Travelzoo (TZOO) 2026 Q1 法說會逐字稿

Good morning and welcome to the Travelzoo's first quarter 2026 earnings call. Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加 Travelzoo 2026 會計年度第一季財報電話會議。今天的會議將被錄音。（接線員指示）

The company would like to remind you that all statements made today during this conference call and presented in the slides that are not statements, oracle facts constitutes forward-looking statements and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

公司提醒各位，今天在本次電話會議中所作的所有陳述，以及投影片中所呈現、且非歷史事實陳述者，均構成前瞻性陳述，並依據 1995 年《私人證券訴訟改革法案》的「安全港」條款作出。

Actual results could differ -- could vary materially from those contained in the forward-looking. Factors that could cause actual results to differ materially from those -- in the forward-looking statements are described in the company's Form 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.

實際結果可能與前瞻性陳述所載內容不同——且可能存在重大差異。可能導致實際結果與前瞻性陳述所述內容產生重大差異的因素，已在公司 Form 10-K、10-Q 及其他向美國證券交易委員會（SEC）提交的文件中說明。除非法律要求，公司不承擔公開更新任何前瞻性陳述之義務，不論係因新資訊、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.

請參閱公司網站以取得重要資訊，包括公司於今日稍早發布的財報新聞稿。本次電話會議的錄音存檔將於公司投資人關係網站 travelzoo.com/ir 提供。

Now, it is my pleasure to turn 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.

現在，我很榮幸將會議交給 Travelzoo 全球執行長 Holger Bartel；本公司董事長、首席會員官兼總法律顧問，以及 Jack's Flight Club 執行長 Christina Ciocca；以及北美財務控管主管 Jeff Hoffman。

Jeff, will start with an overview. Jeff, you may begin.

Jeff 將先做概覽。Jeff，請開始。

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

不好意思。謝謝接線員，也歡迎各位加入我們。今天我將代替我們的首席會計官 Lijun 出席。

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.

請參考管理層簡報，以便跟上我們事先準備的發言內容。PDF 格式的簡報可於我們的投資人關係網站 travelzoo.com/ir 取得。

Let's begin with slide 4. Revenue increased 5% year over year. Even though we invested more in the growth of club members, operating profit remained stable. Q1 consolidated revenue was $24.3 million.

我們從第 4 張投影片開始。營收年增 5%。儘管我們加大對俱樂部會員成長的投資，營業利益仍維持穩定。第一季合併營收為 2,430 萬美元。

In constant currencies, revenue was $23.6 million, up 2% from the prior-year period. Q1 operating profit was $3.4 million, or 14% of revenue, compared to $3.8 million in the prior-year period.

以固定匯率計算，營收為 2,360 萬美元，較去年同期成長 2%。第一季營業利益為 340 萬美元，占營收 14%，相較去年同期為 380 萬美元。

Let me explain the rationale for our significant increase in marketing expenses. 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 of a club member was $28 in Q1 2025; $38 in Q2; $40 in Q3; $34 in Q4; and $27 in Q1 2026.

我來說明我們行銷費用大幅增加的原因。第 5 張投影片顯示，投資於獲取俱樂部會員具有吸引力，因為回收期很短。左側可見，俱樂部會員的平均獲取成本在 2025 年第一季為 28 美元；第二季為 38 美元；第三季為 40 美元；第四季為 34 美元；而 2026 年第一季為 27 美元。

On the right side, you see that we get this money back fast. The member pays, in the US case here, their $50 annual membership fee right at the beginning of the membership period. Additionally, we generated an average $14 per member in revenue from transactions in Q1. This full payback doesn't even consider an increase in advertising revenues and future membership fees and other revenues in Q2 and future periods.

右側可見，我們很快就能把這筆錢收回。以此處的美國為例，會員在會籍期間一開始就會支付 50 美元的年費。此外，我們在第一季從交易中平均每位會員產生 14 美元的營收。這個完整回收期甚至尚未納入第二季及未來期間廣告營收的增加、未來的會員費以及其他營收。

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

接著，第 6 張投影片提醒大家：在訂閱型業務中，會員費收入會在訂閱期間內逐期認列；而獲客成本則在發生時立即費用化。

Slide 7 shows the effect. Higher member acquisition expenses, coupled with only a small portion of revenue recognized in the quarter, reduces EPS in the same quarter. In the case of Q1, that effect was a reduction of approximately $0.13. We expect EPS to increase over time.

