Note 4 - Financial Statement Details

3 Months Ended

Mar. 31, 2020

NOTE

– FINANCIAL STATEMENT DETAILS

The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows:

	For the three months ended March 31,
	2020		2019
(In thousands)		(unaudited)		(unaudited)
Cash and cash equivalents	$	137,040	$	70,103
Restricted cash		22,791		30,537
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows	$	159,831	$	100,640

Restricted cash consist of the following:

	As of March 31, 2020		As of December 31, 2019
(In thousands)		(unaudited)
Federal Maritime Commission escrow	$	21,383	$	6,104
Certificates of deposit and other restricted securities		1,408		1,575
Total restricted cash	$	22,791	$	7,679

The Company’s prepaid expenses and other current assets consist of the following:

	As of March 31, 2020		As of December 31, 2019
(In thousands)		(unaudited)
Prepaid tour expenses	$	15,410	$	15,630
Prepaid client insurance		3,545		3,064
Prepaid air expense		3,340		4,415
Prepaid marketing, commissions and other expenses		2,932		4,026
Prepaid corporate insurance		972		1,376
Prepaid port agent fees		413		491
Prepaid income taxes		104		53
Total prepaid expenses	$	26,716	$	29,055

The Company’s accounts payable and accrued expenses consist of the following:

	As of March 31, 2020		As of December 31, 2019
(In thousands)		(unaudited)
Accrued other expense	$	10,777	$	8,348
Refunds and commissions payable		9,773		1,873
Accounts payable		7,939		14,633
Foreign currency forward contract liability		5,922		1,300
Bonus compensation liability		4,906		5,322
Employee liability		3,603		3,712
Royalty payable		1,171		1,075
Travel certificate liability		870		888
Income tax liabilities		592		603
Accrued travel insurance expense		477		477
Total accounts payable and accrued expenses	$	46,030	$	38,231

Loan Receivable

The Company’s loan receivable is recorded at amortized cost within other long-term assets. The following is a rollforward of the receivable balance:

	For the three months ended March 31, 2020
(In thousands)		(unaudited)
Balance as of January 1, 2020	$	4,084
Accrued interest		40
Amortization of deferred costs		(6	)
Balance as of March 31, 2020	$	4,118