Travelzoo (TZOO) 2023 Q3 法說會逐字稿

Hello, everyone. Welcome to the Travelzoo Third Quarter 2023 Financial Results Conference Call. (Operator Instructions) Today's call is being recorded.

大家好。歡迎參加 Travelzoo 2023 年第三季財務業績電話會議。 （操作員說明）今天的通話正在錄音。

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.

本公司謹提醒您，本次電話會議期間以及幻燈片中提出的所有非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》的安全港條款做出的。

Actual results could vary materially from those contained in the forward-looking statements. 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 SEC filings. 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.

實際結果可能與前瞻性陳述中所包含的結果有重大差異。該公司的 10-K 表格和 10-Q 表格以及其他 SEC 文件中描述了可能導致實際結果與前瞻性陳述中的結果有重大差異的因素。除非法律要求，本公司沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

Please refer to the company's website for important information, including the company's earnings press release issued earlier today. An archived recording of this conference call will be made available on the company's Investor Relations website at travelzoo.com/ir.

請參閱公司網站以了解重要訊息，包括今天早些時候發布的公司收益新聞稿。本次電話會議的存檔錄音將在公司投資者關係網站travelzoo.com/ir 上提供。

Now it's my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel; Finance Director, Lijun Qi; and its General Manager, Travelzoo META, Arveena Ahluwalia.

現在我很高興將發言權交給 Travelzoo 的全球執行長 Holger Bartel；財務總監齊立軍；及其 Travelzoo META 總經理 Arveena Ahluwalia。

Lijun will start with an overview.

麗君將從概述開始。

Thank you, operator, and welcome to those of you joining us today. Please refer to the management presentation to follow along with our prepared remarks. The presentation in PDF format is available on our Investor Relations site at travelzoo.com/ir. Let's begin with Slide #4.

謝謝您，運營商，並歡迎你們今天加入我們。請參閱管理層的介紹以及我們準備好的評論。 PDF 格式的簡報可在我們的投資者關係網站 Travelzoo.com/ir 上取得。讓我們從投影片 #4 開始。

Travelzoo's revenue, operating profit and the member count all increased year-over-year. Our consolidated Q3 revenue was $20.6 million, up 30% from $15.8 million in the previous year. In constant currencies, revenue was $20.2 million, which is an increase of 27% year-over-year. Operating income, which weighed as management core operating profit increased 1,039% year-over-year. Q3 operating profit was $3.1 million or 15% of revenue, up from $273,000 in the prior year. As of September 30, 2023, we had 31.2 million unduplicated members, compared to 30.5 million as of September 30, 2022.

Travelzoo 的營收、營業利潤和會員數量均較去年同期成長。我們第三季的綜合收入為 2,060 萬美元，比上一年的 1,580 萬美元成長了 30%。以固定匯率計算，營收為 2,020 萬美元，年增 27%。作為管理層核心營業利潤的營業收入年增 1,039%。第三季營業利潤為 310 萬美元，佔營收的 15%，高於前一年的 273,000 美元。截至 2023 年 9 月 30 日，我們擁有 3,120 萬不重複會員，而截至 2022 年 9 月 30 日，我們擁有 3,050 萬。

Slide 5 shows that Travelzoo's year-over-year revenue growth accelerated further compared to the previous quarter as well as last year. Year-over-year growth rates were higher this quarter in all business segments when compared to growth in the previous year.

幻燈片 5 顯示，與上一季和去年相比，Travelzoo 的年收入成長進一步加速。與上一年相比，本季所有業務部門的年成長率均較高。

On Slide 6, we go into more detail about the revenues and the operating profit of our 2 largest business segments, North America and Europe. North America segment revenue increased $2.9 million from $10.5 million to $13.4 million. So operating profit in North America was $3.0 million in Q3, compared to an operating profit of $1.0 million a year ago. Europe segment revenue increased $1.5 million from $4.5 million to $6.0 million. Europe had an operating profit of $267,000 in Q3 compared to an operating loss of $551,000 in the prior year.

