We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Travelzoo | NASDAQ:TZOO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.81 | 7.90 | 9.55 | 0 | 09:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
36-4415727
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. employer
identification no.)
|
|
|
590 Madison Avenue, 35th Floor
New York, New York
|
10022
|
(Address of principal executive offices)
|
(Zip code)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
x
|
Non-accelerated filer
|
¨ (Do not check if a smaller reporting company)
|
Smaller reporting company
|
x
|
|
|
Emerging growth company
|
¨
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisited financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
¨
|
|
|
PART I—FINANCIAL INFORMATION
|
Page
|
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
12,130
|
|
|
$
|
18,743
|
|
Accounts receivable, less allowance for doubtful accounts of $2,332 and $1,106 as of March 31, 2020 and December 31, 2019, respectively
|
7,653
|
|
|
11,209
|
|
||
Prepaid income taxes
|
—
|
|
|
989
|
|
||
Deposits
|
112
|
|
|
105
|
|
||
Prepaid expenses and other
|
1,712
|
|
|
2,288
|
|
||
Assets from discontinued operations
|
2,251
|
|
|
3,961
|
|
||
Total current assets
|
23,858
|
|
|
37,295
|
|
||
Deposits and other
|
430
|
|
|
572
|
|
||
Deferred tax assets
|
3,404
|
|
|
2,051
|
|
||
Restricted cash
|
1,131
|
|
|
1,135
|
|
||
Investment in WeekenGO
|
2,258
|
|
|
2,484
|
|
||
Operating lease right-of-use assets
|
11,210
|
|
|
8,140
|
|
||
Property and equipment, net
|
1,964
|
|
|
2,861
|
|
||
Intangible assets, net
|
5,595
|
|
|
—
|
|
||
Goodwill
|
10,944
|
|
|
—
|
|
||
Total assets
|
$
|
60,794
|
|
|
$
|
54,538
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
12,836
|
|
|
$
|
19,349
|
|
Accrued expenses and other
|
6,528
|
|
|
6,281
|
|
||
Deferred revenue
|
2,451
|
|
|
786
|
|
||
Operating lease liabilities
|
4,801
|
|
|
4,847
|
|
||
Promissory notes payable
|
9,971
|
|
|
—
|
|
||
Income tax payable
|
519
|
|
|
914
|
|
||
Liabilities from discontinued operations
|
2,289
|
|
|
3,135
|
|
||
Total current liabilities
|
39,395
|
|
|
35,312
|
|
||
Long-term tax liabilities
|
367
|
|
|
359
|
|
||
Deferred tax liabilities
|
1,210
|
|
|
—
|
|
||
Long-term operating lease liabilities
|
12,921
|
|
|
7,920
|
|
||
Long-term deferred rent and other
|
84
|
|
|
84
|
|
||
Total liabilities
|
53,977
|
|
|
43,675
|
|
||
Commitments and contingencies
|
|
|
|
||||
Non-controlling interest
|
4,616
|
|
|
—
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.01 par value (20,000 shares authorized; 11,310 and 11,479 shares issued and outstanding as of March 31, 2020 and December 31, 2019)
|
113
|
|
|
115
|
|
||
Additional paid in capital
|
—
|
|
|
—
|
|
||
Retained earnings
|
6,411
|
|
|
14,200
|
|
||
Accumulated other comprehensive loss
|
(4,323
|
)
|
|
(3,452
|
)
|
||
Total stockholders’ equity
|
2,201
|
|
|
10,863
|
|
||
Total liabilities and stockholders’ equity
|
$
|
60,794
|
|
|
$
|
54,538
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Revenues
|
$
|
20,327
|
|
|
$
|
29,160
|
|
Cost of revenues
|
2,703
|
|
|
2,865
|
|
||
Gross profit
|
17,624
|
|
|
26,295
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Sales and marketing
|
13,094
|
|
|
13,534
|
|
||
Product development
|
1,428
|
|
|
1,659
|
|
||
