Travelzoo® (NASDAQ: TZOO):
- Consolidated revenue of $12.5
million, down 51% from $25.3 million year-over-year
- Net income of $702,000
- Non-GAAP consolidated operating
profit of $547,000
- Earnings per share (EPS) of $0.02 attributable to Travelzoo
from continuing operations
- Cash flow from operations of $9.2 million
Travelzoo, a global Internet media company that publishes
exclusive offers and experiences for members, today announced
financial results for the fourth quarter ended December 31,
2020. Consolidated revenue was $12.5 million, down 51% from $25.3
million year-over-year. 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 $173,000 for Q4 2020. At the consolidated
level, including minority interests, the reported net income from
continuing operations was $702,000. EPS from continuing operations
was $0.02, down from $0.15 in the prior-year period.
Non-GAAP operating profit was $547,000. The calculation of
non-GAAP operating profit excludes amortization of intangibles
($0.3 million), stock option expenses ($1.0 million), and
severance-related expenses ($0.2 million). See section “Non-GAAP
Financial Measures” below.
"We see continued improvement in our business. We are seeing
irresistibly priced deals from travel companies, and Travelzoo, as
the most trusted media brand publishing and recommending deals, is
bringing the very best deals to its members," said Holger Bartel,
Global CEO.
"In March 2021, we saw the strongest activity from Travelzoo
members in the U.S. since March 2020, as measured by user sessions
on the Travelzoo site and app."
Cash PositionAs of December 31, 2020,
consolidated cash, cash equivalents and restricted cash were $64.2
million.
ReserveReported revenues include a reserve of
$3.9 million related to commissions to be earned from vouchers
sold. The reserve was booked contra revenue and reduced reported Q4
2020 revenue by $1.6 million.
Travelzoo North AmericaNorth America business
segment revenue decreased 45% year-over-year to $8.9 million.
Operating profit for Q4 2020 was $1.3 million, or 15% of revenue,
compared to an operating profit of $2.0 million, or 12% of revenue
in the prior-year period.
Travelzoo EuropeEurope business segment revenue
decreased 71% year-over-year to $2.7 million. Operating loss for Q4
2020 was $2.4 million, compared to an operating profit of $925,000,
or 10% of revenue 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. In Q4 2020, the Jack's Flight Club business
segment generated $971,000 in revenue from subscriptions with
operating profit of $582,000. After consolidation with Travelzoo,
Jack’s Flight Club's net loss was $62,000, with $37,000
attributable to Travelzoo as a result of recording $333,000 of
amortization of intangible assets related to the acquisition and
haircut of revenue (derived from deferred revenue sold prior to
acquisition) of $49,000 due to purchase accounting in accordance
with U.S. GAAP.
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 from Japan was $9,000 in Q4 2020. However, licensing
revenue is booked with a lag of one quarter.
Members and SubscribersAs of December 31, 2020,
we had 30.2 million members worldwide. In Europe, the unduplicated
number of Travelzoo members was 8.7 million as of December 31,
2020, down 4% from December 31, 2019. In North America, the
unduplicated number of Travelzoo members was 16.3 million as of
December 31, 2020, down 8% from December 31, 2019. On March 15,
2021, Travelzoo added more than 2 million new members in the U.S.
in connection with a direct competitor from Europe exiting the U.S.
market. Jack’s Flight Club had 1.7 million subscribers as of
December 31, 2020, up 6% from December 31, 2019.
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 was classified as discontinued operations at 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 benefit was $368,000 in
Q4 2020, compared to an income tax expense of $1.1 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, 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 see a trend of
recovery of our revenue. We have been able to reduce our operating
expenses significantly. As a result of recovery of revenue and
substantially lower operating expenses, we currently expect to
achieve for Q1 a result close to break-even or a profit.