在投影片 6 中，我們更詳細地介紹了我們兩個最大的業務部門（北美和歐洲）的收入和營業利潤。北美部門收入增加了 290 萬美元，從 1,050 萬美元增至 1,340 萬美元。因此，第三季北美地區的營業利潤為 300 萬美元，而一年前的營業利潤為 100 萬美元。歐洲部門收入增加了 150 萬美元，從 450 萬美元增加到 600 萬美元。歐洲第三季的營業利潤為 267,000 美元，而前一年的營業虧損為 551,000 美元。

On Slide 7, you can see that our GAAP operating margin was 15% in Q3, up from 2% in the same period last year. The operating margin of 15% in Q3 is much higher than before the pandemic. Before the pandemic, Travelzoo's reported operating margin was much lower because of losses from our Asia Pacific business segment. In March 2020, Travelzoo decided to make Asia Pacific a licensing business going forward. Now operating profit shows the true profitability of Travelzoo in North America and Europe.

在投影片 7 上，您可以看到第三季我們的 GAAP 營業利潤率為 15%，高於去年同期的 2%。第三季營業利益率為15%，遠高於疫情前。在大流行之前，由於亞太業務部門的虧損，Travelzoo 報告的營業利潤率要低得多。 2020 年 3 月，Travelzoo 決定將亞太地區作為未來的授權業務。現在營業利潤顯示了Travelzoo在北美和歐洲的真實獲利能力。

Slide 8 shows that in North America, the GAAP operating margin remained high at 22%. On Slide 9, we provide information on non-GAAP operating profit as we believe it better explains how Travelzoo evaluates performance. Q3 2023 non-GAAP operating profit was $3.9 million compared to a non-GAAP operating profit of $1.1 million in the prior year.

投影片 8 顯示，在北美，GAAP 營業利潤率仍維持在 22% 的高點。在幻燈片 9 中，我們提供了有關非 GAAP 營業利潤的信息，因為我們相信它可以更好地解釋 Travelzoo 如何評估業績。 2023 年第三季非 GAAP 營業利潤為 390 萬美元，而前一年的非 GAAP 營業利潤為 110 萬美元。

Slide 10 provides more information about the items that are excluded in the calculation of non-GAAP operating profit. Please turn to Slide 11. We maintained a solid cash position even after repurchasing 1 million Travelzoo shares during the quarter. As of September 30, 2023, consolidated cash, cash equivalents and restricted cash was $16.6 million, a decrease of $4.0 million from September 30, 2022. Merchant payables decreased $14.5 million from September 30, 2022.

幻燈片 10 提供了有關計算非 GAAP 營業利潤時排除的項目的更多資訊。請參閱投影片 11。即使本季回購了 100 萬股 Travelzoo 股票後，我們仍保持穩健的現金狀況。截至2023年9月30日，合併現金、現金等價物及限制性現金為1,660萬美元，較2022年9月30日減少400萬美元。商家應付帳款較2022年9月30日減少1,450萬美元。

Slides 12 and 13 detail our revenue by business segment. The North America business segment saw a year-over-year revenue increase of $2.9 million. It was driven by revenue from travel. Revenues from local consisting of local entertainment experiences are still expected to recover from the pandemic.

投影片 12 和 13 按業務部門詳細介紹了我們的收入。北美業務部門營收年增290萬美元。這是由旅行收入所推動的。包括本地娛樂體驗在內的本地收入仍有望從疫情中恢復。

Turning to Slide 13. The Europe business segment saw a year-over-year revenue increase of $1.5 million. It was driven by revenue from travel. Revenues from local are still expected to recover. Slide 14 shows our revenues compared to operating expenses. Most of the company's operating expenses except for marketing are fixed in the short term or midterm. We believe we can keep fixed lot costs relatively low in the foreseeable future while revenues are expected to grow. Higher revenues would just increase margins. For Q4 2023, we currently expect growth in revenue to continue year-over-year.

轉向投影片 13。歐洲業務部門的營收年增 150 萬美元。這是由旅行收入所推動的。當地收入預計仍將恢復。幻燈片 14 顯示了我們的收入與營運支出的比較。公司除行銷費用外的大部分營運費用都是在短期或中期固定的。我們相信，在可預見的未來，我們可以將固定批次成本保持在相對較低的水平，同時收入預計將成長。更高的收入只會增加利潤。對於 2023 年第四季度，我們目前預計營收將繼續同比增長。

Now I turn over to Holger.

