Travelzoo (TZOO) 2024 Q3 法說會逐字稿

(Operator Instructions)

（操作員說明）

The company would like to remind you that all statements made during the 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. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's forms 10K and 10Q and other sec filings unless required by law.

本公司謹提醒您，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。實際結果可能與前瞻性陳述中所包含的結果有重大差異。除非法律要求，否則可能導致實際結果與前瞻性聲明中的結果有重大差異的因素在公司的 10K 和 10Q 表格以及其他證券文件中進行了描述。

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 today, an archived recording of the conference call will be made available on the company's Investor Relations website at Travelzoo.com/IR.

本公司不承擔公開更新的義務。任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。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，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 is my pleasure to turn the call over to the floor over to Travelzoo's Global CEO Holger Bartel, its General Counsel and Head of Global Functions and CEO of Jack's Flight Club, Christina Ciocca and its Finance Controller for North America Jeff Hoffman. Jeff. We'll start with an overview.

現在，我很高興將會議轉給 Travelzoo 全球執行長 Holger Bartel、總法律顧問兼全球職能主管兼 Jack's Flight Club 執行長 Christina Ciocca 及其北美財務總監 Jeff Hoffman。傑夫.我們將從概述開始。

Thank you, Operator, and welcome to those of you joining us today.

謝謝您，運營商，並歡迎你們今天加入我們。

Please refer to the management presentation to follow along with our prepared remarks. The presentation PDF format is available on our Investor Relations site at Travelzoo.com/IR.

請參閱管理層的介紹以及我們準備好的評論。簡報的 PDF 格式可在我們的投資者關係網站 Travelzoo.com/IR 上取得。

Let's begin with slide number four, Travelzoo's consolidated Q3 revenue was 20.1 million down 2% from the priority here in constant currencies, revenue was '20 million. This was a little below our expectations. Operating income which we as management call operating profit increased 30% year over year, Q3 operating profit was 4 million or 20% of revenue up from 3.1 million in the prior year.

讓我們從第四張幻燈片開始，Travelzoo 第三季度的綜合收入為 2010 萬美元，比此處的優先級下降 2%，按固定匯率計算，收入為「2000 萬美元」。這有點低於我們的預期。營業收入（我們管理階層稱之為營業利潤）年增 30%，第三季營業利潤為 400 萬美元，佔營收的 20%，高於去年同期的 310 萬美元。

Slide 5 shows that higher profits came particularly from our Europe segment. On slide 6, we break down our categories of revenue, advertising, membership fees and other. Advertising revenue was 18.7 million for Q3 2024, revenue for membership fees was 1.4 million, membership fee revenue is still small. We expect to substantially drive revenue and profit growth in 2025 for the following reasons.

投影片 5 顯示較高的利潤尤其來自我們的歐洲部門。在幻燈片 6 上，我們細分了收入、廣告、會員費和其他類別。2024年第三季廣告收入為1,870萬，會員費收入為140萬，會員費收入仍很小。我們預計 2025 年將大幅推動營收和利潤成長，原因如下。

At the beginning of 2024, we introduced a membership fee. Those who are already members at that time are exempt from the theater in 2024 but have to pay in 2025. We call this group legacy members and they represent over 95% of current members.

2024 年初，我們引進了會費。當時已經成為會員的人可以在 2024 年免入劇院，但在 2025 年必須付費。我們將這個群體稱為“遺留成員”，他們佔現有成員的 95% 以上。

Slide 7 shows an example of membership fee revenue recognition, revenue from membership fees is recognized rate ably over the period of the subscription. Member acquisition costs, however, are fully recorded recognized as expenses immediately. On slide 8, you can see that our GAAP operating income remained high at 20% which is typically our slowest quarter of the year.

投影片 7 顯示了會員費收入確認的範例，會員費收入在訂閱期間按比例確認。然而，會員獲取成本會被完整記錄並立即確認為費用。在投影片 8 上，您可以看到我們的 GAAP 營業收入仍維持在 20% 的高位，這通常是我們一年中成長最慢的季度。

Slide 9 shows that in North America the GAAP operating margin remained high at 25% for Q3 2024. In Europe, the margin increased to 17%. On slide 10, we provide information on non GAAP operating profit as we believe it better explains how travel whose management evaluates financial performance.

