Travelzoo (TZOO) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Travelzoo third-quarter 2025 earnings call. Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加 Travelzoo 2025 年第三季財報電話會議。今天的會議正在錄影。（操作說明）

The company would like to remind you that all statements made during this conference call and presented in the slides are not statements of historical facts, 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.

本公司謹此提醒各位，本次電話會議期間所作的所有陳述以及幻燈片中所展示的所有陳述均不屬於歷史事實陳述，而是前瞻性陳述，並且是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。實際結果可能與前瞻性陳述中所包含的結果有重大差異。

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.

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已在公司提交的 10-K 表格和 10-Q 表格以及其他美國證券交易委員會文件中進行了描述。除非法律另有規定，本公司不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。

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.

請參考公司網站獲取重要信息，包括公司今天早些時候發布的盈利新聞稿。本次電話會議的錄音存檔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 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.

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 will start now with an overview.

傑夫現在將先做一個概述。

Thank you, operator, and welcome to those of you joining us. Today, I'm stepping in for 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，也歡迎各位加入我們。今天，我代替我們的首席會計官李軍履行職責。請參考管理階層演示文稿，以便跟進我們準備好的發言。簡報的 PDF 版本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 Q3 revenue was $22.2 million, up 10% from the prior year. In constant currencies, revenue was $21.9 million, up 9% from the prior year. Operating income, which we as management call operating profit, decreased as we invested more in growth of Club Members. Q3 operating profit was $0.5 million or 2% of revenue, down from $4 million in the prior year.

讓我們從第 4 張投影片開始。Travelzoo 第三季綜合營收為 2,220 萬美元，較上年同期成長 10%。以固定匯率計算，營收為 2,190 萬美元，比上年增長 9%。隨著我們對俱樂部會員成長投入的增加，營業收入（我們管理階層稱之為營業利潤）有所下降。第三季營業利潤為 50 萬美元，佔營收的 2%，低於去年同期的 400 萬美元。

Let me explain the rationale for our significant increase in marketing expense, which lowered EPS. Slide 5 shows that investments in the acquisition of Club Members are attractive as they have a quick payback. On the left side, you see that the average acquisition cost for full paying Club Member was $28 in Q1, $38 in Q2 and $40 in Q3. On the right side, you see that we get this money back fast.

讓我解釋一下我們大幅增加行銷費用，導致每股收益下降的原因。投影片 5 顯示，投資獲取俱樂部會員很有吸引力，因為投資回報快。從左側可以看出，第一季全額付費俱樂部會員的平均獲客成本為 28 美元，第二季為 38 美元，第三季為 40 美元。從右邊可以看出，我們很快就能拿回這筆錢。

The member pays, in the US case here, their $40 annual membership fee right at the beginning of the membership period. Additionally, we generated $15 in revenue from transactions in the same quarter. The [school] payback doesn't even consider an increase in advertising revenue and future membership fees and other revenues. Now slide 6 shows, as a reminder, that with subscription businesses, membership fee is recognized ratably over the subscription period, whereas acquisition costs are expensed immediately when incurred.

以美國為例，會員在會員期間開始時繳交 40 美元的年度會員費。此外，我們在同一季度透過交易獲得了 15 美元的收入。學校的投資回報甚至沒有考慮到廣告收入的成長、未來的會員費和其他收入。現在，第 6 張投影片提醒大家，對於訂閱業務，會員費在訂閱期間內按比例確認，而獲客成本在發生時立即計入費用。

Slide 7 shows the effect. While we have a quick payback, the reported EPS is different. Higher member acquisition expenses, coupled with only a portion of revenue recognized in the quarter, reduced EPS this quarter. In the case of Q3, that effect was a reduction of $0.15. As shown on slide 8, our strategy is fueling member growth at a rate of 135% year to date. New club members come roughly half from legacy members and half from those new travels.

幻燈片 7 顯示了效果。雖然我們能快速收回成本，但公佈的每股盈餘卻有所不同。較高的會員獲取成本，加上本季僅確認了部分收入，導致本季每股收益下降。以第三季為例，這影響導致每股盈餘減少了 0.15 美元。如投影片 8 所示，我們的策略推動會員數量年初至今成長了 135%。新俱樂部成員大約一半來自舊會員，一半來自新來的旅行者。

On slide 9, we break down our main categories of revenues, advertising and commerce and membership fees. Advertising and commerce revenue was $18.6 million for Q3 2025. Revenue from membership fees increased to $3.6 million. Membership fees, which are more stable and predictable, are adding revenue and are becoming a larger share. Next year, we expect them to account for about 25% of revenue.

