||
Balance, Current | (2,000) | (1,750) |
Principal, Non-current | 199,525 | 171,400 |
Deferred Financing Costs, Net, Non-current | (11,436) | (7,214) |
Balance, Non-current | 188,089 | 164,186 |
Notes Payable, Other Payables [Member] | ||
Principal | 2,525 | 2,525 |
Deferred Financing Costs, Net | ||
Balance | 2,525 | 2,525 |
Line of Credit [Member] | ||
Principal | 199,000 | 170,625 |
Deferred Financing Costs, Net | (11,436) | (7,214) |
Balance | $ 187,564 | $ 163,411 |
Note 8 - Long-term Debt - Futur
Note 8 - Long-term Debt - Future Minimum Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 2,000 | |
2,020 | 4,525 | |
2,021 | 2,000 | |
2,022 | 2,000 | |
2,023 | 2,000 | |
Thereafter | 189,000 | |
$ 201,525 | $ 173,150 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 600,000 | $ 600,000 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Cash and Certain Other Net Current Assets, Percent | 15.50% | |||
Effective Income Tax Rate Reconciliation, Repatriation of Other Foreign Remaining Earnings, Percent | 8.00% | |||
Operating Loss Carryforwards, Total | 13,900,000 | $ 13,900,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (1,800,000) | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 12,700,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 56,300,000 | $ 56,300,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 300,000 | $ 300,000 | $ 300,000 |
Note 9 - Income Taxes - U.S. an
Note 9 - Income Taxes - U.S. and Foreign Components of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic | $ (13,015) | $ (10,423) | $ (8,696) |
Foreign | 25,183 | 12,896 | 10,555 |
Income before income taxes | $ 12,168 | $ 2,473 | $ 1,859 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | $ 191 | $ (15) | |
State | (14) | 529 | 51 |
Foreign - Other | 578 | 1,062 | 164 |
Total current | 755 | 1,576 | 215 |
Federal | 937 | 8,168 | (3,015) |
State | (1,161) | 242 | (426) |
Foreign - Other | 85 | 16 | 26 |
Total deferred | (139) | 8,426 | (3,415) |
Income tax expense (benefit) | $ 616 | $ 10,002 | $ (3,200) |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax (Benefit) Expense (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax provision at statutory rate – federal | 21.00% | 35.00% | 35.00% |
U.S. tax reform toll charge | 0.00% | 562.20% | 0.00% |
Tax rate change deferred revaluation | 0.00% | (63.30%) | 0.00% |
Tax provision at effective state and local rates | (9.60%) | 23.90% | (21.10%) |
Foreign tax rate differential | (12.80%) | (158.30%) | (216.40%) |
Subpart F income | 22.70% | 0.00% | 0.00% |
Nondeductible expenses | 0.20% | 6.50% | 51.70% |
Uncertain tax provisions | (0.40%) | 1.20% | 0.20% |
Valuation allowance | (11.90%) | 2.80% | 22.10% |
Prior period adjustments | (3.20%) | 11.20% | (37.70%) |
Stock compensation | (0.80%) | (9.50%) | 0.00% |
Tax credits | (0.10%) | (7.30%) | 0.00% |
Other | 0.00% | 0.00% | (5.90%) |
Total effective income tax rate | 5.10% | 404.40% | (172.10%) |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Net operating loss carryforward | $ 15,235 | $ 16,292 |
Property and equipment | (17,164) | (8,880) |
Disallowed interest carryforward | 1,549 | |
Valuation allowance | (1,549) | (8,863) |
Stock-based compensation | 57 | 9 |
Intangibles | (949) | (1,022) |
Other | 34 | 20 |
Deferred tax (liabilities) assets | $ (2,787) | $ (2,444) |
Note 9 - Income Taxes - Unrecog
Note 9 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning of year | $ 421 | $ 447 | $ 473 |
Current year positions | (26) | ||
Prior year positions | (123) | (26) | |
End of year | $ 298 | $ 421 | $ 447 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) $ / shares in Units, kr in Millions | Jul. 08, 2015USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2017NOK (kr) | Nov. 30, 2017USD ($) |
Operating Leases, Rent Expense, Net, Total | $ 1,300,000 | $ 1,200,000 | $ 1,100,000 | |||
Selling and Marketing Expense, Total | 46,987,000 | 42,354,000 | 39,072,000 | |||