投影片 9 顯示，北美地區 2024 年第三季的 GAAP 營業利潤率仍維持在 25% 的高點。在歐洲，利潤率增至 17%。在幻燈片 10 中，我們提供了非 GAAP 營業利潤的信息，因為我們相信它可以更好地解釋管理層如何評估財務業績。

Q3 2024 non GAAP operating profit was 4.9 million. That's 25% of revenue compared to non GAAP operating profit of 3.9 million in the prior period year. Slide 11 provides information about the items that are excluded in the calculation of line up operating profit.

2024 年第三季非 GAAP 營業利潤為 490 萬美元。與上一財年 390 萬美元的非 GAAP 營業利潤相比，這一比例佔收入的 25%。投影片 11 提供了有關在計算陣容營業利潤時排除的項目的資訊。

Please please turn to slide 12, with operating cash flow of 5.3 million. We maintained a solid cash position even after purchasing 552,679 shares of the company's outstanding common stock during the quarter.

請翻投12，經營現金流為530萬。即使在本季購買了 552,679 股公司已發行普通股後，我們仍然保持著穩固的現金狀況。

As of September 30th 2024 consolidated cash cash equivalent and restricted cash was 12.1 million, going forward we expect our cash balance to increase again as we collect membership fees at the beginning of the subscription periods. By 13 shows how revenues compared to operating expenses. Most of the company's operating expenses except for marketing are relatively fixed in the short to midterm.

截至 2024 年 9 月 30 日，合併現金、現金等價物和限制性現金為 1,210 萬美元，展望未來，隨著我們在認購期開始時收取會員費，我們預計現金餘額將再次增加。By 13 顯示了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在中短期內相對固定。

We believe we can keep our fixed cost fixed costs relatively low in the foreseeable future, higher revenues would thus increase operating margins. Looking ahead, for Q4 2024 we expect growth in revenue year over year albeit at a smaller, a smaller pace than in 2023. However, there could be unexpected fluctuations.

我們相信，在可預見的未來，我們可以將固定成本維持在相對較低的水平，較高的收入將因此增加營業利潤率。展望未來，我們預計 2024 年第四季的營收將年增，儘管成長速度會比 2023 年小得多。然而，可能會出現意想不到的波動。

We also expect for Q4 2024 higher profitability year over year and quarter over quarter for 2025 we expect substantial growth in revenue as a result of additional revenue for membership fees.

我們也預計 2024 年第四季的獲利能力將年比和季比提高，2025 年我們預計由於會員費收入增加，營收將大幅成長。

I'll now turn the discussion over to Holger.

我現在將討論轉給霍爾格。

Thank you, Jeff.

謝謝你，傑夫。

We will continue to leverage travels with global reach, trusted brands and our strong relationships with top travel suppliers to negotiate more club offers for our members, travel to members are affluent, active and open to new experiences.

我們將繼續利用具有全球影響力的旅行、值得信賴的品牌以及我們與頂級旅行供應商的牢固關係，為我們的會員協商更多的俱樂部優惠，為會員提供豐富、活躍且樂於接受新體驗的旅行。

We inspire members to travel to places they never imagine they could, Travelzoo is the must have membership for those who love to travel as much as we do.

我們鼓勵會員去他們從未想過的地方旅行，對於像我們一樣熱愛旅行的人來說，Travelzoo 是必備的會員資格。

Slide 14 provides more information about travel with members, 91% say that they are open to new destinations and travel ideas, we are the club for travel enthusiasts. On slide 16, we provide an overview of our management focus. We are working to convert a large number of legacy members into paying members from January 1, 2025 or add new benefits to make paid membership even more valuable, retain and grow our profitable advertising business from the popular top 20 products, utilize higher operating margins to increase EPS, road check flight clubs, profitable subscription revenue and develop travel to meta with discipline.