Conference CallTravelzoo will host a conference
call to discuss fourth 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 and Top 20 are registered trademarks of Travelzoo.
|
TravelzooCondensed Consolidated Statements
of Operations |
|
|
|
|
(Unaudited) |
Three months ended |
|
Twelve months ended |
(In thousands, except
per share amounts) |
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
$ |
12,483 |
|
|
$ |
25,326 |
|
|
$ |
53,601 |
|
|
$ |
104,925 |
|
Cost of revenues |
2,795 |
|
|
3,046 |
|
|
10,563 |
|
|
11,435 |
|
Gross profit |
9,688 |
|
|
22,280 |
|
|
43,038 |
|
|
93,490 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
6,305 |
|
|
12,737 |
|
|
30,616 |
|
|
51,342 |
|
Product development |
495 |
|
|
1,853 |
|
|
3,081 |
|
|
6,709 |
|
General and administrative |
3,785 |
|
|
4,764 |
|
|
20,494 |
|
|
18,398 |
|
Impairment of intangible asset and goodwill |
— |
|
|
— |
|
|
2,920 |
|
|
— |
|
Total operating expenses |
10,585 |
|
|
19,354 |
|
|
57,111 |
|
|
76,449 |
|
Operating income (loss) |
(897 |
) |
|
2,926 |
|
|
(14,073 |
) |
|
17,041 |
|
Other income (loss), net |
677 |
|
|
(90 |
) |
|
455 |
|
|
(42 |
) |
Income (loss) from continuing
operations before income taxes |
(220 |
) |
|
2,836 |
|
|
(13,618 |
) |
|
16,999 |
|
Income tax expense (benefit) |
(368 |
) |
|
1,116 |
|
|
(2,438 |
) |
|
4,712 |
|
Income (loss) from continuing
operations |
148 |
|
|
1,720 |
|
|
(11,180 |
) |
|
12,287 |
|
Income (loss) from discontinued
operations, net of tax |
554 |
|
|
(2,319 |
) |
|
(3,390 |
) |
|
(8,132 |
) |
Net income (loss) |
702 |
|
|
(599 |
) |
|
(14,570 |
) |
|
4,155 |
|
Net income (loss) attributable to
non-controlling interest |
(25 |
) |
|
— |
|
|
(1,147 |
) |
|
— |
|
Net income (loss) attributable to
Travelzoo |
$ |
727 |
|
|
$ |
(599 |
) |
|
$ |
(13,423 |
) |
|
$ |
4,155 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to
Travelzoo—continuing operations |
$ |
173 |
|
|
$ |
1,720 |
|
|
$ |
(10,033 |
) |
|
$ |
12,287 |
|
Net income (loss) attributable to
Travelzoo—discontinued operations |
$ |
554 |
|
|
$ |
(2,319 |
) |
|
$ |
(3,390 |
) |
|
$ |
(8,132 |
) |
|
|
|
|
|
|
|
|
Income (loss) per
share—basic |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
(0.88 |
) |
|
$ |
1.04 |
|
Discontinued operations |
$ |
0.05 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.69 |
) |
Net income (loss) per share
—basic |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
(1.18 |
) |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
Income (loss) per
share—diluted |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.01 |
|
|
$ |
0.15 |
|
|
$ |
(0.88 |
) |
|
$ |
1.02 |
|
Discontinued operations |
$ |
0.04 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.69 |
) |
Net income (loss) per
share—diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
(1.18 |
) |
|
$ |
0.35 |
|
Shares used in per share
calculation from continuing operations—basic |
11,315 |
|
|
11,559 |
|
|
11,344 |
|
|
11,809 |
