Travelzoo (TZOO) 2025 Q1 法說會逐字稿

Good morning and welcome to the Travelzoo first quarter 2025 earnings call.

早安，歡迎參加 Travelzoo 2025 年第一季財報電話會議。

Today's conference is being recorded. Currently all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be opened for your questions.

今天的會議正在錄製中。目前，所有呼叫者都已處於只聽模式，在管理層準備好發言後，將開放呼叫以供提問。

(Operator Instructions)

（操作員指示）

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 1,995.

本公司謹提醒您，本次電話會議期間所作以及幻燈片中呈現的所有非歷史事實陳述均構成前瞻性陳述，並根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

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.

實際結果可能與前瞻性陳述中的結果有重大差異。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在該公司的 10K 和 10Q 表格以及其他 SEC 文件中進行了描述。

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.

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 上發布。

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. Jeff, we'll start with an overview.

現在，我很高興將發言權交給 Travelzoo 的全球執行長 Holger Bartel、其董事長、總法律顧問兼 Jack's Flight Club 的執行長 Christina Ciocca 以及其北美財務總監 Jeff Hoffman。傑夫，我們先來概述一下。

Thank you, operator, and welcome to those of you joining us today. Today I'm stepping in for Lejeune, our Chief Accounting Officer. 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.

謝謝接線員，歡迎今天加入我們的各位。今天我接替我們的首席會計官勒瓊 (Lejeune)。請參閱管理簡報以了解我們已準備好的評論。此簡報的 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 4. Travelzoo's consolidated Q1 revenue was $23.1 million, up 5% from the prior year and reaching the highest quarterly revenue since the pandemic. In constant currencies, revenue was $23.3 million, up 6% from the prior year. Operating income, which we as management call operating profit, decreased 34% year over year as we invested more in member growth. Q1 operating profit was $3.7 million, or 16% of revenue, down from$ 5.6 million in the prior year.

讓我們從幻燈片 4 開始。Travelzoo 第一季綜合營收為 2,310 萬美元，較上年同期成長 5%，達到疫情以來的最高季度營收。以固定匯率計算，營收為 2,330 萬美元，比上年增長 6%。由於我們在會員成長方面投入了更多資金，營業收入（我們管理層稱之為營業利潤）比去年同期下降了 34%。第一季營業利潤為 370 萬美元，佔營收的 16%，低於去年同期的 560 萬美元。

Slide 5 shows the strongest revenue growth came from our North America and Jack's Flight Club segments, while revenues in Europe increased 1% from the prior year. Operating profit decreased in both in both our North America and Europe segments and increased slightly in our Jack's flight clip segment.

幻燈片 5 顯示，最強勁的收入成長來自我們的北美和傑克飛行俱樂部部門，而歐洲的收入比前一年增長了 1%。北美和歐洲分部的營業利潤均有所下降，而 Jack's flight clip 分部的營業利潤則略有增加。

On slide 6, we break down our categories of revenue advertising, membership fees, and other. Advertising revenue was $20.7 million for Q1 2025. Revenue for membership fees increased to $2.4 million. Membership fees begin to drive significant and incremental revenue growth. It will further accelerate.

在第 6 張投影片上，我們細分了收入廣告、會員費和其他類別。2025 年第一季廣告收入為 2,070 萬美元。會員費收入增加至240萬美元。會員費開始推動收入的顯著和增量增長。也將進一步加速。

In 2024, we introduced a membership fee for Travelzoo. Legacy members who joined before 2024 continue to receive certain travel offers. However, club offers and new benefits are only available to club members who pay the membership fee. Therefore, we are seeing many legacy members become club members over time, in addition to new members who join.

2024 年，我們引進了 Travelzoo 的會員費。2024 年之前加入的舊會員將繼續獲得某些旅遊優惠。但是，俱樂部優惠和新福利僅對支付會員費的俱樂部會員開放。因此，除了新會員加入之外，我們還看到許多舊會員隨著時間的推移成為俱樂部會員。

Slide 7 shows an example of membership fee revenue recognition. Travel revenue from membership fees is recognized variably over the period of subscription. Member acquisition costs, on the other hand are recognized in full at the time of the expense.

投影片 7 展示了會員費收入確認的範例。會員費產生的旅行收入在訂閱期間內以可變的方式確認。另一方面，會員獲取成本在發生費用時全額確認。

Slide 8 illustrates that as we grow members the differing recording of expenses and revenues creates a short-term negative impact on operating income. A continuous addition of new members every quarter increases quarterly revenue only over time. Particularly in the first quarter, that revenue number is even smaller as membership fees are prorated for any members who joined during the quarter. Marketing expenses are recorded immediately in each quarter. After a few quarters, quarterly revenue for membership fees exceeds the advertising expense, and the impact turns positive.

