Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-35898 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-4749725 | ||
Entity Address, Address Line One | 96 Morton Street, 9th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10014 | ||
City Area Code | 212 | ||
Local Phone Number | 261-9000 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | LIND | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 490,900,000 | ||
Entity Common Stock, Shares Outstanding | 50,809,312 | ||
Auditor Name | Marcum LLP | ||
Auditor Location | Melville, NY | ||
Auditor Firm ID | 688 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 150,753 | $ 187,531 |
Restricted cash | 21,940 | 16,984 |
Marine operating supplies | 8,275 | 5,473 |
Inventories | 2,278 | 2,168 |
Prepaid expenses and other current assets | 27,094 | 17,014 |
Total current assets | 210,340 | 229,170 |
Property and equipment, net | 542,418 | 482,673 |
Goodwill | 42,017 | 22,105 |
Intangibles, net | 13,235 | 4,817 |
Deferred tax asset | 7,609 | 5,539 |
Right-to-use lease assets | 4,402 | 5,082 |
Other long-term assets | 7,470 | 8,063 |
Total assets | 827,491 | 757,449 |
Current Liabilities: | ||
Unearned passenger revenues | 212,598 | 120,737 |
Accounts payable and accrued expenses | 49,252 | 22,341 |
Lease liabilities - current | 1,553 | 1,475 |
Long-term debt - current | 26,061 | 11,255 |
Total current liabilities | 289,464 | 155,808 |
Long-term debt, less current portion | 518,658 | 471,359 |
Lease liabilities | 3,178 | 3,915 |
Other long-term liabilities | 247 | 90 |
Total liabilities | 811,547 | 631,172 |
COMMITMENTS AND CONTINGENCIES | ||
Redeemable noncontrolling interests | 10,626 | 7,494 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance | 94,527 | 91,319 |
STOCKHOLDERS’ (DEFICIT) EQUITY | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 80,000 and 85,000 Series A shares issued and outstanding as of December 31, 2021 and 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 50,800,786 and 49,905,512 issued, 50,755,546 and 49,818,676 outstanding as of December 31, 2021 and 2020, respectively | 5 | 5 |
Additional paid-in capital | 58,485 | 48,127 |
Accumulated deficit | (136,439) | (11,572) |
Accumulated other comprehensive loss | (634) | (1,602) |
Total stockholders' (deficit) equity | (78,583) | 34,958 |
Total liabilities, mezzanine equity and stockholders' (deficit) equity | 827,491 | 757,449 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series A redeemable convertible preferred stock, 165,000 shares authorized; 80,000 and 85,000 shares issued and outstanding as of December 31, 2021 and 2020, respectively | $ 83,901 | $ 83,825 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 80,000 | 85,000 |
Preferred stock, shares outstanding (in shares) | 80,000 | 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) | 50,800,786 | 49,905,512 |
Common stock, shares outstanding (in shares) | 50,755,546 | 49,818,676 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized (in shares) | 165,000 | 165,000 |
Temporary equity, shares issued (in shares) | 80,000 | 85,000 |
Temporary equity, shares outstanding (in shares) | 80,000 | 85,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tour revenues | $ 147,107 | $ 82,356 | $ 343,091 |
Operating expenses: | |||
Cost of tours | 124,484 | 72,931 | 166,608 |
General and administrative | 65,445 | 45,508 | 62,744 |
Selling and marketing | 28,484 | 20,231 | 54,772 |
Depreciation and amortization | 39,525 | 32,084 | 25,769 |
Total operating expenses | 257,938 | 170,754 | 309,893 |
Operating (loss) income | (110,831) | (88,398) | 33,198 |
Other (expense) income: | |||
Interest expense, net | (24,578) | (16,692) | (12,288) |
(Loss) gain on foreign currency | (1,265) | (4,772) | 94 |
Other income (expense) | 15,487 | (83) | (66) |
Total other expense | (10,356) | (21,547) | (12,260) |
(Loss) income before income taxes | (121,187) | (109,945) | 20,938 |
Income tax (benefit) expense | (2,019) | (9,805) | 2,190 |
Net (loss) income | (119,168) | (100,140) | 18,748 |
Net income (loss) attributable to noncontrolling interest | 38 | (1,403) | 2,395 |
Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. | (119,206) | (98,737) | 16,353 |
Series A redeemable convertible preferred stock dividend | 5,289 | 1,705 | 0 |
Non-cash deemed dividend | 170 | 0 | 2,654 |
Net (loss) income available to stockholders | $ (124,665) | $ (100,442) | $ 13,699 |
Weighted average shares outstanding | |||
Basic (in shares) | 50,109,426 | 49,737,129 | 47,440,788 |
Diluted (in shares) | 50,109,426 | 49,737,129 | 49,426,563 |
Undistributed (loss) income per share available to stockholders: | |||
Basic (in dollars per share) | $ (2.41) | $ (2.01) | $ 0.29 |
Diluted (in dollars per share) | $ (2.41) | $ (2.01) | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net (loss) income | $ (119,168) | $ (100,140) | $ 18,748 |
Other comprehensive income (loss): | |||
Net unrealized loss | (1,682) | (2,247) | (5,634) |
Reclassification adjustment, net of tax | 2,650 | 5,326 | 1,624 |
Total other comprehensive income (loss) | 968 | 3,079 | (4,010) |
Total comprehensive (loss) income | (118,200) | (97,061) | 14,738 |
Less: comprehensive income (loss) attributive to non-controlling interest | 38 | (1,403) | 2,395 |
Comprehensive (loss) income attributable to stockholders | $ (118,238) | $ (95,658) | $ 12,343 |
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, 2018 | 45,814,925 | ||||
Balance at Dec. 31, 2018 | $ 5 | $ 41,539 | $ 75,171 | $ (671) | $ 116,044 |
Stock-based compensation | $ 0 | 3,573 | 0 | 0 | 3,573 |
Issuance of stock for equity compensation plans, net (in shares) | 6,241 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (1,786) | 0 | 0 | (1,786) |
Repurchase of shares and warrants (in shares) | (1,895) | ||||
Repurchase of shares and warrants | $ 0 | (23) | 0 | 0 | (23) |
Warrants (in shares) | 3,898,251 | ||||
Warrants | $ 0 | 2,968 | (2,654) | 0 | 314 |
Other comprehensive income (loss), net | 0 | 0 | 0 | (4,010) | (4,010) |
Redeemable noncontrolling interest | 0 | 0 | (7,215) | 0 | (7,215) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | $ 0 | 0 | 16,353 | 0 | 16,353 |
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 | 2,388 | 0 | 0 | 2,388 |
Issuance of stock for equity compensation plans, net (in shares) | 196,507 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (405) | 0 | 0 | (405) |
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 | 3,079 | 3,079 |
Redeemable noncontrolling interest | 0 | 0 | 7,215 | 0 | 7,215 |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | 0 | 0 | (98,737) | 0 | (98,737) |
Series A preferred stock dividend | $ 0 | 0 | (1,705) | 0 | (1,705) |
Balance (in shares) at Dec. 31, 2020 | 49,905,512 | ||||
Balance at Dec. 31, 2020 | $ 5 | 48,127 | (11,572) | (1,602) | 34,958 |
Stock-based compensation | $ 0 | 5,429 | 0 | 0 | 5,429 |
Issuance of stock for equity compensation plans, net (in shares) | 246,608 | ||||
Issuance of stock for equity compensation plans, net | $ 0 | (2,221) | 0 | 0 | (2,221) |
Other comprehensive income (loss), net | 0 | 0 | 0 | 968 | 968 |
Redeemable noncontrolling interest | 0 | 0 | (202) | 0 | (202) |
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc | 0 | 0 | (119,206) | 0 | (119,206) |
Series A preferred stock dividend | $ 0 | 0 | (5,289) | 0 | (5,289) |
Issuance of stock for acquisition (in shares) | 82,302 | ||||
Issuance of stock for acquisition | $ 0 | 1,770 | 0 | 0 | 1,770 |
Issuance of stock for conversion of preferred stock (in shares) | 566,364 | ||||
Issuance of stock for conversion of preferred stock | $ 0 | 5,380 | 0 | 0 | 5,380 |
Non-cash deemed dividend to preferred share holders | $ 0 | 0 | (170) | 0 | (170) |
Balance (in shares) at Dec. 31, 2021 | 50,800,786 | ||||
Balance at Dec. 31, 2021 | $ 5 | $ 58,485 | $ (136,439) | $ (634) | $ (78,583) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities | |||
Net (loss) income | $ (119,168) | $ (100,140) | $ 18,748 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 39,525 | 32,084 | 25,769 |
Amortization of National Geographic fee | 0 | 727 | 2,907 |
Amortization of deferred financing costs and other, net | 3,203 | 2,146 | 1,875 |
Amortization of right-to-use lease assets | 21 | 49 | 259 |
Stock-based compensation | 5,563 | 2,388 | 3,573 |
Deferred income taxes | (833) | (9,812) | 1,486 |
Loss (gain) on foreign currency | 1,265 | 4,772 | (94) |
Loss on write-off of assets | 0 | 111 | 0 |
Changes in operating assets and liabilities | |||
Marine operating supplies and inventories | (2,912) | 685 | (1,557) |
Prepaid expenses and other current assets | (8,856) | 12,525 | (8,250) |
Unearned passenger revenues | 83,946 | (18,088) | 15,336 |
Other long-term assets | (684) | 594 | (5,071) |
Other long-term liabilities | 6,140 | 844 | 2,764 |
Accounts payable and accrued expenses | 25,285 | (21,142) | 4,838 |
Net cash provided by (used in) operating activities | 32,495 | (92,257) | 62,583 |
Cash Flows From Investing Activities | |||
Purchases of property and equipment | (96,688) | (155,479) | (96,002) |
Acquisition (net of cash acquired) | (18,036) | 0 | 0 |
Loan issuance | 0 | 0 | (4,083) |
Net cash used in investing activities | (114,724) | (155,479) | (100,085) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 61,720 | 268,339 | 30,476 |
Repayments of long-term debt | (5,957) | (2,842) | (2,000) |
Payment of deferred financing costs | (3,135) | (6,972) | (2,372) |
Repurchase under stock-based compensation plans and related tax impacts | (2,221) | (405) | (1,786) |
Proceeds from Series A preferred stock issuance | 0 | 85,000 | 0 |
Repurchase of warrants and common stock | 0 | (127) | (23) |
Warrants exercised | 0 | 0 | 314 |
Net cash provided by financing activities | 50,407 | 342,993 | 24,609 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (31,822) | 95,257 | (12,893) |
Cash, cash equivalents and restricted cash at beginning of period | 204,515 | 109,258 | 122,151 |
Cash, cash equivalents and restricted cash at end of period | 172,693 | 204,515 | 109,258 |
Supplemental disclosures of cash flow information: | |||
Interest | 18,260 | 16,316 | 14,330 |
Income taxes | 98 | 700 | 1,171 |
Non-cash investing and financing activities: | |||
Non-cash preferred stock dividend | 5,289 | 1,706 | 0 |
Shares issued for acquisition | 1,770 | 0 | 0 |
Non-cash preferred stock deemed dividend | 170 | 0 | 0 |
Additional paid-in capital exercise proceeds of option shares | 0 | 0 | 225 |
Additional paid-in capital exchange proceeds used for option shares | 0 | 0 | (225) |
Non-cash deemed dividend to warrant holders | $ 0 | $ 0 | $ 2,654 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BUSINESS Organization Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries’ (the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company currently operates a fleet of ten owned expedition ships and five The Company operates the following reportable business segments: Lindblad Segment. Land Experiences Segment four Natural Habitat 100 45 seven DuVine Off the Beaten Path Classic Journeys 50 Return to Fleet Operations The Company resumed expedition ship operations in June 2021 January 31, 2022 ten 19 March 16, 2020 May 31, 2021. June 2021, three 2022. 19 reschedule travel plans and refund payments or issue future travel certificates, as applicable, for those expeditions and trips that the Company is not The Company believes there are a variety of strategic advantages that enable it to deploy its ships safely and quickly, while mitigating the risk of COVID- 19 48 148 five While the Company’s ships were not 19 not Balance Sheet and Liquidity As of December 31, 2021, December 31, 2021, 2—Summary As of December 30, 2021, During April September 2021, second fourth September 30, 2021 National Geographic Resolution During June 2021, first December 2021 March 31, 2022, December 31, 2022. 6—Long During April 2021, March 31, 2022, December 31, 2022. 6—Long |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holdings, 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”). 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 and intangible assets, determining the fair value of assets acquired and liabilities assumed in business combinations, the valuation of stock-based compensation awards, 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, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2021 2020 2019 Guest ticket revenue: Direct 56 % 41 % 45 % National Geographic 14 % 18 % 17 % Agencies 18 % 25 % 23 % Affinity 5 % 5 % 6 % Guest ticket revenue 93 % 89 % 91 % Other tour revenue 7 % 11 % 9 % Tour revenues 100 % 100 % 100 % Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and 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 The change in contract liabilities within unearned passenger revenues presented in the Company's consolidated balance sheets are as follows: Contract Liabilities (In thousands) Balance as of January 1, 2021 $ 73,267 Recognized in tour revenues during the period (139,796 ) Additional contract liabilities in period 214,312 Balance as of December 31, 2021 $ 147,783 Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. 