| REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
At December 31, 2022 | (excluding ordinary shares held in treasury and warrants) | ||||
| Large accelerated filer | o | x | |||||||||
| Non-accelerated filer | o | Emerging growth company | |||||||||
| Page | ||||||||
| 1999 | • Launched site in Argentina. | ||||
| 2000 | •Launched sites in Brazil, Chile, Colombia, Mexico and Uruguay. | ||||
| 2001 | •Launched sites in the United States and Venezuela. | ||||
| 2007 | •Launched site in Peru. | ||||
| 2009 | • Expanded our offerings to include hotels. • Launched sites in Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Nicaragua, Panama, Paraguay and Puerto Rico. | ||||
| 2010 | • Launched sites in El Salvador and Honduras, reaching our 20th market. • Cumulative one million travel customers served. | ||||
| 2012 | • Launched our mobile apps on Android and iOS. • Expanded offerings to include packages, rental cars and cruise products. | ||||
| 2013 | •Reached one million downloads of our mobile app. • Expanded our offerings to include destination services. • Expanded hotel offerings to include vacation rentals. | ||||
| 2014 | • Cumulative 10 million travel customers served. • Our mobile app is included in the iTunes Store’s “Best of 2014”. • Launched travel affiliates program. • Expanded our offerings to include travel insurance and travel assistance. | ||||
| 2015 | • Reached 10 million downloads of our mobile app. • Deepened strategic partnership with Expedia, including its equity investment in our Company. | ||||
| 2016 | • Awarded “E-commerce Leader in the Tourism Industry in LATAM” by the Latin American E-Commerce Institute. • Expanded our destination service offerings to include our local concierge product. | ||||
| 2017 | • Initial public offering and listing on the New York Stock Exchange. | ||||
| 2018 | • Launched sales call centers in Peru, Ecuador, Mexico, Chile, Colombia, Argentina and Brazil. • Developed tour operation business. | ||||
| 2019 | • Completed rebranding our core business, including logos, website and images in order to update our outward facing content. • Acquired Viajes Falabella in Chile, Argentina, Peru and Colombia. •Entered into a co-branding agreement with Banco Santander to launch a co-branded credit card under our loyalty program in Brazil. | ||||
| 2020 | •Acquired Best Day, a leading travel agency in Mexico. • Acquired an 84% equity stake in Koin, an online payment platform in Brazil. • Entered into a ten-year commercial partnership agreement with Tarjeta Naranja, the leading branded proprietary credit card issuer in Argentina and a subsidiary of Grupo Financiero Galicia. | ||||
| 2021 | • Entered into a co-branding agreement with Banco Invex to launch a co-branded credit card under our loyalty program in Mexico. • Published our first corporate sustainability report, which constitutes a first step in the Company’s ESG process. •Launched our loyalty program in Mexico, through which customers have access to exclusive discounts and collect points that can be exchanged for our services. The loyalty program marked the one-million-member milestone during 2021. | ||||
| 2022 | •Acquired Viajanet, one of the leading online travel agencies in Brazil. •Acquired a 51% ownership stake in Stays.net, Brazil’s leading vacation rental channel manager and a preferred software partner for leading international booking platforms to offer vacation rentals. • Acquired the remaining 16% equity from minority shareholders of Koin. •Reached 12.1 million members of Loyalty Program. •Launched Viajes Falabella app. •Relaunched Best Day app | ||||

| City, Country | Facility | Address | Approximate Square Meters | Agreement Expiration Date | ||||||||||||||||||||||
| Buenos Aires, Argentina | Argentina operation and regional functions (to be returned at expiration of the term. We are in the process of moving our headquarters to our owned facility located at Avenida Jujuy 2013, Buenos Aires) | Juana Manso 1069, 5 Floor | 2,406 | 05/21/2023 | ||||||||||||||||||||||
| La Plata, Buenos Aires Argentina | Argentina operation | Camino Centenario esq. 511, La Plata | 1,400 | 02/28/2023 | ||||||||||||||||||||||
| Santiago, Chile | Chile operation | Cerro El Plomo 6000, office 401, Las Condes | 440 | 09/25/2027 | ||||||||||||||||||||||
| Bogotá, Colombia | Colombia operation and customer service center | Calle 26 No 92-32 BTS 3, 2nd Floor | 1,467 | 01/31/2023 | ||||||||||||||||||||||
| Montevideo, Uruguay | International Hotels, Packages and Other Travel Products operations and Shared service center | Ruta 8 Km. 17,500, local 318, edificio 300, Zonamerica | 2,092 | 03/31/2026 | ||||||||||||||||||||||
| Sao Paulo, Barueri, Brazil | Brazil operation | Alameda Grajaú 219 | 2,862 | 05/14/2028 | ||||||||||||||||||||||
| Sao Paulo, Brazil | Brazil operation (Koin) | Av. Paulista 2421, 13th floor, Bela Vista | 538 | 12/31/2023 | ||||||||||||||||||||||
| Rio de Janeiro, Brazil | Brazil operation (Stays) | Rua Siqueira Campos, 43, cobertura 01 | 750 | 08/01/2027 | ||||||||||||||||||||||
| Ciudad de Mexico, Mexico | Mexico operation | Av de los Insurgentes Sur 1457, Insurgentes Mixcoac | 255 | 09/30/2025 | ||||||||||||||||||||||
| Ciudad de Cancún, Mexico | Quintana Roo | Av. Bonanpak Sm 10 Mz 2 Lote 7 | 3,856 | 10/31/2024 | ||||||||||||||||||||||
| Playa del Carmen, Mexico | Mexico operation | Lote 11, Manzana 318, Zona 1, Playa del Carmen , Quintana Roo | 383 | 03/31/2024 | ||||||||||||||||||||||
| Lima, Peru | Peru operation | Av. Ricardo Rivera Navarrete 495, San Isidro | 643 | 04/30/2026 | ||||||||||||||||||||||
| For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||||||||||||||
| As reported | As reclassified | As reported | As reclassified | |||||||||||||||||||||||
| Cost of revenue | (157,003) | (160,240) | (85,518) | (103,825) | ||||||||||||||||||||||
| General and administrative | (86,931) | (83,694) | (94,722) | (76,415) | ||||||||||||||||||||||
| 2021 | 2020 | ||||||||||
| Net loss for the year (*) | (105,865) | (142,869) | |||||||||
| Less: Net loss attributable to redeemable non-controlling interest (*) | 1,237 | 282 | |||||||||
| Net loss for the year attributable to Despegar.com, Corp. (*) | $ | (104,628) | $ | (142,587) | |||||||
| Accretion of redeemable non-controlling interest (*) | (1,355) | (78) | |||||||||
| Accretion of Series A non-convertible preferred shares (*) | (10,600) | (2,831) | |||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares (*) | (15,251) | (4,212) | |||||||||
| Accrual of dividends of Series B convertible preferred shares (*) | (2,000) | (553) | |||||||||
| Net loss for the year attributable to Despegar.com, Corp. common shareholders (*) | $ | (133,834) | $ | (150,261) | |||||||
| Numerator of basic and diluted losses per share (*) | $ | (133,834) | $ | (150,261) | |||||||
| Weighted average common shares outstanding - basic and diluted – as previously reported | 81,625 | 73,001 | |||||||||
| Denominator of basic and diluted losses per share – as previously reported | 81,625 | 73,001 | |||||||||
| Basic and diluted losses per share – as previously reported [A] | $ | (1.64) | $ | (2.06) | |||||||
| Weighted average common shares outstanding - basic and diluted – as revised | 76,653 | 67,994 | |||||||||
| Denominator of basic and diluted losses per share – as revised | 76,653 | 67,994 | |||||||||
| Basic and diluted losses per share – as revised [B] | $ | (1.75) | $ | (2.21) | |||||||
| Understated by [A] – [B] | $ | 0.11 | $ | 0.15 | |||||||
| Impact in % ([B] – [A])/[A] | 7 | % | 7 | % | |||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | % of Change | |||||||||||||||
| In thousands | |||||||||||||||||
| Operational Metrics | |||||||||||||||||
| Number of transactions | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | 2,992 | 2,134 | 40.2 | ||||||||||||||
| Mexico | 1,614 | 1,849 | (12.7) | ||||||||||||||
| Argentina | 1,157 | 729 | 58.7 | ||||||||||||||
| Other | 2,551 | 2,097 | 21.6 | ||||||||||||||
| Total number of transactions | 8,314 | 6,809 | 22.1 | ||||||||||||||
| By segment | |||||||||||||||||
| Air | 4,293 | 3,570 | 20.3 | ||||||||||||||
| Packages, Hotels and Other Travel Products | 3,938 | 3,224 | 22.1 | ||||||||||||||
| Financial Services | 83 | 15 | 453.3 | ||||||||||||||
| Total number of transactions | 8,314 | 6,809 | 22.1 | ||||||||||||||
| Gross Bookings | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | $ | 1,383,550 | $ | 642,081 | 115.5 | ||||||||||||
| Mexico | 836,236 | 697,113 | 20.0 | ||||||||||||||
| Argentina | 845,415 | 391,580 | 115.9 | ||||||||||||||
| Other | 1,209,405 | 794,136 | 52.3 | ||||||||||||||
| Total gross bookings | $ | 4,274,606 | $ | 2,524,910 | 69.3 | ||||||||||||
| Total Payment Volume | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | 75,686 | 30,412 | 148.9 | ||||||||||||||
| Total payment volume | $ | 75,686 | $ | 30,412 | 148.9 | ||||||||||||
| Financial Metrics | |||||||||||||||||
| Consolidated revenues | $ | 537,972 | $ | 322,843 | 66.6 | ||||||||||||
| Consolidated operating loss | $ | (1,753) | $ | (95,888) | (98.2) | ||||||||||||
| Consolidated net loss attributable to Despegar.com, Corp. | $ | (68,521) | $ | (104,628) | (34.5) | ||||||||||||
| Consolidated Adjusted positive/(negative) EBITDA (unaudited) | $ | 41,932 | $ | (40,105) | (204.6) | ||||||||||||
| Consolidated Adjusted Segment positive/(negative) EBITDA: | |||||||||||||||||
| Air | $ | 17,953 | $ | (21,536) | (183.4) | ||||||||||||
| Packages, Hotels and Other Travel Products | $ | 42,257 | $ | (4,770) | (985.9) | ||||||||||||
| Financial Services | $ | (18,278) | $ | (13,799) | 32.5 | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | % of Change | |||||||||||||||
| In thousands | |||||||||||||||||
| Operational Metrics | |||||||||||||||||
| Number of transactions | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | 2,134 | 1,940 | 10.0 | ||||||||||||||
| Mexico | 1,849 | 803 | 130.3 | ||||||||||||||
| Argentina | 729 | 457 | 59.5 | ||||||||||||||
| Other | 2,097 | 892 | 135.1 | ||||||||||||||
| Total number of transactions | 6,809 | 4,092 | 66.4 | ||||||||||||||
| By segment | |||||||||||||||||
| Air | 3,570 | 2,435 | 46.6 | ||||||||||||||
| Packages, Hotels and Other Travel Products | 3,224 | 1,657 | 94.6 | ||||||||||||||
| Financial Services | 15 | — | 100.0 | ||||||||||||||
| Total number of transactions | 6,809 | 4,092 | 66.4 | ||||||||||||||
| Gross Bookings | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | $ | 642,081 | $ | 591,725 | 8.5 | ||||||||||||
| Mexico | 697,113 | 270,870 | 157.4 | ||||||||||||||
| Argentina | 391,580 | 206,871 | 89.3 | ||||||||||||||
| Other | 794,136 | 362,845 | 118.9 | ||||||||||||||
| Total gross bookings | $ | 2,524,910 | $ | 1,432,311 | 76.3 | ||||||||||||
| Total payment volume | |||||||||||||||||
| By country | |||||||||||||||||
| Brazil | 30,412 | 6,912 | 340.0 | ||||||||||||||
| Total payment volume | $ | 30,412 | $ | 6,912 | 340.0 | ||||||||||||
| Financial Metrics | |||||||||||||||||
| Consolidated revenues | $ | 322,843 | $ | 131,334 | 145.8 | ||||||||||||
| Consolidated operating loss | $ | (95,888) | $ | (177,217) | (45.9) | ||||||||||||
| Consolidated net loss attributable to Despegar.com, Corp. | $ | (104,628) | $ | (142,587) | (26.6) | ||||||||||||
| Consolidated Adjusted (negative) EBITDA (unaudited) | $ | (40,105) | $ | (121,813) | (67.1) | ||||||||||||
| Consolidated Adjusted Segment (negative) EBITDA: | |||||||||||||||||
| Air | $ | (21,536) | $ | (33,035) | (34.8) | ||||||||||||
| Packages, Hotels and Other Travel Products | $ | (4,770) | $ | (84,655) | (94.4) | ||||||||||||
| Financial Services | $ | (13,799) | $ | (4,123) | 234.7 | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Consolidated net loss | $ | (68,521) | $ | (105,865) | $ | (142,869) | |||||||||||
| Add (deduct): | |||||||||||||||||
| Financial results, net | 45,459 | 10,207 | (12,910) | ||||||||||||||
| Income tax expenses/(benefit) | 21,309 | (230) | (21,438) | ||||||||||||||
| Depreciation and amortization expense | 36,003 | 34,205 | 29,680 | ||||||||||||||
| Impairment charges | — | 5,106 | 1,917 | ||||||||||||||
| Stock-based compensation expense | 7,292 | 12,338 | 7,312 | ||||||||||||||
| Restructuring and reorganization charges | — | 4,041 | 13,360 | ||||||||||||||
| Acquisition-related expenses | 390 | 93 | 3,135 | ||||||||||||||
| Consolidated Adjusted EBITDA (unaudited) | $ | 41,932 | $ | (40,105) | $ | (121,813) | |||||||||||
| For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||||||||||||||
| As reported | As reclassified | As reported | As reclassified | |||||||||||||||||||||||
| Cost of revenue | (157,003) | (160,240) | (85,518) | (103,825) | ||||||||||||||||||||||
| General and administrative | (86,931) | (83,694) | (94,722) | (76,415) | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| % of Revenue | % of Revenue | % of change | |||||||||||||||||||||||||||
| Total revenue | $ | 537,972 | 100.0 | $ | 322,843 | 100.0 | 66.6 | ||||||||||||||||||||||
| Cost of revenue | (182,898) | (34.0) | (160,240) | (49.6) | 14.1 | ||||||||||||||||||||||||
| Gross profit | $ | 355,074 | 66.0 | $ | 162,603 | 50.4 | 118.4 | ||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Selling and marketing | $ | (165,150) | (30.7) | $ | (95,290) | (29.5) | 73.3 | ||||||||||||||||||||||
| General and administrative | (101,521) | (18.9) | (83,694) | (25.9) | 21.3 | ||||||||||||||||||||||||
| Technology and product development | (89,992) | (16.7) | (74,743) | (23.2) | 20.4 | ||||||||||||||||||||||||
| Impairment of long-lived assets and goodwill | — | — | (5,106) | (1.6) | (100.0) | ||||||||||||||||||||||||
| Total operating expenses | $ | (356,663) | (66.3) | $ | (258,833) | (80.2) | 37.8 | ||||||||||||||||||||||
| (Loss) Gain from equity investments | (164) | — | 342 | 0.1 | (148.0) | ||||||||||||||||||||||||
| Operating loss | (1,753) | (0.3) | (95,888) | (29.7) | (98.2) | ||||||||||||||||||||||||
| Financial results, net | (45,459) | (8.5) | (10,207) | (3.2) | 345.4 | ||||||||||||||||||||||||
| Loss before income taxes | $ | (47,212) | (8.8) | $ | (106,095) | (32.9) | (55.5) | ||||||||||||||||||||||
| Income tax (expenses)/benefit | (21,309) | (4.0) | 230 | 0.1 | NM | ||||||||||||||||||||||||
| Net loss for the year | $ | (68,521) | (12.7) | $ | (105,865) | (32.8) | (35.3) | ||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | — | — | 1,237 | 0.4 | (100.0) | ||||||||||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | (68,521) | (12.7) | $ | (104,628) | (32.4) | (34.5) | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| % of Revenue | % of Revenue | % of change | |||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||
| Air | $ | 215,782 | 40.1 | $ | 118,456 | 36.7 | 82.2 | ||||||||||||||||||||||
| Packages, Hotels and Other Travel Products | 317,748 | 59.1 | 203,587 | 63.0 | 56.1 | ||||||||||||||||||||||||
| Financial Services | 12,247 | 2.3 | 1,507 | 0.5 | 712.7 | ||||||||||||||||||||||||
| Intersegment eliminations | (7,805) | (1.5) | (707) | (0.2) | 1,004.0 | ||||||||||||||||||||||||
| Total revenue | $ | 537,972 | 100.0 | $ | 322,843 | 100.0 | 66.6 | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in thousands) | |||||||||||
| Commissions and service fees | $ | 455,790 | $ | 268,442 | |||||||
| Incentives | 39,859 | 28,658 | |||||||||
| Advertising | 16,166 | 10,227 | |||||||||
| Destination services | 14,071 | 7,959 | |||||||||
| Interest revenue | 4,114 | 788 | |||||||||
| Financial services (1) | 328 | 13 | |||||||||
| Others (2) | 7,644 | 6,756 | |||||||||
| Total revenue | $ | 537,972 | $ | 322,843 | |||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in thousands) | |||||||||||
| Pre-pay model | $ | 457,335 | $ | 270,891 | |||||||
| Pay-at-destination model | 11,364 | 5,342 | |||||||||
| Interest revenue | 4,114 | 788 | |||||||||
Others(1) | 65,159 | 45,822 | |||||||||
| Total revenue | $ | 537,972 | $ | 322,843 | |||||||
| Year ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in percentages) | |||||||||||
| Effective Tax Rate | 45.1 | % | 0.2 | % | |||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in thousands) | |||||||||||
| Air | $ | 17,953 | $ | (21,536) | |||||||
| Packages, Hotels and Other Travel Products | $ | 42,257 | $ | (4,770) | |||||||
| Financial Services | $ | (18,278) | $ | (13,799) | |||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| % of Revenue | % of Revenue | % of change | |||||||||||||||||||||||||||
| Total revenue | $ | 322,843 | 100.0 | $ | 131,334 | 100.0 | 145.8 | ||||||||||||||||||||||
| Cost of revenue | (160,240) | (49.6) | (103,825) | (79.1) | 54.3 | ||||||||||||||||||||||||
| Gross profit | 162,603 | 50.4 | 27,509 | 20.9 | 491.1 | ||||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Selling and marketing | (95,290) | (29.5) | (57,292) | (43.6) | 66.3 | ||||||||||||||||||||||||
| General and administrative | (83,694) | (25.9) | (76,415) | (58.2) | 9.5 | ||||||||||||||||||||||||
| Technology and product development | (74,743) | (23.2) | (67,043) | (51.0) | 11.5 | ||||||||||||||||||||||||
| Impairment of long-lived assets and goodwill | (5,106) | — | (1,917) | (1.5) | 166.4 | ||||||||||||||||||||||||
| Total operating expenses | (258,833) | (80.2) | (202,667) | (154.3) | 27.7 | ||||||||||||||||||||||||
| Gain (loss) from equity investments | 342 | 0.1 | (2,059) | (1.6) | (116.6) | ||||||||||||||||||||||||
| Operating loss | (95,888) | (29.7) | (177,217) | (134.9) | (45.9) | ||||||||||||||||||||||||
| Financial results, net | (10,207) | (3.2) | 12,910 | 9.8 | (179.1) | ||||||||||||||||||||||||
| Loss before income taxes | (106,095) | (32.9) | (164,307) | (125.1) | (35.4) | ||||||||||||||||||||||||
| Income tax benefit | 230 | 0.1 | 21,438 | 16.3 | (98.9) | ||||||||||||||||||||||||
| Net loss for the year | $ | (105,865) | (32.8) | $ | (142,869) | (108.8) | (25.9) | ||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | 1,237 | 0.4 | 282 | 0.2 | 338.7 | ||||||||||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | (104,628) | (32.4) | $ | (142,587) | (108.6) | (26.6) | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| % of Revenue | % of Revenue | % of change | |||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||
| Air | $ | 118,456 | 36.7 | $ | 62,713 | 47.8 | 88.9 | ||||||||||||||||||||||
| Packages, Hotels and Other Travel Products | 203,587 | 63.0 | 68,483 | 52.1 | 197.3 | ||||||||||||||||||||||||
| Financial services | 1,507 | 0.5 | 250 | 0.2 | 502.8 | ||||||||||||||||||||||||
| Intersegment eliminations | (707) | (0.2) | (112) | (0.1) | 531.3 | ||||||||||||||||||||||||
| Total revenue | $ | 322,843 | 100.0 | $ | 131,334 | 100.0 | 145.8 | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| (in thousands) | |||||||||||
| Commissions and service fees | $ | 268,442 | $ | 100,908 | |||||||
| Incentive fees | 28,658 | 17,040 | |||||||||
| Advertising | 10,227 | 5,040 | |||||||||
| Destination services | 7,959 | 2,988 | |||||||||
| Interest revenue | 788 | 138 | |||||||||
Financial services(1) | 13 | — | |||||||||
Others(2) | 6,756 | 5,220 | |||||||||
| Total Revenue | $ | 322,843 | $ | 131,334 | |||||||
| Year Ended December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| (in thousands) | |||||||||||
| Pre-pay model | $ | 270,891 | $ | 102,591 | |||||||
| Pay-at-destination model | 5,342 | 1,305 | |||||||||
| Interest revenue | 788 | 138 | |||||||||
Others(1) | 45,822 | 27,300 | |||||||||
| Total revenue | $ | 322,843 | $ | 131,334 | |||||||
(1)Others includes incentive fees, advertising, breakage and loyalty. | ||
| Year Ended December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| (in thousands) | |||||||||||
| Air | $ | (21,536) | $ | (33,035) | |||||||
| Packages, Hotels and Other Travel Products | $ | (4,770) | $ | (84,655) | |||||||
| Financial Services | $ | (13,799) | $ | (4,123) | |||||||
| Year Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| (in thousands) | ||||||||
| Net cash flows provided by/(used in) operating activities | $ | 36,702 | $ | (36,472) | ||||
| Net cash flows used in investing activities | (51,142) | (28,677) | ||||||
| Net cash flows used in financing activities | (25,301) | (1,170) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 5,564 | (4,943) | ||||||
| Net decrease in cash and cash equivalents | $ | (34,177) | $ | (71,262) | ||||
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| (in thousands) | ||||||||
| Net cash flows used in operating activities | $ | (36,472) | $ | (118,345) | ||||
| Net cash flows used in investing activities | (28,677) | (14,743) | ||||||
| Net cash flows (used in)/provided by financing activities | (1,170) | 173,696 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (4,943) | (3,767) | ||||||
| Net (decrease) / increase in cash and cash equivalents | $ | (71,262) | $ | 36,841 | ||||
| Brazil | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
Real GDP growth (1) | 2.9 | % | 12.3 | % | (4.1) | % | |||||||||||
Population (in millions)(2) | 207.8 | 213.3 | 211.8 | ||||||||||||||
Inflation(3) | 5.8 | % | 10.1 | % | 4.5 | % | |||||||||||
Exchange rate(4) | 5.29 | 5.58 | 5.20 | ||||||||||||||
| Mexico | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
Real GDP growth (1) | 3.1 | % | 5.0 | % | (8.3) | % | |||||||||||
Population (in millions)(2) | 126.0 | 129.0 | 126.0 | ||||||||||||||
Inflation(3) | 7.8 | % | 7.4 | % | 3.2 | % | |||||||||||
Exchange rate(4) | 19.50 | 20.51 | 19.95 | ||||||||||||||
| Argentina | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
Real GDP growth (1) | 5.2 | % | 10.3 | % | (11.8) | % | |||||||||||
Population (in millions)(2) | 46.0 | 45.4 | 45.4 | ||||||||||||||
Inflation(3) | 94.8 | % | 50.9 | % | 36.1 | % | |||||||||||
Exchange rate(4) | 177.13 | 107.59 | 89.25 | ||||||||||||||
| Name | Age | Position | ||||||||||||
| Nilesh Lakhani | 63 | Chairman of the Board and Director | ||||||||||||
| Damian Scokin | 56 | Chief Executive Officer and Director | ||||||||||||
| Jon Gieselman | 54 | Director | ||||||||||||
| Martín Rastellino | 51 | Director | ||||||||||||
| Mario Eduardo Vázquez | 87 | Director | ||||||||||||
| Michael James Doyle II | 52 | Director | ||||||||||||
| Ramiro Lauzan | 50 | Director | ||||||||||||
| Name | Age | Position | ||||||||||||
| Damián Scokin | 56 | Chief Executive Officer | ||||||||||||
Monica Alexandra Soares da Silva | 49 | General Counsel | ||||||||||||
Maria Bettina Zubin | 49 | interim Chief Financial Officer | ||||||||||||
| Gonzalo García Estebarena | 43 | Chief Technology Officer | ||||||||||||
| Sebastián Mackinnon | 51 | Chief Travel Partners & Corporate Affairs | ||||||||||||
| Number of Employees as of December 31, | ||||||||||||||||||||
| Division/Function | 2022 | 2021 | 2020 | |||||||||||||||||
| Operations and customer service | 1,061 | 1,390 | 1,146 | |||||||||||||||||
| Sales and marketing | 1,644 | 1,305 | 1,025 | |||||||||||||||||
| Technology and content | 1,203 | 707 | 778 | |||||||||||||||||
General and administrative(1) | 635 | 422 | 628 | |||||||||||||||||
Total | 4,543 | 3,824 | 3,577 | |||||||||||||||||
| Outstanding Ordinary Shares as of March 31, 2023 | ||||||||||||||
| Name of Beneficial Owner | Number | % | ||||||||||||
| Executive Officers and Directors: | ||||||||||||||
| Nilesh Lakhani | 70,744 | * | ||||||||||||
Damián Scokin(1) | 237,756 | * | ||||||||||||
| Jon Gieselman | — | — | ||||||||||||
Martín Rastellino(2) | 486,877 | * | ||||||||||||
Mario Eduardo Vázquez | 25,612 | * | ||||||||||||
Michael Doyle II | 75,314 | * | ||||||||||||
| Ramiro Lauzan | — | — | ||||||||||||
Monica A S Silva(3) | — | — | ||||||||||||
Gonzalo García Estebarena(4) | 145,435 | * | ||||||||||||
Maria Bettina Zubin(5) | 10,737 | * | ||||||||||||
Sebastián Mackinnon(6) | 167,485 | * | ||||||||||||
| Executive Officers and Directors as a Group (12 persons) | 1,219,960 | 1.8 | % | |||||||||||
| Outstanding Ordinary Share as of March 31, 2023 | ||||||||||||||
| Name of Beneficial Owner | Number | % | ||||||||||||
| % Shareholders: | ||||||||||||||
LCLA Daylight LP(1) | 11,000,000 | 16.65 | ||||||||||||
Expedia, Inc.(2) | 9,590,623 | 14.52 | ||||||||||||
Waha LATAM Investments Limited(3) | 5,405,405 | 8.18 | ||||||||||||
Arisaig Partners (Asia) Pte Ltd. (4) | 4,056,300 | 6.14 | ||||||||||||
Teton Capital Partners, L.P. (5) | 3,712,783 | 5.62 | ||||||||||||
Moerus Capital Management, LLC (6) | 3,656,964 | 5.54 | ||||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in thousands) | |||||||||||
Audit fees (audit of financial statements)(1) | $ | 2,545 | $ | 2,650 | |||||||
Tax fees (other certifications and tax advisory services)(2) | 464 | 488 | |||||||||
All other fees (advisory services)(3) | — | — | |||||||||
| Total | $ | 3,009 | $ | 3,138 | |||||||
| Requirement | NYSE Requirement FOR US Listed Companies | BVI Law | Despegar Practice | ||||||||
| Independent Directors | The board of directors is required to have a majority of independent directors. | BVI law does not require us to have a majority of independent directors. | We do not have a majority independent board of directors. | ||||||||
| Executive Sessions of Independent Directors | Independent directors of a NYSE-listed company must have meetings at which only the independent directors are present. | BVI law does not require us to hold executive sessions of the board of directors. | We do not hold independent directors’ meetings. | ||||||||
| Audit Committee | Must have an audit committee with the specific responsibilities and authority necessary to comply with SEC rules. Members must meet all of the independence requirements of the NYSE, as well as the SEC Rule 10A-3 independence requirements (subject to any available exemptions). | BVI law does not require an independent audit committee. | Our board of directors has established an audit committee that complies with SEC Rule 10A-3 independence requirements only, and not other general NYSE independence standards. | ||||||||
| Internal Audit Function | Must have an internal audit function. This function may be performed by a third party. | BVI law does not require an internal audit function. | We do not have an internal audit function. | ||||||||
| Compensation of Executive Officers | Must have a compensation committee consisting solely of independent directors. Must satisfy the additional independence requirements specific to compensation committee membership. | BVI law does not require an independent compensation committee. | The board of directors has established a nomination and compensation committee. However, its members are not all independent in accordance with NYSE listing standards. | ||||||||
| Nomination of Directors | Must have a nominating/corporate governance committee consisting solely of independent directors. | BVI law does not require an independent nominating committee. | The board of directors has established a nomination and compensation committee. However, its members are not all independent in accordance with NYSE listing standards. | ||||||||
| Corporate Governance Guidelines | Company must adopt and disclose corporate governance guidelines | BVI law does not require corporate governance guidelines. | We do not have corporate governance guidelines. | ||||||||
| Shareholder Approval of Equity Compensation Plans and Certain Other Share Issuances | Shareholders must approve all equity-compensation plans and material revisions thereto, with limited exemptions. Shareholder approval also required for certain other dilutive and related party equity issuances. | BVI law does not require shareholder approval of equity compensation plans or such other share issuances. | We have not and do not intend to submit for shareholder approval any equity-compensation plans or the other dilutive and related party equity issuances covered by NYSE rules. | ||||||||
| Exhibit Number | Description | |||||||
| 3.1 | ||||||||
| 4.1 | ||||||||
| 4.2 | ||||||||
| 4.3 | ||||||||
| 4.4 | ||||||||
| 4.5 | ||||||||
| 4.6 | ||||||||
| 4.7 | ||||||||
| 10.1## | Amended and Restated Expedia Outsourcing Agreement dated as of November 14, 2019, among Expedia, Inc. and Decolar.com Inc., Travel Reservations S.R.L., Despegar.com.ar S.A., Decolar.com Ltda., Despegar.com Mexico S.A. de C.V., Despegar.com Peru SAC, Despegar.com Chile SpA., Despegar Colombia S.A.S., Viajes Despegar.com O.N.L.I.N.E. S.A., Despegar Ecuador S.A., Despegar.com USA, Inc., Despegar.com Panama S.A., and Holidays S.A. (incorporated by reference to Exhibit 4.1 to the Annual Report filed on Form 20-F, filed on April 10, 2020) | |||||||
| 10.2# | ||||||||
| 10.3 | ||||||||
| 10.4 | ||||||||
| 10.5 | ||||||||
| 10.6 | ||||||||
| 21.1* | ||||||||
| 23.1* | ||||||||
| 31.1* | ||||||||
| 31.2* | ||||||||
| 31.3* | ||||||||
| 31.4* | ||||||||
| 101. INS* | XBRL Instance Document | |||||||
| 101. SCH* | XBRL Taxonomy Extension Schema | |||||||
| 101. CAL* | XBRL Taxonomy Extension Schema Calculation Linkbase | |||||||
| 101. DEF* | XBRL Taxonomy Extension Schema Definition Linkbase | |||||||
| 101. LAB* | XBRL Taxonomy Extension Schema Label Linkbase | |||||||
| DESPEGAR.COM, CORP. | |||||||||||
| By: | /s/Damián Scokin | ||||||||||
| Name: | Damián Scokin | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
/s/ | |||||
| /s/ Eduardo Alfredo Loiácono (Partner) | |||||
Eduardo Alfredo Loiácono April 27, 2023 | |||||
| We have served as the Company’s auditor since 2007. | |||||
| As of December 31, | As of December 31, | ||||||||||
| 2022 | 2021 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | $ | $ | |||||||||
Trade accounts receivable, net of allowances of $ | $ | $ | |||||||||
Loans receivable, net of allowances of $ | $ | $ | |||||||||
| Related party receivable | $ | $ | |||||||||
| Other assets and prepaid expenses | $ | $ | |||||||||
| Total current assets | $ | $ | |||||||||
| Non-current assets | |||||||||||
| Other assets and prepaid expenses | $ | $ | |||||||||
Loans receivable, net of allowances of $ | $ | $ | |||||||||
| Lease right-of-use assets | $ | $ | |||||||||
| Property and equipment, net | $ | $ | |||||||||
| Intangible assets, net | $ | $ | |||||||||
| Goodwill | $ | $ | |||||||||
| Total non-current assets | $ | $ | |||||||||
| TOTAL ASSETS | $ | $ | |||||||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued expenses | $ | $ | |||||||||
| Travel accounts payable | $ | $ | |||||||||
| Related party payable | $ | $ | |||||||||
| Short-term debt and other financial liabilities | $ | $ | |||||||||
| Deferred revenue | $ | $ | |||||||||
| Other liabilities | $ | $ | |||||||||
| Contingent liabilities | $ | $ | |||||||||
| Lease liabilities | $ | $ | |||||||||
| Total current liabilities | $ | $ | |||||||||
| Non-current liabilities | |||||||||||
| Other liabilities | $ | $ | |||||||||
| Contingent liabilities | $ | $ | |||||||||
| Long-term debt and other financial liabilities | $ | $ | |||||||||
| Lease liabilities | $ | $ | |||||||||
| Related party liability | $ | $ | |||||||||
| Total non-current liabilities | $ | $ | |||||||||
| TOTAL LIABILITIES | $ | $ | |||||||||
Series A non-convertible preferred shares, no par value, | $ | $ | |||||||||
Series B convertible preferred shares, no par value, | $ | $ | |||||||||
| Redeemable non-controlling interest | $ | $ | |||||||||
| TOTAL MEZZANINE EQUITY | $ | $ | |||||||||
| SHAREHOLDERS’ (DEFICIT) | |||||||||||
| Common stock (1) | $ | $ | |||||||||
| Additional paid-in capital | $ | $ | |||||||||
| Other reserves | $ | ( | $ | ( | |||||||
| Accumulated other comprehensive loss | $ | ( | $ | ( | |||||||
| Accumulated losses | $ | ( | $ | ( | |||||||
| Treasury Stock | $ | ( | $ | ( | |||||||
| Total Shareholders’ (Deficit) | $ | ( | $ | ( | |||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) | $ | $ | |||||||||
| (1) | Represents | ||||
| For the year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenue (1) | $ | $ | $ | ||||||||||||||
| Cost of revenue (2) | ( | ( | ( | ||||||||||||||
| Gross profit | $ | $ | $ | ||||||||||||||
| Operating expenses | |||||||||||||||||
| Selling and marketing | $ | ( | $ | ( | $ | ( | |||||||||||
| General and administrative | ( | ( | ( | ||||||||||||||
| Technology and product development | ( | ( | ( | ||||||||||||||
| Impairment of long-lived assets and goodwill | ( | ( | |||||||||||||||
| Total operating expenses | $ | ( | $ | ( | $ | ( | |||||||||||
| (Loss) / Gain from equity investments | ( | ( | |||||||||||||||
| Operating loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Financial results, net | ( | ( | |||||||||||||||
| Loss before income taxes | $ | ( | $ | ( | $ | ( | |||||||||||
| Income tax (expense) benefit | ( | ||||||||||||||||
| Net loss for the year | $ | ( | $ | ( | $ | ( | |||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | ( | $ | ( | $ | ( | |||||||||||
| (1) | |||||
| (2) | |||||
| Losses per share available to common shareholders (Note 2 and 26): | |||||||||||||||||
| Basic | $ | ( | $ | ( | $ | ( | |||||||||||
| Diluted | $ | ( | $ | ( | $ | ( | |||||||||||
| Shares used in computing losses per share (in thousands): | |||||||||||||||||
| Basic | |||||||||||||||||
| Diluted | |||||||||||||||||
| For the year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net loss for the year | $ | ( | $ | ( | $ | ( | |||||||||||
| Other comprehensive loss, net of tax | |||||||||||||||||
| Foreign currency translation adjustment | ( | ( | |||||||||||||||
| Comprehensive loss for the year | $ | ( | $ | ( | $ | ( | |||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||
| Foreign currency translation adjustment attributable to redeemable non-controlling interest | ( | ||||||||||||||||
| Comprehensive loss attributable to Despegar.com, Corp. | $ | ( | $ | ( | $ | ( | |||||||||||
| Common stock | Additional paid-in capital | Other reserves | Accumulated other comprehensive income / (loss) | Accumulated losses | Treasury Stock | Total equity / (deficit) | |||||||||||||||||||||||||||||||||||||||||
| Number of shares issued (in thousands) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Exercise of stock-based awards | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Net loss for the year | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Warrants, net of issuance costs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Accretion of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of dividends of Series B convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accretion of redeemable non-controlling interest | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Exercise of stock-based awards | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Net loss for the year | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accretion of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of dividends of Series B convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accretion of redeemable non-controlling interest | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||
| Stock – based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Exercise of stock-based awards | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Net loss for the year | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Accretion of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accretion of redeemable non-controlling interest | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Accrual of dividends of Series B convertible preferred shares | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Redemption of non-controlling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||
| For the year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Adjustments to reconcile net loss to net cash flows from operating activities: | |||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||
| Unrealized foreign currency loss | |||||||||||||||||
| Changes in fair value of earnout liability | ( | ( | |||||||||||||||
| Changes in seller indemnification | ( | ||||||||||||||||
| Gain/(Loss) from equity investments | ( | ||||||||||||||||
| Depreciation expense | |||||||||||||||||
| Amortization expense | |||||||||||||||||
| Write-off of leasehold improvements | |||||||||||||||||
| Impairment of long-lived assets and goodwill | |||||||||||||||||
| Stock-based compensation expense | |||||||||||||||||
| Amortization of lease right-of-use assets | |||||||||||||||||
| Interest and penalties | |||||||||||||||||
| Income tax expense / (benefit) | ( | ( | |||||||||||||||
| Allowance for credit expected losses | |||||||||||||||||
| Provision for contingencies | |||||||||||||||||
| Changes in assets and liabilities, net of non-cash transactions: | |||||||||||||||||
| (Increase) / Decrease in trade accounts receivable, net of credit expected loss | ( | ( | |||||||||||||||
| (Increase) / Decrease in loans receivable, net of allowance | ( | ( | |||||||||||||||
| Decrease / (Increase) in related party receivable | ( | ||||||||||||||||
| Decrease / (Increase) in other assets and prepaid expenses | ( | ||||||||||||||||
| Increase / (Decrease) in accounts payable and accrued expenses | ( | ||||||||||||||||
| Increase / (Decrease) in travel accounts payable | ( | ||||||||||||||||
| (Decrease) / Increase in other liabilities | ( | ( | |||||||||||||||
| Decrease in contingent liabilities | ( | ( | ( | ||||||||||||||
| Increase / (Decrease) in related party payable | ( | ||||||||||||||||
| Decrease in lease liabilities | ( | ( | ( | ||||||||||||||
| Increase in deferred revenue | |||||||||||||||||
| Net cash flows provided by / (used in) operating activities | $ | $ | ( | $ | ( | ||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Origination of loans receivable, net of allowance | ( | ( | |||||||||||||||
| Collection of loans receivable | |||||||||||||||||
| Payments for acquired business, net of cash acquired | ( | ( | |||||||||||||||
| Payment for other assets | ( | ||||||||||||||||
| Acquisition of property and equipment | ( | ( | ( | ||||||||||||||
| Capital expenditures, including internal-use software and website development | ( | ( | ( | ||||||||||||||
| Net cash flows used in investing activities | $ | ( | $ | ( | $ | ( | |||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Net (decrease) / increase of short-term debt | ( | ( | ( | ||||||||||||||
| Proceeds from issuance of short-term debt | |||||||||||||||||
| Payment of short-term debt | ( | ( | |||||||||||||||
| Proceeds from issuance of long-term debt | |||||||||||||||||
| Payment of long-term debt | ( | ( | ( | ||||||||||||||
| Purchase of treasury stock | ( | ||||||||||||||||
| Proceeds from issuance of preferred shares | |||||||||||||||||
| Payments of expenses related to preferred shares and warrants | ( | ( | |||||||||||||||
| Payments for acquired non-controlling interest | ( | ||||||||||||||||
| Collect on debenture issuance by securitization program | |||||||||||||||||
| Exercise of stock-based awards | |||||||||||||||||
| Payment of dividends to Series B convertible preferred shares | ( | ( | ( | ||||||||||||||
| Net cash flows (used in) / provided by financing activities | $ | ( | $ | ( | $ | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||||||||
| Net (decrease) / increase in cash and cash equivalents | $ | ( | $ | ( | $ | ||||||||||||
| Cash and cash equivalents and restricted cash as of beginning of the year | |||||||||||||||||
| Cash and cash equivalents and restricted cash as of end of the year | |||||||||||||||||
| For the year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Supplemental cash flow information | |||||||||||||||||
| Cash paid for income tax | $ | $ | $ | ||||||||||||||
| Interest paid | $ | $ | $ | ||||||||||||||
| Financed portion of acquisitions | $ | $ | $ | ||||||||||||||
| Name of the subsidiary (in alphabetical order) | Type | Country of incorporation | As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
| % Owned | ||||||||||||||||||||||||||
| Badurey S.A. | Holding | Uruguay | % | % | ||||||||||||||||||||||
| BD Travelsolution, S. de R.L. de C.V. (1) | Operating | Mexico | % | % | ||||||||||||||||||||||
| Click Hoteles.com, LLC | Holding | United States | % | % | ||||||||||||||||||||||
| Decolar.com Ltda. | Operating | Brazil | % | % | ||||||||||||||||||||||
| Decolar.com, Inc. | Holding | United States | % | % | ||||||||||||||||||||||
| Despegar Colombia S.A.S. | Operating | Colombia | % | % | ||||||||||||||||||||||
| Despegar Ecuador S.A. | Operating | Ecuador | % | % | ||||||||||||||||||||||
| Despegar.com Chile SpA | Operating | Chile | % | % | ||||||||||||||||||||||
| Despegar.com México S.A. de C.V. | Operating | Mexico | % | % | ||||||||||||||||||||||
| Despegar.com Peru S.A.C. | Operating | Peru | % | % | ||||||||||||||||||||||
| Despegar.com USA, Inc. | Operating | United States | % | % | ||||||||||||||||||||||
| Despegar.com.ar S.A. | Operating | Argentina | % | % | ||||||||||||||||||||||
| DFinance Holding Ltda. | Holding | Brazil | % | % | ||||||||||||||||||||||
| Holidays S.A. | Operating | Uruguay | % | % | ||||||||||||||||||||||
| Jamiray International S.A. | Operating | Uruguay | % | % | ||||||||||||||||||||||
| Koin (BVI) Limited | Holding | British Virgin Islands | % | % | ||||||||||||||||||||||
| Xirex Contigo Sapi De CV Sofom ENR | Operating | Mexico | % | % | ||||||||||||||||||||||
| Ruselmy S.A. | Operating | Uruguay | % | % | ||||||||||||||||||||||
| Koin Administradora de Cartões e Meios de Pagamento S.A. | Operating | Brazil | % | % | ||||||||||||||||||||||
| Rivamor S.A. | Holding | Uruguay | % | % | ||||||||||||||||||||||
| Ruotej S.A. | Operating | Uruguay | % | % | ||||||||||||||||||||||
| Satylca S.C.A. | Holding | Uruguay | % | % | ||||||||||||||||||||||
| Servicios Online 3351 de Venezuela C.A. | Operating | Venezuela | % | % | ||||||||||||||||||||||
| South Net Chile, SpA (1) | Operating | Chile | % | % | ||||||||||||||||||||||
| South Net Turismo Perú S.R.L. (2) | Operating | Peru | % | % | ||||||||||||||||||||||
| South-Net Turismo S.A.U. | Operating | Argentina | % | % | ||||||||||||||||||||||
| Transporturist, S.A. de C.V. | Operating | Mexico | % | % | ||||||||||||||||||||||
| Travel Reservations S.R.L. | Operating | Uruguay | % | % | ||||||||||||||||||||||
| TVLX - Viagens e Turismo S.A. (3) | Operating | Brazil | % | % | ||||||||||||||||||||||
| Viajes Beda, S.A. de C.V. | Operating | Mexico | % | % | ||||||||||||||||||||||
| Viajes Despegar.com O.N.L.I.N.E. S.A. | Operating | Costa Rica | % | % | ||||||||||||||||||||||
| (1) | In process of dissolution. | ||||
| (2) | Liquidated as of December 31, 2022. | ||||
(3) | Merged with Decolar.com Ltda. on January 1, 2023. | ||||
| For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||||||||||||||
| As reported | As reclassified | As reported | As reclassified | |||||||||||||||||||||||
| Cost of revenue | ( | ( | ( | ( | ||||||||||||||||||||||
| General and administrative | ( | ( | ( | ( | ||||||||||||||||||||||
| Balance, beginning of year | Charges to earnings | Charges to other accounts | Deductions | Balance, end of year | |||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
| Balance, beginning of year | Charges to earnings | Charges to other accounts | Deductions | Balance, end of year | |||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
| 2021 | 2020 | ||||||||||
| Net loss for the year (*) | ( | ( | |||||||||
| Less: Net loss attributable to redeemable non-controlling interest (*) | |||||||||||
| Net loss for the year attributable to Despegar.com, Corp. (*) | $ | ( | $ | ( | |||||||
| Accretion of redeemable non-controlling interest (*) | ( | ( | |||||||||
| Accretion of Series A non-convertible preferred shares (*) | ( | ( | |||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares (*) | ( | ( | |||||||||
| Accrual of dividends of Series B convertible preferred shares (*) | ( | ( | |||||||||
| Net loss for the year attributable to Despegar.com, Corp. common shareholders (*) | $ | ( | $ | ( | |||||||
| Numerator of basic and diluted losses per share (*) | $ | ( | $ | ( | |||||||
| Weighted average common shares outstanding - basic and diluted – as previously reported | |||||||||||
| Denominator of basic and diluted losses per share – as previously reported | |||||||||||
| Basic and diluted losses per share – as previously reported [A] | $ | ( | $ | ( | |||||||
| Weighted average common shares outstanding - basic and diluted – as revised | |||||||||||
| Denominator of basic and diluted losses per share – as revised | |||||||||||
| Basic and diluted losses per share – as revised [B] | $ | ( | $ | ( | |||||||
| Understated by [A] – [B] | $ | $ | |||||||||
| Impact in % ([B] – [A])/[A] | % | % | |||||||||
| Asset | Estimated useful life (in years) | |||||||
| Computer hardware | ||||||||
| Vehicles | ||||||||
| Office furniture and fixture | ||||||||
| Buildings | ||||||||
| Consideration: | |||||
| Purchase price paid on June 1, 2022 | $ | ||||
| Fair value of deferred purchase price | |||||
| Total consideration as of acquisition date | $ | ||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||
| Cash and cash equivalents and restricted cash | $ | ||||
| Trade accounts receivable | |||||
| Intangible assets | |||||
| Property, plant and equipment | |||||
| Seller indemnification | |||||
| Other assets | |||||
| Total assets acquired | $ | ||||
| Accounts payable and accrued expenses | $ | ||||
| Travel accounts payable | |||||
| Contingent liabilities | |||||
| Deferred tax liabilities | |||||
| Other liabilities | |||||
| Total liabilities assumed | $ | ||||
| Total net liabilities assumed | $ | ( | |||
| Goodwill | $ | ||||
| Amount | Estimated useful life (in years) | ||||||||||
| Trademarks and domains | $ | ||||||||||
| Developed technology | |||||||||||
| Customer relationships | |||||||||||
| Domains | |||||||||||
| Total intangible assets acquired | $ | ||||||||||
| Period from the date of acquisition to December 31,2022 | |||||
| Revenue | $ | ||||
| Net loss | $ | ( | |||
| For the year ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Revenue | $ | $ | |||||||||
| Net loss | $ | ( | $ | ( | |||||||
| Consideration: | |||||
| Fair value of purchase price payable on October 1, 2023 | |||||
| Fair value of contingent consideration payable on October 1, 2024 | |||||
| Total consideration as of acquisition date | $ | ||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||
| Cash and cash equivalents | |||||
| Restricted cash | |||||
| Trade accounts receivable, net of credit expected loss | |||||
| Related party receivable | |||||
| Lease right-of-use assets | |||||
| Property and equipment, net | |||||
| Intangible assets, net | |||||
| Deferred tax assets | |||||
| Seller indemnification | |||||
| Other assets and prepaid expenses | |||||
| Total assets acquired | $ | ||||
| Accounts payable and accrued expenses | |||||
| Travel accounts payable | |||||
| Related party payable | |||||
| Short-term and long-term debt | |||||
| Lease liabilities | |||||
| Contingent liabilities | |||||
| Deferred revenue | |||||
| Taxes payable | |||||
| Deferred tax liabilities | |||||
| Promissory notes issued | |||||
| Other liabilities | |||||
| Total liabilities assumed | $ | ||||
| Total net liabilities assumed | $ | ||||
| Goodwill | $ | ||||
| Amount | Estimated useful life (in years) | ||||||||||
| Trademarks | $ | ||||||||||
| Domains | |||||||||||
| Developed technology | |||||||||||
| Licenses | |||||||||||
