Note 11 - Segment Information

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT INFORMATION

The Company is primarily an experiential travel operator with operations in two reportable segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. 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’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. 

The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows:

	For the three months ended March 31,
	2025		2024
(In thousands)		(unaudited)
Tour revenues:
Lindblad	$	131,108	$	118,303
Land Experiences		48,613		35,311
Total tour revenues	$	179,721	$	153,614
Operating income:
Lindblad	$	8,387	$	7,783
Land Experiences		2,227		67
Operating income	$	10,614	$	7,850

For the three months ended March 31, 2025 and 2024, there was $3.3 million and $2.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation. 

The following table presents the Lindblad segment expenses:

	For the three months ended March 31,
	2025		2024
(In thousands)	(unaudited)
Tour revenues	$	131,108	$	118,303
Cost of tours		64,823		62,379
General and administrative		21,131		18,769
Selling and marketing		22,707		18,890
Depreciation and amortization		14,060		10,482
Operating income	$	8,387	$	7,783

The following table presents the Land Experiences segment expenses:

	For the three months ended March 31,
	2025		2024
(In thousands)	(unaudited)
Tour revenues	$	48,613	$	35,311
Cost of tours		28,025		22,074
General and administrative		11,591		8,467
Selling and marketing		5,535		3,868
Depreciation and amortization		1,235		835
Operating income	$	2,227	$	67

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

	For the three months ended March 31,
	2025		2024
(In thousands)		(unaudited)
Depreciation and amortization:
Lindblad:
Depreciation	$	14,038	$	10,460
Amortization		22		22
Land Experiences:
Depreciation		637		405
Amortization		598		430
Total depreciation and amortization	$	15,295	$	11,317

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

	As of March 31, 2025		As of December 31, 2024
(In thousands)		(unaudited)
Total Assets:
Lindblad	$	669,725	$	667,799
Land Experiences		239,104		209,106
Total assets	$	908,829	$	876,905
Intangibles, net:
Lindblad	$	1,461	$	1,505
Land Experiences		13,820		14,418
Total intangibles, net	$	15,281	$	15,923
Goodwill:
Lindblad	$	-	$	-
Land Experiences		59,198		59,031
Total goodwill	$	59,198	$	59,031