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Note 3 - Revenues | 3 Months Ended
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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.

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