General and administrative
|
5,522
|
|
|
4,532
|
|
||
Impairment of intangible assets and goodwill
|
2,920
|
|
|
—
|
|
||
Total operating expenses
|
22,964
|
|
|
19,725
|
|
||
Operating income (loss)
|
(5,340
|
)
|
|
6,570
|
|
||
Other income (loss), net
|
(6
|
)
|
|
45
|
|
||
Income (loss) from continuing operations before income taxes
|
(5,346
|
)
|
|
6,615
|
|
||
Income tax expense (benefit)
|
(517
|
)
|
|
1,670
|
|
||
Income (loss) from continuing operations
|
(4,829
|
)
|
|
4,945
|
|
||
Income (loss) from discontinued operations, net of taxes
|
(2,919
|
)
|
|
(1,825
|
)
|
||
Net income (loss)
|
(7,748
|
)
|
|
3,120
|
|
||
Net income (loss) attributable to non-controlling interest
|
(1,139
|
)
|
|
—
|
|
||
Net income (loss) attributable to Travelzoo
|
$
|
(6,609
|
)
|
|
$
|
3,120
|
|
|
|
|
|
||||
Net income (loss) attributable to Travelzoo—continuing operations
|
$
|
(3,690
|
)
|
|
$
|
4,945
|
|
Net income (loss) attributable to Travelzoo—discontinued operations
|
$
|
(2,919
|
)
|
|
$
|
(1,825
|
)
|
|
|
|
|
||||
Income (loss) per share—basic
|
|
|
|
||||
Continuing operations
|
$
|
(0.32
|
)
|
|
$
|
0.41
|
|
Discontinued operations
|
$
|
(0.26
|
)
|
|
$
|
(0.15
|
)
|
Net income (loss) per share —basic
|
$
|
(0.58
|
)
|
|
$
|
0.26
|
|
|
|
|
|
||||
Income (loss) per share—diluted
|
|
|
|
||||
Continuing operations
|
$
|
(0.32
|
)
|
|
$
|
0.41
|
|
Discontinued operations
|
$
|
(0.26
|
)
|
|
$
|
(0.15
|
)
|
Net income (loss) per share—diluted
|
$
|
(0.58
|
)
|
|
$
|
0.26
|
|
|
|
|
|
||||
Shares used in per share calculation from continuing operations—basic
|
11,439
|
|
|
11,914
|
|
||
Shares used in per share calculation from discontinued operations—basic
|
11,439
|
|
|
11,914
|
|
||
|
|
|
|
||||
Shares used in per share calculation from continuing operations—diluted
|
11,439
|
|
|
12,224
|
|
||
Shares used in per share calculation from discontinued operations—diluted
|
11,439
|
|
|
11,914
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net income (loss)
|
$
|
(7,748
|
)
|
|
$
|
3,120
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
(272
|
)
|
|
(89
|
)
|
||
Total comprehensive income (loss)
|
$
|
(8,020
|
)
|
|
$
|
3,031
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(7,748
|
)
|
|
$
|
3,120
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
551
|
|
|
330
|
|
||
Stock-based compensation
|
23
|
|
|
163
|
|
||
Deferred income tax
|
(609
|
)
|
|
341
|
|
||
Impairment of intangible assets and goodwill
|
2,920
|
|
|
—
|
|
||
Loss on long-lived assets
|
437
|
|
|
—
|
|
||
Loss on equity investment in WeekenGO
|
195
|
|
|
159
|
|
||
Non-cash interest expense
|
40
|
|
|
—
|
|
||
Net foreign currency effect
|
(681
|
)
|
|
(21
|
)
|
||
Provision of loss on accounts receivable and other
|
1,401
|
|
|
77
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
||||
Accounts receivable
|
2,509
|
|
|
(2,980
|
)
|
||
Prepaid income taxes
|
989
|
|
|
389
|
|
||
Prepaid expenses and other
|
862
|
|
|
425
|
|
||
Accounts payable
|
(6,393
|
)
|
|
(1,101
|
)
|
||
Accrued expenses and other
|
704
|
|
|
1,733
|
|
||
Deferred revenue
|
889
|
|
|
(146
|
)
|
||
Income tax payable
|
(333
|
)
|
|
988
|
|
||
Other liabilities
|
1,188
|
|
|
(71
|
)
|
||
Net cash provided by (used in) operating activities
|
(3,056
|
)
|
|
3,406
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Acquisition of business, net of cash acquired
