Travelzoo (TZOO) 2022 Q4 法說會逐字稿

Hello, everyone. Welcome to the Travelzoo Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) Today's call is being recorded.

大家好。歡迎參加 Travelzoo 2022 年第四季度財務業績電話會議。 （接線員說明）今天的電話正在錄音中。

The company would like to remind you that all statements made during this conference call and presented in the slides that are not statements of historical facts constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could vary materially from those contained in the forward-looking statements.

公司想提醒您，在本次電話會議期間和幻燈片中提出的所有不屬於歷史事實陳述的陳述均構成前瞻性陳述，並且是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的. 實際結果可能與前瞻性陳述中包含的結果存在重大差異。

Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's forms 10-K and 10-Q and other periodic filings with the SEC. Unless required by law, the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's website for important information, including the company's earnings press release issued earlier this morning.

公司的 10-K 和 10-Q 表格以及向美國證券交易委員會提交的其他定期文件中描述了可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素。除非法律要求，否則公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。請參閱公司網站以獲取重要信息，包括今天上午早些時候發布的公司收益新聞稿。

An archived recording of this conference call will be made available on the Travelzoo Investor Relations website at travelzoo.com/ir.

本次電話會議的存檔錄音將在 Travelzoo.com/ir 的 Travelzoo 投資者關係網站上提供。

Now it's my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel; its Chief Financial Officer, Wayne Lee; and its General Manager, Travelzoo META, Arveena Ahluwalia. Wayne will start with an overview of the fourth quarter 2022 financial results.

現在我很高興將發言權交給 Travelzoo 的全球首席執行官 Holger Bartel；其首席財務官 Wayne Lee；及其 Travelzoo META 總經理 Arveena Ahluwalia。韋恩將首先概述 2022 年第四季度的財務業績。

Thank you, Regina, and welcome to those of you joining us today. Please open or refer to the management presentation to follow along with our prepared remarks. The presentation in PDF format is available on our Investor Relations website at travelzoo.com/ir.

謝謝你，里賈納，歡迎你們今天加入我們。請打開或參考管理層的介紹，以跟隨我們準備好的評論。 PDF 格式的演示文稿可在我們的投資者關係網站 travelzoo.com/ir 上獲取。

Let's begin with Slide #3. Revenue growth accelerated in Q4, leading to much stronger earnings. Our consolidated Q4 revenue was $18.6 million, up 36% from $13.7 million in the previous year, and in constant currencies, it was $19.4 million, which is an increase of 42% year-over-year. Operating income, which we, as management, call operating profit was $3.6 million, which is approximately 19% of revenues compared to an operating loss of $3.8 million in the prior year. As of December 31, we had $30.4 million unduplicated members compared to $30.3 million as of December 31, 2021.

讓我們從幻燈片 #3 開始。第四季度收入增長加速，導致盈利大幅增長。我們第四季度的合併收入為 1860 萬美元，比上一年的 1370 萬美元增長 36%，按固定匯率計算，為 1940 萬美元，同比增長 42%。作為管理層，我們稱之為營業利潤的營業收入為 360 萬美元，約佔收入的 19%，而上一年的營業虧損為 380 萬美元。截至 12 月 31 日，我們擁有 3040 萬美元的非重複成員，而截至 2021 年 12 月 31 日為 3030 萬美元。

On Slide 4, we go into more details about the revenue and operating profit of our 2 more significant business segments, North America and Europe. North America segment revenue increased 53% year-over-year from $8.6 million to $13.1 million. The operating profit in North America was $3.7 million in Q4 compared to an operating loss of $2.1 million a year ago.

在幻燈片 4 中，我們詳細介紹了北美和歐洲這兩個更重要的業務部門的收入和營業利潤。北美分部收入同比增長 53%，從 860 萬美元增至 1310 萬美元。北美第四季度的營業利潤為 370 萬美元，而一年前的營業虧損為 210 萬美元。

Europe segment revenue increased from $4.3 million to $4.7 million or 9% year-over-year. At constant currencies, Europe revenue increased 23% year-over-year. Europe had an operating profit of $42,000 in Q4 compared to an operating loss of $1.7 million in the prior year.

歐洲分部收入從 430 萬美元增加到 470 萬美元，同比增長 9%。按固定匯率計算，歐洲收入同比增長 23%。歐洲在第四季度的營業利潤為 42,000 美元，而去年同期營業虧損為 170 萬美元。

On Slide 5, you can see that our operating margin for all of 2022 reached 11%, which is at a level higher than our operating margins before the pandemic in 2020.

