Travelzoo (TZOO) 2025 Q2 法說會逐字稿

Good morning and welcome to the Travelzoo second quarter 2025 earnings call. (Operator Instructions)

早安，歡迎參加 Travelzoo 2025 年第二季財報電話會議。（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 Security Litigation Reform Act of 1,995. Actual results could differ 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《私人安全訴訟改革法案》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 10K and 10Q 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.

可能導致實際結果與前瞻性陳述大不相同的因素已在公司的 10K 和 10Q 表格以及其他 SEC 文件中進行了描述，除非法律要求，否則公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件還是其他原因。

Please refer to the company's website for important information including the company's earning press release issued earlier today. An archived recording of this conference call will be made available on the company's investor relations website @ www.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盈利新聞稿。本次電話會議的存檔記錄將在公司投資者關係網站 www.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 will 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 執行長 Christina Ciocca 以及其北美財務總監 Jeff Hoffman。Jeff 將從概述開始。

Thank you, operator, and welcome to those of you joining us. Today I'm stepping in for Qi Lijun,, 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，歡迎各位加入我們。今天我代替我們的首席會計官齊利軍任職。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 Q2 revenue was $23.9 million, which is up 13% from the prior year. In constant currencies, revenue was $23.5 million, up 12% from the prior year. Operating income, which we as management call operating profit, decreased as we invested more in member growth.

讓我們從幻燈片 4 開始。Travelzoo 第二季綜合營收為 2,390 萬美元，較上年同期成長 13%。以固定匯率計算，營收為 2,350 萬美元，比上年成長 12%。由於我們在會員成長方面投入了更多資金，營業收入（我們管理階層稱之為營業利潤）有所下降。

Q2 operating profit was $2.1 million or 9% of revenue, down from $44 million in the prior year. Let me explain the rationale for our significant increase in marketing expense which lowered EPS.

第二季營業利潤為 210 萬美元，佔營收的 9%，低於去年同期的 4,400 萬美元。讓我解釋一下我們的行銷費用大幅增加導致每股收益下降的原因。

Slide 5 shows the favorable payback on the acquisition of new club members that we were able to achieve. On the left side you see that average acquisition cost for a full paying club member was $28 in Q1 and $38 in Q2. On the right side, you see that we get this money back right away. The member pays in the US case here, immediately their $40 annual membership fee.

投影片 5 顯示了我們在吸引新俱樂部會員方面所取得的良好回報。在左側您可以看到，第一季全額付費俱樂部會員的平均取得成本為 28 美元，第二季為 38 美元。在右側，您可以看到我們立即收回了這筆錢。在美國，會員立即支付 40 美元的年度會員費。

Additionally, we generated $18 in revenue from transactions in the same quarter. This immediate payback doesn't even consider an increase in advertising revenues and future membership fees and other revenues.

此外，我們在同一季度從交易中獲得了 18 美元的收入。這種直接的回報甚至沒有考慮廣告收入和未來會員費等收入的增加。

Now, slide 6 shows as a reminder that with subscription businesses, membership fee revenue is is recognized readably over the subscription period, but the acquisition costs are expensed immediately when incurred.

現在，投影片 6 提醒我們，對於訂閱業務，會員費收入在訂閱期間可清楚確認，但收購成本在發生時立即計入費用。

Slide 7 shows the effect. While we have an immediate payback, the impact on earnings and EPS is different. Higher member acquisition expenses, coupled with only a portion of revenue recognized in the quarter, reduced EPS this quarter.

幻燈片 7 顯示了效果。雖然我們立即獲得了回報，但對收益和每股盈餘的影響卻不同。會員獲取費用增加，加上本季僅確認了部分收入，導致本季每股收益下降。

In the case of Q2, that effect was a reduction of $0.13. On slide 8, you can see that revenue growth came from all segments with favorable ROI on member acquisition in the UK. We invested heavily there. Jack's Flight Club revenue increased by 33%. Operating profit decreased in both our North America and Europe segments but increased slightly in our Jack's Flight Club segment.