|
(679
|
)
|
|
—
|
|
||
Purchases of property and equipment
|
(131
|
)
|
|
(131
|
)
|
||
Net cash used in investing activities
|
(810
|
)
|
|
(131
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchase of common stock
|
(1,205
|
)
|
|
(1,591
|
)
|
||
Payment of promissory notes
|
(1,000
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options, net of taxes paid for net share settlement
|
—
|
|
|
(26
|
)
|
||
Net cash used in financing activities
|
(2,205
|
)
|
|
(1,617
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(272
|
)
|
|
152
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(6,343
|
)
|
|
1,810
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
20,710
|
|
|
19,461
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
14,367
|
|
|
$
|
21,271
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid (refunded) for income taxes, net
|
$
|
542
|
|
|
$
|
(60
|
)
|
Right-of-use assets obtained in exchange for lease obligations—operating leases
|
$
|
3,207
|
|
|
$
|
1,805
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
1,310
|
|
|
$
|
1,277
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Issuance of promissory notes to the Sellers of Jack's Flight Club
|
$
|
11,000
|
|
|
$
|
—
|
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
|||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balances, January 1, 2020
|
11,479
|
|
|
$
|
115
|
|
|
$
|
—
|
|
|
$
|
14,200
|
|
|
$
|
(3,452
|
)
|
|
$
|
10,863
|
|
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||
Repurchase and retirement of common stock
|
(169
|
)
|
|
(2
|
)
|
|
(23
|
)
|
|
(1,180
|
)
|
|
—
|
|
|
(1,205
|
)
|
|||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(871
|
)
|
|
(871
|
)
|
|||||
Net loss–Travelzoo
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,609
|
)
|
|
—
|
|
|
(6,609
|
)
|
|||||
Balances, March 31, 2020
|
11,310
|
|
|
$
|
113
|
|
|
$
|
—
|
|
|
$
|
6,411
|
|
|
$
|
(4,323
|
)
|
|
$
|
2,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
|||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balances, January 1, 2019
|
11,962
|
|
|
$
|
120
|
|
|
$
|
—
|
|
|
$
|
18,153
|
|
|
$
|
(4,214
|
)
|
|
$
|
14,059
|
|
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|
163
|
|
|||||
Repurchase and retirement of common stock
|
(100
|
)
|
|
(1
|
)
|
|
(137
|
)
|
|
(1,452
|
)
|
|
—
|
|
|
(1,590
|
)
|
|||||
Taxes paid for net share settlement of equity awards
|
3
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(89
|
)
|
|
(89
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,120
|
|
|
—
|
|
|
3,120
|
|
|||||
Balances, March 31, 2019
|
11,865
|
|
|
$
|
119
|
|
|
$
|
—
|
|
|
$
|
19,821
|
|
|
$
|
(4,303
|
)
|
|
$
|
15,637
|
|
|
March 31,
|
|
December 31,
|
||||
|
2020
|
|
2019
|
||||
Cash and cash equivalents
|
$
|
12,130
|
|
|
$
|
18,743
|
|
Restricted cash
|
1,131
|
|
|
1,135
|
|
||
Cash, cash equivalents and restricted cash–discontinued operations
|
1,106
|
|
|
832
|
|
||
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows
|
$
|
14,367
|
|
|
$
|
20,710
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to Travelzoo—continuing operations
|
$
|
(3,690
|
)
|
|
$
|
4,945
|
|
Net income (loss) attributable to Travelzoo—discontinued operations
|
$
|
(2,919
|
)
|
|
$
|
(1,825
|
)
|
Denominator:
|
|
|
|
||||