第14張投影片提供了更多關於與會員一起旅行的信息，91%的人表示他們對新的目的地和旅行想法持開放態度，我們是旅行愛好者的俱樂部。在投影片 16 中，我們概述了我們的管理重點。我們正在努力從2025 年1 月1 日起將大量舊會員轉變為付費會員，或增加新的福利，使付費會員更有價值，保留並發展我們來自熱門20 強產品的盈利廣告業務，利用更高的營業利潤率增加每股收益、路檢飛行俱樂部、有利可圖的訂閱收入，並有紀律地發展元旅行。

I'm now handing over to Christina who will speak about checks live up and travel to meta.

我現在將任務交給克里斯蒂娜，她將談論支票兌現和前往元的情況。

Thank you Holger in Q3 Jack's flight club had year over year increases in revenue of 11% to 1.2 million and in premium subscribers of 14%.

謝謝霍爾格，第三季傑克的飛行俱樂部營收年增 11%，達到 120 萬，高級訂戶成長 14%。

Earlier in the year as previously announced, we implemented a price increase for new subscribers only expanded into Canada and improved our marketing strategy because of the revenue deferral for subscriptions. We're now starting to see the payoff from these initiatives including strong CPA's and marketing efficiencies and we expect this trend to continue into Q4 and 2025. Our focus continues to be on investing in growth while maintaining profitability.

正如先前宣布的那樣，今年早些時候，我們對新訂閱者實施了價格上漲，僅擴展到加拿大，並由於訂閱收入遞延而改進了我們的行銷策略。我們現在開始看到這些舉措的回報，包括強大的每次轉換費用和行銷效率，我們預計這一趨勢將持續到第四季和 2025 年。我們的重點仍然是在保持盈利能力的同時投資於成長。

Now, I would like to speak about travel meta. We are working on the production of the first metaverse travel experiences. They will be browser enabled. As stated in previous earning calls, we are conscious of developing travel to meta in a financially disciplined way. We will provide additional updates in due time.

現在，我想談談旅行元。我們正在致力於製作第一個虛擬宇宙旅行體驗。它們將啟用瀏覽器。正如先前的財報電話會議中所述，我們意識到以財務上嚴格的方式開發元旅行。我們將及時提供更多更新。

I'm now handing over to the Operator for questions for Holger, Jeff and me.

我現在將交給接線員詢問 Holger、Jeff 和我的問題。

At this time, if you would like to ask a question, please press the star and one on your telephone keypad. You may remove yourself from the question queue by pressing star and two, we do ask that you limit yourself to one question and one follow up.

此時，如果您想提問，請按電話鍵盤上的星號和一。您可以按星號和二號鍵將自己從問題佇列中刪除，我們確實要求您將自己限制在一個問題和一個後續問題上。

We will take our first question from Theodore O'Neill with Litchfield Hills Research. Please go ahead. Your line is open.

我們將回答利奇菲爾德山研究中心西奧多·奧尼爾提出的第一個問題。請繼續。您的線路已開通。

Okay. Thanks very much. I have two questions for you. First one for Holger last quarter, you talked about travelers becoming more cost conscious and price increases for flights and rooms would would moderate. Is that still what you're seeing out there? Are you seeing any more or less of that? And my second question is on the on the operating margin between North America and Europe. I would have expected the European margin to have been lower just relative to economic growth there and I would expect the North American to be about where it is. But I was just a little surprised about the strength in Europe and I was wondering if you could give us some details on that. Thank you.

好的。非常感謝。我有兩個問題想問你。在上個季度霍爾格的第一篇文章中，您談到旅客變得更加註重成本，航班和客房價格的上漲將會放緩。這還是你在外面看到的嗎？你看到更多還是更少？我的第二個問題是關於北美和歐洲之間的營業利潤率。我原本預期歐洲的利潤率相對於那裡的經濟成長會較低，而我預期北美的利潤率也差不多。但我對歐洲的實力感到有點驚訝，我想知道你是否能為我們提供一些細節。謝謝。

Hi Theo. So on your first question, yes, we are hearing from hotels and airlines that they are seeing generally less demand, better prices, more deals. You might have seen the big brands like Marriott Intercontinental launching big sales on their hotels for fall.

