Note 13 - Segment Information

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 13—SEGMENT INFORMATION

The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad and Land Experiences. The Company evaluates the performance of the business based largely on the results of its operating segments. The chief operating decision maker 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 contain information regarding the separate results of both 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 three and six months ended June 30, 2022 and 2021, 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,
	2022			2021			Change		%			2022			2021			Change		%
(In thousands)	(unaudited)											(unaudited)
Tour revenues:
Lindblad	$	64,047		$	6,680		$	57,367		NM		$	114,321		$	7,164		$	107,157		NM
Land Experiences		26,863			8,586			18,277		NM			44,435			9,883			34,552		NM
Total tour revenues	$	90,910		$	15,266		$	75,644		NM		$	158,756		$	17,047		$	141,709		NM
Operating loss:
Lindblad	$	(19,670	)	$	(31,038	)	$	11,368		37	%	$	(53,239	)	$	(58,335	)	$	5,096		9	%
Land Experiences		356			(1,550	)		1,906		NM			(321	)		(5,317	)		4,996		94	%
Total operating loss	$	(19,314	)	$	(32,588	)	$	13,274		41	%	$	(53,560	)	$	(63,652	)	$	10,092		16	%

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,
	2022		2021		Change		%			2022		2021		Change		%
(In thousands)	(unaudited)									(unaudited)
Depreciation and amortization:
Lindblad	$	10,257	$	7,823	$	2,434		31	%	$	20,998	$	15,690	$	5,308		34	%
Land Experiences		919		390		529		136	%		1,356		772		584		76	%
Total depreciation and amortization	$	11,176	$	8,213	$	2,963		36	%	$	22,354	$	16,462	$	5,892		36	%

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

(In thousands)	As of June 30, 2022		As of December 31, 2021
Total Assets:		(unaudited)
Lindblad	$	694,964	$	724,873
Land Experiences		154,342		102,618
Total assets	$	849,306	$	827,491
Intangibles, net:
Lindblad	$	1,724	$	1,874
Land Experiences		10,399		11,361
Total intangibles, net	$	12,123	$	13,235
Goodwill:
Lindblad	$	-	$	-
Land Experiences		42,017		42,017
Total goodwill	$	42,017	$	42,017

For the three and six months ended June 30, 2022 there was $2.0 million and $3.6 million, respectively, in 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, 2021, there was no intercompany tour revenues between the Lindblad and Land Experiences reportable segments.