LINDBLAD EXPEDITIONS HOLDINGS, INC. Goodwill & Intangibles Disclosure
NOTE 5 — GOODWILL AND INTANGIBLE ASSETS
The Company's goodwill relates to the acquisition of its Land Experiences Segment subsidiaries, see Note 9—Acquisitions. The following is a rollforward of the Company’s goodwill:
| (In thousands) | Land Experiences Segment | |||
| Balance as of December 31, 2022 | $ | 42,017 | ||
| Activity | - | |||
| Balance as of December 31, 2023 | 42,017 | |||
| Acquisitions (a) | 16,957 | |||
| Foreign exchange translation | 57 | |||
| Balance as of December 31, 2024 | 59,031 | |||
| Acquisition (b) | 1,410 | |||
| Adjustment | 168 | |||
| Balance as of December 31, 2025 | $ | 60,609 | ||
| (a) | Increase to goodwill relates to the 2024 acquisition of Thomson Group. For additional information, see Note 9—Acquisition. | |
| (b) | Increase to goodwill relates to 2025 immaterial acquisition of safari camp company. |
The carrying amounts and accumulated amortization of intangibles, net are as follows:
| As of December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||
| (In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life Remaining (years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||
| Tradenames | $ | 14,939 | $ | (4,111 | ) | $ | 10,828 | 10.9 | $ | 14,939 | $ | (2,911 | ) | $ | 12,028 | |||||||||||||
| Customer Lists | 6,907 | (5,659 | ) | 1,248 | 2.0 | 6,907 | (4,517 | ) | 2,390 | |||||||||||||||||||
| Operating rights (a) | 9,829 | (5,306 | ) | 4,523 | 16.1 | 6,529 | (5,024 | ) | 1,505 | |||||||||||||||||||
| Total intangibles, net | $ | 31,675 | $ | (15,076 | ) | $ | 16,599 | 11.6 | $ | 28,375 | $ | (12,452 | ) | $ | 15,923 | |||||||||||||
| (a) | Increase to operating rights relates to the 2025 acquisition of Torcatt. For additional information, see Note 9—Acquisition. |
Total amortization expense for the years ended December 31, 2025, 2024 and 2023, was $2.6 million, $2.1 million and $1.8 million, respectively.
Future expected amortization expense related to these intangibles are as follows:
| Year | Amount | |||
| (In thousands) | ||||
| 2026 | $ | 1,902 | ||
| 2027 | 1,423 | |||
| 2028 | 1,423 | |||
| 2029 | 1,423 | |||
| 2030 | 1,423 | |||
| Thereafter | 9,005 | |||
| $ | 16,599 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 6, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2018 | Feb 28, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.