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Note 3 - Revenues
 9 Months Ended
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.