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Note 11 - Segment Information
 9 Months Ended
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