第 7 張投影片顯示其影響。較高的會員獲取費用，加上當季僅認列一小部分收入，會在同一季度降低每股盈餘（EPS）。以第一季為例，該影響約使 EPS 減少 0.13 美元。我們預期 EPS 將隨時間推移而上升。

As shown on slide 8, our strategy is fueling member growth at a rate of 112% year over year. New club members come roughly half from legacy members and half from those new to Travelzoo.

如第 8 張投影片所示，我們的策略正推動會員數以年增 112% 的速度成長。新增俱樂部會員約有一半來自既有會員，另一半來自首次接觸 Travelzoo 的新客。

On slide 9, we break down our main categories of revenue, advertising and commerce and membership fees. Advertising and commerce revenue was $19.7 million for Q1 2026. Revenue for membership fees increased to $4.6 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 over 20% of revenue.

在第 9 張投影片，我們拆解主要營收類別：廣告與商務，以及會員費。2026 年第一季廣告與商務營收為 1,970 萬美元。會員費營收增加至 460 萬美元。會員費較為穩定且可預測，正在帶來更多營收，且占比逐步提高。今年我們預期會員費將占營收超過 20%。

On slide 10, you can see that revenue growth came from all reporting segments. With attractive ROI and member acquisition, we invested both in North America and Europe segments. Operating profit of our North American segment was lower. Operating profit on our Europe segment was higher. Operating profit on our Jack's Flight Club segment remained flat.

在第 10 張投影片，你可以看到營收成長來自所有報告分部。在具吸引力的投資報酬率（ROI）與會員獲取成效下，我們同時在北美與歐洲分部加大投資。北美分部的營業利益較低。歐洲分部的營業利益較高。Jack's Flight Club 分部的營業利益維持持平。

On slide 11, you see that our GAAP operating margin for Q1 was 14%. Acquiring more club member reduces operating margin in the short-term. As the number of membership renewals, which do not require acquisition expenses, grows, operating margins should increase again over time.

在第 11 張投影片，你會看到我們第一季的 GAAP 營業利益率為 14%。在短期內，獲取更多俱樂部會員會降低營業利益率。隨著不需要獲客費用的續約會員數增加，營業利益率應會隨時間推移再次提升。

Slide 12 shows that the investments in club members of Travelzoo 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，Travelzoo 對俱樂部會員的投資遍及所有主要市場。隨著時間推移，我們預期利潤率將回到先前水準，甚至可能超越。

On slide 13, we provide information on non-GAAP operating profit as we believe it better explains how we evaluate operating -- how we evaluate financial performance. Q1 2026 non-GAAP operating profit was $3.5 million, or 14% of revenue, compared to non-GAAP operating profit of $4.4 million in the prior-year period.

在第 13 張投影片，我們提供非 GAAP 營業利益資訊，因為我們認為這能更好地說明我們如何評估營運——以及如何評估財務表現。2026 年第一季非 GAAP 營業利益為 350 萬美元，占營收 14%，相較去年同期非 GAAP 營業利益為 440 萬美元。

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

第 14 張投影片提供在計算非 GAAP 營業利益時所排除項目的資訊。

Please turn to slide 15. As of March 31, 2026, consolidated cash, cash equivalents, and restricted cash was $11.3 million. Cash flow from operations was $3.9 million. Our cash balance increased even though we repurchased 500,000 shares of our common stock.

請翻到第 15 張投影片。截至 2026 年 3 月 31 日，合併現金、約當現金及受限制現金為 1,130 萬美元。營運活動現金流量為 390 萬美元。儘管我們回購了 50 萬股普通股，現金餘額仍然增加。

Now looking ahead, for Q2 2026, we expect year-over-year growth to continue. We also expect continued revenue growth in subsequent quarters as membership fees revenue is recognized readably over the subscription period of 12 months, as we acquire new members and as more legacy members become club members.

展望未來，對於 2026 年第二季，我們預期年增成長將持續。我們也預期後續季度營收將持續成長，因為會員費收入會在 12 個月的訂閱期間內逐期認列；同時我們持續獲取新會員，且更多既有會員將成為俱樂部會員。

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. As a reminder, we expense marketing costs immediately.

隨著時間推移，我們預期獲利能力將提升，因為經常性會員費收入將被認列。短期內，已報告的淨利可能出現波動。我們可能會看到增加行銷投入的有利機會。提醒一下，我們會在發生時立即將行銷成本費用化。

Now I turn the discussion over to Holger.