Weighted average common shares—basic
|
11,439
|
|
|
11,914
|
|
||
Effect of dilutive securities: stock options
|
—
|
|
|
310
|
|
||
Weighted average common shares—diluted
|
11,439
|
|
|
12,224
|
|
||
|
|
|
|
||||
Income (loss) per share—basic
|
|
|
|
||||
Continuing operations
|
$
|
(0.32
|
)
|
|
$
|
0.41
|
|
Discontinued operations
|
(0.26
|
)
|
|
(0.15
|
)
|
||
Net income (loss) per share —basic
|
$
|
(0.58
|
)
|
|
$
|
0.26
|
|
|
|
|
|
||||
Income (loss) per share—diluted
|
|
|
|
||||
Continuing operations
|
$
|
(0.32
|
)
|
|
$
|
0.41
|
|
Discontinued operations
|
(0.26
|
)
|
|
(0.15
|
)
|
||
Net income (loss) per share—diluted
|
$
|
(0.58
|
)
|
|
$
|
0.26
|
|
Purchase Price
|
Jack’s Flight Club
|
||
Cash paid
|
$
|
1,000
|
|
Promissory notes issued
|
10,931
|
|
|
Fair Value of Put/Call Option
|
183
|
|
|
|
$
|
12,114
|
|
|
|
||
Allocation
|
|
||
Goodwill
|
$
|
13,054
|
|
Intangible assets
|
|
||
Customer relationships
|
3,500
|
|
|
Trade name
|
2,460
|
|
|
Non-compete agreements
|
660
|
|
|
|
|
||
Current assets acquired, including cash of $321
|
324
|
|
|
Current liabilities assumed
|
(40
|
)
|
|
Deferred revenue
|
(881
|
)
|
|
Deferred tax liabilities
|
(1,391
|
)
|
|
Non-controlling interest
|
(5,572
|
)
|
|
|
$
|
12,114
|
|
Goodwill—January 1, 2020
|
$
|
—
|
|
Acquisition
|
13,054
|
|
|
Impairment
|
(2,110
|
)
|
|
Goodwill—March 31, 2020
|
$
|
10,944
|
|
|
Fair Value
|
|
Estimated Life (Years)
|
||
Customer relationships
|
$
|
3,500
|
|
|
5
|
Trade name
|
2,460
|
|
|
indefinite
|
|
Non-compete agreements
|
660
|
|
|
4
|
|
Fair Value
|
||
Intangible assets—January 1, 2020
|
$
|
—
|
|
Acquisition
|
6,620
|
|
|
Impairment of trade name
|
(810
|
)
|
|
Amortization of intangible assets with definite lives
|
(215
|
)
|
|
Intangible assets, net—March 31, 2020
|
$
|
5,595
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Beginning balance
|
$
|
(3,452
|
)
|
|
$
|
(4,214
|
)
|
Other comprehensive income (loss) due to foreign currency translation, net of tax
|
(272
|
)
|
|
(89
|
)
|
||
Reclass of amounts to income relating to APAC discontinued operations, net of tax
|
(599
|
)
|
|
—
|
|
||
Ending balance
|
$
|
(4,323
|
)
|
|
$
|
(4,303
|
)
|
Three Months Ended March 31, 2020
|
North
America |
|
Europe
|
|
Jack’s Flight Club
|
|
Elimination
|
|
Consolidated
|
||||||||||
Revenues from unaffiliated customers
|
$
|
12,549
|
|
|
$
|
7,103
|
|
|
$
|
683
|
|
|
$
|
(8
|
)
|
|
$
|
20,327
|
|
Intersegment revenues (expenses)
|
148
|
|
|
(156
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||
Total net revenues
|
12,697
|
|
|
6,947
|
|
|
683
|
|
|
—
|
|
|
20,327
|
|
|||||
Operating profit (loss)
|
$
|
(976
|
)
|
|
$
|
(1,341
|
)
|
|
$
|
(3,015
|
)
|
|
$
|
(8
|
)
|
|
$
|
(5,340
|
)
|
Three Months Ended March 31, 2019
|
North
America |
|
Europe
|
|
Jack’s Flight Club
|
|
Elimination
|
|
Consolidated
|
||||||||||
Revenues from unaffiliated customers
|
$
|
18,136
|
|
|
$
|
11,054
|
|
|
$
|
—
|
|
|
$
|
(30
|
)
|
|
$
|
29,160
|
|
Intersegment revenues (expenses)
|
451
|
|
|
(481
|
)
|
|
—
|
|
|
30
|
|
|
—
|
|
|||||
Total net revenues
|
18,587
|
|
|
10,573
|
|
|
—
|
|
|
—
|
|
|
29,160
|
|
|||||
Operating profit (loss)
|
$
|
4,463
|
|
|
$
|
2,137
|
|
|
$
|
—
|
|
|
$
|
(30
|
)
|
|
$
|
6,570
|
|
As of March 31, 2020
|
North
America |
|
Europe
|
|
Jack’s Flight Club
|
|
Elimination
|
|