|
Shares used in per share
calculation from discontinued operations—basic |
11,315 |
|
|
11,559 |
|
|
11,344 |
|
|
11,809 |
|
Shares used in per share
calculation from continuing operations—diluted |
12,605 |
|
|
11,691 |
|
|
11,344 |
|
|
12,035 |
|
Shares used in per share
calculation from discontinued operations—diluted |
12,605 |
|
|
11,559 |
|
|
11,344 |
|
|
11,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TravelzooCondensed Consolidated Balance
Sheets |
|
|
|
|
(Unaudited)(In thousands) |
December 31,2020 |
|
December 31,2019 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
63,061 |
|
|
$ |
18,743 |
|
Accounts receivable, net |
4,519 |
|
|
11,209 |
|
Prepaid income taxes |
931 |
|
|
989 |
|
Deposits |
137 |
|
|
105 |
|
Prepaid expenses and other |
1,166 |
|
|
2,288 |
|
Assets from discontinued operations |
230 |
|
|
3,961 |
|
Total current assets |
70,044 |
|
|
37,295 |
|
Deposits and other |
745 |
|
|
572 |
|
Deferred tax assets |
5,067 |
|
|
2,051 |
|
Restricted cash |
1,178 |
|
|
1,135 |
|
Investment in WeGo |
— |
|
|
2,484 |
|
Operating lease right-of-use assets |
8,541 |
|
|
8,140 |
|
Property and equipment, net |
1,347 |
|
|
2,861 |
|
Intangible assets, net |
4,534 |
|
|
— |
|
Goodwill |
10,944 |
|
|
— |
|
Total assets |
$ |
102,400 |
|
|
$ |
54,538 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,996 |
|
|
$ |
6,382 |
|
Merchant payables |
57,104 |
|
|
12,967 |
|
Accrued expenses and other |
8,649 |
|
|
6,281 |
|
Deferred revenue |
2,688 |
|
|
786 |
|
Operating lease liabilities |
3,587 |
|
|
4,847 |
|
PPP notes payable (current portion) |
2,849 |
|
|
— |
|
Income tax payable |
326 |
|
|
914 |
|
Liabilities from discontinued operations |
671 |
|
|
3,135 |
|
Total current liabilities |
82,870 |
|
|
35,312 |
|
PPP notes payable |
814 |
|
|
— |
|
Deferred tax liabilities |
357 |
|
|
— |
|
Long-term operating lease liabilities |
10,774 |
|
|
7,920 |
|
Other long-term liabilities |
1,085 |
|
|
443 |
|
Total liabilities |
95,900 |
|
|
43,675 |
|
Non-controlling interest |
4,608 |
|
|
— |
|
Common stock |
114 |
|
|
115 |
|
Additional paid-in capital |
6,240 |
|
|
— |
|
Retained earnings (accumulated deficit) |
(406 |
) |
|
14,200 |
|
Accumulated other comprehensive loss |
(4,056 |
) |
|
(3,452 |
) |
Total stockholders’ equity |
1,892 |
|
|
10,863 |
|
Total liabilities and stockholders’ equity |
$ |
102,400 |
|
|
$ |
54,538 |
|
|
|
|
|
|
|
|
|
|
TravelzooCondensed Consolidated Statements
of Cash Flows |
|
|
|
|
(Unaudited) |
Three months ended |
|
Twelve months ended |
(In
thousands) |
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
702 |
|
|
$ |
(599 |
) |
|
$ |
(14,570 |
) |
|
$ |
4,155 |
|
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
508 |
|
|
319 |
|
|
2,314 |
|
|
1,318 |
|
Stock-based compensation |
958 |
|
|
117 |
|
|
6,201 |
|
|
993 |
|
Deferred income tax |
(813 |
) |
|
(173 |
) |
|
(2,560 |
) |
|
258 |
|
Impairment of intangible assets and goodwill |
— |
|
|
— |
|
