Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 26, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001512499 | |
Entity Registrant Name | LINDBLAD EXPEDITIONS HOLDINGS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35898 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4749725 | |
Entity Address, Address Line One | 96 Morton Street, 9th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10014 | |
City Area Code | 212 | |
Local Phone Number | 261-9000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LIND | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,875,186 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 129,647,000 | $ 101,579,000 |
Restricted cash | 16,523,000 | 7,679,000 |
Marine operating supplies | 5,913,000 | 6,299,000 |
Inventories | 1,824,000 | 2,027,000 |
Prepaid expenses and other current assets | 22,820,000 | 29,055,000 |
Total current assets | 176,727,000 | 146,639,000 |
Property and equipment, net | 488,048,000 | 357,790,000 |
Goodwill | 22,105,000 | 22,105,000 |
Intangibles, net | 5,212,000 | 6,396,000 |
Deferred tax asset | 3,392,000 | 218,000 |
Right-to-use lease assets | 5,349,000 | 6,105,000 |
Other long-term assets | 7,971,000 | 9,405,000 |
Total assets | 708,804,000 | 548,658,000 |
Current Liabilities: | ||
Unearned passenger revenues | 120,463,000 | 138,825,000 |
Accounts payable and accrued expenses | 31,811,000 | 38,231,000 |
Lease liabilities - current | 1,436,000 | 1,335,000 |
Long-term debt - current | 8,451,000 | 4,525,000 |
Total current liabilities | 162,161,000 | 182,916,000 |
Long-term debt, less current portion | 391,284,000 | 213,543,000 |
Deferred tax liabilities | 0 | 4,491,000 |
Lease liabilities | 4,321,000 | 5,029,000 |
Other long-term liabilities | 401,000 | 3,317,000 |
Total liabilities | 558,167,000 | 409,296,000 |
COMMITMENTS AND CONTINGENCIES | ||
Redeemable noncontrolling interest | 7,940,000 | 16,112,000 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 85,000 Series A shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 49,875,186 and 49,717,522 issued, 49,801,510 and 49,626,498 outstanding as of September 30, 2020 and December 31, 2019, respectively | 5,000 | 5,000 |
Additional paid-in capital | 47,662,000 | 46,271,000 |
Retained earnings | 19,473,000 | 81,655,000 |
Accumulated other comprehensive loss | (7,079,000) | (4,681,000) |
Total stockholders' equity | 60,061,000 | 123,250,000 |
Total liabilities, stockholders' equity and redeemable noncontrolling interest | 708,804,000 | 548,658,000 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series A redeemable convertible preferred stock, 165,000 and no shares authorized; 85,000 and no shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | $ 82,636,000 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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) | 85,000 | 85,000 |
Preferred stock, shares outstanding (in shares) | 85,000 | 85,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 49,875,186 | 49,717,522 |
Common stock, shares outstanding (in shares) | 49,801,510 | 49,626,498 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized (in shares) | 165,000 | 0 |
Temporary equity, shares issued (in shares) | 85,000 | 0 |
Temporary equity, shares outstanding (in shares) | 85,000 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Tour revenues | $ 1,019 | $ 100,983 | $ 81,991 | $ 267,294 |
Operating expenses: | ||||
Cost of tours | 8,075 | 48,294 | 62,988 | 124,831 |
General and administrative | 9,145 | 15,266 | 36,170 | 47,615 |
Selling and marketing | 2,128 | 15,531 | 18,413 | 42,100 |
Depreciation and amortization | 8,485 | 6,233 | 23,728 | 18,603 |
Total operating expenses | 27,833 | 85,324 | 141,299 | 233,149 |
Operating (loss) income | (26,814) | 15,659 | (59,308) | 34,145 |
Other (expense) income: | ||||
Interest expense, net | (4,529) | (3,214) | (11,763) | (9,391) |
Gain (loss) on foreign currency | 989 | (2,338) | (6,334) | (1,181) |
Other expense | (74) | (30) | (188) | (79) |
Total other expense | (3,614) | (5,582) | (18,285) | (10,651) |
(Loss) income before income taxes | (30,428) | 10,077 | (77,593) | 23,494 |
Income tax (benefit) expense | (2,893) | 7,351 | (7,664) | 4,838 |
Net (loss) income | (27,535) | 2,726 | (69,929) | 18,656 |
Net (loss) income attributable to noncontrolling interest | (156) | 565 | (956) | 834 |
Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. | (27,379) | 2,161 | (68,973) | 17,822 |
Non-cash deemed dividend to warrant holders | 0 | 2,654 | 0 | 2,654 |
Net (loss) income available to stockholders | $ (27,379) | $ (493) | $ (68,973) | $ 15,168 |
Weighted average shares outstanding | ||||
Basic (in shares) | 49,779,525 | 48,863,506 | 49,715,663 | 46,704,634 |
Diluted (in shares) | 49,779,525 | 48,863,506 | 49,715,663 | 49,091,370 |
Undistributed (loss) earnings per share available to stockholders | ||||
Basic (in dollars per share) | $ (0.56) | $ (0.01) | $ (1.40) | $ 0.32 |
Diluted (in dollars per share) | $ (0.56) | $ (0.01) | $ (1.40) | $ 0.31 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net (loss) income | $ (27,535) | $ 2,726 | $ (69,929) | $ 18,656 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) | 1,745 | (7,393) | (7,724) | (8,654) |
Reclassification adjustment, net of tax | 0 | 1,624 | 5,326 | 1,624 |
Total other comprehensive income (loss) | 1,745 | (5,769) | (2,398) | (7,030) |
Total comprehensive (loss) income | (25,790) | (3,043) | (72,327) | 11,626 |
Less: comprehensive (loss) income attributive to non-controlling interest | (156) | 565 | (956) | 834 |
Comprehensive (loss) income attributable to stockholders | $ (25,634) | $ (3,608) | $ (71,371) | $ 10,792 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 45,814,925 | ||||
Balance at Dec. 31, 2018 | $ 5 | $ 41,539 | $ 75,171 | $ (671) | $ 116,044 |
Stock-based compensation | $ 0 | 2,671 | 0 | 0 | 2,671 |
Issuance of stock for equity compensation plans, net (in shares) | 4,786 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (1,778) | 0 | 0 | (1,778) |
Repurchase of shares and warrants (in shares) | (1,895) | ||||
Repurchase of shares and warrants | $ 0 | (23) | 0 | 0 | (23) |
Other comprehensive income (loss), net | 0 | 0 | 0 | (7,030) | (7,030) |
Net income (loss) available to stockholders | $ 0 | 0 | 17,822 | 0 | 17,822 |
Warrants (in shares) | 3,898,251 | ||||
Warrants | $ 0 | 2,968 | (2,654) | 0 | 314 |
Balance (in shares) at Sep. 30, 2019 | 49,716,067 | ||||
Balance at Sep. 30, 2019 | $ 5 | 45,377 | 90,339 | (7,701) | 128,020 |
Balance (in shares) at Jun. 30, 2019 | 45,801,025 | ||||
Balance at Jun. 30, 2019 | $ 5 | 41,617 | 90,832 | (1,932) | 130,522 |
Stock-based compensation | $ 0 | 917 | 0 | 0 | 917 |
Issuance of stock for equity compensation plans, net (in shares) | 19,391 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (95) | 0 | 0 | (95) |
Other comprehensive income (loss), net | 0 | 0 | 0 | (5,769) | (5,769) |
Net income (loss) available to stockholders | $ 0 | 0 | 2,161 | 0 | 2,161 |
Warrants (in shares) | 3,895,651 | ||||
Warrants | $ 0 | 2,938 | (2,654) | 0 | 284 |
Balance (in shares) at Sep. 30, 2019 | 49,716,067 | ||||
Balance at Sep. 30, 2019 | $ 5 | 45,377 | 90,339 | (7,701) | 128,020 |
Balance (in shares) at Dec. 31, 2019 | 49,717,522 | ||||
Balance at Dec. 31, 2019 | $ 5 | 46,271 | 81,655 | (4,681) | 123,250 |
Stock-based compensation | $ 0 | 1,911 | 0 | 0 | 1,911 |
Issuance of stock for equity compensation plans, net (in shares) | 166,181 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (393) | 0 | 0 | (393) |
Repurchase of shares and warrants (in shares) | (8,517) | ||||
Repurchase of shares and warrants | $ 0 | (127) | 0 | 0 | (127) |
Other comprehensive income (loss), net | 0 | 0 | 0 | (2,398) | (2,398) |
Redeemable noncontrolling interest | 0 | 0 | 7,216 | 0 | 7,216 |
Series A preferred stock dividend | 0 | 0 | (425) | 0 | (425) |
Net income (loss) available to stockholders | $ 0 | 0 | (68,973) | 0 | (68,973) |
Balance (in shares) at Sep. 30, 2020 | 49,875,186 | ||||
