v3.26.1
Note 11 - Segment Information
 6 Months Ended
Jun. 30, 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 June 30,

  

For the six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Tour revenues:

                

Lindblad

 $129,232  $111,045  $281,721  $242,153 

Land Experiences

  70,015   56,900   125,539   105,513 

Total tour revenues

 $199,247  $167,945  $407,260  $347,666 

Operating income:

                

Lindblad

 $3,850  $(2,070) $14,415  $6,316 

Land Experiences

  8,104   6,477   13,153   8,705 

Operating income

 $11,954  $4,407  $27,568  $15,021 

 

For the three and six months ended June 30, 2026, there was $2.6 million and $5.5 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation. For the three and six months ended June 30, 2025, there was $2.0 million and $5.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation.

 

The following table presents the Lindblad segment expenses:

 

  

Lindblad Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Tour revenues

 $129,232  $111,045  $281,721  $242,153 
                 

Cost of tours

  61,644   58,469   138,539   123,292 

General and administrative

  21,514   20,945   41,188   42,077 

Selling and marketing

  25,381   20,449   54,681   43,156 

Depreciation and amortization

  16,843   13,252   32,898   27,312 

Operating income

 $3,850  $(2,070) $14,415  $6,316 

 

The following table presents the Land Experiences segment expenses:

 

  

Land Experiences Segment

 
  

For the three months ended June 30,

  

For the six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Tour revenues

 $70,015  $56,900  $125,539  $105,513 
                 

Cost of tours

  40,968   32,922   70,816   60,947 

General and administrative

  12,655   10,138   25,028   21,728 

Selling and marketing

  6,643   5,941   13,279   11,476 

Depreciation and amortization

  1,645   1,422   3,263   2,657 

Operating income

 $8,104  $6,477  $13,153  $8,705 

 

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

 

   For the three months ended June 30,   For the six months ended June 30, 
  

2026

  

2025

  

2026

  

2025

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $16,773  $13,230  $32,757  $27,268 

Amortization

  70   22   141   44 

Land Experiences:

                

Depreciation

  1,226   823   2,346   1,460 

Amortization

  419   599   917   1,197 

Total depreciation and amortization

 $18,488  $14,674  $36,161  $29,969 

 

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

 

  As of June 30, 2026  

As of December 31, 2025

 

(In thousands)

  (unaudited)     
         

Total Assets:

        

Lindblad

 $683,485  $711,211 

Land Experiences

  350,536   268,747 

Total assets

 $1,034,021  $979,958 
         

Intangibles, net:

        

Lindblad

 $4,382  $4,523 

Land Experiences

  11,160   12,076 

Total intangibles, net

 $15,542  $16,599 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  60,609   60,609 

Total goodwill

 $60,609  $60,609