Travelzoo (TZOO) 2026 Q2 法說會逐字稿

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

早安，歡迎參加 Travelzoo 2026 年第二季財報電話會議。今天的會議將進行錄音。(接線員指示)

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

公司提醒您，本次電話會議中所作之所有陳述以及簡報中所呈現、且非歷史事實之陳述，均構成前瞻性陳述，並依據 1995 年《私人證券訴訟改革法》之「安全港」條款作出。

Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's Forms 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中所載內容存在重大差異。可能導致實際結果與前瞻性陳述所述結果產生重大差異的因素，已載於公司 Form 10-K、Form 10-Q 及其他向美國證券交易委員會（SEC）提交之文件中。除法律另有要求外，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所致。

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

現在很榮幸把時間交給 Travelzoo 全球執行長 Holger Bartel；董事長、總法律顧問暨 Jack's Flight Club 執行長 Christina Ciocca；以及北美財務控管 Jeff Hoffman。

Jeff will start with an overview.

Jeff 將先進行概述。

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's 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。今天我將代替我們的首席會計官 Lijun 出席。請參考管理層簡報，以便跟上我們事先準備的發言內容。PDF 版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. Consolidated revenue was $23.2 million, down 3% year over year. In constant currencies, revenue was $23.1 million. International conflicts negatively impacted all business segments. Management consider this a temporary effect. In Q2, we continued to invest significantly in growing club members. This led to a reported loss. The Q2 reported loss was $2.8 million compared to reported operating profit of $2.1 million in the prior-year period.

我們先看第 4 頁。合併營收為 2,320 萬美元，年減 3%。以固定匯率計算，營收為 2,310 萬美元。國際衝突對所有業務部門均造成負面影響。管理層認為這是暫時性的影響。在第二季，我們持續大幅投資以成長俱樂部會員。因此產生了帳面虧損。第二季帳面虧損為 280 萬美元，相較於去年同期帳面營業利益 210 萬美元。

Slide 5 explains that we decided to accelerate the shift toward recurring membership revenues by more quickly growing paying club members. On the right side, you see the number of club members has steadily increased, and we estimate further growth this year and in 2027.

第 5 頁說明，我們決定加速轉向經常性會員收入，透過更快速地增加付費俱樂部會員。右側可見俱樂部會員數持續穩定增加，我們估計今年及 2027 年仍將進一步成長。

Please turn to slide 6. We are scaling member acquisition to the point where payback still occurs quickly. On the left side, you see that the average acquisition cost of a club member was $62 in Q2. On the right side, you see that, even at this level, there is an attractive return on investment. The member pays, in the US case here, their $50 annual membership fee right at the beginning of the membership period.

請翻到第 6 頁。我們正在擴大會員獲取規模，同時仍能維持快速回收成本。左側顯示第二季每位俱樂部會員的平均獲取成本為 62 美元。右側顯示，即使在此成本水準下，投資報酬仍具吸引力。以此處的美國案例而言，會員在會員期一開始就會支付 50 美元的年費。

Additionally, we generated an average of $15 per member in revenue from transactions in Q2. This doesn't even consider an increase in advertising revenues and future membership fees and other revenues in Q3 and future periods.

此外，我們在第二季每位會員平均從交易中產生 15 美元營收。這還未納入第三季及未來期間廣告收入的增加，以及未來會員費與其他收入。

Slide 7 explains, as a reminder, that with subscription businesses, membership fee revenue is recognized ratably over the subscription period, whereas acquisition costs are expensed as marketing costs immediately when incurred.

第 7 頁提醒大家，對於訂閱型業務，會員費收入會在訂閱期間按比例認列；而獲取成本則在發生時立即作為行銷費用認列。

Slide 8 shows that marketing costs reduced reported quarterly EPS in the short term but are projected to drive better results in 2027 and beyond. While marketing costs have negatively impact EPS this year, we now estimate for 2027 EPS of $1.20.

第 8 頁顯示，行銷成本在短期內降低了每季帳面 EPS，但預期將在 2027 年及之後帶來更佳成果。雖然行銷成本今年對 EPS 造成負面影響，但我們目前估計 2027 年 EPS 為 1.20 美元。

On slide 9, we break down our main categories of revenue. Advertising and commerce revenue was $18.2 million for Q2 2026. Revenue from membership fees increased to $5 million. Membership fees, which are more stable and predictable, are adding revenue and becoming a larger share, which we anticipate to increase further. This year, we expect them to account for over 20% of revenue.