在第 9 張投影片中，我們將主要收入類別細分為廣告和商業以及會員費。2025年第三季廣告和電商收入為1,860萬美元。會員費收入增加至360萬美元。會員費更加穩定和可預測，正在增加收入，並且佔比越來越大。預計明年它們將佔總收入的25%左右。

On slide 10, you can see that revenue growth came from all reporting segments. With favorable ROI on member acquisition in the UK, we invested heavily there. Jack's Flight Club revenue increased 12%. Operating profit was lower in both our North America and Europe segments and was slightly less in our Jack's Flight Club segment.

從第 10 張投影片可以看出，所有報告部門的收入都實現了成長。由於在英國獲取會員的投資報酬率很高，我們在那裡進行了大量投資。Jack's Flight Club 的營收成長了 12%。我們在北美和歐洲的業務部門的營業利潤均有所下降，Jack's Flight Club 業務部門的營業利潤也略有下降。

On slide 11, you can see that GAAP operating margin was 2% in Q3 2025. Acquiring more club members has the effect of lowering GAAP operating margin. Still, given the favorable ROI, our goal is to further grow the number of club members to accelerate Travelzoo's growth.

從第 11 張投影片可以看出，2025 年第三季的 GAAP 營業利潤率為 2%。增加俱樂部會員數會降低 GAAP 營業利潤率。不過，鑑於良好的投資報酬率，我們的目標是進一步增加俱樂部會員數量，以加速 Travelzoo 的發展。

Slide 12 shows the investment in Club Members [occurring in] all key markets. Over time, we expect margins to return to previous levels or even exceed them. On slide 13, we provide information on non-GAAP operating profit as we believe it better explains how we evaluate financial performance. Q3 2025 non-GAAP operating profit was $1.1 million. That's approximately 5% of revenue compared to non-GAAP operating profit of $4.9 million in the prior-year period.

第 12 張投影片顯示了在所有主要市場中對俱樂部會員的投資情況。我們預計隨著時間的推移，利潤率將恢復到以前的水平，甚至超過以前水平。在第 13 張幻燈片中，我們提供了有關非 GAAP 營業利潤的信息，因為我們認為它能更好地解釋我們如何評估財務業績。2025 年第三季非 GAAP 營業利潤為 110 萬美元。這大約佔收入的 5%，而去年同期非 GAAP 營業利潤為 490 萬美元。

Slide 14 provides information about the items that are excluded in the calculation of non-GAAP operating profit. Please turn to slide 15. As of September 30, 2025, consolidated cash, cash equivalents and restricted cash was $9.2 million. Cash flow from operations was negative $0.4 million. We reduced merchant payables by $0.7 million and repurchased 148,602 shares.

第 14 頁提供了有關計算非 GAAP 營業利潤時排除的項目的資訊。請翻到第15頁。截至 2025 年 9 月 30 日，合併現金、現金等價物及受限現金為 920 萬美元。經營活動產生的現金流量為負 40 萬美元。我們將應付商戶款項減少了 70 萬美元，並回購了 148,602 股股票。

Now looking ahead, for Q4 2025, we expect year over year revenue growth to continue. We expect revenue growth to accelerate as a trend in subsequent quarters as membership fees revenue is recognized ratably 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 年第四季營收將持續年增。我們預計，隨著新會員的加入以及更多老會員成為俱樂部會員，會員費收入將在 12 個月的訂閱期內按比例確認，因此在接下來的幾個季度，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 expense marketing costs immediately.

隨著會員費收入的確認，我們預計獲利能力將隨著時間的推移而大幅提高。短期內，公佈的淨收入可能會出現波動。我們可能會發現一些增加行銷的絕佳機會。我們將行銷費用直接計入支出。

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. 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. 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 a must-have 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、值得信賴的品牌以及我們與頂級旅遊供應商的牢固關係，為俱樂部會員爭取更多優惠。Travelzoo 的會員經濟富裕、積極活躍，並且樂於接受新體驗。我們激勵旅行愛好者去他們從未想過自己能去的地方旅行。對於像我們一樣熱愛旅行的人來說，Travelzoo 會員資格是必不可少的。

Today, I would like to share a bit more information about the Travelzoo Club membership. Please turn to slide 17. The Travelzoo is becoming the must-have membership for travel enthusiasts. Membership empowers you to live your life as a travel enthusiast to the fullest while respecting different cultures. Membership provides access to high-quality and highly valuable club offers.

今天，我想和大家分享更多關於Travelzoo俱樂部會員資格的資訊。請翻到第17頁。Travelzoo 正成為旅遊愛好者的必備會員服務。會員資格讓您能夠充分體驗旅行愛好者的生活，同時尊重不同的文化。會員資格可讓您享受高品質、高價值的俱樂部優惠。

Our global team negotiates and vets them rigorously. These offers cannot be found anywhere else. Membership also provides complementary access to airport launches worldwide in case your flight is delayed, culinary travel deals curated for the travel enthusiast coming through.

