Note 3 - Revenues

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 3—REVENUES

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 certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. The Company does not consider guest deposits to be a contract liability until the guest no longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. In conjunction with the suspension or rescheduling of expeditions, the Company provided guests an option of either a refund or future travel certificates, which in some instances exceeded the original cash deposit. The value of future travel certificates in excess of cash received is being recognized as a discount to tour revenues at the time the related expedition occurs. Future travel certificates are valued based on the Company’s expectation that a guest will travel again. As of  March 31, 2023 and December 31, 2022, the Company has recorded $249.6 million and $245.1 million, related to unearned passenger revenue, respectively.

	Contract Liabilities
(In thousands)
Balance as of December 31, 2022	$	178,198
Recognized in tour revenues during the period		(134,262	)
Additional contract liabilities in period		95,692
Balance as of March 31, 2023	$	139,628

The following table disaggregates our tour revenues by the sales channel it was derived from:

	For the three months ended March 31,
	2023			2022
Guest ticket revenue:		(unaudited)
Direct		45	%		45	%
National Geographic		14	%		16	%
Agencies		23	%		20	%
Affinity		7	%		9	%
Guest ticket revenue		89	%		90	%
Other tour revenue		11	%		10	%
Tour revenues		100	%		100	%