TripAdvisor 2013 Annual Report Download - page 105

The following table presents the components of our intangible assets with definite lives for the periods
presented:
December 31, 2013 December 31, 2012
Weighted Ave
Remaining Life
(in years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
(In thousands) (In thousands)
Trade names and
trademarks 8.4 $17,975 $ (7,462) $10,513 $14,431 $ (9,029) $5,402
Subscriber relationships 6.1 13,835 (5,858) 7,977 5,617 (3,511) 2,106
Technology and other 2.7 4,404 (1,352) 3,052 1,334 (952) 382
Total 6.7 $36,214 $(14,672) $21,542 $21,382 $(13,492) $7,890
The estimated future amortization expense related to intangible assets with definite lives as of December 31,
2013, assuming no subsequent impairment of the underlying assets, is as follows, in thousands:
2014 ............................................. 5,201
2015 ............................................. 3,264
2016 ............................................. 2,716
2017 ............................................. 2,292
2018 ............................................. 2,130
2019 and thereafter .................................. 5,939
Total ......................................... $21,542
NOTE 8: DEBT
Term Loan Facility Due 2016 and Revolving Credit Facility
Overview
On December 20, 2011, we entered into a credit agreement, dated as of December 20, 2011, by and among
TripAdvisor, TripAdvisor Holdings, LLC, and TripAdvisor LLC, the lenders party thereto, JPMorgan Chase
Bank, N.A., as administrative agent, and J.P. Morgan Europe Limited, as London agent (this credit agreement,
together with all exhibits, schedules, annexes, certificates, assignments and related documents contemplated
thereby, is referred to herein as the “Credit Agreement”), which provides $600 million of borrowing including:
• the Term Loan Facility, or Term Loan, in an aggregate principal amount of $400 million with a term of
five years due December 2016; and
• the Revolving Credit Facility in an aggregate principal amount of $200 million available in U.S.
dollars, Euros and British pound sterling with a term of five years expiring December 2016.
The Term Loan and any loans under the Revolving Credit Facility bear interest by reference to a base rate or
a Eurocurrency rate, in either case plus an applicable margin based on our leverage ratio. We are also required to
pay a quarterly commitment fee, on the average daily unused portion of the Revolving Credit Facility for each
fiscal quarter and fees in connection with the issuance of letters of credit. The Term Loan and loans under the
Revolving Credit Facility currently bear interest at LIBOR plus 150 basis points, or the Eurocurrency Spread, or
the alternate base rate (“ABR”) plus 50 basis points, and undrawn amounts are currently subject to a commitment
fee of 22.5 basis points. As of December 31, 2013 we are using a one-month interest period Eurocurrency Spread
which is approximately 1.7% per annum. Interest is currently payable on a monthly basis while we are borrowing
under the one-month interest rate period. The current interest rates are based on current assumptions, leverage
and LIBOR rates and do not take into account that rates will reset periodically.
95