Balance at Sep. 30, 2020 | $ 5 | 47,662 | 19,473 | (7,079) | 60,061 |
Balance (in shares) at Jun. 30, 2020 | 49,822,955 | ||||
Balance at Jun. 30, 2020 | $ 5 | 47,394 | 45,403 | (8,824) | 83,978 |
Stock-based compensation | $ 0 | 310 | 0 | 0 | 310 |
Issuance of stock for equity compensation plans, net (in shares) | 52,231 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (42) | 0 | 0 | (42) |
Repurchase of shares and warrants (in shares) | 0 | ||||
Repurchase of shares and warrants | $ 0 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 1,745 | 1,745 |
Redeemable noncontrolling interest | 0 | 0 | 1,874 | 0 | 1,874 |
Series A preferred stock dividend | 0 | 0 | (425) | 0 | (425) |
Net income (loss) available to stockholders | $ 0 | 0 | (27,379) | 0 | (27,379) |
Balance (in shares) at Sep. 30, 2020 | 49,875,186 | ||||
Balance at Sep. 30, 2020 | $ 5 | $ 47,662 | $ 19,473 | $ (7,079) | $ 60,061 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited)) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows From Operating Activities | ||
Net (loss) income | $ (69,929) | $ 18,656 |
Adjustments to reconcile net (loss) income to net cash (used by) provided by operating activities: | ||
Depreciation and amortization | 23,728 | 18,603 |
Amortization of National Geographic fee | 727 | 2,181 |
Amortization of deferred financing costs and other, net | 1,549 | 1,392 |
Amortization of right-to-use lease assets | 149 | 217 |
Stock-based compensation | 1,911 | 2,671 |
Deferred income taxes | (7,710) | 4,177 |
Loss on foreign currency | 6,334 | 1,181 |
Changes in operating assets and liabilities | ||
Marine operating supplies and inventories | 589 | (620) |
Prepaid expenses and other current assets | 6,320 | (2,780) |
Unearned passenger revenues | (18,362) | 1,116 |
Other long-term assets | 698 | (7,561) |
Other long-term liabilities | (4,949) | 4,530 |
Accounts payable and accrued expenses | (12,794) | (2,213) |
Net cash (used in) provided by operating activities | (71,739) | 41,550 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (152,791) | (76,720) |
Net cash used in investing activities | (152,791) | (76,720) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 183,339 | 30,476 |
Proceeds from Series A preferred stock issuance | 85,000 | 0 |
Repayments of long-term debt | (1,500) | (1,500) |
Payment of deferred financing costs | (4,877) | (2,340) |
Repurchase under stock-based compensation plans and related tax impacts | (393) | (1,778) |
Repurchase of warrants and common stock | (127) | (23) |
Warrants exercised | 0 | 314 |
Net cash provided by financing activities | 261,442 | 25,149 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 36,912 | (10,021) |
Cash, cash equivalents and restricted cash at beginning of period | 109,258 | 122,151 |
Cash, cash equivalents and restricted cash at end of period | 146,170 | 112,130 |
Supplemental disclosures of cash flow information: | ||
Interest | 12,418 | 10,651 |
Income taxes | 650 | 1,893 |
Non-cash investing and financing activities: | ||
Additional paid-in capital exercise proceeds of option shares | 0 | 225 |
Additional paid-in capital exchange proceeds used for option shares | 0 | (225) |
Non-cash deemed dividend to warrant holders | $ 0 | $ 2,654 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 Business Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries (the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of nine five The Company operates the following reportable business segments: Lindblad Natural Habitat 100 45 seven The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2019 10 February 26, 2020 ( “2019 The presentation of certain items in the condensed consolidated statements of cash flows have been reclassified to conform to the 2020 no There have been no 2019 Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock is accounted for as equity instruments, presented on the condensed consolidated balance sheets in the temporary equity section. The redemption or conversion of the preferred stock into shares of the Company’s common stock is not six six not third COVID- 19 Due to the spread of the COVID- 19 March 16, 2020 December 31, 2020 2020 2021 The Company moved quickly to implement a comprehensive plan to mitigate the impact of COVID- 19 ● Significantly reduced ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up. ● Lowered expected annual maintenance capital expenditures by over $10 million, savings of more than 50% ● Meaningfully reduced general and administrative expenses through staff furloughs, payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending. ● Suspended the majority of planned advertising and marketing spend. ● Suspended all repurchases of common stock under the stock repurchase plan. Bookings Trends The Company was off to a strong start to the year with Lindblad segment bookings at the end of February 2020 2019, 19 October 26, 2020, 2020 2019 2021 first 2021, 2021 2019 2018 2020. nine 2021 2020 March 1, 2020, For 2020 October 26, 2020, Balance Sheet and Liquidity As of September 30, 2020, first 2020 19 first National Geographic Endurance March 2020. April 2020, second third National Geographic Resolution fourth 2021. During May 2020, three first December 22, 2020, second December 22, 2021 December 22, 2022. During June 2020, June 2020 March 2021 June 2020 June 2021. August 2020, June 2021. During August 2020, two 30 may six As of September 30, 2020, no 2023. The Company estimates its monthly cash usage while its vessels are not may not In April 2020, 19 $6.6 The Company has not 19 no 2020 2021, 12 October 29, 2020, 10 Return to Operations The Company already has a robust set of operating protocols and, in preparation for the resumption of operations, has been proactively working in close cooperation with various medical policy experts and public health authorities to further augment its procedures and protocols for health and safety onboard its vessels to mitigate the potential impacts of the COVID- 19 not While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 148 Valuation of Goodwill In accordance with ASC 360, September 30, not September 30, 2020 no Valuation of Long-lived Assets The effects of COVID- 19 may not September 30, 2020, no Recent Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020, not In March 2020, 2020 4, 848 may December 31, 2022. not In August 2020, 2020 06, 470 20 815 40 December 15, 2021, December 15, 2020, |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2 Earnings per Common Share Earnings per common share is computed using the two two For the three nine September 30, 2020 2019, For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 (In thousands, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. $ (27,379 ) $ 2,161 $ (68,973 ) $ 17,822 Series A redeemable convertible preferred stock dividend 425 - 425 - Non-cash deemed dividend to warrant holders - 2,654 - 2,654 Undistributed (loss) earnings available to stockholders $ (27,804 ) $ (493 ) $ (69,398 ) $ 15,168 Weighted average shares outstanding: Total weighted average shares outstanding, basic 49,779,525 48,863,506 49,715,663 46,704,634 Dilutive potential common shares - - - 252,279 Dilutive potential options - - - 66,105 Dilutive potential redeemable convertible preferred shares - - - - Dilutive potential warrants - - - 2,068,352 Total weighted average shares outstanding, diluted 49,779,525 48,863,506 49,715,663 49,091,370 Undistributed (loss) earnings per share available to stockholders Basic $ (0.56 ) $ (0.01 ) $ (1.40 ) $ 0.32 Diluted $ (0.56 ) $ (0.01 ) $ (1.40 ) $ 0.31 For the three nine September 30, 2020, September 30, 2020, three September 30, 2019, 0.2 nine September 30, 2019, 0.1 not |
Note 3 - Revenues
