Note 11 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
(In thousands)		(unaudited)				(unaudited)
Tour revenues:
Lindblad	$	137,561	$	121,268	$	379,714	$	332,624
Land Experiences		102,611		84,737		208,124		163,494
Total tour revenues	$	240,172	$	206,005	$	587,838	$	496,118
Operating income:
Lindblad	$	13,236	$	11,680	$	19,553	$	10,092
Land Experiences		22,734		17,801		31,440		19,032
Operating income	$	35,970	$	29,481	$	50,993	$	29,124

	Lindblad Segment
	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
(In thousands)		(unaudited)				(unaudited)
Tour revenues	$	137,561	$	121,268	$	379,714	$	332,624
Cost of tours		63,800		59,202		187,092		177,306
General and administrative		23,682		19,089		65,758		57,628
Selling and marketing		23,483		19,536		66,639		52,606
Depreciation and amortization		13,360		11,761		40,672		34,992
Operating income	$	13,236	$	11,680	$	19,553	$	10,092

	Land Experiences Segment
	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
(In thousands)		(unaudited)				(unaudited)
Tour revenues	$	102,611	$	84,737	$	208,124	$	163,494
Cost of tours		60,573		50,584		121,519		99,885
General and administrative		11,126		9,913		32,855		28,446
Selling and marketing		6,608		5,467		18,083		13,436
Depreciation and amortization		1,570		972		4,227		2,695
Operating income	$	22,734	$	17,801	$	31,440	$	19,032

	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
(In thousands)		(unaudited)				(unaudited)
Depreciation and amortization:
Lindblad:
Depreciation	$	13,338	$	11,739	$	40,606	$	34,926
Amortization		22		22		66		66
Land Experiences:
Depreciation		972		542		2,432		1,405
Amortization		598		430		1,795		1,290
Total depreciation and amortization	$	14,930	$	12,733	$	44,899	$	37,687

	As of September 30, 2025		As of December 31, 2024
(In thousands)	(unaudited)
Total Assets:
Lindblad	$	701,288	$	667,799
Land Experiences		275,246		209,106
Total assets	$	976,534	$	876,905
Intangibles, net:
Lindblad	$	4,739	$	1,505
Land Experiences		12,626		14,418
Total intangibles, net	$	17,365	$	15,923
Goodwill:
Lindblad	$	-	$	-
Land Experiences		61,145		59,031
Total goodwill	$	61,145	$	59,031