NEW YORK, July 21, 2021 /PRNewswire/ -- 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 to new
experiences. 75% say Travelzoo influences their travel destinations
because they trust Travelzoo," said
Holger Bartel, Global CEO.
Cash Position
As 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.
Reserve
Reported 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 America
North 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 Europe
Europe 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 Club
On 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.
Licensing
In 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 Subscribers
As 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 Operations
As 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 Taxes
Income 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 Measures
Management 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 Ahead
We 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 Call
Travelzoo 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 Travelzoo
Travelzoo® 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.
Travelzoo
Condensed
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
|
|
Travelzoo
Condensed
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
|
|
Travelzoo
Condensed
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
|
|
Travelzoo
Segment
Information from Continuing Operations
(Unaudited)
(In
thousands)
|
|
Three months ended
June 30, 2021
|
Travelzoo
North
America
|
|
Travelzoo
Europe
|
|
Jack's Flight
Club
|
|
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
|
Travelzoo
North
America
|
|
Travelzoo
Europe
|
|
Jack's Flight
Club
|
|
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
ended
June 30, 2021
|
Travelzoo
North
America
|
|
Travelzoo
Europe
|
|
Jack's Flight
Club
|
|
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
ended
June 30, 2020
|
Travelzoo
North
America
|
|
Travelzoo
Europe
|
|
Jack's Flight
Club
|
|
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)
|
|
Travelzoo
Reconciliation 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 Pusch
ir@travelzoo.com
View original content to download
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SOURCE Travelzoo