US Market News
2月前
Travelzoo Reports First Quarter 2026 ResultsApril 23, 2026 6:39 AM
PR Newswire (US)
NEW YORK, April 23, 2026 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO):
Revenue of $24.3 million, up 5% year-over-yearConsolidated operating profit of $3.4 millionNon-GAAP consolidated operating profit of $3.5 millionCash flow from operations of $3.9 millionEarnings per share (EPS) of $0.23Travelzoo, the club for travel enthusiasts, today announced financial results for the first quarter ended March 31, 2026. Consolidated revenue was $24.3 million, up 5% from $23.1 million year-over-year. In constant currencies, revenue was $23.6 million, up 2% year-over-year. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.In Q1, we continued to invest significantly in acquiring more Club Members when we saw that we can achieve a positive return on investment (ROI). Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. In Q1, the number of renewals of memberships jumped to the highest ever. Because renewals of memberships have no acquisition costs, this had a positive impact on EPS. Going forward, we expect renewals of memberships to further increase because of a growing base of members. We refer to our investor presentation.Net Income attributable to Travelzoo was $2.5 million for Q1 2026, or $0.23 per share, compared with $0.26 per share in the prior-year period.Non-GAAP operating profit was $3.5 million. Non-GAAP operating profit excludes stock option expenses ($35,000) and severance expenses ($15,000). Please refer to "Non-GAAP Financial Measures" and the tabular reconciliation below."We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight," said Holger Bartel, Travelzoo's Global CEO. "Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."Travelzoo North America
North America business segment revenue increased 4% year-over-year to $15.7 million. Operating profit for Q1 2026 was $3.2 million, or 21% of revenue, compared to operating profit of $3.6 million or 24% of revenue in the prior-year period.Travelzoo Europe
Europe business segment revenue increased 8% year-over-year to $7.3 million. Operating profit for Q1 2026 was $279,000, or 4% of revenue, compared to operating profit of $228,000, or 3% of revenue in the prior-year period.Jack's Flight Club
Jack's Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 2% year-over-year to $1.3 million. Jack's Flight Club's revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating loss for Q1 2026 was $48,000, compared to operating profit of $12,000 in the prior-year period.New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $17,000. Operating loss for Q1 2026 was $34,000.In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo's brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo's existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $10,000 for Q1 2026. Licensing revenue from the licensee in Japan was $7,000 for Q1 2026. Licensing revenue is expected to increase going forward.Reach
Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.Income Taxes
The reported income tax provision and reserves for Q1 2026 are $942,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q1 2026.Balance Sheet
As of March 31, 2026, cash, cash equivalents and restricted cash were $11.3 million. Cash flow from operations was $3.9 million.Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.Share Repurchase Program
During Q1 2026, the Company repurchased 500,000 shares of its outstanding common stock.Looking Ahead
For Q2 2026, we expect year-over-year revenue growth to continue. We also expect revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called "non-GAAP operating profit" in this press release and today's earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.Conference Call
Travelzoo will host a conference call to discuss first quarter 2026 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations todownload the management presentation (PDF format) to be discussed in the conference callaccess the webcast.About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.Investor Relations:
ir@travelzoo.com Travelzoo
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
2026
2025Revenues$ 24,273
$ 23,140Cost of revenues5,236
4,172Gross profit19,037
18,968Operating expenses:
Sales and marketing11,116
10,225Product development 664
