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Note 3 - Revenues
 9 Months Ended
Sep. 30, 2024
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 previous suspension or rescheduling of expeditions, the Company provided guests an option of either a refund or future travel certificates, which in some instances the future travel credit 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  September 30, 2024 and December 31, 2023, the Company has $314.2 million and $252.2 million, related to unearned passenger revenue, respectively.

 

The change in contract liabilities within unearned passenger revenues presented in the Company's consolidated balance sheets are as follows:

 

  

Contract Liabilities

 

(In thousands)

    

Balance as of December 31, 2023

 $93,906 

Recognized in tour revenues during the period

  (479,684)

Additional contract liabilities in period

  568,467 

Balance as of September 30, 2024

 $182,689 

 

The following tables disaggregate each reportable segment’s tour revenues by the sales channel it was derived from:

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 

Lindblad Segment

  2024   2023   2024   2023 
  

(unaudited)

  

(unaudited)

 

Guest ticket revenue:

                

Direct (a)

 $73,162  $63,907  $195,137  $175,697 

Agencies

  27,533   26,770   79,096   70,624 

Affinity

  8,445   4,074   21,494   27,332 

Guest ticket revenue

  109,140   94,751   295,727   273,653 

Other tour revenue

  12,128   13,999   36,897   38,007 

Tour revenues

 $121,268  $108,750  $332,624  $311,660 
             
             
  For the three months ended September 30,  For the nine months ended September 30, 

Land Experiences Segment

  2024   2023   2024   2023 
  (unaudited)  (unaudited) 

Guest ticket revenue:

                

Direct

 $71,290  $56,431  $136,851  $111,048 

Agencies

  7,801   5,738   15,619   11,635 

Affinity

  1,783   2,550   2,932   4,056 

Guest ticket revenue

  80,874   64,719   155,402   126,739 

Other tour revenue

  3,863   2,520   8,092   5,784 

Tour revenues

 $84,737  $67,239  $163,494  $132,523 
 (a)Under the brand license agreement between the Company and National Geographic, effective January 1, 2024, National Geographic no longer receives commissions on sales bookings through the former National Geographic sales channel as the co-selling arrangement operates as direct sales through the Company’s booking system. In the three and nine months ended September 30, 2023, the National Geographic sales channel accounted for $18.6 million and $53.2 million, respectively, of the Company’s consolidated guest ticket revenue. In the table above, 2023 guest ticket revenues derived through the previous National Geographic sales channel have been classified as direct sales for comparison purposes.