Travelzoo (TZOO) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Travelzoo fourth quarter 2024 earnings call. Today's conference is being recorded. (Operator Instructions)

早上好，歡迎參加 Travelzoo 2024 年第四季財報電話會議。今天的會議正在錄製。（操作員指令）

The company would like to remind you that all statements made during this conference call and presented in the slides constitute forward-looking statements and are made pursuant to 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.

本公司謹提醒您，本次電話會議期間所作的以及幻燈片中呈現的所有陳述均構成前瞻性陳述，並根據 1995 年《私人證券訴訟改革法》的安全港條款作出。實際結果可能與前瞻性陳述中的結果有重大差異。

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 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. Please refer to the company's website for important information, including the company's earnings press release issued earlier today.

該公司的 10-K 表和 10-Q 表以及其他 SEC 文件中描述了可能導致實際結果與前瞻性陳述有重大差異的因素。除非法律要求，否則本公司不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。請參閱該公司網站以獲取重要信息，包括該公司今天早些時候發布的盈利新聞稿。

An archived recording of this conference will be made available on the company's Investor Relations website at travelzoo.com/ir. Now it is my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel; its Chair, General Counsel and CEO of Jack's Flight Club, Christina Ciocca; and its Financial Controller, North America, Jeff Hoffman.

該會議的存檔錄音將在公司投資者關係網站 travelzoo.com/ir 上發布。現在我很高興將發言權交給 Travelzoo 的全球首席執行官 Holger Bartel；其主席、總法律顧問兼傑克飛行俱樂部首席執行官克里斯蒂娜·喬卡 (Christina Ciocca)；及其北美財務總監 Jeff Hoffman。

Jeff will start with an overview.

Jeff 將會先進行概述。

Great. Thank you, operator, and welcome to those of you joining us. Today I'm stepping in for Lijun Qi, our Chief Accounting Officer. Please refer to the management presentation to follow along with our prepared remarks, that is available on our investor relations site at travelzoo.com/ir. Let's begin with slide 4.

偉大的。謝謝接線員，歡迎各位加入我們。今天我接替我們的首席會計官齊麗君。請參閱管理層介紹文件以了解我們的準備好的評論，該文件可在我們的投資者關係網站 travelzoo.com/ir 上找到。讓我們從幻燈片 4 開始。

Travelzoo's consolidated Q4 revenue was $20.7 million, down 2% from the prior year. In constant currencies, revenue was $20.6 million. Operating income, which we management call operating profit increased 8% year over year.

Travelzoo 第四季綜合營收為 2,070 萬美元，較前一年下降 2%。以固定匯率計算，營收為 2,060 萬美元。營業收入，也就是管理階層所說的營業利潤，較去年同期成長了 8%。

Q4 operating profit was $4.9 million or 24% of revenue, up from $4.5 million in the prior year. While operating income increased an outstanding shares decreased, EPS was slightly lower compared to last year, and we'd like to explain why.

第四季營業利潤為 490 萬美元，佔營收的 24%，高於去年同期的 450 萬美元。儘管營業收入增加而流通股減少，但每股收益與去年相比略有下降，我們想解釋一下原因。

A year ago, extraordinary income from discontinued operations and relatively high other income from favorable FX trends added $0.05 to quarterly EPS. This year, a strong dollar at the end of 2024 led to negative other income and impacted EPS negatively. Without these effects, the EPS would be in management's opinion, better reflects the positive earnings strength.

一年前，來自停止經營的非常收入和有利的外匯趨勢帶來的相對較高的其他收入為季度每股收益增加了 0.05 美元。今年，2024年底美元走強導致其他收入為負，並對每股盈餘產生負面影響。如果沒有這些影響，管理階層認為每股盈餘將更能反映積極的獲利實力。

Slide 6 shows a revenue increase in both our North America and Jack's Flight Club segments, while revenues in Europe were lower. This was caused primarily by fluctuations in Germany, which we do not view as a trend.

幻燈片 6 顯示我們的北美和傑克飛行俱樂部分部的收入均有所增加，而歐洲的收入則有所下降。這主要是由德國的波動引起的，我們不認為這是一種趨勢。

Operating profit increased in both our North America and Jack's Flight Club segments, but decreased in our Europe segment. On slide 7, we break down our categories of revenue: advertising, membership fees and other.

