| Schedule of Segment Information |
The following tables present our segment information for the years ended December 31, 2024, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2024 | | Air | | Packages,
Hotels and
Other travel
products | | Financial Services | | Intersegment Eliminations | | Corporate | | Total
Consolidated | | External revenues | $ | 262,534 | | | $ | 493,950 | | | $ | 17,577 | | | $ | — | | | $ | — | | | $ | 774,061 | | | Inter segment revenues | $ | — | | | $ | — | | | $ | 33,550 | | | $ | (33,550) | | | $ | — | | | $ | — | | | Total revenues | $ | 262,534 | | | $ | 493,950 | | | $ | 51,127 | | | $ | (33,550) | | | $ | — | | | $ | 774,061 | | Less: | | | | | | | | | | | | External cost of revenue (1) | (66,996) | | | (112,130) | | | (27,176) | | | — | | | — | | | (206,302) | | | Intersegment cost of revenues | (14,539) | | | (19,011) | | | — | | | 33,550 | | | — | | | — | | | Payroll expense | (44,986) | | | (88,567) | | | (15,443) | | | — | | | — | | | (148,996) | | | Non payroll expense | (30,441) | | | (63,573) | | | (4,243) | | | — | | | — | | | (98,257) | | | Marketing expense | (64,011) | | | (80,350) | | | (108) | | | — | | | — | | | (144,469) | | Other segment item (2) | — | | | (842) | | | — | | | — | | | — | | | (842) | | | Adjusted positive EBITDA | $ | 41,561 | | #REF! | $ | 129,477 | | #REF! | $ | 4,157 | | #REF! | $ | — | | | $ | — | | | $ | 175,195 | | | Depreciation and amortization | (10,511) | | | (14,632) | | | (3,430) | | | — | | | (10,222) | | | (38,795) | | | Stock-based compensation expense | — | | | — | | | — | | | — | | | (9,901) | | | (9,901) | | | | | | | | | | | | | | | Restructuring, reorganization and other exit activities charges | — | | | (613) | | | — | | | — | | | (2,757) | | | (3,370) | | | | | | | | | | | | | | | Operating income (loss) | $ | 31,050 | | | $ | 114,232 | | | $ | 727 | | | $ | — | | | $ | (22,880) | | | $ | 123,129 | | | Financial results, net | | | | | | | | | | | (89,072) | | | Income before income tax | | | | | | | | | | | $ | 34,057 | | | Income tax expense | | | | | | | | | | | (6,152) | | | Net income for the year | | | | | | | | | | | $ | 27,905 | | | | | | | | | | | | | | | Net income attributable to Despegar.com, Corp. | | | | | | | | | | | $ | 27,905 | |
(1) Excluding of depreciation, amortization, restructuring, reorganization and other exit activities charges (2) Other segment item include equity investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2023 | | Air | | Packages,
Hotels and
Other travel
products | | Financial Services | | Intersegment Eliminations | | Corporate | | Total
Consolidated | | External revenues | $ | 257,649 | | | $ | 437,010 | | | $ | 11,381 | | | $ | — | | | $ | — | | | $ | 706,040 | | | Inter segment revenues | $ | — | | | $ | — | | | $ | 29,531 | | | $ | (29,531) | | | $ | — | | | $ | — | | | Total revenues | $ | 257,649 | | | $ | 437,010 | | | $ | 40,912 | | | $ | (29,531) | | | $ | — | | | $ | 706,040 | | Less: | | | | | | | | | | | | External cost of revenue (1) | (81,450) | | | (119,601) | | | (25,517) | | | — | | | — | | | (226,568) | | | Intersegment cost of revenues | (14,311) | | | (15,220) | | | — | | | 29,531 | | | — | | | — | | | Payroll Expense | (53,320) | | | (92,419) | | | (14,167) | | | — | | | — | | | (159,906) | | | Non payroll expense | (31,032) | | | (38,047) | | | (1,992) | | | — | | | — | | | (71,071) | | | Marketing expense | (64,364) | | | (67,491) | | | (33) | | | — | | | — | | | (131,888) | | Other segment item (2) | — | | | (1,060) | | | — | | | — | | | — | | | (1,060) | | | Adjusted positive / (negative) EBITDA | 13,172 | | | 103,172 | | | (797) | | | — | | | — | | | 115,547 | | | Depreciation and amortization | (9,526) | | | (11,673) | | | (1,202) | | | — | | | (14,109) | | | (36,510) | | | Stock-based compensation expense | — | | | — | | | — | | | — | | | (3,454) | | | (3,454) | | | | | | | | | | | | | | | | | | | | | | | | | | | Acquisition transaction costs | — | | | — | | | — | | | — | | | — | | | — | | | Restructuring, reorganization and other exit activities charges | — | | | (4,546) | | | — | | | — | | | (6,798) | | | (11,344) | | | Operating income (loss) | $ | 3,646 | | | $ | 86,953 | | | $ | (1,999) | | | $ | — | | | $ | (24,361) | | | $ | 64,239 | | | Financial results, net | | | | | | | | | | | (36,633) | | | Income before income tax | | | | | | | | | | | $ | 27,606 | | | Income tax expense | | | | | | | | | | | (3,116) | | | Net income for the year | | | | | | | | | | | $ | 24,490 | | | | | | | | | | | | | | | Net income attributable to Despegar.com, Corp. | | | | | | | | | | | $ | 24,490 | |
(1) Excluding of depreciation, amortization, restructuring, reorganization and other exit activities charges(2) Other segment item include equity investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2022 | | Air | | Packages,
Hotels and
Other travel
products | | Financial Services | | Intersegment Eliminations | | Corporate | | Total
Consolidated | | External revenues | $ | 215,782 | | | $ | 317,748 | | | $ | 4,442 | | | $ | — | | | $ | — | | | $ | 537,972 | | | Inter segment revenues | $ | — | | | $ | — | | | $ | 7,805 | | | $ | (7,805) | | | $ | — | | | $ | — | | | Total revenues | $ | 215,782 | | | $ | 317,748 | | | $ | 12,247 | | | $ | (7,805) | | | $ | — | | | $ | 537,972 | | Less: | | | | | | | | | | | | External cost of revenue (1) | (67,805) | | | (94,927) | | | (18,768) | | | — | | | — | | | (181,500) | | | Intersegment cost of revenues | (4,416) | | | (3,389) | | | — | | | 7,805 | | | — | | | — | | | Payroll Expense | (44,074) | | | (79,759) | | | (6,307) | | | — | | | — | | | (130,140) | | | Non payroll expense | (30,082) | | | (45,844) | | | (5,347) | | | — | | | — | | | (81,273) | | | Marketing expense | (51,452) | | | (51,408) | | | (103) | | | — | | | — | | | (102,963) | | Other segment item (2) | — | | | (164) | | | — | | | — | | | — | | | (164) | | | Adjusted positive / (negative) EBITDA | 17,953 | | | 42,257 | | | (18,278) | | | — | | | — | | | 41,932 | | | Depreciation and amortization | (10,339) | | | (12,516) | | | (71) | | | — | | | (13,077) | | | (36,003) | | | Stock-based compensation expense | — | | | — | | | — | | | — | | | (7,292) | | | (7,292) | | | Impairment charges | — | | | — | | | — | | | — | | | — | | | — | | | Acquisition transaction costs | (390) | | | — | | | — | | | — | | | — | | | (390) | | | Restructuring, reorganization and other exit activities charges | — | | | — | | | — | | | — | | | — | | | — | | | Operating income/(loss) | $ | 7,224 | | | $ | 29,741 | | | $ | (18,349) | | | $ | — | | | $ | (20,369) | | | $ | (1,753) | | | Financial results, net | | | | | | | | | | | (45,459) | | | Loss before income tax | | | | | | | | | | | $ | (47,212) | | | Income tax benefit | | | | | | | | | | | (21,309) | | | Net loss for the year | | | | | | | | | | | $ | (68,521) | | | | | | | | | | | | | | | Net loss attributable to Despegar.com, Corp. | | | | | | | | | | | $ | (68,521) | |