| Customer relationships | |||||||||||
| Total intangible assets acquired | $ | ||||||||||
| Period from the date of acquisition to December 31, 2020 | |||||
| Net revenue | $ | ||||
| Net loss | $ | ( | |||
| Consideration: | |||||
| Fair value of purchase price | $ | ||||
| Redeemable non-controlling interest: | $ | ||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||
| Cash and cash equivalents | |||||
| Restricted cash | |||||
| Trade accounts receivable, net of credit expected loss | |||||
| Lease right-of-use assets | |||||
| Property and equipment, net | |||||
| Intangible assets, net | |||||
| Other assets and prepaid expenses | |||||
| Total assets acquired | $ | ||||
| Accounts payable and accrued expenses | |||||
| Short-term debt | |||||
| Lease liabilities | |||||
| Contingent liabilities | |||||
| Taxes payable | |||||
| Deferred tax liabilities | |||||
| Other liabilities | |||||
| Total liabilities assumed | $ | ||||
| Total net liabilities assumed | $ | ||||
| Goodwill | $ | ||||
| Period from the date of acquisition to December 31, 2020 | |||||
| Net revenue | $ | ||||
| Net loss | $ | ( | |||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Balance, beginning of year | $ | $ | |||||||||
| Comprehensive loss adjustments: | |||||||||||
| Net loss attributable to redeemable non-controlling interest | ( | ||||||||||
| Other comprehensive loss attributable to redeemable non-controlling interest | ( | ||||||||||
| Additional paid-in-capital adjustments: | |||||||||||
| Adjustment to redemption value | |||||||||||
| Redemption of non-controlling interest | ( | ||||||||||
| Balance, end of year | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
Loan with HSBC Mexico, S.A. principal amount | |||||||||||
Loan with Bank Sabadell Mexico S.A. principal amount | |||||||||||
| Collateralized debt issued by SPV (Note 11) | |||||||||||
Loan with Banco de Crédito e Inversiones principal amount | |||||||||||
Loan with Itaú Unibanco S.A. principal amounts | |||||||||||
| Long-term debt, including current maturities | |||||||||||
| Less: Current maturities of long-term debt | |||||||||||
| Long-term debt, excluding current maturities | $ | $ | |||||||||
| Short-term debt, including current maturities of long-term debt | |||||||||||
| Total short-term and long-term debt | $ | $ | |||||||||
| Loan | Issuance date | Maturity date | Currency | Principal amount in original currency | Principal amount in U.S. dollars | Interest rate | Interest payment | |||||||||||||||||||||||||||||||||||||
| Banco de Crédito e Inversiones | June 2020 | May 2024 | Chilean Pesos | Monthly | ||||||||||||||||||||||||||||||||||||||||
| Itaú Unibanco S.A. | November 2020 | November 2026 | Reais | CDI + | Quarterly | |||||||||||||||||||||||||||||||||||||||
| Itaú Unibanco S.A. | November 2020 | November 2026 | Reais | CDI + | Quarterly | |||||||||||||||||||||||||||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Balance, beginning of year | |||||||||||
| Borrowings obtained | |||||||||||
| Debt issued by SPV (Note 11) | |||||||||||
| Payment of borrowings | ( | ( | |||||||||
| Accrued interest | |||||||||||
| Interest paid | ( | ( | |||||||||
| Foreign currency translation adjustment | ( | ( | |||||||||
| Short-term loans, net | |||||||||||
| Balance, end of year | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Cash on hand | $ | $ | |||||||||
| Bank deposits | |||||||||||
| Time deposits | |||||||||||
| Money market funds | |||||||||||
| Total cash and cash equivalents | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | As of December 31, 2020 | |||||||||||||||
| As included in our consolidated balance sheets: | |||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Restricted cash | |||||||||||||||||
| Total cash and cash equivalents and restricted cash as shown in our consolidated statements of cash flows: | $ | $ | $ | ||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Third-party credit card processors | |||||||||||
| Fulfilment partners | |||||||||||
| Airlines | |||||||||||
| Global distribution systems | |||||||||||
| Hotels | |||||||||||
| Advertising | |||||||||||
| Others | |||||||||||
| Total accounts receivable | |||||||||||
| Allowance for credit losses | ( | ( | |||||||||
| Total accounts receivable, Net | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Balance, beginning of year | $ | $ | |||||||||
| Provisions | |||||||||||
| Recoveries and write-off | ( | ( | |||||||||
| Foreign currency translation adjustment | ( | ||||||||||
| Balance, end of year | $ | $ | |||||||||
| As of January 1, 2020 | |||||||||||||||||
| As reported under previous GAAP | Impact of ASC 326 adoption | As reported under ASC 326 | |||||||||||||||
| Allowance for credit expected losses: | $ | $ | $ | ||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Loans receivable | $ | $ | |||||||||
| Securitized loans receivable | |||||||||||
| Allowance for credit expected losses | ( | ( | |||||||||
| Total current loans receivable, net | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Loans receivable | $ | $ | |||||||||
| Allowance for credit expected losses | ( | ||||||||||
| Total non-current loans receivable, net | $ | $ | |||||||||
| Grade | Status | Provision Rate | ||||||
| B | Not overdue | |||||||
| B | Overdue b/w 1 - 5 days | |||||||
| D | Overdue b/w 6 - 14 days | |||||||
| E | Overdue b/w 15 - 30 days | |||||||
| F | Overdue b/w 31 - 60 days | |||||||
| G | Overdue b/w 61 - 90 days | |||||||
| G | Overdue b/w 91 - 120 days | |||||||
| G | Overdue b/w 121 - 150 days | |||||||
| H | Overdue b/w 151 - 360 days | |||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| 1-30 days past due | |||||||||||
| 31-60 days past due | |||||||||||
| 61-90 days past due | |||||||||||
| 91-120 days past due | |||||||||||
| 121-150 days past due | |||||||||||
| 151-180 days past due | |||||||||||
| 181-210 days past due | |||||||||||
| 211-240 days past due | |||||||||||
| 241-270 days past due | |||||||||||
| 271-300 days past due | |||||||||||
| 301-330 days past due | |||||||||||
| 331-360 days past due | |||||||||||
| Total past due | $ | $ | |||||||||
| To become due | |||||||||||
| Total loan receivables | $ | $ | |||||||||
| SPV | Collateralized debt | Interest rate | Currency | Maturity | ||||||||||
| Koin Vert - Current | $ | CDI + | Brazilian Reais | December, 2023 | ||||||||||
| Koin Vert - Non current | CDI + | Brazilian Reais | December, 2024 | |||||||||||
| Total | $ | |||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Restricted cash and cash equivalents | $ | $ | |||||||||
| Loan receivables | |||||||||||
| Allowance for credit losses | $ | ( | $ | ||||||||
| Total current assets | $ | $ | |||||||||
| Loans receivable, net | $ | $ | |||||||||
| Total non-current assets | $ | $ | |||||||||
| Total assets | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Accounts payable | $ | $ | |||||||||
| Collateralized debt | |||||||||||
| Other payables | |||||||||||
| Total current liabilities | $ | $ | |||||||||
| Collateralized debt | |||||||||||
| Total non-current liabilities | $ | $ | |||||||||
| Total liabilities | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Tax credits | $ | $ | |||||||||
| Prepaid expenses and advance to suppliers | |||||||||||
| Seller indemnification | |||||||||||
| Others | |||||||||||
| Total other current assets and prepaid expenses | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Deferred tax assets | $ | $ | |||||||||
| Seller indemnification | |||||||||||
Equity method investments (1) | |||||||||||
| Total other non-current assets and prepaid expenses | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Computer hardware and software | $ | $ | |||||||||
| Office furniture and fixtures | |||||||||||
| Buildings | |||||||||||
| Vehicles | |||||||||||
| Land | |||||||||||
| Total property and equipment | $ | $ | |||||||||
Accumulated depreciation (1) | ( | ( | |||||||||
| Total property and equipment, net | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Balance, beginning of year | $ | $ | |||||||||
| Additions | |||||||||||
| Acquisitions (Note 4) | |||||||||||
| Depreciation | ( | ( | |||||||||
| Foreign currency translation adjustment | ( | ||||||||||
| Balance, end of year | $ | $ | |||||||||
| For the year ended December 31 | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Technology and product development | $ | $ | $ | ||||||||||||||
| General and administrative | |||||||||||||||||
| Selling and marketing | |||||||||||||||||
| Total depreciation expense | $ | $ | $ | ||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Indefinite-lived intangible assets: | |||||||||||
| Trademarks and domains | $ | $ | |||||||||
| Definite-lived intangible assets: | |||||||||||
| Trademarks and domains | |||||||||||
| Developed technology | |||||||||||
| Licenses | |||||||||||
| Customer relationships | |||||||||||
| Total intangible assets | $ | $ | |||||||||
Accumulated amortization (1) | ( | ( | |||||||||
| Impairment charges | ( | ||||||||||
| Total intangible assets, net | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Balance, beginning of year | $ | $ | |||||||||
| Additions | |||||||||||
| Acquisitions (Note 4) | |||||||||||
| Amortization | ( | ( | |||||||||
| Impairment charges | ( | ||||||||||
| Foreign currency translation adjustment | ( | ||||||||||
| Balance, end of year | $ | $ | |||||||||
| For the year ended December 31 | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Technology and product development | $ | $ | $ | ||||||||||||||
| General and administrative | |||||||||||||||||
| Selling and marketing | |||||||||||||||||
| Total amortization expense | $ | $ | $ | ||||||||||||||
| Year | Amount | |||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028 and thereafter | ||||||||
| Total | $ | |||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Goodwill | $ | $ | |||||||||
| Air | Packages, Hotels and Other Travel Products | Financial Services | Total | ||||||||||||||||||||
| Balance as of January 1, 2021 | $ | $ | $ | $ | |||||||||||||||||||
| Measurement period adjustments | |||||||||||||||||||||||
| Impairment charges | ( | ( | ( | ||||||||||||||||||||
| Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
| Balance as of December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
| Additions | |||||||||||||||||||||||
| Foreign currency translation adjustment | ( | ||||||||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Marketing suppliers | $ | $ | |||||||||
| Unbilled suppliers | |||||||||||
| Other suppliers | |||||||||||
| Total accounts payable and accrued expenses | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
Hotels and other travel providers (1) | $ | $ | |||||||||
Canceled reservations pending payment to travelers(2) | |||||||||||
| Airlines | |||||||||||
| Total travel accounts payable | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Taxes payable | $ | $ | |||||||||
| Salaries payable | |||||||||||
| Purchase price payable for Best Day Group (1) | |||||||||||
| Promissory notes issued (3) | |||||||||||
| Others | |||||||||||
| Total other current liabilities | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Taxes payable | $ | $ | |||||||||
| Deferred tax liabilities | |||||||||||
| Purchase price payable for Best Day Group (1) | |||||||||||
| Accrued earnout liability (2) | |||||||||||
| Promissory notes issued (3) | |||||||||||
| Purchase price payable for Viajanet acquisition (4) | |||||||||||
| Others | |||||||||||
| Total other non-current liabilities | $ | $ | |||||||||
| Local currency | Notional amount | Type | Maturity | Fair value | |||||||||||||||||||||||||
| 2022 | |||||||||||||||||||||||||||||
| Brazilian Reais | $ | Sell | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Brazilian Reais | $ | Sell | Feb-23 | $ | ( | ||||||||||||||||||||||||
| Brazilian Reais | $ | Buy | Jan-23 | $ | |||||||||||||||||||||||||
| Chilean Pesos | $ | Sell | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Chilean Pesos | $ | Buy | Jan-23 | $ | |||||||||||||||||||||||||
| Chilean Pesos | $ | Buy | Feb-23 | $ | |||||||||||||||||||||||||
| Colombian Pesos | $ | Sell | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Mexican Pesos | $ | Sell | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Mexican Pesos | $ | Buy | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Peruvian soles | $ | Sell | Jan-23 | $ | ( | ||||||||||||||||||||||||
| Peruvian soles | $ | Buy | Jan-23 | $ | |||||||||||||||||||||||||
| Uruguayan Pesos | $ | Sell | Jan-23 | $ | |||||||||||||||||||||||||
| Uruguayan Pesos | $ | Sell | Feb-23 | $ | |||||||||||||||||||||||||
| Total fair value of foreign currency forwards, net | $ | ||||||||||||||||||||||||||||
| Local currency | Notional amount | Type | Maturity | Fair value | |||||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| Brazilian Reais | $ | Sell | Jan 22 | $ | |||||||||||||||||||||||||
| Mexican pesos | $ | Sell | Jan 22 | $ | |||||||||||||||||||||||||
| Argentinian pesos | $ | Buy | Jan 22 | $ | |||||||||||||||||||||||||
| Chilean pesos | $ | Buy | Jan 22 | $ | ( | ||||||||||||||||||||||||
| Colombian pesos | $ | Sell | Jan 22 | $ | |||||||||||||||||||||||||
| Brazilian Reais | $ | Sell | Feb 22 | $ | |||||||||||||||||||||||||
| Mexican pesos | $ | Sell | Feb 22 | $ | |||||||||||||||||||||||||
| Colombian pesos | $ | Sell | Feb 22 | $ | |||||||||||||||||||||||||
| Chilean pesos | $ | Buy | Feb 22 | $ | ( | ||||||||||||||||||||||||
| Mexican pesos | $ | Sell | Mar 22 | $ | |||||||||||||||||||||||||
| Total fair value of foreign currency forwards, net | $ | ||||||||||||||||||||||||||||
| Employee severance and benefits | Others | Total | |||||||||||||||
| Accrued liability as of January 1, 2020 | $ | $ | $ | ||||||||||||||
| Charges | |||||||||||||||||
| Payments | ( | ( | ( | ||||||||||||||
| Accrued liability as of December 31, 2020 | $ | $ | $ | ||||||||||||||
| Charges | |||||||||||||||||
| Payments | ( | ( | ( | ||||||||||||||
| Accrued liability as of December 31, 2021 | $ | $ | $ | ||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| U.S. | $ | ( | $ | ( | $ | ( | |||||||||||
| Foreign | ( | ( | ( | ||||||||||||||
| Loss before income taxes | $ | ( | $ | ( | $ | ( | |||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Current income tax (expenses) / benefit: | |||||||||||||||||
| U.S. Federal | $ | ( | $ | $ | |||||||||||||
| Foreign | ( | ( | ( | ||||||||||||||
| Total current income tax expense | $ | ( | $ | ( | $ | ( | |||||||||||
| Deferred income tax (expenses) / benefit: | |||||||||||||||||
| U.S. Federal | ( | ( | |||||||||||||||
| Foreign | |||||||||||||||||
| Total deferred income tax (expenses) / benefit | $ | ( | $ | $ | |||||||||||||
| Income tax (expenses) / benefit | $ | ( | $ | $ | |||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Non-current deferred tax assets | $ | $ | |||||||||
| Total deferred tax assets | $ | $ | |||||||||
| Less: Valuation allowance | ( | ( | |||||||||
| Net deferred tax assets | $ | $ | |||||||||
| Non-current tax liabilities | ( | ( | |||||||||
| Total deferred tax liabilities | $ | ( | $ | ( | |||||||
| Total deferred tax | $ | $ | |||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Tax loss carryforwards | $ | $ | |||||||||
| Allowance for credit expected losses | |||||||||||
| Provisions and other assets | |||||||||||
| Property and equipment | |||||||||||
| Intangible assets | ( | ( | |||||||||
| Others | ( | ( | |||||||||
| Total net deferred tax assets before valuation allowance | $ | $ | |||||||||
| Less: Valuation allowance | ( | ( | |||||||||
| Total net deferred tax assets after valuation allowance | $ | $ | |||||||||
| As of December 31, 2022 | ||||||||||||||
| Expiration date | U.S. | Foreign | ||||||||||||
| Expires 2025 | ||||||||||||||
| Expires 2026 | ||||||||||||||
| Expires 2027 | ||||||||||||||
| Expires 2028 and thereafter | ||||||||||||||
| Without expiration dates | ||||||||||||||
| Total NOLs | $ | $ | ||||||||||||
| Country | NOL gross amount | Expiration terms | ||||||||||||
| Brazil | $ | No expiration. Offset limitation to 30% of taxable income. | ||||||||||||
| Argentina | 5 years | |||||||||||||
| United States | No expiration but offset limitation of 80% of the taxable income by fiscal year. | |||||||||||||
| Mexico | 10 years | |||||||||||||
| Chile | No expiration. | |||||||||||||
| Peru | No expiration, but offset limitation of 50% of the taxable income by fiscal year. | |||||||||||||
| Total NOLs | $ | |||||||||||||
| Valuation allowance | |||||
| Balance as of January 1, 2020 | $ | ||||
| Increases | |||||
| Decreases | ( | ||||
| Balance as of December 31, 2020 | $ | ||||
| Increases | |||||
| Decreases | ( | ||||
| Balance as of December 31, 2021 | $ | ||||
| Increases | |||||
| Decreases | ( | ||||
| Balance as of December 31, 2022 | $ | ||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net loss before income tax | $ | ( | $ | ( | $ | ( | |||||||||||
| Income tax Rate | % | % | % | ||||||||||||||
| Expected income tax benefit | $ | ( | $ | ( | $ | ( | |||||||||||
| Permanent differences: | |||||||||||||||||
| Foreign non-creditable withholding tax | $ | $ | $ | ||||||||||||||
| Non-deductible expenses | |||||||||||||||||
| Currency translation adjustment | ( | ||||||||||||||||
| Tax credits recovery | |||||||||||||||||
| Others | ( | ( | |||||||||||||||
| Unrecognized tax benefits and related interest | |||||||||||||||||
| Foreign Rate Differential | ( | ( | ( | ||||||||||||||
| Tax Inflation Adjustment | ( | ( | ( | ||||||||||||||
| Tax Holiday | |||||||||||||||||
| True up | ( | ||||||||||||||||
| Change in rate | ( | ( | |||||||||||||||
| Change in valuation allowance | ( | ||||||||||||||||
| Income tax expenses / (benefit) | $ | $ | ( | $ | ( | ||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Balance, beginning of year | $ | $ | $ | ||||||||||||||
Increases to tax positions related to prior years(1) | |||||||||||||||||
Decreases to tax positions related to prior years(1)(2) | ( | ||||||||||||||||
Settlements during current year(1)(3) | ( | ||||||||||||||||
| Interest and penalties | |||||||||||||||||
| Balance, end of year | $ | $ | $ | ||||||||||||||
| Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Air | Packages, Hotels and Other travel products | Financial Services | Intersegment Eliminations | Corporate | Total Consolidated | ||||||||||||||||||||||||||||||
| External revenues | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
| Inter segment revenues | $ | — | $ | — | $ | $ | ( | $ | — | $ | — | ||||||||||||||||||||||||
| Total revenues | $ | $ | $ | $ | ( | $ | — | $ | |||||||||||||||||||||||||||
| Adjusted (negative) EBITDA | $ | $ | $ | ( | $ | — | $ | — | $ | ||||||||||||||||||||||||||
| Depreciation and amortization | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | ( | ( | ||||||||||||||||||||||||||||||||
| Impairment charges | — | ||||||||||||||||||||||||||||||||||
| Restructuring charges | — | ||||||||||||||||||||||||||||||||||
| Acquisition transaction costs | ( | — | ( | ||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | $ | $ | ( | $ | — | $ | ( | $ | ( | |||||||||||||||||||||||||
| Financial results, net | ( | ||||||||||||||||||||||||||||||||||
| Loss before income tax | $ | ( | |||||||||||||||||||||||||||||||||
| Income tax expenses | ( | ||||||||||||||||||||||||||||||||||
| Net loss for the year | $ | ( | |||||||||||||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | ( | |||||||||||||||||||||||||||||||||
| Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Air | Packages, Hotels and Other travel products | Financial Services | Intersegment Eliminations | Corporate | Total Consolidated | ||||||||||||||||||||||||||||||
| External revenues | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
| Inter segment revenues | $ | — | $ | — | $ | $ | ( | $ | — | $ | — | ||||||||||||||||||||||||
| Total revenues | $ | $ | $ | $ | ( | $ | — | $ | |||||||||||||||||||||||||||
| Adjusted (negative) EBITDA | $ | ( | $ | ( | $ | ( | $ | — | $ | — | $ | ( | |||||||||||||||||||||||
| Depreciation and amortization | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | ( | ( | ||||||||||||||||||||||||||||||||
| Impairment charges | ( | ( | — | ( | |||||||||||||||||||||||||||||||
| Restructuring charges | — | ( | ( | ||||||||||||||||||||||||||||||||
| Acquisition transaction costs | — | ( | ( | ||||||||||||||||||||||||||||||||
| Operating loss | $ | ( | $ | ( | $ | ( | $ | — | $ | ( | $ | ( | |||||||||||||||||||||||
| Financial results, net | ( | ||||||||||||||||||||||||||||||||||
| Loss before income tax | $ | ( | |||||||||||||||||||||||||||||||||
| Income tax benefit | |||||||||||||||||||||||||||||||||||
| Net loss for the year | $ | ( | |||||||||||||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | ( | |||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Air | Packages, Hotels and Other travel products | Financial Services | Intersegment Eliminations | Corporate | Total Consolidated | ||||||||||||||||||||||||||||||
| External revenues | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
| Inter segment revenues | $ | — | $ | — | $ | $ | ( | $ | — | $ | — | ||||||||||||||||||||||||
| Total revenues | $ | $ | $ | $ | ( | $ | — | $ | |||||||||||||||||||||||||||
| Adjusted (negative) EBITDA | $ | ( | $ | ( | $ | ( | $ | — | $ | — | $ | ( | |||||||||||||||||||||||
| Depreciation and amortization | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | ( | ( | ||||||||||||||||||||||||||||||||
| Impairment charges | ( | ( | — | ( | |||||||||||||||||||||||||||||||
| Restructuring charges | — | ( | ( | ||||||||||||||||||||||||||||||||
| Acquisition transaction costs | — | ( | ( | ||||||||||||||||||||||||||||||||
| Operating loss | $ | ( | $ | ( | $ | ( | $ | — | $ | ( | $ | ( | |||||||||||||||||||||||
| Financial results, net | |||||||||||||||||||||||||||||||||||
| Loss before income tax | $ | ( | |||||||||||||||||||||||||||||||||
| Income tax benefit | |||||||||||||||||||||||||||||||||||
| Net loss for the year | $ | ( | |||||||||||||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||
| Net loss attributable to Despegar.com, Corp. | $ | ( | |||||||||||||||||||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Business Model: | |||||||||||||||||
| Prepay model | $ | $ | $ | ||||||||||||||
| PAD model | |||||||||||||||||
| Interest revenue | |||||||||||||||||
Others (1) | |||||||||||||||||
| Total Revenue | $ | $ | $ | ||||||||||||||
| Revenue Type: | |||||||||||||||||
| Commissions and service fees | $ | $ | $ | ||||||||||||||
| Incentive fees | |||||||||||||||||
| Advertising | |||||||||||||||||
| Destination services | |||||||||||||||||
| Interest revenue | |||||||||||||||||
Financial services (2) | |||||||||||||||||
Others (3) | |||||||||||||||||
| Total Revenue | $ | $ | $ | ||||||||||||||
| Country: | |||||||||||||||||
| Argentina | $ | $ | $ | ||||||||||||||
| Brazil | |||||||||||||||||
| Uruguay | |||||||||||||||||
| Mexico | |||||||||||||||||
Other countries (4) | |||||||||||||||||
| Total Revenue | $ | $ | $ | ||||||||||||||
| As of December 31, 2022 | As of December 31, 2021 | ||||||||||
| Goodwill: | |||||||||||
| Argentina | $ | $ | |||||||||
| Brazil | |||||||||||
| Mexico | |||||||||||
| Uruguay | |||||||||||
Other countries (1) | |||||||||||
| Total goodwill | $ | $ | |||||||||
| Intangible assets, net: | |||||||||||
| Argentina | $ | $ | |||||||||
| Uruguay | |||||||||||
| Mexico | |||||||||||
Other countries (2) | |||||||||||
| Total intangible assets, net | $ | $ | |||||||||
| Property and equipment, net: | |||||||||||
| Argentina | $ | $ | |||||||||
| Brazil | |||||||||||
| Mexico | |||||||||||
| Uruguay | |||||||||||
| United States | |||||||||||
Other countries (3) | |||||||||||
| Total property and equipment, net | $ | $ | |||||||||
| Asset information by segment: | |||||||||||
Financial Services (4): | |||||||||||
| Loans receivable | $ | $ | |||||||||
| Allowance for credit losses | $ | ( | $ | ( | |||||||
| Total loans receivable, net | $ | $ | |||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Time deposits | |||||||||||||||||||||||
| Other assets | |||||||||||||||||||||||
| Foreign currency forwards | |||||||||||||||||||||||
| Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Other liabilities | |||||||||||||||||||||||
| Accrued earnout liability | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Foreign currency forwards | ( | ( | |||||||||||||||||||||
| Total liabilities at fair value | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Time deposits | |||||||||||||||||||||||
| Other assets | |||||||||||||||||||||||
| Foreign currency forwards | |||||||||||||||||||||||
| Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Other liabilities | |||||||||||||||||||||||
| Accrued earnout liability | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Foreign currency forwards | ( | ( | |||||||||||||||||||||
| Total liabilities at fair value | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net loss for the year | $ | ( | $ | ( | $ | ( | |||||||||||
| Less: Net loss attributable to redeemable non-controlling interest | |||||||||||||||||
| Net loss for the year attributable to Despegar.com, Corp. | $ | ( | $ | ( | $ | ( | |||||||||||
| Accretion of redeemable non-controlling interest | ( | ( | ( | ||||||||||||||
| Accretion of Series A non-convertible preferred shares | ( | ( | ( | ||||||||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | ( | ( | ( | ||||||||||||||
| Accrual of dividends of Series B convertible preferred shares | ( | ( | ( | ||||||||||||||
| Net loss for the year attributable to Despegar.com, Corp. common shareholders | $ | ( | $ | ( | $ | ( | |||||||||||
| Numerator of basic and diluted losses per share | $ | ( | $ | ( | $ | ( | |||||||||||
| Weighted average common shares outstanding—basic and diluted | |||||||||||||||||
| Denominator of basic and diluted losses per share | $ | $ | $ | ||||||||||||||
| Basic and diluted losses per share | $ | ( | $ | ( | $ | ( | |||||||||||
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Foreign exchange (losses) / gains | $ | ( | $ | ( | $ | ||||||||||||
| Gains / (losses) on derivative financial instruments | ( | ||||||||||||||||
| Interest income | |||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Factoring expense | ( | ( | ( | ||||||||||||||
| Bank expenses | ( | ( | ( | ||||||||||||||
| Others | ( | ||||||||||||||||
| Total financial results, net | $ | ( | $ | ( | $ | ||||||||||||
| RSUs (in number of shares) | Weighted average grant-date fair value | ||||||||||
| Balance as of January 1, 2020 | $ | ||||||||||
| Granted | $ | ||||||||||
| Vested | ( | $ | |||||||||
| Cancelled | ( | $ | |||||||||
| Balance as of December 31, 2020 | $ | ||||||||||
| Granted | $ | ||||||||||
| Vested | ( | $ | |||||||||
| Cancelled | ( | $ | |||||||||
| Balance as of December 31, 2021 | $ | ||||||||||
| Granted | $ | ||||||||||
| Vested | ( | $ | |||||||||
| Cancelled | ( | $ | |||||||||
| Balance as of December 31, 2022 | $ | ||||||||||
| Options (in number of shares) | Weighted average exercise price | Aggregate intrinsic value | |||||||||||||||
| Balance as of January 1, 2020 | $ | $ | — | ||||||||||||||
| Exercised | ( | $ | $ | — | |||||||||||||
| Forfeited / Cancelled | ( | $ | $ | — | |||||||||||||
| Balance as of December 31, 2020 | $ | $ | — | ||||||||||||||
| Exercised | ( | $ | $ | — | |||||||||||||
| Forfeited / Cancelled | ( | $ | $ | — | |||||||||||||
| Balance as of December 31, 2021 | $ | $ | — | ||||||||||||||
| Exercised | ( | $ | $ | — | |||||||||||||
| Forfeited / Cancelled | ( | $ | $ | — | |||||||||||||
| Balance as of December 31, 2022 | $ | $ | |||||||||||||||
| Fully vested as of December 31, 2022 | $ | $ | |||||||||||||||
| Year ended December 31 | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows for operating lease payments | $ | $ | |||||||||
| As of December 31, 2022 | |||||
| 2023 | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| 2028 and thereafter | |||||
| Total remaining lease payments | $ | ||||
| Less: Imputed interest | ( | ||||
| Total operating lease liabilities: | $ | ||||
| Current operating lease liability | |||||
| Non-current operating lease liability | $ | ||||
| As of December 31, 2022 | |||||
| Operating lease right-of-use assets | |||||
| Total operating lease right-of-use assets | $ | ||||
| Current lease liabilities | |||||
| Non-current lease liabilities | |||||
| Total operating lease liabilities | $ | ||||
| Balance, beginning of year | Charges to earnings | Charges to other accounts(1) | Deductions(2) | Balance, end of year | |||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| Allowance for credit expected losses – Accounts Receivable | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
| Allowance for credit expected losses financial – Loans Receivable | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Other reserves(3) | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| Allowance for credit expected losses – Accounts Receivable | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| Allowance for credit expected losses financial – Loans Receivable | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Other reserves(3) | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| 2022 | |||||||||||||||||||||||||||||
| Allowance for credit expected losses – Accounts Receivable | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
| Allowance for credit expected losses financial – Loans Receivable | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
| Allowance for cancellations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Other reserves(3) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
| Name of Subsidiary | Jurisdiction of Incorporation or Organization | |||||||
| AM BD JV, S.A.P.I. de C.V. | Mexico | |||||||
| Badurey S.A. | Uruguay | |||||||
| BD Travelsolution, S. de R.L. de C.V.* | Mexico | |||||||
| Click Hoteles.com, LLC | Delaware, United States of America | |||||||
| Decolar.com Ltda. | Brazil | |||||||
| Decolar.com, Inc. | Delaware, United States of America | |||||||
| Despegar Colombia S.A.S. | Colombia | |||||||
| Despegar Ecuador S.A. | Ecuador | |||||||
| Despegar.com Chile SpA. | Chile | |||||||
| Despegar.com México, S.A. de C.V. | Mexico | |||||||
| Despegar.com Perú S.A.C. | Peru | |||||||
| Despegar.com USA, Inc. | Delaware, United States of America | |||||||
| Despegar.com.ar S.A. | Argentina | |||||||
| DFinance Holding Ltda. | Brazil | |||||||
| Dominicana Experience DMC, SRL | Dominican Republic | |||||||
| Gray Line Excursiones y Transporte Turístico Dominicano S.R.L. | Dominican Republic | |||||||
| Holidays S.A. | Uruguay | |||||||
| Jamiray International S.A. | Uruguay | |||||||
| Koin Administradora de Cartões e Meios de Pagamento S.A. | Brazil | |||||||
| Koin (BVI) Limited | British Virgin Islands | |||||||
| Rivamor S.A. | Uruguay | |||||||
| Ruotej S.A. | Uruguay | |||||||
| Ruselmy S.A. | Uruguay | |||||||
| Satylca S.C.A. | Uruguay | |||||||
| Servicios Online 3351 de Venezuela C.A. | Venezuela | |||||||
| South Net Chile, SpA * | Chile | |||||||
| South Net Travel, Inc. | United States | |||||||
| South-Net Turismo S.A.U. | Argentina | |||||||
| Stays S.A. | Brazil | |||||||
| Transporturist, S.A. de C.V. | Mexico | |||||||
| Travel Reservations S.R.L. | Uruguay | |||||||
| Viajes Beda, S.A. de C.V. | Mexico | |||||||
| Viajes Despegar.com O.N.L.I.N.E. S.A. | Costa Rica | |||||||
| Xirex Contigo S.A. de C.V. | Mexico | |||||||

/s/ PRICE WATERHOUSE & CO. S.R.L. | ||
/s/ Eduardo Alfredo Loiácono (Partner) | ||
Eduardo Alfredo Loiácono | ||
Buenos Aires, Argentina | ||
| April 27, 2023 | ||
Date: April 27, 2023 | |||||||||||
| By: | /s/ Damián Scokin | ||||||||||
| Name: | Damián Scokin | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
Date: April 27, 2023 | |||||||||||
| By: | /s/ Maria Bettina Zubin | ||||||||||
| Name: | Maria Bettina Zubin | ||||||||||
| Title: | interim Chief Financial Officer | ||||||||||
Date: April 27, 2023 | |||||||||||
| By: | /s/ Damián Scokin | ||||||||||
| Name: | Damián Scokin | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
Date: April 27, 2023 | |||||||||||
| By: | /s/ Maria Bettina Zubin | ||||||||||
| Name: | Maria Bettina Zubin | ||||||||||
| Title: | interim Chief Financial Officer | ||||||||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Auditor Information [Abstract] | |
| Auditor Firm ID | 1349 |
| Auditor Name | PRICE WATERHOUSE & CO. S.R.L. |
| Auditor Location | Buenos Aires, Argentina |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Allowance for credit loss on trade accounts receivable, current | $ 10,529 | $ 10,911 |
| Allowance for credit loss, current | 11,938 | 2,064 |
| Allowance for credit loss, noncurrent | $ 473 | $ 0 |
| Common stock | ||
| Common stock, shares issued (in shares) | 72,316 | 71,246 |
| Series A Non-convertible Preferred Shares | ||
| Temporary equity, shares authorized (in shares) | 150,000 | 150,000 |
| Temporary equity shares issued (in shares) | 150,000 | 150,000 |
| Temporary equity shares outstanding (in shares) | 150,000 | 150,000 |
| Series B Convertible Preferred Shares | ||
| Temporary equity, shares authorized (in shares) | 50,000 | 50,000 |
| Temporary equity shares issued (in shares) | 50,000 | 50,000 |
| Temporary equity shares outstanding (in shares) | 50,000 | 50,000 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||
| Income Statement [Abstract] | |||||||
| Revenue | [1] | $ 537,972 | $ 322,843 | $ 131,334 | |||
| Cost of revenue | [2] | 182,898 | 160,240 | 103,825 | |||
| Gross profit | 355,074 | 162,603 | 27,509 | ||||
| Operating expenses | |||||||
| Selling and marketing | (165,150) | (95,290) | (57,292) | ||||
| General and administrative | (101,521) | (83,694) | (76,415) | ||||
| Technology and product development | (89,992) | (74,743) | (67,043) | ||||
| Impairment of long-lived assets and goodwill | 0 | (5,106) | (1,917) | ||||
| Total operating expenses | (356,663) | (258,833) | (202,667) | ||||
| (Loss) / Gain from equity investments | (164) | 342 | (2,059) | ||||
| Operating income (loss) | (1,753) | (95,888) | (177,217) | ||||
| Financial results, net | (45,459) | (10,207) | 12,910 | ||||
| Loss before income taxes | (47,212) | (106,095) | (164,307) | ||||
| Income tax (expense) benefit | (21,309) | 230 | 21,438 | ||||
| Net loss for the year | (68,521) | (105,865) | (142,869) | ||||
| Net loss attributable to redeemable non-controlling interest | 0 | (1,237) | (282) | ||||
| Net loss attributable to Despegar.com, Corp. | $ (68,521) | $ (104,628) | $ (142,587) | ||||
| Losses per share available to common shareholders (Note 2 and 26): | |||||||
| Basic (in USD per share) | $ (1.28) | $ (1.75) | $ (2.21) | ||||
| Diluted (in USD per share) | $ (1.28) | $ (1.75) | $ (2.21) | ||||
| Shares used in computing losses per share (in thousands): | |||||||
| Basic (in shares) | 76,823 | 76,653 | 67,994 | ||||
| Diluted (in shares) | 76,823 | 76,653 | 67,994 | ||||
| |||||||
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Statement [Abstract] | |||
| Revenue from related parties | $ 24,220 | $ 19,205 | $ 7,066 |
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net loss for the year | $ (68,521) | $ (105,865) | $ (142,869) |
| Other comprehensive loss, net of tax | |||
| Foreign currency translation adjustment | 1,973 | (5,485) | (13,190) |
| Comprehensive loss for the year | (66,548) | (111,350) | (156,059) |
| Net loss attributable to redeemable non-controlling interest | 0 | (1,237) | (282) |
| Foreign currency translation adjustment attributable to redeemable non-controlling interest | 0 | (143) | 170 |
| Comprehensive loss attributable to Despegar.com, Corp. | $ (66,548) | $ (109,970) | $ (155,947) |
Consolidated Statements of Changes in Shareholders' (Deficit)/Equity - USD ($) $ in Thousands |
Total |
Impact of ASC 326 adoption |
As reported under ASC 326 |
Common stock |
Additional paid-in capital |
Other reserves |
Accumulated other comprehensive income / (loss) |
Accumulated losses |
Accumulated losses
Impact of ASC 326 adoption
|
Accumulated losses
As reported under ASC 326
|
Treasury Stock |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2019 | 69,648,000 | ||||||||||
| Beginning balance at Dec. 31, 2019 | $ 194,236 | $ 193,160 | $ 261,608 | $ 327,523 | $ (728) | $ 610 | $ (326,510) | $ (327,586) | $ (68,267) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Stock-based compensation expense | 7,312 | 7,312 | |||||||||
| Foreign currency translation adjustment | $ (13,190) | (13,190) | |||||||||
| Exercise of stock-based awards (in shares) | 33,133 | 451,000 | |||||||||
| Exercise of stock-based awards | $ 370 | $ 4,090 | (3,720) | ||||||||
| Net loss for the year | (142,587) | (142,587) | |||||||||
| Warrants, net of issuance costs | 56,339 | 56,339 | |||||||||
| Accretion of Series A non-convertible preferred shares | (2,831) | (2,831) | |||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | (4,212) | (4,212) | |||||||||
| Accrual of dividends of Series B convertible preferred shares | (553) | (553) | |||||||||
| Accretion of redeemable non-controlling interest | (78) | (78) | |||||||||
| Ending balance (in shares) at Dec. 31, 2020 | 70,099,000 | ||||||||||
| Ending balance at Dec. 31, 2020 | 93,730 | $ 265,698 | 379,780 | (728) | (12,580) | (470,173) | (68,267) | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Change in accounting standard ASC 326 | $ (1,076) | $ (1,076) | |||||||||
| Stock-based compensation expense | 12,338 | 12,338 | |||||||||
| Foreign currency translation adjustment | $ (5,485) | (5,485) | |||||||||
| Exercise of stock-based awards (in shares) | 145,485 | 1,147,000 | |||||||||
| Exercise of stock-based awards | $ 1,522 | $ 14,234 | (12,712) | ||||||||
| Net loss for the year | (104,628) | (104,628) | |||||||||
| Accretion of Series A non-convertible preferred shares | (10,600) | (10,600) | |||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | (15,251) | (15,251) | |||||||||
| Accrual of dividends of Series B convertible preferred shares | (2,000) | (2,000) | |||||||||
| Accretion of redeemable non-controlling interest | (1,355) | (1,355) | |||||||||
| Redemption of non-controlling interest | 0 | ||||||||||
| Ending balance (in shares) at Dec. 31, 2021 | 71,246,000 | ||||||||||
| Ending balance at Dec. 31, 2021 | (31,729) | $ 279,932 | 350,200 | (728) | (18,065) | (574,801) | (68,267) | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Stock-based compensation expense | 7,292 | 7,292 | |||||||||
| Foreign currency translation adjustment | $ 1,973 | 1,973 | |||||||||
| Exercise of stock-based awards (in shares) | 48,172 | 1,070,000 | |||||||||
| Exercise of stock-based awards | $ 367 | $ 7,621 | (7,254) | ||||||||
| Net loss for the year | (68,521) | (68,521) | |||||||||
| Treasury Stock | (10,000) | (10,000) | |||||||||
| Accretion of Series A non-convertible preferred shares | (11,884) | (11,884) | |||||||||
| Accrual of cumulative dividends of Series A non-convertible preferred shares | (15,375) | (15,375) | |||||||||
| Accrual of dividends of Series B convertible preferred shares | (2,000) | (2,000) | |||||||||
| Accretion of redeemable non-controlling interest | (473) | (473) | |||||||||
| Redemption of non-controlling interest | 3,200 | (3,200) | |||||||||
| Ending balance at Dec. 31, 2022 | $ (127,150) | $ 287,553 | $ 323,706 | $ (728) | $ (16,092) | $ (643,322) | $ (78,267) |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash flows from operating activities: | |||
| Net loss for the year | $ (68,521) | $ (105,865) | $ (142,869) |
| Adjustments to reconcile net loss to net cash flows from operating activities: | |||
| Net loss attributable to redeemable non-controlling interest | 0 | 1,237 | 282 |
| Unrealized foreign currency loss | 11,937 | 3,310 | 5,066 |
| Changes in fair value of earnout liability | (2,113) | (841) | 2,239 |
| Changes in seller indemnification | 2,113 | 841 | (2,239) |
| Gain/(Loss) from equity investments | 164 | (342) | 2,059 |
| Depreciation expense | 7,018 | 6,917 | 7,981 |
| Amortization expense | 28,985 | 27,288 | 21,699 |
| Write-off of leasehold improvements | 0 | 0 | 3,661 |
| Impairment of long-lived assets and goodwill | 0 | 5,106 | 1,917 |
| Stock-based compensation expense | 7,292 | 12,338 | 7,312 |
| Amortization of lease right-of-use assets | 5,095 | 5,319 | 3,417 |
| Interest and penalties | 2,428 | 1,263 | 2,082 |
| Income tax expense / (benefit) | 11,981 | (12,625) | (21,478) |
| Allowance for credit expected losses | 12,747 | 3,238 | 12,270 |
| Provision for contingencies | 18,060 | 3,862 | 11,096 |
| Changes in assets and liabilities, net of non-cash transactions: | |||
| (Increase) / Decrease in trade accounts receivable, net of credit expected loss | (16,690) | (63,003) | 108,894 |
| (Increase) / Decrease in loans receivable, net of allowance | (10,179) | (6,462) | 0 |
| Decrease / (Increase) in related party receivable | 9,610 | (12,138) | 13,897 |
| Decrease / (Increase) in other assets and prepaid expenses | 28,069 | (14,045) | 27,105 |
| Increase / (Decrease) in accounts payable and accrued expenses | 4,398 | 21,631 | (37,750) |
| Increase / (Decrease) in travel accounts payable | 837 | 44,544 | (75,888) |
| (Decrease) / Increase in other liabilities | (750) | 29,372 | (300) |
| Decrease in contingent liabilities | (22,587) | (1,577) | (3,008) |
| Increase / (Decrease) in related party payable | 1,900 | 15,418 | (63,810) |
| Increase / (Decrease) in lease liabilities | (4,589) | (5,792) | (1,990) |
| Increase in deferred revenue | 9,497 | 4,534 | 10 |
| Net cash flows provided by / (used in) operating activities | 36,702 | (36,472) | (118,345) |
| Cash flows from investing activities: | |||
| Origination of loans receivable, net of allowance | (17,562) | (2,169) | 0 |
| Collection of loans receivable | 7,289 | 433 | 0 |
| Payments for acquired business, net of cash acquired | (7,019) | (5,750) | 2,743 |
| Payment for other assets | (3,190) | 0 | 0 |
| Acquisition of property and equipment | (4,288) | (2,368) | (3,458) |
| Capital expenditures, including internal-use software and website development | (26,372) | (18,823) | (14,028) |
| Net cash flows used in investing activities | (51,142) | (28,677) | (14,743) |
| Cash flows from financing activities: | |||
| Net (decrease) / increase of short-term debt | (57) | (178) | (14,288) |
| Proceeds from issuance of short-term debt | 31,572 | 17,034 | 0 |
| Payment of short-term debt | (26,970) | (9,803) | 0 |
| Proceeds from issuance of long-term debt | 0 | 3,943 | 640 |
| Payment of long-term debt | (4,156) | (2,913) | (375) |
| Purchase of treasury stock | (10,000) | 0 | 0 |
| Proceeds from issuance of preferred shares | 0 | 0 | 200,000 |
| Payments of expenses related to preferred shares and warrants | 0 | (170) | (12,098) |
| Payments for acquired non-controlling interest | (3,200) | 0 | 0 |
| Collect on debenture issuance by securitization program | 4,545 | 0 | 0 |
| Exercise of stock-based awards | 340 | 889 | 370 |
| Payment of dividends to Series B convertible preferred shares | (17,375) | (9,972) | (553) |
| Net cash flows (used in) / provided by financing activities | (25,301) | (1,170) | 173,696 |
| Effect of exchange rate changes on cash and cash equivalents | 5,564 | (4,943) | (3,767) |
| Net (decrease) / increase in cash and cash equivalents | (34,177) | (71,262) | 36,841 |
| Cash and cash equivalents and restricted cash as of beginning of the year | 279,223 | 350,485 | 313,644 |
| Cash and cash equivalents and restricted cash as of end of the year | 245,046 | 279,223 | 350,485 |
| Supplemental cash flow information | |||
| Cash paid for income tax | 8,550 | 2,455 | 3,427 |
| Interest paid | 8,484 | 5,161 | 4,948 |
| Financed portion of acquisitions | $ 0 | $ 0 | $ 10,168 |
Business |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Business | Business Despegar.com, Corp. and its subsidiaries provide travel products and services to leisure and corporate travelers in several countries in Latin America and the United States, as well as advertising and media solutions to advertisers. We offer these travel products and services through our portfolio of key trademarks: “Despegar,” “Despegar.com”, “Decolar”, “Decolar.com”, “Best Day”, “BD Experience”, “HotelDo”, “Viajanet” and "Stays". Through Koin, the financial services company solution, we extend loans to our travel customers and certain consumers of other merchants. We refer to Despegar.com, Corp. and its subsidiaries collectively as the “Despegar Group”, the “Company”, “us”, “we” and “our”, as the context requires, in these consolidated financial statements. Impact of COVID-19 The COVID-19 pandemic, and measures to contain the virus, had an unprecedented impact on the global travel industry and materially and negatively impacted our business, financial results and financial condition. With the evolution of milder COVID-19 variants, availability of multiple vaccine booster doses and increasing familiarity with the virus, many COVID-19 related travel restrictions have been lifted, and countries around the world reopened their borders for foreign travel. Overall, the full duration and total impact of COVID-19 remains uncertain, and it is difficult to predict how the recovery will unfold for the travel industry and, in particular, our business, going forward. As a result of the deterioration of our business due to the COVID-19 pandemic, we incurred significant losses during 2020 and 2021 which increased our accumulated losses $643.3 million which led to a shareholders’ deficit of $127.2 million as of December 31, 2022. Nonetheless, in 2022, our revenues increased 67% as compared to 2021 although they did not reach yet reached pre-pandemic levels. We also experienced positive cash flows from operations during 2022. Our cash and cash equivalents balance amounted to $219.2 million as of December 31, 2022. We continuously monitor our business performance, revenue and costs, our current and projected liquidity and operating plans. These assessments require the use of various internal and external information to build projections, including estimates from industry associations, such as the International Air Transport Association (“IATA”), which is expecting that travel will continue to improve during the coming years. We have taken and continue to take actions to improve our liquidity, including managing our cost structure and spending where possible to mitigate any anticipated loss of revenue. The principal assumptions used in our cash flow analyses to estimate future liquidity requirements consisted of forecasting gross bookings and revenues, net of our most significant costs and expenses, forecasting working capital requirements and commitments, including but not limited to our preferred dividends, debt payments and acquisition commitments. Based on these actions and assumptions and considering our available cash and cash equivalents balance as of December 31, 2022, we anticipate that based on our current operating plan we have sufficient cash and cash equivalents to fund our operations and comply with our commitments for at least the next 12 months as from the issuance of these consolidated financial statements.