我們的全球團隊會進行嚴格的談判和審核。這些優惠在其他任何地方都找不到。會員資格還可讓您在航班延誤時免費享受全球機場快線服務，以及為旅行愛好者精心策劃的美食旅行優惠。

Slide 18 shows a few of the many exclusive club offers that we created for club members during Q3. For example, Travelzoo members could head to an all-inclusification in the Caribbean for $499, which even includes round-trip flights, or attend a Futuristic ABBA Voyage show in London at a special member price.

第 18 張投影片展示了我們在第三季為俱樂部會員推出的眾多專屬俱樂部優惠中的幾個。例如，Travelzoo 會員可以以 499 美元的價格前往加勒比海享受全包式服務，甚至包括來回機票，或以會員特價參加在倫敦舉行的未來主義 ABBA 航海秀。

In Rome, Travelzoo members would pay EUR99 for two nights at the four-star hotel while the general public would pay three times as much. Trips to high-end luxury resorts like the Fairmont Mayakoba here are particularly popular with members. These are all offers that you can only get as a Travelzoo member. You will not find them anywhere else.

在羅馬，Travelzoo 會員只需支付 99 歐元即可入住四星級飯店兩晚，而一般大眾則需要支付三倍的價格。前往像費爾蒙瑪雅科巴酒店這樣的高端豪華度假村的旅行尤其受到會員的歡迎。這些都是只有Travelzoo會員才能享受的優惠。你在其他地方都找不到它們。

Slide 19 shows the worldwide complementary launch access in case of flight delays. It's perfect for the travel enthusiasts. Slide 20 provides information about Travelzoo members. Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences.

第 19 張幻燈片展示了在航班延誤的情況下，全球範圍內的補充發射服務。它非常適合旅行愛好者。第 20 張投影片提供了有關 Travelzoo 會員的資訊。Travelzoo深受富裕、活躍且樂於接受新體驗的旅遊愛好者的喜愛。

Slide 22 provides an overview of our management focus. We are working to grow the number of paying members and accelerate revenue growth by converting legacy members and adding new club members, retain and grow our profitable advertising business from the popular Top 20 product, accelerate revenue growth, which drives future profits in spite of temporary lower EPS, grow Jack's Flight Club's profitable subscription revenue and develop Travelzoo META with discipline.

第 22 頁概述了我們的管理重點。我們正在努力增加付費會員數量，並透過轉化老會員和增加新會員來加速收入增長；保留並發展我們來自熱門 Top 20 產品的盈利廣告業務；加速收入增長，從而推動未來的利潤增長，即使每股收益暫時下降；增加 Jack's Flight Club 的盈利訂閱收入；並以嚴謹的態度發展 Travelzoo META。

Now Christina, will provide an update on Travelzoo META and Jack's Flight Club.

接下來，Christina 將為大家帶來 Travelzoo META 和 Jack's Flight Club 的最新進展。

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。我們正持續致力於打造首個元宇宙旅行體驗。它們將支援瀏覽器存取。如同先前財報電話會議所述，我們著重以財務紀律的方式發展 T​​ravelzoo META。我們將適時提供更多更新資訊。

For Jack's Flight Club revenue increased 12% year over year, and the number of premium subscribers increased 8%. We continue to invest in the growth of premium subscribers. We expect to see a greater increase in premium subscribers year over year in Q4 due to promotional activities that took place in Q3.

Jack's Flight Club 的營收年增 12%，高級訂閱用戶數量成長 8%。我們將持續加大對進階用戶成長的投入。由於第三季的促銷活動，我們預計第四季度高級訂閱用戶數量將比上年同期增長更多。

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

現在我將把發言權交給接線員，請他/她代表傑夫、霍爾格和我提問。

(Operator Instructions) Theodore O'Neill, Litchfield Hills Research.

（操作說明）西奧多·奧尼爾，利奇菲爾德山研究公司。

I'm looking at slide 9. And it's clear here that if I look at the advertising and commerce revenue on a rolling four-quarter basis, the numbers are rising. And this obviously, the fees are rising on the same basis.

我正在看第9張投影片。很明顯，如果我以滾動四個季度為基準來看待廣告和電商收入，這些數字都在上升。很顯然，費用也是用同樣的方式上漲的。

So clearly, this is all working in your favor, and I was wondering what do you think is driving the popularity of the options that you're providing out there for travel and experiences? Because in light of economic uncertainty, I think a number of us would have thought these numbers would be going in the other direction.

顯然，這一切都對你有利。我想知道，你認為是什麼因素推動了你提供的旅行和體驗選擇如此受歡迎？鑑於經濟情勢的不確定性，我認為我們中的許多人都會認為這些數字會朝著相反的方向發展。

I think the slide that shows the offers that we are negotiating for our members shows that very well. The travel opportunities you receive from Travelzoo, and they are exclusive to our members, are so much better than what the regular person can get that they motivate people to travel, they motivate people to travel even more. They make it also more affordable.

