Travelzoo (TZOO) 2025 Q4 法說會逐字稿

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

早上好，歡迎參加 Travelzoo 2025 年第四季財報電話會議。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 that are not statements of historical facts, constituted forward-looking statements and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's Forms 10-K and 10-Q and other SEC filings.

本公司謹此提醒各位，本次電話會議期間以及幻燈片中所有非歷史事實的陳述均為前瞻性陳述，並符合 1995 年《私人證券訴訟改革法案》的安全港條款。實際結果可能與前瞻性陳述中所包含的結果有重大差異。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、10-Q 表格和其他美國證券交易委員會文件中進行了描述。

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

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。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。

An archived recording of this conference call will be made available on the company's Investor Relations website at travelzoo.com/ir.

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, Chief Membership Officer and 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、首席會員官兼總法律顧問、Jack's Flight Club 執行長 Christina Ciocca；以及其北美財務總監 Jeff Hoffman。傑夫將首先做一個概述。

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 Q4 revenue was $22.5 million, up 9% from the prior year. In constant currencies, revenue was $22.1 million, up 7% from the prior year. Operating income, which we as management call operating profit, decreased as expected as we invested more in the growth of Club Members. Q4 operating profit was $0.6 million or 3% of revenue, down from $4.9 million in the prior year.

讓我們從第 4 張投影片開始。Travelzoo 第四季綜合營收為 2,250 萬美元，較上年同期成長 9%。以固定匯率計算，營收為 2,210 萬美元，較上年成長 7%。正如預期的那樣，隨著我們對俱樂部會員成長投入更多資金，營業收入（我們管理層稱之為營業利潤）有所下降。第四季營業利潤為 60 萬美元，佔營收的 3%，低於去年同期的 490 萬美元。

Let me explain the rationale for a significant increase in marketing expenses, 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 will see that average acquisition cost for a full paying Club Member was $28 in Q1, $38 in Q2, $40 in Q3 and $34 in Q4. On the right side, you see that we get this money back fast.

讓我解釋一下行銷費用大幅增加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。在左側，您可以看到，第一季獲得全額付費俱樂部會員的平均成本為 28 美元，第二季為 38 美元，第三季為 40 美元，第四季為 34 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 in this case here, their $40 annual membership fee right away at the beginning of the membership period. Additionally, we generated $10 in revenue from transactions in the same quarter. This full payback doesn't even consider an increase in advertising revenue and future membership fees and other revenues.

在美國，會員需要在會員期間開始時立即繳納 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 10 美元的收入。這項全部回報甚至還沒有考慮到廣告收入的成長、未來的會員費和其他收入。

Now slide 6 shows as a reminder that with subscription businesses, membership fee revenue is recognized ratably over the subscription period, whereas acquisition costs are expensed immediately when incurred. Slide 7 shows the effect. While we have a quick payback, the reported EPS is different. Higher member acquisition expenses, coupled with only a small portion of revenue recognized in the quarter reduces EPS. In the case of Q4, that effect was a reduction of approximately $0.08.

現在，第 6 張投影片提醒我們，對於訂閱業務，會員費收入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。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，加上本季僅確認了一小部分收入，導致每股收益下降。以第四季為例，這種影響導致減少了約 0.08 美元。

As shown on slide 8, our strategy is fueling membership growth at a rate of 180% year-to-date. New Club Members come roughly half from legacy members and half from those new to Travelzoo.

如投影片 8 所示，我們的策略推動會員數以年初至今 180% 的速度成長。新俱樂部會員約一半來自舊會員，一半來自 Travelzoo 的新會員。

On slide 9, we break down the main categories of revenues, advertising and commerce and membership fees. Advertising and commerce revenue was $18.3 million for Q4 2025. Revenue from membership fees increased to $4.1 million. Membership fees, which are more stable and predictable, are adding revenue and are becoming a larger share. This year, we expect them to account for about -- for around 25% of revenue.