北美和傑克飛行俱樂部分部的營業利潤均有所增加，但歐洲分部的營業利潤有所下降。在第 7 張投影片中，我們細分了收入類別：廣告、會員費和其他。

Advertising revenue was $19.1 million for Q4 2024. Revenue from membership fees increased to $1.6 million. We expect this revenue to grow substantially in 2025. 2024, we introduced a membership fee for Travelzoo. Legacy members who joined before 2024 were exempt from the fee during 2024.

2024 年第四季的廣告收入為 1,910 萬美元。會員費收入增加至160萬美元。我們預計這項收入將在 2025 年大幅成長。 2024 年，我們為 Travelzoo 引入了會員費。2024 年以前加入的舊會員在 2024 年期間免繳會費。

The legacy members represent more than 95% of Travelzoo's reach. In 2025, legacy members continue to receive certain travel orders, but club offers and efforts. We generally see legacy members being excited to become club members.

傳統會員佔了 Travelzoo 95% 以上的覆蓋範圍。2025 年，傳統會員將繼續收到某些旅行訂單，但俱樂部會提供優惠和努力。我們通常看到傳統會員很高興成為俱樂部會員。

Slide 8 shows an example of membership fee revenue recognition. Revenue from membership fees is recognized ratably over the good subscription, member acquisition costs, on the other hand, are recognized equal at the time of the expense. On slide 9, you can see our GAAP operating margin was 23% in Q4 2024.

投影片 8 展示了會員費收入確認的範例。會員費收入以商品訂閱的比例確認，而會員獲取成本則在費用發生時確認為等額。在投影片 9 上，您可以看到我們的 2024 年第四季的 GAAP 營業利潤率為 23%。

Slide 10 shows that in North America, the GAAP operating increased to 33% for Q4 2024. On slide 11, we're providing information on non-GAAP operating profit as we believe it better explains how Travelzoo's management evaluates financial performance.

投影片 10 顯示，在北美，2024 年第四季的 GAAP 營業利潤率成長至 33%。在第 11 張投影片上，我們提供了非 GAAP 營業利潤的信息，因為我們認為它更好地解釋了 Travelzoo 的管理層如何評估財務業績。

Q4 2024 non-GAAP operating profit was $5.4 million. That's 26% of revenue compared to non-GAAP operating profit of $5.2 million in the prior year period. Slide 12 provides information about the items that are excluded in the calculation of non-GAAP operating profit.

2024 年第四季非 GAAP 營業利潤為 540 萬美元。與去年同期非 GAAP 營業利潤 520 萬美元相比，這佔營收的 26%。投影片 12 提供了有關非 GAAP 營業利潤計算中排除的項目的資訊。

Please turn to slide 13. Our solid cash position grew even after repurchasing 135,792 shares of the company's outstanding common stock. As of December 31, 2024, consolidated cash, cash equivalents and restricted cash was $17.7 million.

請翻到第 13 張投影片。即使在回購了該公司已發行的 135,792 股普通股後，我們的現金狀況仍然穩健。截至 2024 年 12 月 31 日，合併現金、現金等價物及受限現金為 1,770 萬美元。

Slide 14 shows how revenues compared to operating expenses. Most of the company's operating expenses, except for marketing, are relatively that we believe we can keep the fixed costs relatively low in the foreseeable future.

投影片 14 顯示了收入與營運費用的比較。除行銷費用外，公司的大部分營運費用都相對較高，我們相信在可預見的未來我們能夠將固定成本保持在相對較低的水平。

Higher revenues would thus increase operating margin. Now looking ahead, in Q1 2025, we expect revenue to increase at a higher pace. The pro rata portion of membership fee revenue will already have 5% incremental growth this quarter.

因此，更高的收入將會提高營業利潤率。展望未來，我們預計 2025 年第一季營收將以更快的速度成長。本季度會員費收入的比例部分將實現 5% 的增量成長。

This percentage is expected to increase over subsequent quarters as membership fee revenue is recognized. We acquired new members and more legacy members become club members. For the whole year, we expect substantially higher revenue growth. Over time, we expect profitability to further increase as recurring membership fee revenue will be recognized.