|
2,920 |
|
|
— |
|
Gain on notes payable settlement |
— |
|
|
— |
|
|
(1,500 |
) |
|
— |
|
Net gain on disposal of long-lived assets |
(822 |
) |
|
— |
|
|
(385 |
) |
|
— |
|
Loss on equity investment in WeGo |
— |
|
|
210 |
|
|
474 |
|
|
821 |
|
Gain on sale of equity investment in WeGo |
(468 |
) |
|
— |
|
|
(468 |
) |
|
— |
|
Net foreign currency effects |
(143 |
) |
|
21 |
|
|
(685 |
) |
|
80 |
|
Provision of loss on accounts receivable and other |
1,452 |
|
|
193 |
|
|
5,375 |
|
|
325 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
|
Accounts receivable |
(50 |
) |
|
(601 |
) |
|
6,196 |
|
|
(728 |
) |
Income tax receivable |
(610 |
) |
|
(59 |
) |
|
75 |
|
|
(600 |
) |
Prepaid expenses and other |
(443 |
) |
|
(623 |
) |
|
1,183 |
|
|
(626 |
) |
Accounts payable |
(5,234 |
) |
|
410 |
|
|
(748 |
) |
|
1,104 |
|
Merchant payables |
15,381 |
|
|
6,622 |
|
|
44,136 |
|
|
1,957 |
|
Accrued expenses and other |
(931 |
) |
|
200 |
|
|
(2,312 |
) |
|
(242 |
) |
Income tax payable |
(61 |
) |
|
409 |
|
|
(540 |
) |
|
373 |
|
Other liabilities |
(193 |
) |
|
2,864 |
|
|
1,711 |
|
|
2,048 |
|
Net cash provided by operating
activities |
9,233 |
|
|
9,310 |
|
|
46,817 |
|
|
11,236 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Acquisition of business, net of cash acquired |
— |
|
|
— |
|
|
(679 |
) |
|
(673 |
) |
Other investment |
— |
|
|
— |
|
|
(430 |
) |
|
— |
|
Proceeds from sale of investment in WeGo |
2,607 |
|
|
— |
|
|
2,607 |
|
|
— |
|
Purchases of property and equipment |
(1 |
) |
|
(124 |
) |
|
(253 |
) |
|
(474 |
) |
Proceeds from sale of fixed assets |
822 |
|
|
|
|
822 |
|
|
|
Net cash provided by (used in)
investing activities |
2,606 |
|
|
(124 |
) |
|
1,245 |
|
|
(1,147 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Repurchase of common stock |
— |
|
|
(2,048 |
) |
|
(1,205 |
) |
|
(10,816 |
) |
Payment of promissory notes |
(1,700 |
) |
|
— |
|
|
(9,500 |
) |
|
— |
|
Proceeds from notes payable |
— |
|
|
— |
|
|
3,663 |
|
|
— |
|
Proceeds from exercise of stock options, net of taxes for net share
settlement |
262 |
|
|
— |
|
|
262 |
|
|
1,710 |
|
Net cash used in financing
activities |
(1,438 |
) |
|
(2,048 |
) |
|
(6,780 |
) |
|
(9,106 |
) |
Effect of exchange rate on cash,
cash equivalents and restricted cash |
1,178 |
|
|
659 |
|
|
1,571 |
|
|
266 |
|
Net increase in cash, cash
equivalents and restricted cash |
12,401 |
|
|
7,797 |
|
|
43,675 |
|
|
1,249 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
51,984 |
|
|
12,913 |
|
|
20,710 |
|
|
19,461 |
|
Cash, cash equivalents and
restricted cash at end of period |
64,385 |
|
|
20,710 |
|
|
64,385 |
|
|
20,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TravelzooSegment
Information from Continuing
Operations(Unaudited)(In
thousands)
Three months
endedDecember 31, 2020 |
Travelzoo NorthAmerica |
|
Travelzoo Europe |
|
Jack's Flight Club |
|
Elimination |
|
Consolidated |
Revenue from unaffiliated customers |
$ |
8,858 |
|