在第 9 張投影片中，我們將收入、廣告和商業以及會員費這幾個主要類別進行細分。2025年第四季廣告和電商收入為1830萬美元。會員費收入增加至 410 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。今年，我們預計它們將占到收入的 25% 左右。

On slide 10, you can see that revenue growth came from all reporting segments. Investment in member acquisition in Europe led to a loss. G&A expenses increased primarily due to a onetime expense related to a global company meeting. Operating profit on our North America and Europe segments was lower. Operating profit on our Jack's Flight Club segment remained flat.

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。在歐洲進行會員拓展的投資導致了虧損。一般及行政費用增加主要是由於與全球公司會議相關的一次性支出。我們在北美和歐洲的業務部門營業利潤有所下降。Jack's Flight Club 業務的營業利潤維持不變。

On slide 11, you can see that our GAAP operating margin was 2% in Q4 2025. Acquiring more Club Members has the effect of lower 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，我們 2025 年第四季的 GAAP 營業利潤率為 2%。增加俱樂部會員數會導致GAAP營業利益率下降。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 的成長。

Slide 12, shows that the investments in Club Members occur in all key markets. Over time, we expect margins to return to previous levels or even exceed them.

第 12 張投影片顯示，對俱樂部會員的投資遍及所有主要市場。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。

On slide 13, we provide information on non-GAAP operating profit as we believe it better explains how we evaluate financial performance. Q4 2025 non-GAAP operating profit was $0.9 million or 4% of revenue compared to non-GAAP operating profit of $5.4 million in the prior year period.

在第 13 張幻燈片中，我們提供了非 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 年第四季非 GAAP 營業利潤為 90 萬美元，佔營收的 4%，而去年同期非 GAAP 營業利潤為 540 萬美元。

Slide 14 provides information about the items that are excluded in the calculation of non-GAAP operating profit.

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。

Please turn to slide 15. As of December 31, 2025, consolidated cash, cash equivalents and restricted cash was $10.8 million. Cash flow from operations was $1.5 million. Our cash balance increased accordingly.

請翻到第15頁。截至 2025 年 12 月 31 日，合併現金、現金等價物及受限現金為 1,080 萬美元。經營活動產生的現金流量為150萬美元。我們的現金餘額也相應增加。

Now looking ahead, for Q1 2026, we expect year-over-year growth to continue. We expect continued revenue growth in subsequent quarters as membership fees revenue is recognized ratably over the subscription period of 12 months. As we acquire new members, as more legacy members become Club Members.

展望未來，我們預計 2026 年第一季將持續維持年成長。我們預計在接下來的幾個季度中收入將繼續增長，因為會員費收入將在 12 個月的訂閱期內按比例確認。隨著我們不斷吸收新會員，以及越來越多的老會員成為俱樂部會員。

Over time, we expect profitability to 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, and we expense marketing costs immediately.

隨著會員費收入的持續確認，我們預計獲利能力會隨著時間的推移而提高。短期內，公佈的淨收入可能會出現波動。我們可能會發現增加行銷的絕佳機會，並立即將行銷成本計入費用。

Now I turn the discussion over to Holger.

現在我把發言權交給霍爾格。

Thank you, Jeff. We will continue to leverage Travelzoo's global reach, our trusted brand and the 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 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.

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 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 會員服務是必備之選。

Please turn to slide 17. Membership empowers travelers to live the life of a modern travel enthusiast to the fullest while respecting different cultures. Membership provides access to high-quality and highly-valuable Club Offers.

請翻到第17頁。會員資格讓旅行者能夠充分體驗現代旅行愛好者的生活，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 complimentary access to airport lounges worldwide in case of flight delays. And we just launched in partnership with Allianz, the first Travel Enthusiast Hotline, providing 24/7 complimentary assistance wherever Club Members travel. Culinary Journeys created for the travel enthusiasts are coming soon.

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。會員還可在航班延誤時免費使用全球機場貴賓休息室。我們剛剛與安聯合作推出了首個旅行愛好者熱線，為俱樂部會員提供全天候免費旅行協助，無論他們身在何處。專為旅行愛好者打造的美食之旅即將推出。

Slide 18, shows a few of the many exclusive Club Offers that we created for Club Members during Q4. Our members love luxurious trips. So on the left side, we had a Bali 5-star Jungle Spa Retreat for two people at an amazing price of $499. Below, Costa Rica 5-star new resort with an upgrade for Travelzoo members to an Ocean View room. A $499 Portugal trip that includes round-trip flights from the US or in London, a Top West End Show with dinner for GBP75 per person.