Letters of Credit Outstanding, Amount | 1,200,000 | 1,200,000 | ||||
License Agreement with National Geographic [Member] | ||||||
License Agreement Asset | 3,600,000 | 6,500,000 | ||||
Perpetual Royalty Agreement [Member] | ||||||
Royalty Expense | 700,000 | 700,000 | 700,000 | |||
National Geographic [Member] | ||||||
Royalty Expense | 5,000,000 | 4,500,000 | 4,200,000 | |||
Accounts Payable and Other Accrued Liabilities, Current | 1,000,000 | 1,000,000 | ||||
Number of Shares Called by Options | shares | 2,387,499 | |||||
Call Options, Long Term Asset | $ 13,800,000 | |||||
Investment Options, Exercise Price | $ / shares | $ 5.76 | |||||
Selling and Marketing Expense, Total | 2,900,000 | 2,900,000 | 2,900,000 | |||
World Wildlife Fund [Member] | ||||||
Selling and Marketing Expense, Total | 800,000 | $ 600,000 | $ 500,000 | |||
United States Tour Operators Association [Member] | ||||||
Letters of Credit Outstanding, Amount | 1,000,000 | |||||
Unrelated Insurance Company [Member] | ||||||
Letters of Credit Outstanding, Amount | $ 150,000 | |||||
Class Vessel [Member] | Ulstein Verft [Member] | ||||||
Vessel, Contract Price | kr 1,066 | $ 134,600,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Future Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 1,180 |
2,020 | 1,193 |
2,021 | 1,226 |
2,022 | 1,287 |
2,023 | 1,212 |
Thereafter | 1,603 |
Total | $ 7,701 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Valuation Assumptions (Details) | Dec. 31, 2018yr |
Measurement Input, Share Price [Member] | |
Call Option, Measurement Input | 10.75 |
Measurement Input, Exercise Price [Member] | |
Call Option, Measurement Input | 10 |
Measurement Input, Expected Term [Member] | |
Call Option, Measurement Input | 5 |
Measurement Input, Price Volatility [Member] | |
Call Option, Measurement Input | 0.6 |
Measurement Input, Risk Free Interest Rate [Member] | |
Call Option, Measurement Input | 0.0158 |
Measurement Input, Expected Dividend Rate [Member] | |
Call Option, Measurement Input | 0 |
Note 10 - Commitments and Con_6
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 10,921 |
2,020 | 9,467 |
2,021 | 2,031 |
2,022 | 1,850 |
Total | $ 24,269 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 30.00% | 30.00% | 25.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 2,100 | $ 2,100 | $ 1,800 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 300,000 | $ 300,000 | $ 200,000 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 02, 2016 | May 15, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2018 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | ||
Stock Repurchased During Period, Value | $ 854 | $ 6,192 | $ 10,343 | ||||
Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares | 9,030 | 547,058 | 308,718 | ||||
Stock Repurchased During Period, Value | |||||||
Stock and Warrant Repurchase Plan [Member] | |||||||
Stock Repurchase Program, Additional Number of Shares Authorized to be Repurchased | 15,000,000 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 | ||||||
Warrants Repurchased During Period | 568,446 | 529,867 | 2,821,995 | 6,011,926 | |||
Warrants Repurchased During Period, Value | $ 800 | $ 1,100 | $ 7,300 | $ 14,700 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,100 | $ 12,100 | $ 12,100 | ||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares | 9,030 | 547,058 | 308,718 | 864,806 | |||
Stock Repurchased During Period, Value | $ 100 | $ 5,100 | $ 3,000 | $ 8,100 | |||
Warrants Issued with Units Sold in Initial Public Offering [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | ||||||
Class of Warrant or Right, Redemption Price | 0.01 | ||||||
Class of Warrant or Right, Redemption, Stock Price Trigger | 24 | ||||||
IPO [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||||
Units Sold During Period | 20,000,000 | ||||||
Shares Issued, Price Per Share | $ 10 | ||||||