在幻燈片 5 上，您可以看到我們 2022 年全年的營業利潤率達到 11%，這比 2020 年大流行之前的營業利潤率更高。

Before the pandemic, Travelzoo's reported operating margin was much lower because of operating losses from our Asia Pacific segment. In March 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Now the operating margin shows the true profitability of Travelzoo in North America and in Europe.

在大流行之前，Travelzoo 報告的營業利潤率要低得多，因為我們亞太地區的營業虧損。 2020 年 3 月，Travelzoo 決定退出其亞太業務，並將其作為授權業務運營。現在營業利潤率顯示了 Travelzoo 在北美和歐洲的真實盈利能力。

Slide 6 shows that our operating margin in North America reached 29% for Q4.

幻燈片 6 顯示，我們在北美的營業利潤率在第四季度達到了 29%。

On Slide 7, we provide information on non-GAAP operating profit as we believe it better explains how Travelzoo evaluates performance. This slide shows the non-GAAP operating profit, which was $4.8 million in Q4 compared to a loss of $2.4 million in the prior year.

在幻燈片 7 中，我們提供了有關非 GAAP 營業利潤的信息，因為我們認為它可以更好地解釋 Travelzoo 如何評估績效。這張幻燈片顯示了非 GAAP 營業利潤，第四季度為 480 萬美元，而去年同期為虧損 240 萬美元。

Slide 8 provides more information about the items that are excluded in the calculation of non-GAAP operating profit.

幻燈片 8 提供了有關非 GAAP 營業利潤計算中排除的項目的更多信息。

Please turn to Slide 9. As of December 31, 2022, consolidated cash, cash equivalents and restricted cash was $19.4 million. The cash balance reached the expected level as the number of vouchers outstanding has decreased greatly at the end of 2022.

請轉到幻燈片 9。截至 2022 年 12 月 31 日，合併現金、現金等價物和受限制現金為 1940 萬美元。現金餘額達到預期水平，因為在 2022 年底未償還的憑證數量大幅減少。

Slides 10 and 11 detail our revenue by business segment. The North America business segment saw a year-over-year revenue increase of $4.5 million.

幻燈片 10 和 11 按業務部門詳細介紹了我們的收入。北美業務部門的收入同比增長 450 萬美元。

Turning to Slide 11. The Europe business segment, which we report in U.S. dollars was and continues to be impacted by the strong dollar. We saw revenue in Q4 increased by $384,000. But in constant currencies, revenue increased $1 million year-over-year.

轉到幻燈片 11。我們以美元報告的歐洲業務部門過去並將繼續受到強勢美元的影響。我們看到第四季度的收入增加了 384,000 美元。但按固定匯率計算，收入同比增長 100 萬美元。

Slide 12 shows that the pandemic led to a significant reduction of fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future, while revenues are expected to grow. For Q1 2023, we currently expect higher revenue and profitability. During the pandemic, we have been able to lower our fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future.

幻燈片 12 顯示，大流行導致固定成本顯著減少。我們相信，在可預見的未來，我們可以將固定成本保持在相對較低的水平，同時收入有望增長。對於 2023 年第一季度，我們目前預計收入和盈利能力會更高。在大流行期間，我們能夠降低固定成本。我們相信，在可預見的未來，我們可以將固定成本保持在相對較低的水平。

Now I turn over to Holger.

現在我轉向霍爾格。

Thank you, Wayne. Revenue growth accelerated in both North America and in Europe, leading to much stronger earnings. As the recovery from the pandemic continues, we will leverage Travelzoo's global reach and trusted brand to further improve earnings in future periods. With more than 30 million members, 7 million mobile app users and 4 million social media followers, travelers with love by travel enthusiasts, who are affluent, active and open to new experiences.

謝謝你，韋恩。北美和歐洲的收入增長加速，導致收益大幅增長。隨著大流行病的持續復甦，我們將利用 Travelzoo 的全球影響力和值得信賴的品牌進一步提高未來期間的收益。擁有超過 3000 萬會員、700 萬移動應用程序用戶和 400 萬社交媒體粉絲，深受旅行愛好者喜愛的旅行者，他們富裕、活躍並且對新體驗持開放態度。

Slide 13 provides more information about our members. 87% say they are open to new destinations and travel ideas. So Travelzoo members are travel enthusiasts.