嗨西奧。關於你的第一個問題，是的，我們從飯店和航空公司得知，他們的需求普遍減少，價格更好，優惠更多。您可能已經看到像萬豪洲際酒店這樣的大品牌在其酒店推出秋季大促銷。

So that trend continues or even accelerate and yet consumers are looking for value.

因此，這種趨勢持續甚至加速，但消費者正在尋找價值。

We also see that they are looking for less crowded destinations on one hand because they want to go to places that are not overcrowded. And on the other hand, places that are less popular are destinations that offer generally better value. And that's where we are actually strong by motivating our members to go to places where they haven't been or that they didn't think about or they didn't even know existed.

我們也看到，他們一方面在尋找不太擁擠的目的地，因為他們想去不那麼擁擠的地方。另一方面，不太受歡迎的地方通常提供更高的價值。這就是我們真正強大的地方，透過激勵我們的會員去他們沒有去過的地方，或者他們沒有想到的地方，或者他們甚至不知道存在的地方。

And on the second question, yes, we're happy about Europe profit margin. There is increasing and getting closer to the one of North America. We just operated very well efficiently in Europe this quarter and we expect this trend to continue.

關於第二個問題，是的，我們對歐洲的利潤率感到滿意。越來越接近北美地區。本季我們在歐洲的營運非常高效，我們預計這種趨勢將持續下去。

Thank you very much.

非常感謝。

We'll take our next question from Michael Kupinski with Noble Capital Markets. Please go ahead. Your line is open.

我們將回答 Noble Capital Markets 的 Michael Kupinski 提出的下一個問題。請繼續。您的線路已開通。

Thank you. Thank and and good day everyone. Just a couple of quick questions here regarding the membership. Can you give us an idea of what you're anticipating in terms of 20 in 2025 the mix might be between advertising and membership fees, particularly as you roll out your membership fees. And then in terms of you indicated that Q4 should show, should show some revenue growth. Are you seeing improving trends in Americas? And what, what are you seeing that in terms of Europe? And then are, are there any membership fees that are starting to filter into Q4 that might be accounted for the improving trends there? And then the final part of that is in terms of the membership fee rollout, are, are I know that you're testing various models and lengths in terms and pricing and so forth? I was just wondering, have you made any changes to your initial thoughts in terms of the membership fees going forward? And if so what that might be?

謝謝。謝謝大家，美好的一天。這裡只有幾個關於會員資格的簡單問題。您能否告訴我們您對 2025 年 20 的預期是廣告和會員費之間的組合，特別是當您推出會員費時。然後就您而言，第四季度應該會顯示，應該顯示一些收入成長。您是否看到美洲的趨勢有所改善？您對歐洲有何看法？然後，是否有任何會員費開始滲透到第四季度，這可能是導致那裡趨勢改善的原因？最後一部分是關於會員費的推出，我是否知道您正在測試各種型號和長度的條款和定價等？我只是想知道，您對未來會員費的最初想法有什麼改變嗎？如果是的話那可能是什麼？

[re-spudded] We repeat it again, we expect to increase quite substantially next year. With regards to Q4, we see membership fee revenue increasing more in 2025 just because the existing members are still exempt. And you also asked about what was the next question again about membership fees in Q4?

[重新啟動]我們再次重複一遍，我們預計明年會大幅成長。關於第四季度，我們預計 2025 年會員費收入將增加更多，因為現有會員仍享有豁免。您還問了第四季關於會員費的下一個問題是什麼？

(multiple speakers)

（多個發言者）

As you see in Q3 US was really the only market where revenues were down against our expectations. So the big deal for us, we just had some advertisers move that spend into the future. And then we had one who was supposed to launch in Q3, the website wasn't ready in Q4. So in Q4, we expect things to normalize. But as I said, no, we don't expect yet a substantial growth in membership fees in Q4 just because of the strategy that we have pursued that we are giving the existing members an exemption in 2024.