634General and administrative3,812
4,305Total operating expenses15,592
15,164Operating income 3,445
3,804Other income (loss), net(5)
629Income from operations before income taxes3,440
4,433Income tax expense 942
1,173Net income 2,498
3,260Net income attributable to non-controlling interest20
93Net income attributable to Travelzoo$ 2,478
$ 3,167
Net income per share—basic$ 0.23
$ 0.27
Net income per share—diluted$ 0.23
$ 0.26
Shares used in per share calculation—basic10,837
11,670Shares used in per share calculation—diluted10,837
12,249 Travelzoo
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March 31,
2026
December 31,
2025Assets
Current assets:
Cash and cash equivalents$ 10,571
$ 10,007Accounts receivable, net13,592
10,723Prepaid income taxes 1,527
1,364Prepaid expenses and other2,797
1,302Total current assets28,487
23,396Deposits and other206
166Deferred tax assets4,120
4,202Restricted cash754
756Operating lease right-of-use assets4,793
4,047Property and equipment, net181
231Intangible assets, net1,450
1,450Goodwill10,944
10,944Total assets$ 50,935
$ 45,192Liabilities and Equity
Current liabilities:
Accounts payable$ 8,327
$ 7,761Merchant payables13,453
11,665Accrued expenses and other 4,572
3,926Deferred revenue10,657
8,728Income tax payable142
279Operating lease liabilities2,116
1,811Total current liabilities39,267
34,170Long-term tax liability10,316
9,260Long-term operating lease liabilities4,507
4,184Total liabilities54,090
47,614Common stock104
109Tax indemnification(9,537)
(9,537)Retained earnings 6,461
7,243Accumulated other comprehensive loss(5,297)
(5,331)Total Travelzoo stockholders' equity (deficit)(8,269)
(7,516)Non-controlling interest5,114
5,094Total stockholders' equity (deficit)(3,155)
(2,422)Total liabilities and stockholders' equity$ 50,935
$ 45,192 Travelzoo
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended
March 31,
2026
2025Cash flows from operating activities:
Net income $ 2,498
$ 3,260Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization56
76Stock-based compensation35
369Deferred income tax(25)
4Net foreign currency effects77
(106)Provision of loss (net recoveries) on accounts receivable and refund reserve11
206Changes in operating assets and liabilities:
Accounts receivable(2,873)
434Prepaid income taxes(267)
(63)Prepaid expenses, deposits and other (1,531)
(418)Accounts payable565
(144)Merchant payables1,909
(1,651)Accrued expenses and other554
867Deferred revenue1,983
1,241Income tax payable(50)
(949)Other liabilities909
158Net cash provided by operating activities3,851
3,284Cash flows from investing activities:
Purchases of property and equipment(8)
(21)Net cash used in investing activities(8)
(21)Cash flows from financing activities:
Repurchase of common stock(3,267)
(8,918)Net cash used in financing activities(3,267)
(8,918)Effect of exchange rate on cash, cash equivalents and restricted cash(14)
142Net increase (decrease) in cash, cash equivalents and restricted cash562
(5,513)Cash, cash equivalents and restricted cash at beginning of period10,763
17,740Cash, cash equivalents and restricted cash at end of period$ 11,325
$ 12,227 Travelzoo
Segment Information from Continuing Operations
(Unaudited)
(In thousands)
Three months ended March 31, 2026Travelzoo
NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 15,326
$ 7,585
$ 1,345
$ 17
$ 24,273Intersegment revenues341
(308)
(33)
—
—Total net revenues15,667
7,277
1,312
17
24,273Sales and marketing expenses6,003
4,521
592
—
11,116Other expenses 6,416
2,477
768
51
9,712Operating profit (loss)3,248
279
(48)
(34)
3,445Other income (loss), net
(5)Income from operations before income taxes
3,440
Three months ended March 31, 2025Travelzoo
NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 14,830
$ 6,970
$ 1,323
$ 17
$ 23,140Intersegment revenues298
(258)
(40)
—
—Total net revenues15,128
6,712
1,283
17
23,140Sales and marketing expenses5,700
3,902
623
—
10,225Other expenses5,834
2,582
648
47
9,111Operating profit (loss)3,594
228
12
(30)
3,804Other income, net
629Income from operations before income taxes
4,433 Travelzoo
Reconciliation of GAAP to Non-GAAP Information
(Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
2026
2025GAAP operating expense$ 15,592
$ 15,164Non-GAAP adjustments:
Amortization of intangibles (A)—
26Stock option expenses (B)35