幻燈片 13 提供了有關我們成員的更多信息。 87% 的人表示他們對新的目的地和旅行想法持開放態度。所以Travelzoo會員都是旅遊愛好者。

Slide 15 provides an overview of what management and our global team are focused on. We want to reach and surpass pre-pandemic number of members and accelerate revenue growth. We want to utilize higher operating margins to significantly increase EPS, grow Jack’s Flight Club's profitable subscription revenue and launch Travelzoo META.

幻燈片 15 概述了管理層和我們的全球團隊關注的重點。我們希望達到並超過大流行前的會員數量並加速收入增長。我們希望利用更高的營業利潤率來顯著提高每股收益，增加 Jack's Flight Club 的盈利訂閱收入，並推出 Travelzoo META。

At this point, I'd like to turn over to Arveena.

在這一點上，我想轉向 Arveena。

Hi, everyone. Today's update will be super quick since the team is pretty busy with the launch of Phase 1 of Travelzoo META in the coming weeks.

大家好。今天的更新會非常快，因為團隊在接下來的幾週內非常忙於推出 Travelzoo META 的第一階段。

For today, please turn to the next slide for a first look at one of Travelzoo META's marketing teaser.

今天，請翻到下一張幻燈片，先看看 Travelzoo META 的營銷預告片之一。

(presentation)

（推介會）

With that, I'm handing over to the operator for questions for Holger, Wayne and me.

有了這個，我將交給接線員為 Holger、Wayne 和我提問。

(Operator Instructions) Our first question comes from the line of Michael Kupinski with NOBLE Capital Markets.

（操作員說明）我們的第一個問題來自 NOBLE Capital Markets 的 Michael Kupinski。

A couple of questions. I was wondering, Holger, can you kind of -- you indicated that the third quarter is shaping up to be a little bit better. I'm sorry, the next quarter is shaping up to be a little bit better. I was just wondering if you can kind of put some color around that. What are you seeing in terms of people traveling both on North America versus Europe? Are there any disparities there? Then also, I have a few questions about Jack's Flight Club as well.

幾個問題。我想知道，霍爾格，你能不能——你表示第三季度會好一點。對不起，下個季度會好一點。我只是想知道你是否可以給它添加一些顏色。您對同時在北美和歐洲旅行的人有何看法？那裡有什麼差距嗎？然後，我也有一些關於 Jack's Flight Club 的問題。

Okay, Michael. So in general, as you see in Q4 and now again in Q1, it's become easier for us to negotiate offers for our members that of course, resulting in more activity by our members and also advertisers are back much stronger than last year because there's more confidence in travel and while we have high inflation everywhere and possibly recessions coming. Travel is one of the areas where consumers don't want to -- they don't want to give up on it. They just want to do more for less and they are looking for better deals, and that's I think where we are well positioned. So we see that continue in Q1.

好的，邁克爾。所以總的來說，正如你在第四季度和第一季度看到的那樣，我們更容易為我們的會員協商報價，這當然會導致我們的會員進行更多的活動，而且廣告商的回歸也比去年強得多，因為有更多對旅行的信心，而我們到處都是高通脹，並且可能會出現衰退。旅遊是消費者不想去的領域之一——他們不想放棄。他們只想花更少的錢做更多的事，他們正在尋找更好的交易，我認為這就是我們的優勢所在。所以我們看到第一季度繼續如此。

As you saw North America was a bit stronger. Europe is still lagging a bit. We see that gap closing in Q1 and probably this year. So in general, in Europe, travel activity is also quite good. And our business in Europe is improving better and more quickly now than probably last year, so that's good.

如您所見，北美更強大一些。歐洲仍然有點落後。我們看到這一差距在第一季度縮小，可能在今年縮小。所以總的來說，在歐洲，旅遊活動還是比較不錯的。我們在歐洲的業務現在可能比去年更好更快地改善，所以這很好。

Got you. And then can you give us some color on voucher sales versus just -- versus advertising in the quarter? And I noticed that as I've been traveling as well that prices in hotel rooms have gone quite high. And then it seems like more recently, we started to see more discounting. I was just wondering if you can add a little bit of color on that, too.

