LINDBLAD EXPEDITIONS HOLDINGS, INC., 10-Q filed on 8/4/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 28, 2025
Document Information [Line Items]    
Entity Central Index Key 0001512499  
Entity Registrant Name LINDBLAD EXPEDITIONS HOLDINGS, INC.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-35898  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-4749725  
Entity Address, Address Line One 96 Morton Street, 9th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10014  
City Area Code 212  
Local Phone Number 261-9000  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol LIND  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   54,789,150
v3.25.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 200,929 $ 183,941
Restricted cash 46,398 32,202
Prepaid expenses and other current assets 75,191 62,290
Total current assets 322,518 278,433
Property and equipment, net 533,138 518,390
Goodwill 59,198 59,031
Intangibles, net 14,684 15,923
Other long-term assets 6,985 5,128
Total assets 936,523 876,905
Current Liabilities:    
Unearned passenger revenues 381,692 318,666
Accrued expenses 57,422 58,054
Accounts payable 9,831 13,860
Lease liabilities - current 1,124 1,845
Long-term debt - current 8 29
Total current liabilities 450,077 392,454
Long-term debt, less current portion 627,273 625,425
Deferred tax liabilities 2,394 3,537
Other long-term liabilities 822 1,024
Total liabilities 1,080,566 1,022,440
Redeemable noncontrolling interests 39,186 29,424
Temporary equity, including noncontrolling interest 119,766 107,579
STOCKHOLDERS’ DEFICIT    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 54,733,299 and 54,507,977 issued, 54,601,476 and 54,376,154 outstanding as of June 30, 2025 and December 31, 2024, respectively 6 6
Additional paid-in capital 118,007 109,473
Accumulated deficit (381,822) (362,881)
Accumulated other comprehensive income 0 288
Total stockholder’s deficit (263,809) (253,114)
Total liabilities, mezzanine equity and stockholders’ deficit 936,523 876,905
Series A Redeemable Convertible Preferred Stock [Member]    
Current Liabilities:    
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively $ 80,580 $ 78,155
v3.25.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 62,000 62,000
Preferred stock, shares outstanding (in shares) 62,000 62,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 54,733,299 54,507,977
Common stock, shares outstanding (in shares) 54,601,476 54,376,154
Series A Redeemable Convertible Preferred Stock [Member]    
Temporary equity, shares authorized (in shares) 165,000 165,000
Temporary equity, shares issued (in shares) 62,000 62,000
Temporary equity, shares outstanding (in shares) 62,000 62,000
Preferred stock, par value (in dollars per share) $ 0.0001  
Preferred stock, shares outstanding (in shares) 62,000  
v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Tour revenues $ 167,945 $ 136,499 $ 347,666 $ 290,113
Operating expenses:        
Cost of tours 91,391 82,953 184,239 167,405
General and administrative 31,083 29,836 63,805 57,073
Selling and marketing 26,390 18,281 54,632 41,038
Depreciation and amortization 14,674 13,637 29,969 24,954
Total operating expenses 163,538 144,707 332,645 290,470
Operating income (loss) 4,407 (8,208) 15,021 (357)
Other (expense) income:        
Interest expense, net (11,617) (11,321) (23,247) (22,906)
Gain (loss) on foreign currency 759 (12) 1,300 (251)
Other (expense) income 30 0 29 8
Total other expense (10,828) (11,333) (21,918) (23,149)
Loss before income taxes (6,421) (19,541) (6,897) (23,506)
Income tax expense (benefit) 547 4,453 (939) 4,697
Net loss (6,968) (23,994) (5,958) (28,203)
Net income attributable to noncontrolling interest 1,550 673 1,400 442
Net loss attributable to Lindblad Expeditions Holdings, Inc. (8,518) (24,667) (7,358) (28,645)
Series A redeemable convertible preferred stock dividend 1,223 1,150 2,426 2,287
Net loss available to stockholders $ (9,741) $ (25,817) $ (9,784) $ (30,932)
Weighted average shares outstanding        
Basic (in shares) 54,590,783 53,500,084 54,511,173 53,436,128
Diluted (in shares) 54,590,783 53,500,084 54,511,173 53,436,128
Undistributed loss per share available to stockholders:        
Basic (in dollars per share) $ (0.18) $ (0.48) $ (0.18) $ (0.58)
Diluted (in dollars per share) $ (0.18) $ (0.48) $ (0.18) $ (0.58)
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net loss $ (6,968) $ (23,994) $ (5,958) $ (28,203)
Other comprehensive income:        
Change in foreign currency translation adjustments (294) 0 (288) 0
Total other comprehensive loss (294) 0 (288) 0
Total comprehensive loss (7,262) (23,994) (6,246) (28,203)
Less: comprehensive income attributive to non-controlling interest 1,550 673 1,400 442
Comprehensive loss attributable to Lindblad Expeditions Holdings, Inc. $ (8,812) $ (24,667) $ (7,646) $ (28,645)
v3.25.2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2023 53,390,082        
Balance at Dec. 31, 2023 $ 5 $ 97,139 $ (322,208)   $ (225,064)
Stock-based compensation $ 0 4,833 0   4,833
Net activity related to equity compensation plans (in shares) 174,598        
Net activity related to equity compensation plans $ 1 (697) 0   (696)
Other comprehensive income (loss), net         0
Redeemable noncontrolling interest 0 (1,924) (1,704)   (3,628)
Series A preferred stock dividend     (2,287)   (2,287)
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (28,645)   (28,645)
Net activity related to equity compensation plans (in shares) 174,598        
Net activity related to equity compensation plans $ 1 (697) 0   (696)
Redeemable noncontrolling interest $ 0 1,924 1,704   3,628
Balance (in shares) at Jun. 30, 2024 53,564,680        
Balance at Jun. 30, 2024 $ 6 99,351 (354,844)   (255,487)
Balance (in shares) at Mar. 31, 2024 53,524,606        
Balance at Mar. 31, 2024 $ 5 99,059 (326,463)   (227,399)
Stock-based compensation $ 0 2,718 0   2,718
Net activity related to equity compensation plans (in shares) 40,074        
Net activity related to equity compensation plans $ 1 (502) 0   (501)
Other comprehensive income (loss), net         0
Redeemable noncontrolling interest 0 (1,924) (2,564)   (4,488)
Series A preferred stock dividend     (1,150)   (1,150)
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (24,667)   (24,667)
Net activity related to equity compensation plans (in shares) 40,074        
Net activity related to equity compensation plans $ 1 (502) 0   (501)
Redeemable noncontrolling interest $ 0 1,924 2,564   4,488
Balance (in shares) at Jun. 30, 2024 53,564,680        
Balance at Jun. 30, 2024 $ 6 99,351 (354,844)   (255,487)
Balance (in shares) at Dec. 31, 2024 54,507,977        
Balance at Dec. 31, 2024 $ 6 109,473 (362,881) $ 288 (253,114)
Stock-based compensation $ 0 9,119 0 0 9,119
Net activity related to equity compensation plans (in shares) 225,322        
Net activity related to equity compensation plans $ 0 (585) 0 0 (585)
Other comprehensive income (loss), net 0 0 0 (288) (288)
Redeemable noncontrolling interest 0 0 (9,157) 0 (9,157)
Series A preferred stock dividend     (2,426)   (2,426)
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (7,358) 0 (7,358)
Net activity related to equity compensation plans (in shares) 225,322        
Net activity related to equity compensation plans $ 0 (585) 0 0 (585)
Redeemable noncontrolling interest $ 0 0 9,157 0 9,157
Balance (in shares) at Jun. 30, 2025 54,733,299        
Balance at Jun. 30, 2025 $ 6 118,007 (381,822) 0 (263,809)
Balance (in shares) at Mar. 31, 2025 54,699,422        
Balance at Mar. 31, 2025 $ 6 113,193 (365,716) 294 (252,223)
Stock-based compensation $ 0 5,392 0 0 5,392
Net activity related to equity compensation plans (in shares) 33,877        
Net activity related to equity compensation plans $ 0 (578) 0 0 (578)
Other comprehensive income (loss), net 0 0 (294) (294)
Redeemable noncontrolling interest 0 0 (6,365) 0 (6,365)
Series A preferred stock dividend     (1,223)   (1,223)
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (8,518) 0 (8,518)
Net activity related to equity compensation plans (in shares) 33,877        
Net activity related to equity compensation plans $ 0 (578) 0 0 (578)
Redeemable noncontrolling interest $ 0 0 6,365 0 6,365
Balance (in shares) at Jun. 30, 2025 54,733,299        
Balance at Jun. 30, 2025 $ 6 $ 118,007 $ (381,822) $ 0 $ (263,809)
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net loss $ (5,958) $ (28,203)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 29,969 24,954
Amortization of deferred financing costs and other, net 1,848 1,847
Amortization of right-to-use lease assets 869 839
Stock-based compensation 9,119 4,833
Deferred income taxes (1,135) 4,188
(Gain) loss on foreign currency (1,300) 251
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (11,787) (8,744)
Unearned passenger revenues 63,026 67,456
Other long-term assets (1,242) 120
Accounts payable and accrued expenses (4,871) (4,088)
Operating lease liabilities (924) (887)
Net cash provided by operating activities 77,614 62,566
Cash Flows From Investing Activities    
Purchases of property and equipment (29,159) (13,893)
Acquisition (net of cash acquired) (15,582) 0
Net cash used in investing activities (44,741) (13,893)
Cash Flows From Financing Activities    
Additional acquisition of redeemable noncontrolling interest 0 (16,720)
Repayments of long-term debt (21) (24)
Payment of deferred financing costs 0 (17)
Repurchase under stock-based compensation plans and related tax impacts (1,380) (1,596)
Net cash used in by financing activities (1,401) (18,357)
Effect of exchange rate changes on cash (288) 0
Net increase in cash, cash equivalents and restricted cash 31,184 30,316
Cash, cash equivalents and restricted cash at beginning of period 216,143 187,344
Cash, cash equivalents and restricted cash at end of period 247,327 217,660
Supplemental disclosures of cash flow information:    
Interest 24,730 24,785
Income taxes 1,253 201
Non-cash investing and financing activities:    
Non-cash preferred stock deemed dividend $ 2,426 $ 2,287
v3.25.2
Note 1 - Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1—BUSINESS AND BASIS OF PRESENTATION