Consolidated
|
||||||||||
Long-lived assets
|
$
|
1,659
|
|
|
$
|
305
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,964
|
|
Total assets exclude discontinued operations
|
$
|
76,200
|
|
|
$
|
67,677
|
|
|
$
|
17,565
|
|
|
$
|
(102,899
|
)
|
|
$
|
58,543
|
|
As of December 31, 2019
|
North
America |
|
Europe
|
|
Elimination
|
|
Consolidated
|
||||||||
Long-lived assets
|
$
|
2,598
|
|
|
$
|
263
|
|
|
$
|
—
|
|
|
$
|
2,861
|
|
Total assets exclude discontinued operations
|
$
|
66,057
|
|
|
$
|
74,604
|
|
|
$
|
(90,084
|
)
|
|
$
|
50,577
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
North America
|
|
|
|
||||
Travel
|
$
|
11,156
|
|
|
$
|
16,317
|
|
Local
|
1,541
|
|
|
2,270
|
|
||
Total North America revenues
|
$
|
12,697
|
|
|
$
|
18,587
|
|
Europe
|
|
|
|
||||
Travel
|
$
|
6,237
|
|
|
$
|
9,512
|
|
Local
|
710
|
|
|
1,061
|
|
||
Total Europe revenues
|
$
|
6,947
|
|
|
$
|
10,573
|
|
Jack’s Flight Club
|
$
|
683
|
|
|
$
|
—
|
|
Consolidated
|
|
|
|
||||
Travel
|
$
|
17,393
|
|
|
$
|
25,829
|
|
Local
|
2,251
|
|
|
3,331
|
|
||
Jack’s Flight Club
|
683
|
|
|
—
|
|
||
Total revenues
|
$
|
20,327
|
|
|
$
|
29,160
|
|
|
March 31,
|
|
December 31,
|
||||
|
2020
|
|
2019
|
||||
United States
|
$
|
1,454
|
|
|
$
|
2,359
|
|
Rest of the world
|
510
|
|
|
502
|
|
||
Total long-lived assets
|
$
|
1,964
|
|
|
$
|
2,861
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Revenues
|
$
|
904
|
|
|
$
|
1,665
|
|
Cost of revenues
|
6
|
|
|
81
|
|
||
Gross profit
|
898
|
|
|
1,584
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Sales and marketing
|
1,712
|
|
|
2,072
|
|
||
Product development
|
—
|
|
|
44
|
|
||
General and administrative
|
2,639
|
|
|
1,067
|
|
||
Total operating expenses
|
4,351
|
|
|
3,183
|
|
||
Loss from operations
|
(3,453
|
)
|
|
(1,599
|
)
|
||
Other income (expense), net
|
534
|
|
|
(144
|
)
|
||
Loss before income taxes
|
(2,919
|
)
|
|
(1,743
|
)
|
||
Income tax expense
|
—
|
|
|
82
|
|
||
Net loss
|
$
|
(2,919
|
)
|
|
$
|
(1,825
|
)
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
ASSETS
|
|
|
|
||||
Cash, cash equivalents and restricted cash
|
$
|
1,106
|
|
|
$
|
832
|
|
Accounts receivable, net
|
874
|
|
|
1,797
|
|
||
Deposits
|
—
|
|
|
9
|
|
||
Prepaid expenses and other
|
118
|
|
|
208
|
|
||
Deposits and other
|
121
|
|
|
248
|
|
||
Operating lease right-of-use assets
|
—
|
|
|
746
|
|
||
Property and equipment, net
|
32
|
|
|
121
|
|
||
Total assets from discontinued operations
|
$
|
2,251
|
|
|
$
|
3,961
|
|
LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
835
|
|
|
$
|
1,057
|
|
Accrued expenses and other
|
1,256
|
|
|
1,188
|
|
||
Deferred revenue
|
198
|
|
|
118
|
|
||
Operating lease right-of-use liabilities
|
—
|
|
|
772
|
|
||
Total liabilities from discontinued operations
|
$
|
2,289
|
|
|
$
|
3,135
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net cash used in operating activities
|
$
|
(1,026
|
)
|
|
$
|
(1,576
|
)
|
Net cash used in investing activities
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
|
Three Months Ended
|
||||||
|
|
March 31
|
||||||
|
|
2020
|
|
2019
|
||||
Operating lease cost
|
|
$
|
1,157
|
|
|
$
|
1,184
|
|
Short-term lease cost
|
|
6
|
|
|
415
|
|
||
Variable lease cost
|
|
290
|
|
|
300
|
|
||
Sublease income
|
|
(84
|
)
|
|
(84
|
)
|
||
Total lease cost
|
|
$
|
1,369
|
|