明白了然後你能給我們一些關於代金券銷售和本季度廣告的顏色嗎？而且我注意到，由於我也一直在旅行，酒店房間的價格已經相當高了。然後似乎最近，我們開始看到更多的折扣。我只是想知道你是否也可以在上面添加一點顏色。

To answer your first question, vouchers have been -- were very important during the early days of the pandemic. I would say, even the first 2 years of the pandemic because people just couldn't travel and so they purchase the vouchers for future travel. They are less important today, a much smaller percentage of our business than they were in 2020 and 2021.

要回答您的第一個問題，代金券在大流行初期非常重要。我想說，即使是在大流行的前兩年，人們也無法旅行，所以他們購買了未來旅行的代金券。它們在今天不那麼重要了，與 2020 年和 2021 年相比，它們在我們業務中所佔的比例要小得多。

Advertising revenue is now the majority of the revenue that we generate. So we're a bit back to patterns, what we saw in 2019. And the same is with travel behavior. So with regards to your second question, we are clearly seeing now that there are patterns of periods when hotels are busy and patterns of periods when they are less busy, and that provides us an opportunity to negotiate great deals for our members again.

廣告收入現在是我們產生的收入的大部分。所以我們有點回到我們在 2019 年看到的模式。旅行行為也是如此。所以關於你的第二個問題，我們現在清楚地看到，酒店在繁忙時段和不那麼繁忙的時段都有模式，這為我們提供了再次為我們的會員談判超值優惠的機會。

You've indicated that there has been an increase in the number of subscribers at Jack's Flight Club, but it seems to me like maybe the effort there has been a little disappointing that we thought that maybe there would have been a little bit faster growth. And I know that maybe you've taken your foot off the accelerator of that one. But can you kind of give us your outlook for Jack's Flight Club?

您已經指出 Jack's Flight Club 的訂戶數量有所增加，但在我看來，也許那裡的努力有點令人失望，因為我們認為可能會有更快的增長。而且我知道也許你已經把腳從那個加速器上移開了。但是你能給我們介紹一下你對傑克飛行俱樂部的看法嗎？

Yes, you're right, it grew less in 2022 than what we were hoping for, but we also were looking for the right time to promote the service. Now airfares are very high. People are very interested in a service that provides them information about the airfares. So in 2023, we are looking at much faster growth of Jack's Flight Club compared to what we saw before.

是的，你是對的，它在 2022 年的增長低於我們的預期，但我們也在尋找合適的時間來推廣這項服務。現在機票價格很高。人們對向他們提供機票信息的服務非常感興趣。因此，到 2023 年，我們預計 Jack's Flight Club 的增長速度將比我們之前看到的快得多。

Got you. And then just a final question about margins. You mentioned that the increase in the margins was due to the absence of losses in Japan, but I believe that you had made some structural changes as well, like decreases in office space and so forth. And I was just wondering now that you moved to more of a licensing agreement in Asia and with the structural changes that you've made, can you kind of give us your thought about what are the prospects of margin improvement and what could be the sustainable margins for the company?

明白了然後是關於利潤率的最後一個問題。你提到利潤率的增加是由於日本沒有虧損，但我相信你也做了一些結構性的改變，比如辦公空間的減少等等。我只是想知道，現在您在亞洲轉向了更多的許可協議，並且隨著您所做的結構性改變，您能否給我們談談您對提高利潤率的前景以及可持續發展的看法公司的毛利？

You're absolutely right, Michael. It's a combination of both. We just wanted to make it clear that operating margins before the pandemic were not that much lower if we actually eliminate the investments we made in Asia Pacific. So that was one element. And the other element is, of course, as you say, that we have changed our cost structure permanently going forward. Well, in Q4, operating margin in North America was 29%. That's actually quite good. That's before taxes, obviously, but I think we can get the entire business to that level over the long run.

你完全正確，邁克爾。它是兩者的結合。我們只是想明確表示，如果我們真正取消在亞太地區的投資，大流行之前的營業利潤率並不會低很多。所以這是一個要素。另一個因素當然是，正如你所說，我們已經永久地改變了我們的成本結構。那麼，在第四季度，北美的營業利潤率為 29%。這其實很好。顯然，這是稅前，但我認為從長遠來看，我們可以使整個業務達到這一水平。

Your next question will come from the line of Jim Goss with Barrington Research.

您的下一個問題將來自 Barrington Research 的 Jim Goss。

I am curious how you would evaluate Travelzoo's trends right now relative to broader industry measures for hotels, airlines and other services like Expedia that make more direct bookings. And why do you think you would lead or lag any of those particularly broader trends?

