Travelzoo® (NASDAQ: TZOO):
- Consolidated revenue of $19.1 million, up 172% year-over-year
and up 34% quarter-over-quarter
- Non-GAAP consolidated operating
profit of $4.9 million
- Earnings per share (EPS) of $0.22 attributable to Travelzoo
from continuing operations
- Cash flow from operations of $12.8 million
Travelzoo, a global Internet media company that publishes
exclusive offers and experiences for members, today announced
financial results for the second quarter ended June 30,
2021. Consolidated revenue was $19.1 million, up 172% from
$7.0 million year-over-year and up 34% from $14.3 million in the
prior quarter. Reported revenue excludes revenue from discontinued
operations in Asia Pacific. Travelzoo's reported revenue consists
of advertising revenues and commissions, derived from and generated
in connection with purchases made by Travelzoo members.
The reported net income attributable to Travelzoo from
continuing operations was $3.0 million for Q2 2021. At the
consolidated level, including minority interests, the reported net
income from continuing operations was $3.0 million. EPS from
continuing operations was $0.22, compared to a loss per share of
($0.48) in the prior-year period.
Non-GAAP operating profit was $4.9 million. The calculation of
non-GAAP operating profit excludes amortization of intangibles
($0.3 million), stock option expenses ($0.9 million), and
severance-related expenses ($0.2 million). See section “Non-GAAP
Financial Measures” below.
“We see continued improvement in our business. We seize the
exceptional industry opportunities for providing 30 million
Travelzoo members exclusive and irresistible travel, entertainment,
and local offers and experiences. Travelzoo members are affluent,
active, and open for new experiences. 75% say Travelzoo influences
their travel destinations because they trust Travelzoo", said
Holger Bartel, Global CEO.
Cash PositionAs of June 30, 2021,
consolidated cash, cash equivalents and restricted cash were $82.1
million. Cash flow from operations was $12.8 million. There were no
significant capital expenditures.
ReserveReported revenues include a reserve of
$3.7 million related to commissions to be earned from refundable
vouchers sold. The reserve is booked as contra revenue. For Q2
2021, an adjustment to the reserve increased reported revenue by
$286,000.
Travelzoo North AmericaNorth America business
segment revenue increased 233% year-over-year to $14.0 million.
Operating profit for Q2 2021 was $3.5 million, or 25% of revenue,
compared to an operating loss of $4.7 million in the prior-year
period.
Travelzoo EuropeEurope business segment revenue
increased 128% year-over-year to $4.2 million. Operating loss for
Q2 2021 was $227,000, compared to an operating loss of $1.7 million
in the prior-year period.
Jack’s Flight ClubOn January 13, 2020,
Travelzoo acquired 60% of Jack’s Flight Club, a membership
subscription service. Jack’s Flight Club revenue decreased 9%
year-over-year to $860,000. Operating income for Q2 2021 was
$170,000, compared to an operating loss of $248,000 in the
prior-year period. After consolidation with Travelzoo, Jack’s
Flight Club's net income was $98,000, with $59,000 attributable to
Travelzoo as a result of recording $275,000 of amortization of
intangible assets related to the acquisition.
LicensingIn June 2020, Travelzoo sold its
subsidiary in Japan, Travelzoo Japan K.K., to Mr. Hajime Suzuki. In
connection with the sale, Travelzoo and Travelzoo Japan K.K.
entered into a royalty-bearing licensing agreement for the
exclusive use of Travelzoo members in Japan. In August 2020,
Travelzoo sold its Singapore subsidiary to Mr. Julian Rembrandt and
entered into a royalty-bearing licensing agreement for, among other
things, the exclusive use of Travelzoo's members in Australia, New
Zealand, and Singapore. Under the licensing agreements, Travelzoo's
existing members in Australia, Japan, New Zealand, and Singapore
will continue to be owned by Travelzoo as the licensor. Licensing
revenue is booked with a lag of one quarter. Travelzoo did not
record any licensing revenue from either subsidiary in Q2 2021.