|
Basis of consolidation and presentation |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of consolidation and presentation | Basis of consolidation and presentation Basis of presentation We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Our consolidated financial statements include the accounts of Despegar.com, Corp., our wholly owned subsidiaries, and an entity in which we have a variable interest, and we are the primary beneficiary. We record redeemable or non-redeemable non-controlling interest in our consolidated financial statements to recognize the minority ownership interest in our consolidated subsidiaries. Non-controlling interest in the earnings and losses of consolidated subsidiaries represent the share of net income or loss allocated to members or partners in our consolidated entities. We consolidate our subsidiaries from the date on which we obtain control. We deconsolidate any subsidiary from the date we lose control. We record our investments in entities that we do not control, but over which we have the ability to exercise significant influence, using the equity method. We have eliminated intercompany transactions and accounts. We change the accounting policies of subsidiaries where necessary to ensure consistency with our accounting policies. All of our subsidiaries have the same year-end. We believe that the assumptions underlying our consolidated financial statements are reasonable. However, these consolidated financial statements do not present our future financial position, the results of our future operations and cash flows. The following are our subsidiaries as of the end of the years presented:
Reclassifications During the second quarter of 2022, we revised the presentation of credit loss expense on our consolidated statements of operations. Previously, we classified credit loss expense within general and administrative expenses. In line with the increasing significance of our financial services business and the impact of its credit loss expense to our consolidated operations, we determined that the credit loss expense would be more appropriately reflected in the financial statement line item cost of revenue. We reclassified our entire credit loss expense in the previous financial statements to be comparable with our current presentation. The following table presents a summary of the amounts as reported and as reclassified in our consolidated statements of operations for the years ended December 31, 2021 and 2020:
In addition, certain comparative figures of these consolidated financial statements were modified to provide more detailed disclosures. This change has not impacted the total amount of assets, liabilities, net loss and total equity. Revision of previously filed consolidated financial statements Subsequent to the issuance of our financial statements included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021, which was filed with the SEC on April 29, 2022, we identified errors in certain prior period amounts. Accordingly, we have revised the accompanying financial statements and related footnotes as of and for the year ended December 31, 2022, to correct for these errors. We have evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate. The application of these adjustments to the financial information for 2021 and 2020 are summarized as follows: Error in the presentation of the statement of cash flows for the year ended December 31, 2021: We identified certain loans that had been reported as cash flows used in operating activities in the statement of cash flows for the year ended December 31, 2021, that should have been presented as cash flows used in investing activities. The appropriate classification in the statement of cash flows related to loans receivable requires a determination of the source and intend of the loans. For loans that result from the sale of our goods or services to our travel customers, the resulting cash receipts are always treated as operating cash flows. However, when we originate loans to other merchants’ customers, the classification is based on management’s intent to either hold the loans for sale or for investment. For the year ended December 31, 2021, there is a portion of loans receivable originated to other merchants’ customers and we intended to hold the loans for investment. We therefore corrected the previously presented cash flows for these loans and in doing so, the consolidated statement of cash flows for 2021 was adjusted to decrease net cash flows used in operating activities by $1.7 million with a corresponding increase in net cash flows used in investing activities. Error in “Valuation and qualifying accounts” note for the year ended December 31, 2021, and 2020: We identified an error in “Valuation and qualifying accounts” note in our consolidated financial statements for the year ended December 31, 2021, and 2020. The error related to the line “provision for cancellations” in the note. In the preparation of the note, certain actual deductions for cancellations were inadvertently netted out of the “Charges to earnings” column instead of being included as actual uses of the provision in the “Deductions” column. The error in the note related only to a misallocation of charges and uses between columns on the note and did not change the beginning and ending balances of the provision for cancellations. Moreover, there is no change in the difference between the charge to earnings and the deductions. The error did not impact our primary financial statements or any other note for any period. While the changes to the amounts in the columns “Charges to earnings” and “Deductions” were relatively significant to amounts previously reported, we do not believe that a reasonable investor would view the errors in the note as having significantly altered the total mix of information made available. The following tables present the note as originally reported and as revised for the years ended December 31, 2021 and 2020: As originally reported:
As revised:
Error in the calculation of earnings per share for the years ended December 31, 2021, and 2020: We identified an error in the calculation of the weighted common shares outstanding and consequently in the loss per common share for the years ended December 31, 2021, and 2020. In the calculation process, we did not exclude the number of common shares bought back during 2018 and 2019 to determine the number of outstanding common shares at the beginning of the periods, resulting in incorrect reported amounts related to basic and diluted loss per common share for the years ended December 31, 2021, and 2020. The quantitative impact of the error on weighted average common shares outstanding and loss per share for the years impacted is as follows:
Impact on loss per share
(*) No change from previously reported amounts Accounting estimates We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with U.S. GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; allowance for credit expected losses; recoverability of long-lived assets, indefinite-lived intangible assets, and goodwill; income and transactional taxes; loss contingencies and acquisition purchase price allocations. Foreign currency translation We have selected the U.S. dollar as our reporting currency. For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive income / (loss). For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in “Financial results, net” in our consolidated statements of operations. Argentine currency status and exchange regulations As of July 1, 2018, we transitioned our Argentinian operations to highly inflationary status in accordance with U.S. GAAP, and changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars, which is the functional currency of their immediate parent company. In the second half of 2019, the Argentine government instituted exchange controls restricting the ability of companies and individuals to exchange Argentine Pesos for foreign currencies and their ability to remit foreign currency out of Argentina. An entity’s authorization request to the Central Bank of Argentina to access the official exchange market to make foreign currency payments may be denied depending on the circumstances. As a result of these exchange controls, markets in Argentina developed trading mechanisms, in which an entity or individual buys U.S. dollar denominated securities in Argentina (i.e., shares, sovereign debt) using Argentine peso, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap Rate has diverged significantly from Argentina’s official exchange rate (commonly known as exchange spread). In recent years, the Blue Chip Swap Rate has been higher than Argentina’s official exchange rate. As of December 31, 2022, the spread of the Blue Chip Swap was 94.2%. However, the only exchange rate available for external commerce is the official exchange rate, which as of December 31, 2022 was $177.13 Argentine Pesos per US dollar. We use Argentina’s official exchange rate to record the accounts of Argentine subsidiaries. Concentration of credit risk Cash and cash equivalents, restricted cash and cash equivalents, accounts receivable and loans receivable are potentially subject to credit risk. However, there are not significant concentrations of credit risk arising from these financial instruments. We place our cash and cash equivalents and restricted cash and cash equivalents with several financial institutions in different countries and financial instruments that are highly liquid and highly rated. Our Mexican operations concentrate around 28% of our cash and cash equivalents balance as of December 31, 2022. Cash and cash equivalents balances in other countries do not exceed 15% of the total cash and cash equivalents as of December 31, 2022. Accounts receivable are derived from revenue earned from customers located internationally and are settled through customer credit cards, debit cards and other means of payment, with the majority of accounts receivable collected upon processing of credit card transactions. Due to the relatively small dollar amount of individual accounts receivable, we generally do not require collateral on these balances. We have also substantial credit risk primarily in our consumer loans held for investment. We are exposed to default risk on loan receivables. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions. Loans receivables are concentrated in Brazil. Due to the relatively small dollar amount of individual loans receivable, we generally do not require collateral on these balances. We maintain an allowance for doubtful accounts based on management’s evaluation of various factors, including the credit risk of customers, historical trends, and other information. See Notes 9 and 10 for details. In addition, our business is subject to certain risks and concentrations including our dependence on relationships with travel suppliers, primarily airlines and Expedia, Inc. (“Expedia”, a subsidiary of Expedia Group, Inc., a Delaware corporation, is a shareholder of record of the Company – see Note 9), dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on global distribution systems (“GDS”) providers and other third-party service providers for certain fulfillment services. Seasonality We generally experience seasonal fluctuations in the demand for our travel services. Our most significant markets in the Southern hemisphere are in Brazil and Argentina where summer runs from December 1 to February 28 and winter runs from June 1 to August 31. Our most significant market in the Northern hemisphere is Mexico where summer runs from June 1 to August 31 and winter runs from December 1 to February 28. Accordingly, traditional leisure travel bookings in the Southern hemisphere are generally the highest in the second and fourth quarters of the year as travelers plan and book their winter and summer holiday travel. The number of bookings typically decreases in the first quarter of the year. In the Northern hemisphere, bookings are generally the highest in the first three quarters as travelers plan and book their spring, summer, and winter holiday travel. The seasonal revenue impact is exacerbated with respect to income by the nature of variable cost of revenue and direct sales and marketing costs, which is typically realized in closer alignment to booking volumes, and the more stable nature of fixed costs. The continued growth of international operations or a change in product mix may influence the typical trend of the seasonality in the future, and there may also be business or market driven dynamics that result in short-term impacts to revenue or profitability that differ from the typical seasonal trends. Revenues, expenses, assets, and liabilities can vary during each quarter of the year. Therefore, the results and trends in these consolidated financial statements may not be the same as those for any subsequent quarter or the full year. Impacts from COVID-19 disrupted our typical seasonal pattern for bookings, revenue, profit and cash flows during 2020 and 2021. Significantly higher cancellations and reduced booking volumes, particularly in the first half of 2020, resulted in material operating losses and negative cash flow. Booking and travel trends improved in the second half of 2020 and throughout 2021 and 2022. This has resulted in working capital benefits and positive cash flow more akin to typical historical trends. It remains difficult to forecast the seasonality for upcoming quarters, given the uncertainty related to the shape and timing of any sustained recovery. Significantly higher cancellations and reduced booking volumes from COVID-19 disrupted our typical seasonal pattern for bookings, revenue, profit and cash flows from 2020 through early 2022, but have generally returned to historic seasonality.
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Summary of significant accounting policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of significant accounting policies | 3. Summary of significant accounting policies Revenue recognition We generate revenue from our travel and financial services businesses. The majority of our revenues relates to our travel business for all years presented. Travel business: We offer traditional travel services on a stand-alone and package basis generally either through the pre-pay/merchant business model (“Prepay Model ”) or the pay-at-destination/agency business model (“PAD Model”). We primarily generate revenue from facilitation services, either directly or using affiliated travel agencies. We consider both the traveler and the travel supplier as our customers. Under the Prepay Model, we provide travelers with access to book hotel rooms, airline seats, car rentals and destination services through our contracts with our network of travel suppliers. Our travelers pay us for merchant transactions generally when they book the reservation. We pay our travel suppliers later, generally when the travelers use the travel service. Under these transactions, we generally earn a commission from travel suppliers and service fees from travelers. Travel suppliers generally bill us for travel products sold within a 12-month period from check-out date. We recognize breakage as incremental revenue from unbilled amounts when the period expires. Under the PAD Model, travelers pay the travel supplier directly at destination and travel suppliers pay us our earned commissions later, generally after checkout. We receive service fees from travelers up front. Revenues under the Prepay Model represented 86%, 84%, and 78% of our consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. The primary sources of our travel business revenues are commissions and service fees, incentive fees, advertising and destination services. •Commissions and service fees: We facilitate the sale of travel products and services from our travel suppliers to our travelers and travel agencies. We generally receive commissions in consideration of our facilitation services. Generally, we charge a service fee to our travelers, although this may vary depending on marketing strategies. We do not provide significant post-booking services to travelers. We consider any post-booking services beyond minor inquiries or administrative changes to the reservation (i.e., modifications to the original terms of the reservations) as new bookings. We may charge a new booking fee and administrative fees for these services. Also, if the requested change results in an incremental price of the reservation to the traveler set by the travel supplier, we receive an incremental commission from the travel supplier. We recognize revenue upon the transfer of control of the promised facilitation services to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those facilitation services. Generally, we recognize revenue when the booking is completed, paid and confirmed, less a reserve for cancellations based on historical experience. We present revenue on a net basis for most of our transactions because the travel supplier is primarily responsible for providing the underlying travel services, we do not control the service or travel product provided by the travel supplier to the traveler and we do not bear inventory risk. Taxes assessed by a government authority, if any, are excluded from the measurement of transaction prices that are imposed on the travel related services or collected from customers (which are therefore excluded from revenue). We present revenue on a gross basis for some bookings when we pre-purchase flight seats. Generally, we partner with banks to allow our travelers the possibility of purchasing the product of their choice through financing plans established, offered and administered by such banks. Participating banks bear full risk of fraud, delinquency, or default by travelers. When travelers elect to finance their purchases, we typically receive full payment for our services within a short period of time after booking is completed and confirmed, regardless of the payment plan selected by the traveler. However, in certain countries, we receive payment from the bank as installments become due regardless of when traveler actually makes the scheduled payments. In most cases, we receive payment before travel occurs or during travel and the period between completion of booking and reception of scheduled payments is typically one year or less. We have made use of the practical expedient in ASC 606-10-32-18 and we do not adjust the amount of consideration for the effects of a significant financing component. In Brazil, through our financial services company solution, we offer financing to certain travel customers, generally on terms not exceeding 12 months. Our revenue from commissions and service fees represented 85%, 83% and 77%of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Incentive fees: We may receive incentive fees from our travel suppliers or Global Distribution Systems ("GDS") providers if we meet certain performance conditions, for example contractually agreed volume thresholds. We recognize revenue on an accrual basis in accordance with the achievement of contractual thresholds on a case-by-case basis. Our revenues from incentive fees represented 7%, 9% and 13% of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Advertising: We record advertising revenue ratably over the advertising period or upon delivery of advertising material, depending on the terms of the advertising agreement. Our revenues from advertising represented 3%, 3% and 4% of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Destination services: We recognize revenue as services are provided. We present revenue on a gross basis for these transactions because we are the primary responsible for providing the underlying travel services. Our destination services represented less than 3% of our total consolidated travel revenues for all years presented. •Other revenue: We also derive revenue from other sources. Our other sources of revenue are not material. •Loyalty revenue: We operate a loyalty program through which we award loyalty points to travelers who complete purchases on our websites or use the services of other program participants, such bank co-branded credit cards. Loyalty points can be redeemed for free or discounted travel products. For loyalty points earned through travel product purchases, we apply a relative selling price approach whereby the total amount collected from each travel product sale is allocated between the travel product and the loyalty points earned. The portion of each travel product sale attributable to loyalty points is initially deferred and then recognized in loyalty revenue when the points are redeemed. Due to our recent launch of our loyalty program, lack of historical data and redemption patterns, we recognize breakage when the likelihood of the traveler exercising its remaining rights becomes remote. For loyalty points earned through co-branded credit card partners, consideration received from the sale of loyalty points is variable and payment terms typically are within thirty days after the month of sale of loyalty points. Sales of loyalty points to business partners are comprised of two components: loyalty points and marketing (i.e., the use of intellectual property, including our brand and access to customer lists and databases, which is the predominant element in the agreements, as well as advertising, collectively, the marketing component). We allocate the consideration received from these sales of loyalty points based on the relative selling price of each product or service delivered. Accordingly, we recognize the marketing component in other revenue in the period of the loyalty points sale following the sales-based royalty method. The loyalty points component is initially deferred and then recognized in revenue when points are redeemed. •Financial services business In Brazil, we earn revenues as a result of offering financing to our travel customers and certain non-travel customers. Revenues from interest earned on loans granted to consumers are recognized over the period of the loan and are based on effective interest rates. We charge merchants processing fees on financing transactions which we recognize as services are provided. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks and other short-term liquid investments with original maturities of three months or less. Gains or losses are recognized in “Financial results, net” when incurred. Trade accounts receivable, net Trade accounts receivable are generally due within thirty days and are recorded net of an allowance for expected credit losses. On January 1, 2020, we adopted the accounting standards update on the measurement of expected credit losses, which requires us to estimate lifetime expected credit losses upon recognition of the financial assets. We consider accounts outstanding longer than the contractual payment terms as past due. We have identified the relevant risk characteristics of our customers and the related receivables, which include the following: size, type or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, we make estimates of expected credit losses for our allowance by considering a several factors, including the length of time trade accounts receivable are past due, previous loss history continually updated for new collections data, the credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect our ability to collect from customers. This is assessed at each quarter based on our specific facts and circumstances. See Note 9 for additional information. The provision for estimated credit losses is recorded as cost of revenue in our consolidated statements of operations. Loans receivable, net Loans receivable represent loans granted to customers through our financial services business. Loan receivables are reported at their outstanding principal balances plus estimated collectible interest, net of allowances for uncollectible accounts. We typically place loans on non-accrual status as soon as the customer is due on its payments. Penalties and late interest fees are recognized as amounts are received. Accrual is restored when all overdue payments are settled by the customer. Most of our loan receivables are short-term in nature, accrue fixed interest rates and repaid in a period ranging between and ten months, while a minor portion of loans are repaid within twenty-four months. We closely monitor credit quality for all loan receivables on a recurring basis. To evaluate a consumer seeking a loan, we use, among other indicators, a risk model internally developed, as a credit quality indicator to help predict the consumer’s ability to repay the principal balance and interest related to the credit. The risk model uses multiple variables as predictors of the consumer’s ability to repay the credit, including external and internal indicators. Internal indicators consider customer’s history with us, credit scoring and risk profile, among others. In addition, we consider external information to enhance the scoring model and the decision-making process. The internal indicators and the external credit score are combined in a risk matrix, which is also used to price the loans based on the risk profile. Securitization of loans receivable In connection with securitization programs, we may sponsor and establish trusts (deemed to be variable interest entities “VIEs”) to ultimately purchase certain of our loan receivables. Securities issued by securitization trusts are senior or subordinated, based on the criteria established by each trust. Generally, the subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, generally the creditors have no recourse to our general credit and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. See Note 11 for details. Property and equipment, net We record property and equipment at acquisition cost, net of accumulated depreciation. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Land is not depreciated. We depreciate leasehold improvement using the straight-line method, over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The estimated useful lives (in years) of the main categories of our property and equipment are as follows:
Expenditures for repairs and maintenance are charged to expense as incurred. The cost of significant renewals and improvements is added to the carrying amount of the respective asset and it is depreciated over the life of the contract. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in our consolidated statements of operations. Business combinations We use the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued, if any. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships and trademarks and tradenames, and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. We have a period of 12 months as from the date of acquisition (the “measurement period”) to finalize the accounting for a business combination. We report provisional amounts when the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Goodwill We record goodwill as the amount by which the aggregate of the fair value of consideration, transferred the acquisition date fair value of any previously held interest and any non-controlling interest exceeds the fair value of the assets and liabilities acquired. Goodwill is not subject to amortization and is tested at least annually for impairment, or earlier if an event occurs or circumstances change and there is an indication of impairment. Intangible assets, net We initially record intangible assets acquired in business combinations at fair value. We determine the fair value of intangible assets using standard valuation techniques, including the income approach (discounted cash flows) and/or market approach, as appropriate, and based on market participant assumptions. Indefinite-lived intangible assets such as certain trademarks and tradenames are not subject to amortization and are tested at least annually for impairment, or earlier if an event occurs or circumstances change and there is an indication of impairment. Definite-lived intangible assets such as customer relationships, licenses and certain trademarks and tradenames are amortized over their respective estimated useful lives. We also capitalize certain direct development costs associated with website and internal use developed technology and include external direct costs of services and payroll costs for employees devoting time to the software projects principally related to platform development, including support systems, software coding, designing system interfaces and installation and testing of the software. These costs are recorded as definite-lived intangible assets and are generally amortized over a period of 3 to 5 years beginning when the asset is substantially ready for use. Costs incurred for enhancements that are expected to result in additional features or functionalities are capitalized and amortized over the estimated useful life of the enhancements. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred. Recoverability of goodwill and indefinite-lived intangible assets We assign goodwill to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of December 31, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a quantitative assessment and compare the fair value of the reporting unit to its carrying value. An impairment charge is recorded based on the excess of the reporting unit’s carrying amount over its fair value. Periodically, we may choose to perform a qualitative assessment, prior to performing the quantitative analysis, to determine whether the fair value of the goodwill is more likely than not impaired. We generally base our measurement of fair value of reporting units on an analysis of the present value of future discounted cash flows. The discounted cash flows model indicates the fair value of the reporting units based on the present value of the cash flows that we expect the reporting units to generate in the future. Our significant estimates in the discounted cash flows model include: our forecasted gross bookings; forecasted revenues, net of significant costs and expenses; and the discount rate. We believe the discounted cash flows is the best method for determining the fair value of our reporting units because it is one of the most common valuation methodologies used within the travel and internet industries. In addition to measuring the fair value of our reporting units as described above, we consider the combined carrying and fair values of our reporting units in relation to our total fair value of equity plus debt as of the assessment date. Our equity value assumes our market capitalization, using either the stock price on the valuation date or the average stock price over a range of dates around the valuation date, plus an estimated acquisition premium which is based on observable transactions of comparable companies. The debt value is based on the highest value expected to be paid to repurchase the debt, which can be fair value, principal or principal plus a premium depending on the terms of each debt instrument. In our evaluation of our indefinite-lived intangible assets, we typically first perform a quantitative assessment, and an impairment charge is recorded for the excess of the carrying value of indefinite-lived intangible assets over their fair value, if necessary. We base our measurement of fair value of indefinite-lived intangible assets, which primarily consist of trade name and trademarks, using the relief-from-royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. As with goodwill, periodically, we may choose to perform a qualitative assessment, prior to performing the quantitative analysis, to determine whether the fair value of the indefinite-lived intangible asset is more likely than not impaired. See Notes 14 and 15 for further information. Recoverability of intangible assets with definite lives and other long-lived assets Intangible assets with definite lives and other long-lived assets are carried at cost and are amortized on a straight-line basis over their estimated useful lives of 3 to 10 years and 50 years for buildings. We review the carrying value of long-lived assets or asset groups, including property and equipment, to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, we assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying value of the asset group is not recoverable, we estimate the fair value of the asset group using appropriate valuation methodologies which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. Assets held for sale, to the extent we have any, are reported at the lower of cost or fair value less costs to sell. See Notes 13 and 14 for further information. Equity method investments We use the equity method to account for investments in companies, if our investment provides us with the ability to exercise significant influence, but not control, over operating and financial policies of the investee. Our judgment regarding the level of influence over each equity method investment includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. We include the total of our investments in equity-method investees, including identifiable intangible assets, deferred tax liabilities, and goodwill, if any, within “Non-current other assets” in our consolidated balance sheets. We include our proportionate share of earnings and/or losses of our equity method investees in “Gain / (loss) from equity investments” in our consolidated statements of operations. In the event that net losses of the investee reduce our equity-method investment carrying amount to zero, additional net losses may be recorded if we have committed to provide financial support to the investee. We regularly evaluate these investments, which are not carried at fair value, for other-than-temporary impairment. We also consider whether our equity-method investments generate sufficient cash flows from their operating or financing activities to meet their obligations and repay their liabilities when they come due. When our share in the net assets of associates is negative, we include the balance within “Non-current other liabilities” in our consolidated balance sheets. In the event we no longer have the ability to exercise significant influence over an equity-method investee, we would discontinue accounting for the investment under the equity method. Redeemable non-controlling interests We redeemed the non-controlling interest in Koin in January 2022 and therefore there is no outstanding redeemable non-controlling interest balance as of December 31, 2022. The non-controlling interest contained certain rights, whereby we had the right but not the obligation to acquire, and the minority shareholders had the right but not the obligation to sell to us, the additional shares of Koin for cash at a fixed price other than fair value. The non-controlling interest was not redeemable during 2020 and 2021, but it was probable of becoming redeemable (the redemption depended solely on the passage of time). Accordingly, as of December 31, 2021, we recorded the non-controlling interest at the greater of (i) its acquisition date fair value as adjusted for its share (if any) of earnings, losses, or dividends or (ii) an accreted value from the date of the acquisition to the earliest redemption date. The accretion of the non-controlling interest to redemption value was recorded using the interest method. We adopted a policy to charge the carrying value adjustment to retained earnings or, absent retained earnings, additional paid-in capital and reduced net income available to our common shareholders in the calculation of earnings per share in accordance with the two-class method. As of December 31, 2021, we recorded the non-controlling interest amount in the “mezzanine” section of our consolidated balance sheet, outside of shareholders’ deficit. See Note 5 for details. Travel accounts payable Travel accounts payable comprises trade accounts payable to airlines, hotels and other travel suppliers for products and services offered. Airline suppliers are generally due within thirty days of a confirmed air booking reservation. Under the Prepay model, hotels and other travel suppliers are generally paid after traveler checks out. Generally, our contracts with hotels and other travel suppliers provide for a 12-month period for invoicing us for past services. If an invoice is not received after that period, we recognize breakage revenue for the unbilled payable. Severance payments We recognize a liability for severance payments if the following criteria are met: (a) management, having the authority to approve the action, commits to a plan of termination; (b) the plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date; (c) the plan establishes the terms of the benefit arrangement, including the benefits that employees will receive upon termination, in sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are involuntarily terminated; (d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn; and (e) the plan has been communicated to employees. Pension information We do not maintain any pension plans. Certain countries in which we operate provide for pension benefits to be paid to retired employees from government pension plans and/or private pension plans. Amounts payable to such plans are accounted for on an accrual basis. Contingent liabilities We have several tax, regulatory and legal matters outstanding, as discussed further in Note 23. Periodically, we review the status of all significant outstanding matters to assess the potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, we record the estimated loss in our consolidated statements of operations. We provide disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both of these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the consolidated financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements. Derivative financial instruments We carry derivative instruments at fair value on our consolidated balance sheets. The fair values of the derivative financial instruments generally represent the estimated amounts we would expect to receive or pay upon termination of the contracts as of the reporting date. As of December 31, 2022, and 2021, our derivative instruments primarily consisted of foreign currency forward contracts. We are exposed to various market risks that may affect our consolidated results of operations, cash flows and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. Our primary foreign currency exposures are to the currencies of Latin American countries, including Argentina, Brazil and Mexico, in which we conduct a significant portion of our business operations. As a result, we face exposure to adverse movements in foreign currency exchange rates as our results of operations are translated from local currencies into U.S. dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income / (loss). We may use foreign currency forward contracts to economically hedge these exposures. Our goal in managing our foreign exchange risk is to reduce, to the extent practicable, our potential exposure to the changes that exchange rates might have on our earnings, cash flows and financial position. Our foreign currency forward contracts are typically short-term and, as they do not qualify for hedge accounting treatment, we classify the changes in their fair value in “Financial results, net” in our consolidated statements of operations in the period that the changes occur and are classified within “Net cash flows (used in) / provided by operating activities” in our consolidated statements of cash flows. We do not hold or issue financial instruments for speculative or trading purposes. We report the fair value of our derivative assets and liabilities on a gross basis in our consolidated balance sheets in “Other assets and prepaid expenses” and “Other liabilities”, respectively. Leases We determine if an arrangement is a lease, or contains a lease, at inception. Operating leases are primarily for office space, customer service centers and a fleet of dedicated vans, and, as of January 1, 2019 with the adoption of the new guidance for leasing arrangements, are included in operating “Lease right-of-use (“ROU”) assets” and operating “Lease liabilities” on our consolidated balance sheets. Lease ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, we have elected to not recognize a lease liability or ROU asset on our consolidated balance sheets. Instead, we recognize the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to our consolidated statements of operations and consolidated statements of cash flows. Our lease agreements have insignificant non-lease components and accordingly we have elected the practical expedient to combine and account for lease and non-lease components as a single lease component. Financial results, net We incur in financial results such as factoring interest and commissions on receivables, gains or losses on derivative financial instruments, interest income from financial investments, interest paid on financial liabilities and foreign exchange gains or losses. Stock-based compensation We measure and amortize the fair value of restricted stock units and stock options as follows: Restricted Stock Units (“RSUs”). Our RSUs consist of service-based awards. RSUs are stock awards that are granted to employees entitling the holder to shares of common stock as the award vests, typically over a 3 or 4-year period, but may accelerate in certain circumstances. During the year ended December 31, 2022, we were issuing RSUs as our primary form of stock-based compensation, some of them vest 33% after one year and others vest 25% after one year and will then vest yearly over the following 3 or 4 years, as appropriate. We measure the value of RSUs at fair value based on the number of shares granted and the quoted price of our common stock at the date of grant. We amortize the fair value as stock-based compensation expense over the vesting term on a straight-line basis. Stock Options. Our employee stock options consist of service-based awards. We measure the value of stock options issued or modified, including unvested options assumed in acquisitions, if any, on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques, including the Black-Scholes and Monte Carlo option pricing models. The Black-Scholes valuation models incorporate various assumptions including expected volatility, expected term and risk-free interest rates. The expected volatility is based on historical volatility of our common stock and other relevant factors. We base our expected term assumptions on our historical experience and on the terms and conditions of the stock awards granted to employees. We amortize the fair value over the remaining explicit vesting term in the case of service-based awards. The majority of our stock options vest over 6 years. As of December 31, 2022, all stock options are fully vested. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of our original estimates of fair value. Marketing and advertising expenses We incur advertising expense consisting of offline costs, including television and radio advertising, and online advertising expense to promote our business. We expense the production costs associated with advertisements in the period in which the advertisement first takes place. We expense the costs of advertisement in the period during which the advertisement space or airtime is consumed. Internet advertising expenses are recognized based on the terms of the individual agreements, which is generally over the greater of (i) the ratio of the number of clicks delivered over the total number of contracted clicks, on a pay-per-click basis, or (ii) on a straight-line basis over the term of the contract. Our advertising expenses were $102,962, $52,480 and $27,661 for the years ended December 31, 2022, 2021 and 2020, respectively. Accounting for income taxes We are organized as a British Virgin Islands corporation. However, under the “anti-inversion” rules of Section 7874 of the U.S. Internal Revenue Code, we are treated as a U.S. corporation for U.S. federal tax purposes. Accordingly, we are subject to U.S. federal income tax and state income tax in the United States. We are subject to foreign income taxes in the jurisdictions where we operate in accordance with the respective local tax laws. We account for income taxes under the asset and liability method that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position, results of operations or effective tax rate. Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made. In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate, historical earnings, the carryforward periods available for tax reporting purposes and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets valuation allowance would be charged to earnings in the period in which we make such a determination, or goodwill would be adjusted at our final determination of the valuation allowance related to an acquisition within the measurement period. If we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance as an adjustment to earnings at such time. The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We account for these uncertain tax issues pursuant to ASC 740, Income Taxes, which contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Although we believe we have adequately reserved for our uncertain tax positions, no assurance can be given with respect to the final outcome of these matters. We adjust reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax audit, judicial rulings, refinement of estimates or realization of earnings or deductions that differ from our estimates. To the extent that the final outcome of these matters is different than the amounts recorded, such differences generally will impact our provision for income taxes in the period in which such a determination is made. Our provisions for income taxes include the impact of reserve provisions and changes to reserves that are considered appropriate and also include the related interest and penalties. We treat taxes on global intangible low-taxed income (“GILTI”) introduced by the U.S. Tax Cuts and Jobs Act (the “Tax Act”) as period costs. See Note 21 for further information. Government grants and other assistance We recognize government grants in our consolidated financial statements when it is probable that the grant will be received and we will comply with the conditions of the grant. Government grants are recorded as a reduction in the related operating expense or the cost of the asset that they are intended to defray. The government grants we received have principally been granted to defray personnel costs. During the years ended December 31, 2021 and 2020, we participated in several of these programs and recognized, in the aggregate, and other assistance benefits of $463 and $2,265, principally recorded as a reduction of personnel expense in our consolidated statements of operations for the respective periods. We have not received government grants in 2022. Earnings / (losses) per share We compute basic earnings / (losses) per share by dividing our net income or loss for the year attributable to Despegar.com, Corp. common shareholders, as adjusted for preferred stock accretion and dividends accrued, by our weighted-average outstanding common shares during the year on a basic and diluted basis. Since we issue warrants for nominal consideration which vest and are exercisable as from the issuance date, we include the shares of common stock underlying the outstanding warrants when calculating our basic earnings per share. We compute diluted earnings per share using our weighted-average outstanding common shares including the dilutive effect of stock options and convertible preferred stock. The dilutive effect of stock-based compensation is calculated using the treasury method. The dilutive effect of convertible preferred stock is calculated using the if-converted method. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards and convertible preferred stock from the diluted loss per share calculation as their inclusion would have an antidilutive effect. We present basic and diluted earnings per share using the two-class method required for participating securities. We consider that our Series B preferred stock to be participating securities and, in accordance with the two-class method, earnings allocated to participating securities and the related number of outstanding shares of participating securities are excluded from the computation of basic and diluted net loss per common share. If a dividend is paid on common stock, the holders of Series B preferred stock are entitled to a proportionate share of any such dividend as if they were holders of common stock (on an if-converted basis). As the holders of our Series B preferred stock do not have contractual obligation to share in the losses of the Company, the net loss attributable to common shareholders for each period is not allocated between common stock and participating securities. Accordingly, preferred stock is excluded from the calculation of basic and diluted net loss per share as the effect would have been antidilutive. For additional information on how we compute earnings per share, see Note 2 and 26. Fair value recognition, measurement and disclosure The carrying amounts of cash and cash equivalents and restricted cash reported on our consolidated balance sheets approximate fair value as we maintain them with various high-quality financial institutions. Accounts receivable and accounts payable are generally short-term in nature and their carrying amount approximate fair values. We disclose the fair value of our financial instruments based on the fair value hierarchy using the following three categories: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. For additional information on items measured at fair value on a recurring or non-recurring basis, see Note 25. Recently adopted accounting policies Accounting Standards Update (ASU) 2021-08, “Accounting for Acquired Revenue Contracts with Customers in a Business Combination”: In October 2021, the FASB issued a new accounting update that requires an acquirer to recognize and measure certain contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, rather than at fair value on the acquisition date as required under current U.S. GAAP. We early adopted the standard on January 1, 2022. The adoption of this new standard did not have a material impact on our consolidated financial statements. Accounting Standards Update (ASU) 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”: In May 2021, the FASB issued a new accounting update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. An issuer measures the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange. ASU 2021-04 introduces a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). The update is effective for the Company from January 1, 2022. The adoption of this new standard did not have an impact on our consolidated financial statements. Accounting Standards Update (ASU) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”: In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The update is effective for the Company from January 1, 2022. The update can be adopted on either a full or modified retrospective transition method. The accounting update also requires changes in the diluted earnings per share calculation in certain areas, including the use of the if-converted method instead of the treasury stock method which was permitted in certain situations under current U.S. GAAP. The adoption of this new standard did not have a material impact on our consolidated financial statements. Accounting Standards Update (ASU) 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”. In November 2021, the FASB issued a new accounting update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This update is effective for the Company from January 1, 2022. The adoption of this new standard did not have a material impact on our consolidated financial statements. Recent accounting policies not yet adopted Accounting Standards Update (ASU) 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method”: In March 2022, the FASB issued new guidance, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and renames the last-of-layer method the portfolio layer method. Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. It allows entities to designate multiple layers within a single closed portfolio as individual hedged items. Further, ASU 2022-01 clarifies that the fair value basis adjustments should be adjusted at the portfolio level and should not be allocated to individual assets within the portfolio. The amended guidance is effective as from January 1, 2023, with early adoption permitted. We do not expect the adoption to have an impact on our consolidated financial statements. Accounting Standards Update (ASU) 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures:” In March 2022, the FASB issued new guidance, which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The amended guidance is effective for the Company as from January 1, 2023, with early adoption permitted. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements. Accounting Standards Update (ASU) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”: In June 2022, the FASB issued new guidance, which clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to contractual sale restrictions, stating that such restrictions are not considered part of the unit of account of the security and therefore are not considered in measuring fair value. The amended guidance also requires disclosure of the fair value of equity securities subject to contractual sale restrictions and certain additional information about those restrictions. The amended guidance is effective for the Company as from January 1, 2024, with early adoption permitted, and is to be applied prospectively. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements. Accounting Standards Update (ASU) 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”: In September 2022, the FASB issued new guidance, which provides guidance on the disclosure requirements for supplier finance programs. The amendments require that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amended guidance is effective for the Company as from January 1, 2023, with the amendment on rollforward information effective January 1, 2024, with early adoption permitted. The amendments on supplier finance programs should be applied retrospectively except for the amendment on rollforward information, which should be applied prospectively. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements.