在第 9 頁，我們拆解主要營收類別。2026 年第二季廣告與電商營收為 1,820 萬美元。會員費收入增加至 500 萬美元。會員費較為穩定且可預測，正在帶動營收並成為更大的占比，我們預期其占比將進一步提升。今年我們預期會員費將占營收超過 20%。

Please turn to slide 10. International conflicts affected revenue in all reporting segments. On slide 11, you can see that our reported GAAP operating margin for Q2 was negative 12%. Accelerated growth of club members reduces operating margin in the short term. As the number of membership renewals, which do not have acquisition expenses, grows, operating margins are expected to become more attractive over time.

請翻到第 10 頁。國際衝突影響了所有報導部門的營收。在第 11 頁，您可看到我們第二季依 GAAP 計算的帳面營業利益率為負 12%。加速成長俱樂部會員在短期內會降低營業利益率。隨著不需承擔獲取費用的續約會員數增加，營業利益率預期將隨時間推移而更具吸引力。

Slide 12 shows that investments of club members of Travelzoo occur 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 and operating loss as we believe it better explains how we evaluate financial performance. Q2 '26 non-GAAP operating loss was $2.1 million compared to non-GAAP operating profit of $2.4 million in the prior-year period.

第 12 頁顯示，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，甚至超越。在第 13 頁，我們提供非 GAAP 營業利益與營業虧損資訊，因為我們認為這更能說明我們如何評估財務表現。2026 年第二季非 GAAP 營業虧損為 210 萬美元，相較於去年同期非 GAAP 營業利益 240 萬美元。

Slide 14 provides information about the items that are excluded from the calculation of non-GAAP financial information. Please turn to slide 15. As of June 30, 2026, consolidated cash, cash equivalents, and restricted cash was $7.6 million. Our cash balance decreased but not because of increased member acquisition. We reduced merchant payables by $2.7 million and repurchased $1.9 million of shares of our common stock. The increase in marketing doesn't affect cash significantly. We expect our cash balances to rebound next quarter.

第 14 頁提供在計算非 GAAP 財務資訊時所排除項目的相關資訊。請翻到第 15 頁。截至 2026 年 6 月 30 日，合併現金、約當現金及受限制現金為 760 萬美元。我們的現金餘額下降，但並非因會員獲取增加所致。我們將應付商戶款項減少 270 萬美元，並回購了 190 萬美元的普通股。行銷增加對現金的影響不大。我們預期下季現金餘額將回升。

Now looking ahead, for Q3 2026, we expect year-over-year revenue growth. We also expect revenue growth in subsequent quarters as membership fees revenue is recognized ratably over the subscription period of 12 months and as we acquire new members and as more legacy members become club members. 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 likely.

展望未來，對於 2026 年第三季，我們預期營收將較去年同期成長。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 個月訂閱期間按比例認列，且我們將持續獲取新會員，並讓更多既有會員成為俱樂部會員。隨著經常性會員費收入逐步認列，長期而言我們預期獲利能力將提升。短期內，帳面淨利可能出現波動。

Now I'll turn the discussion over to Holger.

接下來我把討論交給 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. 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，Jeff。我們將持續運用 Travelzoo 的全球觸及、值得信賴的品牌，以及與頂尖旅遊供應商的強大合作關係，為俱樂部會員洽談更多俱樂部優惠。Travelzoo 會員多為高消費力、活躍，且樂於嘗試新體驗的人群。我們激發旅遊愛好者前往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而言，Travelzoo 是不可或缺的會員方案。

Please turn to slide 17. Membership empowers travelers to live their life of a travel enthusiast to the fullest while respecting different cultures. Membership provides access to high-quality and high-valuable club offers. Our global team negotiates and vets them rigorously. Club offers cannot be found anywhere else. Membership also provides complimentary access to airport lounges worldwide in case of flight delays.