現在我把注意力轉向霍爾格。

Thank you, Lijun. Year-over-year revenue growth accelerated from Q2 to Q3 again. We will continue to leverage Travelzoo's global reach, our trusted brand and the strong relationships with top travel suppliers to negotiate more exclusive offers for our members. It is in times of large increases in travel prices that Travelzoo is most valuable for consumers. Travelzoo members enjoy high-quality travel experiences that represent outstanding values. With more than 30 million members, 8 million mobile app users, and 4 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences.

謝謝你，麗君。從第二季度到第三季度，營收年增率再次加速。我們將繼續利用 Travelzoo 的全球影響力、我們值得信賴的品牌以及與頂級旅遊供應商的牢固關係，為我們的會員協商更多獨家優惠。在旅遊價格大幅上漲的時期，Travelzoo 對消費者來說最有價值。 Travelzoo會員享有代表卓越價值的高品質旅遊體驗。 Travelzoo 擁有超過 3000 萬會員、800 萬行動應用用戶和 400 萬社交媒體粉絲，深受富裕、活躍且樂於接受新體驗的旅行愛好者的喜愛。

Slide 15 provides more information about Travelzoo members. You see that 87% say they are open to new destinations and travel ideas. Travelzoo members are true travel enthusiasts.

投影片 15 提供了更多有關 Travelzoo 會員的資訊。您會看到，87% 的人表示他們對新目的地和旅行想法持開放態度。 Travelzoo 會員是真正的旅行愛好者。

Slide 17 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, add more innovative exclusive benefits for travel enthusiasts to make the Travelzoo membership even more valuable, utilize the higher operating margins to significantly increase EPS, grow Jack's Fight Club profitable subscription revenue and develop Travelzoo META with discipline.

投影片 17 概述了管理層和我們的全球團隊關注的重點。我們希望達到並超越疫情前的會員數量並加速收入成長，為旅遊愛好者增加更多創新的專屬福利，使Travelzoo 會員資格變得更有價值，利用更高的營運利潤率大幅提高每股收益，增加Jack's Fight Club 的訂閱獲利收入並依照紀律開發 Travelzoo META。

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

現在，我想把時間交給阿維娜。

Hello, everyone. At this time, we do not have any significant update for Travelzoo META. That said, we started accepting payments from founding members in Q3 2023. In addition, we are collaborating with best-in-class Metaverse content creators on innovative browser-enabled Metaverse experiences for founding members. Given the newness of this industry, we have been testing various content, member acquisition and marketing strategies to determine the channels that yield optimal results. We continue to use data to make important decisions and be strategic with the deployment of our investment as we built this service. I look forward to providing additional updates in due time.

大家好。目前，我們沒有對 Travelzoo META 進行任何重大更新。也就是說，我們從 2023 年第三季開始接受創始會員的付款。此外，我們正在與一流的 Metaverse 內容創作者合作，為創始會員提供創新的支援瀏覽器的 Metaverse 體驗。鑑於這個行業的新穎性，我們一直在測試各種內容、會員獲取和行銷策略，以確定產生最佳結果的管道。我們繼續使用數據來做出重要決策，並在建構這項服務時對我們的投資進行策略部署。我期待在適當的時候提供更多更新。

I am handing over to the operator for questions for Holger, Lijun and me.

我將交給接線員詢問 Holger、Lijun 和我的問題。

(Operator Instructions) Our first question comes from 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。

I just have a couple of questions here. First of all, congratulations on your good quarter. The gross profit margins were better than expected in a seasonally slow quarter. I was just wondering if you had thoughts on the trajectory for gross margins going forward.

我這裡只有幾個問題。首先，恭喜您季度表現良好。在季節性放緩的季度中，毛利率優於預期。我只是想知道您是否對未來毛利率的軌跡有什麼想法。

Michael, yes, you are right, the gross margins fluctuate a little bit due to seasonality. I think in the next 2 quarters, the next year, you will see similar gross margins as we have seen earlier this year.