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions 2022 Acquisition Activity During the year ended December 31, 2022, we completed one business combination, as follows: Acquisition of Viajanet On June 1, 2022 (the “Closing Date”), we consummated the acquisition of the 100% equity interest of TVLX Viagens e Turismo S.A. (“Viajanet”), a company organized under the laws of Brazil (the “Viajanet Acquisition”), pursuant to a Share Purchase Agreement dated May 5, 2022 (the “Acquisition Agreement”). Viajanet is an online travel agency primarily focused on air travel in Brazil. The purchase price was fixed at $13,971 after net debt and working capital adjustments, of which $9,355 was paid on June 30, 2022 and the remaining amount will be payable in two installments in June 2024 and June 2025. Under the Acquisition Agreement, the sellers contractually agreed to indemnify us for certain contingent matters up to $20.0 million. We recognized and measured the seller indemnification based on the same basis as the indemnified items. Changes in the amount recognized for the seller indemnification which are not the result of qualifying measurement-period adjustments, are recognized in earnings in the same period as changes in the indemnified items are recognized. We allocated the purchase price to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at acquisition date. The estimated fair value of assets acquired, and liabilities assumed was determined with the assistance of a third-party valuer. Goodwill was recognized as the excess of the aggregate of the fair values of consideration transferred over the fair value of assets acquired and liabilities assumed. The purchase price allocation at the acquisition date was as follows:
Intangible assets acquired consisted of the following:
The useful lives of the intangible assets for amortization purposes were determined considering the period of expected cash flows used to measure the fair value of the intangible assets adjusted as appropriate for the entity-specific factors including legal, regulatory, contractual, competitive, economic, or other factors that may limit the useful life of intangible assets. We used an income approach to measure the fair value of trademarks based on the relief-from-royalty method. The relief-from-royalty valuation method estimates the benefit of ownership of the intangible asset as the “relief” from the royalty expense that would need to be incurred in absence of ownership. We used a market approach to measure the fair value of domains. We used a cost approach to measure the fair value of developed technology based on the reproduction cost method, adjusted by a functional obsolescence factor. An additional cross-check analysis based on income approach has also been performed. We used a replacement cost method to measure the fair value of licenses. We used an income approach to measure the fair value of customer relationships based on the Multi-Period Excess Earnings Method. The excess earnings look at projected discounted cash flows of the customer relationships, considering estimated attrition rates. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 measurements under the fair value hierarchy. All other net tangible assets were valued at their respective carrying amounts, as we believe that these amounts approximate their current fair values. Goodwill was primarily attributable to the synergistic value created from the opportunity for additional expansion in Brazil and is non-deductible for tax purposes. We incurred $390 of acquisition-related expenses which were included in “General and administrative” expenses in our consolidated statements of operations for the year ended December 31, 2022. As from August, 2022, we fully integrated Viajanet’s operations into our platform and we merged this company on January 1, 2023 with and into Decolar, our existing subsidiary in Brazil The following table summarizes the revenue and net loss (including purchase accounting amortization and the impact of intercompany eliminations) of Viajanet included in our consolidated statements of operations for the year ended December 31, 2022 since June 1, 2022, the date of acquisition:
The following pro forma summary presents certain consolidated information as if the Viajanet Acquisition occurred on January 1, 2021:
These pro forma results include adjustments for purposes of consolidating the historical financial results of Viajanet for the periods indicated. These pro forma results also include $134 and $268 for the years ended December 31, 2022 and 2021, respectively, to reflect the incremental depreciation and amortization as a result of recording assets at fair value. These pro forma results do not represent results that would have been realized had the acquisition actually occurred on January 1, 2021, nor are they intended to be a projection of future results. 2021 Acquisition Activity We did not complete any acquisitions during the year ended December 31, 2021. 2020 Acquisition Activity During the year ended December 31, 2020, we completed two business combinations, as follows: Acquisition of Best Day Group On October 1, 2020 (the “Closing Date”), we consummated the acquisition of the 100% equity interests of Viajes Beda and Transporturist, both companies organized under the laws of Mexico (collectively the “Acquisition”), pursuant to an Amended and Restated Stock Purchase Agreement dated June 11, 2020, as further amended on September 9, 2020 (the “Acquisition Agreement”). Viajes Beda primarily operates in Mexico and to a lesser extent in South America, including Argentina, Brazil and Uruguay among others, and the United States. Transporturist primarily operates in Mexico. Viajes Beda and Transporturist are collectively referred to as the “Best Day Group”. The Best Day Group primarily provides travelers with several product offerings, including airline tickets, packages, hotels and other travel-related products, through its online platforms, call centers and offline presence, and provides travel suppliers a technology platform for managing the distribution of their travel products and access to traveler customers. The Best Day Group also provides ground transportation services and group tours to travelers principally across the main tourist destinations in Mexico and the Dominican Republic. The Best Day Group offers these travel products and services through its brands “Best Day” and “BD Experience”. In addition, the Best Day Group offers hotel inventory, as well as transfers, activities, car rental, packages and tours to travel agencies through its tradename “HotelDo”. Also, the Best Day Group provides white label services for major travel vendors, including exclusive partnerships with the largest Mexican airlines operating their packages platforms. The purchase price was originally fixed at $10,288 after net debt and working capital adjustments and would be payable in cash on October 1, 2023. However, we settled certain contingencies which were indemnified by the sellers and accordingly we agreed to apply those payments towards the purchase price. As of December 31, 2022, we owe $3,744 to the sellers. In addition, the Acquisition Agreement provided for an earnout for the benefit of certain sellers ranging from $0 to $20,000 based solely on the performance of our share price during a measurement period of six months prior to the fourth anniversary of the Closing Date. The earnout, if any, will be payable in cash on October 1, 2024. Under the Acquisition Agreement, the sellers contractually agreed to indemnify us for certain contingencies and uncertain tax positions. We recognized and measured the seller indemnification based on the same basis as the indemnified items. Indemnified items are partially covered by a fixed amount of $10,288 plus any amount payable under the contingent consideration agreement. Changes in the amount recognized for the seller indemnification which are not the result of qualifying measurement-period adjustments, are recognized in earnings in the same period as changes in the indemnified items are recognized. See Note 12. We allocated the purchase price to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at acquisition date. The estimated fair value of assets acquired, and liabilities assumed was determined with the assistance of a third-party valuer and required extensive analysis and review of documentation. Goodwill was recognized as the excess of the aggregate of the fair values of consideration transferred over the fair value of assets acquired and liabilities assumed. During the third quarter of 2021, we completed the extensive review of supporting documentation and other analyses related to contingencies and uncertain tax positions. Therefore, the completion of the purchase price allocation process resulted in adjustments of $1,769 and $6,486 to contingencies and uncertain tax positions, respectively, with a corresponding increase to goodwill, compared with the preliminary amounts recognized in 2020. The change to the provisional amounts also resulted in an increase in interest and penalties expense of $3,700, of which $2,150 relates to the fourth quarter of 2020. The final purchase price allocation at the acquisition date was as follows:
Intangible assets acquired consisted of the following:
The useful lives of the intangible assets for amortization purposes were determined considering the period of expected cash flows used to measure the fair value of the intangible assets adjusted as appropriate for the entity-specific factors including legal, regulatory, contractual, competitive, economic or other factors that may limit the useful life of intangible assets. We used an income approach to measure the fair value of trademarks based on the relief-from-royalty method. The relief-from-royalty valuation method estimates the benefit of ownership of the intangible asset as the “relief” from the royalty expense that would need to be incurred in absence of ownership. We used a market approach to measure the fair value of domains. We used a cost approach to measure the fair value of developed technology based on the reproduction cost method, adjusted by a functional obsolescence factor. An additional cross-check analysis based on income approach has also been performed. We used a replacement cost method to measure the fair value of licenses. We used an income approach to measure the fair value of customer relationships based on the Multi-Period Excess Earnings Method. The excess earnings look at projected discounted cash flows of the customer relationships, considering estimated attrition rates. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 measurements under the fair value hierarchy. We used a replacement cost method or a market approach, as appropriate, to measure the fair value of fixed assets. We measure the fair value of the earnout payment using a series of “digital options”. We believe this methodology can be applied because our earnout payment provides for a fixed payment to the sellers if our stock price exceeds a predetermined strike price during the earnout measurement period. In the application of this methodology, we performed a valuation in a risk neutral framework, using a Black-Scholes-Merton Digital call option formula. The significant inputs used were our share price as of the valuation date, our share price historical volatility, U.S. risk free rate, estimated term and credit-risk adjustment spread. All other net tangible assets were valued at their respective carrying amounts, as we believe that these amounts approximate their current fair values. A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, from those preliminary valuations would result in a dollar-for-dollar corresponding increase in the amount of goodwill that will result from the Acquisition. In addition, if the value of the acquired assets is higher than the preliminary values above, it may result in higher depreciation and amortization expense. Goodwill was primarily attributable to the synergistic value created from the opportunity for additional expansion in Mexico and other businesses where we did not have a presence and is non-deductible for tax purposes. We incurred $2,856 of acquisition-related expenses which were included in “General and administrative” expenses in our consolidated statements of operations for the year ended December 31, 2020. We report the results of operations of the acquired business within our Air and Packages, Hotels and Other Travel Products reportable segments. The following table summarizes the revenue and net loss (including purchase accounting amortization and the impact of intercompany eliminations) of the Best Day Group included in our consolidated statements of operations for the year ended December 31, 2020 since October 1, 2020, the date of acquisition:
Acquisition of Koin On August 20, 2020, we completed the acquisition of an 84% equity interest in Koin Administradora de Cartões e Meios de Pagamentos S.A., a company incorporated under the laws of Brazil (“Koin”). Koin is a payment financial services company which offers a financing solution to merchants’ customers, predominantly in the travel sector in Brazil. We effected the acquisition through conversion of an outstanding trade receivable we had with Koin for $977 as of the acquisition date. The former owners remained as non-controlling shareholders of a 16% equity interest in Koin. As part of the acquisition, we and the non-controlling shareholders entered into a Shareholders’ Agreement under which we have the option, but not the obligation, to purchase the non-controlling interest during a period of 36 months as from the acquisition date at a fixed price of $4,320. In addition, the non-controlling shareholders had the option, but not the obligation, to sell their shares back to us during a period commencing on February 20, 2022 and ending August 21, 2023 for a fixed price in cash of $2,880. We allocated the purchase price to identifiable tangible and intangible assets acquired and liabilities assumed, and redeemable non-controlling interest based on their fair values at acquisition date. Goodwill was recognized as the excess of the aggregate of the fair values of consideration transferred and the redeemable non-controlling interest over the fair value of assets acquired and liabilities assumed. The acquisition date fair value of the redeemable non-controlling interest was estimated at $2,655, which was calculated using an option pricing model and generally reflected the net present value of the expected future fixed redemption amount. Intangible assets include $593 allocated to trademarks and $150 allocated to developed technology. In determining the fair value of assets acquired and liabilities assumed, we primarily used discounted cash flow analyses. Inputs to the discounted cash flow analyses and other aspects of the allocation of purchase price require judgment. The more significant inputs used in the discounted cash flow analyses and other areas of judgment include projected revenues, costs and expenses, working capital, capital expenditures and discount rate. Goodwill was primarily attributable to the assembled workforce of Koin and synergistic value created from the opportunity for additional expansion and is not deductible for tax purposes. The following table presents the final purchase price allocation:
We report the results of operations of the acquired business within our financial services segment. Transaction related expenses during the year ended December 31, 2020 associated with the completion of the acquisition totaled $279 and were charged to “General and administrative” expenses in our consolidated statements of operations. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented.
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| Redeemable non-controlling interest | Redeemable non-controlling interest In connection with the acquisition of the 84% controlling interest in Koin on August 20, 2020 (see Note 4 for details), we recognized $2,655 for the 16% redeemable non-controlling interest held by the former owners. The terms of the agreement provided us with the right to acquire the non-controlling interest and provided the former owners the right to sell their non-controlling interest back to us, assuming our call right was not exercised, at a date and fixed prices defined in the agreement. The non-controlling interest was not redeemable during 2020 and 2021, but it was probable of becoming redeemable (the redemption depended solely on the passage of time). Accordingly, we recorded the non-controlling interest at the greater of (i) its acquisition date fair value as adjusted for its share (if any) of earnings, losses, or dividends or (ii) an accreted value from the date of the acquisition to the earliest redemption date, which was February 20, 2022. The accretion of the non-controlling interest to its earliest redemption value was recorded using an interest method. We adopted a policy to charge the carrying value adjustment to retained earnings or, absent retained earnings, additional paid-in capital and reduced net income available to our common shareholders in the calculation of earnings per share in accordance with the two-class method. We recorded the non-controlling interest amount in the “mezzanine” section of our consolidated balance sheets, outside of shareholders’ deficit. We recorded adjustments of $1,355 and $78 to reflect the redemption value as of December 31, 2021 and 2020, respectively. On January 31, 2022, we redeemed the non-controlling interest in Koin for a fixed amount of $3,200 payable in eight equal consecutive installments ending on August 31, 2022. We accounted for the change in ownership interest as an equity transaction. The difference between the amount of the non-controlling interest and the fair value of the consideration paid was recognized directly in equity and attributed to the parent. As of December 31, 2022, there is no outstanding amount of redeemable non-controlling interest. The following table presents a reconciliation of the changes in redeemable non-controlling interests:
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| Redeemable Preferred Stock And Warrants [Abstract] | |
| Preferred Stock and Warrants | Preferred Stock and Warrants Non-Convertible Redeemable Series A Preferred Shares and Warrants On September 18, 2020 (the “Catterton Closing Date”), we completed the issuance and sale of our Series A Preferred Shares (as defined below) and warrants (the “Warrants”) to purchase our common stock (“Common Stock”) to LCLA Daylight LP, an affiliate of L Catterton Latin America III, L.P. (the “L Catterton Purchaser”) pursuant to our previously announced Investment Agreement, dated as of August 20, 2020, with the L Catterton Purchaser (the “L Catterton Investment Agreement”). We issued and sold to the L Catterton Purchaser, pursuant to the L Catterton Investment Agreement, 150,000 shares of our newly created Series A Preferred Shares, no par value per share (the “Series A Preferred Shares”) and Warrants to purchase 11,000,000 shares of our Common Stock, no par value, for an aggregate purchase price of $150,000. On December 31, 2021, we paid certain fees in an aggregate amount of $2,250 to the L Catterton Purchaser. On the terms and subject to the conditions set forth in the L Catterton Investment Agreement, from and after September 18, 2020, LCLA Daylight LP is entitled to appoint one director to our Board of Directors (the “Board”) and one non-voting observer to the Board, in each case until such time as LCLA Daylight LP and its permitted transferees no longer hold (a) (i) at least 50% of the Series A Preferred Shares purchased by LCLA Daylight LP under the L Catterton Investment Agreement and (ii) Warrants and/or Common Stock for which the Warrants were exercised that represent, in the aggregate and on an as-exercised basis, at least 50% of the shares underlying the Warrants purchased by LCLA Daylight LP under the L Catterton Investment Agreement or (b) if the Company has redeemed the Series A Preferred Shares in full (pursuant to the Company’s redemption right with respect thereto), Warrants and/or Common Stock for which the Warrants were exercised that represent, in the aggregate and on an as-exercised basis, at least 50% of the shares underlying the Warrants purchased by LCLA Daylight LP under the L Catterton Investment Agreement. The L Catterton Investment Agreement (including the forms of our amended Memorandum of Association and Articles of Association, the terms of the Series A Preferred Shares, Warrants and Registration Rights Agreement) contains other customary covenants and agreements, including certain transfer restrictions, standstill and voting provisions and preemptive rights. In connection with and concurrently with the closing of the transactions contemplated by the L Catterton Investment Agreement, we issued to LCLA Daylight LP Warrants to purchase 11,000,000 shares of our Common Stock at an exercise price of $0.01 per share, subject to certain customary anti-dilution adjustments provided under the Warrants, including for stock splits, reclassifications, combinations and dividends or distributions made by us on the Common Stock. The Warrants expire on September 18, 2030. In connection with and concurrently with the closing of the transactions contemplated by the L Catterton Investment Agreement, we and LCLA Daylight LP entered into a Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which LCLA Daylight LP is entitled to customary registration rights with respect to the Common Stock for which the Warrants may be exercised. Principal Terms of the Series A Preferred Shares Dividends: Dividends on each Series A Preferred Share accrue daily at a rate of 10.0% per annum and are payable semi-annually in arrears on September 30 and March 31, beginning on March 31, 2021. Dividends are payable, either in cash or through an accrual of unpaid dividends (“Dividend Accrual”), at the Company’s option. Dividends on each Series A Preferred Share accrue whether or not declared and whether or not we have assets legally available to make payment thereof. To the extent that any dividends are declared but unpaid, or any dividends are not declared in any given year, (i) such accrued and unpaid dividends and/or (ii) an amount equal to the dividend entitlement, shall compound semi-annually at the rate of 10.0% per annum (“Accumulating Dividends”). All Accumulating Dividends shall be paid in full prior to any distribution, dividend or other payment in respect of any equity securities junior to the Series A Preferred Shares. Ranking: The Series A Preferred Shares rank senior to the Common Stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. Company’s Redemption Rights: At any time on or after the third anniversary of the Catterton Closing Date but prior to the fourth anniversary of the Catterton Closing Date, we may redeem all or any portion of the Series A Preferred Shares in cash at a price equal to 105.0% of the sum of the liquidation preference of $1,000 per Series A Preferred Share plus any Dividend Accruals per Series A Preferred Share (the “Liquidation Preference”), plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date. At any time on or after the fourth anniversary of the Catterton Closing Date but prior to the fifth anniversary of the Catterton Closing Date, we may redeem all or any portion of the Series A Preferred Shares in cash at a price equal to 102.5% of the Liquidation Preference, plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date. At any time after the fifth anniversary of the Catterton Closing Date, we may redeem all or any portion of the Series A Preferred Shares in cash at a price equal to the Liquidation Preference plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date. Holders’ Redemption Rights: At any time on or after the fifth anniversary of the Catterton Closing Date, each holder of Series A Preferred Shares may, at its election, cause the Company to redeem all or part of such holder’s then outstanding Series A Preferred Shares in cash at a price equal to the Liquidation Preference, plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date. In addition, if the Company undergoes a qualifying change of control, each holder of Series A Preferred Shares may, at its election, cause the Company to redeem all of such holder’s then outstanding Series A Preferred Shares in cash at a price equal to 110.0% of the Liquidation Preference, plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date. Conversion Rights: The Series A Preferred Shares are not convertible into Common Stock. Voting Rights: Each holder of Series A Preferred Shares will have one vote per share on any matter on which holders of Series A Preferred Shares are entitled to vote separately as a class, whether at a meeting or by written consent. The holders of Series A Preferred Shares do not otherwise have any voting rights at any meetings of the Company’s shareholders or on any resolution of the Company’s shareholders. The prior written approval of the holders of a majority of the Series A Preferred Shares outstanding at such time, acting together as a separate class, is required in order for the Company to (i) amend the Memorandum and Articles of Association in a manner that adversely affects the holders of Series A Preferred Shares, (ii) create or issue any shares, or any securities convertible or exchangeable into, or exercisable for shares, ranking senior or pari passu to the Series A Preferred Shares or issue any additional Series A Preferred Shares or increase the authorized number of Series A Preferred Shares, other than an additional financing meeting certain requirements, (iii) declare or pay any dividend or distribution, or repurchase or redeem any shares, subject to certain exceptions, including with respect to the Series A Preferred Shares, (iv) make any fundamental change in the nature of the business in which the Company is primarily engaged, (v) initiate, engage in or permit to occur (to the extent within our control), any liquidation, dissolution or winding up of the Company, (vi) continue or re-domicile the Company in any jurisdiction other than the British Virgin Islands, or (vii) take or permit certain of the foregoing with respect to our significant subsidiaries. So long as the Catterton Purchaser holds any Series A Preferred Shares, the prior written consent of the Catterton Purchaser is required in order for us to (i) incur any indebtedness for borrowed money in excess of the greater of $60,000, and an amount equal to 1.0x the Company’s consolidated Adjusted EBITDA for the twelve month period ending at the end of the last quarter for which we have publicly reported financial results, (ii) sell, dispose of or enter into any exclusive license for any material asset (or group of related assets) of the Company or with a fair market value equal or greater to 10% of our consolidated total assets and (iii) enter into certain affiliate transactions, in each case subject to certain exceptions. Pursuant to the L Catterton Investment Agreement, on September 18, 2020, Mr. Dirk Donath was appointed as a member of the Board and Mr. Ramiro Lauzan was appointed as a non-voting observer. Mr. Donath has also been appointed to serve on the Strategy Committee and Nomination and Compensation Committee of the Board. Mr. Donath resigned on June 24, 2022, in connection with a rotation by L Catterton Purchaser of its appointed directors. Mr. Donath will continue to serve as an observer of the Board. Mr. Ramiro Lauzan has been appointed to the Board of Directors and to the Nomination and Compensation Committee and Strategy Committee of the Board, effective as of June 24, 2022. Principal Terms of the Warrants to Purchase Common Stock Pursuant to the L Catterton Investment Agreement, we issued to the Catterton Purchaser Warrants to purchase 11,000,000 Common Shares at an exercise price of $0.01 per share (“Penny Warrants”), subject to certain customary anti-dilution adjustments provided under the Warrants, including for stock splits, reclassifications, combinations and dividends or distributions made by the Company on the Common Shares. The Penny Warrants expire ten years after the Catterton Closing Date. The Penny Warrants vest and are exercisable as of the issuance date. The Penny Warrants also include customary anti-dilution adjustments. Initial and Subsequent Accounting: The Series A Preferred Shares are classified within temporary equity (mezzanine equity) on our consolidated balance sheet due to the provisions that could cause the equity to be redeemable at the option of the holder and the terms of the Series A Preferred Shares which do not include an unconditional obligation to redeem at a specified or determinable date, or upon an event certain to occur. The Penny Warrants qualify for classification in shareholders’ equity and are included in our consolidated balance sheet within “Additional paid-in capital”. As indicated above, if a qualifying change of control occurs, then each holder of Series A Preferred Shares may, at its election, cause the Company to redeem all of such holder’s then outstanding Series A Preferred Shares in cash at a price equal to 110.0% of the Liquidation Preference, plus, without duplication, accrued and unpaid distributions to, but excluding, the redemption date (the “Change of Control Put”). There is a substantial premium as the Company is required to pay 110.0% upon a change of control. The Change of Control Put requires bifurcation. However, it is uncertain whether or when a qualifying change of control would occur that would obligate the Company to pay the substantial premium liquidation preference to holders of the Series A Preferred Shares and at the balance sheet date, these circumstances were not probable. Thus, no value was assigned at inception. A subsequent adjustment to the carrying value of the Series A Preferred Shares may be made only when it becomes probable that such a change of control event will occur. The gross proceeds received from the issuance of the Series A Preferred Shares were allocated to the Series A Preferred Shares and Warrants on a relative fair value basis. In determining the fair value of the Series A Preferred Shares, we primarily used discounted cash flow analyses. Inputs to the discounted cash flow analyses and other aspects of the valuation require judgment. The more significant inputs used in the discounted cash flow analyses and other areas of judgment include assumptions on term, cash flows, and market yield. In determining the fair value of the Warrants, we primarily used the Black Scholes Option Pricing Model (“BSOPM”). Inputs to the BSOPM and other aspects of the valuation require judgment. The more significant inputs used in the BSOPM and other areas of judgment include the starting stock price or value of the underlying assets, the strike price, the time to expiration, and volatility and risk-free rate. In order to consider the two-year transfer restriction of the Warrants, considered to be security specific, we applied a Discount for Lack of Marketability with the Finnerty Method. Therefore, the Series A Preferred Shares were initially recognized at an allocated amount on a fair value basis of $84,643, net of $5,415 in initial discount and issuance costs. The Penny Warrants were recognized at an allocated amount on a fair value basis of $56,339, net of $3,604 in issuance costs. Penny Warrants were recorded as additional paid-in capital. The Series A Preferred Shares are currently not redeemable; however, they will become redeemable on September 18, 2025. Since only the passage of time is needed to occur for the Series A Preferred Shares to become redeemable, it is considered to be probable that it will be redeemable. As such, we elected to accrete the difference between the initial value of $84,643 and the redemption value of $150,000 over the five-year period from the date of issuance through September 18, 2025 (the date at which the holder has the unconditional right to redeem the shares, deemed to be the earliest likely redemption date) using the effective interest method. The accretion to the carrying value of the redeemable preferred shares is treated as a deemed dividend, recorded as a charge to additional paid-in-capital (since there is a deficit in retained earnings) and deducted in computing earnings per share (analogous to the treatment for stated dividends paid on the redeemable preferred shares). On March 25, 2022, we paid $15,374 of accumulated dividends for the period ended March 31, 2022. On September 30, 2022, dividends were not paid in cash but instead accrued and accumulated. For the period from April 1, 2022 until December 31, 2022, we accrued $11,491 for unpaid dividends recorded as a charge to additional paid-in-capital. On March 31, 2021, we paid $7,972 of accumulated dividends for the period ended March 31, 2021. On September 30, 2021, dividends were not paid in cash but instead accrued and accumulated. For the period from April 1, 2021 until December 31, 2021 we accrued $11,491 for unpaid dividends recorded as a charge to additional paid-in-capital. The resulting redeemable preferred share balance was $121,449 and $109,565 as of December 31, 2022 and 2021, respectively. As of December 31, 2022, none of the warrants were exercised. The accumulated accretion as of December 31, 2022 and 2021 was $11,884 and $10,600, respectively. Convertible Redeemable Series B Preferred Shares On September 21, 2020 (the “Waha Closing Date”), we completed the issuance and sale of our Series B Preferred Shares (as defined below) to Waha LATAM Investments Limited, an affiliate of Waha Capital PJSC (the “Waha Purchaser”) pursuant to our previously announced Investment Agreement, dated as of August 20, 2020, with the Waha Purchaser (the “Waha Investment Agreement”). We issued and sold to the Waha Purchaser, pursuant to the Waha Investment Agreement, 50,000 shares of our newly created Series B Preferred Shares, no par value per share (the “Series B Preferred Shares”) for an aggregate purchase price of $50,000. On December 31, 2021, we paid certain fees in an aggregate amount of $1,000 to affiliates of the Waha Purchaser. On the terms and subject to the conditions set forth in the Waha Investment Agreement, from and after September 21, 2020, the Waha Purchaser is entitled to appoint one director to our Board and one non-voting observer to the Board, in each case until such time as (i) the Waha Purchaser no longer holds at least 50% of the Series B Preferred Shares purchased by the Waha Purchaser under the Waha Investment Agreement and (ii) in the event that the Waha Purchaser or the Company converts the Series B Preferred Shares to Common Shares in full, the Waha Purchaser will be entitled to appoint one director to the Board and one non-voting observer to the Board, in each case, until such time as the Waha Purchaser no longer holds at least 50% of the issued and outstanding Common Shares issued to the Waha Purchaser at the conversion date. The Waha Investment Agreement (including the forms of our amended Memorandum of Association and Articles of Association, the terms of the Series B Preferred Shares and the Waha Shelf Registration Rights Agreement) contains other customary covenants and agreements, including certain transfer restrictions, standstill and voting provisions and preemptive rights. Pursuant to the Waha Investment Agreement, we and the Waha Purchaser entered into a Shelf Registration Rights Agreement (the “Waha Shelf Registration Rights Agreement”), pursuant to which the Company filed a Registration Statement on Form F-3 covering the resale of the Common Shares for which the Series B Preferred Shares may be converted. The issuance of the Series B Preferred Shares pursuant to the Waha Investment Agreement is intended to be exempt from registration under the Securities Act, by virtue of the exemption provided by Section 4(a)(2) of the Securities Act. Principal Terms of the Series B Preferred Shares Dividends: Dividends on each Series B Preferred Share accrue daily from and including the Waha Closing Date at a rate of 4.0% per annum and are payable quarterly in arrears commencing on December 31, 2021. Dividends on each Series B Preferred Share accrue whether or not declared and whether or not the Company has assets legally available to make payment thereof. Dividends are payable, at the Company’s option, either (i) in cash or (ii) by increasing the amount of Accrued Dividends in an amount equal to the amount of the dividend to be paid. If the Company does not declare and pay in cash a full dividend on each Series B Preferred Share on any dividend payment date, then the amount of such unpaid dividend shall automatically be added to the amount of accrued dividends on such share on the applicable dividend payment date without any action on the part of the Company. In addition, the Series B Preferred Shares are entitled to participate in dividends and other distributions declared and made on the Common Stock on an as-converted basis. Ranking: The Series B Preferred Shares rank on a parity basis to the Series A Preferred Shares and senior to the Common Stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. Liquidation Rights: In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of the Series B Preferred Shares shall be entitled, out of assets legally available therefor, before any distribution or payment out of the assets of the Company may be made to or set aside for the holders of any Common Shares, and subject to the rights of the holders of any Senior Shares or Parity Shares and the rights of the Company’s existing and future creditors, to receive in full a liquidating distribution in cash and in the amount per Series B Preferred Share equal to the Liquidation Preference with respect to such Series B Preferred Share. Conversion Rights: The Series B Preferred Shares are convertible, at the option of the holder, at any time into Common Stock at an initial conversion price of $9,251 (the “Initial Conversion Price) per share and an initial conversion rate of 108.1081 Common Shares per Series B Preferred Share, subject to certain anti-dilution adjustments. As of December 31, 2022 and 2021, there were no conversions of the Series B Preferred Shares. Each holder of Series B Preferred Shares has the right, at such holder’s option, to convert all or a part of such holder’s Series B Preferred Shares at any time into (i) the number of Common Shares per Series B Preferred Share equal to the quotient of (A) the sum of the Stated Value plus, without duplication, any accrued and unpaid Dividends with respect to such Series B Preferred Share as of the applicable Conversion Date (to the extent such accrued and unpaid Dividend is not included in the Stated Value already) (such sum, the “Conversion Amount”) divided by (B) the Conversion Price as of the applicable Conversion Date. At any time from the third to the fifth anniversary of the Waha Closing Date, if the volume weighted average price (“VWAP”) of the Common Shares exceeds $13.88 (150% of the Initial Conversion Price) as may be adjusted pursuant to the Memorandum and Articles of Association, for at least 10 consecutive trading days, the Company may convert all of the Series B Preferred Shares into the number of Common Shares equal to the quotient of (1) 105% of the conversion amount as of the conversion date divided by (2) the conversion price of such share in effect as of the conversion date. At any time from the fifth to the seventh anniversary of the Waha Closing Date, if the VWAP of the Common Shares exceeds $12.49 (135% of the Initial Conversion Price), as may be adjusted pursuant to the Memorandum and Articles of Association, for at least 10 consecutive trading days, the Company may convert all of the Series B Preferred Shares into the number of Common Shares equal to the quotient of (1) 105% of the conversion amount as of the conversion date divided by (2) the conversion price of such share in effect as of the conversion date. In addition, at any time from the seventh anniversary of the Waha Closing Date, if the VWAP of the Common Shares exceeds the Initial Conversion Price, as may be adjusted pursuant to the Memorandum and Articles of Association, for at least 10 consecutive trading days, the Company may convert all of the Series B Preferred Shares into the number of Common Shares equal to the conversion amount divided by the lower of (1) the VWAP per Common Share on the 15 trading days immediately preceding the conversion date or (2) the price per Common Share on the trading day immediately preceding the conversion date. Redemption Rights: At any time on or after the seventh anniversary of the Waha Closing Date, the Company may redeem all of the Series B Preferred Shares in cash at a price equal to the sum of (i) (x) the initial stated value of $1,000 per Series B Preferred Shares plus (y) any Dividend Accruals (such sum, the “Stated Value”) plus (ii), without duplication, any accrued and unpaid distributions to, but excluding, the redemption date. Change of Control Redemption: If the Company undergoes a qualifying change of control prior to the seventh anniversary of the Waha Closing Date, the Company must redeem, subject to the right of each holder to convert its then outstanding Series B Preferred Shares into Common Shares, all of the then outstanding Series B Preferred Shares for a cash price per share equal to the greater of (x) 110.0% of the Stated Value plus, without duplication, any accrued and unpaid distributions to, but excluding, the redemption date, and (y) the amount such holder would have received in respect of the number of Common Shares that would be issuable upon conversion thereof. If the Company undergoes a qualifying change of control on or following the seventh anniversary of the Waha Closing Date, the Company must redeem, subject to the right of each holder to convert its then outstanding Series B Preferred Shares into Common Shares, all of the then outstanding Series B Preferred Shares for a cash price per share equal to the greater of (x) 100% of the Stated Value plus, without duplication, any accrued and unpaid distributions to, but excluding, the redemption date, and (y) the amount such holder would have received in respect of the number of Common Shares that would be issuable upon conversion thereof, subject to certain conditions. Voting Rights: The Series B Preferred Shares will vote on all matters together with the Common Shares on an as-converted basis. Until such time as the Waha Purchaser no longer holds at least 50% of the Series B Preferred Shares purchased by the Waha Purchaser under the Waha Investment Agreement, the prior written consent of the Waha Purchaser is required in order for the Company to (i) authorize, create or issue any shares senior to or on parity with the Series B Preferred Shares, excluding an additional financing meeting certain requirements; (ii) amend, modify or repeal any provision of the Memorandum and Articles of Association in a manner adverse to the Series B Preferred Shares; (iii) change the authorized number of directors of the Company; (iv) enter into certain affiliate transactions; (v) declare or pay any dividend or distribution with respect to any shares; (vi) redeem, purchase or otherwise acquire any Common Shares; (vii) liquidate, dissolve or wind up the affairs of the Company or any of its subsidiaries, effect a recapitalization or reorganization, or reincorporate the Company under the laws of a jurisdiction other than the British Virgin Islands; (viii) effect a conversion of the Company into a different legal form; and (ix) enter into any exclusive license for all or substantially all of the Company’s products or technologies to a third party, in each case subject to certain exceptions. Pursuant to the Waha Investment Agreement, Mr. Aseem Gupta served as director from September 21, 2020 until June 30, 2021 when he resigned to his position in the board. As of the date of these consolidated financial statements, Waha has not designated any director since and its seat is still vacant. Initial and Subsequent Accounting: The Series B Preferred Shares are classified within temporary equity on our consolidated balance sheets due to the provisions that cause the equity to be redeemable upon the occurrence of a change of control. The terms of the Series B Preferred Shares do not include an unconditional obligation to redeem at a specified or determinable date, or upon an event certain to occur. The Series B Preferred Shares were determined to have characteristics more akin to equity than debt. As a result, the conversion at holder’s option or at the Company’s option prior to the seventh anniversary of the Waha Closing Date were determined to be clearly and closely related to the Series B Preferred Shares and therefore do not need to be bifurcated and classified as a derivative liability. The Company’s conversion option after the seventh anniversary of the Waha Closing Date was not determined to be clearly and closely related to the Series B Preferred Shares as the feature is in-substance a put option as it is designed to provide the investor with a fixed monetary amount, settleable in shares. Put (call) options embedded in equity hosts are not considered clearly and closely related. However, the embedded feature does not meet the definition of a derivative. It has an underlying, a notional amount and a settlement provision, little to no initial net investment but it is not net settled. Therefore, the feature does not need to be bifurcated and classified as a derivative liability. We also evaluated whether a beneficial conversion feature (“BCF”) should be bifurcated and separately recognized. A convertible instrument contains a BCF when the conversion price is less than the fair value of the shares into which the instrument is convertible at the commitment date. As the conversion price is above the share price and the conversion option is not priced “in-the-money”, we concluded that the Series B Preferred Shares did not contain a BCF and no accounting entry was required. All the other embedded features in the Series B Preferred Shares do not need to be bifurcated. Accordingly, the Series B Preferred Shares were recognized at fair value of $50,000 (the proceeds on the date of issuance) less issuance costs of $3,300 resulting in an initial value of $46,700. The Series B Preferred Shares are not currently redeemable at December 31, 2022. Also, the events that could cause the Series B Preferred Shares to become redeemable are not considered probable of occurring as of December 31, 2022. Accordingly, accretion from the initial carrying amount to the redemption amount was not required. For the years ended December 31, 2022 and 2021, we accrued, approved, and paid $2,000 and $2,000, respectively, in cash dividends and as of December 31, 2022 there were no undeclared dividends.
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Debt and other financial liabilities |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and other financial liabilities | Debt and other financial liabilities The following table summarizes our outstanding short-term and long-term debt and other financial liabilities:
The total estimated fair value of our long-term debt excluding our collateralized debt was approximately $4,843 and $11,507 as of December 31, 2022 and 2021, respectively. The following table shows the details of the long-term debt outstanding as of December 31, 2022 (excluding collateralized debt issued by SPV):
The changes in the balance of our total short-term and long-term debt as of December 31, 2022 and 2021 consist of the following:
As of December 31, 2022 and 2021, short-term debt is comprised of five loans with one financial institution and four loans with two financial institutions, respectively. Short-term debt is taken with maturities ranging from 2 months to 12 months. A portion of the short term debt is collateralized by accounts receivable. The weighted average interest rate on short-term borrowings outstanding as of December 31, 2022 and 2021 was 12.69% and 8.68%, respectively. At December 31, 2022, we were in compliance with the applicable covenants under our debt agreements.
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Cash and cash equivalents and restricted cash and cash equivalents |
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| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents | Cash and cash equivalents and restricted cash and cash equivalents Cash and cash equivalents: Cash and cash equivalents consist of the following:
Restricted cash: Restricted cash and cash equivalents amount to $25,879 and $33,145 as of December 31,2022 and 2021, respectively. We place collateralized amounts related to operations with our travel suppliers and service providers and the International Air Transport Association (“IATA”). We are required to be accredited by IATA to sell international airlines tickets of IATA-affiliated airlines. We, therefore, as part of our operations, maintain restricted cash in the form of time deposits or bank or insurance guarantees. Also included within the restricted cash balance is $1,492 related to cash and cash equivalents balances of the securitization VIEs (See Note 11). The following table reconciles our cash and cash equivalents and restricted cash as reported in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows:
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Trade accounts receivable, net of allowances |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade accounts receivable, net of allowances | Trade accounts receivable, net of allowances: Trade accounts receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Our receivables are short-term in nature. We have grouped our trade receivables into pools by country of origin and type (i.e., facilitation services, incentives, advertising, transportation and tour services and others) based on similar risk characteristics. Payment terms for receivables vary depending on type and jurisdiction, generally less than one year. As it relates to trade receivables with credit card processors which represent most of our trade receivables as of any given date, payment terms vary but typically are received within thirty days after booking except in those cases where transactions are effected through financing installment plans offered by banks. When travelers pay in installments, we receive payment from credit card processors at the time each installment is due. Installment plans are offered by banks and may vary, generally up to 12 monthly installments after booking is confirmed. However, we typically enter into factoring arrangements to cash these receivables thereby reducing days outstanding exposures. Receivables from back-end incentives and advertising transactions typically do not have stated payment terms, although we generally receive payment within 12 months. For each pool, we consider the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Generally, we utilize a loss rate method to calculate the allowance for expected credit losses. We track historical loss information for our receivables by type and geography using their contractual lives. We then apply the historical credit loss percentages to our outstanding balances as of any given date. We believe that using historical loss information is a reasonable basis on which to determine expected credit losses for our receivables because their composition at the reporting date is consistent with that used in developing the historical credit-loss percentages. Historically the default or delinquency rates of our trade receivables have been low even during recessions or distressed economic periods. Recessions or other poor economic conditions had historically affected the number of bookings by travelers and therefore generation of revenue and corresponding receivables, but they generally did not affect the collection behavior of receivables from confirmed bookings. A booking is not confirmed if credit card information is not validated by the credit card processors’ systems. Therefore, due to the nature of our receivables and counterparties, losses have been historically limited to very specific events at the counterparty level such as bankruptcy or financial difficulties. Significant judgments and assumptions are required to estimate the allowance for expected credit losses and such assumptions may change in future periods, particularly the assumptions related to the impact of the COVID-19 pandemic. Actual future bad debt could differ materially from these estimates resulting from changes in our assumptions of the duration and severity of the impact of the COVID-19 pandemic. Our exposure to credit risk takes the form of a loss that would be recognized if counterparties failed to, or were unable to, meet their payment obligations. We are also exposed to political and economic risk events, which may cause non-payment of foreign currency obligations to us. Generally, the counterparties to our trade receivables are major well-recognized and externally-credit rated credit card companies, such as MasterCard, Visa and other local or regional credit card processors; major GDS providers, such as Travelport, Amadeus and Sabre, individual major airlines; and to a lesser extent hotel chains and operators. We may seek cash collateral, letter of credit or parent company guarantees, as considered appropriate. We have not experienced significant credit problems with these customers to date. Most of these entities or their parent companies are externally credit-rated. We review these external ratings from credit agencies. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in our consolidated balance sheet after deducting the expected credit loss allowance. The following table shows the activity on the expected credit loss allowance for our trade receivables during the years ended December 31, 2022 and 2021:
Adoption of ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) On January 1, 2020, we adopted ASC 326 which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost. As of the date of adoption, January 1, 2020, substantially all our financial assets under the scope of the standard corresponded to trade accounts receivable as a result of revenue transactions recognized in accordance with ASC 606. We adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020, are presented under ASC 326. We recorded a net increase to accumulated losses of $1,076 as of January 1, 2020, for the cumulative effect of adopting ASC 326. The following table illustrates the impact of adopting ASC 326 as of January 1, 2020:
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Brazilian accounts receivable securitization program |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brazilian accounts receivable securitization program | Brazilian accounts receivable securitization program As of December 31, 2022, we have a securitization program in place structured to be a securitization of certain of our loans receivable related to our Koin solution. In a securitization transaction, assets from our balance sheet are transferred to a special purpose vehicle or “SPV” we establish, which typically meets the definition of a variable interest entity or “VIE”. The SPV then issues various forms of interests in those assets to investors. We typically receive cash proceeds and/or other interests in the securitization SPV for the assets we transfer. As of December 31, 2021, the program was not fully operational and the SPV had not issued any securities to investors. We evaluated the SPV and concluded that the SPV is a VIE because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from investors or via the collections from loans receivable purchased. We are considered the primary beneficiary of the SPV since we have the ability to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses and the right to receive benefits that are potentially significant to the VIE. Our continuing involvement in the securitization transaction consists primarily of holding certain retained interests and acting as the primary servicer for which we earn a servicing fee. In evaluating whether we are the primary beneficiary, we consider both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We assess whether we are the primary beneficiary of the VIE on an ongoing basis. As we control the SPV, the assets, liabilities and related results of the SPV are consolidated in our consolidated financial statements. Any activity between the participating subsidiary and the SPV is eliminated in consolidation. We present the carrying amount of assets and liabilities of the VIE reflected on our consolidated balance sheet. The assets of the consolidated SPV primarily consist of cash and cash equivalents and loans receivable, which we report on our consolidated balance sheet as restricted cash and cash equivalents and securitized loans receivable, respectively. The assets of the SPV are the primary source of funds to settle its obligations. The third-party creditors of the SPV have legal recourse only to the assets securing the debt and do not have recourse to our company. The liabilities primarily consist of debt securities issued by the SPV, which we report on our consolidated balance sheet as securitized debt obligations. Additionally, the cash flows generated by the SPV are restricted to the payment of amounts due to third-party investors, but we retain the right to residual cash flows. The following table summarizes the collateralized debt as of December 31, 2022:
(*) As of December 31, 2022, CDI equals 13.65% The assets and liabilities of the SPV included in our consolidated financial statements as of December 31, 2022 and 2021 are as follows:
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Other assets and prepaid expenses |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets and prepaid expenses | Other assets and prepaid expenses Other current assets and prepaid expenses consist of the following:
Other non-current assets and prepaid expenses consist of the following:
(1)Includes $2.9 million related to an equity stake in Stays acquired in July 2022. Stays is a vacation rental channel manager based in Brazil.