請翻到第 17 頁。會員資格讓旅客在尊重不同文化的同時，能更充分地實現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。我們的全球團隊會嚴格洽談並審核。這些俱樂部優惠在其他地方找不到。若航班延誤，會員亦可免費使用全球各地的機場貴賓室。

In Q1 2026, we 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 enthusiasts are coming soon.

在 2026 年第一季，我們與 Allianz 合作推出首個「旅遊愛好者專線」（Travel Enthusiast Hotline）。無論您身在何處旅行，皆可享有 24/7 的免費協助。為旅遊愛好者精心策劃的美食之旅（Culinary Journeys）即將推出。

Slide 18 shows a few of the many exclusive club offers that we created for club members during the quarter. For example, a trip to Rome at a luxury hotel with flights from the UK for GBP249 per person; a vacation in Hawaii with three nights at the Hilton resort, including flights, for $499. One of the hottest musicals in London right now is Paddington.

第 18 張投影片展示了我們在本季度為俱樂部會員打造的眾多專屬俱樂部優惠中的一部分。例如：羅馬之旅，入住豪華飯店並包含自英國出發的機票，每人 249 英鎊；或夏威夷假期，入住希爾頓度假村三晚並包含機票，僅需 499 美元。目前倫敦最熱門的音樂劇之一是《柏靈頓》。

It's very difficult to get tickets. But Travelzoo club members who go to London and travel there, we have a deal for you, GBP89 per person and even includes dinner. Or a fourth example, the Mexico, St. Regis in Punta Mita, where we have an ocean view escape for two, with butler service that saves Travelzoo members over $2,000 over the regular price.

門票非常難買。但對於前往倫敦並在當地旅行的 Travelzoo 俱樂部會員，我們有一個優惠：每人 89 英鎊，且還包含晚餐。或者第四個例子：墨西哥蓬塔米塔的瑞吉（St. Regis），我們提供雙人海景度假方案，含管家服務，讓 Travelzoo 會員相較一般價格可省超過 2,000 美元。

Slide 19 shows the worldwide complimentary lounge access in case of flight delays. It is perfect for the travel enthusiasts. And it's good on any flight that you take, not only on trips that you booked with Travelzoo. Any flight that you book anywhere on an airline website or any travel agent, wherever in the world you are, you benefit from this lounge access.

第 19 張投影片展示了在航班延誤時可於全球享有的免費貴賓室使用權。這非常適合熱愛旅行的人。而且適用於你搭乘的任何航班，不僅限於透過 Travelzoo 預訂的行程。無論你在世界任何地方，於任何航空公司網站或任何旅行社預訂的任何航班，都能享有此貴賓室使用權。

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

第 20 張投影片提供會員的情緒與人口統計資訊。Travelzoo 深受富裕、活躍且樂於嘗試新體驗的旅行愛好者喜愛。我們有 90% 的會員表示願意探索新目的地與新的旅行點子。將近 70% 計畫在 2026 年進行兩次或以上的國際旅行。而他們的家庭收入中位數資訊也顯示他們具備這樣做的能力，尤其考量到我們俱樂部優惠所提供的卓越價值。

Slide 22 provides an overview of management's focus. We are working to grow the number of paying members and accelerate revenue growth by converting legacy members and 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 subscription revenue; and launch Travelzoo META with discipline.

第 22 張投影片概述管理層的重點方向。我們正致力於透過轉換既有（legacy）會員並新增俱樂部會員，來擴大付費會員數並加速營收成長；維持並擴大來自熱門 Top 20 產品的高獲利廣告業務；即使短期 EPS 較低，仍加速營收成長以帶動未來獲利；提升 Jack's Flight Club 的訂閱營收；並以紀律推出 Travelzoo META。

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

接下來 Christina 將就 Travelzoo META 與 Jack's Flight Club 提供最新進展。

We expect the first Travelzoo META experiences to become available in Q3 2026. Access to Travelzoo META will be an exclusive benefit of Travelzoo club membership. For Jack's Flight Club, to align with Travelzoo and other investment priorities, our focus is on revenue growth by growing members.