邁克爾，是的，你是對的，由於季節性，毛利率略有波動。我認為在接下來的兩個季度，即明年，您將看到與今年早些時候類似的毛利率。

Got you. And then you've shown an increase in the number of subscribers for Jack's Fight Club, and I know that this was an area that you thought had some significant growth potential. I know that the business started its flight deals, but have you -- and you indicated plans to kind of transition that to more of a travel model. Has that happened? And what are you doing to reflect that strong subscriber growth? Can you add some color on what you're doing in that segment?

明白你了。然後，您發現《傑克搏擊俱樂部》的訂閱者數量有所增加，我知道您認為這是一個具有顯著成長潛力的領域。我知道該公司已經開始提供航班優惠，但是您是否表示計劃將其轉變為更多的旅行模式。有這樣的事發生嗎？您正在採取哪些措施來反映用戶的強勁成長？您能為您在該部分所做的事情添加一些色彩嗎？

Jack's Fight Club continues to focus on alerting its members and subscribers about great year-for-year offers. And that's what we continue to do. Now that recently, flights and airline prices have gone up so much, there's interest, as we had expected after the pandemic is over, there's increased interest in people hearing about great flight deals, and that's probably the -- not probably, but that's the main reason why the subscribers for Jack's Fight Club are up. And we are also happy that revenues are up even more. So finally, we are seeing some momentum with Jack's Fight Club, which was the main reason why we invested in this business.

傑克搏擊俱樂部繼續致力於提醒其會員和訂閱者有關年度優惠的信息。這就是我們繼續做的事情。現在，最近，航班和航空公司價格上漲了這麼多，人們產生了興趣，正如我們在大流行結束後所預期的那樣，人們對聽到優惠航班優惠的興趣越來越大，這可能是——不可能，但這就是這是傑克搏擊俱樂部的訂閱者數量增加的主要原因。我們也很高興收入成長更多。最後，我們看到了傑克搏擊俱樂部的一些勢頭，這也是我們投資這項業務的主要原因。

Yes. And at this point, you haven't introduced that to the North America yet because that was originally the plan is to expand that.

是的。目前，您還沒有將其引入北美，因為最初的計劃是擴展它。

But we have, but only to certain regions, not all of North America yet.

但我們有，但僅限於某些地區，還沒有覆蓋整個北美。

Got you. The ratio of your cash to merchant liabilities continued to improve in the latest quarter. And I know that you repurchased some stock which affected the cash position, but when do you anticipate that cash will start to increase?

明白你了。最近一個季度，現金與商家負債的比率持續改善。我知道你回購了一些股票，這影響了現金狀況，但你預期現金什麼時候會開始增加？

We expect cash to increase this quarter and again next year.

我們預計本季現金將增加，明年將再次增加。

Okay. And recently, the U.S. put a travel advisory for U.S. citizens traveling abroad. Have you seen any impact on this at this point?

好的。最近，美國向出國旅行的美國公民發出了旅遊建議。此時您是否看到對此有任何影響？

No, we have not seen any impact on it.

不，我們沒有看到任何影響。

The next question is from Ed Woo with Ascendiant Capital.

下一個問題來自 Ascendiant Capital 的 Ed Woo。

What are you seeing out there in terms of hearing from your travel suppliers, the outlook for travel. It seems like they held up pretty well during the summer, even with some of the macro issues. What are their outlook heading into the holidays and 2024?

從您的旅行供應商那裡聽到的信息以及旅行的前景，您看到了什麼？儘管存在一些宏觀問題，但他們在夏季的表現似乎相當不錯。他們對假期和 2024 年有何展望？

Ed, people continue to be interested in traveling after pandemic, but that big surge of travel interest that we saw last year is dissipating a little bit. We are hearing, particularly from hotels and airlines in North America, that demand is slowing down and normalizing. It's also probably a result of the higher prices because prices for hotels and flights has gone up tremendously over the last 2 years. And that's, of course, one of the reasons why our service, which helps people find great deals is in great demand at this time, and we think that will continue.

