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Note 3 - Revenues | 9 Months Ended
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Sep. 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. 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 |  |  | (564,920 | )
Additional contract liabilities in period |  |  | 597,820 |
Balance as of September 30, 2025 |  | $ | 223,181 |
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 September 30, |  |  | For the nine months ended September 30, |
Lindblad Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
|  | (unaudited) |  |  | (unaudited) |
Guest ticket revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct (a) |  | $ | 86,543 |  |  | $ | 81,607 |  |  | $ | 233,556 |  |  | $ | 216,631 |
Agencies |  |  | 34,436 |  |  |  | 27,533 |  |  |  | 98,248 |  |  |  | 79,096 |
Guest ticket revenue |  |  | 120,979 |  |  |  | 109,140 |  |  |  | 331,804 |  |  |  | 295,727 |
Other tour revenue |  |  | 16,582 |  |  |  | 12,128 |  |  |  | 47,910 |  |  |  | 36,897 |
Tour revenues |  | $ | 137,561 |  |  | $ | 121,268 |  |  | $ | 379,714 |  |  | $ | 332,624 |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
Land Experiences Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
|  | (unaudited) |  |  | (unaudited) |
Guest ticket revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct (a) |  | $ | 88,162 |  |  | $ | 73,073 |  |  | $ | 178,303 |  |  | $ | 139,783 |
Agencies |  |  | 9,788 |  |  |  | 7,801 |  |  |  | 19,561 |  |  |  | 15,619 |
Guest ticket revenue |  |  | 97,950 |  |  |  | 80,874 |  |  |  | 197,864 |  |  |  | 155,402 |
Other tour revenue |  |  | 4,661 |  |  |  | 3,863 |  |  |  | 10,260 |  |  |  | 8,092 |
Tour revenues |  | $ | 102,611 |  |  | $ | 84,737 |  |  | $ | 208,124 |  |  | $ | 163,494 |
| (a) | Direct bookings in the table above are inclusive of affinity group sales. During the three and nine months ended September 30, 2024, affinity sales were $8.4 million and $21.5 million, respectively, for the Lindblad segment, and $1.8 million and $2.9 million, respectively, for the Land Experiences segment.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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