 

Business

 

Lindblad Expeditions Holdings, Inc.’s and its consolidated subsidiaries’ (collectively, the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”.

 

The Company operates the following two reportable business segments:

 

Lindblad Segment. The Lindblad segment currently operates a fleet of 12 owned expedition ships and seven seasonal charter vessels, and primarily provides ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are able to venture where larger cruise ships cannot, thus allowing Lindblad to offer up-close experiences in the planet’s wild and remote places and capitals of culture. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration, and the majority of expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are best accessed by a ship, such as the Galápagos Islands, Alaska, Baja California’s Sea of Cortez and Panama, and foster active engagement by guests. The Company has a brand license agreement with National Geographic Partners, LLC (“National Geographic”), which provides for lecturers and National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, to join many of the Company’s expeditions.

 

Land Experiences Segment. The Land Experiences segment includes the five primarily land-based brands, Natural Habitat, Inc. (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, comprised of Wineland-Thomson Adventures, LLC and Thomson Safaris Ltd (together “Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under the Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).

 

 

●

Natural Habitat offers over 100 different expedition itineraries in more than 45 countries spanning all seven continents, with eco-conscious expeditions and nature-focused, small-group tours that include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures, small-group Galápagos Islands tours and African safaris. Natural Habitat has partnered with World Wildlife Fund (“WWF”) to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife.

   
 

●

Off the Beaten Path offers active small-group adventures, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa.

   
 

●

DuVine offers intimate group cycling and adventure tours around the world with local cycling experts as guides, immersive in local cultural, cuisine and high-quality accommodations. International cycling tours include the exotic Costa Rican rainforests, the rocky coasts of Ireland and the vineyards of Spain, while cycling adventures in the United States include cycling beneath the California redwoods, pedaling through Vermont farmland, and wine tastings in the world-class vineyards of Napa and Sonoma.

   
 

●

Classic Journeys offers highly curated active small-group and private custom journeys centered around cinematic walks led by expert local guides in over 50 countries around the world. These walking tours are highlighted by expert local guides, luxury boutique accommodations, and handcrafted itineraries that immerse guests into the history and culture of the places they are exploring and the people who live there.

   
 ●Thomson Group offers socially responsible and positively impactful light-treading Tanzanian safaris, industry-leading Kilimanjaro treks, global custom and private tours, family travel experiences, and operates the historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater. 

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).

 

The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 to conform with the 2025 presentation.

 

Except for the presentation of credit card fee expenses discussed above, there have been no significant changes to the Company’s accounting policies from those disclosed in the 2024 Annual Report. 

 

Recently Adopted Accounting Pronouncements 

 

During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 for its annual reporting, as required. These amendments will increase the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information. 

 

Recent Accounting Pronouncements 

 

During  November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this ASU on January 1, 2027, as required, and the amendments will increase the Company’s financial statement disclosures of certain expense items reported within its expense categories presented on its statement of operations. 

 
v3.25.2
Note 2 - Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 2—EARNINGS PER SHARE

 

Earnings (loss) per Common Share

 

Earnings (loss) per common share is computed using the two-class method related to the Company’s Series A Redeemable Convertible Preferred Stock, par value of $0.0001 (“Preferred Stock”). Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of the Preferred Stock based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock.

 

Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted

 

method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.

 

For the three and six months ended June 30, 2025 and 2024, the Company incurred net losses available to stockholders, therefore potential common shares were excluded from the diluted earnings per share calculation and basic and diluted net loss per share are the same in each respective period. For the three and six months ended June 30, 2025, 1.1 million unvested restricted shares, 2.3 million shares issuable upon exercise of options and 8.7 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. For the three and six months ended June 30, 2024, 0.8 million unvested restricted shares, 2.7 million shares issuable upon exercise of options and 8.2 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. 

