XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Note 11 - Segment Information
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT INFORMATION

 

The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker and management review operating results monthly and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments.

 

The Company evaluates the performance of its business segments based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. Operating results for the Company’s reportable segments were as follows:

 

   

For the three months ended March 31,

  
   

2024

    

2023

  

(In thousands)

     (unaudited)  

Tour revenues:

                

Lindblad

   $ 118,303     $ 115,498  

Land Experiences

     35,311       27,897  

Total tour revenues

   $ 153,614     $ 143,395  

Operating income:

                

Lindblad

   $ 7,783     $ 12,118  

Land Experiences

     67       348  

Total operating income

   $ 7,850     $ 12,466  

 

For the three months ended March 31, 2024 and 2023, there was $2.8 million and $2.5 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation. 

 

Depreciation and amortization are included in segment operating income as shown below:

 

   

For the three months ended March 31,

  
   

2024

    

2023

  

(In thousands)

     (unaudited)  

Depreciation and amortization:

                

Lindblad

   $ 10,482     $ 11,152  

Land Experiences

     835       656  

Total depreciation and amortization

   $ 11,317     $ 11,808  

 

The following table presents our total assets, intangibles, net and goodwill by segment:

 

    As of March 31, 2024     As of December 31, 2023  

(In thousands)

  

(unaudited)

        

Total Assets:

                

Lindblad

   $ 686,355     $ 675,432  

Land Experiences

     181,683       155,865  

Total assets

   $ 868,038     $ 831,297  
                 

Intangibles, net:

                

Lindblad

   $ 1,571     $ 1,592  

Land Experiences

     7,389       7,820  

Total intangibles, net

   $ 8,960     $ 9,412  
                 

Goodwill:

                

Lindblad

   $ -     $ -  

Land Experiences

     42,017       42,017  

Total goodwill

   $ 42,017     $ 42,017