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Note 12 - Segment Information
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 12—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 September 30,

  

For the nine months ended September 30,

 
  

2024

  

2023

  

2024

  

2023

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Tour revenues:

                

Lindblad

 $121,268  $108,750  $332,624  $311,660 

Land Experiences

  84,737   67,239   163,494   132,523 

Total tour revenues

 $206,005  $175,989  $496,118  $444,183 

Operating income:

                

Lindblad

 $11,680  $7,501  $10,092  $8,576 

Land Experiences

  17,801   12,975   19,032   15,868 

Operating income

 $29,481  $20,476  $29,124  $24,444 

 

For the three and nine months ended September 30, 2024, there was $1.3 million and $5.1 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation. For the three and nine months ended  September 30, 2023, there was $2.3 million and $6.3 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 September 30,

  

For the nine months ended September 30,

 
  

2024

  

2023

  

2024

  

2023

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Depreciation and amortization:

                

Lindblad

 $11,761  $9,665  $34,992  $31,155 

Land Experiences

  972   856   2,695   2,505 

Total depreciation and amortization

 $12,733  $10,521  $37,687  $33,660 

 

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

 

  As of September 30, 2024  As of December 31, 2023 

(In thousands)

 

(unaudited)

    

Total Assets:

        

Lindblad

 $671,587  $675,432 

Land Experiences

  218,235   155,865 

Total assets

 $889,822  $831,297 
         

Intangibles, net:

        

Lindblad

 $1,527  $1,592 

Land Experiences

  6,531   7,820 

Total intangibles, net

 $8,058  $9,412 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  67,801   42,017 

Total goodwill

 $67,801  $42,017