我認為展示我們正在為會員協商的優惠方案的幻燈片很好地說明了這一點。Travelzoo 為會員提供的旅行機會遠勝於普通人所能獲得的，這不僅激勵人們去旅行，更激勵人們去更多的地方旅行。它們也讓價格更實惠。

And even they allow our members to go, as you saw with this example from Fairmont Mayakoba, to go on luxury vacations when they normally could only afford a relatively inexpensive trip. So travel enthusiasts are people who love to travel. They can't get enough of it. And I think the Travelzoo membership is what enables them to live that to the fullest, and I think that's why we are seeing the popularity of the membership continuing to increase.

甚至他們也允許我們的會員去度假，就像你從費爾蒙瑪雅科巴酒店的例子中看到的那樣，去享受豪華假期，而他們通常只能負擔得起相對便宜的旅行。所以，旅行愛好者就是喜歡旅行的人。他們百吃不厭。我認為 Travelzoo 會員資格讓他們能夠充分體驗這一切，我認為這就是我們看到會員資格越來越受歡迎的原因。

And looking at the membership numbers, which are clearly increasing here, how does that reconcile with your expectations for that growth?

從會員人數來看，會員人數顯然不斷增加，這與您對成長的預期是否相符？

It's in line with expectations. And please remember that the number that's shown on this slide includes also (inaudible) is not growing quite as fast as Travelzoo membership. Travelzoo membership is even growing much faster than what you might think when you look at this data on the right.

符合預期。請記住，此投影片上顯示的數字還包括（聽不清楚）…其成長速度不如 Travelzoo 會員成長速度快。Travelzoo 的會員成長速度甚至比你從右側數據看到的還要快得多。

But in general, we're in line with what we are expecting. We obviously always want to grow faster, and we are very optimistic with the return that we are receiving on our marketing investments that we can even accelerate the growth more because, as we say here, we expect next year membership revenue to account for at least 25%.

但總的來說，這與我們的預期相符。我們當然一直都希望發展得更快，而且我們對行銷投資的回報非常樂觀，相信我們甚至可以進一步加快成長，因為正如我們所說，我們預計明年會員收入將至少佔25%。

Membership revenue is recurring. It's attractive and the combination of membership revenue and a continued strong advertising business will ultimately create a Travelzoo business that is more profitable than in the past.

會員收入是經常性的。它很有吸引力，會員收入和持續強勁的廣告業務相結合，最終將使 Travelzoo 的業務比過去更加盈利。

Michael Kupinski, NOBLE Capital Markets.

Michael Kupinski，NOBLE Capital Markets。

I see that the cost of customer acquisition has gone up a little bit. And I was just wondering if you could just talk a little bit about what's driving that and at what price would you say that you're not getting the benefit of $40, you're still getting a benefit from the membership. But at what price do you think that you're not -- would not see an attractive return from that?

我發現獲客成本略有上升。我只是想問您能否談談是什麼因素促成了這一點，以及您認為價格達到多少時，會員費不再是 40 美元，而是仍然能從會員服務中獲得好處。但你認為以什麼樣的價格，你才能獲得令人滿意的回報？

Sure, it didn't change that much from 38 to 40. I think it's just minor fluctuation, but I let Christina comment a bit more on what's driving the success in member acquisition.

當然，從38歲到40歲，變化並不大。我認為這只是輕微的波動，但我還是請克里斯蒂娜再多談談會員獲取成功背後的驅動因素。

Sure. So I agree with what Holger said, it hasn't gone up too much. The only reason that I believe it would have gone up even the $2 is just they're scaling and spending more, and that's kind of just what naturally happens as you start to scale up and spend more on member acquisition on certain channels.

當然。所以我同意霍爾格的說法，價格並沒有上漲太多。我認為它上漲到 2 美元的唯一原因是他們擴大了規模，投入了更多資金，而當你開始擴大規模並在某些管道上投入更多資金用於會員獲取時，這種情況自然就會發生。

But we are doing everything we can to counteract that by finding optimizations that will enable us to not have that kind of cost per acquisition go up to much more. And yes, I think in general, we have been finding ways to optimize the channels that work for us. And it also helps that we have such strong club offers. To what Holger said previously, that's really what's working for us as people see these amazing club offers and they want to join, and that helps us to get to our efficiencies.

但我們正在盡一切努力透過尋找優化方法來抵消這種影響，從而避免獲客成本大幅上升。是的，我認為總的來說，我們一直在尋找優化對我們有效的管道的方法。此外，我們還有非常誘人的俱樂部優惠。正如霍爾格之前所說，這對我們來說確實很有效，因為人們看到這些令人驚嘆的俱樂部優惠，就想加入，這有助於我們提高效率。

Also add that, Michael, four times a year, we have Member Days. Member Days are -- what's special about the offers on Member Days are these are offers that only club members can see. You could see other offers if you are -- like just get a preview of the offer, but these offers on Member Days are offers that you can only see once you are a paying club member. They drive member acquisition.