就第二季而言，這一影響是減少了0.13美元。在第8張投影片上，您可以看到所有細分市場的收入均有所成長，且在英國，會員所獲得的投資報酬率（ROI）都很高。我們在那裡投入了大量資金。傑克飛行俱樂部的收入增加了33%。北美和歐洲分部的營業利潤均有所下降，但傑克飛行俱樂部分部的營業利潤略有增加。

On slide 9, we break down our categories of revenue advertising commerce, membership fees, and other. Advertising and commerce revenue was $20.9 million for Q2'25. Revenue for membership fees increased to $3 million. Membership fees have started to drive significant revenue growth. Next year we expect them to account for about 25% of revenue.

在第 9 張投影片上，我們細分了收入類別，包括廣告商務、會員費和其他。2025 年第二季的廣告和商業收入為 2,090 萬美元。會員費收入增加至300萬美元。會員費已開始推動收入大幅成長。明年我們預計它們將占到總收入的25%左右。

On slide 10, you can see that our GAAP operating margin was 9% in Q2 '25. Acquiring more club members has the effect of lowering GAAP operating margins. Still, given the currently favorable ROI, we will continue to further grow the number of club members to bring Travelzoo into high growth mode.

在第 10 張投影片上，您可以看到我們的 2025 年第二季的 GAAP 營業利潤率為 9%。獲得更多俱樂部成員會降低 GAAP 營業利潤率。儘管如此，鑑於目前良好的投資報酬率，我們將繼續進一步增加俱樂部會員數量，使 Travelzoo 進入高速成長模式。

Slide 11 shows that investments in club members occur in all key markets. Over time, we expect margins to return to previous levels or even exceed them. On slide 12, we provide information on non-GAAP operating profit as we believe it better explains how Travelzoo's management evaluates financial performance.

投影片 11 顯示對俱樂部會員的投資發生在所有主要市場。隨著時間的推移，我們預計利潤率將恢復到以前的水平，甚至超過以前的水平。在第 12 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。

Q2 2025 non-GAAP operating profit was $ 2.4 million. That's 10% of revenue, compared to non-GAAP operating profit of 4.8 million in the prior year period. Slide 13 provides information about the items that are excluded in the calculation of non-gap operating profits.

2025 年第二季非 GAAP 營業利潤為 240 萬美元。這佔收入的 10%，而去年同期的非 GAAP 營業利潤為 480 萬美元。投影片 13 提供了有關非差距營業利潤計算中排除的項目的資訊。

Please turn to slide 14. As of June 30, 2025, consolidated cash equivalents, and restricted cash was $11.2 million. Cash flow from operations was $1.3 million. We reduced merchant payables by $2.4 million and repurchased 172,0088 shares.

請翻到第 14 張投影片。截至 2025 年 6 月 30 日，合併現金等價物及受限現金為 1,120 萬美元。經營活動產生的現金流為 130 萬美元。我們減少了 240 萬美元的商家應付款項，並回購了 172,0088 股。

Now looking ahead, for Q3 2025, we expect year-over-year revenue growth to continue. We expect revenue growth to accelerate as a trend in subsequent orders as membership fee revenue is recognized rapidly over the subscription period of 12 months, as we acquire new members and as more legacy members become club members.

展望未來，我們預計 2025 年第三季的營收將持續年增。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，會員費收入在 12 個月的訂閱期內迅速確認，收入增長將呈加速趨勢。

Over time we expect profitability to substantially increase as recurring membership fees revenue will be recognized. In the short term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We ex expense marketing costs immediately. Now I turned the discussion over to Holger.

隨著時間的推移，我們預計獲利能力將大幅提高，因為經常性會員費收入將得到確認。短期內，報告的淨收入可能會出現波動。我們可能會看到增加行銷的誘人機會。我們立即扣除行銷費用。現在我把討論交給霍爾格。

Thank you, Jeff. We will continue to leverage Travelzoo's global reach, trusted brand, and our strong relationships with top travel suppliers to negotiate more club offers for club members.