隨著會員費收入的確認，這一比例預計在接下來的幾個季度將會增加。我們吸收了新會員，並且有更多老會員成為俱樂部會員。我們預計全年收入將大幅成長。隨著時間的推移，我們預計獲利能力將進一步提高，因為經常性會員費收入將得到確認。

I'll now turn the discussion over to Holger.

現在我將討論轉交給霍爾格。

Thank you, Jeff. We will continue to leverage Travelzoo's global reach, our trusted brand and strong relationships with top travel suppliers to negotiate more club offers for club members. Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiast to travel to places they never imagined they could. Travelzoo is the must-take membership for those who love to travel as much as we do.

謝謝你，傑夫。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，為俱樂部會員爭取更多的俱樂部優惠。Travelzoo 的會員豐富、活躍且樂於接受新體驗。我們鼓勵旅行愛好者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 是必選的會員資格。

Slide 15 provides more information about Travelzoo members. 91% said that they are open to new destinations and travel ideas. The other club of travel enthusiasts. Slide 17 provides an overview of management's focus.

投影片 15 提供了更多有關 Travelzoo 會員的資訊。 91% 的遊客表示願意接受新的目的地和旅行想法。另一個旅行愛好者俱樂部。投影片 17 概述了管理層的重點。

We are working to grow the number of paying members as we continue to convert legacy members and add new club members, add new benefits to make paid membership even more valuable and grow our profitable advertising business from the popular Top 20 product, utilize higher operating margins to increase EPS.

我們正在努力增加付費會員的數量，因為我們會繼續轉換老會員並增加新的俱樂部會員，增加新的福利，使付費會員資格更有價值，並透過流行的 Top 20 產品發展我們盈利的廣告業務，利用更高的營業利潤率來增加每股收益。

Grow Jack's Flight Club profitable subscription revenues and develop Travelzoo META with discipline. Now Christina will provide a quick update on Travelzoo META and Jack's Flight Club.

增加傑克飛行俱樂部的獲利訂閱收入並有紀律地開發 Travelzoo META。現在，克里斯蒂娜將簡要介紹 Travelzoo META 和 Jack's Flight Club 的最新動態。

Thank you, Holger. We continue to work on the production of the first metaverse travel experiences. They will be browser-enabled and conscious of developing Travelzoo META in a financially disciplined way. We will provide additional update in due time. Jack's Flight Club in 2024 expanded the team and increased marketing spend.

謝謝你，霍爾格。我們繼續致力於製作第一個元宇宙旅行體驗。他們將利用瀏覽器，並有意識地以財務紀律的方式開發 Travelzoo META。我們將及時提供更多更新。2024 年，傑克飛行俱樂部擴大了團隊，並增加了行銷支出。

We increased premium members. We also grew revenue 19% year over year. We continue to generate operating profit. We are well positioned for 2025 to continue this growth trajectory with a focus on further penetration of both the Canadian and US markets.

我們增加了高級會員。我們的營收也較去年同期成長了19%。我們繼續創造營業利潤。我們已做好準備，在 2025 年繼續保持這一成長軌跡，並專注於進一步滲透加拿大和美國市場。

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

我現在將話務員交給 Jeff、Holger 和我來提問。

(Operator Instructions) Michael Kupinski, Noble Capital Markets.

（操作員指示）Michael Kupinski，Noble Capital Markets。

My question is really related around the subscriptions. I was wondering if you can give us some color on the added value that you're offering for the subscriptions the pricing and maybe on the experience so far that you've had with your subscription, how many legacy members do you anticipate to convert to subscriptions? And any other additional color that you can give us about how your advertisers are viewing the subscription offerings and how that is being balanced, I guess, with your legacy advertising partners.