現在我把討論交給 Holger。

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，Jeff。我們將持續運用 Travelzoo 的全球觸及、值得信賴的品牌，以及我們與頂級旅遊供應商的強大合作關係，為俱樂部會員協商更多俱樂部優惠。

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.

Travelzoo 會員富裕、活躍，且樂於嘗試新體驗。我們激發旅遊愛好者前往他們從未想像自己能去的地方旅行。對於像我們一樣熱愛旅行的人而言，Travelzoo 是必備的會員資格。

Please turn to slide 17. Membership empowers travelers to live the life of a 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 張投影片。會員制度讓旅人能在尊重不同文化的同時，盡情體驗旅遊愛好者的生活方式。會員可享有高品質且高價值的俱樂部優惠。

Have a look at slide 18. A trip to the Azores for $299, including four nights hotel and flights from the US. A week at a Tuscan castle with car hire for GBP299 per person, for a special member rate at one of the most iconic resorts in the US, where 23 Presidents have stayed, all the way to a five-star luxury trip to Anguilla, which was voted the best island in the Caribbean for 40% off, especially for Travelzoo club members. Club offers cannot be found anywhere else. Our global team negotiates and vets them rigorously.

請看第 18 張投影片。亞速爾群島之旅 299 美元，包含四晚飯店住宿與從美國出發的機票。托斯卡尼城堡一週之旅，每人 299 英鎊含租車；在美國最具代表性的度假村之一享有會員特別價格，曾有 23 位總統下榻；以及前往安圭拉的五星奢華之旅，該島獲選為加勒比海最佳島嶼，可享 6 折優惠，特別提供給 Travelzoo 俱樂部會員。俱樂部優惠在其他地方找不到。我們的全球團隊會嚴格協商並審核把關。

Membership also provides complementary access to airport lounges worldwide in case of flight delays. In Q1 2026, we also launched, in partnership with Allianz, the first Travel Enthusiast Hotline. It provides 24/7 complimentary assistance wherever you travel. Culinary journeys curated for the travel enthusiast are coming soon.

會員亦可在航班延誤時，免費使用全球各地的機場貴賓室。在 2026 年第一季，我們也與 Allianz 合作推出首個「旅遊愛好者專線」（Travel Enthusiast Hotline）。無論您到哪裡旅行，都可享有 24/7 的免費協助。為旅遊愛好者精心策劃的美食之旅即將推出。

Slide 19 shows the worldwide complimentary lounge access in case of flight delays. It is perfect for the travel enthusiast.

第 19 張投影片顯示在航班延誤時可享有全球免費貴賓室使用權。這非常適合旅遊愛好者。

Slide 20 provides information about sentiment and demographics of new members. Travelzoo is loved by travel enthusiasts who are affluent, active, and open to new experiences. 90% state that they are open to new destinations and travel ideas.

第 20 張投影片提供新會員的情緒（sentiment）與人口統計資訊。Travelzoo 深受富裕、活躍且樂於嘗試新體驗的旅遊愛好者喜愛。90% 表示他們願意探索新目的地與新的旅遊點子。

Almost 70% plan to take two or more international trips in 2026. And information about their median household income shows that they have the means to do so, especially given the outstanding value of our club offers.

將近 70% 計畫在 2026 年進行兩次或以上的國際旅行。而其中位數家庭收入的資訊顯示，他們具備這樣做的能力，尤其考量到我們俱樂部優惠的卓越價值。

Finally, 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 subscription revenue, and develop Travelzoo META with discipline.

最後，第 22 張投影片概述了我們的管理重點。我們正致力於增加付費會員數並加速營收成長，方式包括轉換既有（legacy）會員並新增俱樂部會員；維持並擴大我們來自熱門 Top 20 產品的獲利型廣告業務；加速營收成長，即使短期 EPS 較低也能帶動未來獲利；提升 Jack's Flight Club 訂閱營收；並以紀律推進 Travelzoo META 的開發。

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

接下來，Christina 將更新 Travelzoo META 與 Jack's Flight Club 的最新進展。

Thank you, Holger. We're excited to announce that we now expect the first Travelzoo META experiences to become available in Q2 2026. We're planning to incorporate access to Travelzoo META as a benefit of Travelzoo club membership.

謝謝你，Holger。我們很高興宣布，我們目前預期首批 Travelzoo META 體驗將於 2026 年第二季上線。我們計畫將 Travelzoo META 的使用權納入 Travelzoo 俱樂部會員福利。

For Jack's Flight Club to align with Travelzoo and other investment priorities, our focus is on maximizing revenue growth. To achieve this, we're working to significantly lower the average cost per acquisition for new members and targeting acquiring into higher subscription fee, lower attrition membership plans like annual.