 

Loss per share was calculated as follows:

 

  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(unaudited)

  

(unaudited)

 

(In thousands, except share and per share data)

                

Net loss attributable to Lindblad Expeditions Holdings, Inc.

 $(8,518) $(24,667) $(7,358) $(28,645)

Series A redeemable convertible preferred stock dividend

  1,223   1,150   2,426   2,287 

Undistributed loss available to stockholders

 $(9,741) $(25,817) $(9,784) $(30,932)
                 

Weighted average shares outstanding:

                

Total weighted average shares outstanding, basic

  54,590,783   53,500,084   54,511,173   53,436,128 

Total weighted average shares outstanding, diluted

  54,590,783   53,500,084   54,511,173   53,436,128 
                 

Undistributed loss per share available to stockholders:

                

Basic

 $(0.18) $(0.48) $(0.18) $(0.58)

Diluted

 $(0.18) $(0.48) $(0.18) $(0.58)

 
v3.25.2
Note 3 - Revenues
 6 Months Ended
Jun. 30, 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 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  June 30, 2025 and December 31, 2024 the Company has $381.7 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

  (334,591)

Additional contract liabilities in period

  391,457 

Balance as of June 30, 2025

 $247,147 

 

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 June 30,

  

For the six months ended June 30,

 

Lindblad Segment

  2025   2024   2025   2024 
  

(unaudited)

  

(unaudited)

 

Guest ticket revenue:

                

Direct (a)

 $68,158  $62,315  $147,012  $135,044 

Agencies

  30,018   21,255   63,813   51,541 

Guest ticket revenue

  98,176   83,570   210,825   186,585 

Other tour revenue

  12,869   9,483   31,328   24,771 

Tour revenues

 $111,045  $93,053  $242,153  $211,356 
             
  For the three months ended June 30,  For the six months ended June 30, 

Land Experiences Segment

  2025   2024   2025   2024 
  (unaudited)  (unaudited) 

Guest ticket revenue:

                

Direct (a)

 $48,470  $36,718  $90,136  $66,900 

Agencies

  5,768   4,750   9,779   7,627 

Guest ticket revenue

  54,238   41,468   99,915   74,527 

Other tour revenue

  2,662   1,978   5,598   4,230 

Tour revenues

 $56,900  $43,446  $105,513  $78,757 
 (a)Direct bookings in the table above are inclusive of affinity group sales. During the three and six months ended June 30, 2024, affinity sales were $6.3 million and $13.0 million, respectively, for the Lindblad segment, and $1.2 million and $1.7 million, respectively, for the Land Experiences segment.

 

 
v3.25.2
Note 4 - Financial Statement Details
 6 Months Ended
Jun. 30, 2025
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 June 30,

 
  

2025

  

2024

 

(In thousands)

  (unaudited) 

Cash and cash equivalents

 $200,929  $168,123 

Restricted cash

  46,398   49,537 

Total cash, cash equivalents and restricted cash as presented in the statement of cash flows

 $247,327  $217,660 

 

Restricted cash consists of the following:

 

  

As of June 30, 2025

  

As of December 31, 2024

 

(In thousands)

 

(unaudited)

     

Credit card processor reserves

 $12,500  $12,750 

Federal Maritime Commission and other escrow

  32,203   18,101 

Certificates of deposit and other restricted deposits

  1,695   1,351 

Total restricted cash

 $46,398  $32,202 

 

Prepaid expenses and other current assets are as follows: 

 

  

As of June 30, 2025

  

As of December 31, 2024

 

(In thousands)

  (unaudited)     

Prepaid tour expenses

 $42,502  $28,585 

Other

  32,689   33,705 

Total prepaid expenses and other current assets

 $75,191  $62,290 

 
v3.25.2
Note 5 - Long-term Debt
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 5—LONG-TERM DEBT

 

  

As of June 30, 2025

  

As of December 31, 2024

 
      

(unaudited)

                 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

6.75% Notes

 $360,000  $(3,478) $356,522  $360,000  $(4,576) $355,424 

9.00% Notes

  275,000   (4,249)  270,751   275,000   (4,999)  270,001 

Other

  8   -   8   29   -   29 

Total long-term debt

  635,008   (7,727)  627,281   635,029   (9,575)  625,454 

Less current portion

  (8)  -   (8)  (29)  -   (29)

Total long-term debt, non-current

 $635,000  $(7,727) $627,273  $635,000  $(9,575) $625,425 

 

For the three and six months ended June 30, 2025, $0.9 million and $1.8 million, respectively, of deferred financing costs were charged to interest expense, and for the three and six months ended  June 30, 2024, $0.9 million and $1.9 million, respectively, of deferred financing costs were charged to interest expense. 

 

6.75% Notes

 

On February 4, 2022, the Company issued $360.0 million aggregate principal amount of 6.75% senior secured notes due 2027 (the “6.75% Notes”) in a private offering. The 6.75% Notes bear interest at a rate of 6.75% per year, payable semiannually in arrears on February 15 and August 15 of each year. The 6.75% Notes will mature on February 15, 2027, subject to earlier repurchase or redemption. The Company used the net proceeds from the offering to prepay in full all outstanding borrowings under its prior credit agreement, including the term facility, Main Street Loan, and revolving credit facility, to pay any related premiums and to terminate in full its prior credit agreement and the commitments thereunder. The 6.75% Notes are senior secured obligations of the Company and are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries (collectively, the “Guarantors”) and secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. The 6.75% Notes may be redeemed by the Company, at set redemption prices and premiums, plus accrued and unpaid interest, if any. 

 

Revolving Credit Facility 

 

On February 4, 2022, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”), which provides for an aggregate principal amount of commitments of $45.0 million, maturing February 2027, including a letter of credit sub-facility in an aggregate principal amount of up to $5.0 million. The obligations under the Revolving Credit Facility are guaranteed by the Company, and the Guarantors and are secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. Borrowings under the Revolving Credit Facility, if any, will bear interest at a rate per annum equal to, at the Company’s option, an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or a base rate plus a spread. The Company is required to pay a 0.5% quarterly commitment fee on undrawn amounts under the Revolving Credit Facility. As of June 30, 2025, the Company had no borrowings under the Revolving Credit Facility.

 

9.00% Notes

 

On May 2, 2023, the Company issued $275.0 million aggregate principal amount of 9.00% senior secured notes due 2028 (the “9.00% Notes”) in a private offering. The 9.00% Notes bear interest at a rate of 9.00% per year, payable semiannually in arrears on May 15 and November 15 of each year. The 9.00% Notes will mature on May 15, 2028, subject to earlier repurchase or redemption. The Company used the net proceeds from the offering to prepay in full all outstanding borrowings under its prior senior secured credit agreements, to pay any related premiums and to terminate in full its prior senior secured credit agreements and the commitments thereunder. The 9.00% Notes are senior unsecured obligations of the Company and are guaranteed (i) on a senior secured basis by certain of the Company’s subsidiaries (collectively, the “Secured Guarantors”) and secured by a first-priority lien, subject to permitted liens and certain exceptions, on the equity and substantially all the assets of the Secured Guarantors, and (ii) on a senior unsecured basis by certain other subsidiaries of the Company. The 9.00% Notes may be redeemed by the Company, at set redemption prices and premiums, plus accrued and unpaid interest, if any. 

