LINDBLAD EXPEDITIONS HOLDINGS, INC. Segments Disclosure

NOTE 14 — SEGMENT INFORMATION

 

The Company’s Chief Executive Officer is also its chief operating decision maker, or CODM. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors.

 

The Company is primarily an experiential travel operator with operations in two segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. 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 evaluates the performance of the business based largely on the results of its operating segments. The CODM 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 also contain information regarding the separate results of both reportable 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 years ended December 31, 2025, 2024 and 2023, reportable segment operating results were as follows:

 

		For the years ended December 31,
		2025				2024				2023
(In thousands)
Tour revenues:
Lindblad		$	495,642			$	423,306			$	397,410
Land Experiences			275,377				221,421				172,133
Total tour revenues		$	771,019			$	644,727			$	569,543
Operating income:
Lindblad		$	7,055			$	(2,928	)		$	(8,692	)
Land Experiences			38,432				24,481				19,291
Operating income		$	45,487			$	21,553			$	10,599

 

The following table presents the Lindblad segment expenses:

 

		For the years ended December 31,
		2025				2024				2023
(In thousands)
Tour revenues		$	495,642			$	423,306			$	397,410
Cost of tours			258,679				230,075				233,247
General and administrative			83,731				79,995				72,170
Selling and marketing			89,286				67,731				57,334
Depreciation and amortization			56,891				48,433				43,351
Operating income		$	7,055			$	(2,928	)		$	(8,692	)

 

The following table presents the Land Experiences segment expenses:

 

		For the years ended December 31,
		2025				2024				2023
(In thousands)
Tour revenues		$	275,377			$	221,421			$	172,133
Cost of tours			159,339				132,506				104,964
General and administrative			46,245				41,018				30,426
Selling and marketing			25,430				19,287				14,092
Depreciation and amortization			5,931				4,129				3,360
Operating income		$	38,432			$	24,481			$	19,291

 

Intercompany tour revenues between the Lindblad and Land Experiences segments are eliminated in consolidation and in the presentation above for the years ended December 31, 2025, 2024 and 2023 were $9.8 million, $6.6 million and $7.9 million, respectively.

 

During the years ended December 31, 2025, 2024 and 2023, the Lindblad segment had $40.2 million, $30.0 million, $28.6 million and $34.3 million of capital expenditures, respectively, and the Land Experiences segment had $7.5 million, $3.5 million and $2.6 million of capital expenditures, respectively.

 

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

 

		For the years ended December 31,
		2025				2024				2023
(In thousands)
Depreciation and amortization:
Lindblad:
Depreciation		$	56,609			$	48,345			$	43,263
Amortization			282				88				88
Land Experiences:
Depreciation			3,586				2,131				1,641
Amortization			2,345				1,998				1,719
Total depreciation and amortization		$	62,822			$	52,562			$	46,711

 

The following table presents the Company’s total assets, intangibles, net and goodwill by segment:

 

		As of December 31,
		2025				2024
(In thousands)
Total Assets:
Lindblad		$	711,211			$	667,799
Land Experiences			268,747				209,106
Total assets		$	979,958			$	876,905
Intangibles, net:
Lindblad		$	4,523			$	1,505
Land Experiences			12,076				14,418
Total intangibles, net		$	16,599			$	15,923
Goodwill:
Lindblad		$	-			$	-
Land Experiences			60,609				59,031
Total goodwill		$	60,609			$	59,031