Members and SubscribersAs of June 30,
2021, we had 31.3 million members worldwide. In North America, the
unduplicated number of Travelzoo members was 17.7 million as of
June 30, 2021, up 6% from June 30, 2020. In Europe, the
unduplicated number of Travelzoo members was 8.5 million as of
June 30, 2021, down 6% from June 30, 2020. Jack’s Flight
Club had 1.7 million subscribers as of June 30, 2021,
consistent with 1.7 million subscribers as of June 30,
2020.
Discontinued OperationsAs announced in a press
release on March 10, 2020, Travelzoo decided to exit its Asia
Pacific business which in 2019 reduced EPS by $0.60. The Asia
Pacific business has been classified as discontinued operations
since March 31, 2020. Prior periods have been reclassified to
conform with the current presentation. Certain reclassifications
have been made for current and prior periods between the continued
operations and the discontinued operations in accordance with U.S.
GAAP.
Income TaxesIncome tax expense was $1.1 million
in Q2 2021, compared to an income tax benefit of $1.3 million in
the prior-year period.
Non-GAAP Financial MeasuresManagement
calculates non-GAAP operating income when evaluating the financial
performance of the business. Travelzoo’s calculation of non-GAAP
operating income, also called “non-GAAP operating profit” in this
press release and today’s earnings conference call, excludes the
following items: impairment of intangibles and goodwill,
amortization of intangibles, stock option expenses, and severance-
related expenses. This press release includes a table which
reconciles GAAP operating income to the calculation of non-GAAP
operating income. Non-GAAP operating income is not required by, or
presented in accordance with, generally accepted accounting
principles in the United States of America ("GAAP"). This
information should be considered as supplemental in nature and
should not be considered in isolation or as a substitute for the
financial information prepared in accordance with GAAP. In
addition, these non-GAAP financial measures may not be the same as
similarly titled measures reported by other companies.
Looking AheadWe currently expect for Q3 2021 to
report higher revenue and profitability. We see a trend of recovery
of our revenue. We have been able to reduce our operating expenses,
and we believe we can continue the trend of lower fixed costs in
the foreseeable future.
Conference CallTravelzoo will host a conference
call to discuss second quarter results today at 11:00 a.m. ET.
Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed
in the conference call; and access the webcast.
About TravelzooTravelzoo® provides our 30
million members insider deals and one-of-a-kind experiences
personally reviewed by one of our deal experts around the globe. We
have our finger on the pulse of outstanding travel, entertainment,
and lifestyle experiences. For over 20 years we have worked in
partnership with more than 5,000 top travel suppliers—our
long-standing relationships give Travelzoo members access to
irresistible deals.
Certain statements contained in this press release that are not
historical facts may be forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities and Exchange Act of 1934. These
forward-looking statements may include, but are not limited to,
statements about our plans, objectives, expectations, prospects and
intentions, markets in which we participate and other statements
contained in this press release that are not historical facts. When
used in this press release, the words “expect”, “predict”,
“project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”,
“seek” and similar expressions are generally intended to identify
forward-looking statements. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements,
including changes in our plans, objectives, expectations, prospects
and intentions and other factors discussed in our filings with the
SEC. We cannot guarantee any future levels of activity, performance
or achievements. Travelzoo undertakes no obligation to update
forward-looking statements to reflect events or circumstances
occurring after the date of this press release.
Travelzoo, Top 20, and Jack's Flight Club are registered
trademarks of Travelzoo.