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Property and equipment, net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment, net | Property and equipment, net Property and equipment, net consists of the following:
(1)Accumulated depreciation as of December 31, 2022 comprised of $28,812, $10,565, $289, $769 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. Accumulated depreciation as of December 31, 2021 comprised of $21,205, $9,064, $241 and $409 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. The changes in the balance of property and equipment for the years ended December 31, 2022 and 2021 consist of the following:
Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was classified as follows:
As of December 31, 2022 and 2021, we identified no impairment indicators for our property and equipment assets. During 2020, we recognized an impairment charge of $271 related to property assets.
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Intangible assets, net |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets, net | Intangible assets, net Indefinite-lived and definite-lived intangible assets, net consists of the following:
(1)Accumulated amortization as of December 31, 2022 comprised of $97,615, $1,741, $12,465 and $14,066 for developed technology, licenses, customer relationships and trademarks, respectively. Accumulated amortization as of December 31, 2021 comprised of $69,225, $4,229, $7,130 and $15,372 for developed technology, licenses, customer relationships and trademarks, respectively. The changes in the balance of intangible assets, net as of December 31, 2022 and 2021 consist of the following:
Amortization expense for the years ended December 31, 2022, 2021 and 2020 was classified as follows:
The estimated future amortization expense related to intangible assets with definite lives as of December 31, 2022, assuming no subsequent impairment of the underlying assets, is as follows:
Impairment Assessments Indefinite-lived intangible assets: Our indefinite-lived intangible assets comprise our trademarks Despegar and Decolar. We test indefinite-lived intangible assets for impairment as of December 31 of each year, or more frequently if events and circumstances indicate that an impairment may have occurred. In our evaluation of our indefinite-lived intangible assets, we typically first perform a quantitative assessment, and an impairment charge is recorded for the excess of the carrying value of indefinite-lived intangible assets over their fair value, if necessary. We base our measurement of fair value of our trade name and trademarks, classified as Level 3 measurements, using the relief-from-royalty method, which includes unobservable inputs, including projected revenues and royalty rates of 2.0% and 2.5%. As of December 31, 2022, we performed our annual impairment test and concluded that there was no impairment of indefinite-lived intangible assets. Definite-lived intangible assets: During 2021, we recognized impairment charges of $892 related to certain customer relationship assets related to Best Day in Mexico and Viajes Falabella in Peru. During 2020, we recognized impairment charges of $1,053 related to customer relationship assets. The assets, classified as Level 3 measurements, were written down based on valuation using the Income Approach, specifically the Multi-Period Excess Earnings Method, which includes unobservable inputs, including projected revenues, costs and expenses, contributory asset charges (i.e., fixed assets, working capital and assembled workforce), and discount rate. There were no other impairment charges to any definite-lived intangible asset in any of the years presented. The full duration and total impact of COVID-19 remains uncertain and it is difficult to predict how the recovery will unfold for global economies, the travel industry or our business. As a result, we may continue to record impairment charges in the future due to the potential long-term economic impact and near-term financial impacts of the COVID-19 pandemic.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | Goodwill A substantial portion of our goodwill relates to the acquisition of the Best Day Group. See Note 4 for details. Goodwill consists of the following:
The following table presents the changes in goodwill by reportable segment:
2022 Impairment Assessment We test goodwill for impairment at the reporting unit level and the tests are performed as of December 31 of each year, or more frequently if events and circumstances indicate that an impairment may have occurred. We compared the fair value of the reporting units to their carrying values. The fair value estimates of the reporting units are based on the present value of their future discounted cash flows, Level 3 inputs (income approach). The income approach estimates fair value utilizing long-term growth rates and discount rates applied to the cash flow projections. The significant estimates used in the discounted cash flows model included our forecasted gross bookings; forecasted revenues, net of significant costs and expenses; and the discount rate. Our assumptions were based on the actual historical performance of the reporting units and considered operating result trends, the anticipated duration of COVID-19 impacts and rates of recovery, and implied risk premiums based on market prices of our equity and debt as of the assessment dates. As of December 31, 2022, we performed our annual goodwill impairment test and concluded that there was no impairment of goodwill. 2020 and 2021 Impairment Assessments During 2021 and 2020, due to the severe and persistent negative effects that COVID-19 had on global economies, the travel industry, and our business, as well as the uncertainty and high variability in anticipated versus actual rates of recovery, in addition to our annual assessments in December 2021 and 2020, we deemed it necessary to perform various interim assessments of goodwill throughout 2021 and 2020. As a result of these assessments, we recognized goodwill impairment charges of $4,214 and $593 during 2021 and 2020, respectively, for certain of our reporting units. The estimation of fair value reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding expected growth (gross bookings and net revenues), expected length and severity of the impact from the COVID-19 pandemic, the shape and timing of the subsequent recovery, as well as other key assumptions with respect to matters outside of the Company’s control, such as the discount rate. It requires significant judgments and estimates and actual results could be materially different than the judgments and estimates used to estimate fair value. Future events and changing market conditions may lead us to re-evaluate the assumptions reflected in the current forecasts, particularly the assumptions related to the length and severity of the COVID-19 pandemic and the shape and timing of the subsequent recovery, which may result in a need to recognize goodwill impairment charges that could have a material adverse effect on our results of operations. The full duration and total impact of COVID-19 remains uncertain, and it is difficult to predict how the recovery will unfold for global economies, the travel industry, or our business.
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Accounts payable and accrued expenses |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable and accrued expenses | Accounts payable and accrued expenses Accounts payable and accrued expenses consist of the following:
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Travel accounts payable |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Travel accounts payable | Travel accounts payable Travel accounts payable consist of the following:
(1)Includes $198,680 and $142,898 as of December 31, 2022 and 2021, respectively, for deferred merchant bookings which will be due after the traveler has checked out. (2)Relates to refund vouchers issued to travelers due to canceled reservations as a result of the COVID-19 pandemic. Vouchers are eligible for use for their stated amount at any time after issuance and until one year after the World Health Organization declares the end of the pandemic.
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Other liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | Other liabilities Other current liabilities consist of the following:
Other non-current liabilities consist of the following:
(1)The purchase price for the Best Day acquisition was payable on October 1, 2023. However, we settled certain contingencies which were indemnified by the sellers and accordingly we agreed to apply those payments towards the purchase price. (2)Correspond to the earnout provision under the Best Day acquisition. See Note 4. (3)Correspond to legally assumed debt with Best Day prior shareholders. See Note 4. (4)Correspond to outstanding balance for the Viajanet acquisition payable in June 2024 and June 2025.
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Derivative financial instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative financial instruments | Derivative financial instruments As of December 31, 2022, and 2021, derivative financial instruments consist of foreign currency forward contracts of a short-term nature. The following table shows the derivative financial position as of the end of each year:
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Restructuring and related reorganization charges |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and related reorganization charges | Restructuring and related reorganization charges In 2020, we committed to restructuring actions intended to simplify our businesses and improve operational efficiencies, which have resulted in headcount reductions and consolidation of operational functions and systems. As a result, we recognized $4,041 and $13,360 in restructuring and related reorganization charges during 2021 and 2020, respectively. . We did not recognize any restructuring and related organization charges during 2022. We continue to evaluate additional cost reduction efforts, and should we make decisions in future periods to take further actions we may incur additional restructuring and reorganization charges. The following table summarizes the restructuring and related reorganization activity for the years ended December 31, 2021 and 2020:
For the year ended December 31, 2021, we allocated the total employee severance and benefit expenses of $3,646 to “Cost of revenue” ($215), “Selling and marketing” expenses ($1,290), “General and administrative” expenses ($1,087) and “Technology and product development” expenses ($1,054) in our consolidated statements of operations based on the departmental assignment of terminated employees. The remaining total reorganization charges of $395 were allocated to “General and administrative” expenses in our consolidated statements of operations. For the year ended December 31, 2020, we allocated the total employee severance and benefit expenses of $12,961 to “Cost of revenue” ($2,662), “Selling and marketing” expenses ($3,851), “General and administrative” expenses ($3,239) and “Technology and product development” expenses ($3,209) in our consolidated statements of operations based on the departmental assignment of terminated employees. The remaining total reorganization charges of $399 were allocated to “General and administrative” expenses in our consolidated statements of operations. We allocate the total amounts of restructuring and related reorganization charges to the “Corporate” segment for all years presented.
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Income taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | Income taxes We are organized as a British Virgin Islands corporation. However, under the “anti-inversion” rules of Section 7874 of the U.S. Internal Revenue Code, we are treated as a U.S. corporation for tax purposes. Accordingly, we are subject to federal and state income tax in the United States, as well as foreign taxes in the multiple jurisdictions where we operate. The following table summarizes our U.S. and foreign losses before income taxes for the years ended December 31, 2022, 2021 and 2020:
Provision for Income Taxes The following table summarizes our provision for income taxes for the years ended December 31, 2022, 2021 and 2020:
Deferred Income Taxes As of December 31, 2022, and 2021, the significant components of our deferred tax assets and deferred tax liabilities were as follows:
The following table summarizes the composition of deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021:
As of December 31, 2022, we have both foreign and U.S. net operating loss carryforwards (“NOLs”) of $317,513. If not utilized, the NOLs will begin to expire, as follows:
The following table shows the breakdown of our NOLs by country of origin as of December 31, 2022:
In the aggregate, we have foreign and U.S NOLs amounting to $236,000 which may be carried forward indefinitely but subject to certain percentage limitations of taxable income each year. As of December 31, 2022, we had a valuation allowance of $146,855 related to certain NOL carryforwards for which it is more likely than not the tax benefits will not be realized. The valuation allowance increased by $30,221 from the amount recorded as of December 31, 2021 primarily due to recoverability analyzes for the upcoming years. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period change, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. The following table presents the changes in our valuation allowance for the years ended December 31, 2022, 2021 and 2020:
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. We have foreign subsidiaries with aggregated undistributed earnings of $8,020 as of December 31, 2022. We have not provided deferred income taxes on taxable temporary differences related to investments in certain foreign subsidiaries where the foreign subsidiary has or will invest undistributed earnings indefinitely outside of the United States. In the event we distribute such earnings in the form of dividends or otherwise, we may be subject to income taxes. Further, a sale of these subsidiaries may cause these temporary differences to become taxable. Due to complexities in tax laws, uncertainties related to the timing and source of any potential distribution of such earnings, and other important factors such as the amount of associated foreign tax credits, it is not practicable to estimate the amount of unrecognized deferred taxes on these taxable temporary differences. We consider the earnings of our foreign subsidiaries to be indefinitely reinvested, other than certain earnings the distributions of which do not imply withholdings or state income taxes, and for that reason we have not recorded a deferred tax liability. Reconciliation of Statutory Income Tax Rate to Effective Income Tax Rate The reconciliation of the provision for income taxes for the years ended December 31, 2022, 2021 and 2020 to total income tax expense is as follows:
Our effective tax rate for the year ended December 31, 2022 was 45.1%, higher than the effective tax rate of 0.2% as of December 31, 2021 mainly due to changes in valuation allowance of deferred tax assets primarily in Brazil, US and Mexico based on a recoverability analysis for the upcoming years; increase in foreign non-creditable withholding tax; decrease in impact of uncertain tax positions, effects of non-deductible expenses and the impact of the new promotional regime ´Perse” in Brazil. Our effective tax rate for the year ended December 31, 2021 was 0.2%, which is lower than the 21% tax rate due to changes in the statutory tax rate in Argentina; uncertain tax positions and tax contingencies recognition due to Best Day acquisition and a reduction of a portion of valuation allowances linked with net operating losses in Brazil, Colombia, Peru and Argentina due to updated recoverability analyses for the upcoming years. Our effective tax rate for the year ended December 31, 2020 was 13%, which is lower than the 21% tax rate due primarily to changes in tax rate related to the Promotional Regime enacted in Argentina, which reduced the income tax rate to 15% as from the following year and the reversal of valuation allowances. Knowledge-based economy promotional regime in Argentina On June 10, 2019, the Argentine government enacted Law No. 27,506 (also known as "Knowledge-based Economy Promotional Regime" or “Knowledge Law”), which established a regime that provides certain tax benefits for companies that meet specific criteria, such as companies that derive at least 70% of their revenues from specified activities. The Knowledge Law allows companies that were already benefiting from the software development law to apply for tax benefits under the law. The regime was suspended on January 20, 2020, until new rules for its application were issued. On October 7, 2020, changes to the Knowledge Law were finally approved by Congress. The approved regime is effective from January 1, 2020 through December 31, 2029. Based on the amended promotional regime, eligible companies that meet specified criteria are entitled to (i) a reduction of the income tax up to 60% (60% for micro and small enterprises, 40% for medium-sized enterprises and 20% for large enterprises) over the promoted activities for each fiscal year, applicable to both Argentine source income and foreign source income; (ii) stability of the benefits established by the knowledge-based economy promotional regime (as long as the beneficiary is registered and in good standing) and (iii) a non-transferable tax credit bond generally amounting to 70% (up to 80% in certain specific cases) of the company’s contribution to the social security regime of every employee whose job is related to the promoted activities (caps on the number of employees are applicable). The tax credit may be used within 24 months from its issuance date (this period can be extended for an additional 12 months in certain cases) to offset federal taxes, such as VAT (excludes income tax). In December 2020, the Argentine government issued Decree No. 1034/2020, which set the rules to implement the provisions of the Knowledge Law. Eligible companies must enroll in a registry according to the terms and conditions established by the Application Authority, which will verify compliance with the requirements. The Decree also set the mechanism for calculating the level of investment in research and development, the level of employee retention, exports, among others. It also establishes that exports of services from companies participating in this regime will not be subject to export on services duties. On January 13, 2021, Argentina’s Ministry of Productive Development, the government entity in charge of implementing the knowledge-based economy promotional regime, issued Resolution No. 4/2021 which was followed by Disposition No. 11/2021 issued by the Under Secretariat of Knowledge Economy on February 12, 2021. Both rules establish further details on the requirements, terms, conditions, application, and compliance procedures to be eligible under the promotional regime. Disposition No. 11/2021 issued by the Under Secretariat of Knowledge Economy established that for those beneficiaries of the former software promotion regime who have submitted their application for the new Knowledge-based regime in the terms of Resolution No. 449/19 of the former Secretariat of Entrepreneurs (as is the case of Despegar Argentina), the procedure for registration in the new regime consists of submitting a ratification note, attaching the documentation issued by the regulator regarding the normal course of promotional obligations of the law of software promotion. The Technical Evaluation Report issued by the Under Secretariat of Knowledge Economy validated compliance of our Argentine subsidiary with the requirements and formalities established in Articles 4 and 17 of Law No. 27,506, as amended, and other applicable regulations in force. Additionally, the report validated compliance with promotional obligations in the ordinary course of business related to the Regime for the Promotion of the Software Industry, created by Law No. 25,922, as amended. The report also validated that our Argentine subsidiary complied with the requirements demanded by the regulations applicable to the regime. On January 14, 2022, the Under Secretariat of Knowledge Economy issued the Disposition 33/2022 by which our Argentine subsidiary Despegar.com.ar S.A. obtained the registration in the National Registry of Beneficiaries of the Knowledge-Based Economy Promotional Regime, created by Article 3 of Law No. 27,506, as amended. Tax benefits granted pursuant to the promotional regime to Despegar.com.ar S.A were retroactive to January 1, 2020. During the years ended December 31, 2022, 2021 and 2020, we accounted for an income tax expense of $0.8 million, an income tax benefit of $0.3 million and $2.1 million, respectively. The aggregate per share effect of the income tax expense amounted to $0.01 for the year ended December 31, 2022. Emergency Program to offset the economic effects of the COVID-19 pandemic for the tourism and events sector "PERSE"in Brazil On March 18, 2022, the Brazilian legislature removed a prior presidential veto on an article from Law 14,148/2021 that introduced a Temporary Tax Exemption for taxpayers in the tourism and events sector. As a result of the removal, the article has been re-included in Law 14,428/2021 and is effective as from that date. Law 14,148/2021, published on May 3, 2021, established several emergency actions by the government to offset the economic effects of the COVID-19 pandemic for the tourism and events sector (“Programa Emergencial de Retomada do Setor de Eventos y Turismo” or "PERSE"). Benefits include for a 60-month period a 0% rate for corporate income taxes (Corporate Income Tax “IRPJ” and Social Contribution on Net Income “CSLL”) and 0% rate on federal gross revenue taxes (Contribution to the Social Integration “PIS” and Contribution to Social Security Financing “COFINS). Ordinance ME Nº 7.163/2021 defined the codes of the National Classification of Economic Activities (CNAE) that are considered as an event sector, including the provision of tourist services, pursuant to article 21 of the Law on National Tourism Policy. Therefore, taxpayers that fulfilled the requirements of the Law and regulations are fully and legally viable to use the benefit. Our Brazilian subsidiary obtained the benefit of the program and has implemented it since March 2022. During the year ended December 31, 2022, we accounted for an income tax effect of $6.8 million. The aggregate per share effect of the income tax benefit amounted to $0.09 for the year ended December 31, 2022. Uncertain tax positions A reconciliation of the beginning and ending amount of gross unrecognized tax benefits and interest is as follows:
(1) Including updates, interest and penalties. (2) Includes tax positions in Mexico, Colombia, Argentina and US related to Best Day acquisition as a result of a lapse of the statute of limitations. (3) Includes tax positions effectively settled in Mexico related to Best Day acquisition. As of December 31, 2022, and 2021, we had $41,925 and $45,865 of gross unrecognized tax benefits, respectively. As of December 31, 2022, and 2021, total gross interest and penalties accrued were $22,918 and $23,434, respectively. During the years ended December 31, 2022 and 2021, we recognized interest expense of $5,687 and $4,555 in connection with our unrecognized tax benefits, respectively. We evaluate the tax positions and establish liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law, and closing of statute of limitations. Such adjustments are reflected in the income tax provision as appropriate. We are routinely audited by U.S. federal and foreign income tax authorities. At any point in time, we may have tax audits underway at various stages of completion. These audits include questioning the timing and the amount of income and deductions, and the allocation of income and deductions among various tax jurisdictions. The Mexican Tax Authority is currently examining the income tax return for the 2016 tax year of our subsidiary Viajes Beda and has already issued a notice of observations. During 2022 we have filed a settlement request (acuerdo conclusivo) before the Mexican Taxpayer Ombudsman (Procuraduría de la Defensa del Contribuyente) in order to settle the dispute with the Mexican Tax Authority. We are awaiting response from the Mexican Taxpayer Ombudsman. During the third quarter of 2020, the Internal Revenue Service (“IRS”) performed an income tax assessment on fiscal year 2017 applying adjustments on foreign tax credits allocation criteria taken during this period. We therefore recognized and paid additional income tax for $1,649. Afterwards, we submitted a request to the IRS in order to offset the amount paid with net operating losses submitted and to recover the amount paid in cash. The IRS rejected the recovery request during 2022 considering that the amount paid can only be recovered by an amended tax return. We filed during 2022 the amended return and the overpayment from the loss carryback is expected to be refunded by the IRS during 2023.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment information | Segment information We determined our operating segments based on how our chief operating decision makers (“CODM”) manage our business, make operating decisions and evaluate operating performance. Effective for our fiscal year 2022, our CODM changed their internal reporting to refine the way they view our financial services operations and its interaction with our travel business. Also, we started allocating certain expenses to our segments which were previously considered part of our corporate structure and were unallocated. These changes resulted in revisions to the financial information provided to the CODM on a recurring basis in their evaluation of our financial performance and the decision-making process. The CODM believes these changes better reflect the performance of our reportable segments. Accordingly, we changed our segment reporting under ASC 280 “Segment Reporting” to report three reportable segments as further described below. We recast previously reported segment financial information for the years ended December 31, 2021, and 2020 to reflect our new reportable segments’ structure. Our new segment reporting structure is as follows: •Travel Business: Our travel business is comprised of two reportable segments: “Air” and “Packages, Hotels and Other Travel Products”. a.Our “Air” segment primarily consists of facilitation services for the sale of airline tickets on a stand-alone basis and excludes airline tickets that are packaged with other non-airline flight products. b.Our “Packages, Hotels and Other Travel Products” segment primarily consists of facilitation services for the sale of travel packages (which can include airline tickets and hotel rooms), as well as stand-alone sales of hotel rooms (including vacation rentals), car rentals, bus tickets, cruise tickets, travel insurance and destination services. Both segments also include the sale of advertisements and incentives earned from suppliers. •Financial Services Business: Our financial services business is comprised of one reportable segment: “Financial Services”. a.Our “Financial Services” segment primarily consists of loan origination to our travel business’ customers and to customers of other merchants in various industries. Our “Financial Services” segment also consists of processing, fraud identification, credit scoring and IT services to our travel business, and to third-party merchants. For all our segments, our primary operating performance measure is Adjusted Segment EBITDA. For all years presented, we calculated Adjusted Segment EBITDA as our net loss for the year adjusted for income taxes; financial results, net; stock-based compensation expense; acquisition transaction costs; depreciation and amortization; impairment charges; and restructuring and reorganization charges. Adjusted Segment EBITDA includes allocations of certain expenses based on transaction volumes and other usage metrics. Our allocation methodology is periodically evaluated and may change. Generally, our segment disclosure does not include intersegment revenues related to intra-group invoicing for the use of trademarks and various management services which are eliminated from the operating results of each segment. Intersegment transactions are conducted according to our transfer pricing policy. However, our segment disclosure does include intersegment revenue consisting mainly of credit card processing services provided by Koin to our travel business’ subsidiaries. These intersegment transactions are recorded by each segment at amounts that approximate fair value as if the transactions were between third parties, and therefore, impact segment performance. However, the revenue and corresponding expense are eliminated in consolidation. The elimination of such intersegment transactions is included within "Intersegment eliminations" column in the table below. In addition, as depreciation and amortization are not included in our segment’s performance measure, we do not report property, plant and equipment and intangible assets by segment as it would not be meaningful. Our CODM does not regularly use this information. However, we report loans receivable on a gross basis and separately their related allowance for credit expected losses as part of the financial services segment assets as this information is regularly monitored by the CODM. The following tables present our segment information for the years ended December 31, 2022, 2021 and 2020:
Revenue by Business Model, Type and Country The following table presents our consolidated revenues from third parties by business model, revenue type and country for the years ended December 31, 2022, 2021 and 2020:
(1)Others includes incentive fees, advertising, breakage and loyalty revenue. (2)Financial services include Financial Intermediation Processing fee and others. (3)Others includes breakage and loyalty revenue. (4)Others countries include Chile, Perú, Colombia, Ecuador and others. Assets by Country The following table presents our assets by country:
(1)Other countries include Chile, Peru and Colombia. (2)Other countries include Chile, Peru, Colombia, Brazil and United States. (3)Other countries include Chile, Peru, Colombia and Ecuador. (4)As of the date of these financial statements, activity is limited to Brazil
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Commitments and contingencies |
12 Months Ended |
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Dec. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and contingencies | Commitments and contingencies Commitments: Operating Leases Our commitments include operating lease commitments. Generally, our property and equipment, including a fleet of dedicated vans to provide transportation services, office and retail space, and others are supplied through operating leases. The future contractual aggregate minimum lease payments under non-cancellable operating leases and other commitments are disclosed in Note 30. Employment Agreements In the ordinary course of business, we entered into employment agreements with certain of our key employees which provide for compensation guidelines. Generally, we pay compensation to our executive officers in the form of (i) cash paid on a monthly basis and (ii) an annual bonus subject to the fulfillment of certain performance targets. We recognize compensation in “Other liabilities” in our consolidated balance sheets and in “General and administrative” expenses in our consolidated statements of operations. In 2020, due to the COVID-19 impact on the global travel industry and our business and results of operations, we temporarily reduced salaries of certain of our senior and middle management and suspended bonuses to all employees. Best Day Earnout Provision The Acquisition Agreement provides for an earnout for the benefit of certain sellers ranging from $0 to $20 million based solely on the performance of our share price during a measurement period of six months prior to the fourth anniversary of the Closing Date, i.e. from April 2024 thru September 2024 (the “earnout measurement period”). The earnout, if any, will be payable in cash on October 1, 2024. We will not pay any earnout amount to the sellers if our average share price is below $10 during the earnout measurement period. We will pay $5,000 to the sellers if our average share price is between $10 and $15 during the earnout measurement period. We will pay $10,000 to the sellers if our average share price is between $15 and $20 during the earnout measurement period. We will pay $15,000 to the sellers if our average share price is between $20 and $25 during the earnout measurement period. And we will pay $20,000 to the sellers if our average share price is above $25 during the earnout measurement period. As of the date of acquisition, we estimated an additional consideration of $1,526 will be paid. The fair value of the earnout contingent consideration was $811 and $2,924 as of December 31, 2022 and 2021, respectively. We recognized the change in the fair value of the earnout contingent consideration under “General and administrative” expenses in our consolidated statements of operations. See Note 4 for additional information on the acquisition. Services Agreement with Mr. Julián Balbuena Alonso and BD Operadora de Servicios, S.A. de C.V. (“BOS”) During 2020, we received consulting services under a services agreement (the “Services Agreement”) with Mr. Julián Balbuena Alonso (“JBA”) and BD Operadora de Servicios, S.A. de C.V. (“BOS”) (the “Service Providers”) dated October 1, 2020. We expensed $1,819 for these services in 2020. We did not incur in expenses for these services in 2021. The Services Agreement was terminated on May 31, 2021. Contingencies: We are a party to a number of tax, labor and social security, regulatory and legal matters outstanding in the ordinary course of business. We estimate the range of our liability related to contingencies when we believe the amount or range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ significantly from our estimates. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. We also evaluate other potential contingent matters, including income tax withholdings, valued-added tax, revenue tax, payroll taxes and other similar matters. We currently estimate possible losses related to these matters for which we have not accrued liabilities, as they are not deemed probable, to be approximately in a range between $81,000 to $154,000. We periodically evaluate the likelihood of probable and reasonably possible losses, if any, related to all known contingencies on an ongoing basis. Future increases or decreases to our accrued liabilities may be necessary and will be recorded in the period when such amounts are determined to be probable and reasonably estimable. Legal Proceedings We are a party to various lawsuits, claims and disputes mainly with customers arising out of the ordinary course of our business. As of December 31, 2022 and 2021, we have provided an amount of $8,757 and $13,413 to cover for probable losses, respectively. Labor, Social Security and Tax Contingencies As of December 31, 2022 and 2021, we have provided an amount of $2,630 and $558 mainly related to labor and social security contingencies, respectively. As of December 31, 2022 and 2021, we have provided an amount of $27,188 and $20,466 mainly related to tax contingencies, respectively. Labor and social security contingencies are mainly related to former employees’ litigation and unasserted labor claims. Tax contingencies are mainly related to unasserted claims in the jurisdictions where we operate regarding VAT or other taxes. While we believe that the assumptions and estimates used to determine contingent liabilities are reasonable, the ultimate outcome of these matters cannot presently be determined. Tax Audits We are involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not “more likely than not” to be sustained, (2) the tax position is “more likely than not” to be sustained, but for a lesser amount, or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities such as legislation and statutes, legislative intent, regulations, rulings and case law and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved or when a tax assessment is raised. The number of years subject to tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the “more likely than not” recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is “more likely than not” to be sustained, (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation, or (3) the statute of limitations for the tax position has expired. See Note 21 for details. Matters related to VAT in Argentina In October 2021, we became aware that the tax authority in Argentina may have a divergent interpretation of the application of value-added taxes (VAT) to certain air transactions. As of the date of these consolidated financial statements, we have not received any assessment, inquiry, audit, or any other form of claim on our application of VAT. While we believe we have complied with all applicable tax laws, rules and regulations in the relevant jurisdiction, the tax authority may have a different view and determine that we owe additional VAT. We have not recorded any liability in connection with this matter. As of the date of these consolidated financial statements, it is unclear what further actions, if any, the tax authority will take with respect to this matter. Such actions could include initiating an audit, assessing additional taxes and/or imposing interest, fines, penalties or criminal proceedings.
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Related party transactions |
12 Months Ended |
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Dec. 31, 2022 | |
| Related Party Transactions [Abstract] | |
| Related party transactions | Related party transactions Balances and operations with Expedia Expedia, Inc. (“Expedia”), a subsidiary of Expedia Group, Inc., a Delaware corporation, is a shareholder of record of the Company. We are a party to an outsourcing agreement with Expedia pursuant to which Expedia has the exclusive right to provide lodging reservations for countries outside of Latin America offered through our platforms. Under the agreement, we may contract 10% of lodging inventory directly without using Expedia. The agreement automatically renews every year. The agreement provides for a $125,000 termination fee if we fail to reach certain minimum marketing fee thresholds during specified periods. Due to the effects of the COVID-19 pandemic on our bookings levels, in August 2020, Expedia waived its termination rights relating to the minimum marketing fee thresholds through December 31, 2022. The waiver of Expedia’s termination rights has expired in accordance with its terms, and we believe we are in compliance with the minimum booking requirements. Expedia may also unilaterally terminate the agreement in the event of a change of control of the Company. And as from July 18, 2023, we may unilaterally terminate the agreement upon payment of a $125,000 termination fee. We are also a party to another outsourcing agreement with Expedia pursuant to which we are required to make our hotel reservations inventory available to certain affiliates of Expedia. The agreement automatically renews every year. Under the agreements, we maintained (i) a receivable position of $10,676 and $20,172 recognized under “Related party receivable” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively, and (ii) a payable position of $37,472 and $34,772 recognized under “Related party payable” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively. We generated revenue of $24,220, $19,205 and $7,066 for the years ended December 31, 2022, 2021 and 2020, respectively, representing 5%, 6% and 5% of our total consolidated revenues for the years ended December 31, 2022, 2021 and 2020, respectively.
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements | Fair value measurements Items measured at fair value on a recurring basis Financial assets and liabilities carried at fair value at December 31, 2022 are classified in the categories described in the table below:
Financial assets and liabilities carried at fair value at December 31, 2021 are classified in the categories described in the table below:
We value our derivative instruments using pricing models. Pricing models consider the contract terms as well as multiple inputs where applicable, such as interest rate yield curves, option volatility and foreign currency exchange rates. Derivatives are considered “Level 2” fair value measurements. Our derivative instruments are typically short-term in nature. We measure the fair value of the earnout payment using a series of “digital options”. We believe this methodology can be applied because our earnout payment provides for a fixed payment to the sellers if our stock price exceeds a predetermined strike price during the earnout measurement period. In the application of this methodology, we performed a valuation in a risk neutral framework, using a Black-Scholes-Merton Digital call option formula. The significant inputs used were our share price as of the valuation date, our share price historical volatility, U.S. risk free rate, estimated term and credit-risk adjustment spread. We classify our cash equivalents and investments within Level 1 as we value our cash equivalents and investments using quoted market prices. We hold term deposit investments with financial institutions. Term deposits with original maturities of less than three months are classified as cash equivalents and those with remaining maturities of less than one year are classified within short-term investments. As of December 31, 2022 and 2021, our cash and cash equivalents consisted primarily of term deposits with maturities of three months or less, money market funds and bank account balances. Items measured at fair value on a non-recurring basis Our non-financial assets, such as goodwill, indefinite and definite-lived intangible assets and property and equipment, as well as equity method investments, are adjusted to fair value only when an impairment charge is recognized, or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs. Goodwill: As of December 31, 2022, we performed our annual goodwill impairment test and concluded that there was no impairment of goodwill. During 2021, we recognized goodwill impairment charges of $161 and $1,093 related to the Viajes Falabella Argentina reporting units within the Air and Hotels, Packages and Other Travel Products segments, respectively. In addition, during 2021, we recognized a goodwill impairment charge of $2,960 related to the Mexico’s business-to-business reporting unit within the Hotels, Packages and Other Travel Products segment. In 2020, we recognized a goodwill impairment charge of $593 related to the Viajes Falabella Argentina reporting unit within the Air segment. See Note 15 for further details. Definite-lived intangible assets: During 2022, we had no impairments of definite-lived intangible assets. During 2021, we recognized impairment charges of $892 related to certain customer relationships assets related to Best Day in Mexico and Viajes Falabella in Peru. During 2020, we recognized of $1,053 related to Viajes Falabella Argentina, Peru, Chile and Colombia customer relationship assets. The assets, classified as Level 3 measurements, were written down based on valuation using the Income Approach, specifically the Multi-Period Excess Earnings Method, which includes unobservable inputs, including projected revenues, costs and expenses, contributory asset charges (i.e., fixed assets, working capital and assembled workforce), and discount rate. See Note 14 for further details.
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Losses per share |
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| Losses per share | Losses per share The following table presents our basic and diluted losses per share for the years ended December 31, 2022, 2021 and 2020:
For the year ended December 31, 2022, we excluded 670 of outstanding stock awards and 5,405 convertible preferred stock from the calculations of diluted earnings per share attributable to common shareholders because their effect would have been antidilutive. For the year ended December 31, 2021, we excluded 1,129 of outstanding stock awards and 5,405 convertible preferred stock from the calculations of diluted earnings per share attributable to common shareholders because their effect would have been antidilutive. For the year ended December 31, 2020, we excluded 1,680 of outstanding stock awards and 5,405 convertible preferred stock from the calculations of diluted earnings per share attributable to common shareholders because their effect would have been antidilutive. Basic and diluted earnings per share is presented using the two-class method required for participating securities. We consider that our Series B preferred stock to be participating securities and, in accordance with the two-class method, earnings allocated to participating securities and the related number of outstanding shares of participating securities are excluded from the computation of basic and diluted net loss per common share. If a dividend is paid on common stock, the holders of Series B preferred stock are entitled to a proportionate share of any such dividend as if they were holders of common stock (on an if-converted basis). As the holders of our Series B preferred stock do not have contractual obligation to share in the losses of the Company, the net loss attributable to common shareholders for each period is not allocated between common stock and participating securities. Accordingly, preferred stock is excluded from the calculation of basic and diluted net loss per share as the effect would have been antidilutive.
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Shareholders’ (deficit) and mezzanine equity |
12 Months Ended |
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Dec. 31, 2022 | |
| Equity [Abstract] | |
| Shareholders’ (deficit) and mezzanine equity | Shareholders’ (deficit) and mezzanine equity In connection with our issuances of non-convertible redeemable Series A preferred shares and warrants to L Catterton Latin America III, L.P., and convertible redeemable Series B preferred shares to Waha LATAM Investments Limited, on September 18, 2020, we amended our Memorandum of Association and Articles of Association to establish the terms of the Series A Preferred Shares and Series B Preferred Shares. See Note 6 for a description of the terms of the Series A Preferred Shares and Series B Preferred Shares. Common Stock We are authorized to issue an unlimited number of common shares without par value. Common stock is entitled to 1 vote per share. Common stock qualifies for dividends, when and if declared by our Board of Directors. Preferred Stock We are authorized to issue 150,000 series A preferred shares without par value (the “Series A Preferred Shares”) and 50,000 series B preferred shares without par value (the “Series B Preferred Shares”). Both Series A Preferred Shares and Series B Preferred Shares are not part of our shareholders’ equity, rather they are classified as mezzanine equity due to their redemption features. See Note 6 for a description of the rights attaching to the Series A Preferred Shares and Series B Preferred Shares. The Series A Preferred Shares are classified within the mezzanine equity section on our consolidated balance sheets due to the provisions that could cause the equity to be redeemable at the option of the holder. The Series B Preferred Shares are classified within the mezzanine equity section on our consolidated balance sheets due to the provisions that cause the equity to be redeemable upon the occurrence of a change of control. As of December 31, 2022, and 2021, we have no preferred stock outstanding as part of our shareholders’ equity. Warrants Pursuant to the L Catterton Investment Agreement, we agreed to issue to the Catterton Purchaser, warrants to purchase 11,000,000 Common Shares at an exercise price of $0.01 per share (“Penny Warrants”), subject to certain customary anti-dilution adjustments provided under the Warrants, including for stock splits, reclassifications, combinations and dividends or distributions made by the Company on the Common Shares. The Penny Warrants expire ten years after the Catterton Closing Date. The Penny Warrants vest and are exercisable as of the issuance date. We classified our warrants in our shareholders’ equity and are included in our consolidated balance sheets within “Additional paid-in capital”. As of December 31, 2022, no warrants were exercised. Treasury Stock As of December 31, 2022 and 2021, our treasury stock was comprised of 6,259,966 and 5,008,307 shares of common stock amounting to $78,267 and $68,267, respectively. Share Repurchases On June 13, 2022, our Board of Directors approved a new share repurchase program (the “2022 Share Repurchase Program”) that enabled the Company to repurchase up to $40 million of its shares. The 2022 Share Repurchase Program became effective on June 14, 2022 and expired on August 12, 2022. Under the program, we were authorized to repurchase our shares through a variety of methods, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Exchange Act, or through open market or privately negotiated transactions, in accordance with applicable law. We were not obligated to acquire any specific number of shares under the program, and the program could be suspended, terminated or modified at any time for any reason, in accordance with applicable law. Under the 2022 Share Repurchase Program we repurchased a total amount of 1,251,659 shares at an average price of $7.97 per share. We disbursed a total of $10,000 under the program. We had no share repurchase program outstanding as of December 31, 2021 and 2020. Dividends on our Common Stock During the years ended December 31, 2022, 2021 and 2020, we neither declared nor paid any dividends on our common stock. Dividends on our Mezzanine-classified Preferred Stock On March 25, 2022, we paid $15,375 in dividends to our Series A preferred shareholders. In September 2022, we did not pay dividends in cash but we accrued and accumulated $11,491. We did not pay dividends to our Series A preferred shareholders in 2020. On March 31, 2021, we paid $7,972 in dividends to our Series A preferred shareholders. In September 2021, we did not pay dividends in cash but instead were accrued and accumulated. During the years ended December 31, 2022, 2021 and 2020 , we paid $2,000, $2,000 and $553 in dividends to our Series B preferred shareholders, respectively. Accumulated Other Comprehensive Income / (Loss) The balance of accumulated other comprehensive income / (loss) as of December 31, 2022, 2021 and 2020 was comprised of foreign currency translation adjustments. These translation adjustments include foreign currency translation gain (losses) for the years ended December 31, 2022, 2021 and 2020 of $1,973, $(5,485) and $(13,190), respectively.
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Financial results, net |
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| Financial results, net | Financial results, net The following table presents the components of financial results, net:
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Stock-based compensation |
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| Stock-based compensation | Stock-based compensation Our employee stock options consisted of service-based awards and vested over 3 years. All stock options are fully vested as of December 31, 2022. We did not grant stock options during the years ended December 31, 2022, 2021 and 2020. We generally issue restricted stock units (“RSUs”) as our primary form of stock-based compensation, which consist of service-based awards and typically vest 33.00% after one year and will then vest quarterly over the following or four years, respectively, but may accelerate in certain circumstances. The following table presents a summary of our RSU activity:
The total market value of shares vested during the years ended December 31, 2022, 2021 and 2020 was $5,055, $12,138 and $3,648, respectively. The following table presents a summary of our stock option activity:
As of December 31, 2022, the closing stock price of $5.13 was lower than the minimum exercise price of the stock option plans and therefore, there is not intrinsic value at December 31, 2022. The total intrinsic value of stock options exercised was $6,146 and $10,498 for the years ended December 31, 2021 and 2020, respectively. During the years ended December 31, 2022, 2021 and 2020, we recognized total stock-based compensation expense of $7,292, $12,338 and $7,312, respectively, mainly within “General and administrative” expenses in our consolidated statements of operations. Cash received from stock-based award exercises for the years ended December 31, 2022, 2021 and 2020 was $340, $889 and $370, respectively. As of December 31, 2022 and 2021, we had 1,160,817 and 1,892,459 shares of common stock assigned for stock-based awards, respectively. We issue new shares to satisfy the exercise or release of stock-based awards.
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Leases |
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| Leases | Leases We have operating leases for office space, customer centers and a fleet of dedicated vans. Our leases have remaining lease terms of 1 to 18 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. As of December 31, 2022, our weighted-average discount rate and weighted-average remaining lease term were approximately 7% and 8 years, respectively. As of December 31, 2021, our weighted-average discount rate and weighted-average remaining lease term were approximately 7% and 9 years, respectively. We had no finance leases as of any of years presented. We had not entered into leases that had not yet commenced as of any of the years presented. As a result of the impact of COVID-19 to the travel industry and our business and results of operations, during 2020, we renegotiated some of our lease contracts which included anticipated termination, payment forgiveness and deferral of payments, and in some cases the negotiation is still open to new amendments as new events evolve. Supplemental cash flow information related to leases were as follows:
As of December 31, 2022, the operating lease liabilities will mature over the following periods:
Operating lease costs were $8,899, $7,702 and $10,348 for the years ended December 31, 2022, 2021 and 2020, respectively. Lease Agreements We have operating leases outstanding for office space in Mexico with Inmobiliaria Buenaventuras, S.A. de C.V., an entity related to JBA, a member of the board of our subsidiary, Viajes Beda. As of December 31, 2022 and 2021, our weighted-average discount rate under these agreements was approximately 4.4% and 5.3%, respectively, and the weighted average remaining lease term under these agreements was approximately 3 years. Operating lease costs under these agreements were $134 and $235 for the years ended December 31, 2022 and 2021, respectively. Supplemental consolidated balance sheet information related to these lease agreements were as follows:
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| Valuation and qualifying accounts | 31. Valuation and qualifying accounts The following table presents the changes in our valuation and qualifying accounts:
(1)Charges to other accounts primarily relate to net translation adjustments. (2)Deductions include our credit write-off inputs. (3)Other reserves primarily include our accrual of the cost associated with purchases made on our website related to the use of fraudulent credit cards charged-back due to payment disputes.