(1) Excluding of depreciation, amortization, restructuring, reorganization and other exit activities charges(2) Other segment item include equity investment
|
| 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, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2024 | | 2023 | | 2022 | | Business Model: | | | | | | | Prepay model | $ | 658,128 | | | $ | 619,658 | | | $ | 457,335 | | | PAD model | 10,260 | | | 12,709 | | | 11,364 | | | Interest revenue | 14,870 | | | 9,272 | | | 4,114 | | Others (1) | 90,803 | | | 64,401 | | | 65,159 | | | Total Revenue | $ | 774,061 | | | $ | 706,040 | | | $ | 537,972 | | | Revenue Type: | | | | | | | Commissions and service fees | $ | 652,750 | | | $ | 607,251 | | | $ | 455,790 | | | Incentive fees | 39,832 | | | 42,998 | | | 39,859 | | | Advertising | 26,200 | | | 20,594 | | | 16,166 | | | Destination services | 15,638 | | | 25,116 | | | 14,071 | | | Interest revenue | 14,870 | | | 9,272 | | | 4,114 | | Financial services (2) | 2,707 | | | 2,109 | | | 328 | | Others (3) | 22,064 | | | (1,300) | | | 7,644 | | | Total Revenue | $ | 774,061 | | | $ | 706,040 | | | $ | 537,972 | | | Country: | | | | | | | Argentina | $ | 115,294 | | | $ | 118,239 | | | $ | 75,136 | | | Brazil | 270,828 | | | 230,306 | | | 144,423 | | | Uruguay | 152,577 | | | 116,364 | | | 98,249 | | | Mexico | 127,417 | | | 129,680 | | | 116,273 | | Other countries (4) | 107,945 | | | 111,451 | | | 103,891 | | | Total Revenue | $ | 774,061 | | | $ | 706,040 | | | $ | 537,972 | |
(1)Others includes incentive fees, advertising, breakage, loyalty revenue and financial services (2)Financial services include Financial Intermediation Processing fee, fraud prevention services and others. (3)As of December 31, 2024, Other includes principally revenue from breakage ($32,625, $11,620 and $8,668 December 31, 2024, 2023 and 2022, respectively) net of the effect of loyalty programs.(See Note 3) (4)Other 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: | | | | | | | | | | | | | As of December 31,
2024 | | As of December 31,
2023 | | Goodwill: | | | | | Argentina | $ | 1,200 | | | $ | 1,200 | | | Brazil | 21,649 | | | 27,543 | | | Mexico | 79,452 | | | 97,743 | | | Uruguay | 16,839 | | | 16,839 | | Other countries (1) | 6,692 | | | 7,427 | | | Total goodwill | $ | 125,832 | | | $ | 150,752 | | | Property and equipment, net: | | | | | Argentina | $ | 4,959 | | | $ | 4,923 | | | Brazil | 2,581 | | | 2,759 | | | Mexico | 762 | | | 1,282 | | | Uruguay | 876 | | | 935 | | | United States | 1,686 | | | 1,410 | | Other countries (2) | 3,326 | | | 5,091 | | | Total property and equipment, net | $ | 14,190 | | | $ | 16,400 | | | | | | | Asset information by segment: | | | | | Financial Services: | | | | | Loans receivable | $ | 32,293 | | | $ | 36,709 | | | Allowance for credit losses | (15,352) | | | (13,583) | | | Total loans receivable, net | $ | 16,941 | | | $ | 23,126 | |
(1)Other countries include Chile, Peru and Colombia. (2)Other countries include Chile, Peru, Colombia and Ecuador.
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