TravelzooCondensed
Consolidated Statements of
Operations(Unaudited)(In
thousands, except per share amounts)
| |
Three months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Revenues |
$ |
19,079 |
|
|
$ |
7,004 |
|
|
$ |
33,363 |
|
|
$ |
27,331 |
|
| Cost of revenues |
2,522 |
|
|
2,141 |
|
|
5,540 |
|
|
4,844 |
|
|
Gross profit |
16,557 |
|
|
4,863 |
|
|
27,823 |
|
|
22,487 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
7,340 |
|
|
4,288 |
|
|
14,130 |
|
|
17,382 |
|
|
Product development |
685 |
|
|
566 |
|
|
1,368 |
|
|
1,994 |
|
|
General and administrative |
5,056 |
|
|
6,642 |
|
|
9,616 |
|
|
12,164 |
|
|
Impairment of intangible asset and goodwill |
— |
|
|
— |
|
|
— |
|
|
2,920 |
|
|
Total operating expenses |
13,081 |
|
|
11,496 |
|
|
25,114 |
|
|
34,460 |
|
| Operating income (loss) |
3,476 |
|
|
(6,633 |
) |
|
2,709 |
|
|
(11,973 |
) |
| Other income (loss), net |
684 |
|
|
(179 |
) |
|
518 |
|
|
(185 |
) |
| Income (loss) from continuing
operations before income taxes |
4,160 |
|
|
(6,812 |
) |
|
3,227 |
|
|
(12,158 |
) |
| Income tax expense (benefit) |
1,136 |
|
|
(1,309 |
) |
|
1,878 |
|
|
(1,826 |
) |
| Income (loss) from continuing
operations |
3,024 |
|
|
(5,503 |
) |
|
1,349 |
|
|
(10,332 |
) |
| Income (loss) from discontinued
operations,net of tax |
29 |
|
|
(795 |
) |
|
14 |
|
|
(3,714 |
) |
| Net income (loss) |
3,053 |
|
|
(6,298 |
) |
|
1,363 |
|
|
(14,046 |
) |
| Net income (loss) attributable to
non-controlling interest |
39 |
|
|
(108 |
) |
|
(9 |
) |
|
(1,247 |
) |
| Net income (loss) attributable to
Travelzoo |
$ |
3,014 |
|
|
$ |
(6,190 |
) |
|
$ |
1,372 |
|
|
$ |
(12,799 |
) |
| |
|
|
|
|
|
|
|
| Net income (loss) attributable to
Travelzoo—continuing operations |
$ |
2,985 |
|
|
$ |
(5,395 |
) |
|
$ |
1,358 |
|
|
$ |
(9,085 |
) |
| Net income (loss) attributable to
Travelzoo—discontinued operations |
$ |
29 |
|
|
$ |
(795 |
) |
|
$ |
14 |
|
|
$ |
(3,714 |
) |
| |
|
|
|
|
|
|
|
| Income (Loss) per
share—basic |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.26 |
|
|
$ |
(0.48 |
) |
|
$ |
0.12 |
|
|
$ |
(0.80 |
) |
|
Discontinued operations |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.33 |
) |
| Net income (loss) per share
—basic |
$ |
0.26 |
|
|
$ |
(0.55 |
) |
|
$ |
0.12 |
|
|
$ |
(1.13 |
) |
| |
|
|
|
|
|
|
|
| Income (Loss) per
share—diluted |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.22 |
|
|
$ |
(0.48 |
) |
|
$ |
0.10 |
|
|
$ |
(0.80 |
) |
|
Discontinued operations |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.33 |
) |
| Net income (loss) per
share—diluted |
$ |
0.22 |
|
|
$ |
(0.55 |
) |
|
$ |
0.10 |
|
|
$ |
(1.13 |
) |
| Shares used in per share
calculation from continuing operations—basic |
11,488 |
|
|
11,310 |
|
|
11,440 |
|
|
11,375 |
|
| Shares used in per share
calculation from discontinued operations—basic |
11,488 |
|
|
11,310 |
|
|
11,440 |
|
|
11,375 |
|
