Note 13 - Segment Information

9 Months Ended

Sep. 30, 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 reportable 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.

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, 2021 and 2020, 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,
	2021			2020			Change			%	2021			2020			Change				%
(In thousands)	(unaudited)										(unaudited)
Tour revenues:
Lindblad	$	33,100		$	16		$	33,084	NM		$	40,264		$	69,533		$	(29,269	)	(42	)%
Land Experiences		31,407			1,003			30,404	NM			41,291			12,458			28,833		231	%
Total tour revenues	$	64,507		$	1,019		$	63,488	NM		$	81,555		$	81,991		$	(436	)	1	%
Operating (loss) income:
Lindblad	$	(22,282	)	$	(24,835	)	$	2,553	10	%	$	(80,617	)	$	(54,287	)	$	(26,330	)	(49	)%
Land Experiences		4,630			(1,979	)		6,609	NM			(686	)		(5,021	)		4,335		86	%
Total operating loss	$	(17,652	)	$	(26,814	)	$	9,162	34	%	$	(81,303	)	$	(59,308	)	$	(21,995	)	(37	)%

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,
	2021		2020		Change			%			2021		2020		Change			%
(In thousands)	(unaudited)										(unaudited)
Depreciation and amortization:
Lindblad	$	8,928	$	7,888	$	1,040			13	%	$	24,618	$	22,075	$	2,543			12	%
Land Experiences		395		597		(202	)		(34	)%		1,167		1,653		(486	)		(29%	)
Total depreciation and amortization	$	9,323	$	8,485	$	838			10	%	$	25,785	$	23,728	$	2,057			9	%

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

(In thousands)	As of September 30, 2021		As of December 31, 2020
Total Assets:	(unaudited)
Lindblad	$	737,999	$	698,420
Land Experiences		92,631		59,029
Total assets	$	830,630	$	757,449
Intangibles, net:
Lindblad	$	2,055	$	2,599
Land Experiences		8,110		2,218
Total intangibles, net	$	10,165	$	4,817
Goodwill:
Lindblad	$	-	$	-
Land Experiences		32,772		22,105
Total goodwill	$	32,772	$	22,105

For the three and nine months ended September 30, 2021 there was $1.0 million and $1.1 million, respectively, in intercompany tour revenues between the Lindblad and Land Experiences reportable segments eliminated in consolidation. For the three and nine months ended September 30, 2020, there were $0.0 million and $2.2 million, respectively in intercompany tour revenues between the Lindblad and Land Experiences reportable segments eliminated in consolidation.