369Severance-related expenses (C)15
222Non-GAAP operating expense15,542
14,547
GAAP operating income 3,445
3,804Non-GAAP adjustments (A through C)50
617Non-GAAP operating income 3,495
4,421
View original content to download multimedia:https://www.prnewswire.com/news-releases/travelzoo-reports-first-quarter-2026-results-302751637.htmlSOURCE Travelzoo
Original: Travelzoo Reports First Quarter 2026 Results
US Market News
4月前
Travelzoo Reports Fourth Quarter 2025 ResultsFebruary 19, 2026 8:17 AM
PR Newswire (US)
NEW YORK, Feb. 19, 2026 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO):
Revenue of $22.5 million, up 9% year-over-yearConsolidated operating profit of $0.6 millionNon-GAAP consolidated operating profit of $0.9 millionCash flow from operations of $1.5 millionEarnings per share (EPS) of $0.00Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2025. Consolidated revenue was $22.5 million, up 9% from $20.7 million year-over-year. In constant currencies, revenue was $22.1 million, up 7% year-over-year. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.In Q4, we continued to invest significantly in acquiring more Club Members when we saw that we can achieve a positive return on investment (ROI). Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. The effect is a sizable reduction in EPS. We refer to our investor presentation.Net loss attributable to Travelzoo was $19,000 for Q4 2025, or $0.00 per share, compared with $0.26 per share in the prior-year period.Non-GAAP operating profit was $0.9 million. Non-GAAP operating profit excludes amortization of intangibles ($2,000) and stock option expenses ($339,000). Please refer to "Non-GAAP Financial Measures" and the tabular reconciliation below."We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight," said Holger Bartel, Travelzoo's Global CEO. "Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."Travelzoo North America
North America business segment revenue increased 6% year-over-year to $14.8 million. Operating profit for Q4 2025 was $1.5 million, or 10% of revenue, compared to operating profit of $4.6 million or 33% of revenue in the prior-year period.Travelzoo Europe
Europe business segment revenue increased 16% year-over-year to $6.3 million. Operating loss for Q4 2025 was $1 million, or 16% of revenue, compared to operating profit of $159,000, or 3% of revenue in the prior-year period. The reported operating loss occurred because we acquired more Club Members.Jack's Flight Club
Jack's Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 2% year-over-year to $1.3 million. The number of premium subscribers remained flat year-over-year. Jack's Flight Club's revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating profit for Q4 2025 was $153,000, compared to operating profit of $150,000 in the prior-year period.New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $16,000. Operating loss for Q4 2025 was $34,000.In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo's brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo's existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $8,000 for Q4 2025. Licensing revenue from the licensee in Japan was $7,000 for Q4 2025. Licensing revenue is expected to increase going forward.Reach
Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.Income Taxes
The reported income tax provision and reserves for Q4 2025 are $521,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q4 2025.Balance Sheet
As of December 31, 2025, cash, cash equivalents and restricted cash were $10.8 million. Cash flow from operations was $1.5 million.Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.Share Repurchase Program
During Q4 2025, the Company didn't repurchase shares of its outstanding common stock.Looking Ahead
For Q1 2026, we expect year-over-year revenue growth to continue. We expect continued revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called "non-GAAP operating profit" in this press release and today's earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.Conference Call
Travelzoo will host a conference call to discuss fourth quarter 2025 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations todownload the management presentation (PDF format) to be discussed in the conference callaccess the webcast.About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. TravelzooCondensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts)