謝謝你，傑夫。我們將繼續利用 Travelzoo 的全球影響力、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俱樂部優惠。

Travelzoo members are affluent. Active and open to new experiences. We inspired 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.

Travelzoo 的會員很富有。積極並樂於接受新體驗。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。

Today I would like to share a bit of information about the Travelzoo club membership. Please turn to slide 16. Travel is always becoming the place where the world's travel enthusiasts get together. Membership allows them to live their life to the fullest, and it comes with an array of benefits, most importantly, club offers that are only available to them.

今天我想分享一些有關 Travelzoo 俱樂部會員資格的資訊。請翻到第 16 張投影片。旅行正逐漸成為世界各地旅行愛好者的聚集地。會員資格讓他們可以盡情享受生活，並帶來一系列好處，最重要的是，只有他們才能享受俱樂部的優惠。

Slide 17 and 18 provide some examples of club offers. From unique experiences like cooking with a Michelin star chef in Tuscany coupled with an amazing price to a luxury escape to the Maldives in an over water villa or an adventure in Iceland. Club offers provide outstanding value and make us travel enthusiasts get up and go even more.

投影片 17 和 18 提供了一些俱樂部優惠的範例。從獨特的體驗，例如以驚人的價格與托斯卡納的米其林星級廚師一起烹飪，到在馬爾地夫的水上別墅享受奢華之旅或在冰島探險。俱樂部優惠具有卓越的價值，讓我們這些旅行愛好者更熱情地出遊。

Slide 19 shows. Worldwide complimentary lounge access in case of flight delays is another popular benefit among club members. Slide 20 provides more information about Travelzoo members. Travels with love by travel enthusiasts who are affluent, active, and open to new experiences.

幻燈片 19 顯示。如果航班延誤，可免費進入世界各地的休息室，這是俱樂部會員的另一個熱門福利。投影片 20 提供了更多有關 Travelzoo 會員的資訊。富裕、活躍、樂於接受新體驗的旅行愛好者充滿愛的旅行。

Moving to slide 22, it provides an overview of our management focus. We are working on the number of paying members and accelerate revenue growth by converting legacy members and adding new club members add new benefits to the paid membership. Retain and grow our profitable advertising business from the popular TOP20 product.

翻到第 22 張投影片，它概述了我們的管理重點。我們正在努力增加付費會員數量，並透過轉換舊會員和增加新俱樂部會員為付費會員增加新的福利來加速收入成長。保留並發展我們受歡迎的 TOP20 產品帶來的獲利廣告業務。

Accelerate revenue growth which drives future profits in spite of temporary lower EPS, grow Jack's Flight Club, profitable subscription revenue and develop Travelzoo META with discipline. Now Christina will provide a quick update on Travelzoo META as well as Jack's Flight Club.

儘管 EPS 暫時較低，但加速收入成長仍可推動未來利潤的成長，發展 Jack's Flight Club，實現盈利的訂閱收入，並有紀律地開發 Travelzoo META。現在，克里斯蒂娜將簡要介紹 Travelzoo META 以及傑克飛行俱樂部的最新動態。

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

謝謝你，霍爾格。我們持續致力於打造首個元宇宙旅行體驗。它們將支援瀏覽器。正如在先前的收益電話會議中所述，我們有意識地以財務紀律的方式開發 Travelzoo META。我們將及時提供更多更新。

For Jack's Flight Club, revenue increased 33% year over year, and the number of premium subscribers increased 15%. The increase in revenue is driven primarily by investments and growth of the premium subscribers over the past few years and the increase in the price of the membership fee which was implemented in Q2 of last year.

對於傑克飛行俱樂部來說，營收年增 33%，高級訂閱用戶數量成長 15%。收入的成長主要得益於過去幾年的投資和高級用戶的成長，以及去年第二季實施的會員費價格上漲。

We plan to continue to invest in growth, especially now as we have even more runway to do so. I'm now handing over to the operator for questions for Jeff Holger and me.

