Local revenues have been and may continue to decline over time due to market conditions driven by competition and declines in consumer demand.

In the last several years, we have seen a decline in the number of vouchers sold and a decrease in the average take rate earned by us from the merchants for voucher sold.

With the impact to revenues caused by the global pandemic, spending by the Company in many areas within the business was slowed or stopped, including but not limited to, marketing, technology and human resources.

Demand for restaurants and spas continues to be low due to the global pandemic.

When all merchant payables are classified as current, there is negative net working capital (which is defined as current assets minus current liabilities) of $17.4 million.

We also have been impacted and expect to continue to be impacted by external factors, such as the global pandemic, which decrease the demand for travel and entertainment and increasing cybersecurity risks due to increased dependence on digital technologies.

We have been impacted and expect to continue to be impacted by external factors such as the shift from offline to online advertising, the relative condition of the economy, competition and the introduction of new methods of advertising, and the decline in consumer demand for vouchers and travel more generally.

Additionally, there have been a large amount of cancellations for our hotel and travel package partners as well as refund requests for our vouchers with the Company’s restaurant and spa partners.

Travelzoo EuropeEurope revenues decreased $725,000 for the three months ended September 30, 2022 from the three months ended September 30, 2021.

The decrease in Local revenues of $287,000 was primarily due to the decrease in number of Local Deals vouchers sold.

Product development changes may lead to reductions of revenue based on changes in presentation of our offerings to our audience.

The decrease in Local revenues of $131,000 was primarily due to the decrease in number of Local Deals vouchers sold.

Because of the global pandemic, many of our advertisers have paused, canceled, and stopped advertising with us.

If the development of our business is less favorable than expected, we may decide to significantly reduce the size of our operations and marketing expenses in certain markets with the objective of reducing cash outflow.

The decrease was primarily due to $859,000 negative impact from foreign currency movements relative to the U.S. dollar and $131,000 decrease in Local revenue, offset partially by $265,000 increase in Travel revenues.

Management believes that redemptions may be delayed for international vouchers in the current environment.

Travelzoo Europe Three Months Ended September 30,Nine Months Ended September 30, 2022202120222021 (In thousands)(In thousands)Revenue$4,504 $5,229 $14,792 $13,041 Operating profit (loss)$(551)$600 $(1,845)$(323)Operating profit (loss) as a % of revenue(12.2)%11.5 %(12.5)%(2.5)%Europe revenues decreased by $725,000 for the three months ended September 30, 2022 from the three months ended September 30, 2021 (see “Revenues” above).

The key elements of our growth strategy include building a travel and lifestyle brand with a large, high-quality user base and offering our users products that keep pace with consumer preference and technology, such as the trend toward mobile usage by consumers and toward fully refundable travel deals given the uncertainty of the global pandemic.

Foreign currency movements relative to the U.S. dollar positively impacted our local currency income from our operations in Europe by approximately $87,000 and $267,000 for the three and nine months ended September 30, 2022, respectively.

We believe that we can sell more advertising if the market for online advertising continues to grow and if we can maintain or increase our market share.

Foreign currency movements relative to the U.S. dollar positively impacted our local currency income from our operations in Europe by approximately $64,000 and $4,000 for the three months ended September 30, 2021, respectively.

North America revenues increased by $1.1 million for the nine months ended September 30, 2022 from the nine months ended September 30, 2021 (see “Revenues” above).

The goal of our advertising was to acquire new members to our email products, increase the traffic to our websites, increase brand awareness and increase our audience through mobile and social media channels.

Jack’s Flight Club’s revenue increased by $51,000 and $79,000, respectively, for three and nine months ended September 30, 2022 from the three and nine months ended September 30, 2021 due to the increase of premium members.

Jack’s Flight Club revenues increased by $79,000 for the nine months ended September 30, 2022 from the nine months ended September 30, 2021 (see “Revenues” above).

40Europe revenues increased by $1.8 million for the nine months ended September 30, 2022 from the nine months ended September 30, 2021 (see “Revenues” above).