Note 3 - Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 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 condensed consolidated balance sheets when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification, Revenue from Contracts with Customers 606 not no Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2020 $ 72,051 Recognized in tour revenues during the period (68,182 ) Additional contract liabilities in period 88,689 Balance as of September 30, 2020 $ 92,558 The following table disaggregates our tour revenues by the sales channel it was derived from: For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Guest ticket revenue: (unaudited) (unaudited) (unaudited) (unaudited) Direct 32 % 48 % 41 % 44 % National Geographic 0 % 14 % 18 % 16 % Agencies 26 % 21 % 24 % 23 % Affinity 6 % 10 % 6 % 8 % Guest ticket revenue 64 % 93 % 89 % 91 % Other tour revenue 36 % 7 % 11 % 9 % Tour revenues 100 % 100 % 100 % 100 % |
Note 4 - Financial Statement De
Note 4 - Financial Statement Details | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 4 The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows: As of September 30, 2020 2019 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 129,647 $ 104,135 Restricted cash 16,523 7,995 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 146,170 $ 112,130 Restricted cash consist of the following: As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Federal Maritime Commission escrow $ 14,264 $ 6,104 Certificates of deposit and other restricted securities 1,290 1,575 Credit card processor reserves 969 - Total restricted cash $ 16,523 $ 7,679 The Company’s prepaid expenses and other current assets consist of the following: As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Prepaid tour expenses $ 13,223 $ 15,630 Prepaid air expense 3,361 4,415 Prepaid marketing, commissions and other expenses 2,159 4,026 Prepaid client insurance 2,085 3,064 Prepaid corporate insurance 1,433 1,376 Prepaid port agent fees 415 491 Prepaid income taxes 144 53 Total prepaid expenses $ 22,820 $ 29,055 The Company’s accounts payable and accrued expenses consist of the following: As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Accounts payable $ 8,192 $ 14,633 Foreign currency forward contract liability 6,909 1,300 Accrued other expense 5,996 8,348 Employee liability 3,958 3,712 Refunds and commissions payable 2,697 1,873 Bonus compensation liability 2,697 5,322 Travel certificate liability 870 888 Accrued travel insurance expense 270 477 Royalty payable 222 1,075 Income tax liabilities - 603 Total accounts payable and accrued expenses $ 31,811 $ 38,231 Loan Receivable The Company’s loan receivable is recorded at amortized cost within other long-term assets. The Company reviewed its loan receivable for credit losses in connection with the preparation of its condensed consolidated financial statements for the period ended September 30, 2020. may no nine September 30, 2020. Loan Receivable (In thousands) (unaudited) Balance as of January 1, 2020 $ 4,084 Accrued interest 122 Amortization of deferred costs (20 ) Balance as of September 30, 2020 $ 4,186 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 As of September 30, 2020 As of December 31, 2019 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Revolving Facility 45,000 (379 ) 44,621 - - - Credit Facility 195,868 (7,957 ) 187,911 197,000 (9,704 ) 187,296 1st Senior Secured Credit Agreement 107,695 (1,834 ) 105,861 - - - 2nd Senior Secured Credit Agreement 61,120 (2,303 ) 58,817 30,476 (2,229 ) 28,247 Total long-term debt 412,208 (12,473 ) 399,735 230,001 (11,933 ) 218,068 Less current portion (8,451 ) - (8,451 ) (4,525 ) - (4,525 ) Total long-term debt, non-current $ 403,757 $ (12,473 ) $ 391,284 $ 225,476 $ (11,933 ) $ 213,543 For the three nine September 30, 2020, three nine September 30, 2019, The Company has amended its export credit agreements, term loan and revolving credit facilities. During June 2020, June 2020 March 2021 June 2020 June 2021. On August 7, 2020, June 2021. Credit Facility In March 2018, first March 2025, September 30, 2020. March 2020, 19 March 2023 September 30, 2020. Export Credit Agreements In January 2018, not National Geographic Endurance March 2020, National Geographic Endurance . three September 30, 2020. In April 2019, not National Geographic Resolution fourth 2021. 30% five 70% twelve 70% September 2019 April 2020, National Geographic Resolution The Second Export Credit Agreement bears a variable interest rate equal to three September 30, 2020. three Note Payable In connection with the Natural Habitat acquisition in May 2016, six May 1, 2020, three first December 22, 2020, second December 22, 2021 December 22, 2022. Other On April 10, 2020, 19 Covenants The Company’s Amended Credit Agreement, Export Credit Agreement and Second Export Credit Agreement contain financial and restrictive covenants that include among others, net leverage ratios, minimum liquidity, limits on additional indebtedness and limits on certain investments. The net leverage ratios covenants of the Company’s credit agreements have been suspended or waived through June 2021. September 30, 2020, |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 6 Derivative Instruments and Hedging Activities The Company’s derivative assets and liabilities consist principally of foreign exchange forward contracts and interest rate caps and are carried at fair value based on significant observable inputs (Level 2 not Currency Risk not In March 2019, 11 Interest Rate Risk The Company records the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized. Any changes in fair values of hedges that are determined to be ineffective are immediately reclassified from accumulated other comprehensive income (loss) into earnings. No September 30, 2020. nine September 30, 2020 12 The Company held the following derivative instruments with absolute notional values as of September 30, 2020: (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 93,868 Estimated fair values (Level 2 As of September 30, 2020 As of December 31, 2019 (unaudited) (In thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ - $ 6,909 $ - $ 4,459 Interest rate cap (b) - - 138 - Total $ - $ 6,909 $ 138 $ 4,459 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ 31 $ 640 $ 459 $ 70 Total $ 31 $ 640 $ 459 $ 70 __________ (a) Recorded in accounts payable and accrued expenses, and other long-term liabilities. (b) Recorded in prepaid expenses and other current assets, and other long-term assets. (c) Recorded in prepaid expenses and other current assets, and accounts payable and accrued expenses. Changes in the fair value of the Company’s hedging instruments are recorded in accumulated other comprehensive income, pursuant to the guidelines of cash flow hedge accounting as outlined in ASC 815. The effects of derivatives recognized in the Company’s condensed consolidated financial statements were as follows: For the three months ended September 30, For the nine months ended September 30, (In thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedging instruments: (unaudited) (unaudited) (unaudited) (unaudited) Foreign exchange forward (a) $ (1,745 ) $ (7,094 ) $ 2,261 $ (8,066 ) Interest rate cap (b) - (298 ) 137 (587 ) Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 989 (715 ) (1,008 ) 442 Total $ (756 ) $ (8,107 ) $ 1,390 $ (8,211 ) (a) For the three nine September 30, 2020, nine September 30, 2020, three nine September 30, 2019, (b) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity (c) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. During the three nine September 30, 2020, three nine September 30, 2019, Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The carrying value of long-term debt approximates fair value given that the terms of the agreement were comparable to the market as of September 30, 2020. September 30, 2020 December 31, 2019, no |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 Preferred Stock On August 31, 2020, first two second may third may, not 150% 20 30 six not For the three nine September 30, 2020, The Preferred Stock deferred issuance costs was approximately $2.8 million as of September 30, 2020. As of September 30, 2020, Stock and Warrant Repurchase Plan The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 November 2016. no March 2020, 19 2020. September 30, 2020. |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 8 The Company is authorized to issue up to 2.5 million shares of common stock under the 2015 September 30, 2020, As of September 30, 2020 December 31, 2019, September 30, 2020. The Company recorded stock-based compensation expense of $0.3 million and $1.9 million during the three nine September 30, 2020, three nine September 30, 2019, 2020 During the nine September 30, 2020, first three During the nine September 30, 2020, first During the nine September 30, 2020, three may nine September 30, 2020 2020 19 September 2020, On September 30, 2020, March 31, 2022. may March 31, 2022 March 31, 2023. Natural Habitat Contingent Arrangement In connection with the acquisition of Natural Habitat, Mr. Bressler, the founder of Natural Habitat, has an equity incentive opportunity to earn an award of options based on the future financial performance of Natural Habitat, where if the Final Year Equity Value of Natural Habitat, as defined in Mr. Bressler's amended employment agreement, exceeds $25.0 million, effective as of December 31, 2023, |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 In May 2016, May 2020. 