Note 12 - Segment Information

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

12

 – SEGMENT INFORMATION

The Company is primarily a specialty cruise and adventure expedition operator with operations in

two

segments, Lindblad and Natural Habitat. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker, or 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 segments. 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 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

months ended

March 31, 2020

and

2019,

operating results were as follows:

	For the three months ended March 31,
	2020		2019		Change			%
(In thousands)	(unaudited)		(unaudited)
Tour revenues:
Lindblad	$	69,539	$	76,038	$	(6,499	)		(9	%)
Natural Habitat		11,699		13,616		(1,917	)		(14	%)
Total tour revenues	$	81,238	$	89,654	$	(8,416	)		(9	%)
Operating Income:
Lindblad	$	2,189	$	13,641	$	(11,452	)		(84	%)
Natural Habitat		62		724		(662	)		(91	%)
Total operating income	$	2,251	$	14,365	$	(12,114	)		(84	%)

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

	For the three months ended March 31,
	2020		2019		Change		%
(In thousands)	(unaudited)		(unaudited)
Depreciation and amortization:
Lindblad	$	6,248	$	5,794	$	454		8	%
Natural Habitat		442		394		48		12	%
Total depreciation and amortization	$	6,690	$	6,188	$	502		8	%

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

(In thousands)	As of March 31, 2020		As of December 31, 2019
Total Assets:	(unaudited)
Lindblad	$	625,876	$	471,499
Natural Habitat		79,646		77,159
Total assets	$	705,522	$	548,658
Intangibles, net:
Lindblad	$	3,144	$	3,325
Natural Habitat		2,857		3,071
Total intangibles, net	$	6,001	$	6,396
Goodwill:
Lindblad	$	-	$	-
Natural Habitat		22,105		22,105
Total goodwill	$	22,105	$	22,105

For the

three

months ended

March 31, 2020

and

2019

there were

$2.2

 million and

$1.7

million in intercompany tour revenues between the Lindblad and Natural Habitat segments eliminated in consolidation, respectively.