第 18 張投影片展示了我們在第四季為俱樂部會員推出的眾多專屬俱樂部優惠中的幾個。我們的會員都喜歡豪華旅行。所以左邊這邊，我們以驚人的價格 499 美元預訂了巴厘島 5 星級叢林水療度假套餐，可供兩人入住。以下這家位於哥斯大黎加的五星級新度假村，為 Travelzoo 會員提供升級至海景房的服務。499 美元的葡萄牙之旅，包括從美國或倫敦出發的來回機票，以及每人 75 英鎊的西區頂級演出和晚餐。

Slide 19, shows the worldwide complimentary launch access in case of flight delays. It's perfect for the travel enthusiasts.

第 19 張投影片顯示如果航班延誤，全球範圍內的免費啟動服務。它非常適合旅行愛好者。

Slide 20 then provides information about Travelzoo members. As you see Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences.

第 20 張投影片提供了有關 Travelzoo 會員的資訊。如您所見，Travelzoo深受富裕、活躍且樂於接受新體驗的旅行愛好者的喜愛。

On Slide 22, we provide 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 developed Travelzoo META with discipline.

在第 22 張投影片中，我們概述了我們的管理重點。我們致力於透過轉化老會員和增加新俱樂部會員來增加付費會員數量並加速收入增長，保留並發展我們來自熱門前 20 名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，儘管每股收益暫時下降，但增長速度更快，Jack's Flight Club 的盈利訂閱收入增長更快，並且我們以嚴謹的態度開發了 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。

We are excited to announce that we now expect the first Travelzoo META experiences to become available in Q2 2026. We are planning to incorporate access to Travelzoo META as a benefit of Travelzoo Club Membership. Through Jack's Flight Club, we focused in Q4 on profitability, while acquiring sufficient premium subscribers to offset attrition. This was due to other investment priorities.

我們很高興地宣布，預計首批 Travelzoo META 體驗將於 2026 年第二季推出。我們計劃將造訪 Travelzoo META 作為 Travelzoo 俱樂部會員的福利。透過 Jack's Flight Club，我們在第四季度專注於獲利能力，同時獲得了足夠的付費用戶以抵消用戶流失。這是由於其他投資優先事項所致。

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

現在我將麥克風交給接線員，請他/她回答傑夫、霍爾格和我的問題。

(Operator Instructions) Michael Kupinski, NOBLE Capital Markets.

（操作員說明）邁克爾·庫平斯基，NOBLE Capital Markets。

Just a couple of questions on the revenues, particularly on the advertising and commerce, it decreased sequentially, and I was wondering if you can add some color on the reasons that, that was down. And then on membership fees, that increased only $0.5 million from the previous quarter, and that was a slowing of the cadence as well, which was 20% from the previous quarter.

關於收入方面，我有幾個問題，特別是廣告和電商方面的收入，它環比下降了，我想知道您能否詳細說明下降的原因。會員費方面，僅比上一季增加了 50 萬美元，增速也放緩了，比上一季增加了 20%。

So just on the revenue trend. So if you could just add some color both on the membership fees as well as the advertising and commerce as well.

所以，僅就營收趨勢而言。所以，如果您能在會員費、廣告和商業方面都增添一些色彩就好了。

Yes, you are right. Revenue from advertising and commerce was a bit soft in Q4. So far, we see that softness to continue a bit more into Q1 as well. Really no specific reason that we can point out. We've been focused very much on membership and adding new members.

是的你是對的。第四季廣告和電商營收略顯疲軟。目前來看，這種疲軟態勢似乎還會延續到第一季。我們實在找不到什麼具體原因。我們一直非常注重會員發展和增加新會員。

And it's as I said, no -- really no specific reason I can point out why it was a little bit soft. And then membership fees, I think it's probably mostly a rounding issue the change from Q3 to -- Q2 to Q3, Q3 to Q4 was really not that substantial. We expect that to increase, that quarterly revenue increase. We expect that to increase in 2026 as we are looking to spend more on member acquisition this year than in 2025 as long as we can maintain and achieve the positive return and quick payback that Jeff was talking about.