我們預期第一批 Travelzoo META 體驗將於 2026 年第三季（Q3 2026）開始提供。Travelzoo META 的使用權將是 Travelzoo 俱樂部會員的專屬福利。至於 Jack's Flight Club，為了與 Travelzoo 及其他投資優先事項一致，我們的重點是透過增加會員來推動營收成長。

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，開放 Jeff、Holger 和我回答提問。

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

（接線員指示）Theodore O'Neill，Litchfield Hills Research。

So, Holger, if you could give us some more detail on what's happening with the advertisers and travelers? You say in the prepared remarks here that conflicts are creating uncertainty. And at the same time, at least in the US, we're seeing more people traveling.

Holger，你能否更詳細說明一下廣告主與旅客目前的情況？你在事先準備的發言中提到，衝突正在造成不確定性。但同時，至少在美國，我們看到更多人在旅行。

So are they spending less money? Is it a reduction in purchasing power? Or are they doing something different that causes them to spend less? What's your sense that's going on there?

所以他們是花更少錢嗎？是購買力下降嗎？還是他們做了某些不同的事，導致支出變少？你覺得背後發生了什麼？

Theo, so at the beginning of the quarter, and I would say it lasted probably in April and May, we definitely saw travelers to be more hesitant to book trips. Some were cutting back; some were changing destinations. And it just affected the sentiment among our members and also among the advertisers who became a bit more careful.

Theo，在本季度初，我會說大概持續到 4 月和 5 月，我們確實看到旅客在預訂行程時更為猶豫。有些人在縮減支出；有些人在更換目的地。這影響了我們會員的情緒，也影響了廣告主，他們變得更為謹慎。

That trend already changed a bit towards June. And today, we see more people traveling. And we definitely see this sentiment decreasing, which is why we said we look at this as a temporary situation and advertising revenues increasing again in the future.

這個趨勢在 6 月左右已經有所改變。而目前我們看到更多人在旅行。我們也確實看到這種負面情緒正在下降，因此我們才說這是暫時性的情況，未來廣告營收會再次成長。

And while we're on the subject, what about the fires in Spain and France? Is that going to have an impact, do you think, in sort of a general way, like we're seeing here with conflicts?

既然談到這個，那西班牙和法國的火災呢？你認為這會不會像我們在衝突事件中看到的那樣，對整體造成影響？

They are very specific -- they are in very, very specific areas that are not major destinations for our members, from what I remember. I don't think we have promoted offers to these destinations. But sure, it just makes people more aware that they have to think about where they want to travel and then just potentially change the destination where they are going to.

那些火災非常局部——發生在非常、非常特定的區域；就我記得，那些並不是我們會員的主要目的地。我不認為我們曾推廣過前往那些目的地的優惠。但當然，這會讓人更意識到需要思考想去哪裡旅行，然後可能改變他們原本要去的目的地。

Michael Kupinski, Noble Capital Markets.

Michael Kupinski，Noble Capital Markets。

I kind of want to go back to the marketing spend. I know, obviously, it has doubled and you say that it's expected to continue over the next several quarters. What metrics will determine when marketing investment begins to normalize? And I know that your assumption of $1.20 in EPS in 2027, how much does that assume in the delta in marketing expenses for 2027?

我想回到行銷支出這個話題。我知道很明顯已經翻倍，而你也說預期未來幾個季度會持續。哪些指標會決定行銷投資何時開始回歸常態？另外，你對 2027 年 EPS 為 1.20 美元的假設中，對 2027 年行銷費用變動（delta）的假設是多少？

So look, as Jeff explained earlier, we made a very decisive shift this quarter to invest more in marketing and acquiring members because it's the right thing to do. We spent $4.6 million in marketing this quarter, as you say, substantially more. But on the other hand, we had more trial start this quarter than at any time since we introduced the membership. This will result in more club memberships going forward, in more revenue going forward.

你看，正如 Jeff 先前解釋的，我們在本季度做出非常果斷的轉變：加大行銷投入並獲取會員，因為這是正確的做法。本季度我們在行銷上花了 460 萬美元，如你所說，明顯更多。但另一方面，本季度的試用（trial）開始數量，創下自我們推出會員制以來的最高水準。這將在未來帶來更多俱樂部會員、更多營收。

Yes, it doesn't generate a lot of revenue this quarter because most of these members start with a trial. The trial is for $1 in the US for 30 days. So revenue will only materialize over time. And at the same time, we have to expense the $4.6 million right away. That explains why we have this negative EPS this quarter.