我的問題確實與訂閱有關。我想知道您是否可以向我們介紹一下您為訂閱提供的附加價值、定價，以及您迄今為止的訂閱體驗，您預計有多少老會員會轉換為訂閱？您還可以向我們提供其他詳細信息，例如您的廣告商如何看待訂閱服務，以及如何與您的傳統廣告合作夥伴保持平衡。

Michael, yes, that's a bunch of questions. So let me start off the membership. It's a 12-month membership in the US. It's $40. In the other markets, it's around the same in local currency.

邁克爾，是的，這是一系列問題。那麼讓我開始介紹會員資格。這是美國的12個月會員資格。價格是 40 美元。在其他市場，當地貨幣的匯率大致相同。

And what we receive for that is really all the Travelzoo offers and in particular, we have started producing club offers, which are offers that only those who pay for the membership have access to. We just came off the last couple of days, our first member days, member days is a event 4 times a year, where we have special offers, exclusive offers for our club members.

我們因此獲得的實際上是 Travelzoo 的所有優惠，特別是我們已開始推出俱樂部優惠，這些優惠只有付費會員才能享受。我們剛結束了幾天的首屆會員日活動，會員日每年舉辦四次，我們為俱樂部會員提供特別優惠和專屬優惠。

And those were really quite amazing. I would say we had, for example, London Hotels for $99, unheard of. It's a four-star hotel, centrally located, very, very well. We do have TripAdvisor.

這些確實相當令人驚奇。我想說，我們只需 99 美元就能住進倫敦酒店，這是聞所未聞的。這是一家四星級飯店，位於市中心，非常非常好。我們確實有 TripAdvisor。

Then a Europe trip with flights for $299. We had countryside escape in the UK for GBP99 with dinner and hotel and breakfast. I mean, quite unbelievable. That's what -- I'll just give you examples because that's what's attracting both new members as well, legacy members to convert. How's it going so far?

然後是一次歐洲之旅，機票價格為 299 美元。我們在英國鄉村度假，花費 99 英鎊，包括晚餐、飯店和早餐。我的意思是，相當難以置信。這就是──我只是舉幾個例子，因為這就是吸引新成員和老成員轉變的原因。目前進展如何？

Well, it's all going according to our plans, and it's in line with expectations. We don't release the specific number, but we had a good number of legacy members who already converted to paying members before the end of last year.

嗯，一切都按照我們的計劃進行，也符合預期。我們沒有公佈具體的數字，但是我們有很多老會員在去年年底之前就已經轉變為付費會員。

And as we are introducing these club offers and additional member benefits, which are exclusive to the members, this motivates legacy member conversion over the current quarter and over the future. We also see the results in member acquisition.

而且，我們推出的這些俱樂部優惠和額外會員福利都是會員獨享的，這將激勵本季及未來的傳統會員轉換。我們也看到了會員獲取方面的結果。

We have all built a robust model that allows us to acquire new members at a cost that works for us. So now we have started scaling in Q1, for example, already on pace to acquire more new members for marketing than we did entire last year.

我們已經建立了一個強大的模型，使我們能夠以適合我們的成本吸引新成員。因此，現在我們已經在第一季開始擴大規模，並且已經按計劃招募比去年全年更多的新行銷成員。

So we are seeing more growth. And then lastly, I think you asked about the advertising business. Our advertisers continue to reach the travelers that they used to reach in the past. So certainly, there's a lot of questions about what's going on, but they are also reached the same people and actually even more people than in the past. And one thing we're also learning is those that switch to the paid membership model are much more active and much more almost glued to receiving our emails and top trends.

因此我們看到了更多的成長。最後，我想您問的是廣告業務。我們的廣告商繼續接觸他們過去常常接觸的旅行者。因此，確實有很多關於正在發生的事情的問題，但這些問題也聯繫了同樣的人群，實際上比過去聯繫了更多的人。我們也了解到，那些轉向付費會員模式的人更加活躍，並且更加關注接收我們的電子郵件和熱門趨勢。

It's a little bit like, for sure, when you pay for a sudden things, you want to take advantage. So the responding both in terms of activity, click levels, purchases that we are seeing from those who have become members of Travelzoo are quite impressive compared to what we saw before.