艾德，大流行之後，人們仍然對旅行感興趣，但我們去年看到的旅行興趣激增正在一點點消散。我們聽到，尤其是來自北美的酒店和航空公司的消息，需求正在放緩並趨於正常化。這也可能是價格上漲的結果，因為過去兩年飯店和航班的價格大幅上漲。當然，這就是我們幫助人們找到超值優惠的服務目前需求量很大的原因之一，我們認為這種情況將會持續下去。

In Europe, we see generally, particularly in the U.K., we see consumers be a bit more cautious, also looking for more values. And so I would say that to get back to your question, the demand for the upcoming holiday season is still strong, but lower than what the travel suppliers have seen last year.

在歐洲，我們普遍看到，特別是在英國，消費者更加謹慎，也在尋找更多的價值。所以我想說，回到你的問題，即將到來的假期的需求仍然強勁，但低於旅遊供應商去年的情況。

A follow-up question. Have you seen any noticeable in trends in people downgrading hotels from 5-star to 4-star or instead of taking a 1-week vacation, taking 5 days, shortening of vacation just to get the budget lower. Have you seen any noticeable trends in that?

一個後續問題。您是否發現人們將酒店從 5 星級降級為 4 星級，或者不是休 1 週假期，而是休 5 天，縮短假期只是為了降低預算？您是否看到了這方面任何明顯的趨勢？

We have not seen that really, but what we have seen is a higher number of 5-star hotels that are looking to work with us because they are not as busy as they were last year or in summer. So that offers great opportunities for our members because we then negotiate with these hotels' exclusive offers and that allows our members to continue to enjoy, for example, 5-star hotels, at what they would normally be when they went to a 4-star hotel. But we have not seen any indication that there is less demand for upscale properties.

我們還沒有真正看到這一點，但我們看到越來越多的五星級酒店尋求與我們合作，因為它們不像去年或夏天那麼繁忙。 So that offers great opportunities for our members because we then negotiate with these hotels' exclusive offers and that allows our members to continue to enjoy, for example, 5-star hotels, at what they would normally be when they went to a 4-star飯店.但我們沒有看到任何跡象表明對高檔房產的需求減少。

The next question is from Steve Silver with Argus Research.

下一個問題來自阿格斯研究中心的史蒂夫·西爾弗。

Let me offer my congratulations on the quarter as well. My first question, I guess, is related to the META. Arveena, you mentioned that this quarter was a little light in terms of movement in the launch and tracking those types of metrics. Just trying to get a sense as to whether we should be thinking about just looking for statistics on how the launch is going. Are you really thinking in terms of a quarter-over-quarter basis? Or are we looking at maybe something a little geared towards next year just in terms of the signal that you're looking for in order to invest in the business a little bit more aggressively?

讓我也對本季表示祝賀。我想我的第一個問題與 META 有關。 Arveena，您提到本季在發布和追蹤這些類型的指標方面進展不大。只是想了解我們是否應該考慮尋找有關發布進度的統計數據。您真的是按照季度環比來考慮的嗎？或者，我們是否正在考慮一些針對明年的事情，只是根據您正在尋找的信號，以便更積極地投資該業務？

Yes, thanks for the question. So yes, we are looking for more data and quarter-over-quarter data at this point, like I mentioned earlier, what we've been working on is testing various strategies and seeing which strategies yields the most optimal results for us to see. But ideally, after tracking everything on a monthly and even quarterly data, but given the units of this product and service, it will take some time until we acquire meaningful data.

是的，謝謝你的提問。所以，是的，我們現在正在尋找更多的數據和季度環比數據，就像我之前提到的，我們一直在測試各種策略，看看哪些策略可以產生最優化的結果。但理想情況下，在追蹤每月甚至季度數據的所有內容之後，但考慮到該產品和服務的單位，我們需要一些時間才能獲得有意義的數據。

Okay. Great. And then one on the balance sheet. Just trying to get a sense as to -- given the fact that there was a little bit of paydown over the last quarter on the merchants payable. Just trying to get a sense as to whether those are a little bit more longer term in terms of coming due or if you think that we're looking at maybe at 2024, more significant reduction in whatever payables will come due.