我們計劃繼續投資於成長，特別是現在我們擁有更多的發展空間。我現在將問題交給接線員，以便 Jeff Holger 和我回答。

(Operator Instructions) Your first question comes from Theodore O'Neill with Litchfield Hills Research. Please go ahead.

（操作員指示）您的第一個問題來自 Litchfield Hills Research 的 Theodore O'Neill。請繼續。

Hey, thanks very much. I'm trying to understand, a little more clearly the dynamics of the profitability going forward, and I'm thinking about this slide 7 here. With the net impact in the quarter being a loss of $0.13. So, when you talk about the profitability improving over time, does that mean that the acquisition costs go lower or the revenue goes higher, or both of those things are occurring?

嘿，非常感謝。我試著更清楚地了解未來獲利能力的動態，我正在思考這張投影片 7。本季淨虧損0.13美元。所以，您說獲利能力會隨著時間的推移而提高，是指收購成本降低還是收入增加，還是兩者同時發生？

Hi, Theo. The slide 7 looks at one specific quarter. It looks at Q2. So in Q2 we had marketing expenses, actually membership acquisition expenses of $2.7 million, and then the slide shows the revenue that is specifically generated from the members that we acquired in Q2.

你好，西奧。第 7 張投影片介紹一個特定的季度。它著眼於第二季。因此，在第二季度，我們的行銷費用，實際上是會員獲取費用為 270 萬美元，然後幻燈片顯示了我們在第二季度獲取的會員所產生的收入。

What you see there is that in quarters going forward, so in Q3, Q4, we will continue to generate revenue from these, but we won't have expenses to that cohort of new members that signed up.

您所看到的是，在未來的幾個季度中，也就是第三季、第四季度，我們將繼續從中創造收入，但我們不會對註冊的新會員群體產生費用。

Now in Q3 we will sign up new members, so there will be there will be new member acquisition costs for these new members, but we will have the positive impact for members that we acquired in Q1, Q2, and even at the end of last year which will contribute revenue.

現在，我們將在第三季簽署新會員，因此這些新會員會產生新會員獲取成本，但我們對在第一季、第二季甚至去年年底獲得的會員將產生正面影響，這將帶來收入。

Growth in the form of membership fees. So coupled together with all that revenue that is coming in from members that were acquired in the past, that is what's driving overall profitability going forward in the next few quarters and then more so next year.

以會員費形式增長。因此，加上過去獲得會員帶來的所有收入，這就是推動未來幾季以及明年整體獲利能力提升的動力。

Okay, thanks very much. And my other question is about the club offers. So you know I've got my press release here about the offers from July 17th, and I'm wondering about the sort of the pace of these. Do you expect like is this a monthly thing that we'll come up with special these offers? Is this a quarterly sort of what's the expected pace of these offers?

好的，非常感謝。我的另一個問題是關於俱樂部的優惠。你知道，我在這裡發布了關於 7 月 17 日的優惠的新聞稿，我想知道這些優惠的進度。您是否期望我們每個月都會推出這樣的特別優惠？這是季度性的嗎？這些報價的預期速度是多少？

There are several per week. There are many per week, usually a few dozen per week. We do not issue press release for every new club or for the press releases. Just show an example of some offers that we released over that period.

每周有幾次。每週都有很多，通常每周有幾十個。我們不會為每個新俱樂部或新聞稿發布新聞稿。僅展示我們在此期間發布的一些優惠的範例。

Okay. I thought perhaps there was something special there. Okay, thanks very much.

好的。我想也許那裡有一些特別的東西。好的，非常感謝。

Your next question comes from the line of Michael Kupinski with Noble Capital Markets. Please go ahead.

您的下一個問題來自 Noble Capital Markets 的 Michael Kupinski。請繼續。

Thank you for taking my questions. I appreciate it. You stated that you invested in acquiring subscribers and I, while I see the marketing expenses went up, it seems like the cost of revenues also went up significantly. I was wondering if you can address the cost of revenues in the quarter.

