Note 11 - Acquisitions

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE 11 — ACQUISITIONS

To further expand the Company’s land-based experiential travel offerings and increase its addressable market, on February 1, 2021, the Company acquired, through its Natural Habitat subsidiary, 90.1% of the outstanding common stock of Off the Beaten Path, LLC, a land-based travel operator specializing in authentic national park experiences, and on March 3, 2021, acquired 70% of the outstanding common stock of DuVine Cycling + Adventure LLC, an international luxury cycling and adventure company focused on exceptional food and wine experiences. 

The acquisitions had an aggregate purchase price of $10.6 million, including $1.8 million in Company stock at closing. The acquisitions were accounted for under purchase accounting and are included in our consolidated results from the acquisition dates. Acquisition related cost were approximately $0.4 million and are included in general and administrative expenses in the condensed consolidated statements of operations for the nine months ended September 30, 2021. The Company recorded approximately $6.5 million in intangible assets related to tradenames and customer lists and approximately $10.7 million in goodwill related to these acquisitions. The acquired businesses contributed aggregate revenue of $10.5 million and $14.0 million during the three and nine months ended September 30, 2021, respectively, while their aggregate net income contributed for the three and nine months ended September 30, 2021 was immaterial to the Company's financial statements. Following are pro forma revenue and net loss available to stockholders for the three and nine months ended September 30, 2021 and 2020, assuming the Company had completed the acquisitions on January 1, 2020: 

	For the three months ended September 30,						For the nine months ended September 30,
	2021			2020			2021			2020
(In thousands)	(unaudited)						(unaudited)
Revenue	$	64,507		$	2,130		$	81,608		$	84,829
Net loss available to stockholders		(25,678	)		(28,046	)		(97,142	)		(70,938	)

In addition to the businesses acquired above, during September 2021, the Company acquired the Crystal Esprit yacht for $13.3 million. The Company expects to modify the vessel to a capacity of 48 guest, along with other changes, and replace the National Geographic Islander with it in the Galapagos.