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
2025
2024Revenues$ 22,474
$ 20,678
$ 91,719
$ 83,902Cost of revenues4,944
2,761
18,076
10,469Gross profit17,530
17,917
73,643
73,433Operating expenses:
Sales and marketing10,889
8,239
45,267
34,470Product development 588
644
2,551
2,407General and administrative5,499
4,183
18,919
18,058Total operating expenses16,976
13,066
66,737
54,935Operating income 554
4,851
6,906
18,498Other income (loss), net27
(86)
753
588Income from operations before income taxes581
4,765
7,659
19,086Income tax expense 521
1,484
2,679
5,404Net income 60
3,281
4,980
13,682Net income attributable to non-controlling interest79
64
280
118Net income (loss) attributable to Travelzoo$ (19)
$ 3,217
$ 4,700
$ 13,564
Net income per share—basic$ —
$ 0.27
$ 0.42
$ 1.08
Net income per share—diluted$ —
$ 0.26
$ 0.41
$ 1.06
Shares used in per share calculation—basic10,932
11,831
11,180
12,594Shares used in per share calculation—diluted10,959
12,358
11,477
12,852 TravelzooCondensed Consolidated Balance Sheets(Unaudited)(In thousands)
December 31,
2025
December 31,
2024Assets
Current assets:
Cash and cash equivalents$ 10,007
$ 17,064Accounts receivable, net10,723
12,825Prepaid income taxes 1,278
736Prepaid expenses and other1,302
1,148Total current assets23,310
31,773Deposits and other166
374Deferred tax assets4,202
3,380Restricted cash756
675Operating lease right-of-use assets4,047
5,655Property and equipment, net231
423Intangible assets, net1,452
1,498Goodwill10,944
10,944Total assets$ 45,108
$ 54,722Liabilities and Equity
Current liabilities:
Accounts payable$ 7,761
$ 6,162Merchant payables11,665
16,294Accrued expenses and other 3,926
3,404Deferred revenue8,728
6,545Income tax payable193
1,619Operating lease liabilities1,811
2,472Total current liabilities34,084
36,496Long-term tax liability9,260
7,851Long-term operating lease liabilities4,184
5,646Other long-term liabilities—
376Total liabilities47,528
50,369Common stock109
118Tax indemnification(9,537)
(9,537)Retained earnings 7,244
14,284Accumulated other comprehensive loss(5,331)
(5,327)Total Travelzoo stockholders' equity (deficit)(7,515)
(462)Non-controlling interest5,095
4,815Total stockholders' equity (deficit)(2,420)
4,353Total liabilities and stockholders' equity$ 45,108
$ 54,722 TravelzooCondensed Consolidated Statements of Cash Flows(Unaudited)(In thousands)
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
2025
2024Cash flows from operating activities:
Net income $ 60
$ 3,281
$ 4,980
$ 13,682Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization64
170
303
907Stock-based compensation339
405
1,447
1,646Deferred income tax(520)
(476)
(516)
(518)Net foreign currency effects7
132
(216)
(33)Provision of loss (net recoveries) on accounts receivable and refund reserve152
(81)
182
40Changes in operating assets and liabilities:
Accounts receivable1,619
113
2,374
(145)Prepaid income taxes(615)
354
(531)
(107)Prepaid expenses, deposits and other 883
319
181
950Accounts payable(661)
1,286
1,473
1,716Merchant payables(131)
(709)
(5,184)
(4,057)Accrued expenses and other(647)
(661)
214
(282)Deferred revenue(348)
2,767
2,015
4,556Income tax payable1,077
264
(1,507)
857Other liabilities173
507
446
1,888Net cash provided by operating activities1,452
7,671
5,661
21,100Cash flows from investing activities:
Purchases of property and equipment(16)
(48)
(65)
(177)Net cash used in investing activities(16)
(48)
(65)
(177)Cash flows from financing activities:
Repurchase of common stock—
(2,324)
(12,964)
(18,929)Proceeds from note receivable from shareholder—
1,920
—
1,753Exercise of stock options and taxes paid for net share settlement of equity awards—
(1,195)
(104)
(1,797)Net cash used in financing activities—
(1,599)
(13,068)
(18,973)Effect of exchange rate on cash, cash equivalents and restricted cash80
(390)
495
(599)Net increase (decrease) in cash, cash equivalents and restricted cash1,516
5,634
(6,977)
1,351Cash, cash equivalents and restricted cash at beginning of period9,247
12,106
17,740
16,389Cash, cash equivalents and restricted cash at end of period$ 10,763
$ 17,740
$ 10,763
$ 17,740 TravelzooSegment Information from Continuing Operations(Unaudited)(In thousands)
Three months ended December 31, 2025Travelzoo NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 14,705
