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Note 5 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 — GOODWILL AND INTANGIBLE ASSETS

The Company's goodwill carrying value as of December 31, 2021 was $42.0 million and related to the acquisition of its subsidiaries Natural Habitat, DuVine, Off the Beaten Path and Classic Journeys, see Note 9—Acquisitions. As of December 31, 2020, the goodwill carrying value was $22.1 million and related to the acquisition of Natural Habitat in 2016. The following is a rollforward of the Company’s goodwill:

(In thousands)	*Lindblad Segment*		*Land Experiences Segment*		*Total*
Balance as of January 1, 2020	$	-	$	22,105	$	22,105
Activity		-		-		-
Balance as of December 31, 2020		-		22,105		22,105
Acquisitions		-		19,912		19,912
Balance as of December 31, 2021	$	-	$	42,017	$	42,017

The carrying amounts and accumulated amortization of the Company’s intangibles, net are as follows:

	As of December 31,
	2021									2020
(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life Remaining (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Tradenames	$	7,069	$	(1,266	)	$	5,803		12.3	$	2,900	$	(902	)	$	1,998
Customer Lists		6,182		(624	)		5,558		4.5		3,300		(3,080	)		220
Operating rights		6,529		(4,655	)		1,874		2.6		6,529		(3,930	)		2,599
Total intangibles, net	$	19,780	$	(6,545	)	$	13,235		7.7	$	12,729	$	(7,912	)	$	4,817

The Company began amortizing operating rights with a gross carrying value of $6.5 million in July 2015, as a result of changes to the laws regarding cupos in the Galápagos National Park. See Note 2—Summary of Significant Policies, Intangible Assets for a description of, and rationale for, amortizing operating rights. Total amortization expense for the year ended December 31, 2021, was $1.9 million, and for each of the years ended December 31, 2020 and 2019 was $1.6 million.

Future expected amortization expense related to these intangibles are as follows:

Year	*Amount*
	(In thousands)
2022	$	2,433
2023		2,433
2024		2,131
2025		1,708
2026		1,084
Thereafter		3,446
	$	13,235