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Loans receivable, net of allowances |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans receivable, net of allowances | Loans receivable, net of allowances Current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Non-current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
For the years ended December 31, 2022 and 2021, all of our loans receivable were originated to consumers in Brazil. As of December 31, 2022, and 2021, 61% and 84% of loan receivables, respectively, were originated to consumers seeking to buy travel products and services with our Brazilian travel subsidiary, Decolar, and the remaining comprised loan receivable originated to consumers seeking to buy products with other merchants. We utilize a simplified roll rate method to calculate the allowance for expected credit losses and estimate the lifetime expected credit loss allowance based on a collective assessment. We write off loans receivable when the customer balance becomes 360 days past due. We apply the following rates which are calculated based on internal data and that are periodically assessed to check its adequacy in order to cover 100 % of the estimated credit losses of the current portfolio at each period closing.
We write off loans receivable when the customer balance becomes 360 days past due. The credit quality analysis of loan receivables was as follows:
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Subsequent events |
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Dec. 31, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent events | Subsequent events Payment of dividends to preferred shareholders On March 21, 2023, we paid $7,895 of accumulated dividends to our Series A preferred shareholders and $345 of accumulated dividends to our Series B preferred shareholders.
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Summary of significant accounting policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting estimates | Accounting estimates We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with U.S. GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; allowance for credit expected losses; recoverability of long-lived assets, indefinite-lived intangible assets, and goodwill; income and transactional taxes; loss contingencies and acquisition purchase price allocations.
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| Foreign currency translation | Foreign currency translation We have selected the U.S. dollar as our reporting currency. For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive income / (loss). For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in “Financial results, net” in our consolidated statements of operations. Argentine currency status and exchange regulations As of July 1, 2018, we transitioned our Argentinian operations to highly inflationary status in accordance with U.S. GAAP, and changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars, which is the functional currency of their immediate parent company. In the second half of 2019, the Argentine government instituted exchange controls restricting the ability of companies and individuals to exchange Argentine Pesos for foreign currencies and their ability to remit foreign currency out of Argentina. An entity’s authorization request to the Central Bank of Argentina to access the official exchange market to make foreign currency payments may be denied depending on the circumstances. As a result of these exchange controls, markets in Argentina developed trading mechanisms, in which an entity or individual buys U.S. dollar denominated securities in Argentina (i.e., shares, sovereign debt) using Argentine peso, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap Rate has diverged significantly from Argentina’s official exchange rate (commonly known as exchange spread). In recent years, the Blue Chip Swap Rate has been higher than Argentina’s official exchange rate. As of December 31, 2022, the spread of the Blue Chip Swap was 94.2%. However, the only exchange rate available for external commerce is the official exchange rate, which as of December 31, 2022 was $177.13 Argentine Pesos per US dollar. We use Argentina’s official exchange rate to record the accounts of Argentine subsidiaries.
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| Concentration of credit risk | Concentration of credit risk Cash and cash equivalents, restricted cash and cash equivalents, accounts receivable and loans receivable are potentially subject to credit risk. However, there are not significant concentrations of credit risk arising from these financial instruments. We place our cash and cash equivalents and restricted cash and cash equivalents with several financial institutions in different countries and financial instruments that are highly liquid and highly rated. Our Mexican operations concentrate around 28% of our cash and cash equivalents balance as of December 31, 2022. Cash and cash equivalents balances in other countries do not exceed 15% of the total cash and cash equivalents as of December 31, 2022. Accounts receivable are derived from revenue earned from customers located internationally and are settled through customer credit cards, debit cards and other means of payment, with the majority of accounts receivable collected upon processing of credit card transactions. Due to the relatively small dollar amount of individual accounts receivable, we generally do not require collateral on these balances. We have also substantial credit risk primarily in our consumer loans held for investment. We are exposed to default risk on loan receivables. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions. Loans receivables are concentrated in Brazil. Due to the relatively small dollar amount of individual loans receivable, we generally do not require collateral on these balances. We maintain an allowance for doubtful accounts based on management’s evaluation of various factors, including the credit risk of customers, historical trends, and other information. See Notes 9 and 10 for details. In addition, our business is subject to certain risks and concentrations including our dependence on relationships with travel suppliers, primarily airlines and Expedia, Inc. (“Expedia”, a subsidiary of Expedia Group, Inc., a Delaware corporation, is a shareholder of record of the Company – see Note 9), dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on global distribution systems (“GDS”) providers and other third-party service providers for certain fulfillment services.
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| Revenue recognition | Revenue recognition We generate revenue from our travel and financial services businesses. The majority of our revenues relates to our travel business for all years presented. Travel business: We offer traditional travel services on a stand-alone and package basis generally either through the pre-pay/merchant business model (“Prepay Model ”) or the pay-at-destination/agency business model (“PAD Model”). We primarily generate revenue from facilitation services, either directly or using affiliated travel agencies. We consider both the traveler and the travel supplier as our customers. Under the Prepay Model, we provide travelers with access to book hotel rooms, airline seats, car rentals and destination services through our contracts with our network of travel suppliers. Our travelers pay us for merchant transactions generally when they book the reservation. We pay our travel suppliers later, generally when the travelers use the travel service. Under these transactions, we generally earn a commission from travel suppliers and service fees from travelers. Travel suppliers generally bill us for travel products sold within a 12-month period from check-out date. We recognize breakage as incremental revenue from unbilled amounts when the period expires. Under the PAD Model, travelers pay the travel supplier directly at destination and travel suppliers pay us our earned commissions later, generally after checkout. We receive service fees from travelers up front. Revenues under the Prepay Model represented 86%, 84%, and 78% of our consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. The primary sources of our travel business revenues are commissions and service fees, incentive fees, advertising and destination services. •Commissions and service fees: We facilitate the sale of travel products and services from our travel suppliers to our travelers and travel agencies. We generally receive commissions in consideration of our facilitation services. Generally, we charge a service fee to our travelers, although this may vary depending on marketing strategies. We do not provide significant post-booking services to travelers. We consider any post-booking services beyond minor inquiries or administrative changes to the reservation (i.e., modifications to the original terms of the reservations) as new bookings. We may charge a new booking fee and administrative fees for these services. Also, if the requested change results in an incremental price of the reservation to the traveler set by the travel supplier, we receive an incremental commission from the travel supplier. We recognize revenue upon the transfer of control of the promised facilitation services to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those facilitation services. Generally, we recognize revenue when the booking is completed, paid and confirmed, less a reserve for cancellations based on historical experience. We present revenue on a net basis for most of our transactions because the travel supplier is primarily responsible for providing the underlying travel services, we do not control the service or travel product provided by the travel supplier to the traveler and we do not bear inventory risk. Taxes assessed by a government authority, if any, are excluded from the measurement of transaction prices that are imposed on the travel related services or collected from customers (which are therefore excluded from revenue). We present revenue on a gross basis for some bookings when we pre-purchase flight seats. Generally, we partner with banks to allow our travelers the possibility of purchasing the product of their choice through financing plans established, offered and administered by such banks. Participating banks bear full risk of fraud, delinquency, or default by travelers. When travelers elect to finance their purchases, we typically receive full payment for our services within a short period of time after booking is completed and confirmed, regardless of the payment plan selected by the traveler. However, in certain countries, we receive payment from the bank as installments become due regardless of when traveler actually makes the scheduled payments. In most cases, we receive payment before travel occurs or during travel and the period between completion of booking and reception of scheduled payments is typically one year or less. We have made use of the practical expedient in ASC 606-10-32-18 and we do not adjust the amount of consideration for the effects of a significant financing component. In Brazil, through our financial services company solution, we offer financing to certain travel customers, generally on terms not exceeding 12 months. Our revenue from commissions and service fees represented 85%, 83% and 77%of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Incentive fees: We may receive incentive fees from our travel suppliers or Global Distribution Systems ("GDS") providers if we meet certain performance conditions, for example contractually agreed volume thresholds. We recognize revenue on an accrual basis in accordance with the achievement of contractual thresholds on a case-by-case basis. Our revenues from incentive fees represented 7%, 9% and 13% of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Advertising: We record advertising revenue ratably over the advertising period or upon delivery of advertising material, depending on the terms of the advertising agreement. Our revenues from advertising represented 3%, 3% and 4% of our total consolidated travel revenues for the years ended December 31, 2022, 2021, and 2020, respectively. •Destination services: We recognize revenue as services are provided. We present revenue on a gross basis for these transactions because we are the primary responsible for providing the underlying travel services. Our destination services represented less than 3% of our total consolidated travel revenues for all years presented. •Other revenue: We also derive revenue from other sources. Our other sources of revenue are not material. •Loyalty revenue: We operate a loyalty program through which we award loyalty points to travelers who complete purchases on our websites or use the services of other program participants, such bank co-branded credit cards. Loyalty points can be redeemed for free or discounted travel products. For loyalty points earned through travel product purchases, we apply a relative selling price approach whereby the total amount collected from each travel product sale is allocated between the travel product and the loyalty points earned. The portion of each travel product sale attributable to loyalty points is initially deferred and then recognized in loyalty revenue when the points are redeemed. Due to our recent launch of our loyalty program, lack of historical data and redemption patterns, we recognize breakage when the likelihood of the traveler exercising its remaining rights becomes remote. For loyalty points earned through co-branded credit card partners, consideration received from the sale of loyalty points is variable and payment terms typically are within thirty days after the month of sale of loyalty points. Sales of loyalty points to business partners are comprised of two components: loyalty points and marketing (i.e., the use of intellectual property, including our brand and access to customer lists and databases, which is the predominant element in the agreements, as well as advertising, collectively, the marketing component). We allocate the consideration received from these sales of loyalty points based on the relative selling price of each product or service delivered. Accordingly, we recognize the marketing component in other revenue in the period of the loyalty points sale following the sales-based royalty method. The loyalty points component is initially deferred and then recognized in revenue when points are redeemed. •Financial services business In Brazil, we earn revenues as a result of offering financing to our travel customers and certain non-travel customers. Revenues from interest earned on loans granted to consumers are recognized over the period of the loan and are based on effective interest rates. We charge merchants processing fees on financing transactions which we recognize as services are provided.
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| Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents include cash on hand, deposits held with banks and other short-term liquid investments with original maturities of three months or less. Gains or losses are recognized in “Financial results, net” when incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade accounts receivable, net and Loans receivable, net | Trade accounts receivable, net Trade accounts receivable are generally due within thirty days and are recorded net of an allowance for expected credit losses. On January 1, 2020, we adopted the accounting standards update on the measurement of expected credit losses, which requires us to estimate lifetime expected credit losses upon recognition of the financial assets. We consider accounts outstanding longer than the contractual payment terms as past due. We have identified the relevant risk characteristics of our customers and the related receivables, which include the following: size, type or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, we make estimates of expected credit losses for our allowance by considering a several factors, including the length of time trade accounts receivable are past due, previous loss history continually updated for new collections data, the credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect our ability to collect from customers. This is assessed at each quarter based on our specific facts and circumstances. See Note 9 for additional information. The provision for estimated credit losses is recorded as cost of revenue in our consolidated statements of operations. Loans receivable, net Loans receivable represent loans granted to customers through our financial services business. Loan receivables are reported at their outstanding principal balances plus estimated collectible interest, net of allowances for uncollectible accounts. We typically place loans on non-accrual status as soon as the customer is due on its payments. Penalties and late interest fees are recognized as amounts are received. Accrual is restored when all overdue payments are settled by the customer. Most of our loan receivables are short-term in nature, accrue fixed interest rates and repaid in a period ranging between and ten months, while a minor portion of loans are repaid within twenty-four months. We closely monitor credit quality for all loan receivables on a recurring basis. To evaluate a consumer seeking a loan, we use, among other indicators, a risk model internally developed, as a credit quality indicator to help predict the consumer’s ability to repay the principal balance and interest related to the credit. The risk model uses multiple variables as predictors of the consumer’s ability to repay the credit, including external and internal indicators. Internal indicators consider customer’s history with us, credit scoring and risk profile, among others. In addition, we consider external information to enhance the scoring model and the decision-making process. The internal indicators and the external credit score are combined in a risk matrix, which is also used to price the loans based on the risk profile.
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| Securitization of loans receivable | Securitization of loans receivable In connection with securitization programs, we may sponsor and establish trusts (deemed to be variable interest entities “VIEs”) to ultimately purchase certain of our loan receivables. Securities issued by securitization trusts are senior or subordinated, based on the criteria established by each trust. Generally, the subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, generally the creditors have no recourse to our general credit and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment, net | Property and equipment, net We record property and equipment at acquisition cost, net of accumulated depreciation. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Land is not depreciated. We depreciate leasehold improvement using the straight-line method, over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The estimated useful lives (in years) of the main categories of our property and equipment are as follows:
Expenditures for repairs and maintenance are charged to expense as incurred. The cost of significant renewals and improvements is added to the carrying amount of the respective asset and it is depreciated over the life of the contract. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in our consolidated statements of operations.
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| Business combinations | Business combinations We use the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued, if any. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships and trademarks and tradenames, and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. We have a period of 12 months as from the date of acquisition (the “measurement period”) to finalize the accounting for a business combination. We report provisional amounts when the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined.
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| Goodwill | GoodwillWe record goodwill as the amount by which the aggregate of the fair value of consideration, transferred the acquisition date fair value of any previously held interest and any non-controlling interest exceeds the fair value of the assets and liabilities acquired. Goodwill is not subject to amortization and is tested at least annually for impairment, or earlier if an event occurs or circumstances change and there is an indication of impairment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets, net | Intangible assets, net We initially record intangible assets acquired in business combinations at fair value. We determine the fair value of intangible assets using standard valuation techniques, including the income approach (discounted cash flows) and/or market approach, as appropriate, and based on market participant assumptions. Indefinite-lived intangible assets such as certain trademarks and tradenames are not subject to amortization and are tested at least annually for impairment, or earlier if an event occurs or circumstances change and there is an indication of impairment. Definite-lived intangible assets such as customer relationships, licenses and certain trademarks and tradenames are amortized over their respective estimated useful lives. We also capitalize certain direct development costs associated with website and internal use developed technology and include external direct costs of services and payroll costs for employees devoting time to the software projects principally related to platform development, including support systems, software coding, designing system interfaces and installation and testing of the software. These costs are recorded as definite-lived intangible assets and are generally amortized over a period of 3 to 5 years beginning when the asset is substantially ready for use. Costs incurred for enhancements that are expected to result in additional features or functionalities are capitalized and amortized over the estimated useful life of the enhancements. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.
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| Recoverability of goodwill and indefinite-lived intangible assets and Recoverability of intangible assets with definite lives and other long-lived assets | Recoverability of goodwill and indefinite-lived intangible assets We assign goodwill to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of December 31, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a quantitative assessment and compare the fair value of the reporting unit to its carrying value. An impairment charge is recorded based on the excess of the reporting unit’s carrying amount over its fair value. Periodically, we may choose to perform a qualitative assessment, prior to performing the quantitative analysis, to determine whether the fair value of the goodwill is more likely than not impaired. We generally base our measurement of fair value of reporting units on an analysis of the present value of future discounted cash flows. The discounted cash flows model indicates the fair value of the reporting units based on the present value of the cash flows that we expect the reporting units to generate in the future. Our significant estimates in the discounted cash flows model include: our forecasted gross bookings; forecasted revenues, net of significant costs and expenses; and the discount rate. We believe the discounted cash flows is the best method for determining the fair value of our reporting units because it is one of the most common valuation methodologies used within the travel and internet industries. In addition to measuring the fair value of our reporting units as described above, we consider the combined carrying and fair values of our reporting units in relation to our total fair value of equity plus debt as of the assessment date. Our equity value assumes our market capitalization, using either the stock price on the valuation date or the average stock price over a range of dates around the valuation date, plus an estimated acquisition premium which is based on observable transactions of comparable companies. The debt value is based on the highest value expected to be paid to repurchase the debt, which can be fair value, principal or principal plus a premium depending on the terms of each debt instrument. In our evaluation of our indefinite-lived intangible assets, we typically first perform a quantitative assessment, and an impairment charge is recorded for the excess of the carrying value of indefinite-lived intangible assets over their fair value, if necessary. We base our measurement of fair value of indefinite-lived intangible assets, which primarily consist of trade name and trademarks, using the relief-from-royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. As with goodwill, periodically, we may choose to perform a qualitative assessment, prior to performing the quantitative analysis, to determine whether the fair value of the indefinite-lived intangible asset is more likely than not impaired. Recoverability of intangible assets with definite lives and other long-lived assets Intangible assets with definite lives and other long-lived assets are carried at cost and are amortized on a straight-line basis over their estimated useful lives of 3 to 10 years and 50 years for buildings. We review the carrying value of long-lived assets or asset groups, including property and equipment, to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, we assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying value of the asset group is not recoverable, we estimate the fair value of the asset group using appropriate valuation methodologies which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. Assets held for sale, to the extent we have any, are reported at the lower of cost or fair value less costs to sell.
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| Equity method investments | Equity method investments We use the equity method to account for investments in companies, if our investment provides us with the ability to exercise significant influence, but not control, over operating and financial policies of the investee. Our judgment regarding the level of influence over each equity method investment includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. We include the total of our investments in equity-method investees, including identifiable intangible assets, deferred tax liabilities, and goodwill, if any, within “Non-current other assets” in our consolidated balance sheets. We include our proportionate share of earnings and/or losses of our equity method investees in “Gain / (loss) from equity investments” in our consolidated statements of operations. In the event that net losses of the investee reduce our equity-method investment carrying amount to zero, additional net losses may be recorded if we have committed to provide financial support to the investee. We regularly evaluate these investments, which are not carried at fair value, for other-than-temporary impairment. We also consider whether our equity-method investments generate sufficient cash flows from their operating or financing activities to meet their obligations and repay their liabilities when they come due. When our share in the net assets of associates is negative, we include the balance within “Non-current other liabilities” in our consolidated balance sheets. In the event we no longer have the ability to exercise significant influence over an equity-method investee, we would discontinue accounting for the investment under the equity method.
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| Redeemable non-controlling interests | Redeemable non-controlling interests We redeemed the non-controlling interest in Koin in January 2022 and therefore there is no outstanding redeemable non-controlling interest balance as of December 31, 2022. The non-controlling interest contained certain rights, whereby we had the right but not the obligation to acquire, and the minority shareholders had the right but not the obligation to sell to us, the additional shares of Koin for cash at a fixed price other than fair value. The non-controlling interest was not redeemable during 2020 and 2021, but it was probable of becoming redeemable (the redemption depended solely on the passage of time). Accordingly, as of December 31, 2021, we recorded the non-controlling interest at the greater of (i) its acquisition date fair value as adjusted for its share (if any) of earnings, losses, or dividends or (ii) an accreted value from the date of the acquisition to the earliest redemption date. The accretion of the non-controlling interest to redemption value was recorded using the interest method. We adopted a policy to charge the carrying value adjustment to retained earnings or, absent retained earnings, additional paid-in capital and reduced net income available to our common shareholders in the calculation of earnings per share in accordance with the two-class method. As of December 31, 2021, we recorded the non-controlling interest amount in the “mezzanine” section of our consolidated balance sheet, outside of shareholders’ deficit.
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| Travel accounts payable | Travel accounts payableTravel accounts payable comprises trade accounts payable to airlines, hotels and other travel suppliers for products and services offered. Airline suppliers are generally due within thirty days of a confirmed air booking reservation. Under the Prepay model, hotels and other travel suppliers are generally paid after traveler checks out. Generally, our contracts with hotels and other travel suppliers provide for a 12-month period for invoicing us for past services. If an invoice is not received after that period, we recognize breakage revenue for the unbilled payable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Severance payments | Severance paymentsWe recognize a liability for severance payments if the following criteria are met: (a) management, having the authority to approve the action, commits to a plan of termination; (b) the plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date; (c) the plan establishes the terms of the benefit arrangement, including the benefits that employees will receive upon termination, in sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are involuntarily terminated; (d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn; and (e) the plan has been communicated to employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension information | Pension informationWe do not maintain any pension plans. Certain countries in which we operate provide for pension benefits to be paid to retired employees from government pension plans and/or private pension plans. Amounts payable to such plans are accounted for on an accrual basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingent liabilities | Contingent liabilities We have several tax, regulatory and legal matters outstanding, as discussed further in Note 23. Periodically, we review the status of all significant outstanding matters to assess the potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, we record the estimated loss in our consolidated statements of operations. We provide disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both of these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the consolidated financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements.
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| Derivative financial instruments | Derivative financial instruments We carry derivative instruments at fair value on our consolidated balance sheets. The fair values of the derivative financial instruments generally represent the estimated amounts we would expect to receive or pay upon termination of the contracts as of the reporting date. As of December 31, 2022, and 2021, our derivative instruments primarily consisted of foreign currency forward contracts. We are exposed to various market risks that may affect our consolidated results of operations, cash flows and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. Our primary foreign currency exposures are to the currencies of Latin American countries, including Argentina, Brazil and Mexico, in which we conduct a significant portion of our business operations. As a result, we face exposure to adverse movements in foreign currency exchange rates as our results of operations are translated from local currencies into U.S. dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income / (loss). We may use foreign currency forward contracts to economically hedge these exposures. Our goal in managing our foreign exchange risk is to reduce, to the extent practicable, our potential exposure to the changes that exchange rates might have on our earnings, cash flows and financial position. Our foreign currency forward contracts are typically short-term and, as they do not qualify for hedge accounting treatment, we classify the changes in their fair value in “Financial results, net” in our consolidated statements of operations in the period that the changes occur and are classified within “Net cash flows (used in) / provided by operating activities” in our consolidated statements of cash flows. We do not hold or issue financial instruments for speculative or trading purposes. We report the fair value of our derivative assets and liabilities on a gross basis in our consolidated balance sheets in “Other assets and prepaid expenses” and “Other liabilities”, respectively.
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| Leases | Leases We determine if an arrangement is a lease, or contains a lease, at inception. Operating leases are primarily for office space, customer service centers and a fleet of dedicated vans, and, as of January 1, 2019 with the adoption of the new guidance for leasing arrangements, are included in operating “Lease right-of-use (“ROU”) assets” and operating “Lease liabilities” on our consolidated balance sheets. Lease ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, we have elected to not recognize a lease liability or ROU asset on our consolidated balance sheets. Instead, we recognize the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to our consolidated statements of operations and consolidated statements of cash flows. Our lease agreements have insignificant non-lease components and accordingly we have elected the practical expedient to combine and account for lease and non-lease components as a single lease component.
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| Financial results, net | Financial results, netWe incur in financial results such as factoring interest and commissions on receivables, gains or losses on derivative financial instruments, interest income from financial investments, interest paid on financial liabilities and foreign exchange gains or losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | Stock-based compensation We measure and amortize the fair value of restricted stock units and stock options as follows: Restricted Stock Units (“RSUs”). Our RSUs consist of service-based awards. RSUs are stock awards that are granted to employees entitling the holder to shares of common stock as the award vests, typically over a 3 or 4-year period, but may accelerate in certain circumstances. During the year ended December 31, 2022, we were issuing RSUs as our primary form of stock-based compensation, some of them vest 33% after one year and others vest 25% after one year and will then vest yearly over the following 3 or 4 years, as appropriate. We measure the value of RSUs at fair value based on the number of shares granted and the quoted price of our common stock at the date of grant. We amortize the fair value as stock-based compensation expense over the vesting term on a straight-line basis. Stock Options. Our employee stock options consist of service-based awards. We measure the value of stock options issued or modified, including unvested options assumed in acquisitions, if any, on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques, including the Black-Scholes and Monte Carlo option pricing models. The Black-Scholes valuation models incorporate various assumptions including expected volatility, expected term and risk-free interest rates. The expected volatility is based on historical volatility of our common stock and other relevant factors. We base our expected term assumptions on our historical experience and on the terms and conditions of the stock awards granted to employees. We amortize the fair value over the remaining explicit vesting term in the case of service-based awards. The majority of our stock options vest over 6 years.
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| Marketing and advertising expenses | Marketing and advertising expensesWe incur advertising expense consisting of offline costs, including television and radio advertising, and online advertising expense to promote our business. We expense the production costs associated with advertisements in the period in which the advertisement first takes place. We expense the costs of advertisement in the period during which the advertisement space or airtime is consumed. Internet advertising expenses are recognized based on the terms of the individual agreements, which is generally over the greater of (i) the ratio of the number of clicks delivered over the total number of contracted clicks, on a pay-per-click basis, or (ii) on a straight-line basis over the term of the contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting for income taxes | Accounting for income taxes We are organized as a British Virgin Islands corporation. However, under the “anti-inversion” rules of Section 7874 of the U.S. Internal Revenue Code, we are treated as a U.S. corporation for U.S. federal tax purposes. Accordingly, we are subject to U.S. federal income tax and state income tax in the United States. We are subject to foreign income taxes in the jurisdictions where we operate in accordance with the respective local tax laws. We account for income taxes under the asset and liability method that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position, results of operations or effective tax rate. Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made. In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate, historical earnings, the carryforward periods available for tax reporting purposes and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets valuation allowance would be charged to earnings in the period in which we make such a determination, or goodwill would be adjusted at our final determination of the valuation allowance related to an acquisition within the measurement period. If we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance as an adjustment to earnings at such time. The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We account for these uncertain tax issues pursuant to ASC 740, Income Taxes, which contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Although we believe we have adequately reserved for our uncertain tax positions, no assurance can be given with respect to the final outcome of these matters. We adjust reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax audit, judicial rulings, refinement of estimates or realization of earnings or deductions that differ from our estimates. To the extent that the final outcome of these matters is different than the amounts recorded, such differences generally will impact our provision for income taxes in the period in which such a determination is made. Our provisions for income taxes include the impact of reserve provisions and changes to reserves that are considered appropriate and also include the related interest and penalties. We treat taxes on global intangible low-taxed income (“GILTI”) introduced by the U.S. Tax Cuts and Jobs Act (the “Tax Act”) as period costs.
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| Government grants and other assistance | Government grants and other assistanceWe recognize government grants in our consolidated financial statements when it is probable that the grant will be received and we will comply with the conditions of the grant. Government grants are recorded as a reduction in the related operating expense or the cost of the asset that they are intended to defray. The government grants we received have principally been granted to defray personnel costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings / (losses) per share | Earnings / (losses) per share We compute basic earnings / (losses) per share by dividing our net income or loss for the year attributable to Despegar.com, Corp. common shareholders, as adjusted for preferred stock accretion and dividends accrued, by our weighted-average outstanding common shares during the year on a basic and diluted basis. Since we issue warrants for nominal consideration which vest and are exercisable as from the issuance date, we include the shares of common stock underlying the outstanding warrants when calculating our basic earnings per share. We compute diluted earnings per share using our weighted-average outstanding common shares including the dilutive effect of stock options and convertible preferred stock. The dilutive effect of stock-based compensation is calculated using the treasury method. The dilutive effect of convertible preferred stock is calculated using the if-converted method. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards and convertible preferred stock from the diluted loss per share calculation as their inclusion would have an antidilutive effect. We present basic and diluted earnings per share using the two-class method required for participating securities. We consider that our Series B preferred stock to be participating securities and, in accordance with the two-class method, earnings allocated to participating securities and the related number of outstanding shares of participating securities are excluded from the computation of basic and diluted net loss per common share. If a dividend is paid on common stock, the holders of Series B preferred stock are entitled to a proportionate share of any such dividend as if they were holders of common stock (on an if-converted basis). As the holders of our Series B preferred stock do not have contractual obligation to share in the losses of the Company, the net loss attributable to common shareholders for each period is not allocated between common stock and participating securities. Accordingly, preferred stock is excluded from the calculation of basic and diluted net loss per share as the effect would have been antidilutive.
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| Fair value recognition, measurement and disclosure | Fair value recognition, measurement and disclosure The carrying amounts of cash and cash equivalents and restricted cash reported on our consolidated balance sheets approximate fair value as we maintain them with various high-quality financial institutions. Accounts receivable and accounts payable are generally short-term in nature and their carrying amount approximate fair values. We disclose the fair value of our financial instruments based on the fair value hierarchy using the following three categories: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
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| Recently adopted accounting policies and Recent accounting policies not yet adopted | Recently adopted accounting policies Accounting Standards Update (ASU) 2021-08, “Accounting for Acquired Revenue Contracts with Customers in a Business Combination”: In October 2021, the FASB issued a new accounting update that requires an acquirer to recognize and measure certain contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, rather than at fair value on the acquisition date as required under current U.S. GAAP. We early adopted the standard on January 1, 2022. The adoption of this new standard did not have a material impact on our consolidated financial statements. Accounting Standards Update (ASU) 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”: In May 2021, the FASB issued a new accounting update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. An issuer measures the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange. ASU 2021-04 introduces a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). The update is effective for the Company from January 1, 2022. The adoption of this new standard did not have an impact on our consolidated financial statements. Accounting Standards Update (ASU) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”: In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The update is effective for the Company from January 1, 2022. The update can be adopted on either a full or modified retrospective transition method. The accounting update also requires changes in the diluted earnings per share calculation in certain areas, including the use of the if-converted method instead of the treasury stock method which was permitted in certain situations under current U.S. GAAP. The adoption of this new standard did not have a material impact on our consolidated financial statements. Accounting Standards Update (ASU) 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”. In November 2021, the FASB issued a new accounting update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This update is effective for the Company from January 1, 2022. The adoption of this new standard did not have a material impact on our consolidated financial statements. Recent accounting policies not yet adopted Accounting Standards Update (ASU) 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method”: In March 2022, the FASB issued new guidance, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and renames the last-of-layer method the portfolio layer method. Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. It allows entities to designate multiple layers within a single closed portfolio as individual hedged items. Further, ASU 2022-01 clarifies that the fair value basis adjustments should be adjusted at the portfolio level and should not be allocated to individual assets within the portfolio. The amended guidance is effective as from January 1, 2023, with early adoption permitted. We do not expect the adoption to have an impact on our consolidated financial statements. Accounting Standards Update (ASU) 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures:” In March 2022, the FASB issued new guidance, which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The amended guidance is effective for the Company as from January 1, 2023, with early adoption permitted. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements. Accounting Standards Update (ASU) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”: In June 2022, the FASB issued new guidance, which clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to contractual sale restrictions, stating that such restrictions are not considered part of the unit of account of the security and therefore are not considered in measuring fair value. The amended guidance also requires disclosure of the fair value of equity securities subject to contractual sale restrictions and certain additional information about those restrictions. The amended guidance is effective for the Company as from January 1, 2024, with early adoption permitted, and is to be applied prospectively. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements. Accounting Standards Update (ASU) 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”: In September 2022, the FASB issued new guidance, which provides guidance on the disclosure requirements for supplier finance programs. The amendments require that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amended guidance is effective for the Company as from January 1, 2023, with the amendment on rollforward information effective January 1, 2024, with early adoption permitted. The amendments on supplier finance programs should be applied retrospectively except for the amendment on rollforward information, which should be applied prospectively. We are in the process of evaluating the impact of the amended guidance, but we currently expect that the adoption will not have a material impact, if any, on our consolidated financial statements.
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| Credit losses on financial instruments | Adoption of ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) On January 1, 2020, we adopted ASC 326 which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost. As of the date of adoption, January 1, 2020, substantially all our financial assets under the scope of the standard corresponded to trade accounts receivable as a result of revenue transactions recognized in accordance with ASC 606. We adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020, are presented under ASC 326.
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| Brazilian accounts receivable securitization program | Brazilian accounts receivable securitization program As of December 31, 2022, we have a securitization program in place structured to be a securitization of certain of our loans receivable related to our Koin solution. In a securitization transaction, assets from our balance sheet are transferred to a special purpose vehicle or “SPV” we establish, which typically meets the definition of a variable interest entity or “VIE”. The SPV then issues various forms of interests in those assets to investors. We typically receive cash proceeds and/or other interests in the securitization SPV for the assets we transfer. As of December 31, 2021, the program was not fully operational and the SPV had not issued any securities to investors. We evaluated the SPV and concluded that the SPV is a VIE because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from investors or via the collections from loans receivable purchased. We are considered the primary beneficiary of the SPV since we have the ability to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses and the right to receive benefits that are potentially significant to the VIE. Our continuing involvement in the securitization transaction consists primarily of holding certain retained interests and acting as the primary servicer for which we earn a servicing fee. In evaluating whether we are the primary beneficiary, we consider both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We assess whether we are the primary beneficiary of the VIE on an ongoing basis. As we control the SPV, the assets, liabilities and related results of the SPV are consolidated in our consolidated financial statements. Any activity between the participating subsidiary and the SPV is eliminated in consolidation. We present the carrying amount of assets and liabilities of the VIE reflected on our consolidated balance sheet. The assets of the consolidated SPV primarily consist of cash and cash equivalents and loans receivable, which we report on our consolidated balance sheet as restricted cash and cash equivalents and securitized loans receivable, respectively. The assets of the SPV are the primary source of funds to settle its obligations. The third-party creditors of the SPV have legal recourse only to the assets securing the debt and do not have recourse to our company. The liabilities primarily consist of debt securities issued by the SPV, which we report on our consolidated balance sheet as securitized debt obligations. Additionally, the cash flows generated by the SPV are restricted to the payment of amounts due to third-party investors, but we retain the right to residual cash flows.
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| Segment information | Segment information We determined our operating segments based on how our chief operating decision makers (“CODM”) manage our business, make operating decisions and evaluate operating performance. Effective for our fiscal year 2022, our CODM changed their internal reporting to refine the way they view our financial services operations and its interaction with our travel business. Also, we started allocating certain expenses to our segments which were previously considered part of our corporate structure and were unallocated. These changes resulted in revisions to the financial information provided to the CODM on a recurring basis in their evaluation of our financial performance and the decision-making process. The CODM believes these changes better reflect the performance of our reportable segments. Accordingly, we changed our segment reporting under ASC 280 “Segment Reporting” to report three reportable segments as further described below. We recast previously reported segment financial information for the years ended December 31, 2021, and 2020 to reflect our new reportable segments’ structure. Our new segment reporting structure is as follows: •Travel Business: Our travel business is comprised of two reportable segments: “Air” and “Packages, Hotels and Other Travel Products”. a.Our “Air” segment primarily consists of facilitation services for the sale of airline tickets on a stand-alone basis and excludes airline tickets that are packaged with other non-airline flight products. b.Our “Packages, Hotels and Other Travel Products” segment primarily consists of facilitation services for the sale of travel packages (which can include airline tickets and hotel rooms), as well as stand-alone sales of hotel rooms (including vacation rentals), car rentals, bus tickets, cruise tickets, travel insurance and destination services. Both segments also include the sale of advertisements and incentives earned from suppliers. •Financial Services Business: Our financial services business is comprised of one reportable segment: “Financial Services”. a.Our “Financial Services” segment primarily consists of loan origination to our travel business’ customers and to customers of other merchants in various industries. Our “Financial Services” segment also consists of processing, fraud identification, credit scoring and IT services to our travel business, and to third-party merchants. For all our segments, our primary operating performance measure is Adjusted Segment EBITDA. For all years presented, we calculated Adjusted Segment EBITDA as our net loss for the year adjusted for income taxes; financial results, net; stock-based compensation expense; acquisition transaction costs; depreciation and amortization; impairment charges; and restructuring and reorganization charges. Adjusted Segment EBITDA includes allocations of certain expenses based on transaction volumes and other usage metrics. Our allocation methodology is periodically evaluated and may change.
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Basis of consolidation and presentation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Main Operating Subsidiaries | The following are our subsidiaries as of the end of the years presented:
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| Summary of Reclassified Costs | The following table presents a summary of the amounts as reported and as reclassified in our consolidated statements of operations for the years ended December 31, 2021 and 2020:
As originally reported:
As revised:
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| Schedule of Error Corrections and Prior Period Adjustments | The quantitative impact of the error on weighted average common shares outstanding and loss per share for the years impacted is as follows:
Impact on loss per share
(*) No change from previously reported amounts
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Summary of significant accounting policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property and Equipment | The estimated useful lives (in years) of the main categories of our property and equipment are as follows:
Property and equipment, net consists of the following:
(1)Accumulated depreciation as of December 31, 2022 comprised of $28,812, $10,565, $289, $769 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. Accumulated depreciation as of December 31, 2021 comprised of $21,205, $9,064, $241 and $409 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. The changes in the balance of property and equipment for the years ended December 31, 2022 and 2021 consist of the following:
Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was classified as follows:
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Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation at the acquisition date was as follows:
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| Summary of Intangible Assets Acquired | Intangible assets acquired consisted of the following:
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| Business Acquisition, Pro Forma Information | The following table summarizes the revenue and net loss (including purchase accounting amortization and the impact of intercompany eliminations) of Viajanet included in our consolidated statements of operations for the year ended December 31, 2022 since June 1, 2022, the date of acquisition:
The following pro forma summary presents certain consolidated information as if the Viajanet Acquisition occurred on January 1, 2021:
The following table summarizes the revenue and net loss (including purchase accounting amortization and the impact of intercompany eliminations) of the Best Day Group included in our consolidated statements of operations for the year ended December 31, 2020 since October 1, 2020, the date of acquisition:
The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented.
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Redeemable non-controlling interest (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Non-Controlling Interest | The following table presents a reconciliation of the changes in redeemable non-controlling interests:
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Debt and other financial liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Short-Term and Long-Term Debt | The following table summarizes our outstanding short-term and long-term debt and other financial liabilities:
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| Summary of Long-Term Debt Instruments | The following table shows the details of the long-term debt outstanding as of December 31, 2022 (excluding collateralized debt issued by SPV):
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| Summary of Changes in Debt | The changes in the balance of our total short-term and long-term debt as of December 31, 2022 and 2021 consist of the following:
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Cash and cash equivalents and restricted cash and cash equivalents (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | Cash and cash equivalents consist of the following:
The following table reconciles our cash and cash equivalents and restricted cash as reported in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows:
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| Restrictions on Cash and Cash Equivalents | The following table reconciles our cash and cash equivalents and restricted cash as reported in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows:
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Trade accounts receivable, net of allowances (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accounts Receivable | Trade accounts receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Non-current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
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| Summary of the Activity on the Expected Credit Loss Allowance for Trade Receivables | The following table shows the activity on the expected credit loss allowance for our trade receivables during the years ended December 31, 2022 and 2021:
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| Accounting Standards Update and Change in Accounting Principle | The following table illustrates the impact of adopting ASC 326 as of January 1, 2020:
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Brazilian accounts receivable securitization program (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | The following table summarizes the collateralized debt as of December 31, 2022:
(*) As of December 31, 2022, CDI equals 13.65% The assets and liabilities of the SPV included in our consolidated financial statements as of December 31, 2022 and 2021 are as follows:
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Other assets and prepaid expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Current Assets and Prepaid Expenses | Other current assets and prepaid expenses consist of the following:
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| Summary of Other Noncurrent Assets and Prepaid Expenses | Other non-current assets and prepaid expenses consist of the following:
(1)Includes $2.9 million related to an equity stake in Stays acquired in July 2022. Stays is a vacation rental channel manager based in Brazil.
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Property and equipment, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property and Equipment | The estimated useful lives (in years) of the main categories of our property and equipment are as follows:
Property and equipment, net consists of the following:
(1)Accumulated depreciation as of December 31, 2022 comprised of $28,812, $10,565, $289, $769 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. Accumulated depreciation as of December 31, 2021 comprised of $21,205, $9,064, $241 and $409 for computer hardware and software, office furniture and fixtures, buildings and vans, respectively. The changes in the balance of property and equipment for the years ended December 31, 2022 and 2021 consist of the following:
Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was classified as follows:
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Intangible assets, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Intangible Assets and Goodwill | Indefinite-lived and definite-lived intangible assets, net consists of the following:
(1)Accumulated amortization as of December 31, 2022 comprised of $97,615, $1,741, $12,465 and $14,066 for developed technology, licenses, customer relationships and trademarks, respectively. Accumulated amortization as of December 31, 2021 comprised of $69,225, $4,229, $7,130 and $15,372 for developed technology, licenses, customer relationships and trademarks, respectively.
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| Summary of Finite-Lived Intangible Assets | The changes in the balance of intangible assets, net as of December 31, 2022 and 2021 consist of the following:
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| Summary of Amortization Expense of Intangible Assets | Amortization expense for the years ended December 31, 2022, 2021 and 2020 was classified as follows:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense related to intangible assets with definite lives as of December 31, 2022, assuming no subsequent impairment of the underlying assets, is as follows:
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Goodwill | Goodwill consists of the following:
The following table presents the changes in goodwill by reportable segment:
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Accounts payable and accrued expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following:
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Travel accounts payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Travel Accounts Payables | Travel accounts payable consist of the following:
(1)Includes $198,680 and $142,898 as of December 31, 2022 and 2021, respectively, for deferred merchant bookings which will be due after the traveler has checked out. (2)Relates to refund vouchers issued to travelers due to canceled reservations as a result of the COVID-19 pandemic. Vouchers are eligible for use for their stated amount at any time after issuance and until one year after the World Health Organization declares the end of the pandemic.
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Other liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Current Liabilities | Other current liabilities consist of the following:
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| Summary of Other Non-current Liabilities | Other non-current liabilities consist of the following:
(1)The purchase price for the Best Day acquisition was payable on October 1, 2023. However, we settled certain contingencies which were indemnified by the sellers and accordingly we agreed to apply those payments towards the purchase price. (2)Correspond to the earnout provision under the Best Day acquisition. See Note 4. (3)Correspond to legally assumed debt with Best Day prior shareholders. See Note 4. (4)Correspond to outstanding balance for the Viajanet acquisition payable in June 2024 and June 2025.
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Derivative financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Derivative Position | As of December 31, 2022, and 2021, derivative financial instruments consist of foreign currency forward contracts of a short-term nature. The following table shows the derivative financial position as of the end of each year:
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Restructuring and related reorganization charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restructuring and Related Reorganization Activity | The following table summarizes the restructuring and related reorganization activity for the years ended December 31, 2021 and 2020:
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Income taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of U.S and Foreign (loss) / Income Before Income Taxes | The following table summarizes our U.S. and foreign losses before income taxes for the years ended December 31, 2022, 2021 and 2020:
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| Summary of Income Tax Expense Components | The following table summarizes our provision for income taxes for the years ended December 31, 2022, 2021 and 2020:
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| Summary of Deferred Tax Assets Liabilities by Current and Non-current | As of December 31, 2022, and 2021, the significant components of our deferred tax assets and deferred tax liabilities were as follows:
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| Summary of Composition of Deferred Tax Assets and Liabilities | The following table summarizes the composition of deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021:
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| Summary of Tax Loss Carryforwards Expiry | As of December 31, 2022, we have both foreign and U.S. net operating loss carryforwards (“NOLs”) of $317,513. If not utilized, the NOLs will begin to expire, as follows:
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| Summary of NOLs by Country of Origin | The following table shows the breakdown of our NOLs by country of origin as of December 31, 2022:
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| Summary of Changes in Valuation Allowance | The following table presents the changes in our valuation allowance for the years ended December 31, 2022, 2021 and 2020:
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| Summary of Reconciliation of Difference between Actual Provision for Income Taxes and Provision Computed by Applying Weighted Average Income Tax Rate | The reconciliation of the provision for income taxes for the years ended December 31, 2022, 2021 and 2020 to total income tax expense is as follows:
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| Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits and interest is as follows:
(1) Including updates, interest and penalties. (2) Includes tax positions in Mexico, Colombia, Argentina and US related to Best Day acquisition as a result of a lapse of the statute of limitations. (3) Includes tax positions effectively settled in Mexico related to Best Day acquisition.