感謝您回答我的問題。我很感激。您說過您投資了獲取訂閱者，而我看到行銷費用增加了，同時收入成本似乎也大幅增加了。我想知道您是否可以解決本季的收入成本問題。

We had a few opportunities again to purchase distressed inventory, distressed products from suppliers with a highly discounted price, and that allowed us to create very strong club offers and you heard that they are very important to our members.

我們再次獲得了一些機會，以極高的折扣價從供應商那裡購買不良庫存和不良產品，這使我們能夠提供非常優惠的俱樂部優惠，而且您也聽說這對我們的會員非常重要。

So that in turn is what we then leverage to attract new members, and it also makes it easier to convert legacy members to club members and to properly classify these expenses we had to put them into cost of revenue.

因此，我們反過來可以利用這一點來吸引新會員，同時也可以更輕鬆地將舊會員轉變為俱樂部會員，並正確分類這些費用，我們必須將它們納入收入成本。

Goit, and so as we kind of look towards the second half of the year, should we look for more normalized or normalized levels, or how should we look at that, given that this seems like it was more of a one-time opportunity, so can you kind of just give us what might be ongoing.

Goit，因此，當我們展望下半年時，我們是否應該尋求更正常化或標準化的水平，或者我們應該如何看待這一點，因為這似乎更像是一個一次性的機會，所以您能否告訴我們可能正在進行的事情。

It really depends on the opportunities that we see since the travel industry in general, particularly hotels, are seeing a little bit weaker demand. I would expect that we will continue to see these opportunities.

這實際上取決於我們看到的機會，因為整個旅遊業，特別是酒店業，需求正在減弱。我希望我們將繼續看到這些機會。

Okay, and then I guess in terms of the favorable dynamics in terms of the investments and marketing spend, is that something that we should model going into the second half of the year? Are those favorable dynamics still evident as we go into the third quarter?

好的，那麼我想就投資和行銷支出的有利動態而言，這是我們在進入下半年時應該模仿的嗎？進入第三季度，這些有利的勢頭是否仍然明顯？

Well, look, Michael, as we explained, the payback is very attractive for us. So essentially I give someone $28.38 dollars, and right away they give me $40 or $58 back.

好吧，邁克爾，正如我們所解釋的，回報對我們來說非常有吸引力。所以基本上我給了某人 28.38 美元，他們馬上就還給我 40 美元或 58 美元。

I would do that as much as I can. So the question is probably what stops us from doing more of that, and let me explain to you what stops us from that is our cool head, of course we will only do it as long as the payback is favorable, so as long as we can keep that acquisition cost at $40 or below, and Actually we can even lower it further as we gain more experience.

我會盡力去做。所以問題可能是什麼阻止了我們做更多這樣的事，讓我向你們解釋一下，是什麼阻止了我們這樣做，是我們的冷靜頭腦，當然，只有當回報有利時我們才會這樣做，所以只要我們能將收購成本保持在 40 美元或以下，實際上，隨著我們獲得更多經驗，我們甚至可以進一步降低它。

We will continue to invest in member acquisition. We would be stupid not to do so. So in essence, the market somehow will drive how much we can spend, and that's why it's very difficult to predict for the next couple of quarters how much we will effectively spend on member acquisition.

我們將繼續投資於會員獲取。如果我們不這麼做，那我們就太愚蠢了。因此，從本質上講，市場將以某種方式決定我們可以花多少錢，這就是為什麼很難預測未來幾季我們將在會員獲取上有效花費多少錢。

If the conditions are the same, if we can continue to see that very attractive payback, we will continue to invest even if it affects in the very short term EPS, but I'm sure you will model this out and As you then move into next year and you see all this revenue coming in from the new members that we acquired this year because the revenue gets prorated over the next 12 months, then we will finally see the very positive impact of the members we are acquiring now.