5 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The measurement of net deferred tax assets is reduced by the amount of any tax benefit that, based on available evidence, is not 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 recognizes the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. 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 is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. 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” not may may September 30, 2020, December 31, 2019, three nine September 30, 2020 2019, not three nine September 30, 2020 three nine September 30, 2019, first 2020 19 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 three four |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Fleet Expansion In February 2019, December 2019, second National Geographic Resolution March 2019, second September 2019, April 2020 April 2021. 30% fourth 2021. Royalty Agreement – National Geographic The Company is party to an alliance and license agreement with National Geographic, which allows the Company to use the National Geographic name and logo. In return for these rights, the Company is charged a royalty fee. The royalty fee is included within selling and marketing expense on the accompanying condensed consolidated statements of operations. The amount is calculated based upon a percentage of certain ticket revenues less travel agent commission, including the revenues received from cancellation fees and any revenues received from the sale of pre- and post-expedition extensions. Royalty expense for the three nine September 30, 2020 three nine September 30, 2019, The royalty balances outstanding to National Geographic as of September 30, 2020 December 31, 2019 Royalty Agreement – World Wildlife Fund Natural Habitat has a license agreement with WWF, which allows it to use the WWF name and logo. In return for these rights, Natural Habitat is charged a royalty fee and a fee based on annual gross sales. The fees are included within selling and marketing expense on the accompanying condensed consolidated statements of operations. This royalty fee expense was $0.1 million and $0.1 million for the three nine September 30, 2020, three nine September 30, 2019, Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of September 30, 2020 For the years ended December 31, Amount (In thousands) (unaudited) 2020 (three months) $ 2,168 2021 9,435 2022 1,850 Total $ 13,453 Natural Habitat Redeemable Non-Controlling Interest Mr. Bressler, founder of Natural Habitat, retains a 19.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement. The arrangement between the Company and Mr. Bressler was established in order to provide a formal exit opportunity for Mr. Bressler and a path to 100% May 2020, January 31, 2024, not December 31, 2023. not March 31, 2029, Since the redemption of the noncontrolling interest is not one two The Company elected the income classification-excess adjustment and accretion methods for recognizing changes in the redemption value of Mr. Bressler’s put option. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the fair value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the fair value of the noncontrolling interest, are treated as a decrease to net income available to common stockholders. The fair value of Mr. Bressler’s put option was determined using a discounted cash flow model. The redemption value was adjusted to its present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: Three Months Ended September 30 , Nine Months Ended September 30 , (unaudited) (unaudited) (In thousands) 2020 2019 2020 2019 Beginning balance $ 9,970 $ 6,771 $ 16,112 $ 6,502 Net income attributable to noncontrolling interest (156 ) 565 (956 ) 834 Fair value adjustment of put option (1,874 ) - (7,216 ) - Ending balance $ 7,940 $ 7,336 $ 7,940 $ 7,336 Legal Proceedings  From time to time, the Company is party to litigation and regulatory matters and claims. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability will be incurred and the amount or range of the loss can be reasonably estimated. The results of complex proceedings and reviews are difficult to predict and the Company’s view of these matters may |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12 The Company is primarily a specialty cruise and adventure expedition operator with operations in two two The Company evaluates the performance of its business segments based largely on tour revenues and operating income, without allocating other income and expenses, net, income taxes and interest expense, net. For the three nine September 30, 2020 2019, For the three months ended September 30, For the nine months ended September 30, 2020 2019 Change % 2020 2019 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Tour revenues: Lindblad $ 16 $ 76,581 $ (76,565 ) NM $ 69,533 $ 217,549 $ (148,016 ) (68 %) Natural Habitat 1,003 24,402 (23,399 ) NM 12,458 49,745 (37,287 ) (75 %) Total tour revenues $ 1,019 $ 100,983 $ (99,964 ) NM $ 81,991 $ 267,294 $ (185,303 ) (69 %) Operating (loss) income: Lindblad $ (24,835 ) $ 12,570 $ (37,405 ) NM $ (54,287 ) $ 31,514 $ (85,801 ) NM Natural Habitat (1,979 ) 3,089 (5,068 ) NM (5,021 ) 2,631 (7,652 ) NM Total operating (loss) income $ (26,814 ) $ 15,659 $ (42,473 ) NM $ (59,308 ) $ 34,145 $ (93,453 ) NM Depreciation and amortization are included in segment operating income as shown below: For the three months ended September 30, For the nine months ended September 30, 2020 2019 Change % 2020 2019 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 7,888 $ 5,812 $ 2,076 36 % $ 22,075 $ 17,380 $ 4,695 27 % Natural Habitat 597 421 176 42 % 1,653 1,223 430 35 % Total depreciation and amortization $ 8,485 $ 6,233 $ 2,252 36 % $ 23,728 $ 18,603 $ 5,125 28 % The following table presents our total assets, intangibles, net and goodwill by segment: (In thousands) As of September 30, 2020 As of December 31, 2019 Total Assets: (unaudited) Lindblad $ 637,913 $ 471,499 Natural Habitat 70,891 77,159 Total assets $ 708,804 $ 548,658 Intangibles, net: Lindblad $ 2,781 $ 3,325 Natural Habitat 2,431 3,071 Total intangibles, net $ 5,212 $ 6,396 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 For the three nine September 30, 2020, three nine September 30, 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not December 31, 2019 10 February 26, 2020 ( “2019 The presentation of certain items in the condensed consolidated statements of cash flows have been reclassified to conform to the 2020 no There have been no 2019 Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock is accounted for as equity instruments, presented on the condensed consolidated balance sheets in the temporary equity section. The redemption or conversion of the preferred stock into shares of the Company’s common stock is not six six not third |