為了讓 Jack's Flight Club 與 Travelzoo 及其他投資優先事項一致，我們的重點是將營收成長最大化。為達成此目標，我們正努力大幅降低新會員的平均獲客成本，並將獲客目標鎖定在訂閱費較高、流失率較低的會員方案，例如年繳方案。

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

我現在把時間交給接線員，開始 Jeff、Holger 和我三人的問答。

(Operator Instructions) Michael Kupinski, Noble Capital Markets.

(接線員指示) Michael Kupinski，Noble Capital Markets。

Thank you, and thanks for taking my questions, and congratulations on a great quarter. First, I just want to ask a little bit about just the current tone of the business right now and in terms of -- in light of the geopolitical issues that are going on in the world, and if you could just give us an update on that.

謝謝，也謝謝你們回答我的問題，並恭喜本季表現出色。首先，我想請教一下目前業務的整體氛圍，尤其是在全球地緣政治議題的背景下，能否請你們提供最新狀況。

Then, obviously, we saw a significant sequential improvement in the margins in the quarter. How do we think about the cadence of margin recovery over the next couple of quarters? And then, I just have one quick follow-up.

另外，很明顯我們看到本季毛利率/利潤率較前一季有顯著改善。我們該如何看待未來幾季利潤率回升的節奏？最後我還有一個簡短的追問。

Hi, Michael. So for sure, the war in Iran and the effect on fuel prices, consumer sentiment, airline ticket prices is affecting us. Towards the end of Q1, we saw advertising indeed slowed down. We didn't see as much of a decline in response among our members because as travel enthusiasts, they will just pick other destinations to travel to.

嗨，Michael。確實，伊朗戰爭及其對燃油價格、消費者信心、機票價格的影響，正在影響我們。在第一季末，我們確實看到廣告投放放緩。但在會員端，我們沒有看到回應度出現同樣幅度的下滑，因為作為旅遊愛好者，他們只是會改選其他目的地旅行。

But sure, at the end of Q1, we saw lower advertising revenue than we expected at that time. What would have even been better if the war had not happened, we continue to see that a bit at the beginning of Q2 as well, but things are normalizing.

不過確實，在第一季末，我們看到廣告營收低於當時的預期。如果沒有發生戰爭，表現本來會更好；在第二季初我們也仍看到一些影響，但情況正在正常化。

But with the news changing daily, the most important thing is that we have not seen much of an impact on member acquisition. We still see consumers signing up for Travelzoo club membership, so that's good. But on the advertising side, yes, we are seeing a weakness and hope the war, with all these consequences will be open -- will be over soon.

但由於新聞每天都在變化，最重要的是，我們尚未看到會員獲取（member acquisition）受到太大影響。我們仍看到消費者持續註冊 Travelzoo 俱樂部會員，這是好消息。但在廣告端，是的，我們確實看到疲弱，並希望戰爭及其所有後果能夠盡快結束。

Regarding the margins, look, it is, as we have always explained it, on one hand, if we substantially increase member acquisition that in the short run has a negative impact on margins, it lowers the margins because we expense member acquisition right away. We recognize the revenue only over the period of 12 months.

關於利潤率，請看，正如我們一直解釋的，一方面，如果我們大幅提高會員獲取，短期內會對利潤率造成負面影響，因為我們會立即將會員獲取成本費用化。而營收則只會在 12 個月期間內逐期認列。

On the other hand, what we started seeing this quarter is we have more renewals, membership renewals. Our membership with Travelzoo is for one year. So we have a substantially larger number of membership renewals coming up this year.

另一方面，我們在本季開始看到的是續約增加、會員續約增加。Travelzoo 的會員資格為期一年。因此，今年將有大幅更多的會員續約到期。

And membership renewals have a positive impact on the margin because they are not associated with a member acquisition expense. So it's hard to predict what the impact will be over the next few quarters because it really depends on what we can invest on member acquisition, how much we can drive member growth even further, and on the other hand, what renewal rates among the upcoming renewals are. But so far, we are quite pleased with those.

而會員續約對利潤率有正面影響，因為它不會伴隨會員獲取費用。因此，很難預測未來幾季的影響，因為這取決於我們能投入多少資源在會員獲取上、能把會員成長再推進多少，以及另一方面即將到期的續約其續約率如何。但到目前為止，我們對這些表現相當滿意。

Got you. And as far as my follow-up, does the company have specific operational or financial milestones tied to the next 12 to 24 months that align with the recently passed CEO incentive structure?