這有點像，當然，當你為一些突然發生的事情付錢時，你想佔點便宜。因此，與以前相比，我們看到 Travelzoo 會員的活躍度、點擊量和購買量等方面的響應度都相當可觀。

Just a follow-up. You indicated that there will be an incremental $8.3 million, I think, or 5% of revenue growth from subscription in the first quarter. Can you talk about the current differences between North America and Europe? Outside of the subscription.

只是後續行動。您指出，我認為第一季訂閱收入將增加 830 萬美元，或成長 5%。能談談目前北美和歐洲之間的差異嗎？訂閱之外。

I would say the US people -- I mean in the US, the economy is doing quite well. There is now more uncertainty from a political perspective and particularly to what it means for consumers very budget-conscious travelers are a bit hesitant from what we are seeing, but that's not really our member base.

我想說，美國人民——我的意思是，美國的經濟表現相當不錯。從政治角度來看，現在存在更多不確定性，特別是對於消費者而言，非常注重預算的旅客有點猶豫，但這並不是我們真正的會員基礎。

Our member base is more affluent. As we saw earlier from the chart, and higher-end and luxury travel in the US and in Canada is still doing quite well. In Europe, I would say, we see a little bit more hesitation on consumer side, but that, as I always say, that's good for us because if all hotels in London were full, we certainly wouldn't offer a $99 room night at the century located four-star hotel for our highly valued Travelzoo members.

我們的會員基礎更加富裕。正如我們之前從圖表中看到的，美國和加拿大的高端和豪華旅遊仍然表現良好。我想說，在歐洲，我們看到消費者方面更加猶豫，但正如我常說的，這對我們有好處，因為如果倫敦的所有酒店都客滿，我們當然不會為我們尊貴的 Travelzoo 會員提供位於百年曆史的四星級酒店的每晚 99 美元的客房。

They wouldn't do that. So happy that this -- it was almost a craziness of what we saw our after COVID, I mean we call the [rent] travel. And all travel companies were so busy. That has certainly ebbed, and that's good news for us.

他們不會這麼做。很高興看到這一點——這幾乎是我們在疫情之後看到的瘋狂景象，我的意思是我們稱之為[租房]旅行。各旅行社都很忙。這種現象確實已經消退，這對我們來說是個好消息。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl

I also was wondering if you could maybe talk about like the continued engagement levels of like of the numbers that haven't joined club. And what, I guess, has been what tends to encourage them to join. I guess just what share of those numbers joined ahead of year end? And maybe just talking about like if you could talk a little bit about who has how many have joined since the start of the year.

我還想知道您是否可以談談尚未加入俱樂部的人數的持續參與程度。我想，這正是促使他們加入的因素。我猜在年底前加入的人數佔比到底有多大？也許只是談論一下，如果您可以談談自今年年初以來有多少人加入了。

So we don't -- that we don't see much of a change in the behavior of the ones that have not become pay members yet. Click rates are still -- on click rates per email are still fairly similar to what we saw last year. And we're not specifically releasing information how many members have converted. We don't want to talk about that.

因此，我們沒有看到尚未成為付費會員的人的行為有太大變化。點擊率仍然——每封電子郵件的點擊率仍然與我們去年看到的相當相似。我們不會具體公佈有多少成員已經皈依。我們不想談論這個。

But what I can tell you is that we are currently on pace that at the end of Q1, we will have 50% more pay members than we had at the end of last year, and that focus in one quarter is good for us and makes us happy.

但我可以告訴你的是，我們目前的進度是，到第一季末，我們的付費會員數量將比去年年底增加 50%，而將重點放在一個季度內對我們來說是件好事，讓我們感到高興。

But maybe, Christina, you can speak a little bit about what motivates legacy members to become members -- paying members because they have more than just the offers, there's a whole range of things that they benefit from. Christina, do you want to speak about that for a minute?

但是，克里斯蒂娜，也許您可以稍微談論一下是什麼促使傳統會員成為付費會員，因為他們獲得的不僅僅是優惠，還有一系列可以讓他們受益的東西。克里斯蒂娜，你想談一下這個問題嗎？

Sure. In addition to the offers, which we really believe are the core of the membership and the service -- the great service that we've always provided of researching and vetting the offers and identifying these offers.