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, 2021 2020, December 31, 2021 2020, $125,000, December 31, 2021 2020, Not 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. In certain instances, 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 jointly 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 the Company’s 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 advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $19.1 million, $9.3 million and $22.4 million for the years ended December 31, 2021, 2020 2019, December 31, 2021 2020 December 31, 2019 Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of six 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: For the years ended December 31, 2021 2020 2019 (In thousands) Cash and cash equivalents $ 150,753 $ 187,531 $ 101,579 Restricted cash 21,940 16,984 7,679 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 172,693 $ 204,515 $ 109,258 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, 2021 2020, Restricted Cash and Marketable Securities The amounts held in restricted cash on the accompanying consolidated balance sheets represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2021 2020 (In thousands) Credit card processor reserves $ 10,536 $ 1,945 Federal Maritime Commission escrow 9,814 13,856 Certificates of deposit and other restricted securities 1,590 1,183 Total restricted cash $ 21,940 $ 16,984 As of December 31, 2021, 2020, 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 December 31, 2021 2020 (In thousands) Prepaid tour expenses $ 10,337 $ 5,630 Prepaid marketing, commissions and other expenses 4,791 3,504 Prepaid client insurance 4,304 2,283 Prepaid air expense 4,051 3,817 Prepaid port agent fees 2,012 530 Prepaid corporate insurance 1,397 1,105 Prepaid income taxes 202 145 Total prepaid expenses $ 27,094 $ 17,014 Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 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, 2021, National Geographic Islander 2022. Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s, estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six Goodwill In accordance with ASC 360, September 30, not September 30, 2021 no December 31, 2020, 19 may not December 31, 2020, December 31, 2021, 5—Goodwill 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 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 95 National Geographic Islander 48 In November 2021, February 25, 2022. one If the Galápagos National Parks Service were to further restrict access to the park, we might be required to alter certain of our travel itineraries. Such a development would negatively impact our business and revenues. 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, 2020, 19 may not December 31, 2020, December 31, 2021, 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 December 31, 2020, 19 may not December 31, 2020, December 31, 2021, Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2021 2020 (In thousands) Accrued other expense $ 11,774 $ 5,645 CERTS Grant 11,595 - Accounts payable 9,692 5,285 Bonus compensation liability 5,348 2,963 Employee liability 4,396 3,495 Refunds and commissions payable 4,185 1,803 Royalty payable 887 - Travel certificate liability 870 870 Accrued travel insurance expense 505 270 Income tax liabilities - 2 Foreign currency forward contract liability - 2,008 Total accounts payable and accrued expenses $ 49,252 $ 22,341 During the year ended December 31, 2021, 25 19. may not one December 31, 2021, Leases The Company leases office and warehousing space with lease terms ranging from one ten three six The Company accounts for its various operating leases in accordance with ASC 842 not 12 Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The 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. In connection with the acquisition of Classic Journeys during the year ended December 31, 2021, 3 7—Financial 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, 2021 2020. December 31, 2021 2020, The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. Derivative Instruments and Hedging Activities Currency Risk not Interest Rate Risk 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’s derivative assets consist principally of interest rate caps and currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and 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 applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes reflect the “more-likely-than- not” December 31, 2021 2020, December 31, 2021 2020, The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five Other Long-Term Assets In 2016, National Geographic Endeavour II In 2015, December 31, 2019, 14—Related Loan Receivable In December 2019, National Geographic Resolution December 2023. 2021, December 31, 2021 2020. may December 31, 2021, 2020 2019. The following is a roll-forward of the loan receivable balance: Loan Receivable (In thousands) Balance as of January 1, 2020 $ 4,084 Accrued interest 161 Amortization of deferred costs (25 ) Balance as of December 31, 2020 4,220 Adjustment for ship building expense (390 ) Accrued interest 145 Amortization of deferred costs (54 ) Legal invoices deferred 43 Balance as of December 31, 2021 $ 3,964 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 6—Long Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses 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, Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock is accounted for as a temporary equity instrument, presented on the 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 Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 January 1, 2021, not In March 2020 , 2020 4 , 848 may December 31, 2022 . December 31, 2021, not In August 2020 , 2020 06 , 470 20 815 40 January 1, 2021, not During October 2021, 2021 08, 805 606. 606 606 610 20, December 31, 2022, December 31, 2021, not During November 2021, 2021 10, 832 December 15, 2021 December 31, 2021, |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 EARNINGS PER SHARE Earnings per common share is computed using the two two For the years ended December 31, 2021 2020, December 31, 2021, December 31, 2020, For the years ended December 31, 2021, 2020 2019, For the years ended December 31, 2021 2020 2019 (In thousands, except share and per share data) Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. $ (119,206 ) $ (98,737 ) $ 16,353 Series A redeemable convertible preferred stock dividend 5,289 1,705 - Non-cash deemed dividend 170 - 2,654 Undistributed (loss) income available to stockholders $ (124,665 ) $ (100,442 ) $ 13,699 Weighted average shares outstanding: Total weighted average shares outstanding, basic 50,109,426 49,737,129 47,440,788 Total weighted average shares outstanding, diluted 50,109,426 49,737,129 49,426,563 Undistributed (loss) income per share available to stockholders: Basic $ (2.41 ) $ (2.01 ) $ 0.29 Diluted $ (2.41 ) $ (2.01 ) $ 0.28 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PROPERTY AND EQUIPMENT Property and equipment, net are as follows: As of December 31, 2021 2020 (In thousands) Vessels and improvements $ 739,957 $ 649,286 Furniture and equipment 23,958 14,687 Leasehold improvements 1,426 1,425 Total property and equipment, gross 765,341 665,398 Less: Accumulated depreciation (222,923 ) (182,725 ) Property and equipment, net $ 542,418 $ 482,673 Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2021, 2020 2019 37.6 For the year ended December 31, 2021, 96.7 National Geographic Resolution September 2021, 13.3 National Geographic Islander December 31, 2020, two National Geographic Endurance March 2020, National Geographic Resolution January 2018 National Geographic Endurance February 2019 National Geographic Resolution December 31, 2021 2020, |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 GOODWILL AND INTANGIBLE ASSETS The Company's goodwill carrying value as of December 31, 2021 9—Acquisitions. December 31, 2020, 2016. (In thousands) Lindblad Segment Land Experiences Segment Total Balance as of January 1, 2020 $ - $ 22,105 $ 22,105 Activity - - - Balance as of December 31, 2020 - 22,105 22,105 Acquisitions - 19,912 19,912 Balance as of December 31, 2021 $ - $ 42,017 $ 42,017 The carrying amounts and accumulated amortization of the Company’s intangibles, net are as follows: As of December 31, 2021 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (1,266 ) $ 5,803 12.3 $ 2,900 $ (902 ) $ 1,998 Customer Lists 6,182 (624 ) 5,558 4.5 3,300 (3,080 ) 220 Operating rights 6,529 (4,655 ) 1,874 2.6 6,529 (3,930 ) 2,599 Total intangibles, net $ 19,780 $ (6,545 ) $ 13,235 7.7 $ 12,729 $ (7,912 ) $ 4,817 The Company began amortizing operating rights with a gross carrying value of $6.5 million in July 2015, 2—Summary Intangible Assets December 31, 2021, 1.9 December 31, 2020 2019 Future expected amortization expense related to these intangibles are as follows: Year Amount (In thousands) 2022 $ 2,433 2023 2,433 2024 2,131 2025 1,708 2026 1,084 Thereafter 3,446 $ 13,235 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 LONG-TERM DEBT Credit Facility On March 27, 2018, March 27, 2025, third March 2020, March 2023, December 31, 2021. On August 7, 2020, June 2021. On December 10, 2020, December 11, 2025, first third fourth may During April 2021, March 2022, December 31, 2022 December 31, 2021. 3 December 31, 2021. March 2023 December 31, 2021. The Amended Credit Agreement contains financial covenants that, among other things, (i) require 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 million of the unrestricted cash and cash equivalents to Adjusted EBITDA, as defined in the Amended Credit Agreement, for the trailing 12 1.0 two June 30, 2022 1.00 may may March 2022. December 31, 2021, Senior Secured Credit Agreements On January 8, 2018, March 2020 National Geographic Endurance March 2020. June 2020, June 2020 March 2021 June 2020 June 2021. June 2021, December 2021 March 31, 2022, December 31, 2022.The twelve twelve five first National Geographic Endurance may three December 31, 2021. On April 8, 2019, National Geographic Resolution September 2021. 2019, 2020 2021. June 2020, June 2020 June 2021. June 2021, other things, extend the waiver of its total net leverage ratio covenants through March 31, 2022, December 31, 2022. twelve 70% twelve five 70% three December 31, 2021. The First Export Credit Agreement and the Second Export Credit Agreement contain financial covenants that, among other things, require us to maintain a total net leverage ratio of 5.25 to 1.00 two June 30, 2022 1.00, 12 March 2022. December 31, 2021, 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 The Company’s Off the Beaten Path subsidiary has a loan maturing June 2023 December 31, 2021. The Company’s Off the Beaten Path subsidiary has a $0.8 million loan under the Main Street Expanded Loan Facility, originated on December 11, 2020. first 12 not December 2023 December 2024, December 2025. one December 31, 2021. may The Company’s DuVine subsidiary has a EUR 0.1 million State Assistance Loan related to the financial consequences of the COVID- 19 August 2025, Long-Term Debt Outstanding As of December 31, 2021 2020, As of December 31, 2021 2020 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Credit Facility $ 284,170 $ (9,050 ) $ 275,120 $ 280,993 $ (9,492 ) $ 271,501 1st Senior Secured Credit Agreement 107,695 (2,090 ) 105,605 107,695 (1,784 ) 105,911 2nd Senior Secured Credit Agreement 120,281 (2,473 ) 117,808 61,120 (2,261 ) 58,859 Revolving Facility 44,500 (190 ) 44,310 45,000 (341 ) 44,659 Note payable 842 - 842 1,684 - 1,684 Other 1,034 - 1,034 - - - Total long-term debt 558,522 (13,803 ) 544,719 496,492 (13,878 ) 482,614 Less current portion (26,061 ) - (26,061 ) (11,255 ) - (11,255 ) Total long-term debt, non-current $ 532,461 $ (13,803 ) $ 518,658 $ 485,237 $ (13,878 ) $ 471,359 Future minimum principal payments of long-term debt are as follows: Year Amount (In thousands) 2022 $ 26,061 2023 82,973 2024 38,461 2025 292,426 2026 37,248 Thereafter 81,353 $ 558,522 For the years ended December 31, 2021, 2020 2019, 3.0 For the years ended December 31, 2021, 2020 2019, Letters of Credit As of December 31, 2021 2020, November 2022. |
Note 7 - Financial Instruments