$ 6,377
$ 1,376
$ 16
$ 22,474Intersegment revenues95
(62)
(33)
—
—Total net revenues14,800
6,315
1,343
16
22,474Sales and marketing expenses6,101
4,295
493
—
10,889Other expenses 7,244
3,040
697
50
11,031Operating profit (loss)1,455
(1,020)
153
(34)
554Other income (loss), net
27Income from operations before income taxes
581
Three months ended December 31, 2024Travelzoo NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 13,834
$ 5,508
$ 1,317
$ 19
$ 20,678Intersegment revenues74
(68)
(6)
—
—Total net revenues13,908
5,440
1,311
19
20,678Sales and marketing expenses4,641
3,110
488
—
8,239Other expenses4,689
2,171
673
55
7,588Operating profit (loss)4,578
159
150
(36)
4,851Other income, net
(86)Income from operations before income taxes
4,765
Twelve months ended December 31, 2025Travelzoo NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 59,001
$ 27,122
$ 5,516
$ 80
$ 91,719Intersegment revenues1,291
(1,146)
(145)
—
—Total net revenues60,292
25,976
5,371
80
91,719Sales and marketing expenses25,501
17,396
2,370
—
45,267Other expenses25,796
10,895
2,660
195
39,546Operating profit (loss)8,995
(2,315)
341
(115)
6,906Other income, net
753Income from operations before income taxes
7,659
Twelve months ended December 31, 2024Travelzoo NorthAmerica
Travelzoo
Europe
Jack's
Flight Club
New
Initiatives
ConsolidatedRevenues from unaffiliated customers$ 54,968
$ 24,113
$ 4,714
$ 107
$ 83,902Intersegment revenues124
(42)
(82)
—
—Total net revenues55,092
24,071
4,632
107
83,902Sales and marketing expenses19,748
12,561
1,881
280
34,470Other expenses19,461
8,429
2,707
337
30,934Operating profit (loss)15,883
3,081
44
(510)
18,498Other income, net
588Income from operations before income taxes
19,086 TravelzooReconciliation of GAAP to Non-GAAP Information(Unaudited)(In thousands, except per share amounts)
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
2025
2024GAAP operating expense$ 16,976
$ 13,066
$ 66,737
$ 54,935Non-GAAP adjustments:
Amortization of intangibles (A)2
93
48
593Stock option expenses (B)339
405
1,447
1,644Severance-related expenses (C)—
—
395
360Non-GAAP operating expense16,635
12,568
64,847
52,338
GAAP operating income 554
4,851
6,906
18,498Non-GAAP adjustments (A through C)341
498
1,890
2,597Non-GAAP operating income 895
5,349
8,796
21,095Investor Relations:
ir@travelzoo.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/travelzoo-reports-fourth-quarter-2025-results-302692630.htmlSOURCE Travelzoo
Original: Travelzoo Reports Fourth Quarter 2025 Results
Drmicrocap
12年前
Travelzoo Reports Fourth Quarter 2013 Results and Announces Share Repurchase Program
Business Wire Travelzoo Inc.
59 minutes ago
NEW YORK--(BUSINESS WIRE)--
Travelzoo Inc. (TZOO):
Fourth Quarter 2013 Financial Highlights:
Revenue of $37.5 million, up 1% year-over-year
Operating income of $4.5 million, up 3% year-over-year
Net income of $3.2 million
Earnings per share of $0.21, compared to $0.24 in the prior-year period
Cash used in operations was $1.8 million
Travelzoo Inc., a global Internet media company, today announced financial results for the fourth quarter ended December 31, 2013, with revenue of $37.5 million, an increase of 1% year-over-year. Operating income was $4.5 million, up 3% year-over-year. Net income was $3.2 million, with earnings per share of $0.21, down from $0.24 in the prior-year period.
Travelzoo also announced that its board of directors has authorized the repurchase of up to 500,000 of the company's outstanding common shares. Purchases may be made, from time to time, in the open market and will be funded from available cash. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo's cash balances, general business and market conditions, and other factors, including alternative investment opportunities.
"Our Travel products showed continued strength in Q4, particularly in Europe, which contributed 40% of the company's profits. These gains were offset by revenue declines in SuperSearch and Fly.com," said Chris Loughlin, chief executive officer. "We will continue to invest in audience and products to spur future growth. These include our hotel booking platform, which is now in internal testing, as well as features that make it easier for our users to find deals when and where they need them, particularly on their mobile devices."