我很好奇，相對於更廣泛的酒店、航空公司和 Expedia 等提供更多直接預訂服務的行業指標，你會如何評估 Travelzoo 目前的趨勢。為什麼你認為你會領先或落後於這些特別廣泛的趨勢中的任何一個？

So clearly coming out of the pandemic, there was pent-up demand. And as we said in the last quarter, people were traveling even more than they would have without the pandemic happening. So flights were full. Hotels were completely full. Airlines and hotels were not even operating at the same capacity. Now they're increasing capacity, people are looking more for value. So in general, when you see travel suppliers having reported relatively good numbers recently.

很明顯，從大流行中走出來的需求被壓抑了。正如我們在上個季度所說的那樣，人們的旅行次數比沒有大流行病發生時還要多。所以航班滿了。酒店完全住滿了。航空公司和酒店甚至無法以同樣的容量運營。現在他們正在增加容量，人們正在尋找更多的價值。所以總的來說，當你看到旅遊供應商最近報告的數字相對較好時。

For us, I think 2023 will be a year where we'll be doing better than 2022 just because there is more opportunity for us to do what we are best at, which is negotiating and finding offers for our members that inspire them to travel and helping travel suppliers to really fill those dates when they are not busy and the destinations where that maybe -- there may be less known or destinations where they are less busy indoor seasons. That's what Travelzoo is about.

對我們來說，我認為 2023 年將是我們比 2022 年做得更好的一年，因為我們有更多機會去做我們最擅長的事情，即為我們的會員談判和尋找激勵他們旅行和旅行的報價幫助旅遊供應商在他們不忙的時候真正填寫那些日期，以及那些可能不那麼忙的目的地——可能不太為人所知，或者在室內季節不太忙的目的地。這就是 Travelzoo 的意義所在。

So do you think you might -- there might be a reason you might lag sort of the direct placements for hotels and placement in flights, et cetera, that you would catch up now as that -- and maybe even at least grow as fast as some of the industry trends once that interest in travel revise. Is that...

所以你認為你可能 - 可能有一個原因你可能會落後於酒店和航班等的直接安置，你現在會趕上 - 甚至可能至少增長速度與一些行業趨勢曾經改變對旅遊的興趣。就是它...

Yes. I think that's a good description. You put that forward very well, Jim. In general, when you look back, I mean, a company that's been around for a long time and in periods when people watching their wallets closer, and we definitely are entering such times this year with inflation continuing to be high and some of the money that was spent -- sorry, that was spread out by governments across the world that money is evaporating. And so people are looking more for value and for deals. So I think we are better positioned, but you explained very well, Jim.

是的。我認為這是一個很好的描述。吉姆，你把它提出得很好。總的來說，當你回顧過去時，我的意思是，這家公司已經存在了很長時間，而且在人們密切關注錢包的時期，我們今年肯定會進入這樣的時期，通貨膨脹率持續居高不下，一些錢那已經花掉了——抱歉，那是世界各國政府散佈的，錢正在蒸發。因此，人們正在尋找更多的價值和交易。所以我認為我們的定位更好，但你解釋得很好，吉姆。

Okay. And within North America, are you noticing a difference in trends between Canada versus U.S.? And relative to North America vis-a-vis Europe, if Europe could be viewed as sort of collective continent rather than a group of countries. Is there more interest in international travel on this side of the pond versus that side of the pond?

好的。在北美，您是否注意到加拿大與美國之間的趨勢差異？相對於北美相對於歐洲，如果歐洲可以被視為某種集體大陸而不是一組國家。與池塘的那一邊相比，池塘這一邊對國際旅行的興趣更大嗎？

No difference really between the U.S. and Canada between Europe and North America. Also no big differences -- yes, you are right, people love to travel more now across the oceans further distances. Europe is particularly popular now for our members in the U.S. We clearly see that they want to go out. Again, they want to visit Europe. They also are now interested increasingly in Asia Pacific. And so I would just say maybe in Europe, the advertisers are a little bit more cautious with coming back in advertising. So -- but we are seeing that, that is also improving.