 

Covenants

 

The Company’s 6.75% Notes, Revolving Credit Facility and 9.00% Notes contain covenants that include, among others, limits on additional indebtedness and make certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of important exceptions and qualifications set forth in the 6.75% Notes, Revolving Credit Facility and 9.00% Notes. The Company was in compliance with the covenants in effect as of June 30, 2025.

 
v3.25.2
Note 6 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Derivatives and Fair Value [Text Block]

NOTE 6—FAIR VALUE MEASUREMENTS

 

The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of June 30, 2025 to be $649.3 million based on the terms of the agreements and comparable market data as of June 30, 2025. As of June 30, 2025 and December 31, 2024, the Company had no other significant liabilities that were measured at fair value on a recurring basis.

 
v3.25.2
Note 7 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 7—STOCKHOLDERS’ EQUITY

 

Stock Repurchase Plan

 

The Company’s Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 and increased the Repurchase Plan to $35.0 million in November 2016. The Repurchase Plan authorizes the Company to purchase, from time to time, the Company’s outstanding common stock and previously outstanding warrants. Any shares purchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of the Company’s Board of Directors. These repurchases exclude shares repurchased to settle statutory employee tax withholding related to the exercise of stock options and vesting of stock awards. No shares were repurchased during the six months ended June 30, 2025. The Company has cumulatively repurchased 875,218 shares of common stock for $8.3 million and 6,011,926 warrants for $14.7 million, since plan inception. The remaining balance for the Repurchase Plan was $12.0 million as of June 30, 2025. 

 

Preferred Stock

 

In August 2020, the Company issued and sold 85,000 shares of Preferred Stock for $1,000 per share for gross proceeds of $85.0 million. The Preferred Stock has senior and preferential ranking to the Company’s common stock. The Preferred Stock is entitled to cumulative dividends of 6.00% per annum, and for the first two years the dividends were required to be paid-in-kind. After the second anniversary of the issuance date, the dividends may be paid-in-kind or be paid in cash at the Company’s option. During 2025, the Company thus far has continued to pay Preferred Stock dividends in-kind. At any time after the third anniversary of the issuance, the Company  may, at its option, convert all, but not less than all, of the Preferred Stock into common stock if the closing price of shares of common stock is at least 150% of the conversion price for 20 out of 30 consecutive trading days. The Preferred Stock is convertible at any time, at the holder’s election, into a number of shares of common stock of the Company equal to the quotient obtained by dividing the then-current accrued value by the conversion price of $9.50. The Preferred Stock deferred issuance costs were $2.1 million as of June 30, 2025, recorded as reduction to preferred stock. The Company recorded accrued dividends for Preferred Stock of $1.2 million and $2.4 million for the three and six months ended June 30, 2025, respectively, and $1.2 million and $2.3 million for the three and six months ended  June 30, 2024, respectively. As of June 30, 2025, the 62,000 shares of Preferred Stock outstanding and accumulated dividends could be converted at the option of the holders into 8.7 million shares of the Company’s common stock.
v3.25.2
Note 8 - Stock Based Compensation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 8—STOCK BASED COMPENSATION

 

The Company is authorized to issue up to 9.3 million shares of common stock under the amended 2021 Long-Term Incentive Plan (the “Plan”) which was approved by shareholders in September 2021, and as amended in June 2025. As of June 30, 2025, 5.7 million shares were available to be granted under the Plan.

 

The Company recorded stock-based compensation expense of $5.4 million and $9.1 million for the three and six months ended June 30, 2025, respectively, and $2.7 million and $4.8 million during the three and six months ended  June 30, 2024, respectively.

 

Long-Term Incentive Compensation

 

During the six months ended June 30, 2025, the Company awarded 455,511 restricted stock units (“RSUs”) with a weighted average grant price of $10.32. The RSUs will primarily vest equally over three years on the anniversary of the grant date, subject to the recipient’s continued employment or service with the Company on the applicable vesting date. The number of shares were determined based upon the closing price of our common stock on the date of the award.

 

During the six months ended June 30, 2025, the Company awarded 229,023 performance-based restricted share units (“PSUs”) with a weighted average grant price of $10.57. The PSUs generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition. The Company does not deliver the shares associated with the PSUs to the employee, non-employee director or other service providers until the performance and vesting conditions are met. 

 

Options

 

As of June 30, 2025 and December 31, 2024, options to purchase an aggregate of 2.3 million and 2.4 million shares of the Company’s common stock, respectively, with a weighted average exercise price of $8.79 as of June 30, 2025 and $8.77 as of December 31, 2024, were outstanding. As of June 30, 2025, 1.8 million options were exercisable.

 

In connection with the 2016 acquisition of Natural Habitat, Mr. Bressler’s employment agreement, as amended, provides Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, with an equity incentive opportunity to earn an award of options based on the future financial performance of Natural Habitat, where if the final year equity value of Natural Habitat, as defined in Mr. Bressler's employment agreement, as amended, exceeds $25.0 million, effective as of  December 31, 2025, Mr. Bressler will be granted options with a fair value equal to 10.1% of such excess, subject to certain conditions. The actual number of options granted will be determined by the calculated final year equity value of Natural Habitat and the Black-Scholes per share option value, factoring in the Company’s stock price on the date of the grant, its volatility and an appropriate risk-free rate. During the three months ended March 31, 2024, Mr. Bressler exercised a one-time right to elect to receive 50% of such award early, which is calculated based on performance through December 31, 2023. As a result of the early exercise, during the three months ended March 31, 2024, the Company granted 1.3 million options, with an exercise price of $8.44, to Mr. Bressler. The options vested on the grant date and have a term of ten years. In 2023, the Company determined it was probable the performance condition would be met related to this award and recorded all expense related to it. The performance condition related to the remaining equity incentive opportunity through December 31, 2025 was also deemed probable in 2023 and is being expensed over Mr. Bressler’s service period. For the three and six months ended  June 30, 2025, stock-based compensation expense related to this award was $2.1 million and $4.1 million, respectively. 

 

Additionally, Mr. Bressler’s employment agreement, as amended, provides an equity incentive opportunity to earn an award of Company stock based on the financial performance of the Land Experiences segment businesses that Mr. Bressler manages for the year-ended December 31, 2025, as defined in Mr. Bressler’s employment agreement, as amended, under the managed business value creation. The Company determined that it was probable that the performance condition for this award would be met. For the six months ended June 30, 2025, the Company recorded $1.8 million in stock-compensation expense related to this award.

 
v3.25.2
Note 9 - Income Taxes
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 9—INCOME TAXES

 

As of June 30, 2025 and December 31, 2024, the Company had no unrecognized tax benefits recorded. The Company's effective tax rate for the three and six months ended June 30, 2025 was an expense of 8.5% and a benefit of 13.6%, respectively, versus an expense of 22.8% and 20.0%, for the three and six months ended June 30, 2024, respectively. In both periods, the

 

effective tax rate differs from the statutory rate because of the mix of jurisdictions generating income and the valuation allowance against certain loss and interest carryforwards in the United States. 

