Note 4 - Financial Statement Details

6 Months Ended

Jun. 30, 2021

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:

	For the six months ended June 30,
	2021		2020
(In thousands)	(unaudited)		(unaudited)
Cash and cash equivalents	$	160,081	$	80,897
Restricted cash		43,465		21,333
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows	$	203,546	$	102,230

Restricted cash consists of the following:

	As of June 30, 2021		As of December 31, 2020
(In thousands)	(unaudited)
Federal Maritime Commission escrow	$	32,277	$	13,856
Credit card processor reserves		9,992		1,945
Certificates of deposit and other restricted securities		1,196		1,183
Total restricted cash	$	43,465	$	16,984

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

	As of June 30, 2021		As of December 31, 2020
(In thousands)	(unaudited)
Prepaid tour expenses	$	14,591	$	5,630
Prepaid marketing, commissions and other expenses		3,961		3,504
Prepaid client insurance		3,990		2,283
Prepaid air expense		3,447		3,817
Prepaid port agent fees		1,303		530
Prepaid corporate insurance		383		1,105
Prepaid income taxes		144		145
Total prepaid expenses	$	27,819	$	17,014

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

	As of June 30, 2021		As of December 31, 2020
	(unaudited)
(In thousands)
Accounts payable	$	9,115	$	5,285
Accrued other expense		6,203		5,645
Employee liability		3,940		3,495
Bonus compensation liability		2,978		2,963
Refunds and commissions payable		2,568		1,803
Foreign currency forward contract liability		1,782		2,008
Travel certificate liability		870		870
Accrued travel insurance expense		505		270
Royalty payable		130		-
Income tax liabilities		2		2
Total accounts payable and accrued expenses	$	28,093	$	22,341

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  June 30, 2021. 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 three or six months ended  June 30, 2021. The following is a rollforward of the loan receivable balance:

	For the six months ended June 30, 2021
(In thousands)	(unaudited)
Balance as of January 1, 2021	$	4,220
Adjustment for ship building expense		(390	)
Legal invoices deferred		43
Accrued interest		72
Amortization of deferred costs		(35	)
Balance as of June 30, 2021	$	3,910