投影片 8 顯示，隨著會員數的成長，費用和收入的不同記錄會對營業收入產生短期負面影響。每季不斷增加新會員只會隨著時間的推移而增加季度收入。特別是在第一季度，由於會員費是按季度加入的會員按比例分配的，因此收入數字甚至更小。行銷費用在每季立即記錄。幾個季度之後，會員費的季度收入超過了廣告費用，影響就變成了正數。

On slide 9, you will see that GAAP operating margin was 16% in Q1 2025. Our GAAP operating margin is lower simply because we have started to invest more. Our goal is to accelerate growth in numbers.

在第 9 張投影片上，您將看到 2025 年第一季的 GAAP 營業利潤率為 16%。我們的 GAAP 營業利潤率較低只是因為我們開始投入更多資金。我們的目標是加速數量的成長。

Slide 10 shows that in North America, the GAAP operating margin decreased to 24% and in Europe the GAAP operating margin remained flat at 3% for Q1 2025. This is driven by the investments in number growth, which occurs in all key markets. In Europe, this overshadows a great financial improvement in Germany, where we saw strong revenue growth year over year.

投影片 10 顯示，在北美，2025 年第一季的 GAAP 營業利潤率下降至 24%，而在歐洲，GAAP 營業利潤率維持不變，為 3%。這是由所有主要市場對數量增長的投資所推動的。在歐洲，這掩蓋了德國巨大的財務改善，我們看到德國的收入逐年強勁成長。

On slide 11 we provide information on non-gap operating profit as we believe it better explains how Travelzoo management evaluates financial performance. Q1 2025 non-GAAP operating profit was $4.3 million. That's 19% of revenue compared to non-GAAP operating profit of $6 million in the prior year period.

在第 11 張投影片上，我們提供了非差距營業利潤的信息，因為我們認為它更好地解釋了 Travelzoo 管理層如何評估財務表現。2025 年第一季非公認會計準則營業利潤為 430 萬美元。與去年同期的非 GAAP 營業利潤 600 萬美元相比，這一數字為 19%。

Slide 12 provides information about the items that are excluded in the calculation of non-GAAP operating profit.

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 slide, turn to slide 13. We repurchased 590,839 shares of the company's outstanding common stock. As of March 31, 2025, consolidated cash, cash equivalents, and restricted cash was $12.2 million.

請滑動，翻到第 13 張幻燈片。我們回購了該公司已發行的 590,839 股普通股。截至 2025 年 3 月 31 日，合併現金、現金等價物及受限現金為 1,220 萬美元。

Slide 14 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. We believe we can keep fixed costs relatively low in the foreseeable future. But higher investments in number growth are increasing total expenses. We expect these investments to accelerate revenue growth in coming quarters.

投影片 14 顯示了收入與營運費用的比較情況，除了行銷費用外，公司的大部分營運費用在短期至中期內相對固定。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。但對數量增長的更大投資也增加了總支出。我們預計這些投資將加速未來幾季的營收成長。

Now looking ahead, For Q2 2025, we expect year over year revenue growth to double. We expect revenue growth to accelerate as a trend in subsequent quarters, as membership fees, revenue is recognized readily over the subscription period as we acquire new members and as more legacy members become club members. Over time, we expect profitability to increase as recurring membership fee revenue will be recognized. In the short term, fluctuations in net income are possible because we might see attractive opportunities to increase marketing. We believe we expense marketing costs immediately.

展望未來，我們預計 2025 年第二季的營收年增將翻一番。我們預計，隨著我們獲得新會員以及更多老會員成為俱樂部會員，會員費和收入在訂閱期內很容易得到確認，因此收入增長將在接下來的幾個季度中加速。隨著時間的推移，我們預計獲利能力將會增加，因為經常性會員費收入將得到確認。短期內，淨收入可能會波動，因為我們可能會看到增加行銷的誘人機會。我們認為我們會立即支出行銷費用。

Now I'm going to turn the discussion over to Holger.

現在我將把討論交給霍爾格。

Thank you, Jeff.

謝謝你，傑夫。

We will continue to leverage travels with global reach our trusted brand and the strong relationships with top travel suppliers to negotiate more club offers for club members. Travelzoo members are fluent, Active and they are open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must have membership for those who love to travel as much as we do.

我們將繼續利用我們值得信賴的品牌全球旅行以及與頂級旅遊供應商的牢固關係，為俱樂部會員協商更多俱樂部優惠。Travelzoo 會員語言流利、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 是必備的會員資格。

Slide 15 provides more information about travel members 91% say they are open to new destinations and travel ideas. We are the club of travel enthusiasts.