是的，這一季不會產生太多營收，因為大多數這些會員是從試用開始。在美國，試用為 30 天 1 美元。因此營收只會隨時間逐步顯現。同時，我們必須立刻把 460 萬美元列為費用。這也解釋了為什麼本季度 EPS 會是負的。

But look, $4.6 million with minimal revenue this quarter -- you can do the math yourself -- at a tax benefit and divide it by the 10.5 million outstanding shares, it's a difference in EPS of $0.40. So why would we not go for the earnings and report $0.20 and instead report a loss? Because it's the right thing to do. We would like to shift more aggressively into memberships and into membership revenue.

但你看，460 萬美元、而本季度幾乎沒有營收——你可以自己算——考量稅務利益後，再除以 1,050 萬股流通在外股數，EPS 的差異約為 0.40 美元。那我們為什麼不追求盈餘、報告 0.20 美元，而是報告虧損？因為這是正確的做法。我們希望更積極地轉向會員制以及會員營收。

Your question, what is the level? As we explained, as long as our investments provide positive ROI and a relatively quick payback, we will continue to invest at these levels. To what level that will increase or decrease is simply determined by market conditions. But we will stay conservative. We will not spend more than this target that we have set ourselves.

你問的問題是，投入水準會是多少？如我們所說，只要投資能帶來正向 ROI 且回收期相對較短，我們就會在這些水準上持續投資。至於會增加或減少到什麼程度，純粹取決於市場狀況。但我們會保持保守。我們不會花超過我們為自己設定的目標上限。

But anything that we spend below that target is just the right thing to do. It's rational, and we believe it's the right strategy for the company to shift over to a membership model more quickly and for even brighter results in 2027.

但任何低於該目標上限的支出，都是正確的做法。這是理性的，我們也相信這是公司更快速轉向會員模式、並在 2027 年取得更亮眼成果的正確策略。

Yeah. And just to be clear, Holger, that $1.20 then is just illustrative for 2027?

好的。Holger，為了確認一下，那 1.20 美元只是 2027 年的示意數字嗎？

It's not a projected EPS. It's the -- as the slide says, it's the incremental difference in EPS that we are seeing. So we see -- indeed, we see the decrease incrementally of $0.60 this year. And on the other hand, because we see the revenue coming in with no marketing expenses next year because a lot of these people will renew their memberships, we will see an incremental increase of $1.20 next year just from that investment.

那不是預測的 EPS。而是——如投影片所示——我們看到的 EPS 增量差異。所以我們確實看到今年增量下降 0.60 美元。另一方面，因為我們看到明年營收進來、且沒有行銷費用（因為很多人會續訂會員），僅就這項投資而言，明年我們將看到 EPS 增量增加 1.20 美元。

Got you. And as my follow-up question, North America experienced your largest decline in profitability. Can you quantify how much of that decline resulted from the incremental marketing spend versus maybe weaker travel demand that you had in April and May or weaker advertising demand or even changes in conversion rates?

了解。作為我的追問，北美的獲利能力下滑幅度最大。你能否量化一下，這一下滑有多少是來自於額外的行銷支出，而非你們在4月和5月遇到的較疲弱旅遊需求、較疲弱的廣告需求，甚至是轉換率的變化？

We don't break it out by segment. But as you see, North America had the largest share of our marketing expense, and that's why we had the largest decrease nominally in earnings there. Marketing investments, as I explained, they are smart. They are right things to do. They have a larger impact on EPS than the temporary reduction of revenue that we saw in Q2.

我們不會按區域分拆揭露。但如你所見，北美占了我們行銷費用的最大比重，因此那裡的名目盈餘降幅也最大。行銷投資，如我所解釋的，是明智的。這是正確該做的事。相較於我們在第二季看到的暫時性營收下滑，它們對每股盈餘（EPS）的影響更大。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Just maybe some follow-up questions on the marketing investments. Can you sort of break out how you kind of classify those between, like, say, the marketing sales expenses versus what goes into like cost of revenue? And what are some of the kind of the drivers within that marketing investment to either secure revenue or secure membership growth or retention of members?