如果條件相同，如果我們能夠繼續看到非常有吸引力的回報，我們將繼續投資，即使這在短期內會影響每股收益，但我相信你會對此進行建模，當你進入明年，你會看到所有這些收入都來自我們今年獲得的新會員，因為收入將按比例分配到未來的 12 個月，那麼我們最終將看到我們現在所獲得會員的非常積極的影響。

It appears that the focus on acquiring subscribers, and tell me if I'm wrong, but it seems like it was focused in Europe. Can you talk a little bit about the strategy there, particularly about your European strategy?

看起來重點是獲取用戶，如果我錯了請告訴我，但似乎重點是在歐洲。您能否談談那裡的戰略，特別是您的歐洲戰略？

It was both actually. We acquired even more club members in North America. You just noticed that in Europe we reported the loss, so one might wonder why was there specifically a loss in Europe this quarter, and the answer is simply that member acquisition in the UK went extremely well.

事實上兩者皆有。我們在北美獲得了更多的俱樂部會員。您剛剛注意到我們在歐洲報告了虧損，所以有人可能會想為什麼本季特別在歐洲出現虧損，答案很簡單，因為英國的會員獲取工作進展非常順利。

Members, consumers were very attracted to our model. We have a good brand there. Our offers are strong, so we were able to acquire club members there at a very attractive price. And so we put more money into the UK, and that's what drove the income in Europe lower than it was last year.

各位會員，消費者對我們的模式非常感興趣。我們在那裡有一個很好的品牌。我們的報價很有吸引力，因此我們能夠以非常優惠的價格招募俱樂部會員。因此，我們向英國投入了更多資金，這導致歐洲的收入低於去年。

And my final question holder, thanks for all the questions. Can you talk about the prospect of maybe a premium subscription level? I know that you talked about in previous calls about the prospect that the $40 annual fee is.

最後一位提問者，感謝大家的提問。您能談談高級訂閱等級的前景嗎？我知道您在之前的電話中談到了 40 美元年費的前景。

Seemingly pretty low given the value that you have for your membership and I was just wondering if you had given some thought about the rollout of a more of a premium subscription level and whether or not that might be for 2026 or maybe out in 2027.

考慮到您的會員資格價值，這個價格似乎相當低，我只是想知道您是否考慮過推出更高級的訂閱級別，以及是否可能在 2026 年或 2027 年推出。

Good idea, Michael. We are not looking at it right now. We want to keep things simple, so we will go with this one tier. However, you are right, from conversations that we have with our members, we see that our membership fee is probably too low, and for 2026, we will evaluate to what extent we would like to increase it if so.

好主意，麥可。我們現在沒有關注它。我們希望事情保持簡單，所以我們將採用這一層級。但是，您說得對，從我們與會員的對話來看，我們發現我們的會員費可能太低了，如果是的話，到 2026 年，我們將評估我們想將其提高到什麼程度。

Great, thanks for all the questions. I appreciate it. Good luck

太好了，謝謝你提出的所有問題。我很感激。祝你好運

Your next question comes from the line of Patrick Sholl with Barrington Research. Please go ahead.

您的下一個問題來自 Barrington Research 的 Patrick Sholl。請繼續。

Hi, I have another question on the subscriber acquisition spending. Are you essentially saying that you would limit how much you are willing to pay on SA to that annual membership fee? And then just in terms of like the benefits for the members like if we think of like maybe like a gross contribution for the membership fee.

您好，我還有一個關於用戶獲取支出的問題。您實際上是在說，您會將您願意為 SA 支付的金額限制在年度會員費範圍內嗎？然後就會員的福利而言，如果我們考慮會員費的總貢獻。

I guess you know how should we maybe think about like how that nets out versus some of the benefits obviously excluding, the benefit of being able to access and purchase the deals that you present to them.

我想你知道我們應該如何思考，這與一些顯然不包括的收益相比，淨收益是如何產生的，這些收益包括能夠訪問和購買你向他們提供的交易的收益。

So, what I meant is that the effectiveness and the ROI of member acquisition is what will limit our activity to acquire new club members if our Acquisition cost to acquire new club members in the US, for example, was way higher than $58. We would obviously slow down.

