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Note 11 - Segment Information
 6 Months Ended
Jun. 30, 2025
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, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. 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’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. 

 

The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows: 

 

  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues:

                

Lindblad

 $111,045  $93,053  $242,153  $211,356 

Land Experiences

  56,900   43,446   105,513   78,757 

Total tour revenues

 $167,945  $136,499  $347,666  $290,113 

Operating income:

                

Lindblad

 $(2,070) $(9,372) $6,316  $(1,589)

Land Experiences

  6,477   1,164   8,705   1,232 

Operating income (loss)

 $4,407  $(8,208) $15,021  $(357)

 

For the three and six months ended June 30, 2025, there was $2.0 million and $5.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation. For the three and six months ended  June 30, 2024, there was $1.0 million and $3.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation.

 

The following table presents the Lindblad segment expenses: 

 

  

Lindblad Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $111,045  $93,053  $242,153  $211,356 
                 

Cost of tours

  58,469   55,726   123,292   118,105 

General and administrative

  20,945   19,770   42,077   38,539 

Selling and marketing

  20,449   14,180   43,156   33,070 

Depreciation and amortization

  13,252   12,749   27,312   23,231 

Operating (loss) income

 $(2,070) $(9,372) $6,316  $(1,589)

 

The following table presents the Land Experiences segment expenses: 

 

  

Land Experiences Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $56,900  $43,446  $105,513  $78,757 
                 

Cost of tours

  32,922   27,227   60,947   49,300 

General and administrative

  10,138   10,066   21,728   18,534 

Selling and marketing

  5,941   4,101   11,476   7,968 

Depreciation and amortization

  1,422   888   2,657   1,723 

Operating income

 $6,477  $1,164  $8,705  $1,232 

 

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

 

  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $13,230  $12,727  $27,268  $23,187 

Amortization

  22   22   44   44 

Land Experiences:

                

Depreciation

  823   458   1,460   863 

Amortization

  599   430   1,197   860 

Total depreciation and amortization

 $14,674  $13,637  $29,969  $24,954 

 

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

 

  As of June 30, 2025  As of December 31, 2024 

(In thousands)

 

(unaudited)

    
         

Total Assets:

        

Lindblad

 $654,312  $667,799 

Land Experiences

  282,211   209,106 

Total assets

 $936,523  $876,905 
         

Intangibles, net:

        

Lindblad

 $1,461  $1,505 

Land Experiences

  13,223   14,418 

Total intangibles, net

 $14,684  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  59,198   59,031 

Total goodwill

 $59,198  $59,031