正如我所說，不——真的沒有什麼具體的原因可以指出它為什麼有點軟。至於會員費，我認為這可能主要是一個四捨五入的問題，從第三季度到——第二季度到第三季度，第三季度到第四季度的變化實際上並沒有那麼大。我們預計季度營收將會增加。我們預計 2026 年這一數字會上升，因為我們今年在會員獲取方面的支出將比 2025 年更多，前提是我們能夠維持並實現 Jeff 所說的積極回報和快速回報。

And if I can slip one in. G&A was a little higher than expected. Anything extraordinary in those numbers?

如果我能偷偷塞進去一個就好了。一般及行政費用略高於預期。這些數字有什麼特別之處嗎？

I think Jeff mentioned it, we had a one-time expense related to a global company meeting that we held in Q4. So it's not a permanent increase. It's just a temporary increase in Q4.

我想傑夫有提到過，我們在第四季舉行了一次全球公司會議，這是一筆一次性支出。所以這不是永久性的成長。這只是第四季的暫時性成長。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

Kind of just your comments around profitability and marketing expense. So I think marketing expenses were up like 30% just full year. Do you kind of see that as like the peak level or like that you'd be able to leverage additional growth off of? Or do you kind of see that continuing to move higher? And I guess, can you maybe sort of like reconcile the comments on the payback with like the lower operating cash flow for basically each quarter in 2025 year-over-year?

主要是關於盈利能力和行銷費用的評論。所以我覺得全年行銷費用上漲了約 30%。你覺得這算是巔峰嗎？還是說你可以以此為基礎實現進一步成長？或者你覺得它會繼續上漲嗎？我想問一下，您能否解釋一下，關於投資回收期的評論與 2025 年每個季度同比下降的營運現金流之間的關係？

As I mentioned, as long as we can maintain a good return and the quick payback that Jeff was talking about, we would increase member acquisition in 2026. So we are planning to increase it over 2025. And as we've now explained for a few quarters, that in the short term always impacts EPS.

正如我之前提到的，只要我們能夠保持良好的回報和傑夫所說的快速回報，我們就能在 2026 年增加會員數。因此，我們計劃在2025年之前增加這一數字。正如我們過去幾季所解釋的那樣，短期內這種情況總是會對每股盈餘產生影響。

However, as we move throughout 2026, and we have now recurring revenue coming in for members that are renewing after the first year of membership. And for these members, we don't have to spend anything on member acquisition. They are simply renewing their membership. So that revenue will increase without expenses related to that. So that will, over time, improve EPS.

然而，隨著我們進入 2026 年，我們現在有了經常性的收入，這些收入來自在第一年會員資格到期後續訂的會員。對於這些會員，我們無需在會員獲取方面花費任何費用。他們只是在續訂會員資格。這樣一來，收入就會增加，而無需承擔相關的費用。這樣一來，隨著時間的推移，每股盈餘將會提高。

But as we said, cautiously in the last few earnings statements, we do not know in advance what the opportunities for member acquisition are. If we really see good opportunities, we might spend very aggressively, and that will certainly impact EPS in the short term as it has in Q3 and Q4.

但正如我們在最近幾份收益報告中謹慎地指出，我們無法事先知道會員獲取的機會是什麼。如果我們看到真正的好機會，我們可能會非常積極地投入資金，這肯定會在短期內影響每股收益，就像第三季和第四季一樣。

Okay. And then just could you maybe talk a little bit about churn within that initial member cohort and how you're expecting that to go with the members that you added through 2025. I guess, like the thing that kind of kicks that one off is just like the decline in the deferred revenue balance in the quarter?