Note 7 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 7 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS 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 The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S. dollar denominated receivables and payables. The Company primarily hedges a portion of its current-year currency exposure to several currencies, which normally include, but are not The Company entered into interest rate cap agreements to hedge its exposure to interest rate movements and to manage its interest expense related to the Term Facility and designated these interest rate caps as a cash flow hedge. The Company receives payments on the interest rate cap for any period that the 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) 3.00% May 1, 2019 until maturity Not applicable 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 Changes in the fair value of this interest rate cap are recorded in accumulated other comprehensive income, pursuant to the guidelines of cash flow hedge accounting as outlined in ASC 815 2017 12. 12 In March 2019, National Geographic Resolution September 2021. The Company recorded the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassified these amounts into earnings in the period during which the hedged transaction was recognized. Any changes in fair values of hedges that would be determined to be ineffective would be immediately reclassified from accumulated other comprehensive income (loss) into earnings. No December 31, 2021, 2020 2019. December 31, 2021, 2020 2019, The Company held the following derivative instruments with absolute notional values as of December 31, 2021: (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 8,892 Estimated fair values (Level 2 As of December 31, 2021 2020 (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) $ - $ - $ - $ 2,008 Interest rate cap (b) 9 - - - Total $ 9 $ - $ - $ 2,008 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ 664 $ - $ 953 $ - Total $ 664 $ - $ 953 $ - __________ (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. The effects of derivatives recognized in the Company’s consolidated financial statements were as follows: For the years ended December 31, (In thousands) 2021 2020 2019 Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ (605 ) $ (2,832 ) $ (5,062 ) Interest rate cap (b) (363 ) (247 ) (572 ) Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 288 554 1,718 Total $ (680 ) $ (2,525 ) $ (3,916 ) __________ (a) For the year ended December 31, 2021, December 31, 2020, December 31, 2019, $1.6 (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 years ended December 31, 2021, 2020 2019, In connection with the acquisition of Classic Journeys, the purchase agreement includes a contingent consideration earnout, see Note 9—Acquisitions, The Company makes fair value measurement of contingent acquisition consideration liabilities using Level 3 The following tables present the estimated fair value measurements of the (level 3 As of December 31, (In thousands) 2021 2020 2019 Liabilities: Contingent acquisition consideration $ 155 $ - $ - Total $ 155 $ - $ - During the year ended December 31, 2021, December 31, 2021. The following table sets forth a reconciliation of changes in the fair value of contingent acquisition consideration level 3  For the year ended December 31, 2021 (In thousands) Balance, January 1, $ - Additions to level 3 155 Change in fair value - Balance December 31, $ 155  |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 INCOME TAXES The Company (a “C” Corporation) provides for income taxes based on the Federal and state statutory rates on taxable income. U.S. and foreign components of income before incomes taxes are presented below: For the years ended December 31, (In thousands) 2021 2020 2019 Domestic $ (24,875 ) $ (46,490 ) $ 455 Foreign (96,312 ) (63,455 ) 20,483 Total $ (121,187 ) $ (109,945 ) $ 20,938 The income tax provisions are comprised of the following: For the years ended December 31, (In thousands) 2021 2020 2019 Current Federal $ - $ - $ - State (7 ) 6 22 Foreign - Other 45 2 682 Total current 38 8 704 Deferred Federal (1,894 ) (8,959 ) 1,325 State 928 (481 ) 379 Foreign - Other (1,091 ) (373 ) (218 ) Total deferred (2,057 ) (9,813 ) 1,486 Income tax expense (benefit) $ (2,019 ) $ (9,805 ) $ 2,190 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, 2021 2020 2019 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (0.8 %) 0.4 % 1.9 % Foreign tax rate differential (15.2 %) (10.5 %) (16.5 %) Subpart F income 0.0 % 0.0 % 3.4 % Uncertain tax provisions 0.0 % 0.0 % (2.2 %) Valuation allowance (4.1 %) (2.2 %) 2.8 % Other 0.8 % 0.2 % 0.1 % Total effective income tax rate 1.7 % 8.9 % 10.5 % The Company, through its subsidiaries and affiliated entities in the U.S., the Cayman Islands and Ecuador are subject to US Federal, US state and Ecuadorian Federal income taxes. The Cayman Islands do not Deferred tax (liabilities) assets, net, are comprised of the following: As of December 31, (In thousands) 2021 2020 Net operating loss carryforward $ 29,642 $ 26,113 Property and equipment (20,293 ) (19,138 ) Disallowed interest carryforward 8,280 3,283 Valuation allowance (10,248 ) (4,592 ) Stock-based compensation 311 171 Intangibles (435 ) (535 ) Other 352 237 Deferred tax (liabilities) assets $ 7,609 $ 5,539 The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not The Company has deferred tax assets related to U.S. loss carryforwards of $110.9 million as of December 31, 2021, 2027. may As a result of the transition to the territorial tax regime effectuated by the Tax Cuts and Jobs Act enacted in 2017, no no no No no The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. 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 For the years ended December 31, (In thousands) 2021 2020 2019 Beginning of year $ - $ - $ 298 Current year positions - - - Prior year positions - - (298 ) End of year $ - $ - $ - 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, 2021, 2020 2019, not The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five |
Note 9 - Acquisitions
Note 9 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 ACQUISITIONS To further expand the Company’s land-based experiential travel offerings and increase its addressable market, on February 1, 2021, March 3, 2021, October 13, 2021, The acquisitions had an aggregate purchase price of $23.6 million, including $1.8 million in Company stock at closing and $0.2 December 31, 2021. $10.4 19.9 December 31, 2021. Following are pro forma revenue and net loss available to stockholders for the years ended December 31, 2021 2020, January 1, 2020: For the years ended December 31, 2021 2020 (In thousands) (unaudited) Revenue $ 150,508 $ 87,463 Net loss available to stockholders (124,469 ) (104,044 ) |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES Redeemable Non-Controlling Interest Contingent Arrangements Mr. Bressler, founder of Natural Habitat, retains a 19.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement, amended in May 2020. 100% January 31, 2024, not December 31, 2023. not March 31, 2029, Mr. Lawrence, President of Off the Beaten Path, through a combination of his original minority interest and the profit interest units he received, retains a 19.9% noncontrolling interest in Off the Beaten Path, which is subject to a put/call arrangement. The arrangement between the Company and Mr. Lawrence was established in order to provide a formal exit opportunity for Mr. Lawrence and a path to 100% October 31, 2025, not December 31, 2025. not October 31, 2025, December 31, 2030, Mr. Levine, founder of DuVine, retains a 30% noncontrolling interest in DuVine, which is subject to a put/call arrangement. The arrangement between the Company and Mr. Levine was established in order to provide a formal exit opportunity for Mr. Levine and a path to 100% January 31, 2026, not December 31, 2025. first not December 31, 2023, December 31, 2025, second not December 31, 2025, December 31, 2030, Mr. and Mrs. Piegza, founders of Classic Journeys, retain a 19.9% noncontrolling interest in Classic Journeys, which is subject to a put/call arrangement. The arrangement between the Company and Mr. and Mrs. Piegza was established in order to provide a formal exit opportunity for Mr. and Mrs. Piegza and a path to 100% November 13, 2026, not not Since the redemption of these noncontrolling interests is not one two The Company elected the income classification-excess adjustment and accretion method for recognizing changes in the redemption value of the put options. 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 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 the put options was determined using a discounted cash flow model. The redemption values were adjusted to their present values using the Company’s weighted average cost of capital. At December 31, 2021, December 31, 2020, December 31, 2019, For the years ended December 31, (In thousands) 2021 2020 2019 Beginning balance $ 7,494 $ 16,112 $ 6,502 Net income (loss) attributable to noncontrolling interest 38 (1,403 ) 2,395 Acquired businesses' noncontrolling interest 2,892 - - Fair value adjustment of put option 202 (7,215 ) 7,215 Balance September 30, $ 10,626 $ 7,494 $ 16,112 In connection with the 2016 December 31, 2023, Lease Commitments The Company leases office space and equipment under long-term leases, which are classified as operating leases. As of December 31, 2021, December 31, 2021 (In thousands) Operating Lease Payments 2022 $ 1,557 2023 1,447 2024 1,456 2025 711 2026 - Present value discount ( 6% (440 ) Total $ 4,731 Lease expense was approximately $2.0 million, $1.8 million and $1.7 million for the years ended December 31, 2021, 2020 2019, Royalty Agreement National Geographic The Company is engaged in an alliance and license agreement with National Geographic through 2025, 2—Summary December 31, 2021, 2020 2019 The royalty balances payable to National Geographic as of December 31, 2021 2020 0.9 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, 2021, 2020 2019, 0.6 Royalty Agreement Islander Under a perpetual royalty agreement, the Company is obligated to pay a third National Geographic Islander December 31, 2021, 2020 2019 0.0 Charter Commitments From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Additionally, due to certain restrictions on travel during the COVID- 19 third 2020 2021 Future minimum payments on its charter agreements are as follows: For the years ended December 31, Amount (In thousands) 2022 $ 13,762 2023 2,095 Total $ 15,857 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 In certain instances when not Operational Agreement The Company maintains an agreement with a third National Geographic Endeavour II National Geographic Islander December 31, 2022 Legal Proceedings The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. In the opinion of management, after consulting legal counsel, there are no |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11 EMPLOYEE BENEFIT PLAN The Company has a 401 2021, 2020 2019, 2021, 2020 2019.The December 31, 2021, 2020 2019. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 STOCKHOLDERS EQUITY Company Stock The Company has 1,000,000 shares of preferred stock authorized, $0.0001 par value and 200,000,000 shares of common stock authorized, $0.0001 par value. Initial Public Offering and Warrants In connection with its initial public offering, on May 15, 2013, one one one one July 1, 2013 2015, one thirty five December 31, 2019, Warrant Exchange On June 14, 2019, not July 17, 2019, not As the fair value of the warrants tendered in the Warrant Exchange offer was less than the fair value of the common stock issued, the Company recorded a non-cash deemed dividend of approximately $2.7 million for the incremental fair value provided to the warrant holders. The fair value of the Company's common stock and warrants were determined using the closing market prices on August 17, 2019, 1 Preferred Stock On August 31, 2020, first two second may third may, not 150% 20 30 six not December 31, 2021. During the year ended December 31, 2021, For the years ended December 31, 2021 2020, December 31, 2021, Stock and Warrant Repurchase Plan In 2016, no March 2020, 19 December 31, 2020, December 31, 2019. December 31, 2021. December 31, 2021 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13 STOCK-BASED COMPENSATION During 2021, 2015 2021 December 31, 2021. Restricted Stock and Restricted Stock Units Restricted stock is shares of stock granted to an employee, non-employee director or other service providers for which sale is prohibited for a specified period of time. Restricted stock typically vests ratably over a one three three not Performance Stock Units PSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. PSUs generally vest three not For 2020 2019, may three may Market Stock Units MSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. The MSUs are market-based equity incentive awards based on a performance-multiplier of change in the stock price of the Company’s common stock between the grant date and a determined closing price. Each MSU represents the right to receive one may may The Company assessed the applicable metrics related to the MSU grants, estimating the fair value of employee MSU awards and the amount of stock compensation expense using the Monte-Carlo pricing model. Stock Options Stock options represent a right to buy a number of shares by the employee, non-employee director or other service providers at a future date, for a pre-set price, or exercise price, for a fixed period of time. Stock options generally vest over one four ten 2015 2017 Stock Option Grants Stock Option Grants 11/11/2020 05/10/2021 Stock price $ 10.84 $ 16.38 Exercise price $ 10.84 $ 16.38 Dividend yield 0.00 % 0.00 % Expected volatility 29.08 % 25.61 % Risk-free interest rate 0.98 % 1.63 % Expected term in years 7.00 7.50 2016 In April 2016, 2016 June 2016, 2016 2016 2016 not to the contribution of any Contribution Shares, the Company must grant awards under the 2016 may 2016 January 10, 2017, three January 2017, 2018 2019. Long-Term Incentive Compensation See the following table for a summary of PSU, restricted stock, RSU and MSU activity. Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2019 162,780 $ 9.63 619,726 $ 10.16 - $ - Granted 61,631 15.25 139,168 15.97 - - Vested and released - - (413,661 ) 10.11 - - Forfeited (8,990 ) 8.98 (3,187 ) 11.31 - - Balance, December 31, 2019 215,421 11.16 342,046 12.47 - - Granted 86,783 5.42 648,617 11.22 102,062 8.51 Vested and released (57,022 ) 8.98 (213,583 ) 11.99 - - Forfeited (66,484 ) 9.69 (35,479 ) 8.81 - - Balance, December 31, 2020 178,698 9.73 741,601 11.70 102,062 8.51 Granted - - 283,872 17.16 50,072 18.90 Vested and released (41,990 ) 10.27 (358,144 ) 10.21 - - Forfeited (61,767 ) 9.79 (98,978 ) 14.18 - - Balance, December 31, 2021 74,941 9.39 568,351 14.93 152,134 11.93 Stock Options 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, 2019 220,000 $ 3.23 7.6 $ 842,000 Exercised (20,000 ) 11.26 Options outstanding as of December 31, 2019 200,000 9.47 7.6 1,376,000 Granted 310,000 10.84 Options outstanding as of December 31, 2020 510,000 10.30 6.7 3,476,800 Granted 1,000,000 16.38 Exercised (12,000 ) 9.47 Options outstanding as of December 31, 2021 1,498,000 14.37 8.8 1,848,040 As of December 31, 2021 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 1,498,000 $ 14.37 8.8 $ 1,848,040 Options exercisable 265,500 9.87 6.0 1,521,340 Stock-based Compensation Expense Stock-based compensation expense for the years ended December 31, 2021, 2020 2019 December 31, 2021, 2020 2019 December 31, 2021, $13.8 3.4 Mr. Lawrence, President of Off the Beaten Path, was issued 1,007 profit interest units in the equity of Off the Beaten Path as part of the acquisition. The profit interest units had a $132.86 per share grant date fair value and are considered vested upon issuance. The Company recorded $0.1 million in stock-based compensation expense related to the value of these profit units for the year ended December 31, 2021, |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 RELATED PARTY TRANSACTIONS The Company and National Geographic Society collaborate on exploration, research, technology and conservation in order to provide travel experiences and disseminate geographic knowledge around the globe. The Lindblad/National Geographic Society alliance is set forth in (i) an Alliance and License Agreement and (ii) a Tour Operator Agreement. The extension of the agreements, entered into July 2015, July 8, 2015, 2015 March 2019, On May 4, 2016, May 1, 2020, three 6—Long |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 SEGMENT INFORMATION The Company’s chief operating decision maker, or CODM, assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company is primarily an experiential travel operator with operations in two segments, Lindblad and Land Experiences. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company evaluates the performance of the business based largely on the results of its operating segments. The CODM and management review operating results monthly, and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and also contain information regarding the separate results of both segments. The Company evaluates the performance of its business segments based largely on tour revenues and operating income, without allocating other income and expenses, net, income taxes and interest expense, net. For the full year ended December 31, 2021, 2020 2019, For the years ended December 31, 2021 2020 Change % 2019 Change % (In thousands) Tour revenues: Lindblad $ 82,842 $ 69,620 $ 13,222 19 % $ 272,410 $ (202,790 ) (74 )% Land Experiences 64,265 12,736 51,529 405 % 70,681 (57,945 ) (82 )% Total tour revenues $ 147,107 $ 82,356 $ 64,751 79 % $ 343,091 $ (260,735 ) (76 )% Operating (loss) income: Lindblad $ (111,477 ) $ (78,573 ) $ (32,904 ) (42 )% $ 26,203 $ (104,776 ) NM Land Experiences 646 (9,825 ) 10,471 107 % 6,995 (16,820 ) NM Total operating loss $ (110,831 ) $ (88,398 ) $ (22,433 ) (25 )% $ 33,198 $ (121,596 ) NM Intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation and in the presentation above for the years ended December 31, 2021, 2020 2019 Depreciation and amortization expense is included in segment operating income as shown below: For the years ended December 31, 2021 2020 Change % 2019 Change % (In thousands) Depreciation and amortization: Lindblad $ 37,516 $ 30,033 $ 7,483 25 % $ 24,116 $ 5,917 25 % Land Experiences 2,009 2,051 (42 ) (2 %) 1,653 398 24 % Total depreciation and amortization $ 39,525 $ 32,084 $ 7,441 23 % $ 25,769 $ 6,315 25 % The following table presents the Company’s total assets, intangibles, net and goodwill by segment: (In thousands) As of December 31, 2021 As of December 31, 2020 Total Assets: Lindblad $ 724,873 $ 693,849 Land Experiences 102,618 63,600 Total assets $ 827,491 $ 757,449 Intangibles, net: Lindblad $ 1,874 $ 2,599 Land Experiences 11,361 2,218 Total intangibles, net $ 13,235 $ 4,817 Goodwill: Lindblad $ - $ - Land Experiences 42,017 22,105 Total goodwill $ 42,017 $ 22,105 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 SUBSEQUENT EVENTS On February 4, 2022, 2027, that also guarantee the obligations under the revolving credit facility, and collateralized by certain of the Company’s assets. On February 4, 2022, February 2027, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Lindblad Expeditions Holdings, 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”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of 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 and intangible assets, determining the fair value of assets acquired and liabilities assumed in business combinations, the valuation of stock-based compensation awards, 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 from Contract with Customer [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, trip or tour, and may Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received. The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from: For the years ended December 31, 2021 2020 2019 Guest ticket revenue: Direct 56 % 41 % 45 % National Geographic 14 % 18 % 17 % Agencies 18 % 25 % 23 % Affinity 5 % 5 % 6 % Guest ticket revenue 93 % 89 % 91 % Other tour revenue 7 % 11 % 9 % Tour revenues 100 % 100 % 100 % |
Customer Deposits and Contract Liabilities, Policy [Policy Text Block] | Customer Deposits and Contract Liabilities The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and 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 The change in contract liabilities within unearned passenger revenues presented in the Company's consolidated balance sheets are as follows: Contract Liabilities (In thousands) Balance as of January 1, 2021 $ 73,267 Recognized in tour revenues during the period (139,796 ) Additional contract liabilities in period 214,312 Balance as of December 31, 2021 $ 147,783 |
Cost of Revenue, Policy [Policy Text Block] | Cost of Tours Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance and charter hire expenses. |
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, 2021 2020, December 31, 2021 2020, $125,000, December 31, 2021 2020, Not 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. In certain instances, 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 jointly 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 the Company’s 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 advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $19.1 million, $9.3 million and $22.4 million for the years ended December 31, 2021, 2020 2019, December 31, 2021 2020 December 31, 2019 |
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 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: For the years ended December 31, 2021 2020 2019 (In thousands) Cash and cash equivalents $ 150,753 $ 187,531 $ 101,579 Restricted cash 21,940 16,984 7,679 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 172,693 $ 204,515 $ 109,258 |
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, 2021 2020, |
Restricted Cash and Marketable Securities [Policy Text Block] | Restricted Cash and Marketable Securities The amounts held in restricted cash on the accompanying consolidated balance sheets represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. The Company has classified marketable securities, principally money market funds or other short-term investments, as trading securities which are recorded at market value. Unrealized gains and losses are included in current operations. Gains and losses on the disposition of securities are recognized by the specific identification method in the period in which they occur. Cost of these short-term investments approximates fair value. In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% Restricted cash and marketable securities consist of the following: As of December 31, 2021 2020 (In thousands) Credit card processor reserves $ 10,536 $ 1,945 Federal Maritime Commission escrow 9,814 13,856 Certificates of deposit and other restricted securities 1,590 1,183 Total restricted cash $ 21,940 $ 16,984 As of December 31, 2021, 2020, 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 December 31, 2021 2020 (In thousands) Prepaid tour expenses $ 10,337 $ 5,630 Prepaid marketing, commissions and other expenses 4,791 3,504 Prepaid client insurance 4,304 2,283 Prepaid air expense 4,051 3,817 Prepaid port agent fees 2,012 530 Prepaid corporate insurance 1,397 1,105 Prepaid income taxes 202 145 Total prepaid expenses $ 27,094 $ 17,014 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: Years Vessels and vessel improvements 15 - 25 Furniture & equipment 5 Computer hardware and software 5 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, 2021, National Geographic Islander 2022. Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s, estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 three six |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In accordance with ASC 360, September 30, not September 30, 2021 no December 31, 2020, 19 may not December 31, 2020, December 31, 2021, 5—Goodwill |
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 and 5 years, respectively. See Note 5—Goodwill The Company operates two National Geographic Endeavour II 95 National Geographic Islander 48 In November 2021, February 25, 2022. one If the Galápagos National Parks Service were to further restrict access to the park, we might be required to alter certain of our travel itineraries. Such a development would negatively impact our business and revenues. 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, 2020, 19 may not December 31, 2020, December 31, 2021, |
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 December 31, 2020, 19 may not December 31, 2020, December 31, 2021, |
Accounts Payable and Accrued Expenses, Policy [Policy Text Bock] | Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses for the cost of such items when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: As of December 31, 2021 2020 (In thousands) Accrued other expense $ 11,774 $ 5,645 CERTS Grant 11,595 - Accounts payable 9,692 5,285 Bonus compensation liability 5,348 2,963 Employee liability 4,396 3,495 Refunds and commissions payable 4,185 1,803 Royalty payable 887 - Travel certificate liability 870 870 Accrued travel insurance expense 505 270 Income tax liabilities - 2 Foreign currency forward contract liability - 2,008 Total accounts payable and accrued expenses $ 49,252 $ 22,341 During the year ended December 31, 2021, 25 19. may not one December 31, 2021, |
Lessee, Leases [Policy Text Block] | Leases The Company leases office and warehousing space with lease terms ranging from one ten three six The Company accounts for its various operating leases in accordance with ASC 842 not 12 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three Level 1 Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date. Level 2 Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment. Level 3 no 3 The 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. In connection with the acquisition of Classic Journeys during the year ended December 31, 2021, 3 7—Financial 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, 2021 2020. December 31, 2021 2020, The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities Currency Risk not Interest Rate Risk 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’s derivative assets consist principally of interest rate caps and currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 not The Company records derivatives on a gross basis in other long-term assets and 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 applies hedge accounting to interest rate and foreign exchange rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. Significant management judgment is required in projecting ordinary income to determine the Company’s estimated effective tax rate. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not not” The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes reflect the “more-likely-than- not” December 31, 2021 2020, December 31, 2021 2020, The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no four five |
Other Long-term Assets [Policy Text Block] | Other Long-Term Assets In 2016, National Geographic Endeavour II In 2015, December 31, 2019, 14—Related |
Financing Receivable [Policy Text Block] | Loan Receivable In December 2019, National Geographic Resolution December 2023. 2021, December 31, 2021 2020. may December 31, 2021, 2020 2019. The following is a roll-forward of the loan receivable balance: Loan Receivable (In thousands) Balance as of January 1, 2020 $ 4,084 Accrued interest 161 Amortization of deferred costs (25 ) Balance as of December 31, 2020 4,220 Adjustment for ship building expense (390 ) Accrued interest 145 Amortization of deferred costs (54 ) Legal invoices deferred 43 Balance as of December 31, 2021 $ 3,964 |
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 6—Long |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Any foreign operations and remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the consolidated statements of operations. |