好的。偉大的。然後是資產負債表上的一項。只是想了解一下——考慮到上個季度商家應付帳款有一點付款的事實。只是想了解一下，就到期而言，這些是否是更長期的，或者如果您認為我們可能會在 2024 年，到期應付款項會出現更大幅度的減少。

Good observation, Steve. Merchant payables were indeed down less than what we had expected. The reason for that is that new voucher sales and purchases in Q3 were higher than we expected. So that led to new merchant payables, while the merchant payables from previously sold vouchers indeed, went down as we had expected. But net-net, the decrease was not quite as high as a result, that's helped, of course, with higher revenues in Q3 because revenues came in better than what we had forecast. So that was quite good.

觀察力很好，史蒂夫。商家應付帳款的下降幅度確實低於我們的預期。原因是第三季的新優惠券銷售和購買量高於我們的預期。因此，這導致了新的商家應付帳款，而先前出售的優惠券的商家應付帳款確實如我們預期的那樣下降了。但從淨值來看，下降幅度並沒有那麼高，這當然有助於第三季營收的增加，因為營收比我們的預期好。所以這非常好。

And as a reminder, most of the vouchers that are now purchased are nonrefundable. Members can refund them in the first 2 weeks, but after 2 weeks, they become nonrefundable. So the merchant payables today a little bit different than what they were a year ago. But we expect over the next few quarters, merchant payables to decrease further. And as I said earlier, we also expect cash to increase over the next few quarters. So the gap between the 2 should become 0 or actually become positive, meaning more cash than merchant payables. That's what we really expect in the next couple of quarters to happen.

提醒一下，現在購買的大部分優惠券都是不可退款的。會員可以在前 2 週內退款，但 2 週後將無法退款。因此，今天的商家應付帳款與一年前略有不同。但我們預計未來幾季，商家應付帳款將進一步減少。正如我之前所說，我們也預計未來幾季的現金將會增加。因此，兩者之間的差距應該變為 0 或實際上變為正數，這意味著現金多於商家應付帳款。這就是我們真正期望在接下來的幾個季度發生的事情。

The next question is from Jim Goss with Barrington Research.

下一個問題來自 Barrington Research 的 Jim Goss。

This is Pat on for Jim. Just had a question with regards to the size of the member base. As you mentioned, the potential increase in interest in finding in deals just because of price pressure. I'm just wondering if that if you guys -- how you guys see the benefits of marketing activity to try to drive membership growth and sort of what, I guess, challenges you might be facing in terms of attracting numbers?

這是吉姆的帕特。只是有一個關於會員基礎規模的問題。正如您所提到的，由於價格壓力，尋找交易的興趣可能會增加。我只是想知道你們如何看待行銷活動推動會員成長的好處，以及我猜你們在吸引人數方面可能面臨的挑戰是什麼？

It is indeed both, on one hand, Pat, we are seeing more members coming to us because they are upset or not happy with the prices they are seeing for hotels and the airlines. And at the same time, we also increased our member acquisition during the third quarter. We were able to do that while still maintaining overall cost and expenses flat versus the previous quarter. So that was quite good. But we did invest more in member acquisition. And as a result, you see that member growth quarter-over-quarter and year-over-year was actually quite good this quarter, better than in previous periods.

確實，一方面，帕特，我們看到越來越多的會員來到我們這裡，因為他們對酒店和航空公司的價格感到不安或不滿意。同時，我們在第三季也增加了會員獲取量。我們能夠做到這一點，同時仍然保持總體成本和費用與上一季持平。所以這非常好。但我們確實在會員獲取方面投入了更多。因此，您會發現本季的會員環比和同比增長實際上相當不錯，比之前的時期更好。

Okay. And then with, I guess, demand is still relatively high, but maybe flattening. To what extent do you guys feel that you guys -- that you have the capacity within your existing sales force to continue to kind of evaluate or negotiate deals and kind of continue to -- or like do you feel any need just to increase staffing to kind of make sure that you're still presenting a high-quality offers to your members?

好的。然後，我想，需求仍然相對較高，但可能會趨於平緩。你們在多大程度上認為你們現有的銷售隊伍有能力繼續評估或談判交易並繼續下去，或者你們是否覺得有必要增加人員配置確保你們仍然向會員提供高品質的優惠？

Yes. As I've said over the last 2 years, strong travel demands in hotels and flights that are full are not very good for us. But now things are slowing down, potentially economy is slowing down. That is good because now more of the travel suppliers come to us and work with us. They want them to pull offers to our members and get more guests into their hotel rooms or on their cruise ships. And that doesn't mean we need more people, Pat, to negotiate these offers and research them. It just makes it easier. There's more competition among them. It's easier to negotiate a better offer that translates then in better deals for our members and, of course, more interest then on the side of our members to take advantage of these offers.