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Segment information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Information | The following tables present our segment information for the years ended December 31, 2022, 2021 and 2020:
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| Summary of Revenues by Segment and Business Model | The following table presents our consolidated revenues from third parties by business model, revenue type and country for the years ended December 31, 2022, 2021 and 2020:
(1)Others includes incentive fees, advertising, breakage and loyalty revenue. (2)Financial services include Financial Intermediation Processing fee and others. (3)Others includes breakage and loyalty revenue. (4)Others countries include Chile, Perú, Colombia, Ecuador and others.
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| Schedule of Allocation of Long-lived Assets Based on Geography | The following table presents our assets by country:
(1)Other countries include Chile, Peru and Colombia. (2)Other countries include Chile, Peru, Colombia, Brazil and United States. (3)Other countries include Chile, Peru, Colombia and Ecuador. (4)As of the date of these financial statements, activity is limited to Brazil
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Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities carried at fair value at December 31, 2022 are classified in the categories described in the table below:
Financial assets and liabilities carried at fair value at December 31, 2021 are classified in the categories described in the table below:
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Losses per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Earnings Per Share | The following table presents our basic and diluted losses per share for the years ended December 31, 2022, 2021 and 2020:
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Financial results, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Financial Income Expense Net | The following table presents the components of financial results, net:
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Stock-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share Based Compensation Restricted Stock Units Award Activity | The following table presents a summary of our RSU activity:
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| Summary of Stock Option Activity | The following table presents a summary of our stock option activity:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental cash flow information related to leases were as follows:
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| Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2022, the operating lease liabilities will mature over the following periods:
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| Supplemental Balance Sheet Information | Supplemental consolidated balance sheet information related to these lease agreements were as follows:
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Valuation and qualifying accounts (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Valuation and Qualifying Accounts |
(1)Charges to other accounts primarily relate to net translation adjustments. (2)Deductions include our credit write-off inputs. (3)Other reserves primarily include our accrual of the cost associated with purchases made on our website related to the use of fraudulent credit cards charged-back due to payment disputes.
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Loans receivable, net of allowances (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loan Receivables | Trade accounts receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
Non-current loans receivable in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
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| Financing Receivable Credit Quality Indicators | We apply the following rates which are calculated based on internal data and that are periodically assessed to check its adequacy in order to cover 100 % of the estimated credit losses of the current portfolio at each period closing.
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Business - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| Accumulated losses | $ 643,322 | $ 574,801 | ||
| Stockholders' equity attributable to parent | $ (127,150) | (31,729) | $ 93,730 | $ 194,236 |
| Percentage of increase in revenue | 67.00% | |||
| Cash and cash equivalents | $ 219,167 | $ 246,078 | $ 334,430 |
Basis of consolidation and Presentation - Summary of Company's Main Operating Subsidiaries (Detail) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Badurey S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| BD Travelsolution, S. de R.L. de C.V. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Click Hoteles.com LLC | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Decolar.com Ltda. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Decolar.com, Inc. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar Colombia S.A.S. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar Ecuador S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar.com Chile SpA | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar.com México S.A. de C.V. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar.com Peru S.A.C. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar.com USA, Inc. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Despegar.com.ar S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| DFinance Holding Ltda. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Holidays S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Jamiray International S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Koin (BVI) Limited | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 0.00% |
| Xirex Contigo Sapi De CV Sofom ENR | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 0.00% |
| Ruselmy S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 0.00% |
| Koin Administradora de Cartões e Meios de Pagamento S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 84.00% |
| Rivamor S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Ruotej S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 0.00% |
| Satylca S.C.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Servicios Online 3351 de Venezuela C.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| South Net Chile, SpA (1) | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| South Net Turismo Per S.R.L. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 0.00% | 100.00% |
| South-Net Turismo S.A.U. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Transporturist, S.A. de C.V. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Travel Reservations S.R.L. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| TVLX - Viagens e Turismo S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 0.00% |
| Viajes Beda, S.A. de C.V. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
| Viajes Despegar.com O.N.L.I.N.E. S.A. | ||
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
| Ownership percentage | 100.00% | 100.00% |
Basis of consolidation and presentation - Summary of Reported and Reclassified (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Reclassification [Line Items] | |||||
| Cost of revenue | [1] | $ (182,898) | $ (160,240) | $ (103,825) | |
| General and administrative | (101,521) | (83,694) | (76,415) | ||
| Net cash provided by (used in) operating activities | (36,702) | 36,472 | 118,345 | ||
| Net cash provided by (used in) investing activities | $ (51,142) | (28,677) | (14,743) | ||
| Previously Reported | Credit Loss Expense Classification Revision | |||||
| Reclassification [Line Items] | |||||
| Cost of revenue | (157,003) | (85,518) | |||
| General and administrative | (86,931) | $ (94,722) | |||
| Revision of Prior Period, Error Correction, Adjustment | Error in Presentation of Statement of Cash Flows | |||||
| Reclassification [Line Items] | |||||
| Net cash provided by (used in) operating activities | 1,700 | ||||
| Net cash provided by (used in) investing activities | $ 1,700 | ||||
| |||||
Basis of consolidation and presentation - Summary of Valuation and Qualifying Accounts Reclassified (Details) - Allowance for cancellations - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
| Balance, beginning of year | $ 15,012 | $ 1,986 |
| Charges to earnings | 31,016 | 41,485 |
| Charge to other accounts | 69 | (854) |
| Deductions | (26,881) | (27,605) |
| Balance, end of year | 19,216 | 15,012 |
| Previously Reported | ||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
| Balance, beginning of year | 15,012 | 1,986 |
| Charges to earnings | 6,117 | 14,182 |
| Charge to other accounts | 69 | (854) |
| Deductions | (1,982) | (302) |
| Balance, end of year | $ 19,216 | $ 15,012 |
Basis of consolidation and presentation - Impact on Average Common Shares (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
$ / shares
shares
|
|
| Earnings Per Share [Abstract] | |||
| Net loss for the year | $ (68,521) | $ (105,865) | $ (142,869) |
| Net loss attributable to redeemable non-controlling interest | 0 | 1,237 | 282 |
| Net loss attributable to Despegar.com, Corp. | (68,521) | (104,628) | (142,587) |
| Accretion of redeemable non-controlling interest | (473) | (1,355) | (78) |
| Accretion of Series A non-convertible preferred shares | (11,884) | (10,600) | (2,831) |
| Accrual of cumulative dividends of Series A non-convertible preferred shares | (15,375) | (15,251) | (4,212) |
| Accrual of dividends of Series B convertible preferred shares | (2,000) | (2,000) | (553) |
| Net loss for the year attributable to Despegar.com, Corp. common shareholders | $ (98,253) | $ (133,834) | $ (150,261) |
| Weighted Average Number of Shares Outstanding | |||
| Basic (in shares) | shares | 76,823 | 76,653 | 67,994 |
| Diluted (in shares) | shares | 76,823 | 76,653 | 67,994 |
| Basic and diluted losses per share | |||
| Basic (in USD per share) | $ / shares | $ (1.28) | $ (1.75) | $ (2.21) |
| Diluted (in USD per share) | $ / shares | $ (1.28) | (1.75) | (2.21) |
| Earning per share correction adjustment (in dollars per share) | $ / shares | $ 0.11 | $ 0.15 | |
| Earning per share correction adjustment, percentage | 0.07 | 0.07 | |
| Previously Reported | |||
| Weighted Average Number of Shares Outstanding | |||
| Basic (in shares) | shares | 81,625 | 73,001 | |
| Diluted (in shares) | shares | 81,625 | 73,001 | |
| Basic and diluted losses per share | |||
| Basic (in USD per share) | $ / shares | $ (1.64) | $ (2.06) | |
| Diluted (in USD per share) | $ / shares | $ (1.64) | $ (2.06) | |
Basis of consolidation and presentation - Foreign currency translation (Details) |
Dec. 31, 2022
$ / $
|
|---|---|
| Argentina | |
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
| Foreign currency exchange rate | 177.13 |
Basis of consolidation and presentation - Concentration of credit risk (Details) - Cash and Cash Equivalents - Geographic Concentration Risk |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Mexico | |
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
| Concentration risk, percentage | 28.00% |
| Foreign countries excluding mexico | Maximum | |
| Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
| Concentration risk, percentage | 15.00% |
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Significant Accounting Policies [Line Items] | |||
| Products sold that qualify for commission time period | 12 months | ||
| Advertising expense | $ 102,962,000 | $ 52,480,000 | $ 27,661,000 |
| Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Expenses | Operating Expenses | |
| Government assistance, amount | $ 0 | $ 463,000 | $ 2,265,000 |
| Buildings | |||
| Significant Accounting Policies [Line Items] | |||
| Intangible assets useful life | 50 years | ||
| Restricted Stock Units (RSUs) | Tranche One | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 1 year | ||
| Employee Stock Option | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 6 years | ||
| Minimum | |||
| Significant Accounting Policies [Line Items] | |||
| Loan receivable, average repayment period | 7 months | ||
| Amortization period | 3 years | ||
| Intangible assets useful life | 3 years | ||
| Minimum | Restricted Stock Units (RSUs) | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 3 years | ||
| Minimum | Restricted Stock Units (RSUs) | Tranche One | |||
| Significant Accounting Policies [Line Items] | |||
| Share-based payment award, vesting percentage | 25.00% | ||
| Minimum | Restricted Stock Units (RSUs) | Tranche Two | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 3 years | ||
| Maximum | |||
| Significant Accounting Policies [Line Items] | |||
| Loan receivable, average repayment period | 10 months | ||
| Amortization period | 5 years | ||
| Intangible assets useful life | 10 years | ||
| Maximum | Restricted Stock Units (RSUs) | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 4 years | ||
| Maximum | Restricted Stock Units (RSUs) | Tranche One | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 1 year | ||
| Share-based payment award, vesting percentage | 33.00% | ||
| Maximum | Restricted Stock Units (RSUs) | Tranche Two | |||
| Significant Accounting Policies [Line Items] | |||
| Award vesting period | 4 years | ||
| Product Concentration Risk | Revenue, Product and Service | Commissions and Service Fees | |||
| Significant Accounting Policies [Line Items] | |||
| Concentration risk, percentage | 85.00% | 83.00% | 77.00% |
| Product Concentration Risk | Revenue, Product and Service | Incentive Fees | |||
| Significant Accounting Policies [Line Items] | |||
| Concentration risk, percentage | 7.00% | 9.00% | 13.00% |
| Product Concentration Risk | Revenue, Product and Service | Advertising Revenue | |||
| Significant Accounting Policies [Line Items] | |||
| Concentration risk, percentage | 3.00% | 3.00% | 4.00% |
| Product Concentration Risk | Revenue, Product and Service | Destination services | |||
| Significant Accounting Policies [Line Items] | |||
| Concentration risk, percentage | 3.00% | 3.00% | 3.00% |
| Product Concentration Risk | Revenue, Product and Service | PrePayModel Customer | |||
| Significant Accounting Policies [Line Items] | |||
| Concentration risk, percentage | 86.00% | 84.00% | 78.00% |
Summary of Significant Accounting Policies - Summary Estimated Useful Lives of Property and Equipment (Detail) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Computer hardware | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 3 years |
| Vehicles | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 5 years |
| Office furniture and fixture | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 10 years |
| Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 50 years |
Acquisitions - Additional Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2022
USD ($)
|
Jun. 01, 2022
USD ($)
|
Oct. 01, 2020
USD ($)
|
Aug. 20, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
business
installment
|
Dec. 31, 2021
USD ($)
business
|
Dec. 31, 2020
USD ($)
business
|
Jan. 31, 2022
installment
|
|
| Business Acquisition [Line Items] | ||||||||||
| Number of businesses acquired | business | 1 | 0 | 2 | |||||||
| Number of payment installments remaining | installment | 2 | |||||||||
| Accrued earnout liability | $ 811 | $ 2,924 | ||||||||
| Acquisition related costs | 390 | 93 | $ 3,135 | |||||||
| Earnout performance measurement period | 6 months | |||||||||
| Interest expenses | 5,687 | 4,555 | 1,128 | |||||||
| Noncontrolling interest, purchase period after acquisition date | 36 months | |||||||||
| Viajanet | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business combination percentage of voting rights acquired | 100.00% | |||||||||
| Total consideration as of acquisition date | $ 13,971 | |||||||||
| Purchase price paid | $ 9,355 | $ 9,355 | ||||||||
| Acquisition related costs | 390 | |||||||||
| Asset acquisition due to sellers | 3,744 | |||||||||
| Viajanet | Pro Forma | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Incremental depreciation and amortization expense | $ 134 | $ 268 | ||||||||
| Best Day Group | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business combination percentage of voting rights acquired | 100.00% | |||||||||
| Total consideration as of acquisition date | $ 10,288 | |||||||||
| Acquisition related costs | 2,856 | |||||||||
| Contigent consideration | 10,288 | |||||||||
| Contingencies | $ 1,769 | |||||||||
| Uncertain tax positions | 6,486 | |||||||||
| Interest expenses | $ 3,700 | $ 2,150 | ||||||||
| Koin | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business combination percentage of voting rights acquired | 84.00% | |||||||||
| Purchase price paid | $ 977 | |||||||||
| Number of payment installments remaining | installment | 8 | |||||||||
| Business combination noncontrolling interest agreed consideration | 4,320 | |||||||||
| Business combination noncontrolling interest fixed consideration at their option | 2,880 | |||||||||
| Redeemable non-controlling interest | $ 2,655 | |||||||||
| Business combination acquisition related costs recognized in the income statement | $ 279 | |||||||||
| Maximum | Viajanet | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Accrued earnout liability | $ 20,000 | |||||||||
| Maximum | Best Day Group | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Earn out payable | 20,000 | |||||||||
| Minimum | Best Day Group | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Earn out payable | $ 0 | |||||||||
| Koin | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business acquisition redeemable non controlling interest percentage retained | 16.00% | |||||||||
| Koin (BVI) Limited | Koin | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business acquisition redeemable non controlling interest percentage retained | 16.00% | |||||||||
| Developed technology | Koin | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $ 150 | |||||||||
| Trademarks | Koin | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Redeemable non-controlling interest | $ 593 | |||||||||
Acquisitions - Preliminary purchase price allocation (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 01, 2022 |
Oct. 01, 2020 |
Aug. 20, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|---|---|---|
| Recognized amounts of assets acquired and liabilities assumed: | |||||||
| Goodwill | $ 138,637 | $ 122,426 | $ 123,217 | ||||
| Koin | |||||||
| Consideration: | |||||||
| Purchase price paid | $ 977 | ||||||
| Redeemable non-controlling interest: | 2,655 | ||||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||||
| Cash and cash equivalents | 322 | ||||||
| Restricted cash | 4 | ||||||
| Trade accounts receivable | 1,194 | ||||||
| Lease right-of-use assets | 177 | ||||||
| Intangible assets | 743 | ||||||
| Property, plant and equipment | 99 | ||||||
| Other assets and prepaid expenses | 66 | ||||||
| Total assets acquired | 2,605 | ||||||
| Accounts payable and accrued expenses | 1,721 | ||||||
| Short-term debt | 1,250 | ||||||
| Lease liabilities | 178 | ||||||
| Contingent liabilities | 19 | ||||||
| Taxes payable | 684 | ||||||
| Deferred tax liabilities | 253 | ||||||
| Other liabilities | 479 | ||||||
| Total liabilities assumed | 4,584 | ||||||
| Total net liabilities assumed | 1,979 | ||||||
| Goodwill | $ 5,611 | ||||||
| Best Day Group | |||||||
| Consideration: | |||||||
| Total consideration as of acquisition date | $ 10,288 | ||||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||||
| Cash and cash equivalents | 5,404 | ||||||
| Restricted cash | 2,763 | ||||||
| Trade accounts receivable | 9,122 | ||||||
| Related party receivable | 2,337 | ||||||
| Lease right-of-use assets | 7,415 | ||||||
| Intangible assets | 51,758 | ||||||
| Property, plant and equipment | 8,836 | ||||||
| Deferred tax assets | 12,851 | ||||||
| Seller indemnification | 11,814 | ||||||
| Other assets and prepaid expenses | 33,446 | ||||||
| Total assets acquired | 145,746 | ||||||
| Accounts payable and accrued expenses | 7,948 | ||||||
| Travel accounts payable | 82,170 | ||||||
| Related party payable | 266 | ||||||
| Short-term and long-term debt | 10,618 | ||||||
| Lease liabilities | 7,955 | ||||||
| Contingent liabilities | 24,205 | ||||||
| Deferred revenue | 775 | ||||||
| Taxes payable | 36,059 | ||||||
| Deferred tax liabilities | 11,015 | ||||||
| Promissory notes issued | 13,928 | ||||||
| Other liabilities | 16,534 | ||||||
| Total liabilities assumed | 211,473 | ||||||
| Total net liabilities assumed | 65,727 | ||||||
| Goodwill | 75,895 | ||||||
| Best Day Group | Previously Reported | |||||||
| Consideration: | |||||||
| Fair value of contingent consideration payable | 8,642 | ||||||
| Total consideration as of acquisition date | 10,168 | ||||||
| Best Day Group | Contingent Consideration Payable October 1, 2024 | Previously Reported | |||||||
| Consideration: | |||||||
| Fair value of contingent consideration payable | $ 1,526 | ||||||
| Viajanet | |||||||
| Consideration: | |||||||
| Purchase price paid | $ 9,355 | $ 9,355 | |||||
| Fair value of contingent consideration payable | 4,616 | ||||||
| Total consideration as of acquisition date | 13,971 | ||||||
| Recognized amounts of assets acquired and liabilities assumed: | |||||||
| Cash and cash equivalents | 2,337 | ||||||
| Trade accounts receivable | 1,004 | ||||||
| Intangible assets | 7,868 | ||||||
| Property, plant and equipment | 769 | ||||||
| Seller indemnification | 7,956 | ||||||
| Other assets and prepaid expenses | 1,070 | ||||||
| Total assets acquired | 21,004 | ||||||
| Accounts payable and accrued expenses | 2,054 | ||||||
| Travel accounts payable | 6,861 | ||||||
| Contingent liabilities | 8,139 | ||||||
| Deferred tax liabilities | 2,212 | ||||||
| Other liabilities | 490 | ||||||
| Total liabilities assumed | 19,756 | ||||||
| Total net liabilities assumed | (1,248) | ||||||
| Goodwill | $ 12,723 |
Acquisitions - Summary of Intangible Assets Acquired (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Oct. 01, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 7,868 | $ 0 | |
| Viajanet | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | 7,868 | ||
| Viajanet | Trademarks and domains | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 4,601 | ||
| Intangible assets acquired, average useful life | 20 years | ||
| Viajanet | Developed technology | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 2,165 | ||
| Intangible assets acquired, average useful life | 3 years | ||
| Viajanet | Customer relationships | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 800 | ||
| Intangible assets acquired, average useful life | 1 year | ||
| Viajanet | Domains | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 302 | ||
| Intangible assets acquired, average useful life | 20 years | ||
| Best Day Group | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 51,758 | ||
| Best Day Group | Trademarks | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 13,299 | ||
| Intangible assets acquired, average useful life | 20 years | ||
| Best Day Group | Developed technology | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 8,206 | ||
| Intangible assets acquired, average useful life | 2 years 6 months | ||
| Best Day Group | Customer relationships | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 29,415 | ||
| Intangible assets acquired, average useful life | 7 years | ||
| Best Day Group | Domains | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 204 | ||
| Intangible assets acquired, average useful life | 20 years | ||
| Best Day Group | Licenses | |||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 634 | ||
| Intangible assets acquired, average useful life | 1 year 3 months 18 days | ||
Acquisitions - Summary of the revenue and net loss (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Viajanet | |||
| Business Acquisition [Line Items] | |||
| Revenue | $ 3,658 | ||
| Net loss | (3,968) | ||
| Business Acquisition, Pro Forma Information [Abstract] | |||
| Revenue | 541,949 | $ 330,668 | |
| Net loss | $ (77,975) | $ (110,048) | |
| Best Day Group | |||
| Business Acquisition [Line Items] | |||
| Revenue | $ 14,125 | ||
| Net loss | (14,983) | ||
| Viajes Falabella | |||
| Business Acquisition [Line Items] | |||
| Revenue | 138 | ||
| Net loss | $ (1,786) | ||
Redeemable non-controlling interest - Additional Information (Details) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Jan. 31, 2022
USD ($)
installment
|
Aug. 20, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
installment
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Redeemable Noncontrolling Interest [Line Items] | |||||
| Temporary equity accretion to redemption value | $ 473 | $ 1,355 | $ 78 | ||
| Redemption of non-controlling interest | $ 3,200 | $ 3,200 | $ 0 | ||
| Number of payment installments remaining | installment | 2 | ||||
| Koin | |||||
| Redeemable Noncontrolling Interest [Line Items] | |||||
| Business combination percentage of voting rights acquired | 84.00% | ||||
| Redemption of non-controlling interest | $ 2,655 | ||||
| Number of payment installments remaining | installment | 8 | ||||
Redeemable non-controlling interest -Reconciliation (Detail) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Jan. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
| Balance, beginning of year | $ 2,596,000 | $ 2,621,000 | ||
| Comprehensive loss adjustments: | ||||
| Net loss attributable to redeemable non-controlling interest | 0 | (1,237,000) | $ (282,000) | |
| Other comprehensive loss attributable to redeemable non-controlling interest | 131,000 | (143,000) | ||
| Additional paid-in-capital adjustments: | ||||
| Adjustment to redemption value | 473,000 | 1,355,000 | 78,000 | |
| Redemption of non-controlling interest | $ (3,200,000) | (3,200,000) | 0 | |
| Balance, end of year | $ 0 | $ 2,596,000 | $ 2,621,000 | |
Preferred Stock and Warrants - Additional Information (Detail) |
1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
|
Sep. 21, 2020
USD ($)
shares
|
Sep. 18, 2020
USD ($)
director
observer
$ / shares
shares
|
Aug. 18, 2020 |
Mar. 31, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
day
$ / shares
Rate
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
day
vote
$ / shares
Rate
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Number of appointed directors | director | 1 | |||||||||||
| Number of nonvoting observers | observer | 1 | |||||||||||
| Preferred stock, number of votes per share | vote | 1 | |||||||||||
| Debt amount that can be incurred in terms of number of times the product of earnings before interest tax depreciation and amortisation | 0.010 | |||||||||||
| Adjustments to additional paid in capital warrant issue of warrants | $ 56,339,000 | |||||||||||
| Temporary equity period during which the value is accreted to its redemption worth | 5 years | |||||||||||
| Adjustments to additional paid in capital accretion of dividends on temporary equity | $ 15,375,000 | $ 15,251,000 | 4,212,000 | |||||||||
| Class of warrant or right, exercised (in shares) | shares | 0 | 0 | ||||||||||
| Accretion of Series A non-convertible preferred shares | $ (11,884,000) | (10,600,000) | $ (2,831,000) | |||||||||
| Number of shares of common stock issuable for each share of temporary equity converted (in shares) | Rate | 10810.81% | 10810.81% | ||||||||||
| Conversion rights, number of trading days | day | 15 | 15 | ||||||||||
| L Catterton Investment Agreement | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Class of warrants or rights number of securities called by the warrants or rights (in shares) | shares | 11,000,000 | 11,000,000 | 11,000,000 | |||||||||
| Dividend paid | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Dividends | $ 2,000,000 | |||||||||||
| Catterton investment agreement | LLCA Daylight LP | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
| Catterton investment agreement | LLCA Daylight LP | Minimum | Investor nominate directors to continue | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Common stock holding as percentage of common stock shares underlying warrants acquired by the investors | 50.00% | |||||||||||
| Penny warrants | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Payment of stock issuance costs | 3,604,000 | |||||||||||
| Adjustments to additional paid in capital warrant issue of warrants | $ 56,339,000 | |||||||||||
| Penny warrants | L Catterton Investment Agreement | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
| Class of warrants or rights outstanding term | 10 years | |||||||||||
| Penny warrants | Catterton investment agreement | LLCA Daylight LP | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Class or warrants or rights number of warrants issued during the period warrants (in shares) | shares | 11,000,000 | |||||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
| Class of warrants or rights outstanding term | 10 years | 10 years | ||||||||||
| Series A Non-convertible Preferred Shares | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Payment of stock issuance costs | $ 5,415,000 | |||||||||||
| Temporary equity dividend rate | 10.00% | |||||||||||
| Temporary equity liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
| Redeemable equity preferred amount at fair value | $ 84,643,000 | $ 84,643,000 | ||||||||||
| Temporary equity liquidation preference | 150,000,000 | 150,000,000 | ||||||||||
| Adjustments to additional paid in capital accretion of dividends on temporary equity | 11,491,000 | $ 11,491,000 | ||||||||||
| Redeemable non controlling interest equity preferred carrying amount | $ 109,565,000 | $ 121,449,000 | 109,565,000 | 121,449,000 | 109,565,000 | |||||||
| Accretion of Series A non-convertible preferred shares | $ (11,884,000) | (10,600,000) | ||||||||||
| Series A Non-convertible Preferred Shares | Dividend paid | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Dividends | $ 15,374,000 | $ 7,972,000 | ||||||||||
| Series A Non-convertible Preferred Shares | After 3 years but not later than 4 years from the issue closing date | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of liquidation preference per share | 105.00% | 105.00% | ||||||||||
| Series A Non-convertible Preferred Shares | After 4 years but not later than 5 years from the issue closing date | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of liquidation preference per share | 102.50% | 102.50% | ||||||||||
| Series A Non-convertible Preferred Shares | Later than years from the issue closing date | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of liquidation preference per share | 110.00% | 110.00% | ||||||||||
| Series A Non-convertible Preferred Shares | On dividends declared and unpaid | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity compound interest payable on accumulated dividends | 10.00% | |||||||||||
| Series A Non-convertible Preferred Shares | On dividends not delcated | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity compound interest payable on accumulated dividends | 10.00% | |||||||||||
| Series A Non-convertible Preferred Shares | Catterton investment agreement | LLCA Daylight LP | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity shares issued during the period shares (in shares) | shares | 150,000 | |||||||||||
| Maximum amount that can be incurred by way of Debt | $ 60,000 | |||||||||||
| Percentage of the total fair value of assets that can be transferred without the consent of the investors of temporary equity | 10.00% | 10.00% | ||||||||||
| Series A Non-convertible Preferred Shares | Catterton investment agreement | LLCA Daylight LP | Change of control in the company | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of liquidation preference per share | 110.00% | 110.00% | ||||||||||
| Series A Non-convertible Preferred Shares | Catterton investment agreement | LLCA Daylight LP | Minimum | Investor nominate directors to continue | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity percentage of the total shares acquired by the investors held by them | 50.00% | |||||||||||
| Series A redeemable non convertible preferred stock and penny warrants | Catterton investment agreement | LLCA Daylight LP | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity stock shares issued during the period and warrants or rights issued during the period value | $ 150,000 | |||||||||||
| Payment of stock issuance costs | 2,250,000 | |||||||||||
| Series B Convertible Preferred Shares | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Redeemable non controlling interest equity preferred carrying amount | $ 46,700,000 | $ 46,700,000 | $ 46,700,000 | $ 46,700,000 | 46,700,000 | |||||||
| Conversion rights, number of consecutive trading days | day | 10 | 10 | ||||||||||
| Proceeds from the investment | $ 50,000,000 | |||||||||||
| Temporary equity issuance costs | $ 3,300,000 | |||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity shares issued during the period shares (in shares) | shares | 50,000 | |||||||||||
| Payment of stock issuance costs | $ 1,000,000 | |||||||||||
| Temporary equity dividend rate | 4.00% | |||||||||||
| Temporary equity shares issued during the period value | $ 50,000 | |||||||||||
| Temporary equity converison price per share (in dollars per share) | $ / shares | $ 9,251 | $ 9,251 | ||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | More than 3 years and Within 5 years from the closure of issue of temporary equity | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Volume weighted average price per share (in dollars per share) | $ / shares | $ 13.88 | |||||||||||
| Volume weighted average price per share as a percentage of initial conversion price | (150.00%) | |||||||||||
| Percentage of conversion amount of redeemable preferred shares for conversion base | 105.00% | |||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | More than 5 years and Within 7 years from the closure of issue of temporary equity | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Volume weighted average price per share (in dollars per share) | $ / shares | $ 12.49 | |||||||||||
| Volume weighted average price per share as a percentage of initial conversion price | (135.00%) | |||||||||||
| Percentage of conversion amount of redeemable preferred shares for conversion base | 105.00% | |||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | Minimum | For further issuance of preference share at par with temporary equity | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity percentage of the total shares acquired by the investors held by them | 50.00% | 50.00% | ||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | Minimum | Investor nominate directors to continue | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity percentage of the total shares acquired by the investors held by them | 50.00% | 50.00% | 50.00% | |||||||||
| Percentage of the common stock shares to be held by the investors on converison of temporary equity | 50.00% | 50.00% | 50.00% | |||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | 7 years or more from the closure of issue of temporary equity | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity initial stated value per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | 7 years or more from the closure of issue of temporary equity | Within seven years from the issue closing date of temporary equity issue change of control occurs | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of liquidation preference per share | 110.00% | 110.00% | ||||||||||
| Series B Convertible Preferred Shares | Waha investment agreement | Waha Latam Investments Limited | 7 years or more from the closure of issue of temporary equity | After seven years from the issue closing date of temporary equity issue change of control occurs | ||||||||||||
| Redeemable Preferred Stock And Warrants [Line Items] | ||||||||||||
| Temporary equity redemption price as a percentage of initial value per share (in dollars per share) | $ / shares | $ 100 | $ 100 | ||||||||||
Debt and other financial liabilities - Summary of outstanding short-term and long-term debt (Detail) $ in Thousands |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
MXN ($)
|
Dec. 31, 2022
BRL (R$)
|
Dec. 31, 2022
CLP ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||||
| Long-term debt | $ 11,585 | $ 10,569 | ||||
| Less current maturities of long-term debt | 6,466 | 169 | ||||
| Long-term debt and other financial liabilities | 5,119 | 10,400 | ||||
| Short-term debt, including current maturities of long-term debt | 29,931 | 16,283 | ||||
| Total short-term and long-term debt | 35,050 | 26,683 | $ 19,316 | |||
| Secured Debt | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 2,231 | 0 | ||||
| HSBC Mexico, S.A | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument face amount | $ 100,000,000 | |||||
| HSBC Mexico, S.A | Notes Payable to Banks | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 5,177 | 4,874 | ||||
| Bank Sabadell I | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument face amount | $ 83,831,941 | |||||
| Bank Sabadell I | Notes Payable to Banks | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 0 | 2,109 | ||||
| Banco de Crédito e Inversiones | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument face amount | 611 | $ 500,000,000 | ||||
| Banco de Crédito e Inversiones | Notes Payable to Banks | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 251 | 419 | ||||
| Itaú Unibanco S.A. | Notes Payable to Banks | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 3,926 | $ 3,167 | ||||
| Itaú Unibanco S.A. | Notes Payable To Banks One | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument face amount | 3,255 | R$ 17,200,000 | ||||
| Itaú Unibanco S.A. | Notes Payable To Banks Two | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument face amount | $ 568 | R$ 3,000,000 |
Debt and other financial liabilities - Summary of long-term debt instruments (Detail) - 12 months ended Dec. 31, 2022 $ in Thousands |
BRL (R$) |
CLP ($) |
USD ($) |
|---|---|---|---|
| Banco de Crédito e Inversiones | |||
| Debt Instrument [Line Items] | |||
| Principal amount | $ 500,000,000 | $ 611 | |
| Interest rate | 3.50% | ||
| Itaú Unibanco S.A. | Notes Payable To Banks One | |||
| Debt Instrument [Line Items] | |||
| Principal amount | R$ 17,200,000 | 3,255 | |
| Itaú Unibanco S.A. | Notes Payable To Banks One | CDI, Certificados de Depósitos Interbancários | |||
| Debt Instrument [Line Items] | |||
| Interest rate | 4.00% | ||
| Itaú Unibanco S.A. | Notes Payable To Banks Two | |||
| Debt Instrument [Line Items] | |||
| Principal amount | R$ 3,000,000 | $ 568 | |
| Itaú Unibanco S.A. | Notes Payable To Banks Two | CDI, Certificados de Depósitos Interbancários | |||
| Debt Instrument [Line Items] | |||
| Interest rate | 4.00% |
Debt and other financial liabilities - Summary of changes in debt (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Debt [Roll Forward] | |||
| Balance, beginning of year | $ 26,683 | $ 19,316 | |
| Borrowings obtained | 0 | 3,943 | $ 640 |
| Payment of borrowings | (3,927) | (2,913) | |
| Accrued interest | 641 | 718 | |
| Interest paid | (229) | (241) | |
| Foreign currency translation adjustment | (3,997) | (1,474) | |
| Short-term loans, net | 13,648 | 7,334 | |
| Balance, end of year | 35,050 | 26,683 | $ 19,316 |
| Variable Interest Entity, Primary Beneficiary | |||
| Debt [Roll Forward] | |||
| Borrowings obtained | $ 2,231 | $ 0 | |
Debt and other financial liabilities - Additional Information (Detail) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2022
USD ($)
institution
loan
|
Dec. 31, 2021
USD ($)
loan
institution
|
|
| Debt Instrument [Line Items] | ||
| Number of loans | loan | 5 | 4 |
| Number of financial institutions | institution | 1 | 2 |
| Short-term debt, weighted average interest rate | 12.69% | 8.68% |
| Notes Payable to Banks | ||
| Debt Instrument [Line Items] | ||
| Fair value of long term debt | $ | $ 4,843 | $ 11,507 |
| Minimum | ||
| Debt Instrument [Line Items] | ||
| Short term debt, term | 2 months | |
| Maximum | ||
| Debt Instrument [Line Items] | ||
| Short term debt, term | 12 months |
Cash and cash equivalents and restricted cash and cash equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Cash and Cash Equivalents [Abstract] | |||
| Cash on hand | $ 65 | $ 14 | |
| Bank deposits | 186,539 | 181,560 | |
| Time deposits | 17,117 | 22,674 | |
| Money market funds | 15,446 | 41,830 | |
| Total cash and cash equivalents | $ 219,167 | $ 246,078 | $ 334,430 |
Cash and cash equivalents and restricted cash and cash equivalents - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Restricted Cash and Cash Equivalents Items [Line Items] | |||
| Restricted cash | $ 25,879 | $ 33,145 | $ 16,055 |
| Variable Interest Entity, Primary Beneficiary | |||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||
| Restricted cash | $ 1,492 | $ 0 |
Cash and cash equivalents and restricted cash and cash equivalents - Summary of cash and cash equivalents and restricted cash (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|
| Cash and Cash Equivalents [Abstract] | ||||
| Cash and cash equivalents | $ 219,167 | $ 246,078 | $ 334,430 | |
| Restricted cash | 25,879 | 33,145 | 16,055 | |
| Total cash and cash equivalents and restricted cash as shown in our consolidated statements of cash flows: | $ 245,046 | $ 279,223 | $ 350,485 | $ 313,644 |
Trade accounts receivable, net of allowances -Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | $ 157,927 | $ 138,891 | |
| Allowance for credit losses | (10,529) | (10,911) | $ (9,543) |
| Total accounts receivable, Net | 147,398 | 127,980 | |
| Third-party credit card processors | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 87,063 | 90,063 | |
| Fulfilment partners | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 38,545 | 22,100 | |
| Airlines | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 4,144 | 4,686 | |
| Global distribution systems | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 9,615 | 8,612 | |
| Hotels | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 2,233 | 4,268 | |
| Advertising | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | 5,676 | 4,749 | |
| Others | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Total accounts receivable | $ 10,651 | $ 4,413 |
Trade accounts receivable, net of allowances - Summary of the Activity on the Expected Credit Loss Allowance for Trade Receivables (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Balance, beginning of year | $ 10,911 | $ 9,543 |
| Provisions | 8,233 | 9,438 |
| Recoveries and write-off | (8,884) | (7,127) |
| Foreign currency translation adjustment | 269 | (943) |
| Balance, end of year | $ 10,529 | $ 10,911 |
Trade accounts receivable, net of allowances - Additional Information (Detail) - Cumulative Effect, Period of Adoption, Adjustment $ in Thousands |
Dec. 31, 2020
USD ($)
|
|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |
| Change in accounting standard ASC 326 | $ (1,076) |
| Accumulated losses | |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |
| Change in accounting standard ASC 326 | (1,076) |
| Accumulated losses | Accounting Standards Update 2016-13 | |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |
| Change in accounting standard ASC 326 | $ 1,076 |
Trade accounts receivable, net of allowances - Summary of the impact of adopting ASC 326 (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 01, 2020 |
|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Allowance for credit losses | $ 10,529 | $ 10,911 | $ 9,543 | |
| Previously Reported | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Allowance for credit losses | $ 3,205 | |||
| Impact of ASC 326 adoption | Accounting Standards Update 2016-13 | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Allowance for credit losses | 1,076 | |||
| As reported under ASC 326 | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Allowance for credit losses | $ 4,281 |
Brazilian accounts receivable securitization program - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Assets [Abstract] | |||
| Restricted cash | $ 25,879 | $ 33,145 | $ 16,055 |
| Allowance for credit expected losses | (11,938) | (2,064) | |
| Total current assets | 465,126 | 487,041 | |
| Total non-current assets | 339,066 | 335,080 | |
| TOTAL ASSETS | 804,192 | 822,121 | |
| Liabilities [Abstract] | |||
| Total current liabilities | 564,485 | 474,826 | |
| Total non-current liabilities | 198,708 | 220,163 | |
| TOTAL LIABILITIES | 763,193 | 694,989 | |
| Securitized loans receivable | |||
| Assets [Abstract] | |||
| Loan receivables | 3,963 | 44 | |
| Variable Interest Entity, Primary Beneficiary | |||
| Variable Interest Entity [Line Items] | |||
| Koin Vert - Current | 2,314 | 0 | |
| Koin Vert - Non current | 2,231 | 0 | |
| Total | $ 4,545 | ||
| Loans receivable, variable interest rate | 7.00% | ||
| Assets [Abstract] | |||
| Restricted cash | $ 1,492 | 0 | |
| Allowance for credit expected losses | (550) | 0 | |
| Total current assets | 4,905 | 44 | |
| Loans receivable | 0 | 0 | |
| Total non-current assets | 0 | 0 | |
| TOTAL ASSETS | 4,905 | 44 | |
| Liabilities [Abstract] | |||
| Accounts payable | 2 | 0 | |
| Other payables | 1 | 0 | |
| Total current liabilities | 2,317 | 0 | |
| Total non-current liabilities | 2,231 | 0 | |
| TOTAL LIABILITIES | 4,548 | 0 | |
| Variable Interest Entity, Primary Beneficiary | Securitized loans receivable | |||
| Assets [Abstract] | |||
| Loan receivables | $ 3,963 | $ 44 |
Other assets and prepaid expenses - Summary of Other Current Assets and Prepaid Expenses (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Prepaid Expense and Other Assets, Current [Abstract] | ||
| Tax credits | $ 26,660 | $ 25,871 |
| Prepaid expenses and advance to suppliers | 14,504 | 20,223 |
| Seller indemnification | 4,216 | 0 |
| Others | 1,241 | 4,665 |
| Total other current assets and prepaid expenses | $ 46,621 | $ 50,759 |
Other assets and prepaid expenses- Summary of Other Noncurrent Assets and Prepaid Expenses (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Assets, Noncurrent [Abstract] | ||
| Deferred tax assets | $ 59,254 | $ 68,659 |
| Seller indemnification | 6,974 | 13,212 |
| Equity method investments | 3,556 | 535 |
| Total other non-current assets and prepaid expenses | 69,784 | $ 82,406 |
| Brazil | ||
| Other Assets, Noncurrent [Abstract] | ||
| Equity method investments | $ 2,900 |
Property and equipment, net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | $ 55,967 | $ 48,204 | |
| Accumulated depreciation | (40,435) | (30,919) | |
| Total property and equipment, net | 15,532 | 17,285 | $ 22,462 |
| Computer hardware and software | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 37,156 | 31,170 | |
| Accumulated depreciation | (28,812) | (21,205) | |
| Office furniture and fixtures | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 14,687 | 13,918 | |
| Accumulated depreciation | (10,565) | (9,064) | |
| Buildings | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 2,042 | 2,036 | |
| Accumulated depreciation | (289) | (241) | |
| Vehicles | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 1,814 | 823 | |
| Accumulated depreciation | (769) | (409) | |
| Land | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | $ 268 | $ 257 |
Property and equipment, net - Summary of Movements in Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Movement in Property, Plant and Equipment [Roll Forward] | |||
| Balance, beginning of year | $ 17,285 | $ 22,462 | |
| Additions | 4,288 | 2,368 | |
| Acquisitions | 769 | 0 | |
| Depreciation | (7,018) | (6,917) | $ (7,981) |
| Foreign currency translation adjustment | 208 | (628) | |
| Balance, end of year | $ 15,532 | $ 17,285 | $ 22,462 |
Property and equipment, net - Summary of Depreciation Expense Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense | $ 7,018 | $ 6,917 | $ 7,981 |
| Technology and product development | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense | 2,591 | 2,913 | 4,351 |