另外，邁克爾，我們每年有四個會員日。會員日－會員日的特別之處在於，這些優惠只有俱樂部會員才能看到。如果您是會員，您可以查看其他優惠—例如預覽優惠，但會員日的這些優惠只有付費會員才能看到。它們促進會員獲取。

But on the other hand, what's important here is these are offers that some of our travel partners like to create and make even more aggressive because they know these can only be seen by a very, very small select and very close group of members.

但另一方面，重要的是，我們的一些旅遊合作夥伴喜歡推出這些優惠，並且讓這些優惠更具吸引力，因為他們知道這些優惠只能被非常非常小的、非常親密的會員群體看到。

So put yourself into the shoes of this luxury hotel. And do you want to name out to millions of people on Expedia that you're offering a discount. No, you don't want to. Travelzoo provides the opportunity here for these luxury hotels and similar travel partners to create offers that are hidden away from the public but that can be enjoyed by people who love them.

所以，請設身處地想想這家豪華飯店的狀況。你想讓 Expedia 上的數百萬用戶知道你正在提供折扣嗎？不，你不想那樣做。Travelzoo 為這些豪華飯店和類似的旅遊合作夥伴提供了一個機會，讓他們可以創造一些不對外公開，但只有喜歡它們的人才能享受到的優惠。

So that's why, for example, these Member Days have been quite critical in driving member acquisition. And what we are seeing is that during those periods, and we are looking to boost these even more during those periods, CPA is even substantially lower than the $40 we see here.

所以，例如，這些會員日對於推動會員獲取至關重要。我們看到，在這些時期（我們希望在這些時期進一步提高這些指標），CPA 甚至比我們在這裡看到的 40 美元還要低得多。

So in short, it's really the strength of offers and the better the offers are, that's what's impacting the CPA. And of course, over time, our marketing efforts will also become more efficient. So we also think there's a good chance that we can drive CPA in certain quarters, even lower than the $40.

簡而言之，真正影響每次轉換費用 (CPA) 的是優惠力度，優惠越好，就越能影響 CPA。當然，隨著時間的推移，我們的行銷工作也會變得更有效率。因此，我們也認為我們很有可能在某些季度將 CPA 降低到 40 美元以下。

But as long as we see this attractive payback, which we illustrated a couple of times before, we will continue to invest because if we get the money back within a quarter, if the profitability is there long term, even if in the short term, we see a hit on profitability, it's the right thing to do, and we're actually quite happy that we are in this situation.

但只要我們能看到這種誘人的回報（我們之前已經舉例說明過幾次），我們就會繼續投資，因為如果我們在一個季度內收回成本，如果長期來看盈利能力很強，即使短期內盈利能力會受到衝擊，這也是正確的做法，我們實際上對目前的狀況非常滿意。

Thank you for the color there, Holger. Can you talk a little bit about the current advertising environment? I would have thought that it would have been a little bit stronger in the quarter.

謝謝你增添了色彩，霍爾格。能談談目前的廣告環境嗎？我原以為本季會表現得更強。

But can you just talk a little bit about how you see that and whether or not it might be improving, especially now in the North America given that we're seeing the Fed rate cuts and so forth? Do you anticipate that it will improve? Or do you think that -- just kind of give us your general thoughts about the advertising environment.

您能否談談您對此的看法，以及這種情況是否有可能有所改善，尤其是在北美，鑑於聯準會正在降息等等？你認為情況會好轉嗎？或者您認為—請您大致談談您對廣告環境的看法。

Look, you have a good eye, Michael. Yes, this quarter was a bit slower on the advertising revenue side as it normally be. Q3 is generally our slowest quarter, but yes, there were a couple of advertisers who pulled back.

你看，邁克爾，你的眼光真不錯。是的，本季廣告收入方面比往常略有放緩。第三季度通常是我們最淡的季度，但確實有幾家廣告商減少了投入。

But we have these fluctuations from one quarter to the next quarter [or the time] or sometimes it's more, sometimes it's less. In general, the feeling in the US is quite good. Where we really see hesitance is in the UK and not just us, and I'm hearing this from other companies as well, travel companies and any kind of consumer company in the UK. There is probably an announcement about quite aggressive tax hikes at the end of November. But until people hear what exactly is going on, they are hesitant.

但是，每季到下一個季度（或同一時期）都會出現波動，有時多一些，有時少一些。整體而言，美國民眾的情緒相當不錯。我們真正看到猶豫不決的地方是英國，而且不僅僅是我們，我也從其他公司那裡聽到了這種說法，包括英國的旅遊公司和任何類型的消費品公司。11月底可能會宣布大幅提高稅收。但除非人們了解事情的真相，否則他們會猶豫不決。

The businesses are hesitant to spend. Consumers are hesitant to buy. So yes, there, I would say we are seeing a relatively soft advertising business in general. In all the other markets, what we are seeing, I would not over interpret that, it's just a natural fluctuation from one quarter to the next.