 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted in the U.S. The OBBB includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, restoration of favorable tax treatment for certain business provisions including the treatment of the deductibility of interest. The Company is currently assessing the impact on its consolidated financial statements.

 
v3.25.2
Note 10 - Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 10—COMMITMENTS AND CONTINGENCIES

 

Redeemable Non-Controlling Interest

 

The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The put options enable the minority holders, but do not obligate them, to sell the remaining interests to the Company. The Company has call options which enable it, but do not obligate it, to acquire the remaining interests in the subsidiaries, subject to certain dates, expirations and similar redemption value purchase measurements as the put options. 

 

Since the redemption of the noncontrolling interests are not solely in the Company’s control, the Company is required to record the redeemable noncontrolling interest outside of stockholders’ equity but after its total liabilities. In addition, if it is probable that the instrument will become redeemable, solely due to the passage of time, the redeemable noncontrollable interest should be adjusted to the redemption value via one of two measurement methods. The Company elected the income classification-excess adjustment and accretion methods for recognizing changes in the redemption value of the put options. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest, and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the redemption value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the redemption value of the noncontrolling interest are treated as a decrease to net income available to common stockholders.

 

The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: 

 

   

For the three months ended June 30,

    

For the six months ended June 30,

  
   

2025

    

2024

    

2025

    

2024

  
    (unaudited)     (unaudited)  

(In thousands)

            

Beginning balance

   $ 31,756     $ 36,297     $ 29,424     $ 37,784  

Net income attributable to noncontrolling interest

     1,550       673       1,400       442  

Redemption value adjustment of put option

     6,365       2,564       9,157       1,704  

Distribution

     (485 )     (504 )     (795 )     (900 )

Redemption of put and/or call options

     -       (14,797 )     -       (14,797 )

Ending balance

   $ 39,186     $ 24,233     $ 39,186     $ 24,233  

 

Charter Commitments

 

From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of June 30, 2025 are as follows:

 

For the years ended December 31,

  

Amount

  

(In thousands)

        

2025 (six months)

   $ 6,039  

2026

     14,865  

2027

     468  

Total

   $ 21,372  

 
v3.25.2
Note 11 - Segment Information
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT INFORMATION

 

The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. 

 

The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows: 

 

  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues:

                

Lindblad

 $111,045  $93,053  $242,153  $211,356 

Land Experiences

  56,900   43,446   105,513   78,757 

Total tour revenues

 $167,945  $136,499  $347,666  $290,113 

Operating income:

                

Lindblad

 $(2,070) $(9,372) $6,316  $(1,589)

Land Experiences

  6,477   1,164   8,705   1,232 

Operating income (loss)

 $4,407  $(8,208) $15,021  $(357)

 

For the three and six months ended June 30, 2025, there was $2.0 million and $5.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation. For the three and six months ended  June 30, 2024, there was $1.0 million and $3.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation.

 

The following table presents the Lindblad segment expenses: 

 

  

Lindblad Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $111,045  $93,053  $242,153  $211,356 
                 

Cost of tours

  58,469   55,726   123,292   118,105 

General and administrative

  20,945   19,770   42,077   38,539 

Selling and marketing

  20,449   14,180   43,156   33,070 

Depreciation and amortization

  13,252   12,749   27,312   23,231 

Operating (loss) income

 $(2,070) $(9,372) $6,316  $(1,589)

 

The following table presents the Land Experiences segment expenses: 

 

  

Land Experiences Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $56,900  $43,446  $105,513  $78,757 
                 

Cost of tours

  32,922   27,227   60,947   49,300 

General and administrative

  10,138   10,066   21,728   18,534 

Selling and marketing

  5,941   4,101   11,476   7,968 

Depreciation and amortization

  1,422   888   2,657   1,723 

Operating income

 $6,477  $1,164  $8,705  $1,232 

 

Depreciation and amortization are included in segment operating income as shown below:

 

  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $13,230  $12,727  $27,268  $23,187 

Amortization

  22   22   44   44 

Land Experiences:

                

Depreciation

  823   458   1,460   863 

Amortization

  599   430   1,197   860 

Total depreciation and amortization

 $14,674  $13,637  $29,969  $24,954 

 

The following table presents our total assets, intangibles, net and goodwill by segment:

 

  As of June 30, 2025  As of December 31, 2024 

(In thousands)

 

(unaudited)

    
         

Total Assets:

        

Lindblad

 $654,312  $667,799 

Land Experiences

  282,211   209,106 

Total assets

 $936,523  $876,905 
         

Intangibles, net:

        

Lindblad

 $1,461  $1,505 

Land Experiences

  13,223   14,418 

Total intangibles, net

 $14,684  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  59,198   59,031 

Total goodwill

 $59,198  $59,031 

 
v3.25.2
Note 12 - Acquisition
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Business Combination [Text Block]

NOTE 12—ACQUISITIONS

 

On January 9, 2025, the Company completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates two vessels in the Galápagos Islands, expanding the Company’s vessels and guest capacity in one of its core markets, for which the Company paid $16.0 million in cash. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs for the six months ended  June 30, 2025 were $0.2 million and are included in general and administrative expenses. The purchase accounting valuations of the acquired intangibles is ongoing and has not been completed as of the date of this report, therefore intangibles and goodwill are subject to change as valuations are finalized. 

 

On July 31, 2024, the Company, through its land-based subsidiary Natural Habitat, acquired the Thomson Group. The aggregate purchase price for the Thomson Group was $30.0 million, consisting of $24.0 million in cash and $6.0 million in Lindblad common stock, representing 682,593 shares. Pursuant to the agreement, the Company has the option to acquire Tanzania Conservation Limited. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs were $2.7 million and are included in general and administrative expenses for the year ended December 31, 2024. The Company recorded $8.6 million in intangible assets related to tradenames and customer relationships and $17.0 million in goodwill related to the acquisition. Measurement period adjustments were insignificant, and our purchase price allocations are finalized. 
v3.25.2
Note 13 - Subsequent Events
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 13—SUBSEQUENT EVENT

 

On July 8, 2025, the Company and Mr. Bressler entered into the Second Amended and Restated Employment Agreement which amends and restates the Amended and Restated Employment Agreement dated as of December 1, 2022, which previously amended and restated (and superseded) the Employment Agreement dated as of May 4, 2016 (the “Employment Agreement”) to (i) create a Bonus Pool, as defined in the Employment Agreement, based on Natural Habitat’s and its consolidated subsidiaries’ net profits for the applicable year, (ii) provide Mr. Bressler with the ability to receive options in connection with the exercise of the perpetual put right, (iii) extend the term of the Employment Agreement through December 31, 2028, and (iv) make certain clarifying changes, such as removing references to past compensation opportunities that have expired.