當然。除了優惠之外，我們確實認為優惠是會員和服務的核心——我們一直提供的優質服務是研究和審查優惠並確定這些優惠。

We're also adding other benefits. In Q4, we added lounge access for delayed flights, and saw quite a good response, both from legacy members who are interested in that benefit and also from those external to Travelzoo.

我們也增加了其他福利。在第四季度，我們增加了延誤航班休息室的使用權，並獲得了相當不錯的反響，既有對此優惠感興趣的老會員，也有 Travelzoo 外部的會員。

We've also launched a weekly give away where club members have the opportunity to win, to be randomly selected to select any top 20 offers that they would like to take for free. In addition to that, we've been building out our member services and have priority member services for club members, and we're excited to potentially add additional benefits as the year progresses.

我們還推出了每週贈品活動，俱樂部會員有機會獲勝，隨機選擇他們想要免費獲得的前 20 個優惠。除此之外，我們一直在建立我們的會員服務，並為俱樂部會員提供優先會員服務，我們很高興能夠隨著時間的推移增加額外的福利。

Okay. And then you had mentioned weakness in Germany. I guess, can you maybe talk about why you feel that, that was more of a one-off? And maybe just additional commentary around that around Europe and the ad market there. And then are there like any marketing expenses that you're pulling back on in order to market the paid service.

好的。然後您提到了德國的弱點。我想，你能談談為什麼你會有這種感覺嗎，那更像是一次性的事情？或許只是對歐洲及其廣告市場的一些補充評論。那麼，為了推銷付費服務，您是否削減了行銷費用？

Great. So Europe, we were not happy with Europe in Q4, very clearly. And we were disappointed, particularly with Germany. But the fluctuations were a result of many factors. So just some example, some destination advertising did not run as plan, some revenue got delayed.

偉大的。因此，我們顯然對第四季的歐洲表現不滿意。我們感到失望，尤其是對德國。但波動是由多種因素造成的。舉個例子，有些目的地廣告沒有按計畫運行，有些收入被延遲了。

Cruise advertising was lower than on top of that, on the accounting side, we have the higher true-up of annual breakage revenue. We have to do that once a year. It's a true-up versus estimates that came in higher than what we expected because more people use their vouchers.

郵輪廣告收入較低，除此之外，在會計方面，我們的年度破損收入的真實性更高。我們必須每年這樣做一次。與預估數據相比，這一數字有所上升，因為更多人使用了優惠券。

And then look, the political turmoil in Germany in Q4 where the government resigned, they just had elections last weekend. All of that didn't help either many consumers and travel companies went into a holding pattern. And as you see just all these things came together all at once. But as we said earlier, we don't see that as a trend that we'd worry us at this time.

然後看看德國第四季的政治動盪，政府辭職，他們上週末剛舉行選舉。所有這些都無濟於事，許多消費者和旅遊公司都陷入了等待狀態。正如您所看到的，所有這些事情一下子就聚集到了一起。但正如我們之前所說，我們並不認為這是值得我們擔心的趨勢。

Steve Silver, Argus Research.

阿格斯研究公司的史蒂夫‧西爾弗 (Steve Silver)

And congratulations on reaching a positive net cash. Looks like this quarter, the cash in pacing the merchant payables for the first time since the pandemic. So congratulations to you guys, have been working on that for several years now.

恭喜您實現淨現金為正。看起來本季的現金流入是自疫情爆發以來首次超過商家應付款項。所以要恭喜你們，你們已經為此努力了好幾年了。

The question is, with the expectation of significant ramping in revenues expected over the course of 2025, whether this might have any read-through to your ability to ramp growth investments like META while still maintaining discipline. I know you guys have been active in repurchasing shares. Just curious as to whether the ramp in revenues will allow you to increase growth investments as well.

問題是，預計 2025 年收入將大幅增加，這是否會對您在保持紀律的同時增加 META 等成長投資的能力產生影響。我知道你們一直在積極回購股票。只是好奇收入的成長是否也能讓你增加成長投資。

Well first, thanks for pointing out the positive development in our balance sheet, Steve. And now actually, Pat also asked about marketing, whether we are planning to spend more. And yes, we are. We are in 2025, we will wrap up marketing spend. We are doing that in Q1.