|
$ |
2,703 |
|
|
$ |
922 |
|
|
$ |
— |
|
|
$ |
12,483 |
|
Intersegment revenue |
12 |
|
|
(12 |
) |
|
— |
|
|
— |
|
|
— |
|
Total net revenues |
8,870 |
|
|
2,691 |
|
|
922 |
|
|
— |
|
|
12,483 |
|
Operating income (loss) |
$ |
1,318 |
|
|
$ |
(2,414 |
) |
|
$ |
199 |
|
|
$ |
— |
|
|
$ |
(897 |
) |
|
|
|
|
|
|
|
|
|
|
Three months
endedDecember 31, 2019 |
Travelzoo NorthAmerica |
|
Travelzoo Europe |
|
Jack's Flight Club |
|
Elimination |
|
Consolidated |
Revenue from unaffiliated
customers |
$ |
15,381 |
|
|
$ |
9,937 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
25,326 |
|
Intersegment revenue |
796 |
|
|
(788 |
) |
|
— |
|
|
(8 |
) |
|
— |
|
Total net revenues |
16,177 |
|
|
9,149 |
|
|
— |
|
|
— |
|
|
25,326 |
|
Operating income |
$ |
1,993 |
|
|
$ |
925 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
2,926 |
|
Twelve months
endedDecember 31, 2020 |
Travelzoo NorthAmerica |
|
Travelzoo Europe |
|
Jack's Flight Club |
|
Elimination |
|
Consolidated |
Revenue from unaffiliated customers |
$ |
34,663 |
|
|
$ |
15,409 |
|
|
$ |
3,537 |
|
|
$ |
(8 |
) |
|
$ |
53,601 |
|
Intersegment revenue |
249 |
|
|
(257 |
) |
|
— |
|
|
8 |
|
|
— |
|
Total net revenues |
34,912 |
|
|
15,152 |
|
|
3,537 |
|
|
— |
|
|
53,601 |
|
Operating loss |
$ |
(5,056 |
) |
|
$ |
(6,195 |
) |
|
$ |
(2,814 |
) |
|
$ |
(8 |
) |
|
$ |
(14,073 |
) |
|
|
|
|
|
|
|
|
|
|
Twelve months
endedDecember 31, 2019 |
Travelzoo NorthAmerica |
|
Travelzoo Europe |
|
Jack's Flight Club |
|
Elimination |
|
Consolidated |
Revenue from unaffiliated
customers |
$ |
65,455 |
|
|
$ |
39,556 |
|
|
$ |
— |
|
|
$ |
(86 |
) |
|
$ |
104,925 |
|
Intersegment revenue |
2,572 |
|
|
(2,658 |
) |
|
— |
|
|
86 |
|
|
— |
|
Total net revenues |
68,027 |
|
|
36,898 |
|
|
— |
|
|
— |
|
|
104,925 |
|
Operating income |
$ |
12,666 |
|
|
$ |
4,461 |
|
|
$ |
— |
|
|
$ |
(86 |
) |
|
$ |
17,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TravelzooReconciliation of GAAP to
Non-GAAP
Information(Unaudited)(In
thousands, except per share amounts) |
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP operating expense |
$ |
10,585 |
|
|
$ |
19,354 |
|
|
$ |
57,111 |
|
|
$ |
76,449 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Impairment of intangible and goodwill (A) |
— |
|
|
— |
|
|
2,920 |
|
|
— |
|
Amortization of intangibles (B) |
333 |
|
|
— |
|
|
1,277 |
|
|
— |
|
Stock option expenses (C) |
958 |
|
|
117 |
|
|
6,201 |
|
|
993 |
|
Severance-related expenses (D) |
153 |
|
|
63 |
|
|
1,292 |
|
|
148 |
|
Non-GAAP operating expense |
9,141 |
|
|
19,174 |
|
|
45,421 |
|
|
75,308 |
|
|
|
|
|
|
|
|
|
GAAP operating income (loss) |
(897 |
) |
|
2,926 |
|
|
(14,073 |
) |
|
17,041 |
|
Non-GAAP adjustments (A through
D) |
1,444 |
|
|
180 |
|
|
11,690 |
|
|
1,141 |
|
Non-GAAP operating income
(loss) |
547 |
|
|
3,106 |
|
|
(2,383 |
) |
|
18,182 |
|
|
|
|
|
|
|
|
|
Investor Relations:Almira Puschir@travelzoo.com
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