Share-based Payment Arrangement [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, |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Series A Redeemable Convertible Preferred Stock The Company’s Series A redeemable convertible preferred stock is accounted for as a temporary equity instrument, presented on the 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740 740. 740 January 1, 2021, not In March 2020 , 2020 4 , 848 may December 31, 2022 . December 31, 2021, not In August 2020 , 2020 06 , 470 20 815 40 January 1, 2021, not During October 2021, 2021 08, 805 606. 606 606 610 20, December 31, 2022, December 31, 2021, not During November 2021, 2021 10, 832 December 15, 2021 December 31, 2021, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the years ended December 31, 2021 2020 2019 Guest ticket revenue: Direct 56 % 41 % 45 % National Geographic 14 % 18 % 17 % Agencies 18 % 25 % 23 % Affinity 5 % 5 % 6 % Guest ticket revenue 93 % 89 % 91 % Other tour revenue 7 % 11 % 9 % Tour revenues 100 % 100 % 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities (In thousands) Balance as of January 1, 2021 $ 73,267 Recognized in tour revenues during the period (139,796 ) Additional contract liabilities in period 214,312 Balance as of December 31, 2021 $ 147,783 |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | For the years ended December 31, 2021 2020 2019 (In thousands) Cash and cash equivalents $ 150,753 $ 187,531 $ 101,579 Restricted cash 21,940 16,984 7,679 Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 172,693 $ 204,515 $ 109,258 |
Restricted Cash and Marketable Securities [Table Text Block] | As of December 31, 2021 2020 (In thousands) Credit card processor reserves $ 10,536 $ 1,945 Federal Maritime Commission escrow 9,814 13,856 Certificates of deposit and other restricted securities 1,590 1,183 Total restricted cash $ 21,940 $ 16,984 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of December 31, 2021 2020 (In thousands) Prepaid tour expenses $ 10,337 $ 5,630 Prepaid marketing, commissions and other expenses 4,791 3,504 Prepaid client insurance 4,304 2,283 Prepaid air expense 4,051 3,817 Prepaid port agent fees 2,012 530 Prepaid corporate insurance 1,397 1,105 Prepaid income taxes 202 145 Total prepaid expenses $ 27,094 $ 17,014 |
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 December 31, 2021 2020 (In thousands) Accrued other expense $ 11,774 $ 5,645 CERTS Grant 11,595 - Accounts payable 9,692 5,285 Bonus compensation liability 5,348 2,963 Employee liability 4,396 3,495 Refunds and commissions payable 4,185 1,803 Royalty payable 887 - Travel certificate liability 870 870 Accrued travel insurance expense 505 270 Income tax liabilities - 2 Foreign currency forward contract liability - 2,008 Total accounts payable and accrued expenses $ 49,252 $ 22,341 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loan Receivable (In thousands) Balance as of January 1, 2020 $ 4,084 Accrued interest 161 Amortization of deferred costs (25 ) Balance as of December 31, 2020 4,220 Adjustment for ship building expense (390 ) Accrued interest 145 Amortization of deferred costs (54 ) Legal invoices deferred 43 Balance as of December 31, 2021 $ 3,964 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, 2021 2020 2019 (In thousands, except share and per share data) Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. $ (119,206 ) $ (98,737 ) $ 16,353 Series A redeemable convertible preferred stock dividend 5,289 1,705 - Non-cash deemed dividend 170 - 2,654 Undistributed (loss) income available to stockholders $ (124,665 ) $ (100,442 ) $ 13,699 Weighted average shares outstanding: Total weighted average shares outstanding, basic 50,109,426 49,737,129 47,440,788 Total weighted average shares outstanding, diluted 50,109,426 49,737,129 49,426,563 Undistributed (loss) income per share available to stockholders: Basic $ (2.41 ) $ (2.01 ) $ 0.29 Diluted $ (2.41 ) $ (2.01 ) $ 0.28 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2021 2020 (In thousands) Vessels and improvements $ 739,957 $ 649,286 Furniture and equipment 23,958 14,687 Leasehold improvements 1,426 1,425 Total property and equipment, gross 765,341 665,398 Less: Accumulated depreciation (222,923 ) (182,725 ) Property and equipment, net $ 542,418 $ 482,673 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Lindblad Segment Land Experiences Segment Total Balance as of January 1, 2020 $ - $ 22,105 $ 22,105 Activity - - - Balance as of December 31, 2020 - 22,105 22,105 Acquisitions - 19,912 19,912 Balance as of December 31, 2021 $ - $ 42,017 $ 42,017 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2021 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life Remaining (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradenames $ 7,069 $ (1,266 ) $ 5,803 12.3 $ 2,900 $ (902 ) $ 1,998 Customer Lists 6,182 (624 ) 5,558 4.5 3,300 (3,080 ) 220 Operating rights 6,529 (4,655 ) 1,874 2.6 6,529 (3,930 ) 2,599 Total intangibles, net $ 19,780 $ (6,545 ) $ 13,235 7.7 $ 12,729 $ (7,912 ) $ 4,817 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount (In thousands) 2022 $ 2,433 2023 2,433 2024 2,131 2025 1,708 2026 1,084 Thereafter 3,446 $ 13,235 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2021 2020 (In thousands) Principal Deferred Financing Costs, net Balance Principal Deferred Financing Costs, net Balance Credit Facility $ 284,170 $ (9,050 ) $ 275,120 $ 280,993 $ (9,492 ) $ 271,501 1st Senior Secured Credit Agreement 107,695 (2,090 ) 105,605 107,695 (1,784 ) 105,911 2nd Senior Secured Credit Agreement 120,281 (2,473 ) 117,808 61,120 (2,261 ) 58,859 Revolving Facility 44,500 (190 ) 44,310 45,000 (341 ) 44,659 Note payable 842 - 842 1,684 - 1,684 Other 1,034 - 1,034 - - - Total long-term debt 558,522 (13,803 ) 544,719 496,492 (13,878 ) 482,614 Less current portion (26,061 ) - (26,061 ) (11,255 ) - (11,255 ) Total long-term debt, non-current $ 532,461 $ (13,803 ) $ 518,658 $ 485,237 $ (13,878 ) $ 471,359 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount (In thousands) 2022 $ 26,061 2023 82,973 2024 38,461 2025 292,426 2026 37,248 Thereafter 81,353 $ 558,522 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [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) 3.00% May 1, 2019 until maturity Not applicable 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 Notional Amounts of Outstanding Derivative Positions [Table Text Block] | (in thousands) Absolute Notional Value Interest rate caps $ 100,000 Foreign exchange contracts 8,892 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Non-cash Flow Hedges Impacting the Income Statement [Table Text Block] | For the years ended December 31, (In thousands) 2021 2020 2019 Derivative instruments designated as cash flow hedging instruments: Foreign exchange forward (a) $ (605 ) $ (2,832 ) $ (5,062 ) Interest rate cap (b) (363 ) (247 ) (572 ) Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) 288 554 1,718 Total $ (680 ) $ (2,525 ) $ (3,916 ) |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of December 31, (In thousands) 2021 2020 2019 Liabilities: Contingent acquisition consideration $ 155 $ - $ - Total $ 155 $ - $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the year ended December 31, 2021 (In thousands) Balance, January 1, $ - Additions to level 3 155 Change in fair value - Balance December 31, $ 155 |
Fair Value, Inputs, Level 2 [Member] | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2021 2020 (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) $ - $ - $ - $ 2,008 Interest rate cap (b) 9 - - - Total $ 9 $ - $ - $ 2,008 Derivative instruments not designated as cash flow hedging instruments: Foreign exchange forward (c) $ 664 $ - $ 953 $ - Total $ 664 $ - $ 953 $ - |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the years ended December 31, (In thousands) 2021 2020 2019 Domestic $ (24,875 ) $ (46,490 ) $ 455 Foreign (96,312 ) (63,455 ) 20,483 Total $ (121,187 ) $ (109,945 ) $ 20,938 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the years ended December 31, (In thousands) 2021 2020 2019 Current Federal $ - $ - $ - State (7 ) 6 22 Foreign - Other 45 2 682 Total current 38 8 704 Deferred Federal (1,894 ) (8,959 ) 1,325 State 928 (481 ) 379 Foreign - Other (1,091 ) (373 ) (218 ) Total deferred (2,057 ) (9,813 ) 1,486 Income tax expense (benefit) $ (2,019 ) $ (9,805 ) $ 2,190 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2021 2020 2019 Tax provision at statutory rate – federal 21.0 % 21.0 % 21.0 % Tax provision at effective state and local rates (0.8 %) 0.4 % 1.9 % Foreign tax rate differential (15.2 %) (10.5 %) (16.5 %) Subpart F income 0.0 % 0.0 % 3.4 % Uncertain tax provisions 0.0 % 0.0 % (2.2 %) Valuation allowance (4.1 %) (2.2 %) 2.8 % Other 0.8 % 0.2 % 0.1 % Total effective income tax rate 1.7 % 8.9 % 10.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (In thousands) 2021 2020 Net operating loss carryforward $ 29,642 $ 26,113 Property and equipment (20,293 ) (19,138 ) Disallowed interest carryforward 8,280 3,283 Valuation allowance (10,248 ) (4,592 ) Stock-based compensation 311 171 Intangibles (435 ) (535 ) Other 352 237 Deferred tax (liabilities) assets $ 7,609 $ 5,539 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the years ended December 31, (In thousands) 2021 2020 2019 Beginning of year $ - $ - $ 298 Current year positions - - - Prior year positions - - (298 ) End of year $ - $ - $ - |
Note 9 - Acquisitions (Tables)
Note 9 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | For the years ended December 31, 2021 2020 (In thousands) (unaudited) Revenue $ 150,508 $ 87,463 Net loss available to stockholders (124,469 ) (104,044 ) |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the years ended December 31, (In thousands) 2021 2020 2019 Beginning balance $ 7,494 $ 16,112 $ 6,502 Net income (loss) attributable to noncontrolling interest 38 (1,403 ) 2,395 Acquired businesses' noncontrolling interest 2,892 - - Fair value adjustment of put option 202 (7,215 ) 7,215 Balance September 30, $ 10,626 $ 7,494 $ 16,112 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Lease Payments 2022 $ 1,557 2023 1,447 2024 1,456 2025 711 2026 - Present value discount ( 6% (440 ) Total $ 4,731 |
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block] | For the years ended December 31, Amount (In thousands) 2022 $ 13,762 2023 2,095 Total $ 15,857 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Grants Stock Option Grants 11/11/2020 05/10/2021 Stock price $ 10.84 $ 16.38 Exercise price $ 10.84 $ 16.38 Dividend yield 0.00 % 0.00 % Expected volatility 29.08 % 25.61 % Risk-free interest rate 0.98 % 1.63 % Expected term in years 7.00 7.50 |
Share-based Payment Arrangement, Activity [Table Text Block] | Performance-based Stock Units Restricted Stock and Restricted Stock Units Market-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance, January 1, 2019 162,780 $ 9.63 619,726 $ 10.16 - $ - Granted 61,631 15.25 139,168 15.97 - - Vested and released - - (413,661 ) 10.11 - - Forfeited (8,990 ) 8.98 (3,187 ) 11.31 - - Balance, December 31, 2019 215,421 11.16 342,046 12.47 - - Granted 86,783 5.42 648,617 11.22 102,062 8.51 Vested and released (57,022 ) 8.98 (213,583 ) 11.99 - - Forfeited (66,484 ) 9.69 (35,479 ) 8.81 - - Balance, December 31, 2020 178,698 9.73 741,601 11.70 102,062 8.51 Granted - - 283,872 17.16 50,072 18.90 Vested and released (41,990 ) 10.27 (358,144 ) 10.21 - - Forfeited (61,767 ) 9.79 (98,978 ) 14.18 - - Balance, December 31, 2021 74,941 9.39 568,351 14.93 152,134 11.93 |
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, 2019 220,000 $ 3.23 7.6 $ 842,000 Exercised (20,000 ) 11.26 Options outstanding as of December 31, 2019 200,000 9.47 7.6 1,376,000 Granted 310,000 10.84 Options outstanding as of December 31, 2020 510,000 10.30 6.7 3,476,800 Granted 1,000,000 16.38 Exercised (12,000 ) 9.47 Options outstanding as of December 31, 2021 1,498,000 14.37 8.8 1,848,040 As of December 31, 2021 Number of Options Weighted Average Exercise Price Weighted Average Contractual Live (Years) Aggregate Intrinsic Value Options vested and/or expected to vest 1,498,000 $ 14.37 8.8 $ 1,848,040 Options exercisable 265,500 9.87 6.0 1,521,340 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the years ended December 31, 2021 2020 Change % 2019 Change % (In thousands) Tour revenues: Lindblad $ 82,842 $ 69,620 $ 13,222 19 % $ 272,410 $ (202,790 ) (74 )% Land Experiences 64,265 12,736 51,529 405 % 70,681 (57,945 ) (82 )% Total tour revenues $ 147,107 $ 82,356 $ 64,751 79 % $ 343,091 $ (260,735 ) (76 )% Operating (loss) income: Lindblad $ (111,477 ) $ (78,573 ) $ (32,904 ) (42 )% $ 26,203 $ (104,776 ) NM Land Experiences 646 (9,825 ) 10,471 107 % 6,995 (16,820 ) NM Total operating loss $ (110,831 ) $ (88,398 ) $ (22,433 ) (25 )% $ 33,198 $ (121,596 ) NM For the years ended December 31, 2021 2020 Change % 2019 Change % (In thousands) Depreciation and amortization: Lindblad $ 37,516 $ 30,033 $ 7,483 25 % $ 24,116 $ 5,917 25 % Land Experiences 2,009 2,051 (42 ) (2 %) 1,653 398 24 % Total depreciation and amortization $ 39,525 $ 32,084 $ 7,441 23 % $ 25,769 $ 6,315 25 % (In thousands) As of December 31, 2021 As of December 31, 2020 Total Assets: Lindblad $ 724,873 $ 693,849 Land Experiences 102,618 63,600 Total assets $ 827,491 $ 757,449 Intangibles, net: Lindblad $ 1,874 $ 2,599 Land Experiences 11,361 2,218 Total intangibles, net $ 13,235 $ 4,817 Goodwill: Lindblad $ - $ - Land Experiences 42,017 22,105 Total goodwill $ 42,017 $ 22,105 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Jan. 31, 2022 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Expedition Ships Operated | 10 | 10 | ||||||||
Number of Seasonal Charter Vessels Operated | 5 | 5 | ||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 150,753 | $ 150,753 | $ 187,531 | $ 101,579 | ||||||
Restricted Cash and Investments, Current, Total | 21,940 | 21,940 | 16,984 | $ 7,679 | ||||||
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | 27,000 | |||||||||
Long-term Debt, Gross | 558,522 | $ 558,522 | $ 496,492 | |||||||