歐洲和北美之間的美國和加拿大之間確實沒有區別。也沒有什麼大的區別——是的，你是對的，現在人們更喜歡遠洋旅行。歐洲現在特別受我們美國會員的歡迎。我們清楚地看到他們想出去。同樣，他們想訪問歐洲。他們現在對亞太地區也越來越感興趣。所以我只想說，也許在歐洲，廣告商對回歸廣告更加謹慎。所以 - 但我們看到，這也在改善。

Okay. One last question. You made a point of saying there are 30 million members, is there a 7.3 million mobile app users and 4 million social media users. Could you talk about the consistency or differences among those categories in terms of the value and the economics of each?

好的。最後一個問題。你特意說有 3000 萬會員，是否有 730 萬移動應用程序用戶和 400 萬社交媒體用戶。您能否談談這些類別在每個類別的價值和經濟方面的一致性或差異？

Not really because -- I mean, there's not really a big difference between them because in the end, we cater to what I explained earlier, travel enthusiasts, people who are inspired by our offers to go to places that they didn't even think about. And the media, how we reach them might be different, but their interests are the same and the behavior.

不是真的，因為 - 我的意思是，它們之間並沒有太大區別，因為最終，我們迎合了我之前解釋的內容，旅遊愛好者，那些受到我們提供的啟發去他們甚至沒有想到的地方的人關於。而媒體，我們接觸他們的方式可能不同，但他們的興趣和行為是相同的。

Your next question comes from the line of Ed Woo with Ascendiant Capital.

你的下一個問題來自 Ed Woo 與 Ascendiant Capital 的合作。

My question is, during the pandemic, a lot of travel suppliers, particularly hotels, reduced their capacity because they couldn't find labor, has that improved? Do you see more supply coming online, especially with hotels as the labor market improves in the U.S.

我的問題是，在疫情期間，很多旅遊供應商，特別是酒店，因為找不到勞動力而減少了產能，這種情況是否有所改善？隨著美國勞動力市場的改善，您是否看到更多供應上線，尤其是酒店？

Yes, not only hotels, but also airlines, they have more capacity and also the hotels have stepped up. We see that happening more quickly in the U.S. than in Europe just because of the differences in labor laws. But yes, absolutely, yes.

是的，不僅是酒店，還有航空公司，他們有更多的容量，酒店也加強了。由於勞動法的差異，我們看到這種情況在美國比在歐洲發生得更快。但是，是的，絕對是的。

Great. And what are you seeing for the summer travel season? Do you see it having as robust as it was last summer as everybody came back? Or do you think that is beginning to more -- have more normal trends?

偉大的。您對夏季旅遊旺季有何看法？當每個人都回來時，你認為它像去年夏天一樣強勁嗎？或者你認為這開始更多 - 有更正常的趨勢？

You have to wait and see, but -- it's a good question, Ed. What we see is that members are booking trips further out than they did last year. So for example, we just had a really fantastic offer in New York, and it's available for summer and a lot of our members booked already trips to New York for summer. We didn't see it quite as much last year. So people are booking trips further out, but we will have to see if people take these trips.

你必須拭目以待，但是 - 這是一個很好的問題，Ed。我們看到，與去年相比，會員預訂的行程更遠。因此，例如，我們剛剛在紐約獲得了一個非常棒的優惠，它在夏季可用，我們的許多會員已經預訂了夏季前往紐約的旅行。去年我們沒有看到那麼多。所以人們正在預訂更遠的旅行，但我們必須看看人們是否參加這些旅行。

Great. And on the inflation front, have you seen travel suppliers able to pass on increases in the consumers willing to pay the higher prices?

偉大的。在通貨膨脹方面，您是否看到旅遊供應商能夠將價格上漲轉嫁給願意支付更高價格的消費者？

Not so much a question for us because we are not a travel supplier, but from what I can see, yes, I think consumers are still accepting the higher prices. Let's see how long that lasts. I expect that, that will change over the next 6 months.

對我們來說這不是什麼問題，因為我們不是旅遊供應商，但據我所知，是的，我認為消費者仍在接受更高的價格。讓我們看看它能持續多久。我預計，這將在未來 6 個月內發生變化。

Our final question will come from the line of Steve Silver with Argus Research.

我們的最後一個問題將來自 Argus Research 的 Steve Silver。

Most of mine have been asked already, but I've got a couple left. First of all, Holger, you mentioned that this management's focus to continue to expand the member base looks to be pretty flat year-over-year. Just curious as to whether there are particular steps that can be taken to meaningfully grow the user base -- member base over the short term? Or is it really just the expectation that former members will continue to return as business conditions continue to normalize.