我想再追問幾個關於行銷投資的問題。你能否說明一下，你們如何在行銷與銷售費用，與計入營收成本（cost of revenue）的部分之間做分類？另外，在這些行銷投資中，哪些驅動因素是為了確保營收，或確保會員成長，或提升會員留存？

Almost all of the $4.6 million in marketing expenses are targeted towards increasing the number of members. We are not spending any money on retention. And as I said, we could have just not spent anything this quarter. We would have the same revenue, but we would have obviously a positive EPS.

4,600萬美元的行銷費用幾乎全部都用於增加會員數。我們沒有在留存上花任何錢。而且如我所說，我們這一季其實也可以完全不花。那樣我們的營收會一樣，但顯然每股盈餘（EPS）會是正的。

So the spend is not contingent on keeping the existing business going. I think that's what your question is. The spend is really incremental to drive new members, to acquire new members, and to drive the member base, and to convert legacy members into club members. That's where we're using offers where sometimes we have a temporarily higher cost of revenue, which you also asked about. So that's why you're seeing that.

所以這筆支出並不是為了維持既有業務運轉所必需的。我想這就是你問題的重點。這筆支出是真正的增量，用來推動新會員、取得新會員、擴大會員基礎，並把既有（legacy）會員轉換為俱樂部會員。這也是我們使用優惠方案的地方，而這些方案有時會帶來暫時較高的營收成本（cost of revenue），你也問到了這點。所以你才會看到這樣的情況。

Okay. So the acquisition cost also goes into the cost of revenue? That's -- is that what you're saying?

好的。所以獲客成本也會計入營收成本（cost of revenue）？你的意思是這樣嗎？

Indirectly, because some of the offers we are creating for member acquisition, offers that we then turn into club offers. They still are very profitable, but the way we account for them is with a certain amount of the expenses going to the cost of revenues. But they are not expenses for acquiring new members. Sorry if that was misunderstood.

間接而言，因為我們為了會員獲取所設計的一些優惠，之後會轉成俱樂部優惠。它們仍然非常有利潤，但在會計處理上，我們會把其中一部分費用歸入營收成本（cost of revenues）。但那並不是用來取得新會員的費用。如果先前造成誤解，抱歉。

Okay. And then just on advertising and commerce, could you maybe just sort of break out like the commerce revenue and what is sort of unrelated from club offers and just the overall advertising environment (technical difficulty) advertisers are coming back in to match that increase in traveler interest?

好的。另外關於廣告與電商，你能否拆解一下電商收入，以及哪些是與俱樂部優惠無關的？再談談整體廣告環境（技術問題）——廣告主是否正在回流，以配合旅客興趣的提升？

Yeah, it decreased in Q2, as I mentioned, but it improved throughout the quarter. We saw better results in June, and now we are seeing better -- even better results again in July. So we are seeing more of the advertisers lift their hesitations. And also, we are seeing more members book more offers and travel more than before, I would say, a quarter ago.

是的，如我提到的，第二季是下降的，但在整個季度中逐步改善。我們在6月看到更好的結果，而現在在7月又看到更好——甚至更好的結果。所以我們看到更多廣告主正在消除他們的猶豫。同時，我們也看到更多會員預訂更多優惠、旅行也比之前更多；我會說，相較於一季前是如此。

Steve Silver, Argus Research.

Steve Silver，Argus Research。

Holger, it sounded like you just said that there's been no marketing spending on club member renewals to date. So I just want to make sure I heard that correctly and just whether that means that all renewals that have come through to date have been organic and not requiring any further incentives to get members to renew.

Holger，聽起來你剛才說到目前為止，俱樂部會員續約沒有任何行銷支出。我只是想確認我聽得沒錯，以及這是否意味著目前所有已完成的續約都是自然發生的，不需要任何額外誘因來促使會員續約。

That's correct.

沒錯。

Okay. Great. And so I'd love to hear your thoughts on the current state of the balance sheet. Obviously, cash was lower from share repurchases and the paydown of merchant payables. But then the prepared remarks said that you expect cash to rebound in this current quarter. So I'd just love your thoughts in terms of the current state of the balance sheet, particularly as it might relate to future share repurchases.