企業不願支出。消費者購買意願不高。所以，是的，我認為總體而言，廣告業正處於相對疲軟的狀態。在其他所有市場，我們看到的現象，我不會過度解讀，這只是季度之間的自然波動。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

Could you maybe talk a little bit on some of the retention efforts around subscribers that became paying members in either Q4 of last year? I realize that's a really small cohort or the legacy members that became paying members at the start of this year. Just any sort of like commentary around like retention metrics or how you would expect like the retention costs relative to initial acquisition costs?

能否請您談談去年第四季貴公司在留住付費會員方面所做的一些努力？我知道這只是一小部分人，或者說是今年初才成為付費會員的老會員。能否就留存指標或留存成本相對於初始獲客成本的預期等問題發表一些評論？

Really good question. Christina, do you want to respond to that one?

問得好。克里斯蒂娜，你想回應一下這個問題嗎？

Sure. Of course, we're constantly tracking retention and renewal. I will say that the volumes have not been massive just yet, and we expect much more renewals, especially for the legacy members that joined in Q4 of last year, they actually didn't upstart their membership until January 1.

當然。當然，我們會持續追蹤客戶留存率和續訂率。我想說的是，目前會員數量還沒有達到非常高的水平，我們預計續費數量會更多，特別是對於去年第四季度加入的老會員來說，他們實際上直到 1 月 1 日才重新激活會員資格。

So I think we'll be expecting to have many more renewals starting in Q1 of next year. So we're working on implementing different strategies to kind of ensure they renew. But the main thing is just making sure we get them content and information about the club membership while they are a member and hit kind of their preferences so that they see value in the membership and want to stay.

所以我認為，從明年第一季開始，我們將會看到更多的續約案例。所以我們正在努力實施不同的策略，以確保它們能夠續約。但最重要的是，我們要確保在他們成為會員期間，我們能為他們提供有關俱樂部會員資格的內容和信息，並滿足他們的喜好，讓他們看到會員資格的價值，並希望繼續留在俱樂部。

And so far, we are seeing fairly good renewal rates, especially coming from legacy numbers that became club members. So we're hoping that trend will continue next year when we have larger quantities of renewals.

到目前為止，我們看到續訂率相當不錯，尤其是來自那些已經成為俱樂部會員的老客戶的續約率。所以我們希望明年續約數量更大時，這種趨勢能夠持續下去。

So is it like they're actively opting in to make sure that it's renewed because they would have until end of year to cancel? I guess, how do you --

所以，他們是否主動選擇續訂，因為他們可以在年底前取消？我想，你怎麼--

For the ones that joined -- oh, that's a good point. For the ones that joined previously, not necessarily on any specific promotions. We're starting to see some renewals. I guess, many of them are not legacy members but new to Travelzoo, but we are seeing other kind of conversion rates and things for legacy members that are trending in the right direction.

對於那些加入的人來說——哦，這說得對。對於之前加入的用戶來說，不一定是透過任何特定的促銷活動加入的。我們開始看到一些續約的情況了。我猜想，他們中的許多人並非Travelzoo的老會員，而是新用戶，但我們看到舊會員的轉換率和其他一些情況也正朝著正確的方向發展。

If I understand Pat's question might be about renewal itself. It's an automated renewal. They don't have to actively renew. So these will automatic renew unless they can. And then as you mentioned, Pat, as you mentioned very correctly, we have a very large group of renewals coming up at the end of this year and then again at the end of Q1. Those are really large numbers of renewals.

如果我理解正確的話，Pat 的問題可能與更新本身有關。這是自動續費。他們無需主動續約。所以除非可以續訂，否則這些都會自動續訂。正如你所提到的，帕特，正如你非常正確地指出的那樣，我們今年年底和第一季末都會有一大批續約合約到期。續約數量確實非常龐大。

And we can see already from like we -- we can already see a little bit. We can forecast renewals rates quite well because we can look at how many of these members have already deactivated the automated renewal on these two groups. It's actually very, very small because they've been with Travelzoo over a long time.

我們已經能看出一些端倪了──我們已經能看到一點端倪。我們可以很好地預測續訂率，因為我們可以查看這兩個群組中有多少成員已經停用了自動續訂功能。實際上規模非常非常小，因為他們與 Travelzoo 合作已經很長時間了。

But the reason I also mentioned it at that point of time when they renew the membership fee comes in, and that's why we are expecting also quite a nice income of cash at the end of this year and then again at the end of Q1.

