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Note 14 - Segment Information
 12 Months Ended
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