For the full year, revenue was $158.2 million, an increase of 5% year-over-year. GAAP operating income was $2.3 million, down 91% year-over-year. Non-GAAP operating income was $24.3 million, down 15% year-over-year. GAAP net loss was $5.0 million, with loss per share of $0.33, compared to earnings per share of $1.14 in the prior-year period. Non-GAAP net income was $17.0 million, with earnings per share of $1.11, down from $1.33 in the prior-year period. For the year ended December 31, 2013 and 2012, non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share exclude a $22.0 million and a $3.0 million charge related to a reserve for Travelzoo Inc.'s settlement agreements in connection with a dispute over unclaimed property audits.
North America
North America business segment revenue decreased 3% year-over-year to $25.6 million. Operating profit for the fourth quarter was $2.7 million, or 10% of revenue, down from $3.4 million, or 13% of revenue, in the prior-year period.
Europe
Europe business segment revenue increased 12% year-over-year to $11.9 million. In local currency terms, revenue increased 11% year-over-year. Operating profit for the fourth quarter was $1.8 million, or 15% of revenue, up from $1.0 million, or 9% of revenue in the prior-year period.
Search Products
In response to declining revenue and profit from its Search products, which include SuperSearch and Fly.com, the Company has initiated a performance review, which may result in merging the products, discontinuing or replacing one or both of them. "Challenges in traffic acquisition from search engines and poor monetization on mobile devices have led to continued declines in Search revenue," said Glen Ceremony, chief financial officer. "As we are reviewing these products and working on their improvement, we will also put a stronger focus on profitability, which could result in a revenue decline of approximately $1.5 million from SuperSearch versus the prior-year period."
Subscribers
Travelzoo had a total unduplicated number of subscribers in North America and Europe of 23.3 million as of December 31, 2013, up 4% from December 31, 2012. In North America, total unduplicated number of subscribers was 16.6 million as of December 31, 2013, up 3% from December 31, 2012. In Europe, total unduplicated number of subscribers was 6.8 million as of December 31, 2013, up 6% from December 31, 2012.
Income Taxes
Income tax expense was $1.3 million, compared to $692,000 in the prior-year period. The effective income tax rate was 29%, up from 16% in the prior-year period.
Asset Management
During the fourth quarter of 2013, Travelzoo used $1.8 million of cash from operating activities. Accounts receivable increased by $360,000 over the prior-year period to $14.0 million. Accounts payable increased by $3.1 million over the prior-year period to $31.8 million. Capital expenditures were $1.9 million, up from $698,000 in the prior-year period. As of December 31, 2013, cash and cash equivalents were $66.2 million.
Non-GAAP Measures
To give an enhanced view of Travelzoo's operating performance, management has calculated non-GAAP operating expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP effective tax rate, non-GAAP net income and non-GAAP earnings per share by excluding the charges related to our unexchanged promotional shares. The company believes these metrics assist investors to assess certain business trends in the same way that these trends are analyzed by management. The discussion of these non-GAAP metrics are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. As the only difference between GAAP and non-GAAP measures is the charges related to our unexchanged promotional shares, today’s reporting should not be viewed as Travelzoo’s intention to report non-GAAP measures in future periods. Refer to the “Reconciliation of GAAP to Non-GAAP Measures” section of this press release for a summary of these non-GAAP measures and their reconciliation to the reported GAAP measures.
Conference Call
Travelzoo will host a conference call to discuss fourth quarter results at 11:00 a.m. ET today. Please visit http://www.travelzoo.com/earnings to
download the management presentation (PDF format) to be discussed in the conference call;
access the webcast.
About Travelzoo
Travelzoo Inc. is a global Internet media company. With more than 26 million subscribers in North America, Europe, and Asia Pacific and 25 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel and entertainment companies. Travelzoo’s deal experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect,” “predict,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions, and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo Inc. All other company and product names mentioned are trademarks of their respective owners.