Over-allotment Option Sold During Period | 2,000,000 | ||||||
Proceeds from Issuance or Sale of Equity, Total | $ 200,000 | ||||||
Number of Common Stock in Each Unit | 1 | ||||||
Number of Warrants in Each Unit | 0.5 | ||||||
Separation of Units Enforced, Period after Merger | 30 days | ||||||
Separation of Units Enforced, Termination Thereafter | 5 years |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | Apr. 03, 2017$ / sharesshares | Jan. 10, 2017$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2016shares |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 0.2 | $ 0.1 | $ 0.1 | |||
Employee Service Share-based Compensation, Compensation Not yet Recognized | $ | $ 4.4 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||||
General and Administrative Expense [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 4.4 | $ 10.6 | $ 5.4 | |||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 442,820 | |||||
President and Chief Executive Officer [Member] | ||||||
Number of Contribution Shares | 1,000,000 | |||||
Lindblad Plan and 2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 955,424 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 1.76 | |||||
2015 Long-Term Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,200,000 | |||||
2015 Long-Term Incentive Compensation Plan [Member] | Time-based Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
2015 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 126,953 | 88,851 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 8.96 | $ 10.27 | ||||
2015 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0.00% | 0.00% | ||||
2015 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 200.00% | 200.00% | ||||
2015 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 | 171,388 | 178,648 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 8.98 | $ 10.73 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 | 3 | ||||
2015 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 38,555 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 12.97 | |||||
2016 CEO Share Allocation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||
2016 CEO Share Allocation Plan [Member] | Restricted Stock [Member] | President and Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 716,550 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 9.65 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of PSU Activity (Details) - Performance Shares [Member] - 2015 Long-Term Incentive Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, number of shares (in shares) | 87,792 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 8.98 | |
Granted, number of shares (in shares) | 88,851 | 126,953 |
Granted, weighted average grant date fair value (in dollars per share) | $ 10.27 | $ 8.98 |
Vested and released, number of shares (in shares) | ||
Vested and released, weighted average grant date fair value (in dollars per share) | ||
Forfeited, number of shares (in shares) | (13,863) | (39,161) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 8.98 | $ 8.98 |
Balance, number of shares (in shares) | 162,780 | 87,792 |
Balance, weighted average grant date fair value (in dollars per share) | $ 9.63 | $ 8.98 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Summary of Restricted Stock (Details) - Restricted Shares and Restricted Share Units [Member] - 2015 Long-Term Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, number of shares (in shares) | 778,272 | 202,021 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 9.60 | $ 9.90 | |
Granted, number of shares (in shares) | 217,203 | 940,147 | 213,812 |
Granted, weighted average grant date fair value (in dollars per share) | $ 11.12 | $ 9.56 | $ 9.97 |
Vested and released, number of shares (in shares) | (352,116) | (299,951) | (11,791) |
Vested and released, weighted average grant date fair value (in dollars per share) | $ 9.67 | $ 9.72 | $ 11.20 |
