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Note 11 - Segment Information | 9 Months Ended
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Sep. 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 September 30, |  |  | For the nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
(In thousands) |  |  | (unaudited) |  |  |  | (unaudited) |
Tour revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lindblad |  | $ | 137,561 |  |  | $ | 121,268 |  |  | $ | 379,714 |  |  | $ | 332,624 |
Land Experiences |  |  | 102,611 |  |  |  | 84,737 |  |  |  | 208,124 |  |  |  | 163,494 |
Total tour revenues |  | $ | 240,172 |  |  | $ | 206,005 |  |  | $ | 587,838 |  |  | $ | 496,118 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lindblad |  | $ | 13,236 |  |  | $ | 11,680 |  |  | $ | 19,553 |  |  | $ | 10,092 |
Land Experiences |  |  | 22,734 |  |  |  | 17,801 |  |  |  | 31,440 |  |  |  | 19,032 |
Operating income |  | $ | 35,970 |  |  | $ | 29,481 |  |  | $ | 50,993 |  |  | $ | 29,124 |
For the three and nine months ended September 30, 2025, there was $2.4 million and $7.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation. 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 segments, which were eliminated in consolidation. The following table presents the Lindblad segment expenses:
|  | Lindblad Segment |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
(In thousands) |  |  | (unaudited) |  |  |  | (unaudited) |
Tour revenues |  | $ | 137,561 |  |  | $ | 121,268 |  |  | $ | 379,714 |  |  | $ | 332,624 |
Cost of tours |  |  | 63,800 |  |  |  | 59,202 |  |  |  | 187,092 |  |  |  | 177,306 |
General and administrative |  |  | 23,682 |  |  |  | 19,089 |  |  |  | 65,758 |  |  |  | 57,628 |
Selling and marketing |  |  | 23,483 |  |  |  | 19,536 |  |  |  | 66,639 |  |  |  | 52,606 |
Depreciation and amortization |  |  | 13,360 |  |  |  | 11,761 |  |  |  | 40,672 |  |  |  | 34,992 |
Operating income |  | $ | 13,236 |  |  | $ | 11,680 |  |  | $ | 19,553 |  |  | $ | 10,092 |
The following table presents the Land Experiences segment expenses:
|  | Land Experiences Segment |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
(In thousands) |  |  | (unaudited) |  |  |  | (unaudited) |
Tour revenues |  | $ | 102,611 |  |  | $ | 84,737 |  |  | $ | 208,124 |  |  | $ | 163,494 |
Cost of tours |  |  | 60,573 |  |  |  | 50,584 |  |  |  | 121,519 |  |  |  | 99,885 |
General and administrative |  |  | 11,126 |  |  |  | 9,913 |  |  |  | 32,855 |  |  |  | 28,446 |
Selling and marketing |  |  | 6,608 |  |  |  | 5,467 |  |  |  | 18,083 |  |  |  | 13,436 |
Depreciation and amortization |  |  | 1,570 |  |  |  | 972 |  |  |  | 4,227 |  |  |  | 2,695 |
Operating income |  | $ | 22,734 |  |  | $ | 17,801 |  |  | $ | 31,440 |  |  | $ | 19,032 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
(In thousands) |  |  | (unaudited) |  |  |  | (unaudited) |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lindblad: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 13,338 |  |  | $ | 11,739 |  |  | $ | 40,606 |  |  | $ | 34,926 |
Amortization |  |  | 22 |  |  |  | 22 |  |  |  | 66 |  |  |  | 66 |
Land Experiences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 972 |  |  |  | 542 |  |  |  | 2,432 |  |  |  | 1,405 |
Amortization |  |  | 598 |  |  |  | 430 |  |  |  | 1,795 |  |  |  | 1,290 |
Total depreciation and amortization |  | $ | 14,930 |  |  | $ | 12,733 |  |  | $ | 44,899 |  |  | $ | 37,687 |
The following table presents our total assets, intangibles, net and goodwill by segment:
|  | As of September 30, 2025 |  |  | As of December 31, 2024 |
(In thousands) |  | (unaudited) |  |  |  |
Total Assets: |  |  |  |  |  |  |  |
Lindblad |  | $ | 701,288 |  |  | $ | 667,799 |
Land Experiences |  |  | 275,246 |  |  |  | 209,106 |
Total assets |  | $ | 976,534 |  |  | $ | 876,905 |
Intangibles, net: |  |  |  |  |  |  |  |
Lindblad |  | $ | 4,739 |  |  | $ | 1,505 |
Land Experiences |  |  | 12,626 |  |  |  | 14,418 |
Total intangibles, net |  | $ | 17,365 |  |  | $ | 15,923 |
Goodwill: |  |  |  |  |  |  |  |
Lindblad |  | $ | - |  |  | $ | - |
Land Experiences |  |  | 61,145 |  |  |  | 59,031 |
Total goodwill |  | $ | 61,145 |  |  | $ | 59,031 |

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