COVID-19 Business Update, Policy [Policy Text Block] | COVID- 19 Due to the spread of the COVID- 19 March 16, 2020 December 31, 2020 2020 2021 The Company moved quickly to implement a comprehensive plan to mitigate the impact of COVID- 19 â—Ź Significantly reduced ship and land-based expedition costs including crew payroll, land costs, fuel and food. All ships have been safely laid up. â—Ź Lowered expected annual maintenance capital expenditures by over $10 million, savings of more than 50% â—Ź Meaningfully reduced general and administrative expenses through staff furloughs, payroll reductions and the elimination of all non-essential travel, office expenses and discretionary spending. â—Ź Suspended the majority of planned advertising and marketing spend. â—Ź Suspended all repurchases of common stock under the stock repurchase plan. Bookings Trends The Company was off to a strong start to the year with Lindblad segment bookings at the end of February 2020 2019, 19 October 26, 2020, 2020 2019 2021 first 2021, 2021 2019 2018 2020. nine 2021 2020 March 1, 2020, For 2020 October 26, 2020, |
Balance Sheet and Liquidity, Policy [Policy Text Block] | Balance Sheet and Liquidity As of September 30, 2020, first 2020 19 first National Geographic Endurance March 2020. April 2020, second third National Geographic Resolution fourth 2021. During May 2020, three first December 22, 2020, second December 22, 2021 December 22, 2022. During June 2020, June 2020 March 2021 June 2020 June 2021. August 2020, June 2021. During August 2020, two 30 may six As of September 30, 2020, no 2023. The Company estimates its monthly cash usage while its vessels are not may not In April 2020, 19 $6.6 The Company has not 19 no 2020 2021, 12 October 29, 2020, 10 |
Return to Operations, Policy [Policy Text Block] | Return to Operations The Company already has a robust set of operating protocols and, in preparation for the resumption of operations, has been proactively working in close cooperation with various medical policy experts and public health authorities to further augment its procedures and protocols for health and safety onboard its vessels to mitigate the potential impacts of the COVID- 19 not While it is uncertain when the Company will return to operations, it believes there are a variety of strategic advantages that should enable it to deploy its ships safely and quickly once travel restrictions have been lifted. The most notable is the size of its owned and operated vessels which range from 48 148 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Goodwill In accordance with ASC 360, September 30, not September 30, 2020 no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Long-lived Assets The effects of COVID- 19 may not September 30, 2020, no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 December 15, 2020, not In March 2020, 2020 4, 848 may December 31, 2022. not In August 2020, 2020 06, 470 20 815 40 December 15, 2021, December 15, 2020, |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 (In thousands, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. $ (27,379 ) $ 2,161 $ (68,973 ) $ 17,822 Series A redeemable convertible preferred stock dividend 425 - 425 - Non-cash deemed dividend to warrant holders - 2,654 - 2,654 Undistributed (loss) earnings available to stockholders $ (27,804 ) $ (493 ) $ (69,398 ) $ 15,168 Weighted average shares outstanding: Total weighted average shares outstanding, basic 49,779,525 48,863,506 49,715,663 46,704,634 Dilutive potential common shares - - - 252,279 Dilutive potential options - - - 66,105 Dilutive potential redeemable convertible preferred shares - - - - Dilutive potential warrants - - - 2,068,352 Total weighted average shares outstanding, diluted 49,779,525 48,863,506 49,715,663 49,091,370 Undistributed (loss) earnings per share available to stockholders Basic $ (0.56 ) $ (0.01 ) $ (1.40 ) $ 0.32 Diluted $ (0.56 ) $ (0.01 ) $ (1.40 ) $ 0.31 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) (unaudited) Balance as of January 1, 2020 $ 72,051 Recognized in tour revenues during the period (68,182 ) Additional contract liabilities in period 88,689 Balance as of September 30, 2020 $ 92,558 |
Disaggregation of Revenue [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Guest ticket revenue: (unaudited) (unaudited) (unaudited) (unaudited) Direct 32 % 48 % 41 % 44 % National Geographic 0 % 14 % 18 % 16 % Agencies 26 % 21 % 24 % 23 % Affinity 6 % 10 % 6 % 8 % Guest ticket revenue 64 % 93 % 89 % 91 % Other tour revenue 36 % 7 % 11 % 9 % Tour revenues 100 % 100 % 100 % 100 % |
Note 4 - Financial Statement _2
Note 4 - Financial Statement Details (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | As of September 30, 2020 2019 (In thousands) (unaudited) (unaudited) Cash and cash equivalents $ 129,647 $ 104,135 Restricted cash 16,523 7,995 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 146,170 $ 112,130 |
Restricted Cash and Marketable Securities [Table Text Block] | As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Federal Maritime Commission escrow $ 14,264 $ 6,104 Certificates of deposit and other restricted securities 1,290 1,575 Credit card processor reserves 969 - Total restricted cash $ 16,523 $ 7,679 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Prepaid tour expenses $ 13,223 $ 15,630 Prepaid air expense 3,361 4,415 Prepaid marketing, commissions and other expenses 2,159 4,026 Prepaid client insurance 2,085 3,064 Prepaid corporate insurance 1,433 1,376 Prepaid port agent fees 415 491 Prepaid income taxes 144 53 Total prepaid expenses $ 22,820 $ 29,055 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of September 30, 2020 As of December 31, 2019 (In thousands) (unaudited) Accounts payable $ 8,192 $ 14,633 Foreign currency forward contract liability 6,909 1,300 Accrued other expense 5,996 8,348 Employee liability 3,958 3,712 Refunds and commissions payable 2,697 1,873 Bonus compensation liability 2,697 5,322 Travel certificate liability 870 888 Accrued travel insurance expense 270 477 Royalty payable 222 1,075 Income tax liabilities - 603 Total accounts payable and accrued expenses $ 31,811 $ 38,231 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loan Receivable (In thousands) (unaudited) Balance as of January 1, 2020 $ 4,084 Accrued interest 122 Amortization of deferred costs (20 ) Balance as of September 30, 2020 $ 4,186 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 2020 As of December 31, 2019 (unaudited) (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Note payable $ 2,525 $ - $ 2,525 $ 2,525 $ - $ 2,525 Revolving Facility 45,000 (379 ) 44,621 - - - Credit Facility 195,868 (7,957 ) 187,911 197,000 (9,704 ) 187,296 1st Senior Secured Credit Agreement 107,695 (1,834 ) 105,861 - - - 2nd Senior Secured Credit Agreement 61,120 (2,303 ) 58,817 30,476 (2,229 ) 28,247 Total long-term debt 412,208 (12,473 ) 399,735 230,001 (11,933 ) 218,068 Less current portion (8,451 ) - (8,451 ) (4,525 ) - (4,525 ) Total long-term debt, non-current $ 403,757 $ (12,473 ) $ 391,284 $ 225,476 $ (11,933 ) $ 213,543 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 93,868 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, (In thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedging instruments: (unaudited) (unaudited) (unaudited) (unaudited) Foreign exchange forward (a) $ (1,745 ) $ (7,094 ) $ 2,261 $ (8,066 ) Interest rate cap (b) - (298 ) 137 (587 ) Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 989 (715 ) (1,008 ) 442 Total $ (756 ) $ (8,107 ) $ 1,390 $ (8,211 ) |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2020 As of December 31, 2019 (unaudited) (In thousands) Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ - $ 6,909 $ - $ 4,459 Interest rate cap (b) - - 138 - Total $ - $ 6,909 $ 138 $ 4,459 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ 31 $ 640 $ 459 $ 70 Total $ 31 $ 640 $ 459 $ 70 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) (unaudited) 2020 (three months) $ 2,168 2021 9,435 2022 1,850 Total $ 13,453 |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended September 30 , Nine Months Ended September 30 , (unaudited) (unaudited) (In thousands) 2020 2019 2020 2019 Beginning balance $ 9,970 $ 6,771 $ 16,112 $ 6,502 Net income attributable to noncontrolling interest (156 ) 565 (956 ) 834 Fair value adjustment of put option (1,874 ) - (7,216 ) - Ending balance $ 7,940 $ 7,336 $ 7,940 $ 7,336 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended September 30, For the nine months ended September 30, 2020 2019 Change % 2020 2019 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Tour revenues: Lindblad $ 16 $ 76,581 $ (76,565 ) NM $ 69,533 $ 217,549 $ (148,016 ) (68 %) Natural Habitat 1,003 24,402 (23,399 ) NM 12,458 49,745 (37,287 ) (75 %) Total tour revenues $ 1,019 $ 100,983 $ (99,964 ) NM $ 81,991 $ 267,294 $ (185,303 ) (69 %) Operating (loss) income: Lindblad $ (24,835 ) $ 12,570 $ (37,405 ) NM $ (54,287 ) $ 31,514 $ (85,801 ) NM Natural Habitat (1,979 ) 3,089 (5,068 ) NM (5,021 ) 2,631 (7,652 ) NM Total operating (loss) income $ (26,814 ) $ 15,659 $ (42,473 ) NM $ (59,308 ) $ 34,145 $ (93,453 ) NM For the three months ended September 30, For the nine months ended September 30, 2020 2019 Change % 2020 2019 Change % (In thousands) (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: Lindblad $ 7,888 $ 5,812 $ 2,076 36 % $ 22,075 $ 17,380 $ 4,695 27 % Natural Habitat 597 421 176 42 % 1,653 1,223 430 35 % Total depreciation and amortization $ 8,485 $ 6,233 $ 2,252 36 % $ 23,728 $ 18,603 $ 5,125 28 % (In thousands) As of September 30, 2020 As of December 31, 2019 Total Assets: (unaudited) Lindblad $ 637,913 $ 471,499 Natural Habitat 70,891 77,159 Total assets $ 708,804 $ 548,658 Intangibles, net: Lindblad $ 2,781 $ 3,325 Natural Habitat 2,431 3,071 Total intangibles, net $ 5,212 $ 6,396 Goodwill: Lindblad $ - $ - Natural Habitat 22,105 22,105 Total goodwill $ 22,105 $ 22,105 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | Oct. 26, 2020USD ($) | Aug. 31, 2020USD ($)$ / sharesshares | Aug. 07, 2020 | Apr. 08, 2019 | Aug. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | May 04, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | May 31, 2020USD ($) | Feb. 28, 2020 | Dec. 31, 2019USD ($)shares | May 04, 2016USD ($) |
Number of Expedition Ships Operated | 9 | ||||||||||||||||
Number of Seasonal Charter Vessels Operated | 5 | ||||||||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 104,135 | $ 129,647 | $ 104,135 | $ 101,579 | |||||||||||||
Restricted Cash and Investments, Current, Total | 7,995 | 16,523 | 7,995 | 7,679 | |||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 85,000 | $ 0 | |||||||||||||||
Long-term Debt, Gross | $ 412,208 | $ 230,001 | |||||||||||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||
Temporary Equity, Shares Issued (in shares) | shares | 85,000 | 0 | |||||||||||||||
Private Placement [Member] | Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000 | $ 85,000 | |||||||||||||||
Temporary Equity, Shares Issued (in shares) | shares | 85,000 | 85,000 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | |||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ / shares | $ 9.50 | $ 9.50 | |||||||||||||||
Convertible Preferred Stock, Issued, Premium, Percentage of 30 Trading Volume Weighted Average Price | 23.00% | ||||||||||||||||
Export Credit Agreement [Member] | |||||||||||||||||
Proceeds from Lines of Credit, Total | $ 107,700 | $ 107,700 | |||||||||||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Second Senior Credit Agreement [Member] | |||||||||||||||||
Proceeds from Lines of Credit, Total | $ 30,600 | ||||||||||||||||
Promissory Notes, Natural Habitat Acquisition [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | $ 2,500 | $ 2,500 | ||||||||||||||
Second Export Credit Agreement [Member] | |||||||||||||||||
Proceeds from Lines of Credit, Total | $ 30,600 | $ 30,500 | |||||||||||||||
Debt Instrument, Payments Deferred | $ 9,000 | ||||||||||||||||
Debt Instrument, Increase (Decrease) in Stated Rate | 1.25% | 1.25% | |||||||||||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 3.00% | 3.00% | ||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Unrestricted Cash, Drawn Under Credit Facility | $ 45,000 | ||||||||||||||||
Long-term Debt, Gross | $ 45,000 | $ 0 | |||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Percentage of Segment Bookings | 74.00% | ||||||||||||||||
Percentage of Segment Bookings Increase (Decrease) from Prior Year | (4.00%) | ||||||||||||||||
Percentage of Advanced Bookings Increase (Decrease) from Prior Year | (12.00%) | ||||||||||||||||
Percentage of Last Nine Months Advanced Bookings Increase (Decrease) from Prior Year | 12.00% | ||||||||||||||||
Future Bookings For Travel | $ 44,000 | ||||||||||||||||
Guest Ticket [Member] | |||||||||||||||||
Percentage of Projected Revenues | 86.00% | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Capital Expenditures, Expected Annual Maintenance Amount, Decrease During period | $ 10,000 | ||||||||||||||||
Estimate Cash Usage, Monthly, Including Ship and Office Expense | 10,000 | ||||||||||||||||
Minimum [Member] | Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Percentage of Segment Bookings | 25.00% | ||||||||||||||||
Estimate Cash Usage, Monthly, Including Ship and Office Expense | $ 15,000 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.3 | 0.6 | 0.3 | 0.1 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | 0.2 | 0.2 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 8.9 | 8.9 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. | $ (27,379) | $ 2,161 | $ (68,973) | $ 17,822 |
Series A redeemable convertible preferred stock dividend | 425 | 0 | 425 | 0 |
Non-cash deemed dividend to warrant holders | 0 | 2,654 | 0 | 2,654 |
Undistributed (loss) earnings available to stockholders | $ (27,804) | $ (493) | $ (69,398) | $ 15,168 |
Weighted average shares outstanding | ||||
Total weighted average shares outstanding, basic (in shares) | 49,779,525 | 48,863,506 | 49,715,663 | 46,704,634 |
Dilutive potential common shares (in shares) | 0 | 0 | 0 | 252,279 |
Dilutive potential options (in shares) | 0 | 0 | 0 | 66,105 |
Dilutive potential redeemable convertible preferred shares (in shares) | 0 | 0 | 0 | 0 |
Dilutive potential warrants (in shares) | 0 | 0 | 0 | 2,068,352 |
Total weighted average shares outstanding, diluted (in shares) | 49,779,525 | 48,863,506 | 49,715,663 | 49,091,370 |
Basic (in dollars per share) | $ (0.56) | $ (0.01) | $ (1.40) | $ 0.32 |
Diluted (in dollars per share) | $ (0.56) | $ (0.01) | $ (1.40) | $ 0.31 |
Note 3 - Revenues - Change in C
Note 3 - Revenues - Change in Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Balance | $ 72,051 |
Recognized in tour revenues during the period | (68,182) |
Additional contract liabilities in period | 88,689 |
Balance | $ 92,558 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Tour Revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Guest Ticket [Member] | ||||
Tour Revenues | 64.00% | 93.00% | 89.00% | 91.00% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Tour Revenues | 32.00% | 48.00% | 41.00% | 44.00% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | ||||
Tour Revenues | 0.00% | 14.00% | 18.00% | 16.00% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | ||||
Tour Revenues | 26.00% | 21.00% | 24.00% | 23.00% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | ||||
Tour Revenues | 6.00% | 10.00% | 6.00% | 8.00% |
Other Tour [Member] | ||||
Tour Revenues | 36.00% | 7.00% | 11.00% | 9.00% |
Note 4 - Financial Statement _3
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 129,647 | $ 101,579 | $ 104,135 | |
Restricted cash | 16,523 | 7,679 | 7,995 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 146,170 | $ 109,258 | $ 112,130 | $ 122,151 |
Note 4 - Financial Statement _4
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Total restricted cash and marketable securities | $ 16,523 | $ 7,679 | $ 7,995 |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 14,264 | 6,104 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | 1,290 | 1,575 | |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | $ 969 | $ 0 |