了解。至於我的追問，公司是否有與最近通過的 CEO 激勵制度相對應、在未來 12 到 24 個月內的特定營運或財務里程碑？

My major objective is to grow the number of club members at Travelzoo as quickly as we can. That's really our number one priority because that will ultimately drive the success and the financial performance of the business.

我最主要的目標，是盡可能快速地增加 Travelzoo 的俱樂部會員數。這確實是我們的第一優先事項，因為這最終將推動業務的成功與財務表現。

Sounds good. All right. Thanks, Holger.

聽起來不錯。好。謝謝你，Holger。

Patrick Sholl, Barrington Research.

Barrington Research 的 Patrick Sholl。

Hi. Thanks for taking the question. You touched on this with Mike's question. You had a lot more renewal activity this quarter. Can you maybe talk a little bit about like the renewal rate, churn, and like what share of those members that renewed were at the price increase?

嗨。謝謝讓我提問。你在 Mike 的問題中有提到這點。你們本季有更多的續約活動。你能否談談例如續約率、流失率，以及在那些續約的會員中，有多少比例是在調漲價格下續約的？

So Patrick, we are not disclosing the renewal rate. We are -- it is in line with our expectations. Our objective is to bring it up further. The membership fee in the US changed to $50 at the beginning of Q1 and on February 1 also legacy members had to pay the $50. So -- for starting February 1, the membership fee was $50 for anyone who renewed after February 1 in the US. In the other markets, we did not change the membership fee during the quarter.

Patrick，我們不會揭露續約率。我們——目前的表現符合我們的預期。我們的目標是進一步提升它。美國的會員費在第一季初調整為 50 美元，並且在 2 月 1 日起，既有（legacy）會員也必須支付 50 美元。因此——自 2 月 1 日起，在美國，任何於 2 月 1 日之後續約的人，會員費都是 50 美元。在其他市場，我們本季沒有調整會員費。

A very large chunk of renewals is actually coming up on April 1, because as you might recall, back in 2024, we offered members an original -- legacy members an original incentive to receive 15 months of membership for the price of 12. We're very, very hesitant with any kind of promotions, but that's what we did back then in order to reward the loyalty of our legacy members.

其實有很大一部分的續約會在 4 月 1 日到期，因為如你所記得的，早在 2024 年，我們曾提供會員一項原始——給既有會員的一項激勵：以 12 個月的價格獲得 15 個月的會員資格。我們對任何形式的促銷都非常、非常謹慎，但當時我們這麼做，是為了回饋既有會員的忠誠。

These memberships, and it's a quite large number, end on March 30 -- ended on March 31, 2026. So on April 1, 2026, we had quite a large number of renewals. And as I said, we are not disclosing the renewal rate, but we were actually quite happy with what the rate was.

這些會員資格——而且數量相當大——在 2026 年 3 月 30 日到期——於 2026 年 3 月 31 日結束。因此在 2026 年 4 月 1 日，我們有相當大量的續約。如我所說，我們不揭露續約率，但我們對該續約率其實相當滿意。

Okay. Wait. So would the -- you haven't received the inflow cash until April 1 then -- for the renewal then?

好的。等等。所以——你們要到 4 月 1 日才會收到續約的現金流入——是嗎？

This large group of legacy members is renewing or has renewed on April 1 or the following few days, not in Q1 yet.

這一大群既有會員是在 4 月 1 日或接下來幾天續約，尚未發生在第一季。

Okay. And then could you maybe talk about like just some of the features that you've added to the subscription service, and what has been helpful in support -- what do you find helpful in supporting renewal activity?

了解。那你能否談談你們在訂閱服務中新增的一些功能，以及哪些內容對於支持——你們認為對支持續約活動最有幫助的是什麼？

Look, we have several features. Different members like different things. Different members find different things important. What is common among all of them is that they love our offers.

你看，我們有好幾項功能。不同會員喜歡不同的東西。不同會員重視的點也不同。但所有人共同的一點是：他們喜歡我們的優惠。

Our offers, as I previously said, we work very hard of them, and that's the number one reason why members love our membership. They are travel enthusiasts. They want to travel, and we provide them offers to give that life of a travel enthusiast.

我們的優惠，如我先前所說，我們為此非常努力，而這是會員喜愛我們會員方案的首要原因。他們是旅遊愛好者。他們想旅行，而我們提供優惠，讓他們能過上旅遊愛好者的生活。

Steve Silver, Argus Research.

