Note 13 - Segment Information

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 13 — SEGMENT INFORMATION

The Company is primarily a specialty cruise and experiential travel operator with operations in two segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker, 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, 2021 and 2020, operating results were as follows:

	For the three months ended March 31,
	2021			2020		Change				%
(In thousands)		(unaudited)
Tour revenues:
Lindblad	$	484		$	69,539	$	(69,055	)	(99	%)
Land Experiences		1,296			11,699		(10,403	)	(89	%)
Total tour revenues	$	1,780		$	81,238	$	(79,458	)	(98	%)
Operating (loss) income:
Lindblad	$	(27,296	)	$	2,189	$	(29,485	)	NM
Land Experiences		(3,770	)		62		(3,832	)	NM
Total operating (loss) income	$	(31,066	)	$	2,251	$	(33,317	)	NM

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

	For the three months ended March 31,
	2021		2020		Change				%
(In thousands)		(unaudited)
Depreciation and amortization:
Lindblad	$	7,867	$	6,248	$	1,619		26	%
Land Experiences		382		442		(60	)	(14	%)
Total depreciation and amortization	$	8,249	$	6,690	$	1,559		23	%

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

(In thousands)	As of March 31, 2021		As of December 31, 2020
Total Assets:		(unaudited)
Lindblad	$	677,920	$	698,420
Land Experiences		81,980		59,029
Total assets	$	759,900	$	757,449
Intangibles, net:
Lindblad	$	2,418	$	2,599
Land Experiences		8,545		2,218
Total intangibles, net	$	10,963	$	4,817
Goodwill:
Lindblad	$	-	$	-
Land Experiences		33,652		22,105
Total goodwill	$	33,652	$	22,105

For the three months Ended March 31, 2021 and 2020 there were $0.0 million and $2.2 million in intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation, respectively.