XML 22 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Intangible Assets
The following table represents the carrying value and estimated useful lives of intangible assets from acquisitions (in thousands):
Carrying ValueEstimated Life (Years)
Customer relationships (Jack’s Flight Club)$3,500 5.0
Trade name (Jack’s Flight Club)2,460 indefinite
Assets Measured at Fair Value on a Non-recurring Basis
The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment, are adjusted to fair value if an impairment is recognized during the period. The fair value measurements are based on Level 3 inputs which are unobservable inputs based on management assumptions used to measure assets at fair value.
The goodwill assessment was performed by comparing the fair value of the reporting units to their carrying value. The fair value estimates for the reporting units were based on a blended analysis of the present value of future discounted cash flows and the market value approach, using Level 3 inputs. The indefinite-lived intangible assets assessment was performed using the relief-from-royalty method, which includes unobservable inputs, classified as Level 3, including projected revenues and approximately 5% royalty rate.
The Company performed an annual impairment test as of October 31, 2024 and did not identify any indicators of impairment for the year ended December 31, 2024. As of date, no indicators of impairment have been identified for the period ended September 30, 2025.
Amortization of Acquired Intangible Assets
The following table represents the activities of intangible assets for the three months ended September 30, 2025 and 2024 (in thousands):
Jack’s Flight ClubSecret Escape SpainSecret Escape U.S.
Intangible assets—December 31, 20231,710 186 195 
Amortization of intangible assets with definite lives(75)(48)(195)
Intangible assets—March 31, 20241,635 138 — 
Amortization of intangible assets with definite lives(59)(28)— 
Intangible assets—June 30, 20241,576 110 — 
Amortization of intangible assets with definite lives(58)(37)— 
Intangible assets—September 30, 20241,518 73 — 
Amortization of intangible assets with definite lives(58)(35)— 
Intangible assets—December 31, 20241,460 38 — 
Amortization of intangible assets with definite lives(3)(24)— 
Intangible assets—March 31, 20251,457 14 — 
Amortization of intangible assets with definite lives(2)(14)— 
Intangible assets—June 30, 2025$1,455 $— $— 
Amortization of intangible assets with definite lives(3)— — 
Intangible assets—September 30, 2025$1,452 $— $— 
Amortization expense for acquired intangibles was $2,000 and $95,000 for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for acquired intangibles was $46,000 and $500,000 for the nine months ended September 30, 2025 and 2024, respectively.
Expected future amortization expense of acquired intangible assets as of September 30, 2025 is as follows (in thousands):
Years ending December 31,
20252 
$2 
The Company performed its annual impairment testing of the Jack's Flight Club trade name as of October 31, 2024 using a relief from royalty method. No impairment was identified in 2024. As of September 30, 2025, the carrying value of the trade name was $1.5 million. The Company did not identify any indicators of impairment during the nine months ended September 30, 2025.