正如您在第三季看到的那樣，美國實際上是唯一一個收入低於我們預期的市場。所以對我們來說很重要的是，我們只是讓一些廣告商將資金投入到未來。然後我們有一個本來應該在第三季推出的網站，但該網站在第四季還沒有準備好。因此，在第四季度，我們預計情況會恢復正常。但正如我所說，不，我們預計第四季度的會員費不會大幅增長，因為我們奉行的策略是在 2024 年給予現有會員豁免。

And Holger. I I missed the the first part of my question. It is a little jumbled. And I think that was related to the revenue mix between advertising and membership fees in 2025. Could you just repeat that for me?

還有霍爾格。我錯過了問題的第一部分。有點混亂。我認為這與 2025 年廣告和會員費之間的收入組合有關。你能為我重複一遍嗎？

I said we don't make any forecasts yet with regards to how many members, how many members we expect in 2025. So we also don't make any forecast yet for how much membership revenue we expect to generate in that year.

我說我們還沒有對 2025 年有多少成員、我們預期有多少成員做出任何預測。因此，我們尚未對當年預計會產生多少會員收入做出任何預測。

I got you. Okay. Thank you.

我接到你了。好的。謝謝。

And we will take our next question from Steve Silver with Argus Research. Please go ahead. Your line is open.

我們將回答阿格斯研究公司的史蒂夫·西爾弗提出的下一個問題。請繼續。您的線路已開通。

Thank you Operator and thanks for taking the questions. Holger in the management focus slide. You talked about adding new benefits to the paid membership. I'm just curious if there's any updated thinking in terms of what that might entail, even just in terms of potentially bundling the paid membership and Travelzoo meta memberships down the line once the meta is ready for a broad rollout. So I'm curious to know whether what some of those details might be about the paid membership benefits. And then as a follow up would be given the strong cash flows that the company announced especially in Q3. Really? What are the uses of cash that you're thinking about moving forward? Whether it's just the continued share purchases and then marketing expenses for customer acquisition on the paid membership side. Thanks.

感謝接線員並感謝您提出問題。霍爾格在管理焦點投影片中。您談到了為付費會員資格添加新的福利。我只是好奇是否有任何關於這可能需要什麼的最新想法，即使只是在元準備好廣泛推出後可能將付費會員資格和 Travelzoo 元會員資格捆綁在一起。所以我很想知道其中一些細節是否與付費會員福利有關。然後，作為後續行動，將考慮到該公司宣布的強勁現金流，特別是在第三季。真的嗎？您考慮繼續使用現金的用途是什麼？無論是持續買進股票，或是付費會員方面取得客戶的行銷費用。謝謝。

So Steve on the member benefits, we have four in the works right now and you and our members since you are also member, we hear about them in the next few weeks. They mostly have to do with traveling better because we want if you are travel member and you travel a lot because you are travel enthusiast, we would like you to just have a better travel experience. So you will hear more about that with regards to the cash flow.

所以史蒂夫關於會員福利，我們現在有四個正在開發中，而你和我們的會員，因為你也是會員，我們將在接下來的幾週內聽到他們的消息。它們主要與更好地旅行有關，因為我們希望如果您是旅行會員並且因為您是旅行愛好者而經常旅行，我們希望您擁有更好的旅行體驗。因此，您會聽到更多有關現金流的資訊。

We saw we just announced another share repurchase program. So we will continue to repurchase shares because we feel it's a good investment right now. The stock price is still attractive also in 2025 when we expect even higher cash flows, we believe we can invest more in marketing and growing the member base in addition to also improving earnings per share.

我們看到我們剛剛宣布了另一個股票回購計劃。因此，我們將繼續回購股票，因為我們認為現在這是一項不錯的投資。到 2025 年，股價仍然具有吸引力，屆時我們預計現金流會更高，我們相信，除了提高每股收益之外，我們還可以在行銷和擴大會員基礎上進行更多投資。

Great. Thanks for the caller.

偉大的。感謝來電者。

And we will take our next question. From Ed Woo with Ascendant Capital. Please go ahead. Your line is open.