 

 
v3.25.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

ITEM 5.

OTHER INFORMATION

 

During the three months ended  June 30, 2025, no director or Section 16 officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
Rule 10b5-1 Arrangement Adopted [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).

 

The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 to conform with the 2025 presentation.

 

Except for the presentation of credit card fee expenses discussed above, there have been no significant changes to the Company’s accounting policies from those disclosed in the 2024 Annual Report. 

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements 

 

During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 for its annual reporting, as required. These amendments will increase the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information. 

 

Recent Accounting Pronouncements 

 

During  November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this ASU on January 1, 2027, as required, and the amendments will increase the Company’s financial statement disclosures of certain expense items reported within its expense categories presented on its statement of operations. 
v3.25.2
Note 2 - Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(unaudited)

  

(unaudited)

 

(In thousands, except share and per share data)

                

Net loss attributable to Lindblad Expeditions Holdings, Inc.

 $(8,518) $(24,667) $(7,358) $(28,645)

Series A redeemable convertible preferred stock dividend

  1,223   1,150   2,426   2,287 

Undistributed loss available to stockholders

 $(9,741) $(25,817) $(9,784) $(30,932)
                 

Weighted average shares outstanding:

                

Total weighted average shares outstanding, basic

  54,590,783   53,500,084   54,511,173   53,436,128 

Total weighted average shares outstanding, diluted

  54,590,783   53,500,084   54,511,173   53,436,128 
                 

Undistributed loss per share available to stockholders:

                

Basic

 $(0.18) $(0.48) $(0.18) $(0.58)

Diluted

 $(0.18) $(0.48) $(0.18) $(0.58)
v3.25.2
Note 3 - Revenues (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

Contract Liabilities

 

(In thousands)

  (unaudited) 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (334,591)

Additional contract liabilities in period

  391,457 

Balance as of June 30, 2025

 $247,147 
Disaggregation of Revenue [Table Text Block]
  

For the three months ended June 30,

  

For the six months ended June 30,

 

Lindblad Segment

  2025   2024   2025   2024 
  

(unaudited)

  

(unaudited)

 

Guest ticket revenue:

                

Direct (a)

 $68,158  $62,315  $147,012  $135,044 

Agencies

  30,018   21,255   63,813   51,541 

Guest ticket revenue

  98,176   83,570   210,825   186,585 

Other tour revenue

  12,869   9,483   31,328   24,771 

Tour revenues

 $111,045  $93,053  $242,153  $211,356 
             
  For the three months ended June 30,  For the six months ended June 30, 

Land Experiences Segment

  2025   2024   2025   2024 
  (unaudited)  (unaudited) 

Guest ticket revenue:

                

Direct (a)

 $48,470  $36,718  $90,136  $66,900 

Agencies

  5,768   4,750   9,779   7,627 

Guest ticket revenue

  54,238   41,468   99,915   74,527 

Other tour revenue

  2,662   1,978   5,598   4,230 

Tour revenues

 $56,900  $43,446  $105,513  $78,757 
v3.25.2
Note 4 - Financial Statement Details (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]
  

As of June 30,

 
  

2025

  

2024

 

(In thousands)

  (unaudited) 

Cash and cash equivalents

 $200,929  $168,123 

Restricted cash

  46,398   49,537 

Total cash, cash equivalents and restricted cash as presented in the statement of cash flows

 $247,327  $217,660 
Restricted Cash and Marketable Securities [Table Text Block]
  

As of June 30, 2025

  

As of December 31, 2024

 

(In thousands)

 

(unaudited)

     

Credit card processor reserves

 $12,500  $12,750 

Federal Maritime Commission and other escrow

  32,203   18,101 

Certificates of deposit and other restricted deposits

  1,695   1,351 

Total restricted cash

 $46,398  $32,202 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
  

As of June 30, 2025

  

As of December 31, 2024

 

(In thousands)

  (unaudited)     

Prepaid tour expenses

 $42,502  $28,585 

Other

  32,689   33,705 

Total prepaid expenses and other current assets

 $75,191  $62,290 
v3.25.2
Note 5 - Long-term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

As of June 30, 2025

  

As of December 31, 2024

 
      

(unaudited)

                 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

6.75% Notes

 $360,000  $(3,478) $356,522  $360,000  $(4,576) $355,424 

9.00% Notes

  275,000   (4,249)  270,751   275,000   (4,999)  270,001 

Other

  8   -   8   29   -   29 

Total long-term debt

  635,008   (7,727)  627,281   635,029   (9,575)  625,454 

Less current portion

  (8)  -   (8)  (29)  -   (29)

Total long-term debt, non-current

 $635,000  $(7,727) $627,273  $635,000  $(9,575) $625,425 
v3.25.2
Note 10 - Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Redeemable Noncontrolling Interest [Table Text Block]
   

For the three months ended June 30,

    

For the six months ended June 30,

  
   

2025

    

2024

    

2025

    

2024

  
    (unaudited)     (unaudited)  

(In thousands)

            

Beginning balance

   $ 31,756     $ 36,297     $ 29,424     $ 37,784  

Net income attributable to noncontrolling interest

     1,550       673       1,400       442  

Redemption value adjustment of put option

     6,365       2,564       9,157       1,704  

Distribution

     (485 )     (504 )     (795 )     (900 )

Redemption of put and/or call options

     -       (14,797 )     -       (14,797 )

Ending balance

   $ 39,186     $ 24,233     $ 39,186     $ 24,233  
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block]

For the years ended December 31,

  

Amount

  

(In thousands)

        

2025 (six months)

   $ 6,039  

2026

     14,865  

2027

     468  

Total

   $ 21,372  
v3.25.2
Note 11 - Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues:

                

Lindblad

 $111,045  $93,053  $242,153  $211,356 

Land Experiences

  56,900   43,446   105,513   78,757 

Total tour revenues

 $167,945  $136,499  $347,666  $290,113 

Operating income:

                

Lindblad

 $(2,070) $(9,372) $6,316  $(1,589)

Land Experiences

  6,477   1,164   8,705   1,232 

Operating income (loss)

 $4,407  $(8,208) $15,021  $(357)
  

Lindblad Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $111,045  $93,053  $242,153  $211,356 
                 

Cost of tours

  58,469   55,726   123,292   118,105 

General and administrative

  20,945   19,770   42,077   38,539 

Selling and marketing

  20,449   14,180   43,156   33,070 

Depreciation and amortization

  13,252   12,749   27,312   23,231 

Operating (loss) income

 $(2,070) $(9,372) $6,316  $(1,589)
  

Land Experiences Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $56,900  $43,446  $105,513  $78,757 
                 

Cost of tours

  32,922   27,227   60,947   49,300 

General and administrative

  10,138   10,066   21,728   18,534 

Selling and marketing

  5,941   4,101   11,476   7,968 

Depreciation and amortization

  1,422   888   2,657   1,723 

Operating income

 $6,477  $1,164  $8,705  $1,232 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $13,230  $12,727  $27,268  $23,187 

Amortization

  22   22   44   44 

Land Experiences:

