Note 15 - Segment Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 15 — SEGMENT INFORMATION

The Company’s chief operating decision maker, or CODM, assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors.

The Company is primarily an experiential travel operator with operations in two segments, Lindblad and Land Experiences. 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 the business based largely on the results of its operating segments. The 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.

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 full year ended December 31, 2021, 2020 and 2019, segment operating results were as follows:

	For the years ended December 31,
	2021			2020			Change			%			2019		Change			%
(In thousands)
Tour revenues:
Lindblad	$	82,842		$	69,620		$	13,222			19	%	$	272,410	$	(202,790	)		(74	)%
Land Experiences		64,265			12,736			51,529			405	%		70,681		(57,945	)		(82	)%
Total tour revenues	$	147,107		$	82,356		$	64,751			79	%	$	343,091	$	(260,735	)		(76	)%
Operating (loss) income:
Lindblad	$	(111,477	)	$	(78,573	)	$	(32,904	)		(42	)%	$	26,203	$	(104,776	)		NM
Land Experiences		646			(9,825	)		10,471			107	%		6,995		(16,820	)		NM
Total operating loss	$	(110,831	)	$	(88,398	)	$	(22,433	)		(25	)%	$	33,198	$	(121,596	)		NM

Intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation and in the presentation above for the years ended December 31, 2021, 2020 and 2019 were $2.2 million, $2.4 million and $5.6 million, respectively.

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

	For the years ended December 31,
	2021		2020		Change			%			2019		Change		%
(In thousands)
Depreciation and amortization:
Lindblad	$	37,516	$	30,033	$	7,483			25	%	$	24,116	$	5,917		25	%
Land Experiences		2,009		2,051		(42	)		(2	%)		1,653		398		24	%
Total depreciation and amortization	$	39,525	$	32,084	$	7,441			23	%	$	25,769	$	6,315		25	%

The following table presents the Company’s total assets, intangibles, net and goodwill by segment:

(In thousands)	As of December 31, 2021		As of December 31, 2020
Total Assets:
Lindblad	$	724,873	$	693,849
Land Experiences		102,618		63,600
Total assets	$	827,491	$	757,449
Intangibles, net:
Lindblad	$	1,874	$	2,599
Land Experiences		11,361		2,218
Total intangibles, net	$	13,235	$	4,817
Goodwill:
Lindblad	$	-	$	-
Land Experiences		42,017		22,105
Total goodwill	$	42,017	$	22,105