Second Export Credit Agreement [Member] | ||||||||||
Long-term Debt, Gross | $ 122,800 | |||||||||
Proceeds from Issuance of Debt | $ 46,200 | $ 15,500 | $ 30,600 | $ 30,500 | $ 61,700 | |||||
First Export Credit Facility [Member] | ||||||||||
Long-Term Debt, Aggregate Amount Deferred for Future Payments | $ 15,700 | |||||||||
Subsequent Event [Member] | ||||||||||
Number of Expedition Ships Operated | 9 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Jul. 08, 2015USD ($)shares | |
Self-Insurance Coverage, Medical Insurance Claims, Limit | $ 125,000 | $ 125,000 | |||||
Self Insurance, Coverage for Medical Claims, Aggregate Deductible | 57,500 | 57,500 | |||||
Advertising Expense | 19,100,000 | 9,300,000 | $ 22,400,000 | ||||
Marketing Expense | 9,800,000 | 3,500,000 | 6,000,000 | ||||
Foreign Financial Institutions, Actual Deposits | 1,000,000 | 7,200,000 | |||||
Required Escrow Deposit Amount, Maximum | 32,000,000 | ||||||
Cash Reserve Deposit Required and Made | $ 10,500,000 | 1,900,000 | |||||
Number of Vessels Owned | 10 | ||||||
Goodwill, Impairment Loss | $ 0 | 0 | |||||
License Agreement, Term of Contract (Year) | 20 years | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | |||||
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 0 | |||||
Proceeds from Coronavirus Economic Relief for Transportation Services (CERTS) Act, Grant | 27,000,000 | ||||||
Other Nonoperating Income (Expense), Total | 15,487,000 | (83,000) | (66,000) | ||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | $ 298,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | 0 | 0 | ||||
Ulstein Verft [Member] | National Geographic Resolution [Member] | Loans Receivable [Member] | |||||||
Receivable with Imputed Interest, Face Amount | $ 4,000,000 | ||||||
Repayment of Loans Receivable, Related Parties, Percent of Principal Balance | 112.00% | ||||||
Legal Fees | $ 100,000 | ||||||
National Geographic [Member] | |||||||
Number of Shares Called by Options (in shares) | shares | 2,387,499 | ||||||
Call Options, Long Term Asset | $ 13,800,000 | ||||||
National Geographic Endeavour II [Member] | |||||||
Value Added Tax Receivable, Current | $ 3,600,000 | ||||||
Fair Value, Recurring [Member] | |||||||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||||
Office Space, Lease [Member] | Minimum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||||||
Office Space, Lease [Member] | Maximum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||||||
Equipment Lease [Member] | Minimum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||||||
Equipment Lease [Member] | Maximum [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | ||||||
Grant [Member] | |||||||
Other Nonoperating Income (Expense), Total | $ 15,400,000 | ||||||
Trade Names [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Customer Lists [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenues by Type (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tour revenues | 100.00% | 100.00% | 100.00% |
Guest Ticket [Member] | |||
Tour revenues | 93.00% | 89.00% | 91.00% |
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | |||
Tour revenues | 56.00% | 41.00% | 45.00% |
Guest Ticket [Member] | Sales Channel, National Geographic [Member] | |||
Tour revenues | 14.00% | 18.00% | 17.00% |
Guest Ticket [Member] | Sales Channel, Agencies [Member] | |||
Tour revenues | 18.00% | 25.00% | 23.00% |
Guest Ticket [Member] | Sales Channel, Affinity [Member] | |||
Tour revenues | 5.00% | 5.00% | 6.00% |
Other Tour [Member] | |||
Tour revenues | 7.00% | 11.00% | 9.00% |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Change in Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 73,267 |
Recognized in tour revenues during the period | (139,796) |
Additional contract liabilities in period | 214,312 |
Balance | $ 147,783 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 150,753 | $ 187,531 | $ 101,579 | |
Restricted cash | 21,940 | 16,984 | 7,679 | |
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows | $ 172,693 | $ 204,515 | $ 109,258 | $ 122,151 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total restricted cash and marketable securities | $ 21,940 | $ 16,984 | $ 7,679 |
Credit Card Processor Reserves [Member] | |||
Total restricted cash and marketable securities | 10,536 | 1,945 | |
Federal Maritime Commission Escrow [Member] | |||
Total restricted cash and marketable securities | 9,814 | 13,856 | |
Certificates of Deposit and Other Restricted Securities [Member] | |||
Total restricted cash and marketable securities | $ 1,590 | $ 1,183 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid tour expenses | $ 10,337 | $ 5,630 |
Prepaid marketing, commissions and other expenses | 4,791 | 3,504 |
Prepaid client insurance | 4,304 | 2,283 |
Prepaid air expense | 4,051 | 3,817 |
Prepaid port agent fees | 2,012 | 530 |
Prepaid corporate insurance | 1,397 | 1,105 |
Prepaid income taxes | 202 | 145 |
Total prepaid expenses | $ 27,094 | $ 17,014 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued other expense | $ 11,774 | $ 5,645 |
CERTS Grant | 11,595 | 0 |
Accounts payable | 9,692 | 5,285 |
Bonus compensation liability | 5,348 | 2,963 |
Employee liability | 4,396 | 3,495 |
Refunds and commissions payable | 4,185 | 1,803 |
Royalty payable | 887 | 0 |
Travel certificate liability | 870 | 870 |
Accrued travel insurance expense | 505 | 270 |
Income tax liabilities | 0 | 2 |
Foreign currency forward contract liability | 0 | 2,008 |
Total accounts payable and accrued expenses | $ 49,252 | $ 22,341 |
Note 2 - Summary of Signific_11
Note 2 - Summary of Significant Accounting Policies - Loan Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 4,220 | $ 4,084 |
Accrued interest | 145 | 161 |
Amortization of deferred costs | (54) | (25) |
Adjustment for ship building expense | (390) | |
Legal invoices deferred | 43 | |
Balance | $ 3,964 | $ 4,220 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 1 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.5 | 0.5 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9.1 | 9.1 |
Note 3 - Earnings Per Share - S
Note 3 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net (loss) income attributable to Lindblad Expeditions Holdings, Inc. | $ (119,206) | $ (98,737) | $ 16,353 |
Series A redeemable convertible preferred stock dividend | 5,289 | 1,705 | 0 |
Non-cash deemed dividend | 170 | 0 | 2,654 |
Undistributed (loss) income available to stockholders | $ (124,665) | $ (100,442) | $ 13,699 |
Total weighted average shares outstanding, basic (in shares) | 50,109,426 | 49,737,129 | 47,440,788 |
Diluted (in shares) | 50,109,426 | 49,737,129 | 49,426,563 |
Basic (in dollars per share) | $ (2.41) | $ (2.01) | $ 0.29 |
Diluted (in dollars per share) | $ (2.41) | $ (2.01) | $ 0.28 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 37,600 | $ 30,500 | $ 24,200 | |
Payments to Acquire Property, Plant, and Equipment, Total | 96,688 | 155,479 | $ 96,002 | |
Interest Paid, Capitalized, Investing Activities | $ 2,600 | 3,300 | ||
Crystal Esprit Yacht [Member] | ||||
Payments to Acquire Productive Assets, Total | $ 13,300 | |||
Maritime Equipment [Member] | ||||
Property, Plant and Equipment, Additions | $ 71,200 | $ 149,500 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 765,341 | $ 665,398 |
Less: Accumulated depreciation | (222,923) | (182,725) |
Property and equipment, net | 542,418 | 482,673 |
Vessels and Vessel Improvements [Member] | ||
Property and equipment, gross | 739,957 | 649,286 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 23,958 | 14,687 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 1,426 | $ 1,425 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2015 | |
Goodwill, Ending Balance | $ 42,017 | $ 22,105 | $ 22,105 | |
Finite-Lived Intangible Assets, Gross, Total | 19,780 | 12,729 | ||
Amortization of Intangible Assets, Total | 1,900 | 1,600 | 1,600 | |
Operating Rights [Member] | ||||
Finite-Lived Intangible Assets, Gross, Total | 6,529 | 6,529 | $ 6,500 | |
Natural Habitat, Inc [Member] | ||||
Goodwill, Ending Balance | 22,100 | |||
Land-experience [Member] | ||||
Goodwill, Ending Balance | $ 42,017 | $ 22,105 | $ 22,105 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 22,105 |
Acquisitions | 19,912 |
Balance | 42,017 |
Lindblad Segment [Member] | |
Balance | 0 |
Acquisitions | 0 |
Balance | 0 |
Land-experience [Member] | |
Balance | 22,105 |
Acquisitions | 19,912 |
Balance | $ 42,017 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2015 | |
Intangibles, gross | $ 19,780 | $ 12,729 | |
Intangibles, accumulated amortization | (6,545) | (7,912) | |
Intangibles, net | $ 13,235 | 4,817 | |
Intangible, weighted average useful life (Year) | 7 years 8 months 12 days | ||
Trade Names [Member] | |||
Intangibles, gross | $ 7,069 | 2,900 | |
Intangibles, accumulated amortization | (1,266) | (902) | |
Intangibles, net | $ 5,803 | 1,998 | |
Intangible, weighted average useful life (Year) | 12 years 3 months 18 days | ||
Customer Lists [Member] | |||
Intangibles, gross | $ 6,182 | 3,300 | |
Intangibles, accumulated amortization | (624) | (3,080) | |
Intangibles, net | $ 5,558 | 220 | |
Intangible, weighted average useful life (Year) | 4 years 6 months | ||
Operating Rights [Member] | |||
Intangibles, gross | $ 6,529 | 6,529 | $ 6,500 |
Intangibles, accumulated amortization | (4,655) | (3,930) | |
Intangibles, net | $ 1,874 | $ 2,599 | |
Intangible, weighted average useful life (Year) | 2 years 7 months 6 days |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 2,433 | |
2023 | 2,433 | |
2024 | 2,131 | |
2025 | 1,708 | |
2026 | 1,084 | |
Thereafter | 3,446 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 13,235 | $ 4,817 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | Aug. 07, 2020 | Apr. 08, 2019USD ($) | Jan. 08, 2018USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2021EUR (€) | Dec. 10, 2020USD ($) | Jan. 08, 2020 | Dec. 31, 2018USD ($) | Mar. 27, 2018USD ($) | May 31, 2016USD ($) | May 04, 2016USD ($) |
Payments of Financing Costs, Total | $ 3,135 | $ 6,972 | $ 2,372 | ||||||||||||||||||||
Long-term Debt, Gross | $ 558,522 | $ 558,522 | 558,522 | 496,492 | |||||||||||||||||||
Debt Issuance Costs, Gross | 3,000 | 3,000 | 3,000 | 4,500 | 2,400 | ||||||||||||||||||
Amortization of Debt Issuance Costs | 3,100 | 2,100 | $ 1,900 | ||||||||||||||||||||
Letters of Credit Outstanding, Amount | 1,200 | 1,200 | $ 1,200 | $ 1,200 | |||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | 1.00% | |||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||
Long-term Line of Credit, Total | 44,500 | 44,500 | $ 44,500 | ||||||||||||||||||||
Long-term Debt, Gross | 44,500 | 44,500 | 44,500 | $ 45,000 | |||||||||||||||||||
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 | $ 50,000 | $ 50,000 | ||||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||||||
Debt Instruments, Covenant, Net Leverage Ratio, Deduction Every Two Years | 0.25% | 0.25% | 0.25% | 0.25% | |||||||||||||||||||
Credit Agreement [Member] | Forecast [Member] | |||||||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 4.75% | ||||||||||||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | 6.00% | 6.00% | 3.60% | 6.00% | ||||||||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | 3.50% | |||||||||||||||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||||||||
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 Spreads, Increase (Decrease) | 0.50% | ||||||||||||||||||||||
Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||||||||
Second Export Credit Agreement [Member] | |||||||||||||||||||||||
Debt Instrument, Increase (Decrease) in Stated Rate | 1.25% | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.71% | 3.71% | 3.71% | 3.71% | |||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash and Cash Equivalents | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 5.25% | 5.25% | 5.25% | 5.25% | |||||||||||||||||||
Debt Instruments, Covenant, Net Leverage Ratio, Deduction Every Two Years | 0.25% | 0.25% | 0.25% | 0.25% | |||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 122,800 | ||||||||||||||||||||||
Payments of Financing Costs, Total | $ 2,600 | $ 2,400 | |||||||||||||||||||||
Long-term Debt, Gross | $ 122,800 | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 46,200 | $ 15,500 | $ 30,600 | $ 30,500 | $ 61,700 | ||||||||||||||||||
Second Export Credit Agreement [Member] | Forecast [Member] | |||||||||||||||||||||||
Debt Instrument, Covenant, Net Leverage Ratio | 4.75% | ||||||||||||||||||||||
Amended Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | Main Street Expanded Loan Facility Program [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 85,000 | ||||||||||||||||||||||
Debt Instrument, Interest Amortization Rate | 15.00% | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.21% | 3.21% | 3.21% | 3.21% | |||||||||||||||||||
Amended Credit Agreement [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Main Street Expanded Loan Facility Program [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||||||
Export Credit Agreement [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.70% | 3.70% | 3.70% | 3.70% | |||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 107,700 | ||||||||||||||||||||||
Percentage of Purchase Price, Financing Maximum | 80.00% | 80.00% | |||||||||||||||||||||
Debt Instrument, Maturing over Twelve Years from Drawdown, Percentage | 70.00% | ||||||||||||||||||||||
Debt Instrument, Maturing over Five Years from Drawdown, Percentage | 30.00% | 30.00% | |||||||||||||||||||||
Export Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||||||
