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Note 14 - Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14 — SEGMENT INFORMATION The Company’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. The Company is primarily an experiential travel operator with operations in two segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company evaluates the performance of the business based largely on the results of its operating segments. The CODM 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 also contain information regarding the separate results of both reportable 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. For the years ended December 31, 2024, 2023 and 2022, reportable segment operating results were as follows:
|  | For the years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Tour revenues: |  |  |  |  |  |  |  |  |  |  |  |
Lindblad |  | $ | 423,306 |  |  | $ | 397,410 |  |  | $ | 278,449 |
Land Experiences |  |  | 221,421 |  |  |  | 172,133 |  |  |  | 143,051 |
Total tour revenues |  | $ | 644,727 |  |  | $ | 569,543 |  |  | $ | 421,500 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |
Lindblad |  | $ | (2,928 | ) |  | $ | (8,692 | ) |  | $ | (77,871 | )
Land Experiences |  |  | 24,481 |  |  |  | 19,291 |  |  |  | 14,825 |
Operating income (loss) |  | $ | 21,553 |  |  | $ | 10,599 |  |  | $ | (63,046 | )
The following table presents the Lindblad segment expenses:
|  | For the years ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Tour revenues |  | $ | 423,306 |  |  | $ | 397,410 |  |  | $ | 278,449 |
Cost of tours |  |  | 217,408 |  |  |  | 222,413 |  |  |  | 201,255 |
General and administrative |  |  | 92,662 |  |  |  | 83,004 |  |  |  | 67,564 |
Selling and marketing |  |  | 67,731 |  |  |  | 57,334 |  |  |  | 46,226 |
Depreciation and amortization |  |  | 48,433 |  |  |  | 43,351 |  |  |  | 41,275 |
Operating loss |  | $ | (2,928 | ) |  | $ | (8,692 | ) |  | $ | (77,871 | )
The following table presents the Land Experiences segment expenses:
|  | For the years ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Tour revenues |  | $ | 221,421 |  |  | $ | 172,133 |  |  | $ | 143,051 |
Cost of tours |  |  | 126,265 |  |  |  | 99,963 |  |  |  | 81,962 |
General and administrative |  |  | 47,259 |  |  |  | 35,427 |  |  |  | 28,727 |
Selling and marketing |  |  | 19,287 |  |  |  | 14,092 |  |  |  | 14,770 |
Depreciation and amortization |  |  | 4,129 |  |  |  | 3,360 |  |  |  | 2,767 |
Operating income |  | $ | 24,481 |  |  | $ | 19,291 |  |  | $ | 14,825 |
Intercompany tour revenues between the Lindblad and Land Experiences segments are eliminated in consolidation and in the presentation above for the years ended December 31, 2024, 2023 and 2022 were $6.6 million, $7.9 million and $6.0 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Lindblad segment had $30.0 million, $28.6 million and $34.3 million of capital expenditures, respectively, and the Land Experiences segment had $3.5 million, $2.6 million and $3.9 million of capital expenditures, respectively. Depreciation and amortization expense is included in segment operating income as shown below:
|  | For the years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Lindblad: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 48,345 |  |  | $ | 43,263 |  |  | $ | 41,080 |
Amortization |  |  | 88 |  |  |  | 88 |  |  |  | 195 |
Land Experiences: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 2,131 |  |  |  | 1,641 |  |  |  | 946 |
Amortization |  |  | 1,998 |  |  |  | 1,719 |  |  |  | 1,821 |
Total depreciation and amortization |  | $ | 52,562 |  |  | $ | 46,711 |  |  | $ | 44,042 |
The following table presents the Company’s total assets, intangibles, net and goodwill by segment:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |  |  |
Total Assets: |  |  |  |  |  |  |  |
Lindblad |  | $ | 667,799 |  |  | $ | 675,432 |
Land Experiences |  |  | 209,106 |  |  |  | 155,865 |
Total assets |  | $ | 876,905 |  |  | $ | 831,297 |
Intangibles, net: |  |  |  |  |  |  |  |
Lindblad |  | $ | 1,505 |  |  | $ | 1,592 |
Land Experiences |  |  | 14,418 |  |  |  | 7,820 |
Total intangibles, net |  | $ | 15,923 |  |  | $ | 9,412 |
Goodwill: |  |  |  |  |  |  |  |
Lindblad |  | $ | - |  |  | $ | - |
Land Experiences |  |  | 59,031 |  |  |  | 42,017 |
Total goodwill |  | $ | 59,031 |  |  | $ | 42,017 |

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- Definition The entire disclosure for reporting segments including data and tables. 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