首先，感謝史蒂夫指出我們的資產負債表中的積極發展。實際上，帕特也詢問了有關行銷的問題，我們是否計劃投入更多資金。是的，我們是的。到了 2025 年，我們將完成行銷支出。我們在第一季就這麼做了。

Why? Number one, we have found a model that works, okay? So if we can acquire paying members at a reasonable cost and we benefit from them over a long period of time. The renewal rates so far that we are seeing -- we are happy with them. Then of course, we invest because it's a smart decision for the business to do that.

為什麼？首先，我們找到了一個可行的模型，好嗎？因此，如果我們能夠以合理的成本獲得付費會員，我們就能在長期內從他們身上受益。就目前我們看到的續約率而言，我們感到很滿意。當然，我們會進行投資，因為這對企業來說是一個明智的決定。

And second, as revenues increase and as we were trying to explain earlier, at 5% incremental revenue growth we are seeing in Q1, that number will continue to go up throughout the year because the subscription revenues are only recognized over the course of the 12 months.

其次，隨著收入的增加，正如我們之前所解釋的那樣，我們在第一季看到 5% 的增量收入成長，這個數字將在全年繼續上升，因為訂閱收入僅在 12 個月內確認。

So it's a little bit difficult to really conceptualize that, but that's why we are already happy with what we are seeing in Q1. Will that affect investment in META in Jack's Flight Club. No, we look at this quite independently, we develop in META with quite some discipline.

因此，真正概念化這一點有點困難，但這就是我們對第一季的表現感到滿意的原因。這會影響傑克飛行俱樂部對 META 的投資嗎？不，我們非常獨立地看待這個問題，我們在 META 中開發時有相當的紀律。

We're not still spending millions and millions of billions of dollars on developing that metaverse experience would rationally. And we don't see that this is affected, particularly as our balance sheet improving and we are generating more cash flow this quarter or cash flow in Q4 as you saw was among the highest we have seen in quite some time.

我們花費數百萬、數十億美元來開發元宇宙體驗是不合理的。我們認為這不會受到影響，特別是因為我們的資產負債表正在改善，我們本季產生了更多的現金流，或者說，第四季度的現金流是我們相當長一段時間以來最高的。

Ed Woo, Ascendiant Capital.

Ascendiant Capital 的 Ed Woo。

Congratulations on the quarter. I had a question on the Jack's Flight Club membership and the Travelzoo Club membership. Are they separate products? And are there any plans to combine them so that you have one membership for both products?

恭喜本季取得佳績。我對傑克飛行俱樂部會員資格和 Travelzoo 俱樂部會員資格有疑問。它們是獨立的產品嗎？有沒有計劃將它們合併，以便您擁有兩種產品的會員資格？

Thank you, Ed. I can take that question. For now, we try and that includes memberships. We since we've acquired Jack's Flight Club, we look for ways to find synergies between the two businesses, and that includes some cross-promotion and of both the membership and the content identified by either Travelzoo or Jack's Flight Club.

謝謝你，埃德。我可以回答這個問題。目前，我們正在嘗試，其中包括會員資格。自從我們收購了傑克飛行俱樂部之後，我們就一直在尋找方法來實現兩家公司之間的協同效應，其中包括對會員資格和由 Travelzoo 或傑克飛行俱樂部確定的內容進行交叉促銷。

And we're doing that in a way that makes sense and it's beneficial for both brands, and they serve a slightly different market. So for now, that's the plan is to keep some independents.

我們這樣做是合理的，對兩個品牌都有利，而且它們服務的市場略有不同。因此目前的計劃是保留一些獨立人士。

This concludes the Q&A portion of 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。我想將發言時間轉回給霍爾格·巴特爾先生，請他作最後發言。

Dear investors, thank you for listening for your time and support. We look forward to speaking with you again next quarter. Have a great day.

尊敬的投資者，感謝您收聽本文並給予支持。我們期待下個季度再次與您交談。祝你有美好的一天。

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

今天的 Travelzoo 2024 年第四季財報電話會議和網路直播就到此結束。此時您可以斷開您的線路，並享受美好的一天。