幻燈片 15 提供了有關旅行的更多信息，其中 91% 的會員表示他們願意接受新的目的地和旅行想法。我們是旅行愛好者俱樂部。

Slide 17 provides an overview of management's focus. We are working to grow the number of paying members and accelerate revenue growth by converting legacy members and by adding new club members.

投影片 17 概述了管理層的重點。我們正在努力透過轉換老會員和增加新俱樂部會員來增加付費會員的數量並加速收入成長。

Add new benefits to the paid membership retain and grow our profitable advertising business from the popular TOP20 products. Accelerate revenue growth which drives future profits in spite of temporary lower EPS. Go checks flight clubs, profitable subscription revenue and develop travel through matter with discipline.

為付費會員添加新的福利，保留並發展來自熱門 TOP20 產品的盈利廣告業務。儘管每股收益暫時較低，但加速收入成長仍將推動未來利潤的成長。去檢查飛行俱樂部，賺取訂閱收入，並透過有紀律的方式發展旅行。

Now Christina will provide a quick update on Travelzoo and check flight.

現在，克里斯蒂娜將提供 Travelzoo 的快速更新並檢查航班。

We continue to work on the production of the first Metaverse travel experiences. They will be browser enabled. As stated in previous earnings calls, we are conscious of developing travel to Meta in a financially disciplined way. We will provide additional updates in due time.

我們持續致力於打造首個元宇宙旅行體驗。它們將啟用瀏覽器。正如在先前的收益電話會議中所述，我們有意識地以財務自律的方式發展前往 Meta 的旅行。我們將及時提供更多更新。

For Jack’s Flight Club, revenue increased 20% year over year, and the number of premium subscribers increased 13%. We continue to invest in growth more than half of the revenue earned in the quarter was reinvested into marketing and efficient number acquisitions. As with Travelzoo, we expect this to have a compounding effect over the course of the year, resulting in greater deferred revenue and increased profitability.

對於傑克飛行俱樂部來說，營收年增 20%，高級訂閱用戶數量成長 13%。我們繼續投資於成長，本季收入的一半以上被重新投資於行銷和有效的數位收購。與 Travelzoo 一樣，我們預計這將在今年產生複合效應，從而帶來更多的遞延收入和更高的獲利能力。

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

我現在將問題交給接線員，以便 Jeff、Holger 和我回答。

(Operator Instructions)

（操作員指示）

Our first question comes from Theodore O'Neill from Litchfield Hills Research. Please go ahead. Your line is open.

我們的第一個問題來自 Litchfield Hills Research 的 Theodore O'Neill。請繼續。您的線路已開通。

Thanks very much and congratulations on the good quarter and the outlook.

非常感謝，並祝賀本季業績和前景良好。

My question is this There's been in the press a lot of discussion of Foreign travelers not wanting to come to the US, and I was wondering how you see that in changes in behavior for travel plans coming from Europe, Canada, outside the US.

我的問題是，媒體上有很多關於外國遊客不想來美國的討論，我想知道您如何看待來自歐洲、加拿大和美國以外的遊客的旅行計劃行為的變化。

Yes, we are hearing this from our travel suppliers for us, as we said earlier, our travel enthusiasts are very flexible destinations. 91% say they travel wherever we think wherever they find a great offer and a great deal, so they simply travel to other destinations. So, while this is for sure a trend in the industry, for us it's not a negative because our members are very flexible. In fact, they love to travel to new destinations.

是的，我們從旅行供應商那裡聽說了這一點，正如我們之前所說，我們的旅行愛好者的目的地非常靈活。 91% 的人表示，只要他們認為哪裡有優惠和折扣，他們就會去哪裡旅行，所以他們乾脆去其他目的地旅行。因此，雖然這肯定是行業趨勢，但對我們來說這並不是壞事，因為我們的成員非常靈活。事實上，他們喜歡去新的地方旅行。

Thanks very much.

非常感謝。

Michael Kupinski, Noble Financial Capital Markets.

邁克爾‧庫賓斯基 (Michael Kupinski)，Noble Financial Capital Markets。

Thank you. North America performed better than Europe in the last latest quarter and was wondering if what was the driver dynamic of that. Was it domestic travel or international travel. And if it was international travel, is that due to the dollar or were there other factors at play there.