但我之所以提到這一點，是因為會員費續費的時候，我們預計今年年底和第一季末都會有一筆相當可觀的現金收入。

We're also looking and will most likely increase the membership fee in certain markets next year, maybe already at the beginning of the year because of $40 just seems maybe a little bit too low and people who use the membership really love it. And from what we are hearing is we have an opportunity to increase the membership fees there. It's not decided yet, just to be clear, but we are looking into it very seriously.

我們也在考慮，明年很可能會在某些市場提高會員費，也許年初就會提高，因為 40 美元似乎有點太低了，而且使用會員資格的人都很喜歡它。據我們了解，我們有機會提高那裡的會員費。需要說明的是，目前還沒有最終決定，但我們正在非常認真地研究此事。

Okay. And then just on the advertising and commerce components of revenue, could you maybe talk about like maybe just how the mix of that has shifted maybe over the last four quarters?

好的。那麼，就收入中的廣告和電商部分而言，您能否談談過去四個季度中這些部分的組合發生了怎樣的變化？

It's really a relatively small portion where we have the opportunity to buy travel inventory, for example, hotel rooms in advance, which is where that then has an impact on cost of revenue, but it's a relatively small part, and it hasn't really changed dramatically nor do we expect it to change dramatically.

我們有機會提前購買旅遊庫存（例如酒店房間）的份額其實相對較小，這確實會對收入成本產生影響，但這部分份額相對較小，而且並沒有發生劇烈變化，我們也不指望它會發生劇烈變化。

So like that goes into cost of revenues, and that was about like a $2 million increase year over year. So is that kind of like that component that we should be thinking about that as being relatively lower margin and that would kind of be the, I guess, delta on the advertising side then?

所以這部分費用計入了營業成本，比前一年增加了約 200 萬美元。所以，這是否就是我們該考慮的利潤率相對較低的部分，而這大概就是廣告方面的差額吧？

Yes.

是的。

Okay. And then just on like the overall travel environment, are you seeing like any like kind of difference between the types of travel services offered in terms of what's more, I guess, active in offering deals? Whether it's like flights or hotels?

好的。那麼就整體旅遊環境而言，您是否注意到不同類型的旅遊服務在提供優惠方面有任何差異？無論是機票還是飯店？

We are not seeing any changes. It's still the same. Consumers in general, and particularly our travel enthusiasts, they're looking for value. They're looking for amazing offers, and they're looking for experiences and they want to do something new. They are not looking for something boring.

我們沒有看到任何變化。還是老樣子。消費者，尤其是旅行愛好者，都在追求性價比。他們正在尋找超值優惠，他們正在尋找新鮮體驗，他們想要嘗試一些新事物。他們不想找些無聊的東西。

They are looking for locations that reward them, that are exciting for them. But most of all, they are really looking for great value, as I said, and that's where the Travelzoo membership comes in and offers them exactly that and offers them more opportunity to travel because that's what they would like.

他們正在尋找能為他們帶來回報、讓他們感到興奮的地方。但最重要的是，正如我所說，他們真正追求的是超值體驗，而 Travelzoo 會員資格恰好滿足了他們的需求，並為他們提供了更多旅行機會，因為這正是他們所希望的。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

Holger, the presentation cites additional advertising revenues as a potential incremental value driver over time. I'm curious as to whether any color you can provide on your thinking just in terms of the time line for reaching some of the thresholds to reach that critical mass or whether you think that those opportunities might be either more near, immediate or longer term based on the current member acquisition rate?

Holger，簡報指出，隨著時間的推移，額外的廣告收入可能會成為潛在的增量價值驅動因素。我很好奇，您能否就達到臨界規模所需的時間線提供一些想法，或者根據目前的會員獲取速度，您認為這些機會可能是更近期、更直接，還是更長遠？

In the past, we've seen a roughly time delay of one year. It's difficult to predict this fees, and that's why we didn't put a number on it.

過去，我們觀察到大約有一年的時間延遲。這些費用很難預測，所以我們沒有給出具體數字。

So we just illustrated on the slide as, obviously, if I have more members, if I have a bigger audience, I can increase my advertising fees. But right now, it's not something we are so focused on incredibly, probably more maybe 2026 or 2027, because right now, our main focus is really on getting the number of club members up and providing them a service that they absolutely do not want to give up on.

所以，我們在投影片上示範了一下，很明顯，如果我的會員更多，如果我的受眾更大，我就可以提高我的廣告費用。但目前，我們並沒有特別關注這件事，可能要等到 2026 年或 2027 年才會考慮，因為目前我們的主要重點是增加俱樂部會員數量，並為他們提供他們絕對不想放棄的服務。

That's helpful. Thank you. And one last one, if I may. There's been a lot of chatter, particularly in North America, just in terms of flights being delayed, whether it's the shutdown or a shortage of air traffic control, all of those types of issues.

