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Travelzoo(TZOO) - 2024 Q1 - Quarterly Results
2024-04-24 20:50
Exhibit 99.1 1/10 • Revenue of $22.0 million, up 2% year-over-year • Consolidated operating profit of $5.6 million • Non-GAAP consolidated operating profit of $6.0 million • Cash flow from operations of $4.6 million • Earnings per share (EPS) of $0.31 Travelzoo 590 Madison Avenue 35th Floor New York, NY 10022 Investor Relations: ir@travelzoo.com FOR IMMEDIATE RELEASE Travelzoo Reports First Quarter 2024 Results NEW YORK, April 24, 2024 — Travelzoo® (NASDAQ: TZOO): Travelzoo, the club for travel enthusiasts, ...
Travelzoo(TZOO) - 2024 Q1 - Earnings Call Transcript
2024-04-24 17:33
Travelzoo (NASDAQ:TZOO) Q1 2024 Earnings Conference Call April 24, 2024 11:00 AM ET Company Participants Lijun Qi - Principal Accounting Officer Holger Bartel - Global Chief Executive Officer Christina Ciocca - General Counsel & Head of Global Functions Conference Call Participants Michael Kupinski - Noble Capital Markets James Goss - Barrington Research Steve Silver - Argus Research Ed Woo - Ascendiant Capital Operator Thank you for standing by. My name is Krista, and I will be your conference operator tod ...
Travelzoo(TZOO) - 2024 Q1 - Earnings Call Presentation
2024-04-24 15:57
Important Notice to Investors Part 1: First Quarter 2024 Performance TRAVELZOO Members Millions First Quarter 2024 Performance Certain statements contained in this presentation that are not historical facts may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward looking statements may include, but are not limited to, statements about our plans, objectives, expectations ...
Travelzoo(TZOO) - 2023 Q4 - Annual Report
2024-03-22 19:25
Revenue Breakdown - Travelzoo's North America operations accounted for 66% of total revenues, while Europe contributed 29% and Jack's Flight Club made up 5% for the year ended December 31, 2023[160]. - Total revenues increased by $13.9 million, or 19.7%, from $70.6 million in 2022 to $84.5 million in 2023[194]. - Travelzoo North America revenues rose by $8.4 million, or 17.7%, primarily due to a $9.0 million increase in Travel revenues[195]. - Travelzoo Europe revenues increased by $4.6 million, or 23.5%, driven by a $4.1 million rise in Travel revenues[196]. - Jack's Flight Club revenues grew by $695,000, or 20.0%, due to an increase in premium members[197]. Licensing and Membership - The company recognized $71,000 in royalties from licensing agreements in 2023, up from $25,000 in 2022, indicating a significant increase in licensing revenue[155]. - The licensing agreement for Australia, New Zealand, and Singapore generated royalties of $35,000 in 2023, an increase from $25,000 in 2022[158]. - Travelzoo plans to introduce an annual membership fee of $40 for new members starting in 2024, with existing members exempt for that year[154]. - Travelzoo META was launched in May 2023, offering a paid membership service that includes access to metaverse travel experiences and NFTs[156]. - Travelzoo's ability to generate future revenues is heavily dependent on member engagement and the effectiveness of new user acquisition strategies following the introduction of membership fees[176]. Financial Performance - North America revenues increased by $8.4 million, or 17.7%, in 2023, with income from operations as a percentage of revenues rising to 27% from 22%[212]. - Europe revenues increased by $4.6 million, or 23.5%, in 2023, with a turnaround in operations from a loss of $1.8 million in 2022 to a profit of $1.3 million[213]. - Jack's Flight Club revenues rose by $695,000, or 20.0%, in 2023, despite a loss from operations of $23,000[216]. - Other income decreased by $860,000, or 35.8%, in 2023, primarily due to a $1.5 million reduction in German federal government funding for COVID pandemic relief[209]. - Income tax expense was $5.1 million in 2023, up from $3.3 million in 2022, with an effective tax rate of 30% in 2023 compared to 33% in 2022[210][211]. Expenses and Costs - Sales and marketing expenses increased by $4.7 million, or 14.2%, but as a percentage of revenues, they declined from 46.8% in 2022 to 44.7% in 2023[203]. - Cost of revenues decreased as a percentage of revenues from 14.2% in 2022 to 12.9% in 2023, despite an increase in total cost from $10.0 million to $10.9 million[201]. - Product development expenses remained stable at $2.1 million for both years, with a slight decrease in percentage from 2.9% in 2022 to 2.4% in 2023[205]. - General and administrative expenses increased slightly from $17.9 million in 2022 to $18.1 million in 2023[206]. - General and administrative expenses increased by $181,000, or 1.1%, in 2023 compared to 2022, mainly due to a $942,000 rise in travel-related expenses[207]. Cash Flow and Assets - Cash and