是的。正如我在過去兩年中所說，酒店和航班的強勁旅行需求對我們來說並不是很好。但現在事情正在放緩，潛在的經濟正在放緩。這很好，因為現在有更多的旅行供應商來找我們並與我們合作。他們希望他們向我們的會員提供優惠，並讓更多的客人入住他們的飯店房間或遊輪。帕特，這並不意味著我們需要更多的人來協商和研究這些報價。它只是讓事情變得更容易。他們之間的競爭更加激烈。協商更好的報價會更容易，這可以為我們的會員帶來更好的交易，當然，我們的會員也更有興趣利用這些優惠。

So the expense, as we said over the last couple of years, the expense we have for the team for selling, negotiating, [purchasing], publishing and so forth is relatively flat whether we have more or less members. So as the member base increases and revenues increase, that doesn't affect the expense side, but it makes it possible for us to increase margins or to invest more in member acquisition to increase the member base further.

因此，正如我們過去幾年所說的那樣，無論我們的成員數量是多還是少，我們團隊在銷售、談判、[採購]、出版等方面的費用都相對持平。因此，隨著會員基數的增加和收入的增加，這不會影響費用方面，但它使我們有可能增加利潤或在會員獲取方面進行更多投資，以進一步增加會員基數。

Okay. And then I guess the last question I had, kind of similar to Mike's question. I was just wondering what sort of share of revenue do -- like travel deals from -- to the Middle East generally contribute to quarterly revenue. And I realize it wouldn't be like completely -- complete absence of that revenue if it went away because there would be some offset. But just wondering what sort of impact kind of the geopolitical tensions kind of potentially have.

好的。然後我想我的最後一個問題有點類似麥克的問題。我只是想知道來自中東的旅行交易等收入份額通常對季度收入有何貢獻。我意識到，如果收入消失，就不會完全沒有收入，因為會有一些抵銷。但只是想知道地緣政治緊張局勢可能會產生什麼樣的影響。

It is actually quite slim because offers to the Middle East were -- they don't represent a very large portion of the deals or the offers we make to our members. But apart from countries like Israel, of course, people may be more hesitant to travel to Egypt, I would say that we maybe see a very, very small impact in Europe. But in North America, it's -- the impact is close to 0. Also keep in mind what I said earlier, over 80% of our members are completely open to destinations. So if they cannot go to a certain destination, then they just look to go somewhere else. And that's the beauty about Travelzoo that we are able to show our members and motivate them to go to destinations that they didn't think of. So if they can travel to the Middle East, they will find some other place where they can go to and maybe some place they haven't thought about. And that's how it sort of compensates itself. And so in a nutshell, it really doesn't affect us yet in any meaningful way.

它實際上相當小，因為對中東的報價——它們並不代表我們向會員提供的交易或報價的很大一部分。當然，除了像以色列這樣的國家，人們可能對去埃及旅行更加猶豫，我想說，我們可能會在歐洲看到非常非常小的影響。但在北美，影響接近 0。另請記住我之前所說的，我們超過 80% 的會員對目的地完全開放。因此，如果他們不能去某個目的地，那麼他們就會去其他地方。這就是 Travelzoo 的美妙之處，我們能夠向我們的會員展示並激勵他們前往他們沒有想到的目的地。因此，如果他們可以去中東旅行，他們會找到一些其他可以去的地方，也許是一些他們沒有想過的地方。這就是它自我補償的方式。簡而言之，它實際上還沒有以任何有意義的方式影響我們。

Okay. I'll turn it back now over to Mr. Holger Bartel.

好的。我現在將其轉回給霍爾格·巴特爾先生。

Great. Thank you. And dear investors, again, thanks for your time and support, and we look forward to speaking with you again next quarter. Have a great day.

偉大的。謝謝。親愛的投資者，再次感謝您的時間和支持，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 now disconnect your lines. Have a nice day.

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