Note 4 - Financial Statement _5
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid tour expenses | $ 13,223 | $ 15,630 |
Prepaid air expense | 3,361 | 4,415 |
Prepaid marketing, commissions and other expenses | 2,159 | 4,026 |
Prepaid client insurance | 2,085 | 3,064 |
Prepaid corporate insurance | 1,433 | 1,376 |
Prepaid port agent fees | 415 | 491 |
Prepaid income taxes | 144 | 53 |
Total prepaid expenses | $ 22,820 | $ 29,055 |
Note 4 - Financial Statement _6
Note 4 - Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts payable | $ 8,192 | $ 14,633 |
Foreign currency forward contract liability | 6,909 | 1,300 |
Accrued other expense | 5,996 | 8,348 |
Employee liability | 3,958 | 3,712 |
Refunds and commissions payable | 2,697 | 1,873 |
Bonus compensation liability | 2,697 | 5,322 |
Travel certificate liability | 870 | 888 |
Accrued travel insurance expense | 270 | 477 |
Royalty payable | 222 | 1,075 |
Income tax liabilities | 0 | 603 |
Total accounts payable and accrued expenses | $ 31,811 | $ 38,231 |
Note 4 - Financial Statement _7
Note 4 - Financial Statement Details - Loans Receivable (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Balance | $ 4,084 |
Accrued interest | 122 |
Amortization of deferred costs | (20) |
Balance | $ 4,186 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Aug. 07, 2020 | Apr. 10, 2020 | Apr. 08, 2019 | Aug. 31, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | May 31, 2020 | Mar. 27, 2018 | Jan. 31, 2018 | May 04, 2016 |
Amortization of Debt Issuance Costs and Discounts, Total | $ 500 | $ 500 | $ 1,549 | $ 1,392 | |||||||||||||
Return of Paycheck Protection Program under CARES Act | $ 6,600 | ||||||||||||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 6,600 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Long-term Line of Credit, Total | $ 45,000 | $ 45,000 | |||||||||||||||
Second Export Credit Agreement [Member] | |||||||||||||||||
Debt Instrument, Payments Deferred | $ 9,000 | ||||||||||||||||
Debt Instrument, Increase (Decrease) in Stated Rate | 1.25% | 1.25% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.23% | 3.23% | |||||||||||||||
Proceeds from Lines of Credit, Total | $ 30,600 | $ 30,500 | |||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.36% | ||||||||||||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 3.00% | 3.00% | ||||||||||||||
Second Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | 3.75% | |||||||||||||||
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, Interest Rate, Effective Percentage | 5.25% | ||||||||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Term Loan Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Term Loan Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||
Export Credit Agreement [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | 3.25% | |||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122,800 | $ 107,700 | |||||||||||||||
Percentage of Purchase Price, Financing Maximum | 80.00% | 80.00% | |||||||||||||||
Proceeds from Lines of Credit, Total | $ 107,700 | $ 107,700 | |||||||||||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Promissory Notes, Natural Habitat Acquisition [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | 1.44% |
Note 5 - Long-term Debt - Long-
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Principal | $ 412,208 | $ 230,001 |
Deferred Financing Costs, Net | (12,473) | (11,933) |
Balance | 399,735 | 218,068 |
Principal, Current | (8,451) | (4,525) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (8,451) | (4,525) |
Principal, Non-current | 403,757 | 225,476 |
Deferred Financing Costs, Net, Non-current | (12,473) | (11,933) |
Balance, Non-current | 391,284 | 213,543 |
Revolving Credit Facility [Member] | ||
Principal | 45,000 | 0 |
Deferred Financing Costs, Net | (379) | 0 |
Balance | 44,621 | 0 |
Notes Payable, Other Payables [Member] | ||
Principal | 2,525 | 2,525 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 2,525 | 2,525 |
Term Facility [Member] | ||
Principal | 195,868 | 197,000 |
Deferred Financing Costs, Net | (7,957) | (9,704) |
Balance | 187,911 | 187,296 |
First Senior Secured Credit Agreement [Member] | ||
Principal | 107,695 | 0 |
Deferred Financing Costs, Net | (1,834) | 0 |
Balance | 105,861 | 0 |
Second Senior Secured Credit Agreement [Member] | ||
Principal | 61,120 | 30,476 |
Deferred Financing Costs, Net | (2,303) | (2,229) |
Balance | $ 58,817 | $ 28,247 |
Note 6 - Financial Instrument_3
Note 6 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | $ 0 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 0 | $ (1,624) | (5,326) | $ (1,624) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 6,900 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 1,745 | (7,393) | (7,724) | (8,654) |
Foreign Currency Transaction Gain (Loss), before Tax, Total | 989 | (2,338) | (6,334) | (1,181) |
Foreign Exchange Forward [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,600) | (5,300) | (1,600) | |
Foreign Exchange Forward [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | 1,000 | 700 | 1,000 | 400 |
AOCI Attributable to Parent [Member] | Foreign Exchange Forward [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ 1,700 | $ 5,500 | $ 7,600 | $ 6,400 |
Note 6 - Financial Instrument_4
Note 6 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 93,868 |
Note 6 - Financial Instrument_5
Note 6 - Financial Instruments and Fair Value Measurements - Estimated Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | $ 0 | $ 138 | |
Derivatives designated as hedging instruments | 6,909 | 4,459 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | 31 | 459 | |
Derivatives designated as hedging instruments | 640 | 70 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Derivatives designated as hedging instruments | [1] | 6,909 | 4,459 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [2] | 31 | 459 |
Derivatives designated as hedging instruments | [2] | 640 | 70 |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [3] | 0 | 138 |
Derivatives designated as hedging instruments | [3] | $ 0 | $ 0 |
[1] | Recorded in accounts payable and accrued expenses, and other long-term liabilities. | ||
[2] | Recorded in prepaid expenses and other current assets, and accounts payable and accrued expenses. | ||
[3] | Recorded in prepaid expenses and other current assets, and other long-term assets. |
Note 6 - Financial Instrument_6
Note 6 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Total | $ (756) | $ (8,107) | $ 1,390 | $ (8,211) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||||
Derivative instruments designated as cash flow hedging instruments: | [1] | (1,745) | (7,094) | 2,261 | (8,066) |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | |||||
Derivative instruments designated as cash flow hedging instruments: | [2] | 0 | (298) | 137 | (587) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||||
Foreign exchange forward (c) | [3] | $ 989 | $ (715) | $ (1,008) | $ 442 |
[1] | For the three and nine months ended September 30, 2020, a $1.7 million gain and a $7.6 million loss, respectively, was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity, and for the nine months ended September 30, 2020, $5.3 million was recognized as a loss on foreign currency in the condensed consolidated statements of income. For the three and nine months ended September 30, 2019, $1.6 million was recognized as a loss on foreign currency in the condensed consolidated statements of income, and $5.5 million and $6.4 million, respectively, was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity. | ||||
[2] | Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders' equity | ||||
