Segment Information

9 Months Ended

Sep. 30, 2018

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 7 – SEGMENT INFORMATION

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 three and nine months ended September 30, 2018 and 2017, operating results were as follows:

	For the three months ended September 30,										For the nine months ended  September 30,
(In thousands)	2018		2017		Change			%			2018		2017		Change		%
Tour revenues:
Lindblad	$	64,507	$	67,451	$	(2,944	)		(4	%)	$	194,516	$	167,891	$	26,625		16	%
Natural Habitat		22,735		17,133		5,602			33	%		44,609		35,392		9,217		26	%
Total tour revenues	$	87,242	$	84,584	$	2,658			3	%	$	239,125	$	203,283	$	35,842		18	%
Operating income:
Lindblad	$	8,209	$	12,070	$	(3,861	)		(32	%)	$	26,755	$	12,386	$	14,369		116	%
Natural Habitat		2,072		1,479		593			40	%		2,105		873		1,232		141	%
Total operating income	$	10,281	$	13,549	$	(3,268	)		(24	%)	$	28,860	$	13,259	$	15,601		118	%

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,
(In thousands)	2018		2017		Change		%			2018		2017		Change		%
Depreciation and amortization:
Lindblad	$	4,645	$	3,994	$	651		16	%	$	13,954	$	10,989	$	2,965		27	%
Natural Habitat		379		360		19		5	%		1,108		1,023		85		8	%
Total depreciation and amortization	$	5,024	$	4,354	$	670		15	%	$	15,062	$	12,012	$	3,050		25	%

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

	As of September 30,		As of December 31,
(In thousands)	2018		2017
Total Assets:	(unaudited)
Lindblad	$	399,998	$	371,081
Natural Habitat		64,817		53,267
Total assets	$	464,815	$	424,348
Intangibles, net:
Lindblad	$	4,232	$	4,776
Natural Habitat		4,138		4,778
Total intangibles, net	$	8,370	$	9,554
Goodwill
Lindblad	$	-	$	-
Natural Habitat		22,105		22,105
Total goodwill	$	22,105	$	22,105

For the three months ended September 30, 2018 and 2017 there were $1.2 million and $0.7 million in intercompany tour revenues between the Lindblad and Natural Habitat segments eliminated in consolidation, respectively. For the nine months ended September 30, 2018 and 2017, there were $2.6 million and $1.1 million, respectively, in intercompany tour revenues between the Lindblad and Natural Habitat segments eliminated in consolidation.