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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.