| Shares used in per share
calculation from continuing operations—diluted |
13,408 |
|
|
11,310 |
|
|
13,248 |
|
|
11,375 |
|
| Shares used in per share
calculation from discontinued operations—diluted |
13,408 |
|
|
11,310 |
|
|
13,248 |
|
|
11,375 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
TravelzooCondensed
Consolidated Balance
Sheets(Unaudited)(In
thousands)
| |
June 30,2021 |
|
December 31,2020 |
| Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
80,962 |
|
|
$ |
63,061 |
|
|
Accounts receivable, net |
9,905 |
|
|
4,519 |
|
|
Prepaid income taxes |
1,616 |
|
|
931 |
|
|
Deposits |
105 |
|
|
137 |
|
|
Prepaid expenses and other |
3,253 |
|
|
1,166 |
|
|
Assets from discontinued operations |
84 |
|
|
230 |
|
|
Total current assets |
95,925 |
|
|
70,044 |
|
|
Deposits and other |
1,552 |
|
|
745 |
|
|
Deferred tax assets |
3,647 |
|
|
5,067 |
|
|
Restricted cash |
1,164 |
|
|
1,178 |
|
|
Operating lease right-of-use assets |
8,559 |
|
|
8,541 |
|
|
Property and equipment, net |
1,034 |
|
|
1,347 |
|
|
Intangible assets, net |
3,975 |
|
|
4,534 |
|
|
Goodwill |
10,944 |
|
|
10,944 |
|
|
Total assets |
$ |
126,800 |
|
|
$ |
102,400 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
8,503 |
|
|
$ |
6,996 |
|
|
Merchant payables |
82,236 |
|
|
57,104 |
|
|
Accrued expenses and other |
8,222 |
|
|
8,649 |
|
|
Deferred revenue |
2,213 |
|
|
2,688 |
|
|
Operating lease liabilities |
3,751 |
|
|
3,587 |
|
|
PPP notes payable (current portion) |
3,156 |
|
|
2,849 |
|
|
Income tax payable |
98 |
|
|
326 |
|
|
Liabilities from discontinued operations |
482 |
|
|
671 |
|
|
Total current liabilities |
108,661 |
|
|
82,870 |
|
|
PPP notes payables |
— |
|
|
814 |
|
|
Deferred tax liabilities |
38 |
|
|
357 |
|
|
Long-term operating lease liabilities |
10,353 |
|
|
10,774 |
|
|
Other long-term liabilities |
2,146 |
|
|
1,085 |
|
|
Total liabilities |
121,198 |
|
|
95,900 |
|
|
Non-controlling interest |
4,600 |
|
|
4,609 |
|
|
Common stock |
115 |
|
|
114 |
|
|
Treasury stock (at cost) |
(1,583 |
) |
|
— |
|
|
Additional paid-in capital |
4,988 |
|
|
6,239 |
|
|
Retained earnings (accumulated deficit) |
969 |
|
|
(403 |
) |
|
Accumulated other comprehensive loss |
(3,487 |
) |
|
(4,059 |
) |
|
Total stockholders’ equity |
1,002 |
|
|
1,891 |
|
|
Total liabilities and stockholders’ equity |
$ |
126,800 |
|
|
$ |
102,400 |
|
|
|
|
|
|
|
|
|
|
TravelzooCondensed
Consolidated Statements of Cash
Flows(Unaudited)(In
thousands)
| |
Three months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,053 |
|
|
$ |
(6,298 |
) |
|
$ |
1,363 |
|
|
$ |
(14,046 |
) |
| Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
476 |
|
|
667 |
|
|
960 |
|
|
1,218 |
|
|
Stock-based compensation |
934 |
|
|
4,031 |
|
|
1,816 |
|
|
4,054 |
|
|
Deferred income tax |
599 |
|
|
(1,152 |
) |
|
1,140 |
|
|
(1,761 |
) |
|
Impairment of intangible assets and goodwill |
— |
|
|
— |
|
|
— |
|
|
2,920 |