North America revenues increased $1.1 million for the nine months ended September 30, 2022 from the nine months ended September 30, 2021.

This increase was primarily due to $1.0 million increase in Travel revenues and $84,000 increase in Local revenues.

We recognize the revenue monthly pro rata over the subscription period.32Trends in Our BusinessOur ability to generate revenues in the future depends on numerous factors such as our ability to sell more advertising to existing and new advertisers, our ability to increase our audience reach and advertising rates, our ability to have sufficient supply of hotels offered at competitive rates, our ability to develop and launch new products and our ability to continue to service our members without interruption.

This increase was primarily due to $590,000 increase in Travel revenues and $245,000 increase in Local revenues.

Travelzoo (the “Company” or "we") attracts a high-quality audience of travel enthusiasts across multiple digital platforms, including email, web, social media and mobile applications.

Jack’s Flight Club Three Months Ended September 30,Nine Months Ended September 30, 2022202120222021 (In thousands)(In thousands)Revenue$847 $796 $2,622 $2,543 Operating profit $12 $57 $196 $117 Operating profit as a % of revenue1.4 %7.2 %7.5 %4.6 %Jack’s Flight Club revenues increased by $51,000 for the three months ended September 30, 2022 from the three months ended September 30, 2021 (see “Revenues” above).

37Europe revenues increased $1.8 million for the nine months ended September 30, 2022 from the nine months ended September 30, 2021.

TZOO

Travelzoo is an Internet company that publishes deals from more than 2,000 travel, entertainment and local businesses such as restaurants and spas. It has 28 million members in North America, Europe, and Asia Pacific and 25 offices worldwide. Companies pay to advertise their deals with Travelzoo, but only those approved by Travelzoo are listed.

Travelzoo provides travel, entertainment, and local deals from travel and entertainment companies, and local businesses in the Asia Pacific, Europe, and North America. Its publications and products include Travelzoo Website; Travelzoo iPhone and Android apps; Travelzoo Top 20 email newsletter; and Newsflash email alert service. The company also operates the Travelzoo Network, a network of third-party Websites that list travel deals published by the company; and Local Deals and Getaway listings, which allow its members to purchase vouchers for deals from local businesses, such as spas, hotels, and restaurants. It serves airlines, hotels, cruise lines, vacations packagers, tour operators, destinations, car rental companies, travel agents, theater and performing arts groups, restaurants, spas, and activity companies. Travelzoo Inc. was founded in 1998 and is headquartered in New York, New York.

Travelzoo (NASDAQ:TZOO) Q1 2024 Earnings Call Transcript April 24, 2024 Travelzoo beats earnings expectations. Reported EPS is $0.3101, expectations were $0.29. TZOO isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Thank you for standing by. My name is Krista, and […]

Travelzoo (NASDAQ:TZOO) Q1 2024 Earnings Call Transcript

Travelzoo ( NASDAQ:TZOO ) First Quarter 2024 Results Key Financial Results Revenue: US$22.0m (up 1.8% from 1Q 2023...

Travelzoo First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Discover how Travelzoo is navigating its financial journey with increased revenue, operational efficiency, and strategic share repurchases.

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Q1 2024 Travelzoo Earnings Call

Comprehensive Analysis of Travelzoo's First Quarter Financial Performance

Travelzoo (TZOO) Q1 2024 Earnings: Slight Revenue Miss, EPS Beats Estimates

Travelzoo Reports First Quarter 2024 Results

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Travelzoo Sets Target of 1,000,000 Pledges for #TravelforTomorrow

Travelzoo Q1 2024 Earnings Conference Call on April 24 at 11:00 AM ET

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(USD)	Dec 2023	Q/Q
Revenue	21.1MM	+3%
Gross Profit	18.5MM	+3%
Cost Of Revenue	2.7MM	+1%
Operating Income	4.5MM	+44%
Operating Expenses	14MM	-6%
Net Income	3.7MM	+58%
R&D	580K	+10%
G&A	4.9MM	+10%
Marketing	8.5MM	-14%
Amortization	429K	+13%