cash equivalents decreased by $3.0 million to $16.4 million as of December 31, 2023, primarily due to $16.8 million used for stock repurchases[219]. - Net cash provided by operating activities was $10.7 million in 2023, a significant recovery from a net cash used of $23.1 million in 2022[221]. - Total operating lease commitments amounted to $10.7 million as of December 31, 2023, with additional contingencies related to net unrecognized tax benefits of approximately $24.7 million[234]. - The company anticipates that cash on hand will be sufficient to cover operational costs for at least the next twelve months, while also evaluating potential investments[229]. Tax and Accounting - The company utilizes the asset and liability method for accounting for income taxes, recognizing deferred tax assets and liabilities based on future tax consequences[236]. - Deferred tax assets are recognized for deductible temporary differences and net operating loss carryforwards if it is more likely than not that the tax benefits will be realized[236]. - The company records liabilities for uncertain tax positions taken in previously filed tax returns, adjusting reserves based on changing facts and circumstances[237]. - The provision for income taxes includes the impact of reserve provisions and changes to reserves, as well as related net interest[237]. - Significant judgment is required in evaluating uncertain tax positions, which may materially impact financial condition or results of operations[237]. - The company establishes valuation allowances for deferred tax assets that cannot be recognized under certain criteria[236]. - Recent accounting pronouncements are discussed in the notes to consolidated financial statements[238]. - The company is not required to disclose quantitative and qualitative information about market risk as it is classified as a smaller reporting company[239]. Vouchers and Refunds - As of December 31, 2023, Travelzoo had approximately $5.2 million in unredeemed vouchers, down from $8.1 million in 2022, reflecting a decrease in unredeemed sales[165]. - The company recorded a refund reserve of $268,000 for unredeemed vouchers as of December 31, 2023, compared to $1.3 million in 2022, showing improved management of refund liabilities[165].
Travelzoo(TZOO) - 2023 Q4 - Annual Results
2024-02-28 21:04
Exhibit 99.1 Travelzoo 590 Madison Avenue 35th Floor New York, NY 10022 Investor Relations: ir@travelzoo.com FOR IMMEDIATE RELEASE Travelzoo Reports Fourth Quarter 2023 Results NEW YORK, February 28, 2024 — Travelzoo® (NASDAQ: TZOO): Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2023. Consolidated revenue was $21.1 million, up 14% from $18.6 million year-over-year. In constant currencies, revenue was $20.8 million, up 12% year-over-ye ...
Travelzoo(TZOO) - 2023 Q4 - Earnings Call Transcript
2024-02-28 20:14
Travelzoo (NASDAQ:TZOO) Q4 2023 Results Conference Call February 28, 2024 11:00 AM ET Company Participants Holger Bartel - Global Chief Executive Officer Christina Ciocca - Chair, General Counsel, Head of Global Functions Lijun Qi - Finance Director and Principal Accounting Officer Conference Call Participants Michael Kupinski - NOBLE Capital Jim Goss - Barrington Research Steve Silver - Argus Research Ed Woo - Ascendiant Operator Hello, everyone. Welcome to the Travelzoo Fourth Quarter 2023 Financial Resul ...
Travelzoo(TZOO) - 2023 Q3 - Quarterly Report
2023-11-08 21:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Form 10-Q ______________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...
Travelzoo(TZOO) - 2023 Q3 - Earnings Call Transcript
2023-10-24 20:40
Travelzoo (NASDAQ:TZOO) Q3 2023 Earnings Conference Call October 24, 2023 11:00 AM ET Company Participants Holger Bartel - Global Chief Executive Officer Lijun Qi - Finance Director and Principal Accounting Officer Arveena Ahluwalia - Global Director of META Conference Call Participants Michael Kupinski - Noble Capital Markets Ed Woo - Ascendiant Capital Steve Silver - Argus Research Operator Hello, everyone. Welcome to the Travelzoo Third Quarter 2023 Financial Results Conference Call. All participants hav ...
Travelzoo(TZOO) - 2023 Q3 - Earnings Call Presentation
2023-10-24 19:15
NASDAQ: TZOO Third Quarter 2023 Performance October 24, 2023 Important Notice to Investors Please read this management presentation together with the Company's press release issued earlier today announcing the Company's third quarter 2023 financial results and in conjunction with the Company's recent Annual Report and Quarterly Reports as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements ...
Travelzoo(TZOO) - 2023 Q2 - Quarterly Report
2023-08-14 18:17
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Form 10-Q ______________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...