|
$
|
1,815
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets:
|
|
|
|
|
|||||
|
Operating lease right-of-use assets
|
|
$
|
11,210
|
|
|
$
|
8,140
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|||||
|
Operating lease liabilities
|
|
$
|
4,801
|
|
|
$
|
4,847
|
|
|
Long-term operating lease liabilities
|
|
12,921
|
|
|
7,920
|
|
||
|
Total operating lease liabilities
|
|
$
|
17,722
|
|
|
$
|
12,767
|
|
|
|
|
|
|
|
||||
Weighted average remaining lease term (years)
|
|
7.13
|
|
|
4.50
|
|
|||
Weighted average discount rate
|
|
3.8
|
%
|
|
3.4
|
%
|
|||
|
|
|
|
|
|
Years ending December 31,
|
|
||
2020 (excluding the three months ended March 31, 2020)
|
$
|
3,823
|
|
2021
|
3,648
|
|
|
2022
|
2,267
|
|
|
2023
|
1,871
|
|
|
2024
|
1,419
|
|
|
Thereafter
|
6,975
|
|
|
Total lease payments
|
20,003
|
|
|
Less interest
|
(2,281
|
)
|
|
Present value of operating lease liabilities
|
$
|
17,722
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
|
2020
|
|
2019
|
||
Revenues
|
100.0
|
%
|
|
100.0
|
%
|
Cost of revenues
|
13.3
|
|
|
9.8
|
|
Gross profit
|
86.7
|
|
|
90.2
|
|
Operating expenses:
|
|
|
|
||
Sales and marketing
|
64.4
|
|
|
46.4
|
|
Product development
|
7.1
|
|
|
5.7
|
|
General and administrative
|
27.2
|
|
|
15.6
|
|
Impairment of intangible assets and goodwill
|
14.3
|
|
|
—
|
|
Total operating expenses
|
113.0
|
|
|
67.7
|
|
Operating income (loss)
|
(26.3
|
)
|
|
22.5
|
|
Other income (expense), net
|
—
|
|
|
0.2
|
|
Income (loss) from continuing operations before income taxes
|
(26.3
|
)
|
|
22.7
|
|
Income tax expense (benefit)
|
(2.5
|
)
|
|
5.7
|
|
Income (loss) from continuing operations
|
(23.8
|
)
|
|
17.0
|
|
Income (loss) from discontinued operations, net of taxes
|
(14.3
|
)
|
|
(6.3
|
)
|
Net income (loss)
|
(38.1
|
)
|
|
10.7
|
|
Net income (loss) attributable to non-controlling interest
|
(5.6
|
)
|
|
—
|
|
Net income (loss) attributable to Travelzoo
|
(32.5
|
)%
|
|
10.7
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
North America
|
|
|
|
||||
Total members (1)
|
16,924,000
|
|
|
17,497,000
|
|
||
Average cost per acquisition of a new member
|
$
|
2.28
|
|
|
$
|
2.81
|
|
Revenue per member (2)
|
$
|
3.03
|
|
|
$
|
4.26
|
|
Revenue per employee (3)
|
$
|
271,000
|
|
|
$
|
381,000
|
|
Mobile application downloads
|
3,693,000
|
|
|
3,504,000
|
|
||
Social media followers
|
3,273,000
|
|
|
3,158,000
|
|
||
Europe
|
|
|
|
||||
Total members (1)
|
9,151,000
|
|
|
8,899,000
|
|
||
Average cost per acquisition of a new member
|
$
|
3.12
|
|
|
$
|
4.23
|
|
Revenue per member (2)
|
$
|
3.05
|
|
|
$
|
4.83
|
|
Revenue per employee (3)
|
$
|
210,000
|
|
|
$
|
282,000
|
|
Mobile application downloads
|
2,076,000
|
|
|
1,915,000
|
|
||
Social media followers
|
903,000
|
|
|
868,000
|
|
||
Consolidated
|
|
|
|
||||
Total members (1)
|
29,565,000
|
|
|
29,891,000
|
|
||
Average cost per acquisition of a new member
|
$
|
2.64
|
|
|
$
|
3.49
|
|
Revenue per member (2)
|
$
|
2.79
|
|
|
$
|
4.45
|
|
Revenue per employee (3)
|
$
|
257,000
|
|
|
$
|
338,000
|
|
Mobile application downloads
|
6,602,000
|
|
|
5,419,000
|
|
||
Social media followers
|
4,176,000
|
|
|
4,027,000
|
|
(1)
|
Members represent individuals who are signed up to receive one or more of our free email publications that present our travel, entertainment and local deals.