                

Depreciation

  823   458   1,460   863 

Amortization

  599   430   1,197   860 

Total depreciation and amortization

 $14,674  $13,637  $29,969  $24,954 
  As of June 30, 2025  As of December 31, 2024 

(In thousands)

 

(unaudited)

    
         

Total Assets:

        

Lindblad

 $654,312  $667,799 

Land Experiences

  282,211   209,106 

Total assets

 $936,523  $876,905 
         

Intangibles, net:

        

Lindblad

 $1,461  $1,505 

Land Experiences

  13,223   14,418 

Total intangibles, net

 $14,684  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  59,198   59,031 

Total goodwill

 $59,198  $59,031 
v3.25.2
Note 1 - Business and Basis of Presentation (Details Textual)
 6 Months Ended
Jun. 30, 2025
Number of Reportable Segments 2
Number of Expedition Ships Operated 12
Number of Seasonal Charter Vessels Operated 7
v3.25.2
Note 2 - Earnings Per Share (Details Textual) - $ / shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Preferred Stock, Par or Stated Value Per Share (in dollars per share) $ 0.0001   $ 0.0001   $ 0.0001
Restricted Stock [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 1.1 0.8 1.1 0.8  
Share-Based Payment Arrangement, Option [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 2.3 2.7 2.3 2.7  
Series A Redeemable Convertible Preferred Stock [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 8.7 8.2 8.7 8.2  
Series A Redeemable Convertible Preferred Stock [Member]          
Preferred Stock, Par or Stated Value Per Share (in dollars per share) $ 0.0001   $ 0.0001    
v3.25.2
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (8,518) $ (24,667) $ (7,358) $ (28,645)
Series A redeemable convertible preferred stock dividend 1,223 1,150 2,426 2,287
Net loss available to stockholders $ (9,741) $ (25,817) $ (9,784) $ (30,932)
Total weighted average shares outstanding, basic (in shares) 54,590,783 53,500,084 54,511,173 53,436,128
Total weighted average shares outstanding, diluted (in shares) 54,590,783 53,500,084 54,511,173 53,436,128
Basic (in dollars per share) $ (0.18) $ (0.48) $ (0.18) $ (0.58)
Diluted (in dollars per share) $ (0.18) $ (0.48) $ (0.18) $ (0.58)
v3.25.2
Note 3 - Revenues (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Contract with Customer, Liability, Current $ 381,692   $ 381,692   $ 318,666
Lindblad Segment [Member]          
Revenues 111,045 $ 93,053 242,153 $ 211,356  
Lindblad Segment [Member] | Sales Channel, Affinity [Member]          
Revenues   6,300   13,000  
Land-experience [Member]          
Revenues $ 56,900 43,446 $ 105,513 78,757  
Land-experience [Member] | Sales Channel, Affinity [Member]          
Revenues   $ 1,200   $ 1,700  
v3.25.2
Note 3 - Revenues - Change in Contract Liabilities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Balance $ 190,281
Recognized in tour revenues during the period (334,591)
Additional contract liabilities in period 391,457
Balance $ 247,147
v3.25.2
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Lindblad Segment [Member]        
Revenues $ 111,045 $ 93,053 $ 242,153 $ 211,356
Land-experience [Member]        
Revenues 56,900 43,446 105,513 78,757
Guest Ticket [Member] | Lindblad Segment [Member]        
Revenues 98,176 83,570 210,825 186,585
Guest Ticket [Member] | Land-experience [Member]        
Revenues 54,238 41,468 99,915 74,527
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | Lindblad Segment [Member]        
Revenues [1] 68,158 62,315 147,012 135,044
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | Land-experience [Member]        
Revenues [1] 48,470 36,718 90,136 66,900
Guest Ticket [Member] | Sales Channel, Agencies [Member] | Lindblad Segment [Member]        
Revenues 30,018 21,255 63,813 51,541
Guest Ticket [Member] | Sales Channel, Agencies [Member] | Land-experience [Member]        
Revenues 5,768 4,750 9,779 7,627
Other Tour [Member] | Lindblad Segment [Member]        
Revenues 12,869 9,483 31,328 24,771
Other Tour [Member] | Land-experience [Member]        
Revenues $ 2,662 $ 1,978 $ 5,598 $ 4,230
[1] 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 $0.4 million for Lindblad segment and Land Experiences segment, respectively.
v3.25.2
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash and cash equivalents $ 200,929 $ 183,941 $ 168,123  
Restricted cash 46,398 32,202 49,537  
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 247,327 $ 216,143 $ 217,660 $ 187,344
v3.25.2
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Total restricted cash and marketable securities $ 46,398 $ 32,202 $ 49,537
Credit Card Processor Reserves [Member]      
Total restricted cash and marketable securities 12,500 12,750  
Federal Maritime Commission Escrow [Member]      
Total restricted cash and marketable securities 32,203 18,101  
Certificates of Deposit and Other Restricted Securities [Member]      
Total restricted cash and marketable securities $ 1,695 $ 1,351  
v3.25.2
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Prepaid tour expenses $ 42,502 $ 28,585
Other 32,689 33,705
Total prepaid expenses and other current assets $ 75,191 $ 62,290
v3.25.2
Note 5 - Long-term Debt (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Feb. 04, 2022
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 02, 2023
Amortization of Debt Issuance Costs   $ 0.9 $ 0.9 $ 1.8 $ 1.9  
Senior Secured Notes [Member]            
Debt Instrument, Face Amount $ 360.0          
Debt Instrument, Interest Rate, Stated Percentage 6.75%          
Credit Agreement [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility, Maximum Borrowing Capacity $ 45.0          
Line of Credit Facility, Commitment Fee Percentage 0.50%          
Credit Agreement [Member] | Letter of Credit [Member]            
Line of Credit Facility, Maximum Borrowing Capacity $ 5.0          
The 9.00% Note [Member]            
Debt Instrument, Face Amount           $ 275.0
Debt Instrument, Interest Rate, Stated Percentage           9.00%
v3.25.2
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Principal $ 635,008 $ 635,029
Deferred Financing Costs, Net (7,727) (9,575)
Balance 627,281 625,454
Principal, Current (8) (29)
Deferred Financing Costs, Net, Current 0 0
Balance, Current (8) (29)
Principal, Non-current 635,000 635,000
Deferred Financing Costs, Net, Non-current (7,727) (9,575)
Balance, Non-current 627,273 625,425
The 6.75% Note [Member]    
Principal 360,000 360,000
Deferred Financing Costs, Net (3,478) (4,576)
Balance 356,522 355,424
The 9.00% Note [Member]    
Principal 275,000 275,000
Deferred Financing Costs, Net (4,249) (4,999)
Balance 270,751 270,001
Other Debt [Member]    
Principal 8 29
Deferred Financing Costs, Net 0 0
Balance $ 8 $ 29
v3.25.2
Note 6 - Fair Value Measurements (Details Textual)
$ in Millions
Jun. 30, 2025
USD ($)
Long-Term Debt, Fair Value $ 649.3
v3.25.2
Note 7 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 103 Months Ended
Aug. 31, 2020
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Nov. 30, 2016
Dividends, Preferred Stock   $ 1,223 $ 1,150 $ 2,426 $ 2,287      
Preferred Stock, Shares Outstanding (in shares)   62,000   62,000   62,000 62,000  
