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Note 11 - Segment Information
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 11SEGMENT 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. Operating results for the Company’s reportable segments were as follows:

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  2023  2022  2023  2022 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Tour revenues:

                

Lindblad

 $108,750  $83,741  $311,660  $198,063 

Land Experiences

  67,239   61,042   132,523   105,477 

Total tour revenues

 $175,989  $144,783  $444,183  $303,540 

Operating income (loss):

                

Lindblad

 $7,501  $(7,142) $8,576  $(60,380)

Land Experiences

  12,975   12,950   15,868   12,629 

Total operating income (loss)

 $20,476  $5,808  $24,444  $(47,751)

 

For the three and nine months ended September 30, 2023, there was $2.3 million and $6.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation. For the three and nine months ended September 30, 2022, there was $1.7 million and $5.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments eliminated in consolidation.

 

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

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 

(In thousands)

 

(unaudited)

  

(unaudited)

 

Depreciation and amortization:

                

Lindblad

 $9,665  $10,090  $31,155  $31,087 

Land Experiences

  856   749   2,505   2,106 

Total depreciation and amortization

 $10,521  $10,839  $33,660  $33,193 

 

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

 

(In thousands)

 

As of September 30, 2023

  

As of December 31, 2022

 
  

(unaudited)

     

Total Assets:

        

Lindblad

 $692,119  $662,683 

Land Experiences

  159,486   125,292 

Total assets

 $851,605  $787,975 
         

Intangibles, net:

        

Lindblad

 $1,614  $1,680 

Land Experiences

  8,250   9,539 

Total intangibles, net

 $9,864  $11,219 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  42,017   42,017 

Total goodwill

 $42,017  $42,017