v3.25.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of U.S and Foreign (Loss) / Income Before Income Taxes
The following table summarizes our U.S. and foreign income / (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022:
Year ended December 31,
202420232022
U.S.$(31,570)$(13,687)$(22,264)
Foreign65,627 41,293 (24,948)
Net income / (loss) before income taxes$34,057 $27,606 $(47,212)
Summary of Income Tax Expense Components
The following table summarizes our provision for income taxes for the years ended December 31, 2024, 2023 and 2022:
Year ended December 31,
202420232022
Current income tax (expenses) / benefit:
U.S. Federal$(376)$(54)$(188)
Foreign(15,048)(39,580)(20,926)
Total current income tax expense$(15,424)$(39,634)$(21,114)
Deferred income tax (expenses) / benefit:   
U.S. Federal2,229 5,958 (550)
Foreign7,043 30,560 355 
Total deferred income tax (expenses) / benefit$9,272 $36,518 $(195)
Income tax (expenses) / benefit$(6,152)$(3,116)$(21,309)
Summary of Deferred Tax Assets Liabilities by Current and Non-current
As of December 31, 2024 and 2023, the significant components of our deferred tax assets and deferred tax liabilities were as follows:
As of December 31,
2024		As of December 31,
2023
Non-current deferred tax assets$107,357 $115,503 
Total deferred tax assets$107,357 $115,503 
Less: Valuation allowance(46,268)(44,774)
Net deferred tax assets$61,089 $70,729 
Non-current tax liabilities(5,422)(8,100)
Total deferred tax liabilities$(5,422)$(8,100)
Total net deferred tax assets after valuation allowance$55,667 $62,629 
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, 2024 and 2023:
As of December 31,
2024		As of December 31,
2023
Tax loss carryforwards$57,268 $72,644 
Allowance for credit expected losses5,396 5,528 
Provisions and other assets35,893 27,329 
Property and equipment1,659 1,301 
Intangible assets(4,419)(3,959)
Others6,138 4,560 
Total net deferred tax assets before valuation allowance$101,935 $107,403 
Less: Valuation allowance(46,268)(44,774)
Total net deferred tax assets after valuation allowance$55,667 $62,629 
Summary of Tax Loss Carryforwards Expiry
As of December 31, 2024, we have both foreign and U.S. net operating loss carryforwards (“NOLs”) of $237,993. If not utilized, the NOLs will begin to expire as follows:
As of December 31, 2024
Expiration dateU.S.Foreign
Expires 2026$—  $17 
Expires 2027— 1,250 
Expires 2028— 1,256 
Expires 2029— 575 
Expires thereafter—  37,816 
Without expiration dates74,033  123,046 
Total NOLs$74,033 $163,960 
Summary of NOLs by Country of Origin
The following table shows the breakdown of our NOLs by country of origin as of December 31, 2024:
CountryNOL gross
amount		Expiration terms
Brazil$118,308  No expiration. Offset limitation to 30% of taxable income by fiscal year.
Argentina3,098  5 fiscal years expiration.
United States74,033  No expiration. Offset limitation of 80% of the taxable income by fiscal year.
Mexico37,816  10 fiscal years expiration.
Peru4,738  No expiration. Offset limitation of 50% of the taxable income by fiscal year.
Total NOLs$237,993 
Summary of Changes in Valuation Allowance
The following table presents the changes in our valuation allowance for the years ended December 31, 2024, 2023 and 2022:
Valuation
allowance
Balance as of January 01, 2022$23,999 
Increases39,240 
Decreases(9,019)
Balance as of December 31, 2022$54,220 
Increases8,201 
Decreases(17,647)
Balance as of December 31, 2023$44,774 
Increases6,083 
Decreases(4,589)
Balance as of December 31, 2024$46,268 
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, 2024, 2023 and 2022 to total income tax expense is as follows:
Year ended December 31,
202420232022
Net income / (loss) before income tax$34,057 $27,606 $(47,212)
Income tax rate21 %21 %21 %
Expected income tax expense / (benefit)$7,152 $5,797 $(9,915)
Permanent differences: 
Non-taxable income(220)(127)$— 
Foreign non-creditable withholding tax9,088 16,588 11,540 
Non-deductible expenses6,100 11,514 10,440 
Currency translation adjustment4,625 5,672 2,595 
Tax credits recovery— (309)— 
Others(1,744)892 (256)
Unrecognized tax benefits and related interest(2,957)(14,081)1,029 
Foreign rate differential(7,229)(3,499)(9,091)
Tax inflation adjustment(4,312)(27,103)(12,716)
Tax holiday(14,298)3,977 5,990 
True up(1,460)(1,253)2,283 
Change in rate— — — 
Change in valuation allowance11,407 5,048 19,410 
Income tax expense / (benefit)$6,152 $3,116 $21,309 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits and interest is as follows:
Year ended December 31,
202420232022
Balance, beginning of year$21,398 $41,925 $45,865 
Increases to tax positions related to current year120 — — 
Increases to tax positions related to prior years(1)
— — 2,453 
Decreases to tax positions related to prior years(1)(2)
(4,796)(16,853)(6,912)
Settlements during current year(1)(3)
— (8,598)(5,121)
Interest and penalties1,799 2,753 5,687 
Currency translation adjustment(3,597)2,171 (47)
Balance, end of year$14,924 $21,398 $41,925 

(1) Includes updates, interest and penalties.
(2) Includes tax positions in Mexico, Colombia, Argentina and US related to Best Day acquisition.
(3) Includes tax positions effectively settled in Mexico related to Best Day acquisition.