Note 3 - Revenues

3 Months Ended

Mar. 31, 2025

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 revenue 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 prior 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 and includes an estimate of breakage based on historical behavior of the customer and/or time to expiration of the certificate. As of  March 31, 2025 and December 31, 2024, the Company has $354.9 million and $318.7 million, related to unearned passenger revenue, respectively.

The change in contract liabilities within unearned passenger revenues are as follows:

	Contract Liabilities
(In thousands)		(unaudited)
Balance as of December 31, 2024	$	190,281
Recognized in tour revenues during the period		(175,382	)
Additional contract liabilities in period		191,350
Balance as of March 31, 2025	$	206,249

The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates each segments’ tour revenues by the sales channel it was derived from:

	For the three months ended March 31,
Lindblad Segment	2025		2024
	(unaudited)
Guest ticket revenue:
Direct (a)	$	78,854	$	72,484
Agencies		33,795		30,533
Guest ticket revenue		112,649		103,017
Other tour revenue		18,459		15,286
Tour revenues	$	131,108	$	118,303
	For the three months ended March 31,
Land Experiences Segment	2025		2024
	(unaudited)
Guest ticket revenue:
Direct (a)	$	41,672	$	30,173
Agencies		4,004		2,887
Guest ticket revenue		45,676		33,060
Other tour revenue		2,937		2,251
Tour revenues	$	48,613	$	35,311

(a) Direct bookings in the table above are inclusive of affinity group sales. During the three months ended March 31, 2024, affinity sales were $6.4 million and $0.4 million for Lindblad segment and Land Experiences segment, respectively.