Note 13 - Segment Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 13 — 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 reportable 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 years ended December 31, 2023, 2022 and 2021, reportable segment operating results were as follows:

	For the years ended December 31,
	2023			2022			2021
(In thousands)
Tour revenues:
Lindblad	$	397,410		$	278,449		$	82,842
Land Experiences		172,133			143,051			64,265
Total tour revenues	$	569,543		$	421,500		$	147,107
Operating income (loss):
Lindblad	$	(8,692	)	$	(77,871	)	$	(111,477	)
Land Experiences		19,291			14,825			646
Total operating income (loss)	$	10,599		$	(63,046	)	$	(110,831	)

Intercompany tour revenues between the Lindblad and Land Experiences segments eliminated in consolidation and in the presentation above for the years ended December 31, 2023, 2022 and 2021 were $7.9 million, $6.0 million and $2.2 million, respectively.

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

	For the years ended December 31,
	2023		2022		2021
(In thousands)
Depreciation and amortization:
Lindblad	$	43,351	$	41,275	$	37,516
Land Experiences		3,360		2,767		2,009
Total depreciation and amortization	$	46,711	$	44,042	$	39,525

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

	As of December 31,
	2023		2022
Total Assets:
Lindblad	$	675,432	$	662,683
Land Experiences		155,865		125,292
Total assets	$	831,297	$	787,975
Intangibles, net:
Lindblad	$	1,592	$	1,680
Land Experiences		7,820		9,539
Total intangibles, net	$	9,412	$	11,219
Goodwill:
Lindblad	$	-	$	-
Land Experiences		42,017		42,017
Total goodwill	$	42,017	$	42,017