First Export Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate Spreads, Increase (Decrease) | 0.50% | ||||||||||||||||||||||
Long-Term Debt, Aggregate Amount Deferred for Future Payments | $ 15,700 | ||||||||||||||||||||||
Promissory Notes, Natural Habitat Acquisition [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | $ 2,500 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.44% | 1.44% | 1.44% | 1.44% | |||||||||||||||||||
Loan Maturing June 2023 [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 300 | $ 300 | $ 300 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.77% | 4.77% | 4.77% | 4.77% | |||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 800 | $ 800 | $ 800 | ||||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | Main Street Expanded Loan Facility Program [Member] | Forecast [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||||||||||||||||
Debt Instrument, Amortization Rate | 15.00% | 15.00% | |||||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||||||
Loan Originated on December 11, 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Main Street Expanded Loan Facility Program [Member] | Off the Beaten Path, LLC (OBP) [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.21% | ||||||||||||||||||||||
State Assistance Loan [Member] | DuVine [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | € | € 0.1 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.53% | 0.53% | 0.53% | 0.53% |
Note 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Principal | $ 558,522 | $ 496,492 |
Deferred Financing Costs, Net | (13,803) | (13,878) |
Balance | 544,719 | 482,614 |
Principal, Current | (26,061) | (11,255) |
Deferred Financing Costs, Net, Current | 0 | 0 |
Balance, Current | (26,061) | (11,255) |
Principal, Non-current | 532,461 | 485,237 |
Deferred Financing Costs, Net, Non-current | (13,803) | (13,878) |
Balance, Non-current | 518,658 | 471,359 |
Revolving Credit Facility [Member] | ||
Principal | 44,500 | 45,000 |
Deferred Financing Costs, Net | (190) | (341) |
Balance | 44,310 | 44,659 |
Term Facility [Member] | ||
Principal | 284,170 | 280,993 |
Deferred Financing Costs, Net | (9,050) | (9,492) |
Balance | 275,120 | 271,501 |
First Senior Secured Credit Agreement [Member] | ||
Principal | 107,695 | 107,695 |
Deferred Financing Costs, Net | (2,090) | (1,784) |
Balance | 105,605 | 105,911 |
Second Senior Secured Credit Agreement [Member] | ||
Principal | 120,281 | 61,120 |
Deferred Financing Costs, Net | (2,473) | (2,261) |
Balance | 117,808 | 58,859 |
Notes Payable, Other Payables [Member] | ||
Principal | 842 | 1,684 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | 842 | 1,684 |
Other Debt [Member] | ||
Principal | 1,034 | 0 |
Deferred Financing Costs, Net | 0 | 0 |
Balance | $ 1,034 | $ 0 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Minimum Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, long-term debt | $ 26,061 | |
2023, long-term debt | 82,973 | |
2024, long-term debt | 38,461 | |
2025, long-term debt | 292,426 | |
2026, long-term debt | 37,248 | |
Thereafter, long-term debt | 81,353 | |
Total, long-term debt | $ 558,522 | $ 496,492 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 13, 2021 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net, Total | $ 0 | $ 0 | $ 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (2,650) | (5,326) | (1,624) | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,265) | (4,772) | 94 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (1,682) | (2,247) | (5,634) | |
Classic Journeys, LLC [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 200 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 600 | |||
Foreign Exchange Forward [Member] | AOCI Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (2,000) | 2,400 | 3,400 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (2,700) | (5,300) | (1,600) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 300 | $ 600 | $ 1,700 |
Note 7 - Financial Instrument_4
Note 7 - Financial Instruments and Fair Value Measurements - Detailed Terms of Interest Rate Caps and The portion of The Company Term Facility (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Security, Corporate, US [Member] | Term Facility [Member] | |
Notional amount, Corporate Debt | $ 100,000,000 |
Debt Security, Corporate, US [Member] | Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Variable interest rate, Corporate Debt | 3.50% |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000,000 |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |
Interest rate caps | $ 100,000,000 |
Fixed interest rate (plus spread), Interest Rate Caps | 3.00% |
Note 7 - Financial Instrument_5
Note 7 - Financial Instruments and Fair Value Measurements - Derivative Instruments Notional Values (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Interest Rate Cap [Member] | |
Interest rate caps | $ 100,000 |
Foreign Exchange Contract [Member] | |
Interest rate caps | $ 8,892 |
Note 7 - Financial Instrument_6
Note 7 - Financial Instruments and Fair Value Measurements - Estimated Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | $ 9 | $ 0 | |
Derivatives designated as hedging instruments | 0 | 2,008 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | 664 | 953 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [1] | 0 | 0 |
Derivatives designated as hedging instruments | [1] | 0 | 2,008 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | [2] | 664 | 953 |
Derivatives designated as hedging instruments | [2] | 0 | 0 |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives designated as hedging instruments | 9 | 0 | |
Derivatives designated as hedging instruments | $ 0 | $ 0 | |
[1] | Recorded in accounts payable and accrued expenses. | ||
[2] | Recorded in prepaid expenses and other current assets. |
Note 7 - Financial Instrument_7
Note 7 - Financial Instruments and Fair Value Measurements - Derivatives Recognized in Condensed Consolidation Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total | $ (680) | $ (2,525) | $ (3,916) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [1] | (605) | (2,832) | (5,062) |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative instruments designated as cash flow hedging instruments: | [2] | (363) | (247) | (572) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Foreign exchange forward | [3] | $ 288 | $ 554 | $ 1,718 |
[1] | For the year ended December 31, 2021, $2.7 million was recognized as a loss on foreign currency in the consolidated statements of operations and $2.0 million was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. For the year ended December 31, 2020, $5.3 million was recognized as a loss on foreign currency in the consolidated statements of operations, and $2.4 million, was recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. For the year ended December 31, 2019, $1.6 million was recognized as a loss on foreign currency in the consolidated statements of operations, and $3.4 million, 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 years ended December 31, 2021, 2020 and 2019, gains of $0.3 million, $0.6 million and $1.7 million, respectively, were recognized in gain (loss) on foreign currency. |
Note 7 - Financial Instrument_8
Note 7 - Financial Instruments and Fair Value Measurements - Estimated Fair Value Measurements of Contingent Acquisition Consideration (Details) - Classic Journeys, LLC [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 13, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Contingent acquisition consideration | $ 200 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Contingent acquisition consideration | $ 155 | $ 0 | $ 0 |
Note 7 - Financial Instrument_9
Note 7 - Financial Instruments and Fair Value Measurements - Reconciliation of Changes in Fair Value of Contingent Consideration Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] - Contingent Consideration Liability [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance, January 1, | $ 0 |
Additions to level 3 | 155 |
Change in fair value | 0 |
Balance December 31, | $ 155 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 110.9 |
Note 8 - Income Taxes - U.S. an
Note 8 - Income Taxes - U.S. and Foreign Components of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Domestic | $ (24,875) | $ (46,490) | $ 455 |
Foreign | (96,312) | (63,455) | 20,483 |
(Loss) income before income taxes | $ (121,187) | $ (109,945) | $ 20,938 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ 0 | $ 0 | $ 0 |
State | (7) | 6 | 22 |
Foreign - Other | 45 | 2 | 682 |
Total current | 38 | 8 | 704 |
Federal | (1,894) | (8,959) | 1,325 |
State | 928 | (481) | 379 |
Foreign - Other | (1,091) | (373) | (218) |
Total deferred | (2,057) | (9,813) | 1,486 |
Income tax expense (benefit) | $ (2,019) | $ (9,805) | $ 2,190 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax (Benefit) Expense (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax provision at statutory rate – federal | 21.00% | 21.00% | 21.00% |
Tax provision at effective state and local rates | (0.80%) | 0.40% | 1.90% |
Foreign tax rate differential | (15.20%) | (10.50%) | (16.50%) |
Subpart F income | 0.00% | 0.00% | 3.40% |
Uncertain tax provisions | 0.00% | 0.00% | (2.20%) |
Valuation allowance | (4.10%) | (2.20%) | 2.80% |
Other | 0.80% | 0.20% | 0.10% |
Total effective income tax rate | 1.70% | 8.90% | 10.50% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforward | $ 29,642 | $ 26,113 |
Property and equipment | (20,293) | (19,138) |
Disallowed interest carryforward | 8,280 | 3,283 |
Valuation allowance | (10,248) | (4,592) |
Stock-based compensation | 311 | 171 |
Intangibles | (435) | (535) |
Other | 352 | 237 |
Deferred tax (liabilities) assets | $ 7,609 | $ 5,539 |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning of year | $ 0 | $ 0 | $ 298 |
Current year positions | 0 | 0 | 0 |
Prior year positions | 0 | 0 | (298) |
End of year | $ 0 | $ 0 | $ 0 |
Note 9 - Acquisitions (Details
Note 9 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Oct. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 03, 2021 | Feb. 01, 2021 |
Goodwill, Ending Balance | $ 42,017 | $ 22,105 | $ 22,105 | |||
Revenue from Contract with Customer, Including Assessed Tax | 147,107 | $ 82,356 | $ 343,091 | |||
Beaten Path [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | |||||
DuVine [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | |||||
Classic Journeys, LLC [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 600 | |||||
Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 23,600 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 1,800 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 200 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 10,400 | |||||
Goodwill, Ending Balance | 19,900 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 17,900 | |||||
Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] | General and Administrative Expense [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 1,000 |
Note 9 - Acquisitions - Pro For
Note 9 - Acquisitions - Pro Forma Information (Details) - Off The Beaten Path LLC and DuVine Cycling And Adventure LLC and Classic Journeys LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 150,508 | $ 87,463 |
Net loss available to stockholders | $ (124,469) | $ (104,044) |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | |
Noncontrolling Interest, Change in Redemption Value | $ (202,000) | $ 7,215,000 | $ (7,215,000) | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 41 months | |||
Operating Lease, Expense | $ 2,000,000 | 1,800,000 | 1,700,000 | |
Letters of Credit Outstanding, Amount | 1,200,000 | 1,200,000 | ||
Perpetual Royalty Agreement [Member] | ||||
Royalty Expense | 0 | 400,000 | 800,000 | |
National Geographic [Member] | ||||
Royalty Expense | 1,700,000 | 1,300,000 | 5,800,000 | |
Accounts Payable and Other Accrued Liabilities, Current | 900,000 | 0 | ||
World Wildlife Fund [Member] | ||||
Royalty Expense | 600,000 | 200,000 | 900,000 | |
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 | |||
Natural Habitat, Inc [Member] | Mr. Bressler [Member] | Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Final Year Equity Value Threshold | $ 25,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value, Percentage of Excess Financial Performance | 10.10% | |||
Natural Habitat, Inc [Member] | ||||
Noncontrolling Interest, Change in Redemption Value | $ 200,000 | $ (7,200,000) | $ 7,200,000 | |
Mr. Bressler [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% | |||
DuVine [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | |||
Minority Interest Ownership, Call Option for Additional Ownership, Percent | 10.00% | |||
Classic Journeys, LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.90% |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 7,494 | $ 16,112 | $ 6,502 |
Net income (loss) attributable to noncontrolling interest | 38 | (1,403) | 2,395 |
Acquired businesses' noncontrolling interest | 2,892 | 0 | 0 |
Fair value adjustment of put option | 202 | (7,215) | 7,215 |
Balance | $ 10,626 | $ 7,494 | $ 16,112 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 1,557 |
2023 | 1,447 |
2024 | 1,456 |
2025 | 711 |
2026 | 0 |
Present value discount (6% weighted average) | (440) |
Total | $ 4,731 |
Note 10 - Commitments and Con_6
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details) (Parentheticals) | Dec. 31, 2021 |
Weighted average discount rate | 6.00% |
Note 10 - Commitments and Con_7