Argus Research 的 Steve Silver。

Thanks, operator, and thanks for taking my questions. It's great to see the recovery in operating margins in Q1. Curious your thoughts on as you continue to expand the perks that you're offering under club membership, whether it's the lounge access or the now it's rolling Meta into the club membership, I'm curious as to what the implications might be of adding new perks into club membership and the impact that might have on maintaining -- expanding operating margins going forward.

謝謝接線員，也謝謝讓我提問。很高興看到第一季營業利潤率的回升。我想了解的是，隨著你們持續擴大俱樂部會員所提供的福利，不論是貴賓室使用權，或是現在把 Meta 納入俱樂部會員，我想知道新增這些福利對俱樂部會員的意涵，以及對未來維持——擴大營業利潤率可能帶來的影響。

Most importantly, we do these things so that members get more out of their membership. We are very, very selective in what we find is valuable and exciting for travel enthusiasts. We vet that very much. We like to also be innovative.

最重要的是，我們做這些是為了讓會員從他們的會員資格中獲得更多價值。我們在挑選哪些對旅遊愛好者有價值且令人興奮的內容時非常、非常謹慎。我們會非常仔細地審核。我們也希望保持創新。

So far, the benefits that we are offering associated with Travelzoo membership do not incur significant expenses for us, let me put it that way.

到目前為止，我們所提供、與 Travelzoo 會員相關的這些福利，並不會為我們帶來顯著的費用，我就這麼說吧。

Great. And one more, if I may. It's been a couple of quarters now since you've announced the lounge access among some of the other perks with club membership. How often are you tracking those just to see if it's generating the kind of traffic that you expected when launching these kind of features?

很好。如果可以的話，我再問一個。你們宣布貴賓室使用權以及其他一些俱樂部會員福利，已經過了幾個季度。你們多久追蹤一次這些項目，以確認它是否帶來你們在推出這類功能時所預期的流量？

We monitor it continuously and our members really love it.

我們會持續監測，而我們的會員真的很喜歡。

Okay. Fair enough. Thanks so much.

好的。了解。非常感謝。

Ed Woo, Ascendient Capital.

Ascendient Capital 的 Ed Woo。

Yeah, also congratulations on the subscriber growth. My question, I know you mentioned that it's slowed down right at the end of Q1 and a little Q2 because of the war, but absent -- taking that out, what's the overall travel industry doing and how does the summer travel season looking? Are people kind of holding off to wait until the war is over or are people still booking for their summer travel season as they are right around now?

是的，也恭喜訂閱用戶成長。我的問題是，我知道你提到第一季末以及第二季初因為戰爭而放緩，但如果——把這個因素排除，整體旅遊產業的狀況如何？以及暑期旅遊旺季看起來怎麼樣？人們是否有點觀望，等戰爭結束才出行，還是大家仍像現在這個時間點一樣，持續預訂暑期旅遊？

Look, Ed, some are behaving like normal, they are booking their trips. Others are hesitant. One of the benefits of our offers is that a lot of them come with full refundability, so we try to take a lot of risk out for the travel enthusiasts.

你看，Ed，有些人表現得跟平常一樣，他們照常預訂行程。其他人則比較猶豫。我們優惠的一個好處是，其中很多都提供全額可退款，因此我們努力為旅遊愛好者降低很多風險。

We want them to dream about their next trip. We don't want people to just sit in front of the TV, hear negative news out of Iran. So we feel our members are excited to travel in summer, and we create the offers in a way that it really works well for them.

我們希望他們能憧憬下一趟旅行。我們不希望人們只是坐在電視前，聽到來自伊朗的負面消息。所以我們覺得會員對夏季旅行仍然很興奮，而我們設計優惠的方式，能讓它對他們來說非常好用。

That sounds good. Thanks for answering my questions, and I wish you guys good luck. Thank you.

聽起來不錯。謝謝回答我的問題，也祝你們好運。謝謝。

Thank you. Same to you, Ed.

謝謝。你也是，Ed。

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

今天電話會議的問答環節到此結束。我想把電話交回給 Holger Bartel 先生作結語。

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

很好。各位投資人，感謝你們的時間與支持。我們期待在下個季度再次與各位交流。祝各位有美好的一天。

This concludes today's Travelzoo's first-quarter 2026 earnings call and webcast. You may disconnect your lines at this time and have a wonderful day.

今天 Travelzoo 2026 年第一季財報電話會議與網路直播到此結束。您現在可以掛線，祝您有美好的一天。