好的。那麼，您能否談談最初會員群的流失情況，以及您預計在 2025 年新增會員的流失情況會如何？我猜，引發這種情況的導火線就是當季遞延收入餘額的下降？

It's too early to judge that because as you saw from that slide that showed the growth of Club Members, most Club Members joined in the first quarter of 2025. Their renewal is coming up now. So it's a bit too early to comment on that. As you also see, we are adding new benefits for our club members, and we hear that they are very much appreciated by the members, and that will lock these members in over a longer period of time even if they don't necessarily find a specific offer that they would like to buy in a certain quarter at a certain time.

現在下結論還為時過早，因為正如你從顯示俱樂部成員成長情況的幻燈片中看到的那樣，大多數俱樂部成員是在 2025 年第一季加入的。他們的續約即將到期。所以現在評論這個問題還為時過早。正如您所看到的，我們正在為俱樂部會員增加新的福利，我們聽說會員們非常喜歡這些福利，即使他們在某個季度某個時間沒有找到他們想要購買的特定優惠，這些福利也能在更長的時間內留住這些會員。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

Holger, the slides early on mentioned the potential for additional advertising revenue from membership fees and -- or the membership revenues affecting potential advertising revenues from advertising, just curious as to where you think the member base -- the paid member base needs to be in order to reach a critical mass in terms of having an impact on that incremental advertising revenue.

Holger，幻燈片早期提到了會員費帶來的額外廣告收入的可能性，或者說會員收入會影響潛在的廣告收入。我只是好奇你認為付費會員基礎需要達到多大才能對新增廣告收入產生影響。

Well, as we are adding new members, we are also -- this also allows us to increase or maintain our advertising rates. So that's -- I don't think there's a specific point where we can say it makes a huge -- it makes a big difference.

隨著我們不斷增加新會員，我們也能夠提高或維持我們的廣告價格。所以，我認為沒有一個具體的點可以讓我們說它會產生巨大的影響——它會產生很大的影響。

So as we are growing, it allows us to also maintain and then improve our advertising business. But as I said, we are really looking to drive members' membership and the growth of members in 2026 more aggressively because that revenue, which currently is around $4 million, as you saw, that revenue is recurring, very stable revenue while advertising and commerce revenues are always a bit contingent on the situation of how many offers we can source, what these offers are, if they are good or very good and the appetite of our advertisers.

因此，隨著我們的發展，我們也能夠維持並改善我們的廣告業務。但正如我所說，我們確實希望在 2026 年更積極地推動會員數量和會員增長，因為正如你所看到的，目前約為 400 萬美元的收入是經常性的、非常穩定的收入，而廣告和電商收入總是在一定程度上取決於我們能獲得多少優惠、這些優惠是什麼、它們是否好或非常好，以及我們廣告商的意願。

So that's less controllable while membership revenue is recurring, stable, and that's why we decided two years ago to move to a model of a subscription, a paid subscription and created Travelzoo Club.

因此，會員收入雖然可控性較差，但會員收入是經常性的、穩定的，這就是為什麼我們兩年前決定轉向訂閱模式，即付費訂閱模式，並創建了 Travelzoo Club。

That's helpful. Great. And one more, if I may. Can you just discuss a little bit about the underlying trends that led to the lower cost of new customer acquisition in Q4. I know you've mentioned seeing -- or taking advantage of opportunities as they arise, maybe being a little more aggressive in some periods versus others. But can you just talk a little bit about the underlying trends between Q3 and Q4 that led to the lower cost per acquired member?

那很有幫助。偉大的。如果可以的話，我再補充一個問題。能否請您談談導致第四季新客戶獲取成本降低的根本趨勢？我知道你曾經提到要把握機會，或者說要利用機會，也許在某些時期會比其他時期更積極主動一些。您能否談談第三季到第四季之間導致每位獲客成本降低的潛在趨勢？

Christina is overseeing this. So she will respond to this question, Steve.

克里斯蒂娜負責監督此事。所以她會回答這個問題，史蒂夫。

Sure. So I think it's a combination of factors. So hard to pinpoint exactly what drove the lower cost per acquisition. But in general, actually Q4, we tend to see more difficult cost per acquisitions with certain channels like META and Google, but we were able to manage that with kind of optimization that we made through the user experience. We had member days in Q4 that helped to drive the lower CPAs and we were kind of cautious with spending as efficiently as possible. So I think that resulted in a lower CPA in Q4 as compared to Q3.