Note 10 - Commitments and Contingencies - Charter Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 13,762 |
2023 | 2,095 |
Total | $ 15,857 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 30.00% | 30.00% | 30.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 2,400 | $ 2,400 | $ 2,400 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 400,000 | $ 400,000 | $ 400,000 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 31, 2020 | Jul. 17, 2019 | Jun. 14, 2019 | Apr. 03, 2017 | May 13, 2013 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||
Class of Warrant or Right, Exercised (in shares) | 27,311 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | ||||||||
Temporary Equity, Dividends, Adjustment | $ 170,000 | $ 0 | $ 2,654,000 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | 85,000,000 | 0 | ||||||
Stock Repurchased During Period, Value | $ 127,000 | $ 23,000 | |||||||
Common Stock [Member] | |||||||||
Stock Repurchased During Period, Shares (in shares) | 8,517 | 1,895 | |||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | |||||||
Stock and Warrant Repurchase Plan [Member] | |||||||||
Stock Repurchase Program, Additional Authorized Amount | $ 15,000,000 | ||||||||
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 | ||||||||
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member] | |||||||||
Stock Repurchased During Period, Shares (in shares) | 875,218 | 8,517 | 1,895 | ||||||
Stock Repurchased During Period, Value | $ 8,300,000 | $ 127,000 | $ 23,000 | ||||||
Conversion From Preferred Stock to Common Stock [Member] | |||||||||
Conversion of Stock, Shares Converted (in shares) | 5,000 | ||||||||
Conversion of Stock, Shares Issued (in shares) | 566,364 | ||||||||
2015 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||
Temporary Equity, Shares Issued (in shares) | 80,000 | 85,000 | |||||||
Deferred Offering Costs | $ 2,700,000 | ||||||||
Dividends Payable | $ 5,300,000 | $ 1,700,000 | |||||||
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares) | 9,100,000 | ||||||||
Warrants Issued with Units Sold in Initial Public Offering [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | ||||||||
Warrant Exchange [Member] | |||||||||
Warrant Exchange, Common Stock to be Received (in shares) | 0.385 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 9,935,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,824,959 | ||||||||
Temporary Equity, Dividends, Adjustment | $ 2,700,000 | ||||||||
Warrants Exchanged in Consent Solicitation [Member] | |||||||||
Non Warrant Exchange, Common Stock to be Received (in shares) | 0.36575 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 125,763 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 45,981 | ||||||||
IPO [Member] | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||
Units Sold During Period (in shares) | 20,000,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | ||||||||
Over-allotment Option Sold During Period (in shares) | 2,000,000 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 200,000,000 | ||||||||
Number of Common Stock in Each Unit (in shares) | 1 | ||||||||
Number of Warrants in Each Unit (in shares) | 0.5 | ||||||||
Separation of Units Enforced, Period after Merger (Day) | 30 days | ||||||||
Separation of Units Enforced, Termination Thereafter (Year) | 5 years | ||||||||
Private Placement [Member] | Series A Redeemable Convertible Preferred Stock [Member] | |||||||||
Temporary Equity, Shares Issued (in shares) | 85,000 | ||||||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 1,000 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 85,000,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 9.50 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | Apr. 03, 2017 | Jan. 17, 2017$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Jan. 30, 2017 | Apr. 30, 2016shares |
Share-based Payment Arrangement, Expense, Tax Benefit | $ | $ 0 | $ 0 | $ 100 | |||||
Employee Service Share-based Compensation, Compensation Not yet Recognized | $ | $ 13,800 | $ 13,800 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 4 months 24 days | |||||||
Off the Beaten Path, LLC (OBP) [Member] | Mr. Lawrence, President of Off the Beaten Path [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ | $ 100 | |||||||
Business Acquisition, Profit Interest Units Issued (in shares) | 1,007 | |||||||
Business Acquisition, Profit Interest Units Issued, Grant Date Fair Value, Per Share (in dollars per share) | $ / shares | $ 132.86 | |||||||
General and Administrative Expense [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ | $ 5,600 | $ 2,400 | $ 3,600 | |||||
President and Chief Executive Officer [Member] | ||||||||
Number of Contribution Shares (in shares) | 1,000,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
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) | $ / shares | $ 17.16 | $ 11.22 | $ 15.97 | |||||
Performance Shares [Member] | ||||||||
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) | $ / shares | 0 | 5.42 | 15.25 | |||||
Market Stock Units [Member] | ||||||||
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) | $ / shares | $ 18.90 | $ 8.51 | $ 0 | |||||
2015 Long-Term Incentive Compensation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,700,000 | 4,700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,800,000 | 3,800,000 | ||||||
2015 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Number of Installments | 3 | 3 | ||||||
2015 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
2015 Long-Term Incentive Compensation Plan [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 0.00% | |||||||
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 Stock Units [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] | Market Stock Units [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage | 150.00% | |||||||
2016 CEO Share Allocation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 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, Award Vesting Period, Number of Installments | 3 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 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 (in dollars per share) | $ / shares | $ 9.65 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | May 10, 2021 | Nov. 11, 2020 |
Stock price (in dollars per share) | $ 16.38 | $ 10.84 |
Exercise price (in dollars per share) | $ 16.38 | $ 10.84 |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 25.61% | 29.08% |
Risk-free interest rate | 1.63% | 0.98% |
Expected term in years (Year) | 7 years 6 months | 7 years |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of PSU, Restricted Share and RSU Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Performance Shares [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | $ 9.39 | $ 9.73 | $ 11.16 | $ 9.63 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 5.42 | 15.25 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 10.27 | 8.98 | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 9.79 | 9.69 | 8.98 | |
Restricted Stock Units (RSUs) [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | 14.93 | 11.70 | 12.47 | 10.16 |
Granted, weighted average grant date fair value (in dollars per share) | 17.16 | 11.22 | 15.97 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 10.21 | 11.99 | 10.11 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 14.18 | 8.81 | 11.31 | |
Market Stock Units [Member] | ||||
Balance, weighted average grant date fair value (in dollars per share) | 11.93 | 8.51 | 0 | $ 0 |
Granted, weighted average grant date fair value (in dollars per share) | 18.90 | 8.51 | 0 | |
Vested and released, weighted average grant date fair value (in dollars per share) | 0 | 0 | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 | |
2015 Long-Term Incentive Plan [Member] | Performance Shares [Member] | ||||
Balance (in shares) | 178,698 | 215,421 | 162,780 | |
Granted (in shares) | 0 | 86,783 | 61,631 | |
Vested and released (in shares) | (41,990) | (57,022) | 0 | |
Forfeited (in shares) | (61,767) | (66,484) | (8,990) | |
Balance (in shares) | 74,941 | 178,698 | 215,421 | |
2015 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Balance (in shares) | 741,601 | 342,046 | 619,726 | |
Granted (in shares) | 283,872 | 648,617 | 139,168 | |
Vested and released (in shares) | (358,144) | (213,583) | (413,661) | |
Forfeited (in shares) | (98,978) | (35,479) | (3,187) | |
Balance (in shares) | 568,351 | 741,601 | 342,046 | |
2015 Long-Term Incentive Plan [Member] | Market Stock Units [Member] | ||||
Balance (in shares) | 102,062 | 0 | 0 | |
Granted (in shares) | 50,072 | 102,062 | 0 | |
Vested and released (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 | |
Balance (in shares) | 152,134 | 102,062 | 0 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Summary of Option Activity (Details) - Lindblad Plan and 2015 Plan [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options outstanding, shares (in shares) | 510,000 | 200,000 | 220,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.30 | $ 9.47 | $ 3.23 | |
Options outstanding, weighted average contractual ife (Year) | 8 years 9 months 18 days | 6 years 8 months 12 days | 7 years 7 months 6 days | 7 years 7 months 6 days |
Options outstanding, aggregate intrinsic value | $ 1,848,040 | $ 3,476,800 | $ 1,376,000 | $ 842,000 |
Exercised, shares (in shares) | (12,000) | (20,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 9.47 | $ 11.26 | ||
Granted, shares (in shares) | 1,000,000 | 310,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 16.38 | $ 10.84 | ||
Options outstanding, shares (in shares) | 1,498,000 | 510,000 | 200,000 | 220,000 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 14.37 | $ 10.30 | $ 9.47 | $ 3.23 |
Options vested and/or expected to vest, number of options (in shares) | 1,498,000 | |||
Options vested and/or expected to vest, weighted average exercise price (in dollars per share) | $ 14.37 | |||
Options vested and/or expected to vest, weighted average contractual life (Year) | 8 years 9 months 18 days | |||
Options vested and/or expected to vest, aggregate intrinsic value | $ 1,848,040 | |||
Options exercisable, number of options (in shares) | 265,500 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.87 | |||
Options exercisable, weighted average contractual life (Year) | 6 years | |||
Options exercisable, aggregate intrinsic value | $ 1,521,340 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 31, 2016 | May 04, 2016 | Jul. 08, 2015 |
Promissory Notes, Natural Habitat Acquisition [Member] | |||
Debt Instrument, Face Amount | $ 2.5 | $ 2.5 | |
National Geographic Society [Member] | Collaborate Agreement [Member] | |||
Call Options, Exercise Price (in dollars per share) | $ 10 | ||
Call Options, Percentage of Issued and Outstanding Shares | 5.00% |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 2 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 147,107 | $ 82,356 | $ 343,091 |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,200 | $ 2,400 | $ 5,600 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tour revenues | $ 147,107 | $ 82,356 | $ 343,091 |
Tour revenues, change | $ 64,751 | $ (260,735) | |
Tour revenues, percentage change | 79.00% | (76.00%) | |
Tour revenues | 147,107 | $ 82,356 | $ 343,091 |
Tour revenues, change | 64,751 | (260,735) | |
Operating income | (110,831) | (88,398) | 33,198 |
Operating income, change | $ (22,433) | (121,596) | |
Operating income, percentage change | (25.00%) | ||
Depreciation and amortization | 39,525 | $ 32,084 | 25,769 |
Total depreciation and amortization, change | $ 7,441 | $ 6,315 | |
Total depreciation and amortization, percentage change | 23.00% | 25.00% | |
Total Assets | 827,491 | $ 757,449 | |
Total intangibles, net | 13,235 | 4,817 | |
Total goodwill | 42,017 | 22,105 | $ 22,105 |
Lindblad Segment [Member] | |||
Tour revenues | 82,842 | 69,620 | 272,410 |
Tour revenues, change | $ 13,222 | $ (202,790) | |
Tour revenues, percentage change | 19.00% | (74.00%) | |
Tour revenues, change | $ 13,222 | $ (202,790) | |
Operating income | (111,477) | (78,573) | 26,203 |
Operating income, change | $ (32,904) | (104,776) | |
Operating income, percentage change | (42.00%) | ||
Depreciation and amortization | 37,516 | $ 30,033 | 24,116 |
Total depreciation and amortization, change | $ 7,483 | $ 5,917 | |
Total depreciation and amortization, percentage change | 25.00% | 25.00% | |
Total Assets | 724,873 | $ 693,849 | |
Total intangibles, net | 1,874 | 2,599 | |
Total goodwill | 0 | 0 | $ 0 |
Land-experience [Member] | |||
Tour revenues, change | $ 51,529 | $ (57,945) | |
Tour revenues, percentage change | 405.00% | (82.00%) | |
Tour revenues | 64,265 | $ 12,736 | $ 70,681 |
Tour revenues, change | 51,529 | (57,945) | |
Operating income | 646 | (9,825) | 6,995 |
Operating income, change | $ 10,471 | (16,820) | |
Operating income, percentage change | 107.00% | ||
Depreciation and amortization | 2,009 | $ 2,051 | 1,653 |
Total depreciation and amortization, change | $ (42) | $ 398 | |
Total depreciation and amortization, percentage change | (2.00%) | 24.00% | |
Total Assets | 102,618 | $ 63,600 | |
Total intangibles, net | 11,361 | 2,218 | |
Total goodwill | $ 42,017 | $ 22,105 | $ 22,105 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Feb. 04, 2022USD ($) |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 45 |
Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 5 |
Senior Secured Notes [Member] | |
Debt Instrument, Face Amount | $ 360 |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% |