Travelzoo Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
2013 2012 2013 2012
Revenues $ 37,475 $ 37,028 $ 158,234 $ 151,168
Cost of revenues 4,670 4,073 17,402 15,745
Gross profit 32,805 32,955 140,832 135,423
Operating expenses:
Sales and marketing 17,307 18,489 74,870 68,242
General and administrative 11,025 10,109 41,684 38,692
Unexchanged promotional shares — — 22,000 3,000
Total operating expenses 28,332 28,598 138,554 109,934
Income from operations 4,473 4,357 2,278 25,489
Other income 61 92 429 309
Income before income taxes 4,534 4,449 2,707 25,798
Income taxes 1,304 692 7,718 7,600
Net income (loss) $ 3,230 $ 3,757 $ (5,011 ) $ 18,198
Net income (loss) per share:
Basic $ 0.22 $ 0.24 $ (0.33 ) $ 1.15
Diluted $ 0.21 $ 0.24 $ (0.33 ) $ 1.14
Weighted Average Shares:
Basic 14,997 15,659 15,269 15,866
Diluted 15,072 15,659 15,269 15,901
Travelzoo Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31,
2013
December 31,
2012
Assets
Current assets:
Cash and cash equivalents $ 66,223 $ 61,169
Accounts receivable, net 13,986 13,626
Income taxes receivable 2,656 6,682
Deposits 396 389
Prepaid expenses and other current assets 3,202 2,260
Deferred tax assets 1,143 2,194
Restricted cash 200 —
Funds held for reverse/forward stock split 13,668 —
Total current assets 101,474 86,320
Deposits, less current portion 1,168 1,107
Deferred tax assets, less current portion 2,032 1,710
Restricted cash 1,479 3,396
Property and equipment, net 8,245 4,314
Intangible assets, net 404 986
Total assets $ 114,802 $ 97,833
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 31,766 $ 28,695
Accrued expenses 10,543 8,993
Deferred revenue 1,578 2,698
Deferred rent 281 280
Reserve for unexchanged promotional shares 12,726 3,000
Payable to shareholders for reverse/forward stock split 13,668 —
Total current liabilities 70,562 43,666
Long-term tax liabilities 10,436 10,030
Deferred rent, less current portion 2,469 798
Total liabilities 83,467 54,494
Common stock 163 163
Treasury stock (15,662 ) (7,898 )
Additional paid-in capital 10,247 8,863
Accumulated other comprehensive loss (530 ) (737 )
Retained earnings 37,117 42,948
Total stockholders’ equity 31,335 43,339
Total liabilities and stockholders’ equity $ 114,802 $ 97,833
Travelzoo Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended Twelve months ended
December 31, December 31,
2013 2012 2013 2012
Cash flows from operating activities:
Net income (loss) $ 3,230 $ 3,757 $ (5,011 ) $ 18,198
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 795 683 2,980 2,539
Deferred income taxes 65 (2,174 ) 706 (2,178 )
Stock-based compensation 395 307 1,384 1,207
Provision for losses on accounts receivable 15 46 (29 ) 162
Net foreign currency effects (5 ) 1 33 (4 )
Changes in operating assets and liabilities:
Accounts receivable 932 1,784 (173 ) (285 )
Deposits (67 ) (24 ) (50 ) (406 )
Income tax receivable 1,873 3,351 4,042 5,171
Prepaid expenses and other current assets 290 328 (685 ) 87
Accounts payable 3,494 5,211 2,453 6,403
Accrued expenses 475 (630 ) 1,515 2,568
Deferred revenue (165 ) 190 (1,121 ) 513
Deferred rent 383 25 682 45
Income tax payable (1,298 ) (1 ) (6 ) (285 )
Reserve for unexchanged promotional shares (12,274 ) — 9,726 3,000
Other non-current liabilities 47 156 406 (35 )
Net cash provided by (used in) operating activities (1,815 ) 13,010 16,852 36,700
Cash flows from investing activities:
Purchases of intangible asset — (677 ) — (677 )
Release (purchases) of restricted cash — (272 ) 1,786 (272 )
Purchases of property and equipment (1,866 ) (698 ) (5,461 ) (2,744 )
Net cash used in investing activities (1,866 ) (1,647 ) (3,675 ) (3,693 )
Cash flows from financing activities:
Repurchase of common stock (7,764 ) (7,898 ) (7,764 ) (11,509 )
Reverse/forward stock split, including transaction costs (688 ) — (688 ) —
Net cash used in financing activities (8,452 ) (7,898 ) (8,452 ) (11,509 )
Effect of exchange rate on cash and cash equivalents 456 70 329 927
Net increase (decrease) in cash and cash equivalents (11,677 ) 3,535 5,054 22,425
Cash and cash equivalents at beginning of period 77,900 57,634 61,169 38,744
Cash and cash equivalents at end of period $ 66,223 $ 61,169 $ 66,223 $ 61,169
Supplemental disclosure of cash flow information:
Cash paid (received) for income taxes, net $ 562 $ (631 ) $ 2,479 $ 4,937
Travelzoo Inc.