當然。所以我認為這是多種因素共同作用的結果。很難準確指出是什麼因素導致了獲客成本的降低。但總的來說，實際上在第四季度，我們往往會看到某些管道（如 META 和 Google）的獲客成本更高，但我們透過優化用戶體驗來應對這種情況。我們在第四季度舉辦了會員日活動，這有助於降低每次轉換費用 (CPA)，我們在支出方面也比較謹慎，力求盡可能提高效率。所以我認為這導致第四季的每次轉換費用（CPA）比第三季有所下降。

It's contingent, though, Steve, on how much we invest in member acquisition. If we scale it as we are planning to do now in 2026, that normally makes CPAs go up a little bit. But from that slide, you see that we were still under the threshold of where we could spend because $34 and then we get $40 back from the membership fee and we get additional revenue from these members, we could have spent more in Q4.

不過，史蒂夫，這取決於我們在會員招募上投入多少資金。如果我們按照目前的計劃在 2026 年擴大規模，通常會導致 CPA 略微上升。但從這張投影片可以看出，我們仍然低於我們可以支出的門檻，因為 34 美元，然後我們從會員費中收回 40 美元，並且從這些會員那裡獲得額外收入，我們在第四季度本可以支出更多。

And so our plan is going forward to get a little bit closer to that threshold. And so having said that, CPA on the one hand, as Christina explained, CPA, we have a positive impact on CPA through learning how to do things better.

因此，我們的計劃是繼續推進，爭取更接近那個目標。因此，一方面，正如克里斯蒂娜解釋的那樣，註冊會計師（CPA）透過學習如何更好地做事，對註冊會計師產生了積極的影響。

On the other hand, CPA will go up if we spend more. But as long as we are staying within that quick payback, we feel comfortable that we can maintain that.

另一方面，如果我們增加支出，每次轉換費用 (CPA) 就會上升。但只要我們能保證快速回報，我們就有信心維持下去。

Someone mentioned earlier a question about cash, maybe it was Pat or Michael. As you see, our operating cash flow in Q4 was positive. In general, member acquisition as long as we can maintain the numbers that we showed on this earlier slide, we are able to finance that member acquisition through the cash we are generating because the member has to pay their 12 month membership fee at the beginning of the membership. So that brings in this $40 and if we can acquire them below $40, the impact on our cash situation is basically neutral.

之前有人提到過關於現金的問題，可能是帕特或邁克爾。如您所見，我們第四季的經營現金流為正。總的來說，只要我們能夠保持先前幻燈片中展示的數字，我們就能透過我們產生的現金來為會員獲取提供資金，因為會員必須在會員資格開始時支付 12 個月的會員費。這樣一來，我們就有了這 40 美元，如果我們能以低於 40 美元的價格收購它們，對我們的現金狀況的影響基本上是中性的。

Ed Woo, Ascendant Capital.

Ed Woo，Ascendant Capital。

My question is, what are you seeing out there in terms of the industry travel outlook for this year 2026?

我的問題是，您認為2026年旅遊業的前景如何？

I think in travel, we see a little bit the same as what people are seeing in the US economy that it's diverging on the one hand, luxury travel is absolutely booming. In fact, you might have also read that hotel rates at 5-star properties around the world have reached the highest ever and the increase from 2024 to 2025 was also quite strong.

我認為在旅遊業，我們看到的情況與人們在美國經濟中看到的情況有些類似，一方面，豪華旅遊業正在蓬勃發展，兩者之間存在著分化。事實上，您可能也讀到過，世界各地五星級飯店的房價已達到歷史最高水平，而且從 2024 年到 2025 年的漲幅也相當強勁。

While on the other hand, lower-end travel, cheaper travel is more challenging. However, you saw from the demographic that our members are generally more on the upper end. They are higher income. They can spend. They have the money to stay at 5-star properties and maybe that's also what was the -- what was explaining a bit the softness in Q4 and now the softness in Q1 in advertising and commerce, it is challenging. It's a bit challenging right now to get really very aggressive offers from luxury properties.