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares)   8,700,000   8,700,000   8,700,000    
Series A Redeemable Convertible Preferred Stock [Member]                
Temporary Equity, Shares Issued (in shares)   62,000   62,000   62,000 62,000  
Deferred Offering Costs   $ 2,100   $ 2,100   $ 2,100    
Dividends, Preferred Stock   $ 1,200 $ 1,200 $ 2,400 $ 2,300      
Preferred Stock, Shares Outstanding (in shares)   62,000   62,000   62,000    
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member]                
Temporary Equity, Shares Issued (in shares) 85,000              
Shares Issued, Price Per Share (in dollars per share) $ 1,000              
Proceeds from Issuance of Preferred Stock and Preference Stock $ 85,000              
Preferred Stock, Dividend Rate, Percentage 6.00%              
Convertible Preferred Stock, Conversion Price (in dollars per share) $ 9.5              
Stock and Warrant Repurchase Plan [Member]                
Share Repurchase Program, Authorized, Amount               $ 35,000
Warrants Repurchased During Period (in shares)           6,011,926    
Warrants Repurchased During Period, Value           $ 14,700    
Share Repurchase Program, Remaining Authorized, Amount   $ 12,000   $ 12,000   $ 12,000    
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member]                
Stock Repurchased During Period, Shares (in shares)       0   875,218    
Stock Repurchased During Period, Value           $ 8,300    
v3.25.2
Note 8 - Stock Based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-Based Payment Arrangement, Expense $ 5.4 $ 2.7   $ 9.1 $ 4.8  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) 2,300,000     2,300,000   2,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) $ 8.79     $ 8.79   $ 8.77
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) 1,800,000     1,800,000    
Natural Habitat, Inc [Member] | Mr. Bressler [Member]            
Share-Based Payment Arrangement, Expense       $ 1.8    
Equity Incentive Opportunity, Floor Value $ 25.0     $ 25.0    
Stock Options, Excess of Fair Value, Percent 10.10%     10.10%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Percentage of Award Elected to Receive Early     50.00%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)     1,300,000      
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)     $ 8.44      
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense $ 2.1     $ 4.1    
Share-Based Payment Arrangement, Option [Member] | Natural Habitat, Inc [Member] | Mr. Bressler [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)     10 years      
2021 Long-Term Incentive Compensation Plan [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 9,300,000     9,300,000    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) 5,700,000     5,700,000    
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)       455,511    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)       $ 10.32    
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)       229,023    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)       $ 10.57    
v3.25.2
Note 9 - Income Taxes (Details Textual)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Effective Income Tax Rate Reconciliation, Percent 8.50% 22.80% 13.60% 20.00%
v3.25.2
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Balance $ 31,756 $ 36,297 $ 29,424 $ 37,784
Net income attributable to noncontrolling interest 1,550 673 1,400 442
Redemption value adjustment of put option 6,365 2,564 9,157 1,704
Distribution (485) (504) (795) (900)
Redemption of put and/or call options 0 (14,797) 0 (14,797)
Balance $ 39,186 $ 24,233 $ 39,186 $ 24,233
v3.25.2
Note 10 - Commitments and Contingencies - Charter Commitments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
2025 (six months) $ 6,039
2026 14,865
2027 468
Total $ 21,372
v3.25.2
Note 11 - Segment Information (Details Textual)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Number of Operating Segments 2      
Revenue from Contract with Customer, Including Assessed Tax $ 167,945 $ 136,499 $ 347,666 $ 290,113
Intersegment Eliminations [Member]        
Revenue from Contract with Customer, Including Assessed Tax $ 2,000 $ 1,000 $ 5,300 $ 3,800
v3.25.2
Note 11 - Segment Information - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Tour revenues $ 167,945 $ 136,499 $ 347,666 $ 290,113  
Operating (loss) income 4,407 (8,208) 15,021 (357)  
Cost of tours 91,391 82,953 184,239 167,405  
General and administrative 31,083 29,836 63,805 57,073  
Selling and marketing 26,390 18,281 54,632 41,038  
Depreciation and amortization 14,674 13,637 29,969 24,954  
Total Assets 936,523   936,523   $ 876,905
Total intangibles, net 14,684   14,684   15,923
Total goodwill 59,198   59,198   59,031
Operating Segments [Member]          
Tour revenues 167,945 136,499 347,666 290,113  
Operating (loss) income 4,407 (8,208) 15,021 (357)  
Lindblad Segment [Member]          
Depreciation 13,230 12,727 27,268 23,187  
Amortization 22 22 44 44  
Total Assets 654,312   654,312   667,799
Total intangibles, net 1,461   1,461   1,505
Total goodwill 0   0   0
Lindblad Segment [Member] | Operating Segments [Member]          
Tour revenues 111,045 93,053 242,153 211,356  
Operating (loss) income (2,070) (9,372) 6,316 (1,589)  
Cost of tours 58,469 55,726 123,292 118,105  
General and administrative 20,945 19,770 42,077 38,539  
Selling and marketing 20,449 14,180 43,156 33,070  
Depreciation and amortization 13,252 12,749 27,312 23,231  
Land-experience [Member]          
Depreciation 823 458 1,460 863  
Amortization 599 430 1,197 860  
Total Assets 282,211   282,211   209,106
Total intangibles, net 13,223   13,223   14,418
Total goodwill 59,198   59,198   $ 59,031
Land-experience [Member] | Operating Segments [Member]          
Tour revenues 56,900 43,446 105,513 78,757  
Operating (loss) income 6,477 1,164 8,705 1,232  
Cost of tours 32,922 27,227 60,947 49,300  
General and administrative 10,138 10,066 21,728 18,534  
Selling and marketing 5,941 4,101 11,476 7,968  
Depreciation and amortization $ 1,422 $ 888 $ 2,657 $ 1,723  
v3.25.2
Note 12 - Acquisition (Details Textual)
$ in Thousands
Jan. 09, 2025
USD ($)
Jul. 31, 2024
USD ($)
shares
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Goodwill     $ 59,198 $ 59,031
Torcatt Enterprises Limitada [Member]        
Number of Vessels Owned 2      
Payments to Acquire Businesses, Gross $ 16,000      
Business Combination, Acquisition-Related Cost, Expense $ 200      
Wineland-Thomson Adventures, Inc [Member]        
Payments to Acquire Businesses, Gross   $ 24,000    
Business Combination, Acquisition-Related Cost, Expense   2,700    
Business Combination, Consideration Transferred   30,000    
Business Combination, Consideration Transferred, Equity Interest   $ 6,000    
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares (in shares) | shares   682,593    
Goodwill       17,000
Wineland-Thomson Adventures, Inc [Member] | Tradenames and Customer Relationships [Member]        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill       $ 8,600