Note 4 - Financial Statement Details

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Condensed Financial Statements [Text Block]

NOTE 4 – FINANCIAL STATEMENT DETAILS

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

	As of September 30,
	2020		2019
(In thousands)	(unaudited)		(unaudited)
Cash and cash equivalents	$	129,647	$	104,135
Restricted cash		16,523		7,995
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows	$	146,170	$	112,130

Restricted cash consist of the following: 

	As of September 30, 2020		As of December 31, 2019
(In thousands)	(unaudited)
Federal Maritime Commission escrow	$	14,264	$	6,104
Certificates of deposit and other restricted securities		1,290		1,575
Credit card processor reserves		969		-
Total restricted cash	$	16,523	$	7,679

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

	As of September 30, 2020		As of December 31, 2019
(In thousands)	(unaudited)
Prepaid tour expenses	$	13,223	$	15,630
Prepaid air expense		3,361		4,415
Prepaid marketing, commissions and other expenses		2,159		4,026
Prepaid client insurance		2,085		3,064
Prepaid corporate insurance		1,433		1,376
Prepaid port agent fees		415		491
Prepaid income taxes		144		53
Total prepaid expenses	$	22,820	$	29,055

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

	As of September 30, 2020		As of December 31, 2019
(In thousands)	(unaudited)
Accounts payable	$	8,192	$	14,633
Foreign currency forward contract liability		6,909		1,300
Accrued other expense		5,996		8,348
Employee liability		3,958		3,712
Refunds and commissions payable		2,697		1,873
Bonus compensation liability		2,697		5,322
Travel certificate liability		870		888
Accrued travel insurance expense		270		477
Royalty payable		222		1,075
Income tax liabilities		-		603
Total accounts payable and accrued expenses	$	31,811	$	38,231

Loan Receivable

The Company’s loan receivable is recorded at amortized cost within other long-term assets. The Company reviewed its loan receivable for credit losses in connection with the preparation of its condensed consolidated financial statements for the period ended September 30, 2020. In evaluating the allowance for loan losses, the Company considered factors such as historical loss experience, the type and amount of loan, adverse situations that may affect the borrower’s ability to repay and prevailing economic conditions. Based on these credit loss estimation and experience factors, the Company realized no allowance for loan loss for the nine months ended September 30, 2020. The roll-forward of the loan receivable balance is as follows:

	Loan Receivable
(In thousands)	(unaudited)
Balance as of January 1, 2020	$	4,084
Accrued interest		122
Amortization of deferred costs		(20	)
Balance as of September 30, 2020	$	4,186