謝謝。北美在最近一個季度的表現優於歐洲，我想知道其驅動力是什麼。是國內旅行還是國際旅行。如果是國際旅行，那是由於美元還是有其他因素在起作用。

Look, Michael, in global groups like ours where we operate in different markets, they are just natural fluctuations, so I wouldn't overthink that the consolidation doesn't really give a full picture when you look into market specific numbers, for example, Germany had a very strong quarter revenue was up double digits year over year, very different from last quarter, as you might recall the UK was slightly lower in comparison to a very strong Q1 that we had last year. So, we just have these natural fluctuations, and we believe that Europe revenue will also catch up in its growth year over year in the following quarters.

邁克爾，你看，像我們這樣的全球集團，我們在不同的市場運營，這都是自然波動，所以當你查看特定市場的數字時，我不會過度思考合併並不能真正反映出完整的情況，例如，德國本季度的收入非常強勁，同比增長了兩位數，與上一季度有很大不同，你可能還記得，與去年非常強勁的第一季度相比，英國收入略有的下降。因此，我們只是經歷了這些自然的波動，我們相信歐洲的收入在接下來的幾個季度也將實現同比增長。

Got it. And just as a quick follow up, I know the numbers you had a very solid quarter.

知道了。簡單跟進一下，我知道你們本季的數據非常穩健。

I was just wondering though on the gross margins were a little lower than I expected. Can you just talk a little bit about the impact of the gross margins. Are those affected by the company's effort to develop a subscription business or were there other things at play in the quarter.

我只是想知道毛利率是否比我預期的要低一點。能否稍微談談毛利率的影響？這些是否受到公司發展訂閱業務的努力的影響，或者本季是否有其他因素影響？

I just a couple of things, Michael. So, in Q1 we had a few opportunities to purchase distressed travel products from suppliers at a discounted price. This allowed us to create strong club offers and that in turn is what we leverage to attract new members, and it also makes it easier to convert legacy members to club members. And we just had to classify it in cost of revenue in this case. The other thing is temporarily but not very largely customer service also increased a bit year over year, which is no surprise because at the beginning when something new like there's a lot of legacy members who signed up for the club membership, so there are more questions at the beginning. So, we think this will go back to where it was before, but if it was a little bit higher than last year.

我只想說幾件事，麥可。因此，在第一季度，我們有一些機會以折扣價從供應商購買不良旅遊產品。這使我們能夠創建強大的俱樂部優惠，反過來，這也是我們利用的優勢來吸引新會員，同時也使得將老會員轉變為俱樂部會員變得更加容易。在這種情況下，我們只需將其歸類為收入成本。另一件事是，暫時但不是很大程度上的客戶服務也比去年同期有所增加，這並不奇怪，因為在剛開始出現新事物時，有很多舊會員註冊成為俱樂部會員，所以一開始就會有更多的問題。因此，我們認為它會回到之前的水平，但會比去年略高一些。

Right, thank you. Congratulations.

好的，謝謝。恭喜。

Patrick Sholl, Barrington Research Associates.

巴林頓研究協會的 Patrick Sholl。

Hi, good morning, just on the, member acquisition front, can you maybe talk a little bit how.

嗨，早上好，就會員獲取方面而言，您能否稍微談談如何做。

I guess, yes, how Consumers who decide to become a member, what is sort of like the main driver is like a specific deal that you're presenting that they decide to, they want to become a member to access that deal or is its other aspects of your marketing effort.

我想，是的，對於決定成為會員的消費者來說，主要的驅動力就像是您向他們提供的特定交易，他們決定成為會員以獲得該交易，或者是您的行銷努力的其他方面。

Sure, I can take that question. We are definitely seeing that our club offers, and our various kind of travel offers are the biggest straw of converting people into club members, but we have a whole kind of suite of benefits that That ties to the club membership including lounge access, a giveaway and other things like that. So, I think the main driver is the club offers right now, including in our member acquisition efforts but we do have quite a robust membership offering.

當然，我可以回答這個問題。我們確實看到，我們的俱樂部優惠和各種旅行優惠是吸引人們成為俱樂部會員的最大動力，但我們有一整套與俱樂部會員資格相關的福利，包括休息室使用權、贈品和其他類似的東西。因此，我認為主要的驅動力是俱樂部目前的優惠，包括我們的會員獲取工作，但我們確實有相當強大的會員優惠。

Okay, and then just to maybe drill in on the topic earlier on the changing travel dynamics, could you talk about how that affects some of your efforts to source deals in certain markets.

好的，那麼也許只是為了深入探討先前關於不斷變化的旅遊動態的話題，您能否談談這對您在某些市場尋找交易的努力有何影響。

Consumers and travelers in general are becoming a bit more hesitant, particularly in the US in the last 30 days because we all know a lot is going on, so they are a bit hesitant, but as we know from experience and as we saw in the last 30 days, the lower demand enables us to capture. A very strong offers from travel suppliers because ultimately, they want to fill their hotels, they want to fill their airline seats. They want to fill their cruise cabins. I spoke a few minutes ago about distressed inventory, so these are opportunities that make our offerings stronger and that stronger offering in turn attracts more travel enthusiasts to become members of the club.