|
|
Gain on notes payable settlement |
— |
|
|
(1,500 |
) |
|
— |
|
|
(1,500 |
) |
|
Loss on long-lived assets |
— |
|
|
— |
|
|
— |
|
|
437 |
|
|
Loss on equity investment in WeGo |
— |
|
|
141 |
|
|
— |
|
|
336 |
|
|
Gain on PPP notes payable forgiveness |
(429 |
) |
|
— |
|
|
(429 |
) |
|
— |
|
|
Net foreign currency effects |
(103 |
) |
|
225 |
|
|
(255 |
) |
|
(456 |
) |
|
Provision (reversal) of loss on accounts receivable and other
reserves |
(417 |
) |
|
986 |
|
|
(871 |
) |
|
2,427 |
|
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
(2,552 |
) |
|
3,674 |
|
|
(4,781 |
) |
|
6,183 |
|
|
Prepaid income taxes |
(168 |
) |
|
— |
|
|
(713 |
) |
|
989 |
|
|
Prepaid expenses and other |
(418 |
) |
|
558 |
|
|
(2,775 |
) |
|
1,420 |
|
|
Accounts payable |
(312 |
) |
|
1,602 |
|
|
1,415 |
|
|
2,149 |
|
|
Merchant payables |
11,973 |
|
|
15,100 |
|
|
25,185 |
|
|
8,160 |
|
|
Accrued expenses and other |
321 |
|
|
(2,084 |
) |
|
(320 |
) |
|
(1,380 |
) |
|
Income tax payable |
(102 |
) |
|
266 |
|
|
(228 |
) |
|
(67 |
) |
|
Other liabilities |
(80 |
) |
|
263 |
|
|
332 |
|
|
2,340 |
|
| Net cash provided by operating
activities |
12,775 |
|
|
16,479 |
|
|
21,839 |
|
|
13,423 |
|
| Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Acquisition of business, net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
(679 |
) |
|
Other investment |
— |
|
|
(430 |
) |
|
— |
|
|
(430 |
) |
|
Purchases of property and equipment |
(77 |
) |
|
(72 |
) |
|
(84 |
) |
|
(203 |
) |
| Net cash used in investing
activities |
(77 |
) |
|
(502 |
) |
|
(84 |
) |
|
(1,312 |
) |
| Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Repurchase of common stock |
— |
|
|
— |
|
|
(1,583 |
) |
|
(1,205 |
) |
|
Payment of promissory notes |
— |
|
|
(6,800 |
) |
|
— |
|
|
(7,800 |
) |
|
Proceeds from notes payable |
— |
|
|
3,663 |
|
|
— |
|
|
3,663 |
|
|
Exercise of stock options and taxes paid for net share
settlement |
(3,066 |
) |
|
— |
|
|
(3,066 |
) |
|
— |
|
| Net cash used in financing
activities |
(3,066 |
) |
|
(3,137 |
) |
|
(4,649 |
) |
|
(5,342 |
) |
| Effect of exchange rate on cash,
cash equivalents and restricted cash |
427 |
|
|
(239 |
) |
|
697 |
|
|
(511 |
) |
| Net increase in cash, cash
equivalents and restricted cash |
10,059 |
|
|
12,601 |
|
|
17,803 |
|
|
6,258 |
|
| Cash, cash equivalents and
restricted cash at beginning of period |
72,129 |
|
|
14,367 |
|
|
64,385 |
|
|
20,710 |
|
| Cash, cash equivalents and
restricted cash at end of period |
$ |
82,188 |
|
|
$ |
26,968 |
|
|
$ |
82,188 |
|
|
$ |
26,968 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TravelzooSegment
Information from Continuing
Operations(Unaudited)(In
thousands)
| Three months ended
June 30, 2021 |
TravelzooNorthAmerica |
|
TravelzooEurope |
|
Jack's FlightClub |
|
Elimination |
|
Consolidated |
|
Revenue from unaffiliated customers |
$ |
13,650 |
|
|
$ |
4,569 |
|
|
$ |
860 |
|
|
$ |