我們將回答下一個問題。來自 Ascendant Capital 的 Ed Woo。請繼續。您的線路已開通。

Yeah, thanks for taking my question. Congratulations on the growth Track Flight Club had pretty good year, over year growth. Is it in all market now I know you said that you just extend it recently in Canada. And what do you think the long term, do you think that like how encompass a majority of Travelzoo members?

是的，謝謝你回答我的問題。恭喜賽道飛行俱樂部的成長，今年的成長非常好。現在是在所有市場嗎？從長遠來看，您認為如何涵蓋大多數 Travelzoo 會員？

Sure, I can answer that. So for right now, we're in the UK, Canada, the US and certain countries throughout Europe, we are looking into other countries, particularly in Europe where we can expand. We're also considering whether we launch with alternative language additions beyond just English. So that's in our consideration set as we start our strategic planning for 2025. And then in terms of conversion of travel to members, it was always an attention when we acquired this business. We have seen that travel members have interest in that play club. Now that travel has become a paid membership, we are reconsidering what that will look like and ways in which we can kind of offer both services to travel to members. So that's still a bit of a GDD but is in progress in terms of discussion.

當然，我可以回答。因此，目前，我們在英國、加拿大、美國和整個歐洲的某些國家/地區，我們正在尋找其他國家/地區，特別是我們可以擴張的歐洲國家。我們還在考慮是否除了英語之外還添加其他語言。因此，我們在開始 2025 年策略規劃時就考慮了這一點。然後在旅遊會員轉換方面，我們收購這個業務的時候一直是個關注點。我們發現旅遊會員對這個遊戲俱樂部很感興趣。現在旅行已經成為付費會員制，我們正在重新考慮它會是什麼樣子以及我們可以向會員提供旅行這兩種服務的方式。所以這仍然有點像 GDD，但討論正在進行中。

What is the membership fee for Jack Flight Club in the US versus in Europe? Are they pretty comparable?

Jack Flight Club 在美國和歐洲的會員費是多少？他們很有可比性嗎？

Yeah, it's, it's comparable. It's $60 in the US and in Europe it is what depends, depending on the currency, but they're basically comparable for conversion.

是的，是的，有可比性。美國是 60 美元，歐洲是 60 美元，取決於貨幣，但換算基本上是可比的。

Great. Well, thanks for answering my questions. And I wish you guys good luck. Thank you.

偉大的。嗯，謝謝你回答我的問題。我祝你們好運。謝謝。

And we'll take our next question from Patrick Sholl with Barrington Research. Please go ahead. Your line is open.

我們將回答 Barrington Research 的 Patrick Sholl 提出的下一個問題。請繼續。您的線路已開通。

Hi. Thank you. I just had a follow up question on you talked about on ensuring that, you know, people that travel with Travelzoo a lot have a better travel experience. I was just kind of wondering with the shift to the subscription oriented service, if there's any like areas that you felt needed additional investment on either customer service or sort of like your deal research, anything in those areas. And I had a couple of follow ups.

你好。謝謝。我剛剛有一個關於您談到的後續問題，確保經常使用 Travelzoo 旅行的人擁有更好的旅行體驗。我只是想知道，隨著向訂閱導向服務的轉變，是否有任何您認為需要在客戶服務或交易研究等領域進行額外投資的領域。我進行了幾次跟進。

Over the last couple of weeks. I had the pleasure of participating in many meetings with our existing members. We organized lunches in the UK and the US and Canada and it provides a good opportunity to learn even more from our members and we are very excited about 2025. They are also because the most important thing that our members are getting from travel to are the special prices on the exclusive experiences that we negotiate for them.

在過去的幾周里。我很高興參加了與我們現有成員的許多會議。我們在英國、美國和加拿大組織了午餐會，這提供了向我們的會員了解更多資訊的好機會，我們對 2025 年感到非常興奮。也因為我們的會員從旅行中獲得的最重要的東西是我們為他們協商的獨家體驗的特價。

When we explain to them why a membership fee which makes travel to what you call a closed user group, why this enables us to deliver even better offers to our members. And they really understand why we are going in this direction. They like it because ultimately the membership fee, which, you know, it's a pretty nominal amount, $40 in the US, £30 in the UK. It's, it's relatively insignificant to the hundreds or sometimes thousands of dollars that you can save with a travel deal.