總體而言，消費者和旅行者變得有點猶豫，特別是過去 30 天在美國，因為我們都知道發生了很多事情，所以他們有點猶豫，但正如我們從經驗中知道的以及我們在過去 30 天看到的那樣，較低的需求使我們能夠抓住機會。旅遊供應商提供的報價非常優惠，因為最終他們想要飯店和機票都住滿。他們希望遊輪客艙住滿。幾分鐘前我談到了不良庫存，這些都是讓我們的產品更強大的機會，而更強大的產品反過來又會吸引更多的旅遊愛好者成為俱樂部的成員。

Okay, thank you.

好的，謝謝。

Ed Woo, Ascendiant Capital Markets.

Ed Woo，Ascendiant Capital Markets。

Yes, thanks for taking my question. My question is it looks like there's less demand for people to come into the US. Are you seeing the same dynamics for people in the US to travel international? Is there less demand for that as well.

是的，感謝您回答我的問題。我的問題是，看起來人們對前往美國的需求減少了。您是否看到美國人出國旅行也有同樣的動態？對此的需求是否也減少了？

We see the first but not the second, so yes, we see a bit of hesitation in particularly Canadians. Canadians interest in coming to the US has decreased a lot, but we are not seeing the other way around, so Americans still love to travel to Europe.

我們看到了第一種情況，但沒有看到第二種情況，所以是的，我們看到尤其是加拿大人有點猶豫。加拿大人對前往美國的興趣已經大大下降，但我們並沒有看到相反的情況，所以美國人仍然喜歡前往歐洲旅遊。

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

偉大的。好吧，謝謝你們回答我的問題，祝你們好運。

Sure, thanks, Ed.

當然，謝謝，艾德。

Steve Silver, Argus Research Corporation.

史蒂夫‧西爾弗 (Steve Silver)，阿格斯研究公司。

Thanks operator, and thanks for taking the question.

謝謝接線員，也謝謝您回答這個問題。

So, it looks like you guys became very aggressive over the course of the quarter in repurchasing shares. It looks like as the stock price corrected along with the broader market. I'm curious as to your thoughts on the balance sheet and the company's capacity and appetite to continue buying shares if the markets remain volatile over the near term.

因此，看起來你們在本季回購股票方面變得非常積極。看起來股價隨著大盤走勢而調整。我很好奇您對資產負債表的看法，以及如果市場在短期內持續波動，公司繼續購買股票的能力和意願。

The opportunity was very attractive last quarter, so since we are confident in our business and we had a lot of cash, we increased our share repurchases going forward. We expect the cash balance to increase again first because we collect membership fees at the beginning of the subscription period.

上個季度的機會非常有吸引力，因此由於我們對我們的業務充滿信心並且我們擁有大量現金，我們增加了未來的股票回購。我們預計現金餘額將首先再次增加，因為我們在訂閱期開始時收取會員費。

And second, the business is profitable and cash flow positive with relatively fixed operating expenses. And as you heard, we are quite confident right now in our member acquisition activities.

其次，業務獲利，現金流為正，營運費用相對固定。正如您所聽到的，我們現在對我們的會員獲取活動非常有信心。

So, we now have a better opportunity to invest in member growth than we had maybe a year ago, and that's where we would like to allocate the positive cash that the business is generating.

因此，與一年前相比，我們現在有更好的機會投資會員成長，這也是我們希望將業務產生的正現金分配到的地方。

Great, Holger, thanks for the call.

太好了，霍爾格，謝謝你的來電。

Okay, 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.

好的，今天電話會議的問答部分到此結束。我想將發言時間交還給霍爾格·巴特爾先生，請他作最後發言。

Well, the investors, thank you very much for your time and support today. We look forward to speaking with you again next quarter. Have a great day.

好吧，投資者們，非常感謝你們今天的時間和支持。我們期待下個季度再次與您交談。祝你有美好的一天。

This concludes today's travel due first quarter 2025 earnings call and webcast. You may now disconnect your lines at this time and have a wonderful day.

今天的 Travel Due 2025 年第一季財報電話會議和網路廣播到此結束。現在您可以斷開線路並享受美好的一天。

And we're now in private. Have a great day everyone.

現在我們處於私密狀態。祝大家有個愉快的一天。

Thank you.

謝謝。

You're welcome.

不客氣。