[3] | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. During the three and nine months ended September 30, 2020, a gain of $1.4 million and a loss of $2.0 million was recognized in gain (loss) on foreign currency. During the three and nine months ended September 30, 2019, a loss of $0.7 million and a gain of $0.4 million, respectively, was recognized in gain (loss) on foreign currency. |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 31, 2020 | Aug. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2016 |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000,000 | $ 0 | |||||||
Stock Repurchased During Period, Value | $ 0 | $ 127,000 | $ 23,000 | ||||||
Common Stock [Member] | |||||||||
Stock Repurchased During Period, Shares (in shares) | 0 | 8,517 | 1,895 | ||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | ||||||
Stock and Warrant Repurchase Plan [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 35,000,000 | ||||||||
Warrants Repurchased During Period (in shares) | 6,011,926 | ||||||||
Warrants Repurchased During Period, Value | $ 14,700,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000,000 | $ 12,000,000 | |||||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | |||||||||
Stock Repurchased During Period, Shares (in shares) | 8,517 | 875,218 | |||||||
Stock Repurchased During Period, Value | $ 127,000 | $ 8,300,000 | |||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | 85,000 | 0 | ||||||
Dividends Payable | $ 400,000 | $ 400,000 | |||||||
Deferred Offering Costs | $ 2,800,000 | $ 2,800,000 | |||||||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 8,900,000 | 8,900,000 | |||||||
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | 85,000 | |||||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 1,000 | $ 1,000 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000,000 | $ 85,000,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | |||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.50 | $ 9.50 |
Note 8 - Stock Based Compensa_2
Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 200,000 | 200,000 | 200,000 | 200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 9.47 | $ 9.47 | $ 9.47 | $ 9.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 200,000 | 200,000 | 200,000 | |||
Share-based Payment Arrangement, Expense | $ 0.3 | $ 0.9 | $ 1.9 | $ 2.7 | ||
Mr. Bressler [Member] | Natural Habitat, Inc [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Financial Performance Target | $ 25 | |||||
Business Combination, Contingent Consideration Arrangements, Fair Value of Options Granted in Excess of Range of Outcomes High, Percentage | 10.10% | |||||
2015 Long-Term Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,500,000 | 2,500,000 | 2,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |||
The 2020 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 186,515 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.07 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 55,048 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.26 | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 86,783 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.42 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Percentage of Total Awards | 50.00% | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0.00% | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 200.00% | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Market Performance Share Units (MSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 98,030 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.51 | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Market Performance Share Units (MSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Market Performance Share Units (MSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | May 31, 2020 | May 04, 2016 |
Promissory Notes, Natural Habitat Acquisition [Member] | |||
Debt Instrument, Face Amount | $ 2.5 | $ 2.5 | $ 2.5 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 9.50% | 72.90% | 9.90% | 20.60% | |
Other Noncurrent Liabilities [Member] | |||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands, kr in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Apr. 30, 2021 | Apr. 30, 2020 | Sep. 30, 2019 | Apr. 30, 2019 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Feb. 25, 2019NOK (kr) | |
Selling and Marketing Expense, Total | $ 2,128 | $ 15,531 | $ 18,413 | $ 42,100 | |||||||
Mr. Bressler [Member] | Natural Habitat, Inc [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | 19.90% | |||||||||
Ulstein Verft [Member] | |||||||||||
Payments to Acquire Property, Plant and Equipment, Percent Payment | 20.00% | 20.00% | 20.00% | ||||||||
Ulstein Verft [Member] | Forecast [Member] | |||||||||||
Payments to Acquire Property, Plant and Equipment, Percent Payment | 10.00% | ||||||||||
National Geographic [Member] | |||||||||||
Royalty Expense | $ 0 | 1,700 | $ 1,300 | 4,800 | |||||||
Accounts Payable and Other Accrued Liabilities, Current | 0 | 0 | $ 2,200 | ||||||||
World Wildlife Fund [Member] | |||||||||||
Selling and Marketing Expense, Total | $ 100 | $ 300 | $ 100 | $ 700 | |||||||
Foreign Exchange Contract [Member] | Ulstein Verft [Member] | |||||||||||
Vessel, Contract Price | kr | kr 1,291 | ||||||||||
Class Vessel [Member] | Ulstein Verft [Member] | |||||||||||
Vessel, Contract Price | $ 153,500 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Sep. 30, 2020USD ($) |
2020 (three months) | $ 2,168 |
2021 | 9,435 |
2022 | 1,850 |
Total | $ 13,453 |
Note 11 - Commitments and Con_5
Note 11 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ 16,112 | |||
Net income attributable to noncontrolling interest | $ (156) | $ 565 | (956) | $ 834 |
Balance | 7,940 | 7,940 | ||
Natural Habitat, Inc [Member] | ||||
Balance | 9,970 | 6,771 | 16,112 | 6,502 |
Net income attributable to noncontrolling interest | (156) | 565 | (956) | 834 |
Fair value adjustment of put option | (1,874) | 0 | (7,216) | 0 |
Balance | $ 7,940 | $ 7,336 | $ 7,940 | $ 7,336 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Number of Operating Segments | 2 | |||
Number of Reportable Segments | 2 | |||
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 1,300 | $ 2,200 | $ 3,800 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Tour revenues | $ 1,019 | $ 100,983 | $ 81,991 | $ 267,294 | |
Tour revenues, change | (99,964) | $ (185,303) | |||
Tour revenues, percentage change | (69.00%) | ||||
Operating income | (26,814) | 15,659 | $ (59,308) | 34,145 | |
Operating income, change | (42,473) | (93,453) | |||
Depreciation and amortization | 8,485 | 6,233 | 23,728 | 18,603 | |
Total depreciation and amortization, change | $ 2,252 | $ 5,125 | |||
Total depreciation and amortization, percentage change | 36.00% | 28.00% | |||
Total Assets | $ 708,804 | $ 708,804 | $ 548,658 | ||
Total intangibles, net | 5,212 | 5,212 | 6,396 | ||
Total goodwill | 22,105 | 22,105 | 22,105 | ||
Lindblad Segment [Member] | |||||
Tour revenues | 16 | 76,581 | 69,533 | 217,549 | |
Tour revenues, change | (76,565) | $ (148,016) | |||
Tour revenues, percentage change | (68.00%) | ||||
Operating income | (24,835) | 12,570 | $ (54,287) | 31,514 | |
Operating income, change | (37,405) | (85,801) | |||
Depreciation and amortization | 7,888 | 5,812 | 22,075 | 17,380 | |
Total depreciation and amortization, change | $ 2,076 | $ 4,695 | |||
Total depreciation and amortization, percentage change | 36.00% | 27.00% | |||
Total Assets | $ 637,913 | $ 637,913 | 471,499 | ||
Total intangibles, net | 2,781 | 2,781 | 3,325 | ||
Total goodwill | 0 | 0 | 0 | ||
Natural Habitat Segment [Member] | |||||
Tour revenues | 1,003 | 24,402 | 12,458 | 49,745 | |
Tour revenues, change | (23,399) | $ (37,287) | |||
Tour revenues, percentage change | (75.00%) | ||||
Operating income | (1,979) | 3,089 | $ (5,021) | 2,631 | |
Operating income, change | (5,068) | (7,652) | |||
Depreciation and amortization | 597 | $ 421 | 1,653 | $ 1,223 | |
Total depreciation and amortization, change | $ 176 | $ 430 | |||
Total depreciation and amortization, percentage change | 42.00% | 35.00% | |||
Total Assets | $ 70,891 | $ 70,891 | 77,159 | ||
Total intangibles, net | 2,431 | 2,431 | 3,071 | ||
Total goodwill | $ 22,105 | $ 22,105 | $ 22,105 |