當我們向他們解釋為什麼會員費會讓您所謂的封閉用戶群組進行旅行時，為什麼這使我們能夠為我們的會員提供更好的優惠。他們真正理解我們為什麼要朝這個方向前進。他們喜歡它，因為歸根結底是會員費，你知道，這是一個相當象徵性的金額，在美國是 40 美元，在英國是 30 英鎊。事實上，與透過旅行優惠可以節省的數百甚至數千美元相比，這相對微不足道。

So once they standard and see that it allows us to escape things like price parity for hotels and so forth and bring them more and better offers. They get very excited and that's why we feel very positive about this move and we feel very good about 2025. Now you said you had a couple of more questions.

因此，一旦他們制定標準並發現它可以讓我們擺脫酒店價格平價等問題，並為他們提供更多更好的優惠。他們非常興奮，這就是為什麼我們對這一舉措感到非常積極，並且對 2025 年感覺非常好。現在你說你還有幾個問題。

Yeah, so I mean maybe this is sort of asking something that Mike had another way. But with your advertisers, I guess what are their sort of their expectations on the reach of your, of your membership base with the when you transition to the legacy members onto the paid product?

是的，所以我的意思是，這也許是麥克用另一種方​​式問的問題。但對於你的廣告商來說，我猜他們對你的會員基礎的影響力以及當你將舊會員過渡到付費產品時的期望是什麼？

So we decided that for our advertisers, we will maintain their reach in 2025. Even if you don't convert to a member to a paying member in 2025. And you have been a travel to member for a long time. You're still able to see the offers, you're still able to see top trend, you will see it a bit later than the others. And there's lots of other benefits that you are missing out on. You cannot buy the offers that we negotiate exclusively. But for our advertisers, we have come up with a plan that maintains the reach for them.

因此，我們決定，對於我們的廣告商來說，我們將在 2025 年保持他們的影響力。即使您在 2025 年沒有轉為付費會員。而且您已經成為旅行會員很久了。您仍然能夠看到優惠，您仍然能夠看到熱門趨勢，您會比其他人晚一點看到它。您還錯過了許多其他好處。您不能購買我們獨家協商的報價。但對於我們的廣告商來說，我們制定了一個計劃來維持他們的影響力。

And so with this strategy, we also anticipate to maintain or even grow our advertising revenues next year. And lastly think of a member who is paying a membership fee, that member is now even more looking forward to the offers that they are receiving. You are more engaged to pay for something that previously free to how you really want to take advantage. And we see that members already in 2024 who pay the membership fee because they joined in 2024 that they are more active and more engaged than those that haven't paid a membership fee previously.

因此，透過這項策略，我們預計明年的廣告收入將保持甚至成長。最後想想支付會員費的會員，該會員現在更加期待他們收到的優惠。你更願意為以前免費的東西付費，而不是你真正想要利用的方式。我們看到，已經在 2024 年繳納會員費的會員，因為他們是在 2024 年加入的，他們比那些之前沒有繳納會員費的會員更加活躍、參與度更高。

Okay. Thank you.

好的。謝謝。

And this does conclude the Q&A portion for today's call. I would like to turn the call back over to Mr. Holger Bartel for closing remarks.

今天電話會議的問答部分到此結束。我想將電話轉回 Holger Bartel 先生做總結發言。

Yes, Dear Investors. Thank you so much again for your time and support and we look forward to speaking with you again next quarter. Have a great day.

是的，親愛的投資者。再次感謝您的時間和支持，我們期待下季再次與您交談。祝你有美好的一天。

This concludes today's Travelzoo third quarter, 2024 earnings call and webcast. You may disconnect your lines at this time and have a wonderful day.

今天的 Travelzoo 2024 年第三季財報電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。