Forfeited, number of shares (in shares) | (23,633) | (63,945) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 9.60 | $ 9.41 | |
Balance, number of shares (in shares) | 619,726 | 778,272 | 202,021 |
Balance, weighted average grant date fair value (in dollars per share) | $ 10.16 | $ 9.60 | $ 9.90 |
Note 13 - Stock-based Compens_6
Note 13 - Stock-based Compensation - Valuation Assumptions (Details) - Lindblad Plan and 2015 Plan [Member] | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Stock price (in dollars per share) | $ 9.63 |
Exercise price (in dollars per share) | $ 9.63 |
Dividend yield | 0.00% |
Expected volatility | 60.00% |
Risk-free interest rate | 1.18% |
Expected term (Year) | 5 years 40 days |
Note 13 - Stock-based Compens_7
Note 13 - Stock-based Compensation - Summary of Option Activity (Details) - Lindblad Plan and 2015 Plan [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options outstanding, shares (in shares) | 1,175,424 | 2,130,848 | 2,849,071 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3.23 | $ 2.57 | $ 2.69 | |
Options outstanding, weighted average contractual ife (Year) | 7 years 219 days | 2 years 146 days | 2 years 292 days | 3 years 255 days |
Options outstanding, aggregate intrinsic value | $ 842,000 | $ 7,707,255 | $ 146,542,221 | $ 23,992,814 |
Granted, shares (in shares) | 220,000 | |||
Granted, weighted average exercise price (in dollars per share) | $ 9.63 | |||
Exercised, shares (in shares) | (955,424) | (955,424) | (638,223) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.76 | $ 1.76 | $ 1.76 | |
Forfeited, shares (in shares) | (300,000) | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 10.58 | |||
Options outstanding, shares (in shares) | 220,000 | 1,175,424 | 2,130,848 | 2,849,071 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.63 | $ 3.23 | $ 2.57 | $ 2.69 |
Options vested and/or expected to vest, number of options (in shares) | 220,000 | |||
Options vested and/or expected to vest, weighted average exercise price (in dollars per share) | $ 9.63 | |||
Options vested and/or expected to vest, weighted average contractual life (Year) | 7 years 219 days | |||
Options vested and/or expected to vest, aggregate intrinsic value | $ 842,000 | |||
Options exercisable, number of options (in shares) | 113,333 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.68 | |||
Options exercisable, weighted average contractual life (Year) | 7 years 219 days | |||
Options exercisable, aggregate intrinsic value | $ 428,333 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions - Stockholder Loans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 08, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | May 04, 2016 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 15,600,000 | |||
Escrowed Common Stock | 1,250,000 | |||
Promissory Notes, Natural Habitat Acquisition [Member] | ||||
Debt Instrument, Face Amount | $ 2,500 | |||
Capitol Acquisition Corp. II [Member] | ||||
Sale of Stock, Price Per Share | $ 13 | |||
National Geographic Society [Member] | Collaborate Agreement [Member] | ||||
Call Options, Exercise Price | $ 10 | |||
Call Options, Percentage of Issued and Outstanding Shares | 5.00% | |||
National Geographic Society [Member] | Collaborate Agreement [Member] | Selling, General and Administrative Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 6,100 | $ 5,200 | ||
National Geographic Joint Fund for Exploration and Conservation [Member] | ||||
Shares Contributed to Charitable Fund | 500,000 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Operating Segments | 2 | ||||||||||
Number of Reportable Segments | 2 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 70,609 | $ 87,242 | $ 69,473 | $ 82,410 | $ 63,221 | $ 84,584 | $ 55,571 | $ 63,128 | $ 309,734 | $ 266,504 | $ 242,346 |