|
(2)
|
Annualized revenue divided by number of members at the beginning of the year.
|
(3)
|
Annualized revenue divided by number of employees at the end of the quarter.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
North America
|
|
|
|
||||
Travel
|
$
|
11,156
|
|
|
$
|
16,317
|
|
Local
|
1,541
|
|
|
2,270
|
|
||
Total North America revenues
|
12,697
|
|
|
18,587
|
|
||
Europe
|
|
|
|
||||
Travel
|
6,237
|
|
|
9,512
|
|
||
Local
|
710
|
|
|
1,061
|
|
||
Total Europe revenues
|
6,947
|
|
|
10,573
|
|
||
Jack’s Flight Club
|
683
|
|
|
—
|
|
||
Consolidated
|
|
|
|
||||
Travel
|
17,393
|
|
|
25,829
|
|
||
Local
|
2,251
|
|
|
3,331
|
|
||
Jack’s Flight Club
|
683
|
|
|
—
|
|
||
Total revenues
|
$
|
20,327
|
|
|
$
|
29,160
|
|
|
Three Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Revenue
|
$
|
12,697
|
|
|
$
|
18,587
|
|
Operating profit (loss)
|
$
|
(976
|
)
|
|
$
|
4,463
|
|
Operating profit (loss) as a % of revenue
|
(7.7
|
)%
|
|
24.0
|
%
|
|
Three Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Revenue
|
$
|
6,947
|
|
|
$
|
10,573
|
|
Operating profit (loss)
|
$
|
(1,341
|
)
|
|
$
|
2,137
|
|
Operating profit (loss) as a % of revenue
|
(19.3
|
)%
|
|
20.2
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Net cash provided by (used in) operating activities
|
$
|
(3,056
|
)
|
|
$
|
3,406
|
|
Net cash used in investing activities
|
(810
|
)
|
|
(131
|
)
|
||
Net cash used in financing activities
|
(2,205
|
)
|
|
(1,617
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(272
|
)
|
|
152
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
(6,343
|
)
|
|
$
|
1,810
|
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number of
Shares Repurchased |
|
Average Price
Paid per Share |
|
Total Number of
Shares Repurchased as Part of Publicly Announced Programs |
|
Maximum Shares
that May Yet be Repurchased Under the Programs |
|||||
January 1, 2020–January 31, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
563,631
|
|
February 1, 2020–February 29, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
563,631
|
|
March 1, 2020–March 31, 2020
|
168,602
|
|
|
$
|
7.15
|
|
|
168,602
|
|
|
395,029
|
|
|
168,602
|
|
|
|
|
168,602
|
|
|
|
|||
|
|
|
|
|
|
|
|
Exhibit
Number
|
Description
|
|
|
|
|
—
|
Certificate of Incorporation of Travelzoo (Incorporated by reference to our Pre-Effective Amendment No. 6 to our Registration Statement on Form S-4 (File No. 333-55026), filed February 14, 2002)
|
|
|
|
|
—
|
Certificate of Amendment of Certificate Incorporation of Travelzoo (File No. 000-50171), filed May 10, 2017)
|
|
|
|
|
—
|
Travelzoo's Certificate of Incorporation to Authorize a Reduction of the Authorized Number of Shares of Our Common Stock from 40,000,000 to 20,000,000 Shares
|
|
|
|
|
—
|
By-laws of Travelzoo (Incorporated by reference to our Pre-Effective Amendment No. 6 to our Registration Statement on Form S-4 (File No. 333-55026), filed February 14, 2002).
|
|
|
|
|
—
|
Form of Director and Officer Indemnification Agreement (Incorporated by reference to Exhibit 10.1 on Form 10-Q (File No. 000-50171), filed November 9, 2007)
|
|
|
|
|
—
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
—
|
Certification of Chief Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
—
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
—
|
Certification of Chief Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
101.INS†
|
|
XBRL Instance Document
|
|
|
|
101.SCH†
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL†
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF†
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB†
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE†
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
TRAVELZOO
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ LISA SU
|
|
|
Lisa Su
|
|
|
On behalf of the Registrant and as Chief Accounting Officer
|
1 Year Travelzoo Chart |
1 Month Travelzoo Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions