v3.26.1
Note 11 - Segment Information
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [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 its 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,

  
   

2026

    

2025

  

(In thousands)

     (unaudited)  

Tour revenues:

                

Lindblad

   $ 152,489     $ 131,108  

Land Experiences

     55,524       48,613  

Total tour revenues

   $ 208,013     $ 179,721  

Operating income:

                

Lindblad

   $ 10,562     $ 8,387  

Land Experiences

     5,053       2,227  

Operating income

   $ 15,615     $ 10,614  

 

For the three months ended March 31, 2026 and 2025, there was $2.8 million and $3.3 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,

  
    2026     2025  

(In thousands)

     (unaudited)  

Tour revenues

   $ 152,489     $ 131,108  
                 

Cost of tours

     76,896       64,823  

General and administrative

     19,675       21,131  

Selling and marketing

     29,300       22,707  

Depreciation and amortization

     16,056       14,060  

Operating income

   $ 10,562     $ 8,387  

 

The following table presents the Land Experiences segment expenses:

                 
   

For the three months ended March 31,

  
    2026     2025  

(In thousands)

     (unaudited)  

Tour revenues

   $ 55,524     $ 48,613  
                 

Cost of tours

     29,847       28,025  

General and administrative

     12,372       11,591  

Selling and marketing

     6,636       5,535  

Depreciation and amortization

     1,616       1,235  

Operating income

   $ 5,053     $ 2,227  

 

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

 

   

For the three months ended March 31,

  
   

2026

    

2025

  

(In thousands)

     (unaudited)  

Depreciation and amortization:

                

Lindblad:

                

Depreciation

   $ 15,986     $ 14,038  

Amortization

     70       22  

Land Experiences:

                

Depreciation

     1,118       637  

Amortization

     498       598  

Total depreciation and amortization

   $ 17,672     $ 15,295  

 

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

 

   

As of March 31, 2026

    

As of December 31, 2025

  

(In thousands)

     (unaudited)          
                 

Total Assets:

                

Lindblad

   $ 683,767     $ 711,211  

Land Experiences

     303,415       268,747  

Total assets

   $ 987,182     $ 979,958  
                 

Intangibles, net:

                

Lindblad

   $ 4,453     $ 4,523  

Land Experiences

     11,578       12,076  

Total intangibles, net

   $ 16,031     $ 16,599  
                 

Goodwill:

                

Lindblad

   $ -     $ -  

Land Experiences

     60,609       60,609  

Total goodwill

   $ 60,609     $ 60,609