好的。很好。我也想聽聽你對目前資產負債表狀況的看法。顯然，現金因為股票回購以及償還商戶應付帳款而下降。但事先準備的講稿提到，你預期本季現金會回升。所以我想聽聽你對目前資產負債表狀況的看法，特別是它與未來股票回購之間的關聯。

Also correct. We would like to see the balance -- the cash balance be higher. It's a bit too low at the end of Q2, and it will increase in Q3. And we're working on various actions to increase that cash balance.

也沒錯。我們希望資產負債表——現金餘額能更高。第二季末的水位有點太低，第三季會上升。我們也在推動各種措施來提高現金餘額。

But it's important to understand that decrease is not an effect of our increased marketing spend because the marketing spend comes back quickly within a couple of months. It was just a result of the two items that you quoted.

但重要的是要理解，這個下降並不是我們增加行銷支出的影響，因為行銷支出在幾個月內就會很快回收。這只是你提到的那兩個項目所造成的結果。

Ed Woo, Ascendiant Capital.

Ed Woo，Ascendiant Capital。

My question is, the margins on your club members, is it -- how profitable is it? And as you start to add more benefits such as the club access for delayed flights and other benefits, is that going to impact your margin for club members?

我的問題是，你們俱樂部會員的毛利率（margin）——它的獲利性如何？而當你們開始增加更多福利，例如航班延誤時的貴賓室使用權等其他福利，這會影響俱樂部會員的毛利率嗎？

The major expense for club members -- I mean, not all club members are acquired via paid marketing, of course. We also have legacy members that convert. We have also new club members that come because word of mouth.

俱樂部會員的主要費用——我的意思是，當然不是所有俱樂部會員都是透過付費行銷取得的。我們也有轉換而來的既有（legacy）會員。也有因口碑而來的新俱樂部會員。

The only major expense is really at the beginning for the ones we pay for the member acquisition cost. When renewal comes up, there's no cost associated with it, so it becomes very profitable. Indeed, it becomes incrementally profitable, close to 100%.

唯一的主要費用其實是在一開始，針對那些我們支付會員獲取成本的會員。當續約到期時，沒有任何相關成本，因此就變得非常有利潤。確實，它會變成增量獲利，接近100%。

The benefits that we have picked and that we are offering to club members have been selected very carefully. They are very much loved by the members, but the expense for them is relatively low compared to the value that the members see in them. So yes, it is an expense, but it's not a substantial expense.

我們挑選並提供給俱樂部會員的福利都經過非常謹慎的選擇。會員非常喜愛，但相較於會員感受到的價值，其成本相對較低。所以是的，這是一項費用，但不是重大的費用。

Great. And then my last question is, in terms of club members, do you find that the club members in Europe have a similar profile to the club members in North America in terms of either income, ability to travel, and also renewal and sign-up rates?

很好。最後一個問題，關於俱樂部會員，你們是否發現歐洲的俱樂部會員在輪廓上與北美的俱樂部會員相似，例如收入、旅行能力，以及續約與註冊率？

Yes, absolutely. The common theme is that they all love to travel. That's why we call ourselves travel enthusiasts. There's no difference there. In general, I would say the only difference you see between Europe and the US is that people in Europe have more vacations. So their trips are a bit longer. They spend less per day.

是的，完全是。共同點是他們都熱愛旅行。這也是我們稱自己為旅遊愛好者的原因。在這方面沒有差異。一般來說，我會說歐洲與美國之間你看到的唯一差異是，歐洲人假期更多。所以他們的旅程會稍微更長。他們每天的花費較少。

Americans, on the other hand, when they travel, they like to splurge. So the most successful offers and the most sought-after offers in the US and Canada are offers at five-star hotels. So that shows us that the income levels in the US are very much supporting these high-end offers like the St. Regis that I spoke about earlier.

另一方面，美國人旅行時喜歡大手筆消費。因此在美國與加拿大，最成功、最受追捧的優惠是五星級飯店的方案。這也顯示，美國的收入水準非常足以支撐這些高端優惠，例如我先前提到的瑞吉（St. Regis）。

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

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

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

謝謝各位。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 Travelzoo's second-quarter 2026 earnings call and webcast. You may now disconnect your lines at this time, and have a wonderful day.

Travelzoo 2026年第二季財報電話會議與網路直播到此結束。您現在可以掛斷電話線，祝您有美好的一天。