— |
|
|
|
$ |
19,079 |
|
| Intersegment revenue |
335 |
|
|
(335 |
) |
|
— |
|
|
— |
|
|
|
— |
|
| Total net revenues |
13,985 |
|
|
4,234 |
|
|
860 |
|
|
— |
|
|
|
19,079 |
|
| Operating income (loss) |
$ |
3,533 |
|
|
$ |
(227 |
) |
|
$ |
170 |
|
|
$ |
— |
|
|
|
$ |
3,476 |
|
| |
|
|
|
|
|
|
|
|
|
| Three months ended
June 30, 2020 |
TravelzooNorthAmerica |
|
TravelzooEurope |
|
Jack's FlightClub |
|
Elimination |
|
Consolidated |
| Revenue from unaffiliated
customers |
$ |
4,254 |
|
|
$ |
1,805 |
|
|
$ |
945 |
|
|
$ |
— |
|
|
|
$ |
7,004 |
|
| Intersegment revenue |
(52 |
) |
|
52 |
|
|
— |
|
|
— |
|
|
|
— |
|
| Total net revenues |
4,202 |
|
|
1,857 |
|
|
945 |
|
|
— |
|
|
|
7,004 |
|
| Operating loss |
$ |
(4,702 |
) |
|
$ |
(1,683 |
) |
|
$ |
(248 |
) |
|
$ |
— |
|
|
|
$ |
(6,633 |
) |
| Six months
endedJune 30, 2021 |
TravelzooNorthAmerica |
|
TravelzooEurope |
|
Jack's FlightClub |
|
Elimination |
|
Consolidated |
|
Revenue from unaffiliated customers |
$ |
23,478 |
|
|
$ |
8,138 |
|
|
$ |
1,747 |
|
|
$ |
— |
|
|
$ |
33,363 |
|
| Intersegment revenue |
326 |
|
|
(326 |
) |
|
— |
|
|
— |
|
|
— |
|
| Total net revenues |
23,804 |
|
|
7,812 |
|
|
1,747 |
|
|
— |
|
|
33,363 |
|
| Operating income (loss) |
$ |
3,572 |
|
|
$ |
(923 |
) |
|
$ |
60 |
|
|
$ |
— |
|
|
$ |
2,709 |
|
| |
|
|
|
|
|
|
|
|
|
| Six months
endedJune 30, 2020 |
TravelzooNorthAmerica |
|
TravelzooEurope |
|
Jack's FlightClub |
|
Elimination |
|
Consolidated |
| Revenue from unaffiliated
customers |
$ |
16,803 |
|
|
$ |
8,908 |
|
|
$ |
1,628 |
|
|
$ |
(8 |
) |
|
$ |
27,331 |
|
| Intersegment revenue |
96 |
|
|
(104 |
) |
|
— |
|
|
8 |
|
|
— |
|
| Total net revenues |
16,899 |
|
|
8,804 |
|
|
1,628 |
|
|
— |
|
|
27,331 |
|
| Operating loss |
$ |
(5,678 |
) |
|
$ |
(3,024 |
) |
|
$ |
(3,263 |
) |
|
$ |
(8 |
) |
|
$ |
(11,973 |
) |
TravelzooReconciliation
of GAAP to Non-GAAP
Information(Unaudited)(In
thousands, except per share amounts)
| |
Three months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
GAAP operating expense |
$ |
13,081 |
|
|
$ |
11,496 |
|
|
$ |
25,114 |
|
|
$ |
34,460 |
|
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
Impairment of intangible and goodwill (A) |
— |
|
|
— |
|
|
— |
|
|
2,920 |
|
|
Amortization of intangibles (B) |
275 |
|
|
396 |
|
|
559 |
|
|
611 |
|
|
Stock option expenses (C) |
934 |
|
|
4,031 |
|
|
1,816 |
|
|
4,054 |
|
|
Severance-related expenses (D) |
175 |
|
|
67 |
|
|
398 |
|
|
284 |
|
| Non-GAAP operating expense |
11,697 |
|
|
7,002 |
|
|
22,341 |
|
|
26,591 |
|
| |
|
|
|
|
|
|
|
| GAAP operating income (loss) |
3,476 |
|
|
(6,633 |
) |
|
2,709 |
|
|
(11,973 |
) |
| Non-GAAP adjustments (A through
D) |
1,384 |
|
|
4,494 |
|
|
2,773 |
|
|
7,869 |
|
| Non-GAAP operating income
(loss) |
4,861 |
|
|
(2,139 |
) |
|
5,482 |
|
|
(4,104 |
) |
Investor Relations:Almira Puschir@travelzoo.com
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