Segment Information
(Unaudited)
(In thousands)
Three months ended December 31, 2013
North
America
Europe
Elimination
and Other
Consolidated
Revenue from unaffiliated customers $ 25,586 $ 11,889 $ — $ 37,475
Intersegment revenue 194 11 (205 ) —
Total net revenues 25,780 11,900 (205 ) 37,475
Operating income $ 2,680 $ 1,793 $ — $ 4,473
Three months ended December 31, 2012
North
America
Europe
Elimination
and Other
Consolidated
Revenue from unaffiliated customers $ 26,373 $ 10,655 $ — $ 37,028
Intersegment revenue 157 102 (259 ) —
Total net revenues 26,530 10,757 (259 ) 37,028
Operating income $ 3,387 $ 970 $ — $ 4,357
Twelve months ended December 31, 2013
North
America
Europe
Elimination
and Other (a)
Consolidated
Revenue from unaffiliated customers $ 111,955 $ 46,279 $ — $ 158,234
Intersegment revenue 814 452 (1,266 ) —
Total net revenues 112,769 46,731 (1,266 ) 158,234
Operating income $ 16,568 $ 7,710 $ (22,000 ) $ 2,278
Twelve months ended December 31, 2012
North
America
Europe
Elimination
and Other (a)
Consolidated
Revenue from unaffiliated customers $ 108,787 $ 42,381 $ — $ 151,168
Intersegment revenue 728 143 (871 ) —
Total net revenues 109,515 42,524 (871 ) 151,168
Operating income $ 21,481 $ 7,008 $ (3,000 ) $ 25,489
(a) Includes a charge of $22.0 million and $3.0 million for the twelve months ended December 31, 2013 and 2012, respectively, related to settlement agreements in connection with a dispute over unclaimed property audits.
Travelzoo Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
(In thousands, except per share amounts)
Twelve months ended
December 31,
2013 2012
GAAP operating expense $ 138,554 $ 109,934
Unexchanged promotional shares (a) 22,000 3,000
Non-GAAP operating expense $ 116,554 $ 106,934
GAAP operating income $ 2,278 $ 25,489
Unexchanged promotional shares (a) 22,000 3,000
Non-GAAP operating income $ 24,278 $ 28,489
GAAP operating margin 1.4 % 16.9 %
Unexchanged promotional shares (a) 13.9 % 2.0 %
Non-GAAP operating margin 15.3 % 18.9 %
GAAP effective tax rate 285.1 % 29.5 %
Unexchanged promotional shares (a) (253.9 )% (3.1
)%
Non-GAAP effective tax rate 31.2 % 26.4 %
GAAP net income (loss) $ (5,011 ) $ 18,198
Unexchanged promotional shares (a) 22,000 3,000
Non-GAAP net income $ 16,989 $ 21,198
Earnings (loss) per share $ (0.33 ) $ 1.14
Unexchanged promotional shares (a) 1.44 0.19
Non-GAAP earnings per share (b) $ 1.11 $ 1.33
(a) Includes a charge of $22.0 million and a charge of $3.0 million for the twelve months ended December 31, 2013 and 2012, respectively, related to settlement agreements in connection with a dispute over unclaimed property audits.
(b) Shares used to calculate non-GAAP earnings per share for the twelve months ended December 31, 2013 were 15,355,160, which were different than the shares used in GAAP loss per share calculation due to the anti-dilutive effect on the GAAP loss per share.
Contact:
Media:
Travelzoo Inc.
Glen Ceremony, 212-484-4998
Chief Financial Officer
pr@travelzoo.com
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