所以，我的意思是，如果我們在美國獲取新俱樂部會員的獲取成本遠高於 58 美元，那麼會員獲取的有效性和投資回報率就會限制我們獲取新俱樂部會員的活動。我們顯然會放慢速度。

We would maybe even discontinue investing in certain channels that we use to acquire new members. So that's what I meant. As long as the payback is positive, then we have no reason not to invest because even from a cash perspective. The $38 is mostly what we pay to advertising channels, be it meta, Google or some others, while the $40 is something that comes in from the member right away.

我們甚至可能會停止投資用於獲取新會員的某些管道。這就是我的意思。只要回報是正的，那麼我們就沒有理由不投資，因為即使從現金角度來看。$38 主要是我們支付給廣告管道的費用，無論是元廣告、Google或其他廣告，而 40 美元則是會員直接支付的費用。

So as soon as they join, they pay the $40 membership fee with their credit card. So even from a cash perspective, there's no limitation on how much we could do. So answering the second part, when I speak with members I meet with them a lot.

因此，他們一加入就用信用卡支付 40 美元的會員費。因此，即使從現金角度來看，我們能做的事情也沒有限制。所以回答第二部分，當我與成員交談時，我會經常與他們見面。

They value different benefits differently. The number one thing why they love to be members of Travelzoo is because, as we say, they are, we are travel enthusiasts. They love to go to new places.

他們對不同利益的評價不同。他們喜歡成為 Travelzoo 會員的首要原因是，正如我們所說，他們是旅行愛好者。他們喜歡去新的地方。

I met a couple that went to an Italian lake in Italy. They said we had never even heard of it, but Travelzoo told us about it. It sounded so exciting. We just decided to go. We just came back and we booked already another trip.

我在義大利遇見了一對去義大利湖的夫婦。他們說我們從來沒有聽過，但 Travelzoo 告訴了我們。聽起來太令人興奮了。我們剛剛決定要去。我們剛回來並且已經預訂了另一趟行程。

So that's what Travelzoo Club, what the Travelzoo Club is all about, and Others really appreciate these benefits like free lounge access for flights. In fact, we had one member who already registered over 50 flights over the next few months for this benefit. So even people who travel very frequently see such a good value in being a Travelzoo member because of that.

這就是 Travelzoo Club 的意義所在，其他人也非常欣賞這些福利，例如免費使用航班休息室。事實上，我們有一位會員在接下來的幾個月裡已經為這項福利註冊了超過 50 次航班。因此，即使是經常旅行的人也會認為成為 Travelzoo 會員很有價值。

Okay, and I understand that it's like the cohort of subscribers, in a year ago were much lower, but I'm just kind of curious if you, if there's any sort of. Things that you've learned in terms of being able to retain subscribers and just how that those retention efforts have been working.

好的，我知道一年前的訂閱者數量要少得多，但我只是有點好奇，是否有任何疑問。您在如何留住用戶方面學到了什麼，以及這些留住用戶的努力是如何奏效的。

The majority of members, club members that we have right now became club members at the end of 2024 because they were legacy members. They were members who have been traveling members for a long time and they were excluded. They now have their membership until the end of the year, so we only will start having really good and reliable data on renewal rates starting at the beginning of 2026 unfortunately.

我們目前的俱樂部大多數會員都是在 2024 年底成為俱樂部會員的，因為他們是遺留會員。他們是長期擔任旅行會員的成員，但卻被排除在外。他們的會員資格現在有效期到今年年底，因此不幸的是，我們只能從 2026 年初開始獲得真正良好且可靠的續訂率數據。

Yeah, no, I understand the impression that you know you had brought in some numbers before that. That was all about. Alright, I think that's all I have. Thank you.

是的，不，我理解你的印象，你知道你在此之前已經帶來了一些數字。這就是全部內容。好吧，我想我就這些了。謝謝。

Sure.

當然。

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

您的下一個問題來自 Ascendiant Capital 的 Ed Woo。請繼續。

Yeah, congratulations on the subscriber growth. My question is, what are you seeing out in the travel industry, in the US as well as in Europe in terms of, is it, you said it was a little bit soft. Have you noticed any, is it getting worse? Is it stabilized? Thank you.

是的，祝賀用戶成長。我的問題是，您認為美國和歐洲的旅遊業有何表現？您是否說過旅遊業有些疲軟？您是否注意到了什麼，情況是否變得更糟了？穩定了嗎？謝謝。

There's not much difference right now between North America and Europe, as you have seen prices for flights are coming down. It's not like the airlines are flying empty. The prices are coming down. That all indicates a bit lower demand, and this allows us to develop these strong offers.

目前北美和歐洲之間沒有太大區別，正如您所見，航班價格正在下降。這並不意味著航空公司的飛機都是空的。價格正在下降。這一切都表明需求略低，這使我們能夠提供這些強有力的報價。

I mean, we saw some of these club offers. They provide excellent value. And that's what we do by taking advantage of how the travel industry is evolving.

我的意思是，我們看到了一些俱樂部的優惠。它們提供了極好的價值。這就是我們利用旅遊業發展的方式所做的事情。

Great. So, you did mention that, when it is a little bit weaker in the hotels and travel suppliers need to fill in their rooms. Have you noticed any change in consumer behavior? Have you noticed, maybe your high-end spenders trading down or spending less?

偉大的。所以，您確實提到過，當酒店和旅遊供應商的業績稍微疲軟時，他們需要填補空缺。您是否注意到消費者行為有任何變化？您是否注意到，也許您的高端消費者的消費水準正在下降或支出減少了？

No, we have not heard that from our members. Our members are actually quite affluent and from all the conversations and meetings, we haven't heard that they would be trending down, but you know they are travel zoo members, so it allows them to go to very luxurious places and incredible experiences at prices that are much better than what other people are paying, so that by effect allows them to do more. With less.

不，我們沒有從我們的成員那裡聽到這樣的消息。我們的會員實際上非常富裕，從所有的對話和會議中，我們並沒有聽說他們的財富會減少，但你知道他們是旅行動物園的會員，所以他們可以去非常豪華的地方，以比其他人支付的價格更優惠的價格享受令人難以置信的體驗，這樣一來，他們就可以做更多的事情。用得少。

Great, and then my last question is Jeff, I'll say you talked to a lot of these fellow suppliers. Do you think that people just see this as kind of like a little bit of a blip, or do they, are people a little bit concerned heading into the back app and maybe possibly 2026 in terms of the travel plans?

太好了，我的最後一個問題是傑夫，我想說你與很多供應商進行了交談。您是否認為人們只是將此視為一個小問題，還是人們對於後台應用程式以及可能在 2026 年的旅行計劃有點擔心？

Right now, everyone is thinking quite short term because the whole environment is a bit unsecure, unsure. People don't know what's happening in the US with the political administration and so forth, so no one is really making any long-term predictions.

目前，每個人都在考慮短期問題，因為整個環境有點不安全、不確定。人們不知道美國的政治管理等方面發生了什麼，所以沒有人真正做出任何長期預測。

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

太好了，非常感謝您回答我的問題，祝你們好運。

Thank you, You'll Welcome.

謝謝，歡迎光臨。

This concludes the Q&A portion of today's call. I would like to turn the call back over to Mr. Holgar Bartel for closing remarks.

今天電話會議的問答部分到此結束。我想將發言時間交還給 Holgar Bartel 先生，請他作最後發言。

Sure, dear investors, thank you so much for your time and support today, and we look forward to speaking with you again next quarter.

當然，親愛的投資者，非常感謝您今天的時間和支持，我們期待下個季度再次與您交談。

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

今天的 Travelzoo 2025 年第二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享受美好的一天。