那很有幫助。謝謝。如果可以的話，我最後一個問題。尤其是在北美，關於航班延誤的討論很多，無論是政府停擺還是空中交通管制人員短缺，所有這些問題都引起了廣泛關注。

Curious as to whether there is the risk of any capacity issues at these airport lounges, if there was an increase in flight cancellations, those types of things? Or whether like airport lounges are equipped to take on a higher number of potential people if flights are delayed at that kind of pace.

我想知道，如果航班取消增多等等情況發生，這些機場貴賓休息室是否有容量問題的風險？或者，如果航班以這種速度延誤，機場貴賓休息室是否能夠容納更多潛在旅客。

So far, we haven't heard about any issues or problems. Our members would certainly let us know. Well, you know Thanksgiving is at the end of November is the big travel period. So hopefully, all these travel issues will be resolved by then and people can travel safely and without too much interruption. But it's nice for our members to know that this service and this benefit exists when they need it.

目前為止，我們還沒有收到任何問題或故障報告。我們的會員一定會告知我們。你知道，感恩節在11月底，那是旅遊旺季。希望到那時所有這些旅行問題都能解決，人們可以安全出行，不會受到太多幹擾。但讓我們的會員知道在需要時可以獲得這項服務和福利，這讓他們感到很欣慰。

Ed Woo, Ascendiant Capital.

Ed Woo，Ascendiant Capital。

Yeah, a little bit more on what you're seeing out in the travel environment with all the economic issues and stuff. Are you seeing any change in the consumer, either they want to travel spending down or traveling less? And also on the supply side, are you steering much from your hotel or travel providers that they are having issues filling seats with consumers or they have to lower their prices?

是的，再多談談你目前在旅遊環境中看到的各種經濟問題等等。您是否觀察到消費者行為有任何變化，例如他們希望降低旅行支出或減少旅行次數？另外，在供應方面，您是否經常向飯店或旅遊供應商反映，他們面臨客流量不足或必須降低價格的問題？

Last week, I read a report that there's increasing parity between more affluent consumers who continue to travel and travel even more. And those really, really have to watch their budget. Luckily, our members, Travelzoo members are very affluent.

上週，我讀到一份報告，指出富裕消費者繼續旅行和增加旅行次數之間的差距正在縮小。這些人真的必須非常非常精打細算。幸運的是，我們的會員，也就是 Travelzoo 的會員，都非常富有。

I mean, you saw really high percentage of them that have incomes over $200,000. So our members are not cheap. They are not on the low-income side. So they are more in the group of people who travel more. So as long as we provide them with excellent opportunities and with fantastic offers, they will continue to travel.

我的意思是，你會看到收入超過 20 萬美元的人佔比非常高。所以我們的會員收費不低。他們並不屬於低收入群體。所以他們比較屬於經常旅行的人群。所以，只要我們為他們提供絕佳的機會和優惠，他們就會繼續旅行。

Great. Are you hearing any concerns from the travel suppliers, either that they feel like they have to advertise more to fill their rooms? Or are there any concerns? Or do they feel optimistic heading into the holidays and next year?

偉大的。您是否聽到旅遊供應商有任何擔憂，例如他們覺得需要加大廣告投入才能填滿房間？或是有其他顧慮嗎？或者他們對即將到來的假期和明年感到樂觀？

We haven't heard anything that really changes how they are looking at it. I think they are more focused now on keeping occupancy rates high compared to the COVID period when it was just normal that the hotel was not busy. So yes, I mean, I would not say it goes much more beyond what we seasonally have seen in the past. But the economy in the US particularly is still doing well, and let's see what happens in 2026.

我們還沒有聽到任何真正改變他們看法的消息。我認為，與新冠疫情期間酒店入住率低迷是常態相比，他們現在更注重保持高入住率。所以，是的，我的意思是，我不會說它比我們過去按季節看到的現像要多多少。但美國經濟目前仍表現良好，讓我們拭目以待2026年會發生什麼事。

As we said in the past, if we have more travel suppliers for example, hotels, as you see, that have trouble being full, they come to us and they will create offers for us. And now that we have disclosed user group that allows them to do this very discretely, we are really positioned to be a great partner for them.

正如我們之前所說，如果我們有更多的旅遊供應商，例如酒店，如您所見，他們難以滿房，他們就會來找我們，為我們制定方案。現在我們已經公開了用戶群組，允許他們非常謹慎地進行這項操作，我們完全有能力成為他們的優秀合作夥伴。

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。今天的電話會議問答環節到此結束。我謹將電話交還給霍爾格·巴特爾先生，請他作總結發言。

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

偉大的。尊敬的各位投資者，再次感謝您今天抽出寶貴時間並給予支持。我們期待下個季度再次與您交流。祝你有美好的一天。

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

今天的 Travelzoo 2025 年第三季財報電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。