| Schedule of changes in the carrying amount of goodwill |
The following table summarizes the changes in the carrying amount of our goodwill during the years ended December 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
Goodwill – Net |
|
Balance at January 1, 2023 |
|
$ |
715,258 |
|
2023 Acquisitions (Note 3) |
|
|
230,091 |
|
Foreign currency translation adjustment |
|
|
2,010 |
|
Balance at December 31, 2023 |
|
|
947,359 |
|
Vegas.com Acquisition (Note 3) |
|
|
536 |
|
Foreign currency translation adjustment |
|
|
(4,776 |
) |
Balance at December 31, 2024 |
|
$ |
943,119 |
|
|
| Schedule of definite-lived intangible assets and weighted average remaining life |
The following tables summarize the carrying amount and weighted average remaining life (in years, if applicable) of our intangible assets at December 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
Weighted Average |
|
|
|
2024 |
|
|
Remaining Life |
|
Definite-lived intangible assets |
|
|
|
|
|
|
Supplier relationships |
|
$ |
57,123 |
|
|
|
3.1 |
|
Customer relationships |
|
|
34,620 |
|
|
|
2.0 |
|
Acquired developed technology |
|
|
29,240 |
|
|
|
2.6 |
|
Capitalized development costs |
|
|
46,293 |
|
|
|
1.6 |
|
Capitalized development costs – work in progress |
|
|
6,839 |
|
|
|
|
Acquired Domain Name |
|
|
17,348 |
|
|
|
15.4 |
|
Seat images |
|
|
347 |
|
|
|
3.0 |
|
Foreign currency translation adjustment |
|
|
(1,891 |
) |
|
|
|
Total gross book value |
|
|
189,919 |
|
|
|
|
Less: accumulated amortization |
|
|
|
|
|
|
Supplier relationships |
|
|
(16,048 |
) |
|
|
|
Customer relationships |
|
|
(14,053 |
) |
|
|
|
Acquired developed technology |
|
|
(10,025 |
) |
|
|
|
Capitalized development costs |
|
|
(27,325 |
) |
|
|
|
Acquired Domain Name |
|
|
(88 |
) |
|
|
|
Seat images |
|
|
(26 |
) |
|
|
|
Foreign currency translation adjustment |
|
|
357 |
|
|
|
|
Total accumulated amortization |
|
|
(67,208 |
) |
|
|
|
Indefinite-lived intangible assets |
|
|
|
|
|
|
Trademarks |
|
|
110,538 |
|
|
|
|
Foreign currency translation adjustment |
|
|
(133 |
) |
|
|
|
Intangible assets – net |
|
$ |
233,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
Weighted Average |
|
|
|
2023 |
|
|
Remaining Life |
|
Definite-lived intangible assets |
|
|
|
|
|
|
Supplier relationships |
|
$ |
57,123 |
|
|
|
4.1 |
|
Customer relationships |
|
|
34,620 |
|
|
3.0 |
|
Acquired developed technology |
|
|
29,240 |
|
|
|
3.6 |
|
Capitalized development costs |
|
|
28,912 |
|
|
|
1.5 |
|
Capitalized development costs – work in progress |
|
|
4,795 |
|
|
|
|
Foreign currency translation adjustment |
|
|
1,315 |
|
|
|
|
Total gross book value |
|
|
156,005 |
|
|
|
|
Less: accumulated amortization |
|
|
|
|
|
|
Supplier relationships |
|
|
(2,881 |
) |
|
|
|
Customer relationships |
|
|
(3,522 |
) |
|
|
|
Acquired developed technology |
|
|
(2,551 |
) |
|
|
|
Capitalized development costs |
|
|
(16,433 |
) |
|
|
|
Foreign currency translation adjustment |
|
|
(97 |
) |
|
|
|
Total accumulated amortization |
|
|
(25,484 |
) |
|
|
|
Indefinite-lived intangible assets |
|
|
|
|
|
|
Trademarks |
|
|
110,538 |
|
|
|
|
Foreign currency translation adjustment |
|
|
96 |
|
|
|
|
Intangible assets – net |
|
$ |
241,155 |
|
|
|
|
|
| Summary of Estimated Future Amortization Expenses |
The estimated future amortization expense related to our definite-lived intangible assets (other than work in progress capitalized development costs) at December 31, 2024 is as follows (in thousands):
|
|
|
|
|
|
|
Definite-Lived Intangible Assets |
|
2025 |
|
$ |
41,753 |
|
2026 |
|
|
36,368 |
|
2027 |
|
|
19,916 |
|
2028 |
|
|
3,202 |
|
2029 |
|
|
780 |
|
Thereafter |
|
|
13,853 |
|
Estimated future amortization expense |
|
$ |
115,872 |
|
|