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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the allocation of the total cost of the MTE acquisition to the assets acquired (in thousands):

			Fair Value
Consideration for MTE assets
Fair value of Travelzoo common stock issued			$	15,175
Direct transaction costs			184
Less:
Cash received from Azzurro Capital Inc.			(1,000)
Notes receivable from Azzurro Capital Inc.			(4,753)
Total consideration for MTE assets			$	9,606
Relative fair value of the assets acquired
Cash and cash equivalents			$	6
Prepaid expenses and other			45
Property and equipment			18
Tax indemnification asset			9,537
Total assets acquired			$	9,606

Schedule of Intangible Assets

The following table represents the fair value and estimated useful lives of intangible assets from the above acquisitions (in thousands):

			Fair Value						Estimated Life (Years)
Customer relationships (Jack's Flight Club)			$	3,500					5.0
Trade name (Jack's Flight Club)			2,460						indefinite
Non-compete agreements (Jack's Flight Club)			660						4.0
Intangible assets (Secret Escape Spain member database)			445						3.0
Intangible assets (Secret Escape U.S. member database)			1,751						2.3

The following table represents the activities of intangible assets for the three months ended March 31, 2023 and 2022 (in thousands):

			Jack's Flight Club						Secret Escape Spain						Secret Escape U.S.
Intangible assets—January 1, 2022			3,426
Acquisitions—March 2022			—						445						1,751
Amortization of intangible assets with definite lives			(226)						(12)						(195)
Intangible assets—March 31, 2022			3,200						433						1,556
Amortization of intangible assets with definite lives			(217)						(34)						(194)
Intangible assets—June 30, 2022			2,983						399						1,362
Amortization of intangible assets with definite lives			(216)						(30)						(194)
Intangible assets—September 30, 2022			2,767						369						1,168
Amortization of intangible assets with definite lives			(216)						(42)						(195)
Impairment of trade name—December 31, 2022			(200)						—						—
Intangible assets—December 31, 2022			2,351						327						973
Amortization of intangible assets with definite lives			(168)						(39)						(195)
Intangible assets—March 31, 2023			$	2,183					$	288					$	778

Schedule of Expected Future Amortization Expense

Expected future amortization expense of acquired intangible assets as of March 31, 2023 is as follows (in thousands):

Years ending December 31,
2023 (excluding the three months ended March 31, 2023)			1,159
2024			587
2025			53
			$	1,799

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- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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