| General and administrative | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense | 2,359 | 2,695 | 3,377 |
| Selling and marketing | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense | $ 2,068 | $ 1,309 | $ 253 |
Property and equipment, net - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment [Abstract] | |||
| Property and equipment impairment charges | $ 0 | $ 0 | $ 271 |
Intangible assets, net- Schedule of Indefinite-lived and Definite-lived Intangible Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Indefinite-lived intangible assets: | |||
| Trademarks and domains | $ 13,882 | $ 13,882 | |
| Definite-lived intangible assets: | |||
| Total intangible assets | 217,387 | 182,571 | |
| Accumulated amortization | (125,887) | (95,956) | |
| Impairment charges | 0 | (892) | |
| Total intangible assets, net | 91,500 | 85,723 | $ 96,495 |
| Trademarks and domains | |||
| Definite-lived intangible assets: | |||
| Finite lived intangible assets gross | 31,084 | 28,796 | |
| Accumulated amortization | (14,066) | (15,372) | |
| Developed technology | |||
| Definite-lived intangible assets: | |||
| Finite lived intangible assets gross | 135,318 | 101,666 | |
| Accumulated amortization | (97,615) | (69,225) | |
| Licenses | |||
| Definite-lived intangible assets: | |||
| Finite lived intangible assets gross | 2,418 | 4,916 | |
| Accumulated amortization | (1,741) | (4,229) | |
| Customer relationships | |||
| Definite-lived intangible assets: | |||
| Finite lived intangible assets gross | 34,685 | 33,311 | |
| Accumulated amortization | $ (12,465) | $ (7,130) |
Intangible assets, net - Summary of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Indefinite and Definite Lived Intangible Assets [Roll Forward] | |||
| Balance, beginning of year | $ 85,723 | $ 96,495 | |
| Additions | 26,372 | 18,823 | |
| Acquisitions | 7,868 | 0 | |
| Amortization | (28,985) | (27,288) | $ (21,699) |
| Impairment charges | 0 | (892) | (1,053) |
| Foreign currency translation adjustment | 522 | (1,415) | |
| Balance, end of year | $ 91,500 | $ 85,723 | $ 96,495 |
Intangible assets, net - Summary of Amortization expense Of Intangible Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | $ 28,985 | $ 27,288 | $ 21,699 |
| Technology and product development | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | 18,825 | 18,610 | 17,190 |
| General and administrative | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | 8,574 | 7,044 | 3,753 |
| Selling and marketing | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | $ 1,586 | $ 1,634 | $ 756 |
Intangible assets, net - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2023 | $ 20,857 |
| 2024 | 17,707 |
| 2025 | 13,860 |
| 2026 | 6,600 |
| 2027 | 5,346 |
| 2028 and thereafter | 13,248 |
| Total | $ 77,618 |
Intangible assets, net - Additional Information (Detail) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Goodwill [Line Items] | |||
| Impairment of intangible assets, indefinite-lived | $ 0 | ||
| Impairment charges | $ 0 | $ 892,000 | $ 1,053,000 |
| Customer relationships | |||
| Goodwill [Line Items] | |||
| Impairment charges | $ 892,000 | $ 1,053,000 | |
| Level 3 | |||
| Goodwill [Line Items] | |||
| Royalty rate | 2.50% | ||
| Level 3 | Measurement input, projected revenue and royalty rates | |||
| Goodwill [Line Items] | |||
| Intangible asset, measurement input | 0.020 | ||
Goodwill - Summary Of Changes In Goodwill By Reportable Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Goodwill [Roll Forward] | |||
| Balance of beginning of period | $ 122,426 | $ 123,217 | |
| Measurement period adjustments | 8,255 | ||
| Impairment charges | 0 | (4,214) | $ (593) |
| Foreign currency translation adjustment | 3,488 | (4,832) | |
| Additions | 12,723 | ||
| Balance at end of period | 138,637 | 122,426 | 123,217 |
| Air | |||
| Goodwill [Roll Forward] | |||
| Balance of beginning of period | 17,340 | 18,612 | |
| Measurement period adjustments | 0 | ||
| Impairment charges | (161) | ||
| Foreign currency translation adjustment | (603) | (1,111) | |
| Additions | 12,723 | ||
| Balance at end of period | 29,460 | 17,340 | 18,612 |
| Packages, Hotels and Other Travel Products | |||
| Goodwill [Roll Forward] | |||
| Balance of beginning of period | 99,490 | 98,604 | |
| Measurement period adjustments | 8,255 | ||
| Impairment charges | (4,053) | ||
| Foreign currency translation adjustment | 3,789 | (3,316) | |
| Additions | 0 | ||
| Balance at end of period | 103,279 | 99,490 | 98,604 |
| Financial Services | |||
| Goodwill [Roll Forward] | |||
| Balance of beginning of period | 5,596 | 6,001 | |
| Measurement period adjustments | 0 | ||
| Impairment charges | 0 | ||
| Foreign currency translation adjustment | 302 | (405) | |
| Additions | 0 | ||
| Balance at end of period | $ 5,898 | $ 5,596 | $ 6,001 |
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill, impairment charges | $ 0 | $ 4,214 | $ 593 |
Accounts payable and accrued expenses - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Total accounts payable and accrued expenses | $ 58,024 | $ 51,577 |
| Marketing suppliers | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Total accounts payable and accrued expenses | 20,212 | 17,345 |
| Unbilled suppliers | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Total accounts payable and accrued expenses | 15,868 | 16,554 |
| Other suppliers | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Total accounts payable and accrued expenses | $ 21,944 | $ 17,678 |
Travel accounts payable - Schedule of Travel Accounts Payables (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Travel accounts payable | $ 287,426 | $ 263,530 |
| Deferred merchant bookings | 198,680 | 142,898 |
| Hotels and Other Travel Providers | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Travel accounts payable | 200,006 | 172,393 |
| Canceled reservations pending payment to travelers | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Travel accounts payable | 51,350 | 71,301 |
| Airlines | ||
| Accounts Payable And Accrued Expenses [Line Items] | ||
| Travel accounts payable | $ 36,070 | $ 19,836 |
Other liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Liabilities, Current [Abstract] | ||
| Taxes payable | $ 54,177 | $ 49,518 |
| Salaries payable | 37,927 | 27,128 |
| Purchase price payable for acquisition | 3,744 | 0 |
| Promissory notes issued | 15,879 | 0 |
| Others | 2,494 | 2,368 |
| Total other current liabilities | $ 114,221 | $ 79,014 |
Other liabilities - Summary of Other Non-current Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 01, 2020 |
|---|---|---|---|
| Other Liabilities, Noncurrent [Abstract] | |||
| Taxes payable | $ 16 | $ 56 | |
| Deferred tax liabilities | 12,898 | 9,772 | |
| Accrued earnout liability | 811 | 2,924 | |
| Promissory notes issued | 0 | 14,323 | |
| Others | 3,008 | 2,177 | |
| Total other non-current liabilities | 20,845 | 38,545 | |
| Best Day Group | |||
| Other Liabilities, Noncurrent [Abstract] | |||
| Purchase price payable for acquisition | 0 | 9,293 | |
| Accrued earnout liability | $ 1,526 | ||
| Viajanet | |||
| Other Liabilities, Noncurrent [Abstract] | |||
| Purchase price payable for acquisition | $ 4,112 | $ 0 |
Derivative financial instruments - Summary of Derivative Position (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Derivative [Line Items] | ||
| Fair value | $ 509 | $ 1,536 |
| Brazilian Reais | Derivative Instrument 1 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 7,000 | 14,000 |
| Fair value | (155) | 91 |
| Brazilian Reais | Derivative Instrument 2 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 8,000 | |
| Fair value | (98) | |
| Brazilian Reais | Derivative Instrument 3 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 6,600 | |
| Fair value | 172 | |
| Brazilian Reais | Derivative Instrument 6 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 10,000 | |
| Fair value | 247 | |
| Chilean Pesos | Derivative Instrument 4 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 4,000 | |
| Fair value | (91) | |
| Chilean Pesos | Derivative Instrument 4 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 4,000 | |
| Fair value | (34) | |
| Chilean Pesos | Derivative Instrument 5 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 11,000 | |
| Fair value | 527 | |
| Chilean Pesos | Derivative Instrument 6 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 5,000 | |
| Fair value | 135 | |
| Chilean Pesos | Derivative Instrument 9 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 3,000 | |
| Fair value | (34) | |
| Colombian Pesos | Derivative Instrument 5 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 3,000 | |
| Fair value | 20 | |
| Colombian Pesos | Derivative Instrument 7 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 5,000 | |
| Fair value | (9) | |
| Colombian Pesos | Derivative Instrument 8 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 4,000 | |
| Fair value | 31 | |
| Mexican Pesos | Derivative Instrument 2 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 14,000 | |
| Fair value | 332 | |
| Mexican Pesos | Derivative Instrument 7 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 9,000 | |
| Fair value | 364 | |
| Mexican Pesos | Derivative Instrument 8 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 3,500 | |
| Fair value | (27) | |
| Mexican Pesos | Derivative Instrument 9 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 3,500 | |
| Fair value | (27) | |
| Mexican Pesos | Derivative Instrument 10 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 5,000 | |
| Fair value | 148 | |
| Peruvian soles | Derivative Instrument 10 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 2,500 | |
| Fair value | (21) | |
| Peruvian soles | Derivative Instrument 11 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 2,500 | |
| Fair value | 59 | |
| Uruguayan Pesos | Derivative Instrument 12 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 2,000 | |
| Fair value | 37 | |
| Uruguayan Pesos | Derivative Instrument 13 | Sell | ||
| Derivative [Line Items] | ||
| Notional amount | 1,000 | |
| Fair value | $ 7 | |
| Argentinian pesos | Derivative Instrument 3 | Buy | ||
| Derivative [Line Items] | ||
| Notional amount | 10,000 | |
| Fair value | $ 371 |
Restructuring and related reorganization charges - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring charges | $ 0 | $ 4,041 | $ 13,360 |
| Payments for restructuring | 4,192 | 13,209 | |
| Cost of Sales | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Payments for restructuring | 215 | 2,662 | |
| Selling and marketing | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Payments for restructuring | 1,290 | 3,851 | |
| General and administrative | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring charges | 395 | 399 | |
| Payments for restructuring | 1,087 | 3,239 | |
| Technology and Product Development | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Payments for restructuring | 1,054 | 3,209 | |
| Employee severance and benefits | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring charges | 3,646 | 12,961 | |
| Payments for restructuring | $ 3,646 | $ 12,961 | |
Restructuring and related reorganization charges - Summary of restructuring and related reorganization activity (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | $ 0 | $ 151 | $ 0 |
| Charges | 0 | 4,041 | 13,360 |
| Payments | (4,192) | (13,209) | |
| Ending balance | 0 | 151 | |
| Employee severance and benefits | |||
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | 0 | 0 | 0 |
| Charges | 3,646 | 12,961 | |
| Payments | (3,646) | (12,961) | |
| Ending balance | 0 | 0 | |
| Others | |||
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | $ 0 | 151 | 0 |
| Charges | 395 | 399 | |
| Payments | (546) | (248) | |
| Ending balance | $ 0 | $ 151 | |
Income Taxes - Summary of U.S and Foreign (loss) / Income Before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. | $ (22,264) | $ (17,518) | $ (15,510) |
| Foreign | (24,948) | (88,577) | (148,797) |
| Loss before income taxes | $ (47,212) | $ (106,095) | $ (164,307) |
Income Taxes - Summary of Income Tax Expense Components (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current income tax (expenses) / benefit: | |||
| U.S. Federal | $ 188 | $ (8,355) | $ (1,424) |
| Foreign | 20,926 | 26,115 | 4,440 |
| Total current income tax expense | 21,114 | 17,760 | 3,016 |
| Deferred income tax (expenses) / benefit: | |||
| U.S. Federal | 550 | 1,077 | (2,653) |
| Foreign | (355) | (19,067) | (21,801) |
| Total deferred income tax (expenses) / benefit | 195 | (17,990) | (24,454) |
| Income tax expenses / (benefit) | $ 21,309 | $ (230) | $ (21,438) |
Income Taxes - Summary of Classification of Deferred Tax Assets Liabilities by Current and Non-current (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|
| Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
| Total deferred tax assets | $ 113,474 | $ 92,658 | ||
| Less: Valuation allowance | (54,220) | (23,999) | $ (9,026) | $ (11,349) |
| Net deferred tax assets | 59,254 | 68,659 | ||
| Total deferred tax liabilities | (12,898) | (9,772) | ||
| Total deferred tax | $ 46,356 | $ 58,887 |
Income Taxes - Summary of Composition of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|
| Income Tax Disclosure [Abstract] | ||||
| Tax loss carryforwards | $ 84,386 | $ 59,615 | ||
| Allowance for credit expected losses | 1,802 | 3,113 | ||
| Provisions and other assets | 19,281 | 31,237 | ||
| Property and equipment | 1,355 | 3 | ||
| Intangible assets | (5,879) | (7,698) | ||
| Others | (369) | (3,384) | ||
| Total net deferred tax assets before valuation allowance | 100,576 | 82,886 | ||
| Less: Valuation allowance | (54,220) | (23,999) | $ (9,026) | $ (11,349) |
| Total deferred tax | $ 46,356 | $ 58,887 |
Income Taxes - Summary of Tax Loss Carryforwards Expiration (Detail) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 317,513 |
| U.S. | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 83,948 |
| U.S. | Expires 2025 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 0 |
| U.S. | Expires 2026 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 0 |
| U.S. | Expires 2027 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 0 |
| U.S. | Expires 2028 and thereafter | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 0 |
| U.S. | Without expiration dates | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 83,948 |
| Foreign | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 233,565 |
| Foreign | Expires 2025 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 1,850 |
| Foreign | Expires 2026 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 13,416 |
| Foreign | Expires 2027 | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 12,741 |
| Foreign | Expires 2028 and thereafter | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 52,740 |
| Foreign | Without expiration dates | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 152,818 |
Income taxes - Summary of NOLs by country of origin (Detail) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 317,513 |
| Brazil | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 151,914 |
| Argentina | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 51,073 |
| United States | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 83,948 |
| Mexico | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 29,674 |
| Chile | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 766 |
| Peru | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 138 |
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Income Tax [Line Items] | |||||
| Operating loss carryforwards without expiration date | $ 236,000 | ||||
| Valuation allowance | 54,220 | $ 23,999 | $ 9,026 | $ 11,349 | |
| Valuation allowance, increase (decrease), amount | 30,221 | ||||
| Undistributed earnings of foreign subsidiaries | $ 8,020 | ||||
| Effective income tax rate | 45.10% | 0.20% | 13.00% | ||
| Income tax rate | 21.00% | 21.00% | 21.00% | ||
| Income tax (expense) benefit | $ 21,309 | $ (230) | $ (21,438) | ||
| Unrecognized tax benefits | 41,925 | 45,865 | 32,906 | $ 0 | |
| Interest and penalties | 22,918 | 23,434 | |||
| Interest expenses | $ 5,687 | 4,555 | 1,128 | ||
| Income tax credits and adjustments | $ 1,649 | ||||
| Administración Federal de Ingresos Públicos | |||||
| Income Tax [Line Items] | |||||
| Income tax benefits per share | $ 0.01 | ||||
| Secretariat of the Federal Revenue Bureau of Brazil | |||||
| Income Tax [Line Items] | |||||
| Income tax (expense) benefit | $ (6,800) | ||||
| Income tax benefits per share | $ 0.09 | ||||
| Net Operating Loss Carryforwards, Not Likely To Be Realized | |||||
| Income Tax [Line Items] | |||||
| Valuation allowance | $ 146,855 | ||||
| Argentina | |||||
| Income Tax [Line Items] | |||||
| Income tax (expense) benefit | $ 800 | $ (300) | $ (2,100) | ||
Income Taxes - Summary of Changes in Valuation Allowance (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
| Balance of beginning of period | $ 23,999 | $ 9,026 | $ 11,349 |
| Increases | 39,240 | 23,124 | 754 |
| Decreases | (9,019) | (8,151) | (3,077) |
| Balance at end of period | $ 54,220 | $ 23,999 | $ 9,026 |
Income Taxes - Summary of Reconciliation of Difference between Actual Provision for Income Taxes and Provision Computed by Applying Weighted Average Income Tax Rate (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| Net loss before income tax | $ (47,212) | $ (106,095) | $ (164,307) |
| Income tax Rate | 21.00% | 21.00% | 21.00% |
| Expected income tax benefit | $ (9,915) | $ (22,280) | $ (34,504) |
| Permanent differences: | |||
| Foreign non-creditable withholding tax | 11,540 | 7,652 | 1,471 |
| Non-deductible expenses | 10,440 | 20,743 | 19,744 |
| Currency translation adjustment | 2,595 | 1,534 | (1,254) |
| Tax credits recovery | 0 | 0 | 12 |
| Others | (256) | 97 | (40) |
| Unrecognized tax benefits and related interest | 1,029 | 6,930 | 1,747 |
| Foreign Rate Differential | (9,091) | (3,133) | (3,060) |
| Tax Inflation Adjustment | (12,716) | (6,906) | (5,137) |
| Tax Holiday | 5,990 | 334 | 2,109 |
| True up | 2,283 | (2,238) | 849 |
| Change in rate | 0 | (4,597) | (8) |
| Change in valuation allowance | 19,410 | 1,634 | (3,367) |
| Income tax expenses / (benefit) | $ 21,309 | $ (230) | $ (21,438) |
Income taxes - Summary of income tax contingencies (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Balance, beginning of year | $ 45,865 | $ 32,906 | $ 0 |
| Increases to tax positions related to prior years | 2,406 | 8,404 | 31,778 |
| Decreases to tax positions related to prior years | (6,912) | 0 | 0 |
| Settlements during current year | (5,121) | 0 | 0 |
| Interest and penalties | 5,687 | 4,555 | 1,128 |
| Balance, end of year | $ 41,925 | $ 45,865 | $ 32,906 |
Segment information - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Segment information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Segment Reporting Information [Line Items] | |||||
| Revenue | [1] | $ 537,972 | $ 322,843 | $ 131,334 | |
| Adjusted (negative) EBITDA | 41,932 | (40,105) | (121,813) | ||
| Depreciation and amortization | (36,003) | (34,205) | (29,680) | ||
| Stock-based compensation expense | (7,292) | (12,338) | (7,312) | ||
| Impairment charges | 0 | (5,106) | (1,917) | ||
| Restructuring charges | 0 | (4,041) | (13,360) | ||
| Acquisition related costs | 390 | 93 | 3,135 | ||
| Operating income (loss) | (1,753) | (95,888) | (177,217) | ||
| Financial results, net | (45,459) | (10,207) | 12,910 | ||
| Loss before income taxes | (47,212) | (106,095) | (164,307) | ||
| Income tax expenses | (21,309) | 230 | 21,438 | ||
| Net loss for the year | (68,521) | (105,865) | (142,869) | ||
| Net loss attributable to redeemable non-controlling interest | 0 | (1,237) | (282) | ||
| Net loss attributable to Despegar.com, Corp. | (68,521) | (104,628) | (142,587) | ||
| PrePayModel Customer | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 457,335 | 270,891 | 102,591 | ||
| Air | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 215,782 | 118,456 | 62,713 | ||
| Packages, Hotels and Other Travel Products | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 317,748 | 203,587 | 68,483 | ||
| Financial Services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 4,442 | 800 | 138 | ||
| Operating Segments | Air | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 215,782 | 118,456 | 62,713 | ||
| Adjusted (negative) EBITDA | 17,953 | (21,536) | (33,035) | ||
| Depreciation and amortization | (10,339) | (11,523) | (9,773) | ||
| Stock-based compensation expense | 0 | 0 | 0 | ||
| Impairment charges | 0 | (161) | (593) | ||
| Restructuring charges | 0 | 0 | 0 | ||
| Acquisition related costs | 390 | 0 | 0 | ||
| Operating income (loss) | 7,224 | (33,220) | (43,401) | ||
| Operating Segments | Packages, Hotels and Other Travel Products | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 317,748 | 203,587 | 68,483 | ||
| Adjusted (negative) EBITDA | 42,257 | (4,770) | (84,655) | ||
| Depreciation and amortization | (12,516) | (10,961) | (9,773) | ||
| Stock-based compensation expense | 0 | 0 | 0 | ||
| Impairment charges | 0 | (4,945) | (1,324) | ||
| Restructuring charges | 0 | 0 | 0 | ||
| Acquisition related costs | 0 | 0 | 0 | ||
| Operating income (loss) | 29,741 | (20,676) | (95,752) | ||
| Operating Segments | Financial Services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 12,247 | 1,507 | 250 | ||
| Adjusted (negative) EBITDA | (18,278) | (13,799) | (4,123) | ||
| Depreciation and amortization | (71) | (62) | (133) | ||
| Stock-based compensation expense | 0 | 0 | 0 | ||
| Impairment charges | 0 | 0 | 0 | ||
| Restructuring charges | 0 | 0 | 0 | ||
| Acquisition related costs | 0 | 0 | 0 | ||
| Operating income (loss) | (18,349) | (13,861) | (4,256) | ||
| Intersegment Eliminations | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 7,805 | 707 | 112 | ||
| Intersegment Eliminations | Financial Services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 7,805 | 707 | 112 | ||
| Corporate | |||||
| Segment Reporting Information [Line Items] | |||||
| Depreciation and amortization | (13,077) | (11,659) | (10,001) | ||
| Stock-based compensation expense | (7,292) | (12,338) | (7,312) | ||
| Impairment charges | 0 | 0 | 0 | ||
| Restructuring charges | 0 | (4,041) | (13,360) | ||
| Acquisition related costs | 0 | 93 | 3,135 | ||
| Operating income (loss) | $ (20,369) | $ (28,131) | $ (33,808) | ||
| |||||
Segment information - Summary of Revenues by Segment and Business Model (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Segment Reporting Information [Line Items] | |||||
| Revenue | [1] | $ 537,972 | $ 322,843 | $ 131,334 | |
| Argentina | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 75,136 | 44,789 | 16,112 | ||
| Brazil | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 144,423 | 75,630 | 45,289 | ||
| Uruguay | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 98,249 | 43,434 | 9,240 | ||
| Mexico | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 116,273 | 94,284 | 30,801 | ||
| Other countries | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 103,891 | 64,706 | 29,892 | ||
| Commissions and service fees | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 455,790 | 268,442 | 100,908 | ||
| Incentive fees | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 39,859 | 28,658 | 17,040 | ||
| Advertising | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 16,166 | 10,227 | 5,040 | ||
| Destination services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 14,071 | 7,959 | 2,988 | ||
| Interest revenue | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 4,114 | 788 | 138 | ||
| Financial Services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 328 | 13 | 0 | ||
| Others | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 7,644 | 6,756 | 5,220 | ||
| PrePayModel Customer | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 457,335 | 270,891 | 102,591 | ||
| PayAtDestinationModel Customers | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,364 | 5,342 | 1,305 | ||
| Interest Revenue Customers | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 4,114 | 788 | 138 | ||
| Other Customers | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | $ 65,159 | $ 45,822 | $ 27,300 | ||
| |||||
Segment information - Schedule of Allocation of Long-lived Assets Based on Geography (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Segment Reporting Information [Line Items] | |||
| Goodwill | $ 138,637 | $ 122,426 | $ 123,217 |
| Intangible assets | 91,500 | 85,723 | 96,495 |
| Long-lived assets | 15,532 | 17,285 | $ 22,462 |
| Loans receivable | 28,981 | 10,971 | |
| Allowance for credit losses | (12,411) | (2,064) | |
| Total loans receivable, net | 16,570 | 8,907 | |
| Argentina | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 1,200 | 1,200 | |
| Intangible assets | 41,096 | 37,016 | |
| Long-lived assets | 3,735 | 4,822 | |
| Brazil | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 25,284 | 13,177 | |
| Long-lived assets | 1,699 | 1,198 | |
| Mexico | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 88,280 | 83,904 | |
| Intangible assets | 696 | 338 | |
| Long-lived assets | 4,492 | 4,140 | |
| Uruguay | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 16,839 | 16,839 | |
| Intangible assets | 6,022 | 6,823 | |
| Long-lived assets | 657 | 641 | |
| United States | |||
| Segment Reporting Information [Line Items] | |||
| Long-lived assets | 2,290 | 3,731 | |
| Other countries | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 7,034 | 7,306 | |
| Intangible assets | 43,686 | 41,546 | |
| Long-lived assets | $ 2,659 | $ 2,753 |
Commitments and contingencies (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Oct. 01, 2020 |
|
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | $ 811 | $ 2,924 | ||
| Accrued earnout liability | 811 | 2,924 | ||
| Settlement payment | 8,757 | 13,413 | ||
| Labor and social security contingencies related to former employees litigation and unasserted labor claims | 2,630 | 558 | ||
| Tax contingencies related to unasserted claims in jurisdiction | 27,188 | $ 20,466 | ||
| Mr Julin Balbuena Alonso And BD Operadora De ServiciosSA De CV | ||||
| Other Commitments [Line Items] | ||||
| Professional fees | $ 1,819 | |||
| Best Day Group | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | $ 1,526 | |||
| Earnout Consideration | Best Day Group | Share Triggering Price One | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | $ 10 | |||
| Minimum | ||||
| Other Commitments [Line Items] | ||||
| Loss contingency, possible loss | 81,000 | |||
| Minimum | Earnout Consideration | Best Day Group | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | $ 0 | |||
| Minimum | Earnout Consideration | Best Day Group | Share Triggering Price One | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | $ 10 | |||
| Minimum | Earnout Consideration | Best Day Group | Share Triggering Price Two | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | 15 | |||
| Minimum | Earnout Consideration | Best Day Group | Share Triggering Price Three | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | $ 20 | |||
| Maximum | ||||
| Other Commitments [Line Items] | ||||
| Loss contingency, possible loss | $ 154,000 | |||
| Maximum | Earnout Consideration | Best Day Group | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | $ 20,000 | |||
| Maximum | Earnout Consideration | Best Day Group | Price Between Ten And Fifteen | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | 5,000 | |||
| Maximum | Earnout Consideration | Best Day Group | Price Between Fifteen And Twenty | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | 10,000 | |||
| Maximum | Earnout Consideration | Best Day Group | Price Between Twenty And Twenty Five | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | 15,000 | |||
| Maximum | Earnout Consideration | Best Day Group | Price is more than twenty five | ||||
| Other Commitments [Line Items] | ||||
| Accrued earnout liability | $ 20,000 | |||
| Maximum | Earnout Consideration | Best Day Group | Share Triggering Price Two | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | $ 15 | |||
| Maximum | Earnout Consideration | Best Day Group | Share Triggering Price Three | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | 20 | |||
| Maximum | Earnout Consideration | Best Day Group | Share Triggering Price Four | ||||
| Other Commitments [Line Items] | ||||
| Share price (in dollars per share) | $ 25 | |||
Related party transactions - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Related Party Transaction [Line Items] | |||
| Related party receivable | $ 10,676 | $ 20,172 | |
| Related party payable | 37,472 | 34,772 | |
| Revenue from related parties | $ 24,220 | 19,205 | $ 7,066 |
| Investor | |||
| Related Party Transaction [Line Items] | |||
| Maximum percentage of inventory outsourced | 10.00% | ||
| Termination fee | $ 125,000 | ||
| Related party receivable | 10,676 | 20,172 | |
| Related party payable | 37,472 | 34,772 | |
| Revenue from related parties | $ 24,220 | $ 19,205 | $ 7,066 |
| Investor | Revenue | Customer Concentration Risk | |||
| Related Party Transaction [Line Items] | |||
| Concentration risk, percentage | 5.00% | 6.00% | 5.00% |
Fair value measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Assets | ||
| Foreign currency forwards | $ 936 | $ 1,604 |
| Total assets at fair value | 33,499 | 66,108 |
| Liabilities | ||
| Accrued earnout liability | (811) | (2,924) |
| Foreign currency forwards | (427) | (68) |
| Total liabilities at fair value | (1,238) | (2,992) |
| Money market funds | ||
| Assets | ||
| Cash equivalents | 31,647 | 41,830 |
| Time deposits | ||
| Assets | ||
| Cash equivalents | 916 | 22,674 |
| Level 1 | ||
| Assets | ||
| Foreign currency forwards | 0 | 0 |
| Total assets at fair value | 32,563 | 64,504 |
| Liabilities | ||
| Accrued earnout liability | 0 | 0 |
| Foreign currency forwards | 0 | 0 |
| Total liabilities at fair value | 0 | 0 |
| Level 1 | Money market funds | ||
| Assets | ||
| Cash equivalents | 31,647 | 41,830 |
| Level 1 | Time deposits | ||
| Assets | ||
| Cash equivalents | 916 | 22,674 |
| Level 2 | ||
| Assets | ||
| Foreign currency forwards | 936 | 1,604 |
| Total assets at fair value | 936 | 1,604 |
| Liabilities | ||
| Accrued earnout liability | 0 | 0 |
| Foreign currency forwards | (427) | (68) |
| Total liabilities at fair value | (427) | (68) |
| Level 2 | Money market funds | ||
| Assets | ||
| Cash equivalents | 0 | 0 |
| Level 2 | Time deposits | ||
| Assets | ||
| Cash equivalents | 0 | 0 |
| Level 3 | ||
| Assets | ||
| Foreign currency forwards | 0 | 0 |
| Total assets at fair value | 0 | 0 |
| Liabilities | ||
| Accrued earnout liability | (811) | (2,924) |
| Foreign currency forwards | 0 | 0 |
| Total liabilities at fair value | (811) | (2,924) |
| Level 3 | Money market funds | ||
| Assets | ||
| Cash equivalents | 0 | 0 |
| Level 3 | Time deposits | ||
| Assets | ||
| Cash equivalents | $ 0 | $ 0 |
Fair value measurements - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Goodwill, impairment charges | $ 0 | $ 4,214 | $ 593 |
| Impairment charges | $ 0 | 892 | 1,053 |
| Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | ||
| Customer relationships | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Impairment charges | 892 | $ 1,053 | |
| Air | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Goodwill, impairment charges | 161 | ||
| Packages, Hotels and Other Travel Products | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Goodwill, impairment charges | 4,053 | ||
| Packages, Hotels and Other Travel Products | Viajes Falabella | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Goodwill, impairment charges | 1,093 | ||
| Packages, Hotels and Other Travel Products | Mexico Business | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Goodwill, impairment charges | $ 2,960 | ||
Losses per share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Earnings Per Share [Abstract] | |||
| Net loss for the year | $ (68,521) | $ (105,865) | $ (142,869) |
| Net loss attributable to redeemable non-controlling interest | 0 | 1,237 | 282 |
| Net loss attributable to Despegar.com, Corp. | (68,521) | (104,628) | (142,587) |
| Accretion of redeemable non-controlling interest | (473) | (1,355) | (78) |
| Accretion of Series A non-convertible preferred shares | (11,884) | (10,600) | (2,831) |
| Accrual of cumulative dividends of Series A non-convertible preferred shares | (15,375) | (15,251) | (4,212) |
| Accrual of dividends of Series B convertible preferred shares | (2,000) | (2,000) | (553) |
| Net loss for the year attributable to Despegar.com, Corp. common shareholders | $ (98,253) | $ (133,834) | $ (150,261) |
| Weighted Average Number of Shares Outstanding | |||
| Basic (in shares) | 76,823 | 76,653 | 67,994 |
| Diluted (in shares) | 76,823 | 76,653 | 67,994 |
| Basic and diluted losses per share | |||
| Basic (in USD per share) | $ (1.28) | $ (1.75) | $ (2.21) |
| Diluted (in USD per share) | $ (1.28) | $ (1.75) | $ (2.21) |
Losses per share - Additional Information (Detail) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Payment Arrangement | |||
| Impairment Effects on Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from the computation of earnings per share | 670 | 1,129 | 1,680 |
| Convertible Preferred Stock | |||
| Impairment Effects on Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from the computation of earnings per share | 5,405 | 5,405 | 5,405 |
Shareholders’ (deficit) and mezzanine equity - Additional Information (Detail) |
1 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2022
USD ($)
|
Mar. 25, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
vote
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
|
Jun. 14, 2022
shares
|
Sep. 18, 2020
$ / shares
shares
|
|
| Class of Stock [Line Items] | |||||||||||
| Common stock, number of votes per share | vote | 1 | ||||||||||
| Preferred stock shares outstanding (in shares) | shares | 0 | 0 | 0 | ||||||||
| Class of warrant or right, exercised (in shares) | shares | 0 | 0 | |||||||||
| Treasury stock, common shares (in shares) | shares | 6,259,966 | 6,259,966 | 5,008,307 | ||||||||
| Treasury stock, common shares, value | $ | $ 78,267,000 | $ 78,267,000 | $ 68,267,000 | ||||||||
| Number of shares authorized for repurchase (in shares) | shares | 40,000,000 | ||||||||||
| Stock repurchased during period (in shares) | shares | 1,251,659 | ||||||||||
| Treasury stock acquired, average cost (in dollars per share) | $ / shares | $ 7.97 | ||||||||||
| Stock repurchased during period | $ | $ 10,000 | ||||||||||
| Accumulated other comprehensive income (loss), foreign currency translation, adjustments net of tax | $ | $ (1,973,000) | (1,973,000) | 5,485,000 | $ 13,190,000 | |||||||
| Dividend paid | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Redeemable preferred stock dividends | $ | $ 0 | 0 | |||||||||
| Dividends | $ | $ 2,000,000 | ||||||||||
| L Catterton Investment Agreement | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Class of warrants or rights number of securities called by the warrants or rights (in shares) | shares | 11,000,000 | 11,000,000 | 11,000,000 | ||||||||
| L Catterton Investment Agreement | Penny warrants | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 0.01 | ||||||||||
| Class of warrants or rights outstanding term | 10 years | ||||||||||
| Series A Preferred Stock | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Preferred stock shares authorized (in shares) | shares | 150,000 | 150,000 | |||||||||
| Accrued and accumulated dividends | $ | $ 11,491,000 | ||||||||||
| Series A Preferred Stock | Dividend paid | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Redeemable preferred stock dividends | $ | $ 15,375,000 | $ 7,972,000 | $ 0 | ||||||||
| Series B Preferred Stock | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Preferred stock shares authorized (in shares) | shares | 50,000 | 50,000 | |||||||||
| Series B Preferred Stock | Dividend paid | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Dividends | $ | $ 2,000,000 | $ 2,000,000 | $ 553,000 | ||||||||
Financial results, net - Summary of Components of Financial Income Expense Net (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Interest Income (Expense), Net [Abstract] | |||
| Foreign exchange (losses) / gains | $ (39,152) | $ (4,509) | $ 11,131 |
| Gains / (losses) on derivative financial instruments | 2,940 | (1,096) | 10,648 |
| Interest income | 17,980 | 5,972 | 3,857 |
| Interest expense | (8,484) | (5,686) | (5,471) |
| Factoring expense | (18,463) | (5,382) | (2,194) |
| Bank expenses | (1,370) | (278) | (1,371) |
| Others | 1,090 | 772 | (3,690) |
| Total financial results, net | $ (45,459) | $ (10,207) | $ 12,910 |
Stock-based compensation - Schedule of Share Based Compensation Restricted Stock Units Award Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| RSUs (in number of shares) | |||
| Beginning balance | 1,264,703 | 1,679,206 | 1,149,744 |
| Share-based payment award, granted in period (in shares) | 622,781 | 723,908 | 1,409,680 |
| Vested (in shares) | (1,021,791) | (1,001,635) | (419,367) |
| Forfeited (in shares) | (195,933) | (136,776) | (460,851) |
| Ending balance | 669,760 | 1,264,703 | 1,679,206 |
| Weighted average grant-date fair value | |||
| Beginning balance (in dollars per share) | $ 9.60 | $ 9.33 | $ 12.08 |
| Granted (in dollars per share) | 11.36 | 12.56 | 7.89 |
| Vested (in dollars per share) | 7.30 | 12.12 | 10.95 |
| Cancelled (in dollars per share) | 11.22 | 10.49 | 10.32 |
| Ending balance (in dollars per share) | $ 10.74 | $ 9.60 | $ 9.33 |
Stock-based compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Options (in number of shares) | |||
| Beginning balance (in shares) | 627,756 | 819,513 | 2,537,888 |
| Exercised (in shares) | (48,172) | (145,485) | (33,133) |
| Forfeited or expired (in shares) | (88,527) | (46,272) | (1,685,242) |
| Ending balance (in shares) | 491,057 | 627,756 | 819,513 |
| Fully vested (in shares) | 491,057 | ||
| Weighted average exercise price | |||
| Beginning balance (in dollars per share) | $ 14.00 | $ 9.11 | $ 17.50 |
| Exercised (in dollars per share) | 6.41 | 11.00 | 11.31 |
| Forfeited / Cancelled (in dollars per share) | 11.28 | 12.40 | 17.05 |
| Ending balance (in dollars per share) | 9.66 | $ 14.00 | $ 9.11 |
| Fully vested (in dollars per share) | $ 9.66 | ||
| Aggregate intrinsic value | |||
| Balance as of December 31, 2022 | $ 0 | ||
| Fully vested as of December 31, 2022 | $ 0 | ||
Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Restricted stock units vested in period total fair market value | $ 5,055 | $ 12,138 | $ 3,648 |
| Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value (in dollars per share) | $ 5.13 | ||
| Intrinsic value of stock options exercised | $ 0 | 6,146 | 10,498 |
| Share-based compensation expense | 7,292 | 12,338 | 7,312 |
| Cash received from stock based award exercises for the period | $ 340 | $ 889 | $ 370 |
| Common stock shares reserved for future issuance | 1,160,817 | 1,892,459 | |
| Employee Stock Option | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock options weighted average vesting period | 3 years | ||
| Share-based payment award, granted in period (in shares) | 0 | 0 | 0 |
| Award vesting period | 6 years | ||
| Restricted Stock Units (RSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based payment award, granted in period (in shares) | 622,781 | 723,908 | 1,409,680 |
| Restricted Stock Units (RSUs) | Tranche One | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 1 year | ||
| Restricted Stock Units (RSUs) | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 4 years | ||
| Restricted Stock Units (RSUs) | Maximum | Tranche One | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based payment award, vesting percentage | 33.00% | ||
| Award vesting period | 1 year | ||
| Restricted Stock Units (RSUs) | Maximum | Tranche Two | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 4 years | ||
| Restricted Stock Units (RSUs) | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 3 years | ||
| Restricted Stock Units (RSUs) | Minimum | Tranche One | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based payment award, vesting percentage | 25.00% | ||
| Restricted Stock Units (RSUs) | Minimum | Tranche Two | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 3 years | ||
Leases - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Lessee, Lease, Description [Line Items] | |||
| Lease term option to extend term | 5 years | ||
| Lease term option to terminate term | 1 year | ||
| Weighted-average discount rate | 7.00% | 7.00% | |
| Weighted-average remaining lease term | 8 years | 9 years | |
| Operating lease costs | $ 8,899 | $ 7,702 | $ 10,348 |
| Inmobiliaria Buenaventuras, S.A. de C.V. | |||
| Lessee, Lease, Description [Line Items] | |||
| Weighted-average discount rate | 4.40% | 5.30% | |
| Weighted-average remaining lease term | 3 years | 3 years | |
| Operating lease costs | $ 134 | $ 235 | |
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating lease remaining lease term | 1 year | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating lease remaining lease term | 18 years | ||
Leases - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows for operating lease payments | $ 6,190 | $ 7,702 |
Leases - Schedule of lessee, operating lease, liability, maturity (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| 2023 | $ 6,266 | |
| 2024 | 5,120 | |
| 2025 | 3,635 | |
| 2026 | 3,524 | |
| 2027 | 2,826 | |
| 2028 and thereafter | 9,300 | |
| Total remaining lease payments | 30,671 | |
| Less: Imputed interest | (7,439) | |
| Total operating lease liabilities: | 23,232 | |
| Current operating lease liability | 6,081 | $ 6,938 |
| Non-current operating lease liability | $ 17,151 | $ 20,937 |
Leases - Supplemental Balance Sheet Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Assets and Liabilities, Lessee [Abstract] | ||
| Operating lease right-of-use assets | $ 22,428 | $ 27,240 |
| Current operating lease liability | 6,081 | 6,938 |
| Non-current operating lease liability | 17,151 | $ 20,937 |
| Total operating lease liabilities: | 23,232 | |
| Inmobiliaria Buenaventuras, S.A. de C.V. | ||
| Assets and Liabilities, Lessee [Abstract] | ||
| Operating lease right-of-use assets | 134 | |
| Current operating lease liability | 108 | |
| Non-current operating lease liability | 26 | |
| Total operating lease liabilities: | $ 134 |
Valuation and qualifying accounts - Schedule of Changes in Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Allowance for credit expected losses – Accounts Receivable | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance, beginning of year | $ 10,911 | $ 9,543 | $ 3,205 |
| Charges to earnings | 8,233 | 9,438 | 11,018 |
| Charge to other accounts | 269 | (943) | 2,689 |
| Deductions | (8,884) | (7,127) | (7,369) |
| Balance, end of year | 10,529 | 10,911 | 9,543 |
| Allowance for credit expected losses financial – Loans Receivable | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance, beginning of year | 2,064 | 1,252 | 0 |
| Charges to earnings | 13,972 | 2,275 | 1,252 |
| Charge to other accounts | (132) | (114) | 0 |
| Deductions | (3,493) | (1,349) | 0 |
| Balance, end of year | 12,411 | 2,064 | 1,252 |
| Allowance for cancellations | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance, beginning of year | 19,216 | 15,012 | 1,986 |
| Charges to earnings | 5,598 | 31,016 | 41,485 |
| Charge to other accounts | 70 | 69 | (854) |
| Deductions | (16,707) | (26,881) | 27,605 |
| Balance, end of year | 8,177 | 19,216 | 15,012 |
| Other reserves | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance, beginning of year | 2,272 | 565 | 2,591 |
| Charges to earnings | 10,187 | 7,073 | 5,858 |
| Charge to other accounts | 112 | (43) | (28) |
| Deductions | (9,779) | (5,323) | (7,856) |
| Balance, end of year | $ 2,792 | $ 2,272 | $ 565 |
Loans receivable, net of allowances - Schedule of Loan Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Current [Abstract] | ||
| Allowance for credit expected losses | $ (11,938) | $ (2,064) |
| Total current loans receivable, net | 15,385 | 8,907 |
| Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Noncurrent [Abstract] | ||
| Allowance for credit expected losses | (473) | 0 |
| Total non-current loans receivable, net | 1,185 | 0 |
| Consumer Loan | ||
| Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Current [Abstract] | ||
| Financing receivables, current | 23,360 | 10,927 |
| Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Noncurrent [Abstract] | ||
| Loans receivable | 1,658 | 0 |
| Securitized loans receivable | ||
| Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Current [Abstract] | ||
| Financing receivables, current | $ 3,963 | $ 44 |
Loans receivable, net of allowances - Additional Information (Details) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Financing Receivable, Credit Ratio [Line Items] | ||
| Financing receivable, write off term | 360 days | |
| Securitized loans receivable | ||
| Financing Receivable, Credit Ratio [Line Items] | ||
| Financing receivable, before allowance for credit loss, to total, percent | 61.00% | 84.00% |
Loans receivable, net of allowances - Credit Loss Provision Rates (Details) |
Dec. 31, 2022 |
|---|---|
| Not overdue | B | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.01 |
| Overdue b/w 1 - 5 days | B | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.01 |
| Overdue b/w 6 - 14 days | D | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.10 |
| Overdue b/w 15 - 30 days | E | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.30 |
| Overdue b/w 31 - 60 days | F | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.50 |
| Overdue b/w 61 - 90 days | G | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.70 |
| Overdue b/w 91 - 120 days | G | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.70 |
| Overdue b/w 121 - 150 days | G | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 0.70 |
| Overdue b/w 151 - 360 days | H | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| Financing receivable, credit loss provision rate | 1 |
Loans receivable, net of allowances - Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | $ 28,981 | $ 10,971 |
| Consumer Loan | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 28,981 | 10,971 |
| Total past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 16,159 | 3,984 |
| 1-30 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 2,590 | 1,365 |
| 31-60 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,402 | 1,218 |
| 61-90 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,218 | 389 |
| 91-120 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,202 | 212 |
| 121-150 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,361 | 139 |
| 151-180 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,504 | 101 |
| 181-210 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,293 | 82 |
| 211-240 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,311 | 65 |
| 241-270 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,344 | 73 |
| 271-300 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 1,141 | 95 |
| 301-330 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 960 | 122 |
| 331-360 days past due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | 833 | 123 |
| To become due | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Loans receivable | $ 12,822 | $ 6,987 |
Subsequent events - Additional Information (Detail) - Subsequent Event $ in Thousands |
Mar. 21, 2023
USD ($)
|
|---|---|
| Series A Non-convertible Preferred Shares | |
| Subsequent Event [Line Items] | |
| Payments of dividends | $ 7,895 |
| Series B Convertible Preferred Shares | |
| Subsequent Event [Line Items] | |
| Payments of dividends | $ 345 |
| Label | Element | Value |
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| Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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