另一方面，低端旅行、廉價旅行則更具挑戰性。但是，從人口統計可以看出，我們的會員總體上屬於較高收入群體。他們的收入較高。他們可以消費。他們有錢入住五星級飯店，也許這也是第四季廣告和商業疲軟以及現在第一季疲軟的部分原因，這確實是一個挑戰。目前想要從豪宅業主那裡獲得非常有競爭力的報價有點困難。

But I think that the supplier on these properties is increasing. There's many, many new hotels operating -- sorry, opening all around the globe and they need to fill their beds. We feel that, that will become better going forward. But that trend is similar to what I think we are seeing in the US economy in general.

但我認為這些房產的供應商數量正在增加。全球各地都有許多新酒店開業——抱歉，是新酒店開業，它們需要填滿客房。我們認為，這種情況以後會越來越好。但這種趨勢與我們目前在美國整體經濟中看到的趨勢類似。

Great. And this is the same trend you're seeing in Europe and Asia?

偉大的。歐洲和亞洲也出現了同樣的趨勢嗎？

Yes. There's no big difference between the market. -- More pronounced in the US, I would say, just let me add that, yes, but the trend is the same, but it's a bit more pronounced in the US.

是的。市場之間沒有太大區別。 ——我覺得在美國更明顯一些，我補充一下，是的，但趨勢是一樣的，只是在美國更明顯一些。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究。

Holger, the new annual fees for 2026 are $50 per member and it looks like. And so existing members, will they -- who are paying $40, do they now pay $50? Or does that apply -- the $50 applies to new members only?

Holger，2026 年的新年費是每位會員 50 美元，看起來是這樣。那麼，現有會員（之前支付 40 美元）現在是否需要支付 50 美元？或者說，這50美元的優惠僅適用於新會員？

Good catch, Theo. Yes, I was talking about $40 because we were speaking about Q4. In the US, we increased the membership fee to $50, correct. We did not increase it in other markets. We increased it on January 1, but then we gave existing members an opportunity to renew at the old rate of $40 before the end of January.

好眼力，西奧。是的，我說的是 40 美元，因為我們當時在討論第四季。在美國，我們將會員費提高到了 50 美元，沒錯。我們在其他市場並沒有提高這一比例。我們在 1 月 1 日提高了價格，但隨後我們給了現有會員一個機會，在 1 月底之前以 40 美元的舊價格續費。

But anyone who didn't take advantage of the opportunity has to pay the $50 now going forward, whether that's someone new to Travelzoo or whether that is anyone who is renewing their membership that expires after February 1.

但任何沒有利用這個機會的人，從現在開始都必須支付 50 美元，無論是 Travelzoo 的新用戶，還是 2 月 1 日之後會員資格到期的續費用戶。

Okay. And on the balance sheet, accounts receivable dropped. So it looks like your DSOs went up. Is that a happy coincidence? Or was there an active plan to try to bring receivables down?

好的。資產負債表顯示，應收帳款下降。看來你的DSO值上升了。那是個令人欣喜的巧合嗎？或者，是否有積極的計劃來降低應收帳款？

I'm happy -- I was happy to see that our team is doing a better job collecting receivables. Jeff, do you have any more insight on that part of the balance sheet?

我很高興——我很高興看到我們的團隊在應收帳款催收方面做得更好了。傑夫，你對資產負債表的這一部分還有什麼更深入的了解嗎？

No, I would say that more aggressive outreach with our clients to ensure that we're getting paid on a timely basis is consistent with prior quarters. I think it was most likely a happy coincidence.

不，我認為，我們採取更積極的措施與客戶溝通，以確保及時收到款項，這與前幾季的做法是一致的。我認為這很可能是個令人欣喜的巧合。

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。

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

是的。親愛的投資人們，非常感謝你們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's fourth quarter 2025 earnings call and webcast. You may disconnect your lines at this time, and have a wonderful day.

今天的 Travelzoo 2025 年第四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。