Note 13 - Segment Information

3 Months Ended

Mar. 31, 2022

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 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 months ended March 31, 2022 and 2021, operating results for the Company’s reportable segments were as follows:

	For the three months ended March 31,
	2022			2021			Change			%
(In thousands)	(unaudited)
Tour revenues:
Lindblad	$	50,274		$	484		$	49,790			NM
Land Experiences		17,572			1,296			16,276			NM
Total tour revenues	$	67,846		$	1,780		$	66,066			NM
Operating loss:
Lindblad	$	(33,569	)	$	(27,296	)	$	(6,273	)		(23	)%
Land Experiences		(676	)		(3,770	)		3,094			82	%
Total operating loss	$	(34,245	)	$	(31,066	)	$	(3,179	)		(10	)%

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

	For the three months ended March 31,
	2022		2021		Change		%
(In thousands)		(unaudited)
Depreciation and amortization:
Lindblad	$	10,741	$	7,867	$	2,874		37	%
Land Experiences		437		382		55		14	%
Total depreciation and amortization	$	11,178	$	8,249	$	2,929		36	%

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

(In thousands)	As of March 31, 2022		As of December 31, 2021
Total Assets:		(unaudited)
Lindblad	$	714,926	$	724,873
Land Experiences		125,709		102,618
Total assets	$	840,635	$	827,491
Intangibles, net:
Lindblad	$	1,746	$	1,874
Land Experiences		11,084		11,361
Total intangibles, net	$	12,830	$	13,235
Goodwill:
Lindblad	$	-	$	-
Land Experiences		42,017		42,017
Total goodwill	$	42,017	$	42,017

For the three months ended March 31, 2022 and 2021, there was $1.6 million and $0.0 million, respectively, in intercompany tour revenues between the Lindblad and Land Experiences reportable segments eliminated in consolidation.