v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income / (loss) $ 27,905 $ 24,490 $ (68,521)
Adjustments to reconcile net income / (loss) to net cash flows from operating activities:      
Unrealized foreign currency loss 4,006 50,068 11,937
Changes in fair value of earnout liability (2,409) 1,598 (2,113)
Changes in seller indemnification 2,409 (1,598) 2,113
Loss from equity investments 842 1,060 164
Depreciation expense 7,210 8,535 7,018
Amortization expense 31,585 27,975 28,985
Other operating expenses, net (including loss from sale of non-air segment line of business) 613 4,546 0
Stock-based compensation expense 9,901 3,454 7,292
Amortization of lease right-of-use assets 6,942 6,930 5,095
Interest and penalties 3,707 4,207 2,428
Income tax (benefit) / expense (2,784) (14,143) 11,981
Allowance for credit expected losses 15,664 12,044 12,747
Provision for contingencies (1,259) 1,795 18,060
Changes in assets and liabilities, net of non-cash transactions:      
Increase in trade accounts receivable, net of credit expected loss (113,182) (70,196) (16,690)
Increase in loans receivable, net of allowance (13,533) (7,137) (10,179)
Decrease / (Increase) in related party receivable 599 (8,440) 9,610
(Increase) / Decrease in other assets and prepaid expenses (25,464) (47,719) 28,069
Increase in accounts payable and accrued expenses 11,900 7,250 4,398
Increase in travel accounts payable 71,853 61,945 837
(Decrease) / Increase in other liabilities 3,081 2,750 (750)
Decrease in contingent liabilities 2,173 (22,052) (22,587)
Increase in related party payable 20,946 50,243 1,900
Decrease in lease liabilities (9,359) (7,647) (4,589)
Increase in deferred revenue 12,767 12,772 9,497
Net cash flows provided by operating activities 66,113 102,730 36,702
Cash flows from investing activities:      
Origination of loans receivable (9,204) (21,048) (17,562)
Collection of loans receivable 7,736 9,456 7,289
Payments for acquired business, net of cash acquired 0 0 (7,019)
Payment for other assets 0 0 (3,190)
Acquisition of property and equipment (6,488) (9,820) (4,288)
Capital expenditures, including internal-use software and website development (30,330) (31,146) (26,372)
Proceeds from financed sale of held-for-sale assets 2,069 0 0
Net cash flows used in investing activities (36,217) (52,558) (51,142)
Cash flows from financing activities:      
Net (decrease) / increase of short-term debt (5,170) 4,725 (57)
Proceeds from issuance of short-term debt 67,652 29,145 31,572
Payment of short-term debt (43,544) (33,277) (26,970)
Payment of long-term debt (1,307) (6,168) (4,156)
Payment of promissory notes of Best Days acquisition 0 (16,648) 0
Purchase of treasury stock 0 0 (10,000)
Payments of debenture issuance by securitization program (1,046) (5,789) 0
Payments for acquired non-controlling interest 0 0 (3,200)
Collect on debenture issuance by securitization program 0 7,534 4,545
Exercise of stock-based awards 126 4 340
Payment of dividends to stockholders Series A and Series B convertible preferred shares (23,437) (17,750) (17,375)
Net cash flows used in financing activities (6,726) (38,224) (25,301)
Effect of exchange rate changes on cash and cash equivalents (26,743) (6,205) 5,564
Net (decrease) / increase in cash and cash equivalents (3,573) 5,743 (34,177)
Cash and cash equivalents and restricted cash as of beginning of the year 250,789 245,046 279,223
Cash and cash equivalents and restricted cash as of end of the year 247,216 250,789 245,046
Supplemental cash flow information      
Cash paid for income tax 9,119 17,347 8,550
Interest paid 41,207 43,411 8,484
Conciliation of Cash and cash equivalents:      
Total cash and cash equivalents and restricted cash as shown in our consolidated statements of cash flows 247,216 250,789 $ 245,046
Cash and cash equivalents related to business classified as held for sale (Note 32)   9,335  
Cash and cash equivalents as of end of the year, net of business held for sale $ 241,454 $ 245,046