Intersegment Eliminations [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,700 | $ 2,000 | $ 500 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Tour revenues | $ 70,609 | $ 87,242 | $ 69,473 | $ 82,410 | $ 63,221 | $ 84,584 | $ 55,571 | $ 63,128 | $ 309,734 | $ 266,504 | $ 242,346 | ||
Tour revenues, change | 43,230 | $ 24,158 | |||||||||||
Tour revenues, percentage change | 16.00% | 10.00% | |||||||||||
Operating income | 25,338 | $ 10,744 | 13,981 | ||||||||||
Operating income, change | 14,594 | $ (3,237) | |||||||||||
Operating income, percentage change | 136.00% | (23.00%) | |||||||||||
Depreciation and amortization | 20,768 | $ 17,351 | 18,420 | ||||||||||
Total depreciation and amortization, change | $ 3,417 | $ (1,069) | |||||||||||
Total depreciation and amortization, percentage change | 20.00% | (6.00%) | |||||||||||
Lindblad | 473,409 | 424,348 | $ 473,409 | $ 473,409 | $ 424,348 | ||||||||
Intangibles, net | 7,975 | 9,554 | 7,975 | 7,975 | 9,554 | ||||||||
Goodwill | 22,105 | 22,105 | $ 22,105 | 22,105 | 22,105 | ||||||||
Lindblad Segment [Member] | |||||||||||||
Tour revenues | 246,334 | 216,815 | 207,836 | ||||||||||
Tour revenues, change | 29,519 | $ 8,979 | |||||||||||
Tour revenues, percentage change | 14.00% | 4.00% | |||||||||||
Operating income | 19,798 | $ 7,292 | 11,794 | ||||||||||
Operating income, change | 12,506 | $ (4,502) | |||||||||||
Operating income, percentage change | 172.00% | (38.00%) | |||||||||||
Depreciation and amortization | 19,277 | $ 15,969 | 17,569 | ||||||||||
Total depreciation and amortization, change | $ 3,308 | $ (1,600) | |||||||||||
Total depreciation and amortization, percentage change | 21.00% | (9.00%) | |||||||||||
Lindblad | 409,622 | 371,080 | $ 409,622 | $ 409,622 | $ 371,080 | ||||||||
Intangibles, net | 4,050 | 4,776 | 4,050 | 4,050 | 4,776 | ||||||||
Goodwill | |||||||||||||
Natural Habitat Segment [Member] | |||||||||||||
Tour revenues | [1] | 63,400 | 49,689 | 34,510 | |||||||||
Tour revenues, change | [1] | 13,711 | $ 15,179 | ||||||||||
Tour revenues, percentage change | [1] | 28.00% | 44.00% | ||||||||||
Operating income | [1] | 5,540 | $ 3,452 | 2,187 | |||||||||
Operating income, change | [1] | 2,088 | $ 1,265 | ||||||||||
Operating income, percentage change | [1] | 60.00% | 58.00% | ||||||||||
Depreciation and amortization | [1] | 1,491 | $ 1,382 | $ 851 | |||||||||
Total depreciation and amortization, change | [1] | $ 109 | $ 531 | ||||||||||
Total depreciation and amortization, percentage change | [1] | 8.00% | 62.00% | ||||||||||
Lindblad | 63,787 | 53,268 | $ 63,787 | $ 63,787 | $ 53,268 | ||||||||
Intangibles, net | 3,925 | 4,778 | 3,925 | 3,925 | 4,778 | ||||||||
Goodwill | $ 22,105 | $ 22,105 | $ 22,105 | $ 22,105 | $ 22,105 | ||||||||
[1] | The 2016 Natural Habitat segment results represent activity from acquisition date of May 2016 through December 31, 2016. |
Note 16 - Quarterly Financial_3
Note 16 - Quarterly Financial Data - Unaudited - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tour revenues | $ 70,609 | $ 87,242 | $ 69,473 | $ 82,410 | $ 63,221 | $ 84,584 | $ 55,571 | $ 63,128 | $ 309,734 | $ 266,504 | $ 242,346 |
Gross profit | 31,511 | 42,278 | 35,663 | 46,539 | 27,475 | 46,104 | 26,874 | 30,525 | 155,991 | 130,978 | 123,369 |
Net income (loss) | $ (4,552) | $ 5,346 | $ (159) | $ 10,917 | $ (15,019) | $ 9,443 | $ (2,578) | $ 625 | $ 11,552 | $ (7,529) | $ 5,059 |
Diluted (in dollars per share) | $ (0.10) | $ 0.11 | $ 0 | $ 0.24 | $ (0.36) | $ 0.20 | $ (0.06) | $ 0.01 | $ 0.24 | $ (0.19) | $ 0.10 |
Diluted earnings (loss) per share (in dollars per share) | $ (0.10) | $ 0.11 | $ 0 | $ 0.24 | $ (0.36) | $ 0.20 | $ (0.06) | $ 0.01 | $ 0.24 | $ (0.19) | $ 0.10 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Class Vessel [Member] - Ulstein Verft [Member] kr in Millions | Feb. 25, 2019USD ($) | Nov. 30, 2017NOK (kr) | Nov. 30, 2017USD ($) |
Vessel, Contract Price | kr 1,066 | $ 134,600,000 | |
Subsequent Event [Member] | |||
Vessel, Contract Price | $ 1,291,000,000 |