我的大部分已經被問過，但我還剩下幾個。首先，霍爾格，你提到管理層繼續擴大會員基礎的重點看起來與去年同期相當持平。只是想知道是否可以採取特定步驟來有意義地擴大用戶群——短期內的會員群？或者這真的只是期望隨著商業環境繼續正常化，前成員將繼續回歸。

Look, it's mostly about better explaining the value that our membership is offering to consumers. We haven't done that so well over the last 2 years. We're going to do it more, and we obviously also investing more in marketing and making the brand more known. And beyond that, I think it's just the changes in what's happening in the industry that are helping us as I know it was -- I think it was Michael or Ed who mentioned that they were looking to book a hotel and was so expensive as year.

看，這主要是為了更好地解釋我們的會員資格為消費者提供的價值。在過去的兩年裡，我們在這方面做得併不好。我們會做得更多，顯然我們也會在營銷上投入更多，讓品牌更加知名。除此之外，我認為正是行業正在發生的變化正在幫助我們，正如我所知道的那樣——我認為是邁克爾或埃德提到他們想預訂一家酒店，而且價格比去年貴.

Last year, you were often happy to even find a hotel if it wasn't booked out yet, that is changing. And so people are now looking more for the kind of service that we have -- that we are providing and that has made us so popular among these millions of travel enthusiasts over the years. So the industry trends are just simply helping us. And you are right, in the last 3 years during the pandemic, we didn't grow our member base, but we're looking to change that this year.

去年，如果酒店還沒有被預訂一空，你甚至很樂意找到一家酒店，這種情況正在發生變化。因此，人們現在更多地尋找我們擁有的服務——我們正在提供的服務，這使我們多年來在數百萬旅遊愛好者中如此受歡迎。所以行業趨勢只是在幫助我們。你是對的，在過去 3 年的大流行期間，我們的會員基礎沒有增長，但我們希望今年能改變這種狀況。

Great. And just one base of big picture. Over the last couple of years, there's been significant changes in the way both the company has operated in terms of the changing of the Asia Pacific business, then weathering the pandemic while I think there are a couple of headwinds left maybe in terms of the higher inflation still and maybe the unfavorable currency exchange at this point. But would you say broadly that in terms of headwinds on the business that Travelzoo's fundamentals are as strong as they've been in quite some time?

偉大的。並且只有一個大圖片的基礎。在過去的幾年中，公司在亞太業務變化方面的運營方式發生了重大變化，然後經受住了大流行，而我認為可能在更高的方面還存在一些不利因素通貨膨脹仍然存在，此時可能不利的貨幣兌換。但您是否可以廣泛地說，就業務的不利因素而言，Travelzoo 的基本面與相當長一段時間以來一樣強勁？

Well, you saw we had a very good quarter in Q4. It was our best quarter in the last 3 years. We're going to have a good quarter again in Q1. And so we are very optimistic about 2023. We see that the trends that we are seeing among consumers are helping our business. We see that the trends of what we're seeing in the industry with more capacity, with more seasonal changes in seasonal patterns in demand again, all that is favoring our business. So we're very optimistic about 2023. So yes, we hope we're finally back in a position where we can continue to deliver these really good operating margins that we have seen in Q4 and probably do even better.

好吧，你看到我們在第四季度有一個非常好的季度。這是我們過去 3 年最好的一個季度。我們將在第一季度再次有一個好的季度。因此，我們對 2023 年非常樂觀。我們看到，我們在消費者中看到的趨勢正在幫助我們的業務。我們看到，我們在行業中看到的趨勢是產能增加，需求的季節性模式再次發生更多季節性變化，所有這些都對我們的業務有利。所以我們對 2023 年非常樂觀。所以是的，我們希望我們最終能夠回到我們能夠繼續提供我們在第四季度看到的這些非常好的營業利潤率並且可能做得更好的位置。

I will now turn the call back over to Mr. Holger Bartel.

我現在將把電話轉回給 Holger Bartel 先生。

Well, thanks, everyone, for listening in, and we look forward to speaking with you soon again next quarter. Have a great day.

好吧，謝謝大家的收聽，我們期待下個季度再次與您交談。祝你有美好的一天。

Thank you, ladies and gentlemen. This concludes today's teleconference. You may disconnect your lines at this time. Have a nice day.

謝謝你們，女士們，先生們。今天的電話會議到此結束。此時您可以斷開線路。祝你今天過得愉快。